I could be wrong, and it'll take some time either way, but I think chaumian ecash is going to be bigger than people expect.
Discussion
Yeah it does seem like it is going to be deal.
I just read about that the other day. About the bitcoin seeding right?
Could you please share a link 🙏
Yes.
Can't wait to launch it in nostr:npub1mutnyacc9uc4t5mmxvpprwsauj5p2qxq95v4a9j0jxl8wnkfvuyque23vg
Go on…
God I hope you’re right I absolutely love it and fear just not enough people will use it
It took a while before ppl started using lightning. Give it time
Do you mean federated chaumian mints, or something else?
What are the counter-party risks on the peg-in / peg-out?
😍
If they don't make non custodial I don't want it
Look into Stable sats
It is way overlooked even amongst bitcoiners imho.
We're too busy fighting shitcoiners every day 🤣
Still don’t understand ecash. If someone said they’d pay me in ecash instead of BTC I wouldn’t go for it. Is it another token on btc network? #bitcoin #asknostr
free banking 🤝 ecash
Ecash is the way to denationalize banking. Lawrence White literally wrote the book on the theory of free banking. Ecash makes private (non-government) currency digital and private (privacy preserving). Cypherpunks make it unstoppable.
Man I always pull a nostr:npub14mcddvsjsflnhgw7vxykz0ndfqj0rq04v7cjq5nnc95ftld0pv3shcfrlx when talk about chaumian e-cash comes on the podcast. Eyes glaze over and understanding drops. I’ll have to go back and listen to them again with more attention.
Agreed
#Cashu is a free and open-source Chaumian ecash system built for
Bitcoin. Cashu offers near-perfect privacy for users of custodial
Bitcoin applications. Nobody needs to know who you are, how much funds
you have, and who you transact with.
💪😜💪
#ecash #Bitcoin
After a brief bit of research, it sounds like chaumian ecash is a means to scale Lightning (at least in the context of protocols like Cashu).
Users exchange pieces of data that represent ecash, which in turn represents Bitcoin.
Custodial mints are responsible for verifying transactions and holding the underlying Bitcoin, that backs all of the ecash traded by users of that mint.
Users have a relationship with one or more mints, at zero cost (unlike the costs associated with opening lightning channels), and can interact with users of other mints, by virtue of the fact that mints are interconnected, via the Lightning Network.
I am keen to learn more about the nature of protocols like Cashu, specifically in terms of the benefits and safeguards they can offer users who cannot afford to operate directly on Lightning, due to high on chain fees, technical barriers, or otherwise.
I'm also interested in speculation around who will end up running the mints...
I just like the way it sounds. David Chaum is the greatest of all time.
Probably you are not wrong this time either.. 😁
Your post is being talked about.
Added to the https://nostraco.in/hot feed
I wonder what might be a good number of participants in a #fedimint (fedimint.org)? Is it correct that the plan is for lightning to provide the rails to move seamlessly between fedimints?
I agree, I think both single signer (Cashu) and multi-signer (Fedimint) e-cash mints will play a big behind-the-scenes role in how open protocols work.
* A Nostr client could use a designated federation to shard payments to content creators, note amplifiers, routing relays, and in the future, storage relays.
* Cashu has potential for delivering payments to new contacts who may be offline or not have a lightning wallet. They can collect from your mint when back online or when their wallet is available.
* Mutiny’s use of Fedimint for offline LN payments is also a brilliant use case.
What's your take on the lightning fud? Ie can't scale self custodially
So fucking bullshit on ecash.
Yes.
ecash is the straight forward glue between the seams of the BTC/LN protocol
I doubt it
I'd love to hear both you guys elaborate on your positions
Lyn was not refering to any specific project, but they all share similar problems. Complexity, ( some inherit even more complexity from underlying infra) thus weakness at scale, and trust.
Its been around for a while, and like fusion power is perpetually the next big thing. We would all be better off if it were but like string theory its mostly mental masturbation for people who can code and parse math equations in a dying civilization that had a brief golden age in physics before our births... wow that got dark....
Funny part is that I predicted 5 years ago that essentially ecash on lightning would be the money of the future.
Right now I think it’s not necessary and Bitcoin with Lightning is enough.
Always has been
I think people get too hung up on the custodial element of ecash. Custodians feel like an inevitability, like governments. Bitcoin's absolute scarcity forces custodial services to act honestly and responsibly, or else risk blowing up. Gain privacy and ease of use as a trade-off for introducing trust. Self sovereignty will always be (the best) option, with it's associated trade-offs, for your savings
I'm not one of those people. Ecash is a very important development
Definitely even bigger than lightning. There’s huge promise in this thing.
yep
Yup - I don't know whether it will be fedi but it seems like a good approach to a layer 3 solution to me.
It's going to take Bitcoiners a while to come around to it but I think normies will accept it much quicker.
There will be people who lose sats to them but by pushing the risk out to the edges of the social network, you limit the extent of the damage. Lightning will be the predominant layer 2 solution supporting these federations.
I agree. These are elegant ways of scaling #Bitcoin and implementing privacy.
In the future multiple of these systems competing based on reputation and given reviews.
Exciting times! 😉