every ecash app / mint should have a "bank run now" button
Discussion
make bank runs great again
You have to get everyone to do it. How do you communicate that to all other users of the mint?
With ecash, the mint doesn't know who the users are. No one does. This could be app level, but again that is a central point of control. IMO we should make it cultural like zapathons. Ecashathon: every Fri and Thurs ecash users reissue all their notes.
Seems like clients not managed by the mint could force runs but the UI/UX. π€
Yes, exactly. To really bank run you need to withdraw to lightning. This will cause liquidity issues if you have a large balance of ecash and/or small channels. Reissuing ecash doesn't prove that the underlying funds are safu but it is a critical piece of the puzzle. If you want to dig in you should read nostr:npub12rv5lskctqxxs2c8rf2zlzc7xx3qpvzs3w4etgemauy9thegr43sf485vg's proof of liabilities scheme. https://gist.github.com/callebtc/ed5228d1d8cbaade0104db5d1cf63939
I reference this to people regularly when the ecash fud about inflation happens.
Every Ecash app should have a "Run to mint" #Cashu button π π°β‘
Iβm down!
yes β¦ and automatically post the result on nostr. I like Cashu and LNbits - the innovation here is that you can bank with a friend instead a anonymous multi-national corp. So you know whos door to knock on in case of trouble. 2 Million banks instead of 1000.
Interesting take.
How would that play out in a fiat bank account?
You hit that button and you are promised, that you can go to the banks ATM and go withdraw?
And much more importantly, how would an app decline a bank run via app work? If a bank declines a bank run⦠boom, Instant economic crisis.
Btw: Isnβt that account balance the promise of the bank itself?
And now transfer that to the bitcoin world, where the trust component is eliminated entirely. You either got UTXOs, or you fucking donβt.
HFSP if thatβs the case. AND
Because trust is eliminated in a bitcoin standardized economy, bank runs will most likely not happen because banks that hold bitcoin are permanently pressured to use that bitcoin to gain more bitcoin.