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Does anyone else feel like using a cashu mint based on reviews is sort of backward? You can't know if they're going to rug you unless they've already rugged you. Which means you can't use reviews to gauge trust (though you can gauge uptime etc). Reviews might even be a problem, since mints with high reputation will attract more users, making it more profitable to rug their users. The whole idea (same with relays) is to spread activity across many custodians to dilute the risk, but reviews seem to undermine this.

M0053 7mo ago

Cashu is a 100% custodial system. And simply must be used as such. It is the old system grafted into bitcoin and requires absolute trust. And currently trust in "uncle Joe" or some dude that wears balaclava in public.

It is a CENTRALIZED bitcoin bank.

The tech is important. And im glad its being developed. I believe bitcoin banks are part of the future. But it is imperative that we work to decentralize them and minimize trust as much as possible.

It's fantastic tech. It's really good privacy and it's just a rug waiting to happen.

We get amazed by shiny things and don't pay attention to the tradeoffs they make. And some of them can be used for good. You can give your cousin a Bitcoin IOU, and if she doesn't cash it in, you can revoke it. That's not really Bitcoin anymore though, is it? And that's fine. You might need these tools, I think we will.

But I don't think we should be sugar coating it or not pulling out what it exactly is.

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Discussion

:P 7mo ago

Well said

calle 7mo ago

you have a coinos lightning address in your bio. you can also use their mint.

PABLOF7z 7mo ago

Never fails

M0053 7mo ago

What nerer fails?

M0053 7mo ago

Okay, I've seen enough context now. I think you may have misunderstood my point and position. If you read my comment, you would see that what I said was I think custodial uses have a lot of positives.

This is why I use coinos already as a custodial lightning address because it's Convenient. Because I only keep a few bucks there. And I understand the trade-offs. And I know for sure that not everybody does.

I understand tone and intent are hard to read on the internet, but I'm not just some hater that goes around ducking on ecash. And I just want to make that clear.

M0053 7mo ago

Sure. Also custodial. And I appreciate Adam's work as I do yours. But even coinos has had to freeze withdrawals a couple times in recent days.

The potential for loss with counterparty risk is always there. And it doesn't even mean that the person that I'm trusting has to do something nefarious. It could just be an accident.

I don't tend to look at things in black and white frames. I find that to be not useful. And using custodial services and custodial protocols is okay for certain circumstances. As I think I said in my above post in a roundabout way.

M0053 7mo ago

So THIS is the reason I say what I said.

Interpreting my words as just a "complaining negative user" is an inference issue. NOT am implication issue.

Also. I am VERY gatefuul for #coinos and nostr:nprofile1qqs9vmqkduad4vxglwja5q2mpvauer4nd9452he2r4pml0vhqktyd2qpzemhxue69uhhyetvv9ujucm0d9hx7uewd9hj7aqfmp9 who handle their communications with such professionalism and respect. Even for the lowly "user".

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M0053 7mo ago

I find it frustrating when I Go to the trouble of posting a nuanced and reasoned opinion about something like Ecash or any other kind of custodial use. It is then turned around and represented as, oh, he's just dunking on Ecash. Everybody knows it's custodial.

In my comment, I pointed out many reasons why ECASH is a set of trade-offs that is useful. But I don't think every "pleb", as people like to call them, understands what the trade-offs are actually doing.

Perhaps my quip about your balaclava was what stung. If that's the case, then I apologize. That was meant to be humorous more than anything else. And my point being, if we use cashew the way that it's currently designed, we have to trust a single mint. That is a significant piece of information people need to understand.

I don't really like being dismissed as only negative or someone who is worth nothing because he's not coding something as far as you know.

Also, the whole "you have a coinOS" address in your profile is silly because if you read my words, I don't have anything against custodial use. I am just saying that if we are using custodial services, we need to be aware of it and I don't think everyone is.

Let me make another nuanced. Take. Sometimes, using a custodial surface will be the safest thing that a user can do. Not everybody has the skill to run their own node, set up a lightning address, have it work reliably, and not lose funds somehow in all the complexity that they don't understand.

The reason I would not be perceived as negative if you met me at a conference is because I'm not negative. My comments are positive, even cheerful, just realistic.

Maybe there is so much harsh and negative content out here that it ends up making everything look that way. I understand that. There are certainly some assholes that just like to say very simple one liners to discourage people that are doing hard work.

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