Ecash is not a “shitcoin.” It’s a way to use Bitcoin with near perfect privacy, but with tradeoffs.
nostr:npub12rv5lskctqxxs2c8rf2zlzc7xx3qpvzs3w4etgemauy9thegr43sf485vg explains this in detail on nostr:npub10qrssqjsydd38j8mv7h27dq0ynpns3djgu88mhr7cr2qcqrgyezspkxqj8 (which is a podcast, not a shitcoin 😉):
I like ecash too but it’s true it’s a shitcoin.
Ask nostr:npub12rv5lskctqxxs2c8rf2zlzc7xx3qpvzs3w4etgemauy9thegr43sf485vg he’ll be the first to tell you it’s a shitcoin
The nice thing is it’s a shitcoin without a blockchain which means it’s the fastest and most private shitcoin
ecash is great but it's identical in trust issues as a bank
i'm not gonna trust a custodian any more than a bank, and the bank, that's why i run a bitcoin node
xapo just emailed me the other day to tell me their bitcoin/lightning enabled service annual fee is to rise to 1000 USD in september
they say that if you hodl 2 bitcoins in their account you get a 150USD annual fee
so i save 0.7% on fees if i risk 120k with them, right
uh, no, i'll keep my node running thanks
if i manage to push it to even half a bitcoin i'll have stamped metal cold keys next, what thet fuck kind of cocaine are these people sniffing?
A token not having it's own chain is literally the "shit" definition in "coin"
technically they are sats
just high trust
yeah, the only good thing a shitcoin can possibly do is not having a chain
what's trust?
risk of being rugged
ah yeah, I don't do that stuff. Something something about trustless, permissionless etc etc
They are not sats, mints do not need to be backed by sats in order for the mint operator to send some one ecash, nuts or whatever units the mint is issuing. Technically the ecash tokens are in a separate system that is not dependent on Bitcoin at all. Ecash can be generated within a mint that has 0 sats backing it. That mint just wouldn’t be interoperable with other mints and or lightning.
yeah, proof of assets is a big deal in all such certificate issuance businesses
it's the thing about bitcoin and lightning, they are sats... everything else is bullshit
most shitcoin have a chain so they can scam. They dont have any of the properties of bitcoin, but in a cargo-cult operation try to emulate the less scalable part of it.
Not having a chain to simulate to be a bit uncensorable like bitcoin unless being censored and rug is a good thing, theres only on timechain needed.
I disagree. Most shitcoins are smart contracts on ETH or some other 3rd party chain. That's why they should be called shit tokens and not coins.
I agree but they dont merit such semantic distinction from my point of view as they are irrelevant from a technical point of view I'd call them indistictively shitcoins and take them in the same trashbin
