Replying to SecondBreakfast

Its a tool for certain circumstances. Obviously life savings can't be trusted with something like cashu. However, it does seem like a very good privacy tool for smaller amounts, even with those flaws. IMO I think the privacy gains are worth it for small txs. If you use it in that way, I could see why people aren't concerned with the trust model
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geodesic 2y ago

Yeah, I'm just trying to better understand which circumstances it makes sense for.

If 10K users just store ~$100 in a Cashu wallet for online shopping, that leaves $1MM that the mint can steal.

Should users not connect to a mint with 10k other users? How do you know how many users a mint is operating?

Should users store only $10? What do you do with $10?

I'm just trying to wrap my head around _what applications_ #Cashu makes sense for.

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SecondBreakfast 2y ago

You're right, the mint can rug pull its users at any point. The way I see it its a very good way to pay or transfer btc with almost perfect privacy. Say you are paying someone who is in a sanctioned country, privacy is extremely important. Donations to a cause that may raise flags in certain juristictions would also be a good use case. I see it as a tool to help bitcoin become more censorship resistant while trading off its hard capped supply for better privacy. If you are spending btc to shop I think self custodial lightning would be the better tool since the sender has good privacy by default. However with custodial wallets, they can see all of their users txs.

If custodial wallets implemented ecash this privacy concern could be fixed which would be a great privacy win for users of Wallet of Satoshi since they are already trusting them, plus still giving the user an easy experience