telling on himself. cashu is a bearer instrument system with no built-in technical mechanism that prevents a mint from issuing more tokens than they have in bitcoin reserves. mints can operate with less than 100% backing and may never be caught doing so. this is an attack on bitcoin because it enables custodians to covertly circumvent the hard cap.

nostr:note15ap22gn2wjurn9ne0u8jfcyerc0yawsjdsuwppxng3le7fzmvk2sxg7tc5