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Replying to Avatar Ben Arc

So I hear I am an ecash hater?

To be clear, I love ecash, it has great applications, such as paid API calls like in Wasabi. The worlds soft currencies will be ecash, built on Bitcoin stack.

There is however an issue when 90% bitcoiners think ecash is noncustodial, pegged, see it as a "scaling" solution.

* There are no proof of reserve proposals that make sense, mints can always brr.

* Ecash is not a scaling solution, it's a custodial solution.

* You are giving someone your bitcoin, and they are giving you a thing they claim is bitcoin.

* Mint operators should be aware of the legal risks.

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Leo Wandersleb 1y ago

Know Your Custodian.

My hope is that people opt for fist-reach custody. An Uncle Jim model rather than a Wallet of Satoshi model. But reality looks more like WoS. Even my LN address is WoS thanks to nostr zaps being easy that way :(

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