A blinded Bitcoin stacking service built on Cashu is straightforward to implement.
Instead of being able to connect your fiat deposit to your Bitcoin withdrawal, they issue ecash with which you withdraw your Bitcoin to a noncustodial wallet.
I'd be the first customer.
nostr:npub1alexvqqjlfk6fczkwmqwku3umka9wntrpc5qarz57v35favg7g9sp92xlt Can we get this? Plus buying via cash in mail?
So it’s basically just a hop in e-cash before going to Bitcoin withdrawal?
Yes, you can think of ecash as an intermediary money protocol layer that can be used to unlink two transaction, say a fiat payment and a BTC withdrawal.
Yeah. I like the idea. Hardest part is touching dirty fiat and all the regs that come along with it.
It would be a great privacy feature for someone like nostr:npub1yul83qxn35u607er3m7039t6rddj06qezfagfqlfw4qk5z5slrfqu8ncdu
Not sure I understand the flow right.
Can you elaborate?
You go to your exchange, you deposit fiat, then you buy BTC. They credit that BTC to your account.
You press a button to convert your balance to ecash (or automatically). You then initiate a withdrawal to your Bitcoin address using your ecash balance. The exchange sees where money is going, but they don't know it was you. The result is that they can't track where your Bitcoin goes (if the anon set is large enough).
Sounds like a no-brainer to me. No additional risk for the user. I would use this 100%.
Interesting idea.
Anyone know if the exchanges need end-to-end to adhere to KYC/AML?
This would be a great service for them to offer but they will always play safe legally.
But if they can’t do it, as an abstraction layer between the exchange and cold storage it would still be very useful!
Idk if exchanges are allowed to be blinded from their users.
An interesting alternative, start a liquid swap to bitcoin and withdraw to the liquid address from current exchanges that support
For exchanges that don't support liquid as yet, withdraw to a peg-in btc address and then swap/peg-out to a your btc address
... still custodial hop, and still needs an anonymity set (on Liquid), but exchanges get to maintain regulatory compliance
Also an interesting idea 🤔
We need some people at the exchanges to comment on the legal side of what they can and can’t do.
nostr:npub139nl9yxvwayl60fr97m3zrq9md6x5v0uup344mkyuyg6mzlusyxs4zkwf4
nostr:npub18p63njhaxftx3m8luk2h0umj8p3cmfx09kv9hqhext7gr5ea585qsc0k8k
nostr:npub1t289s8ck5qfwynf2vsq49t2kypvvkpj7rhegayrur0ag9s2sezaqgunkzs
This is a very good idea
Could it be done by exchanges Melvin, or would it need to be an abstraction layer that you deposit BTC in to?
Check your DMs I sent you some cashu tokens!
