What's the usecase for eCash if we have Bitcoin on Lightning?
Discussion
Privacy
But won't we have privacy on Lightning soon as well with blinded paths and onion routing?
Privacy for those who don't run their own node and just want to transact, also skipping fees if you're paying people within your mint
Okay thanks.
But the cost is that it is custodial and you can get rug pulled at any time, right?
Yip you should always consider your exposure to it, in that case, but if you're using it just to consolidate sats to sweep to a LN wallet or you just want to get onboarded without dealing with running your own LN channels then this can help
I mean I would rather trust my friend down the road running a cashu mint that I use, than WoS for example, at least if my friend rug pulls me, I get to smash in his windows lol
But I guess self-custodial options like Muun Wallet are still much safer then...
Who says Muun or Wos wouldn't migrate to a eCash system to manage user funds, especially in a more adversarial market where governments would put pressure on them to secure user data or request permissioned access to funds
If an email address tied to an LN balance is flagged, can WoS stand up to that request? In eCash they have complete deniablity
Its about the trade-offs I suppose and users get to choose the one they are most comfortable with
Muun is non-custodial!
1. Muun is not a LN wallet. Is only a dumb onchain wallet doing submarine swaps for the user.
2. Muun servers have control of the xpub. That means will read and monitor all the txs.
Is the worst design for a wallet ever.
I use it only as a bridge back to onchain cold storage
💯
Breez or Phoenix
Have to agree it totally sucks balls
Buying btc via strike + muun is the cheapest fee in town
I don't think we have solved Bitcoins scalability problem in a way that everybody can easily use it without depending on a custodial solution.
Not everybody can run a Lightning node, like they are able to remember a 12 word seed for on-chain Bitcoin.
And having eCash mints isn't a solution to that problem in my opinion.
You shouldn’t be storing your life savings in a lightning enabled wallet.
Cold storage is where you keep your savings.
Lightning is where you keep a small amount of sats to get you through the day/week and keep risk minimal regardless of using a custodial wallet or not.