ecash will augment this tech and enable even more privacy on bitcoin
Discussion
While I think ecash will be useful for many...
ecash =/= privacy on bitcoin
Ecash is a private offchain IOU
Everything above L1 is "offchain". That's the entire point...
My point is, unlike Lightning for example, Ecash is an offchain IOU not anchored at all to L1 and can be arbitrarily printed by the mint. See the difference?
"enable more privacy on bitcoin" sounds as though the privacy is a part of Bitcoin or tethered to it somehow when they are completely unrelated.
Drop the "I'm gracing you with knowledge" BS tone 😂
None of what you or I am saying is new. These debates have been going on for yearssss
Feel free to hold a monero bag 🤙
Everything is trade offs and incentives. Don't trust mints run by people you think will inflate the supply. Also, a bank run in ecash is trivial to complete and would audit any malicious printing.
I do agree that ecash is an offchain IOU. Do you mine with a pool? If so, that's an off-chain IOU, most likely.
Agree that everything is trade offs and incentives. But if a bankrun is happening that means it's already too late for many.
The main improvements I can see of ecash over fiat is the mint being blinded, FOSS, anyone being able to participate by creating a mint (open and subject to market forces), and that the mint is at least ostensibly backed by a hard commodity like Bitcoin.
I do sometimes mine using p2pool, but that's not how it works with Monero afaik.
https://github.com/SChernykh/p2pool
"There is no pool wallet, funds are never in custody. All pool blocks pay out to miners immediately."
bank run not because there are no funds, explicity to audit the fedimint. Since this can easily be coordinated and executed, there is risk to fractionally reserving. See here for more on the Proof of Liabilities thoughts (not mine)
https://gist.github.com/callebtc/ed5228d1d8cbaade0104db5d1cf63939
I have no idea how XMR works, but it could probably be integrated using the fedimint module system.
Yea I've been keeping tabs definitely a cool project from Calle and an improvement, but it is not a complete solution it only reduces the rugpull risk as he outlines at the end.
That would be dope! This is what FOSS is all about.
I have a question maybe you can answer: When do you think Fedimint is coming out of alpha? (roughly)
Don’t have any hard estimates but I would think end of 2024 might be a good timeframe. Just hit 0.1 so very very early.
That's all you reading into it.
I'm plainly stating facts, but you rather divert the conversation to focusing on my "tone" because you can't dispute it.
Yes, none of this is new, so now you've revealed you're not ignorant just intentionally dishonest.
Irrelevant. You don't have to hodl Monero to use it. Now one is forcing you to choose either. Save with Bitcoin.