Cashu is non-custodial Ecash for custodial Bitcoin.
It has in common with other custodial systems:
- You can inflate the supply
- You can get rugged
Not in common with other cust. systems:
- Amazing privacy
- Censorship resistant
- Irreversible
- Pay offline
- Bearer instrument
so a mint can choose to not give you sats when you give it the cashu tokens? thats the rug pull?
the token itself is with you (non-custodial) but it may be worthless token when the mint chooses to rug?
Exactly
if a mint does fractional reserve minting then noone will notice!
Yes, it has that in common with any custodial service.
There is hope: https://gist.github.com/callebtc/ed5228d1d8cbaade0104db5d1cf63939
This is one of the best ways to get civilians into Bitcoin⚡️
How does it work offline? Doesn't one need to reissue to verify and prevent doublespend?
One of the parties can be offline:
If payer is offline, they can pay ecash from their wallet. Receiver needs to reissue.
If receiver is offline, payer can lock ecash to receiver pubkey and pay the receiver. Receiver can remain offline.
Locking to the payee pubkey is a big deal but it kind of relies on users agreeing on some key format. If only nostr was the global standard already 😅 (Actually, wallets could support a set of public key types but that gets messy.)
But if the payer is offline, he can only send as granular as he has tokens in his possession, right? Or can the payee lock change in an atomic way?
It's fixed in the spec, we already agreed on it: secp256k1 Schnorr signatures, like nostr
#[2]
Plz no rug @minibits
Can the supply and rugging aspect be mitigated?
Suppose I wanted to bribe Pablof7z to work more on https://wikifreedia.xyz how would I do that publicly? How do I lock tokens to his pubkey? How can he redeem those tokens?
I have eNuts and Minibits installed.
🤙🤙🤙🤙
something like this needs to evolve a bit more:
For reference, this note by nostr:npub12rv5lskctqxxs2c8rf2zlzc7xx3qpvzs3w4etgemauy9thegr43sf485vg on mints!
Plus, with the feature to swap mints one can choose the custodian, if I am not mistaken.
