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Wen first eCash bank? I don't want tether or a CBDC. I want something that has the privacy and ease of transaction as cash that is backed by Sats.

Not everyone is going to run a lightning node so they can buy a cup of coffee. With eCash banks we wouldn't have to scale lightning to infinity just so we wouldn't crash channels during a black Friday sale.

People aren't going to be their own bank. The average Joe having a spendable UTXO in the future is a pipedream. Things are moving faster than anyone ever imagined and we need to start thinking about scale.

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Discussion

Mynymbox - Privacy friendly hosting solutions 1y ago

Use Monero instead of Lightning and ecash, easy. Non-custodial, no trust needed, fast and cheap.

GHOST 1y ago

I do but I like having options

Mynymbox - Privacy friendly hosting solutions 1y ago

You have Bitcoin and Monero. That's the options I guess. The rest will fall sooner or later because of regulations, scams etc.

Nice and Kind Vic 1y ago

Monero cannot scale the same way as lightning, and consumes substantially more space than Bitcoin transactions.

Mynymbox - Privacy friendly hosting solutions 1y ago

Monero is on chain, right. It has a block time of 2 min which is very good. But ag least your payment goes through, Lightning has no guarantee for that. The fees for Monero are super cheap, with LN you can have some super bad experience. You cannloose money with Lightning etc etc. So the tradr offs for Monero are much less. And LN will go down as soon as the whole infra will need licences and that will come.

Diacone Frost 1y ago

lol

Saberhagen The Nameless 1y ago

Monero is bringing scalable L2s with FCMP, so first part will soon be moot. Encrypted blockchain + L2s are probably the best privacy you can get.

Evan 1y ago

Is this a separate token type or a different chain for Bitcoin transactions? Where are some documentation/resources around this?

GHOST 1y ago

Check out nostr:nprofile1qqs9pk20ctv9srrg9vr354p03v0rrgsqkpggh2u45va77zz4mu5p6ccpzemhxue69uhk2er9dchxummnw3ezumrpdejz7qgkwaehxw309a5xjum59ehx7um5wghxcctwvshszrnhwden5te0dehhxtnvdakz7qrxnfk work on cashu. Or try minibits wallet

Evan 1y ago

thank you!

Nice and Kind Vic 1y ago

Its a separate token type that doesnt use a blockchain and is swapped for Bitcoin sats at the mint operator's discretion.

JackTheMimic 1y ago

It makes more sense to wait for banks to integrate lightning if you don't want to run a node. Which by the way is literally just having a PC run some software. If you think THAT is unimaginable for the average person, I guess CBDCs are in your future.

GHOST 1y ago

lol I run a lightning node, I know what's involved. Now scale that to utilize the entire global financial system.

JackTheMimic 1y ago

I mean, yeah I have literally modeled that out. It's not hard at all.

Basically a federated model of both communities and bank to vendor ecospheres.

Community goes:

Individual->local shops

Local shops-> regional shops

Regional-> State

State-> Country

Bank federated model:

Individual-> local bank

Local Bank-> local shops & regional banks

Regional banks-> regional shops & state banks

In this model likely people would run custodial bank lightning software your "Bank account" is just your receiving channel (direct deposit paycheck) and a spending channel (likely equal to your paycheck as collateral)

The community solution is more sovereign bit most people don't care about sovereignty.

So, that's how it scales globally. (Sorry if this isn't detailed enough, I just don't want to retype an idea I have shared many times)

Mynymbox - Privacy friendly hosting solutions 1y ago

With that scenario Bitcoin has lost everything. Congratz to everyone who celebrates the merge between govs and Bitcoin and banks and Bitcoin.

JackTheMimic 1y ago

I mean, okay. Even if the main way people use Bitcoin is through a bank, it's auditable, immutable, scarce, and has to be used within the consensus rules. The Bank's incentives align to be honest actors because they take transaction fees by running the routing nodes. Charging too much, you switch to a cheaper bank. The point is that Bitcoin doesn't solve the problem of people, it just makes them play more fairly.