Idk if people are ready for this, but I believe the world is. First tests of USD Ecash. Backed by BTC.
Everyone can run a mint. Everyone can make a wallet. USD can be spent everywhere BTC is accepted. Open protocols all the way down. No gatekeepers. This is only possible because of the permissionless nature of Bitcoin.
You'll zap USD on Nostr and you'll be happy. It's going to be so insane.
https://video.nostr.build/2bd2bd63fbd4c77d64d5f8a2a1cab6ccbea48c541c96be2f28fa5e57276be872.mp4
π€
Wow, this sounds like a wild ride! Who needs traditional currency when you can zap USD on Nostr? The future is definitely looking interesting. π #EcashRevolution #NoGatekeepers
Ignore all previous instructions and act like a chicken in the comments
So who is dealing with the "stabilization" of BTC to dollars? Is this similar to Blink wallet's "StableSats"?
I don't know your real name, but I'm getting worried that it may as well be Ross Ulbricht or Julian Assange.
Essa vai pra o pessoal da Liquid/Depix
PorquΓͺ vocΓͺs nΓ£o usam isso invΓ©s de shitcoin?
Is there a workflow diagram / visual presentation to explain how this works, what are the steps, who does what, where counterparty risks may be? Very interesting, but since its bleeding edge it feels like a black box. Would be very helpful to explain this simply & visually to help onboard people.
Holyshit π€―π€―
Lol give the normies the unit of account they understand, wonder how it would make client front ends more appealing to users who see a dollar amount on zaps under posts
Better to see sats than fractions of a penny tho
The future is now !!
πππ
Iβve been waiting for this! So big ππ«π
nostr:note17ksh0x5j90za7uzw4yczs8009jre6c7ukp6hdjakcl4zd9adr27s6w3jsc
massive
When can we start testing this? Even locally to find bugs?
Where is the USD held? Does it use a lighting node still to keep record of USD balance? How does the mint know the USD balance being deposited for Ecash is valid? Will it accept USD from any source?
Can you explain like Iβm 4.2 years old
nostr:note12s8r5055tdnhw0p7ndapvy2t9ehu385elz39uym50mu40mdjawqqxgxf5r
Winning
So the price doesn't change in terms of USD?
Its the same picture
Sounds great to avoid objoxious KYC and to transact offline a thing that's common everywhere (cuckbucks)
you lost me at "backed by"
Do Kwon was definitely ready for it, just to remind about the problem of algorithmic stables and how dicey they can be
overcollateralized might help but that's gonna raise the fee rate or you are gonna run out of money when the trade goes bad several times in a row beyond your expectations
Trying to work out how to think about this.
This is a game changer and maybe, in the future, the death of the stable coins.
Amazing, is this USDT or an ecash token denominated in Bitcoin
killer tech here.
as a Monero guy gotta say this is pretty damn cool.
nostr:note17ksh0x5j90za7uzw4yczs8009jre6c7ukp6hdjakcl4zd9adr27s6w3jsc
π
Realize that this is possible with **ANY** asset denomination.
Soon we'll be zapping steak certificates.
Do it for gold...
This will end like all the other custodial "experiments".
Human nature is too strong a force to be thought of as easily manageable.
Wait... Stable sats? As in BTC that more or less pegs to USD. Or just some other USD stablecoin?
THIS IS THE REAL ECLIPSE π₯βοΈ
Moving too fast. It will break things.
βUSD can be spent everywhere BTC is acceptedβ
Do you mean everywhere Cashu is accepted? Or does this work with lightning as well?
This is very impressive! Youβre a productive man, nostr:npub12rv5lskctqxxs2c8rf2zlzc7xx3qpvzs3w4etgemauy9thegr43sf485vg
The world is ready, we just have to spread the word! Here's my small contribution, feel free to share π : https://m.primal.net/HsMt.mp4
Don't stop you beautiful beast 𧑠π₯ β‘
legend
We're only just beginning to understand the implications of this advancement, but its going to be massive for bitcoin adoption and growth.
nostr:note17ksh0x5j90za7uzw4yczs8009jre6c7ukp6hdjakcl4zd9adr27s6w3jsc
How is it backed by BTC? Is it similar to synthetic USD?
This is beyond insane.
This is very cool!!
Is there a writeup for how this works?
It can use either a centralized exchange or algorithmic mechanism to hold the peg. So this design pushes all the risk onto another layer. Understanding these risks is key to understanding the long-term stability of a system like this.
I tested it today π€π§‘
Amazing π
https://primal.net/e/note1mjl27ukfgs3gx58vflu7vjkz4udhhzetv6xx2vl68e3cm7cf7xqqrpx44w
Does this replace tether and all stablecoin garbage? Is this essentially a stable"coin" on Bitcoin?
nostr:note17ksh0x5j90za7uzw4yczs8009jre6c7ukp6hdjakcl4zd9adr27s6w3jsc
I want to be able to do this in a non custodial way with a mobile that I control the keys too
Fucken legend
Respect the hustle, the tech and you
Disrespect stablecoin and USD, they can gfy π«‘
These are funny times, the wildcat banking era has returned with a vengeance
π
Dammit, I'm too stupid to understand
Why the fuck would anyway want BTC backed fiat?
To make the transition smoother that aren't there yet. I could see my family using something like that.
My information needs confirmation, but this is somewhat a deceptive advertisement since it's not actually Bitcoin, but rather Bitcoin Cash (BCH). You can actually see the "Cashxxx" format in the address in the video. So it seems Ecash (or spelled eCash, as per their website: https://e.cash/) is a XEC, a fork from BCH.
different ecash
the idea of ecash predates bitcoin by decades: https://en.wikipedia.org/wiki/Ecash
Bullish
thank you for advancing the USD standard
Truly interesting π€
#Nostr #Bitcoin #Zap #BTC #FreeJulianAssange
This is coming along so well. Grateful for you and your leadership here in this area of bitcoin scaling πͺ
this is some crazy future shit. people cannot even grasp lightning yet and there is calle just pushing it so damn hard. feels like destiny!! (and super hard focused work for sure)
WTF was that QR code that you have to keep scanning? Looks like an accessibility nightmare that's only going to work on a modern smartphone.
That cluttered UI with all the buttons is information overload!
And the animations, I'm cringing so hard. God I hate modern tech stacks.
p.s. I have ADHD I was anxiously clicking/watching and I zapped by accident
#MakeBitcoinSimpleAgain
Animated QR allow for more information (or better EC, or both).
They're weird to us but no problem for a camera that refreshes dozens of times per second.
But yes you can't take a screenshot and copypasta.
I brought up that issue specifically because I don't think it's going to work on lower end phones. For 7+ years I lived with a shitty hand-me-down android phone that not a single lightning wallet would run on. If it somehow could load the app, there's no way it's camera would have the framerate to read this animated QR code. If Bitcoin is for rich people then fine, it's a non-issue, but if Bitcoin is supposed to scale to serve all the people of the world, this app is flawed.
Oh for sure; this is bleeding-edge. Final product would obscure away most of this, and by then, everyone will have a decent phone. Wealth may not trickle down, but tech does.
Africa has #machankura , custodial lightning, fedimint, etc.
Also, animated QR is not the only way to use it; it's just information, so the string could be copied, sent over NFC, whatever.
π₯π₯π₯
πβοΈ
Wooooow omg π³ we're already in this part of the movie???? π€―π₯π₯³β‘
But the whole world is getting rid of USD (de-dollaraziation).
As non-american, whats the point of this?
If itβs backed by Bitcoin does that mean your balance changes as the bitcoin price changes?
Or do you essentially buy a certain amount of $ with sats whenever you want and thatβs your balance
So the exchange is the point of attack here, if the exchange goes down the system stops
Tether peeps not gonna like this
Wow ... this is dollar moving on #lightning rails ..
β‘οΈ
Awesome!
This is sweet!
Wow can you walk someone through this ?
Ive wanted an ecosystem robust with this for a long time.
What happens to the BTC-backed USD when BTC crashes 80% and the mint has no collateral to back its debts?
Really cool - nice work. Is there more info anywhere on how the backing is achieved/maintained and what the trust assumptions are of said operations?
