Ecash is gonna break their brains.
Discussion
They’ll go after the issuers all the same
Of course they will. So mints using fedimint, cashu, etc. will have to be lightweight and ethereal, so as to make the feds waste their time playing whack-a-mole to try and control them. Otherwise they can be persistent in a place the feds can't see or reach.
🎯
The challenge, though, is that asking people to trust a custodian (even a blinded one) requires communicating that “we’re big, we’re stable, we’re not going anywhere, you can trust us” and whack-a-mole is different from that
That said, if we can have 100,000 mints at once, all in jurisdictions with friendlier laws, then it’s like mp3 sharing - too proliferated to stop
You also don’t need to put a ton of trust in a mint, because it’s usually for small amounts and the ability to instantly leave keeps people honest, at least more than traditional banks.
I do remember nostr:npub12rv5lskctqxxs2c8rf2zlzc7xx3qpvzs3w4etgemauy9thegr43sf485vg saying something about doing "automated bank runs" on mints, where all of your tokens are refreshed every month so you don't have to trust the mint. I wonder if he can comment on what would happen for users if they knew a mint was about to go down.