What happens to all of those noobs when a cashu mint rugs? Will they fully understand that that's due to the custodial nature and ought to have put most of their sats on-chain? Or will their view of Bitcoin be permanently tainted when, normally, losing funds would only be possible with backup neglect?
Discussion
idk the specifics. maybe they know a good mint. same question applies to wallet of satoshi, blink, lnbits, cash app, coinos, and i could list around a 100 other.
we’re very direct about this and we warn people to only use mints they trust.
For us the concept of custodial vs self-custodial, trusted vs trust minimized, rugpulls etc. are all very familiar. For the noob who just learned that there's digital money that you can send to others whenever that can't be inflated, that's a lot to digest in itself. How would such a noob have any idea what mint to trust? Do they know that even negligence or mistake without malice on the mint operators end can result in loss of funds?
People ignore the fine print, they ignore ToS, they ignore cookie banners and they will ignore whatever you tell them.
People will simply store IOUs on mints just like they store them on CEX.
Then they deserve to lose their money.
Sorry, I accidentally typed calle's response that he's too cowardly to type instead of typing my own response. Happens sometimes
same for all of the above yes. what's your solution?
Idk about npub1ah3 but I just try not to promote the use of third party custody
Ecash should be used by pros only who already mastered self-custody.
L1 is still the best to learn all the necessary responsibilities, with layer come abstractions that make it easier for normies to get started (adoption), but they will not have a clue how all this works which is bad for long term health of any system.
This is like solving the Byzantines Generals problem but harder, ser!
You are up against human nature. The best thing probably is to agree on yearly community rugs, so everybody can have a bad experience but with a whitehacker mint collective that return the proceeds afterwards.
The problem is lack of pattern recognition and training like with fishing mails. Companies set up their real-life trainings for a reason.
Yearly thing is a good idea. Could also just be random fund freezes with a "this wouldn't happen if you self custodied" message
onchain Bitcoin?