Great convo. Bitcoin and Lightning only. We don’t need Cashu or anything else like that. Listened to the pod and I am missing why do you need anything else other than Bitcoin and Lightning. Cashu is an IOU -period. If you own Cashu you don’t own Bitcoin. Convince me why we need something else? Not arguing but not understanding.
Discussion
I see it as a poc for eventual federated mints.
I may trust a federation with some sats to use as spending money given the privacy benefits — even if they were KYCed.
We may, and hopefully will, get to a world where the chain and LN will be too expensive for newcomers. If we are to have custodial bitcoin, it’s better that the custody is federated and that there are at least privacy benefits vs. self-custodial uses.
Until we solve all the scaling challenges (both technical and economic) and ux challenges, a lot of people will prefer a custodial LN wallet. If they’re going to make that choice, an ecash-based wallet is more private. Still custodial, but more private.
Nice cool feature about cashu is how easy it is to spin up. So you can uncle-jim a private, custodial wallet for your family/friends/community (you manage the channels, etc)
Even after scaling, ppl will want to play.
Yes. Just like some people play with blockchain “projects” other than Bitcoin.
Wallet of Cashoshi
Unless your uncle jim has impeccable base layer privacy a family cluster like that would be trivial to identify. ecash will have a place but as long as best we have is run by a pseudonym my alarms are still going off 🚨
It is like saying that 1 security company is not secure so let’s have federated 1000s of companies are engaged to provide the service. It is still an IOU not Bitcoin. Playing with it is fine but you can do those on Lightning with tons of devs that is happening on LN.