met a bitcoin podcaster last night who identifies as a cashu maxi. he said he's always onboarding tons of noobs to bitcoin due to his educational work.
his default used to be wallet of satoshi but he switched to cashu bc it's not a single custodian and has privacy.
this is the way. 🧡🥜
What happens to all of those noobs when a cashu mint rugs? Will they fully understand that that's due to the custodial nature and ought to have put most of their sats on-chain? Or will their view of Bitcoin be permanently tainted when, normally, losing funds would only be possible with backup neglect?
idk the specifics. maybe they know a good mint. same question applies to wallet of satoshi, blink, lnbits, cash app, coinos, and i could list around a 100 other.
we’re very direct about this and we warn people to only use mints they trust.
For us the concept of custodial vs self-custodial, trusted vs trust minimized, rugpulls etc. are all very familiar. For the noob who just learned that there's digital money that you can send to others whenever that can't be inflated, that's a lot to digest in itself. How would such a noob have any idea what mint to trust? Do they know that even negligence or mistake without malice on the mint operators end can result in loss of funds?
People ignore the fine print, they ignore ToS, they ignore cookie banners and they will ignore whatever you tell them.
People will simply store IOUs on mints just like they store them on CEX.
Then they deserve to lose their money.
Sorry, I accidentally typed calle's response that he's too cowardly to type instead of typing my own response. Happens sometimes
same for all of the above yes. what's your solution?
Idk about npub1ah3 but I just try not to promote the use of third party custody
Ecash should be used by pros only who already mastered self-custody.
L1 is still the best to learn all the necessary responsibilities, with layer come abstractions that make it easier for normies to get started (adoption), but they will not have a clue how all this works which is bad for long term health of any system.
This is like solving the Byzantines Generals problem but harder, ser!
You are up against human nature. The best thing probably is to agree on yearly community rugs, so everybody can have a bad experience but with a whitehacker mint collective that return the proceeds afterwards.
The problem is lack of pattern recognition and training like with fishing mails. Companies set up their real-life trainings for a reason.
Yearly thing is a good idea. Could also just be random fund freezes with a "this wouldn't happen if you self custodied" message
onchain Bitcoin?
Yes! Most people think of mints being custodial is a risk but what they don't understand is that you can distribute the ecash accross multiple mints which reduces the risk of being rugged by a tone.
I thought cashu had only a single custodian vs fedimint. Noob here
Cashu has many public "mints" that you can choose from and distribute your Cashu tokens between 1 or several.
Here's a list of mints https://cashumints.space/
many mints, each mint is a single entity!
nostr:nprofile1qqsqa6p85dhghvx0cjpu7xrj0qgc939pd3v2ew36uttmz40qxu8f8wq8vdeta we're just talking about daily or monthly spending money here, right, not our generational wealth, correct?
yeah, the context is everyday spending and onboarding with private ecash like cashu, not hodling generational wealth on-chain.
What many people don't understand: I give a lot of satoshis to newbies. They don't lose anything, but their attention gets drawn to Bitcoin.
Emojis with real Bitcoin value create a very strong "wow" moment.
They also realize that the satoshis have value, because no matter what goods or services I sell them, they can pay me with emojis.
The most important thing is that I create real value for which I can be paid.
I agree, cashu, is the easiest onboarding experience. No long waits for nodes in the phone to spin up. No KYC. It just works!
Ok, I just downloaded the Cashu App. Getting my seed phase set up this evening.
I want to transact!!
But I thought Cashu was NOT bitcoin
everyone turned a philosopher these days
It's better to use a non custodial lightning wallet like Blixt or Zeus to onboard people.
Yes ecash is better in terms of privacy and ease of use for small amounts. Cashu mints or fedi federations can always rug people. Ecash should not be the first option for noobs..
it's almost 2026 and people are still advocating for first touch onboarding through self-custodial LN wallets. lmao.
