As much as I like ecash it's not tied to bitcoin at all.
I've seen argentinian peso denominated mints, as well as USD. We will see all kinds of shitcoinery on them.
Discussion
Yep this is correct
My basic thoughts around ecash are that it's a slightly better way to use a custodian, but not by much
And with 100% certainty, some mints will rug and print ecash they can't back
Ecash is better than a regular custodian in that it's an open protocol we can build some assurances around.
Mints can do epochs at regular intervals for proof of reserves, use multisig (fedimints for sure) and leverage the web of trust, though this one could also apply to a regular custodian