Replying to Avatar Ben Arc

Its trying to get noncustodial upside on a custodial solution. Better to work on noncustodial scaling.

The whole point of bitcoin is no trusted third party.

There is a place for ecash on bitcoin, but it's in cypherpunk utopia where regulators don't care about private money issuance and privacy, until then it's leaving money on a darkmarket, where rugpull incentive just builds. By that point we will have easy/cheap transactions with no ttp.
79
Duvel 1mo ago đź’¬ 1

It's a big tradeoff to make. You get privacy but you also get custodial, so you have to completely trust the ones running the mint. What if you run the mint with people you completely trust or it's inside a community? On the other hand, people could just join a mint and could end up losing their bitcoin because of scamming of the ones running the mint.

It would be great if we didn't need to run a cashu mint or a mixing service but just with a bitcoin transaction e.g. or another simpler development to come.

Reply to this note

Please Login to reply.

Discussion

Avatar
Garbage nsec 1mo ago đź’¬ 1

The biggest problem isn’t users trusting mints, it’s the other way around, mints trusting users. If you run a mint as intended by Cashu lore you have to accept there will be money launders and other criminals using your mint. Because there is no way to prevent them and no way to know if they are using or have used your mint, so the only sensible default assumption is that they are. Setting the default as they aren’t until proven otherwise is nonsense, since there is no “proven otherwise”. No regulator with a brain is not going to side-eye you.

The only way around this is to use a mint in a way not intended by the lore, for example ID us users at the app level, but then you have to ask why are you using cashu in the first place?

79
Duvel 1mo ago đź’¬ 1

No, in my opinion that is not aan issue. Bitcoin can be used by anyone, even criminals, murderers and backstabbing politicians. If you don't agree, than Bitcoin is probably not for you.

Avatar
Garbage nsec 1mo ago

Bitcoin isn’t centralized. Cashu mints are. See the difference in terms of liability?

Nobody can order you to shut down bitcoin. Anyone will requisite power can order you to shut down your cashu mint.