Replying to Avatar calle

Gm, let's be crystal clear.

All ecash systems are non-custodial, it doesn't matter if it's federated or not. This has been true since 1982.

Ecash systems today take your Bitcoin in custody and give you a non-custodial shitcoin (ecash).

Your Bitcoin is custodial, the shitcoin you get in is non-custodial.

Act accordingly.
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Max 1y ago

Bearer instruments can be either base money or money warehouse receipts.

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calle 1y ago

And in today's world, only a central bank can issue base money. Everyone else can only issue receipts.

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Max 1y ago

Bitcoin full nodes create base money.

Even eCash mints can create base money when they don't offer any peg out mechanism.

Base money is not a claim on something else, but it is the thing itself.

Today's cashu & fedimint are money warehouse receipts, and holding this bearer asset constitutes a claim on base money sats.