Nostr Web Client

2) Dude you know what he means. You're giving up your Bitcoin to custodians for an IOU. The "Ecash is self-custodial" argument is a misdirection.

The same Bitcoiners making such a point over this would NEVER say "technically you're self-custodial because you custody the shitcoin token 🤓" if a custodian took your Bitcoin in exchange for literally any other shitcoin token out there

Keychat 1y ago

>You're giving up your Bitcoin to custodians for an IOU.

Yes, we know this. Check below note:

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>The "Ecash is self-custodial" argument is a misdirection.

When someone says "Ecash is self-custodial," they are not denying the statement "You're giving up your Bitcoin to custodians for an IOU." What they mean is that if you lose your ecash, it cannot be recovered. This ecash is the unique proof, and there is no account that can restore it.

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Discussion

Saberhagen The Nameless 1y ago

>What they mean is that if you lose your ecash, it cannot be recovered. This ecash is the unique proof, and there is no account that can restore it.

I understand this but how does that change anything/why does that matter? Your Bitcoin isn't under your control anymore whether you traded it for ecash or some other shitcoin token.

Keychat 1y ago

Good question. Keychat uses ecash sats as stamps for messages. Users do not lose privacy due to payments, and relay servers no longer need to rely on advertising models to make money.

Onchain sats and LN sats cannot achieve this, making it the most suitable application scenario for ecash sats.

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Saberhagen The Nameless 1y ago

Sounds cool, but your answer has little to do with the original topic: Why is it relevant to bring attention to the fact that the IOU (ecash) is self-custodial when the underlying asset itself (Bitcoin) is held by custodians?

Keychat 1y ago

This statement should be more accurate and avoid misunderstanding: ecash is custodial and a bearer asset.

Analogue Dog 1y ago

If somebody loses their bitcoin-backed ecash, who owns the bitcoin?

Keychat 1y ago

The mint I think.

Ecash is a unique voucher that cannot be retrieved if lost, much like paper money.