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what's your take on Cashu?

I went back and forth on this for years now.

I can say with confidence and complete certainty after looking under the hood and even running a mint for a short period of time that cashu is not Bitcoin, it’s not a layer 2 or a layer 3. It is in no way dependent on Bitcoin.

A mint operator can use a custodian wallet like WOS or Strike as the funding source. They could even decide to use any shitcoin or fiat currency as the funding source. It’s a trust me bro IOU system where the cons outweigh the pros.

One could say it’s another solution in search of a problem. To sum it up It’s a shitcoin without a blockchain.

Claiming it’s scaling solution is misleading because not only is it not bitcoin dependent but the mempools are empty. Maybe that’s why Calle is pro spam because the spam pushes users off chain to lightning during fee spikes and all of a sudden cashu sounds like it’s solving something.

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Discussion

unknown 4mo ago

Feel like I need to get high and do some research

:P 4mo ago

Do your own DD and let’s discuss

unknown 4mo ago

Been doing some more DD on this today during work and it seems my apprehension is valid. Specifically the parts about how to successfully rug by running a mint with fractional reserves by issuing fake tokens. Then picking and choosing which transactions to send so as to not tip your hand that the bitcoin isn’t really there and then pass it off as “payment routing fail” or “technical error”

:P 4mo ago

Yeah I got more respect for shitcoiners who stand by their shit. Cashu is lipstick on a pig. 🐖 🐷 🐽 oink oink

unknown 4mo ago

Seriously. Cashu screams fractional ponzi

I ain’t touching that shit.

Dan Vergara 4mo ago

Did not know that the funding source could be anything lol need to dig deeper but sounds like it is no different than the current banking system.

:P 4mo ago

Fed tech

Dan Vergara 4mo ago

That's why they attract a lot of funding and attention?