Interesting perspective 🤔
Discussion
i think that ecash is going to be a given, it has some big advantages in that it's offline... it's not much different to the old days of USA before the fed, when multiple banks were allowed to issue greenbacks, mostly they are fungible but occasionally one or two might get a bad rep after doing stupid shit, and then they'd get bankran and their license revoked
Totally agree. I refer it as 'out of band' versus offline because you can transmit ecash independently of any one system. The other systems are really 'payment instructions' versus bearer tokens.
What happens during a mint run and the mint is not solvent to make everyone whole? Looks like a fractional reserve system.
yes, it can be! this is the downside of it
but they don't have a legal tender law to protect them from bank runs
isn't this the risk of all layer 2 solutions? A 3rd party(a) will always control the gateway to the Bitcoin reserve. This is why banks and corporations are getting onboard.
no, on Lightning you can unilaterally exit, but there are fees to consider
yes, lightning makes it a more graduated rugging, which protects both sides from mischief better
it makes it so it's better to act in good faith, truly a genius design and actually grew out of a deep study of the architecture of the bitcoin scripting language
Plebs won't be managing their own lightning channels