Gm, let's be crystal clear.
All ecash systems are non-custodial, it doesn't matter if it's federated or not. This has been true since 1982.
Ecash systems today take your Bitcoin in custody and give you a non-custodial shitcoin (ecash).
Your Bitcoin is custodial, the shitcoin you get in is non-custodial.
Act accordingly.
Should've written in caps to speak it even clearer.
And with clapping hands emojis for the younger, more retarded audience.
hey older ppl can be retarded too 😡
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Bearer instruments can be either base money or money warehouse receipts.
And in today's world, only a central bank can issue base money. Everyone else can only issue receipts.
Bitcoin full nodes create base money.
Even eCash mints can create base money when they don't offer any peg out mechanism.
Base money is not a claim on something else, but it is the thing itself.
Today's cashu & fedimint are money warehouse receipts, and holding this bearer asset constitutes a claim on base money sats.
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your bitcoin is custodial?
oh nvm i see now
in the case u opt in the ecash system
I feel like saying it’s non-custodial is just going to confuse people more so we should really just stick to calling it custodial
It’s a cryptographic IOU that’s backed by the issuer
I say this as someone designing a federated ecash implementation**
** it’s not fedimint neither is it purely ecash but that’s besides the point
