There is definitely trust involved. A mint that wants to protect its reputation has no incentive to rug. I’d like to see a ratings system emerge.
Discussion
This would be a great application for the Grapevine. Your Grapevine will enable you and your community to identify the most trustworthy users to help you curate your list of mints.
I could flag Shawn as trustworthy to curate the list of mints; he flags one or more other users, and so on; the Grapevine calculates a trust score for each user in this context, and I’ll quickly have a list of the people who know this industry inside and out. Those will be the people who manage the list of mints for me.
Yeah, we will see what the future holds. I’m not sold on the idea yet.
We know from history that if someone can dilute the money supply, they WILL do it sooner or later. If there are checks and balances in place that prevent that to a certain degree where it becomes impractical, maybe I will change my mind.
No doubt, and you have every reason to be suspicious. It helps to remember that ecash is best used for exchange, not storage. You still want the final stop to be self custody.