Replying to Avatar hodlbod

The thing I don't understand about ecash is how it can be a bearer instrument and immune from double spends at the same time. It seems like the receiver would have to immediately redeem the token, and subsequent receivers to validate before accepting it in order for the latter problem to work. Am I right?
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Max 1y ago 💬 1

That's a good question, is it really a bearer instrument if it requires an interaction with a third party...?

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vnprc 1y ago

The recipient needs to interact with a third party. Same as a bearer bond or a paper banknote on a gold standard.

I guess it's not the same, though, because a paper banknote can be exchanged many times and the laws of physics prevent double spends. Only the issuer and redeemer of the bank note need to interact with the bank. Secure use of ecash requires each intermediary to interact with the mint.

I think it still qualifies as a bearer instrument but with a lot more interactivity requirements. Of course, the devil is in the details. What do you need out of a bearer instrument that leads you to ask if ecash fits the definition? Rhetorical question.