"I'll let you still use Bitcoin" is nothing to be excited about. Either they will fight for ALL your rights or they can fuck off.
RFK:
#beerstr
Nostr Honeybadger doesn't give a fuck about rate limits.
1 or 2 ad views from me for the whole weekend it looks like. Start your spreadsheet lol
I don't see that ecash helps with scalability over lightning. Trading ecash tokens with someone on a mint when those tokens may not be backed 1:1 with sats sounds like a horrible scaling solution to me.
When did I say ecash has no benefits?
Pretty sure I said many times that it gives users of the mint privacy from the owner of the mint. That is a benefit. It doesn't provide any additional privacy over lightning as far as what the receiver of a lightning transaction knows about the transaction origin.
While you can't hold ETF shares anonymously like holding ecash in a mint, they have the same counterparty risk. The holder of your sats can just take them. At least with an ETF, there are more legal protections if they do.
You claimed you were your own mint. I'm arguing based on that.
You claimed ecash is 1:1 to sats. It is trivial for a mint operator for that not to be the case.
A receiver on the lightning network doesn't even know what lightning node sent the transaction. As far as a LN receiver is concerned, there is no mint on the senders node. Ecash adds no privacy benefits there.
The LN receiver doesn't know you have a mint. It doesn't know who the user(s) are. MINTS ARE FOR PROVIDING PRIVACY FOR USERS OF THE MINT FROM THE MINT OPERATOR. Not privacy to someone paid over lightning from the mint. Having a mint or not does not change the lightning transaction being sent. It only obfuscates who initiated the txn from the sending node operator.
And back to my original point, anyone using your mint and holding your ecash has an IOU from you for sats that you can choose to not honor. That is the risk of mints. If you are the only person using your mint, on your node, you are doing nothing for your privacy.
It doesn't matter if you have multiple ecash wallets on a mint if they are all yours. YOU are still the only person sending payments out of the mint. You are getting no privacy benefits over just sending payments out of your lightning node normally.
Ecash mints are intended to not allow the node operator (you) from knowing who is sending sats out. You don't need privacy from yourself.
I encourage you to try it out for yourself and see that that is not the case.
If it comes from your node, it has the exact same privacy as if you sent a regular lightning payment from your node. The lightning transaction is exactly the same.
You have to have other users on your mint to add any kind of privacy. And that only adds privacy as far as the lightning node operator not knowing who sent sats out.
You know you sent sats out of the mint that you run and you're the only user of. That is no benefit.
There's no point to running a mint if you're the only one using it. And for anyone else to use it, they have to trust your ecash Bitcoin IOUs. Just like they have to trust Blackrock ETF IOUs.
Nope. They are both Bitcoin IOUs. It is trivial to remove the Bitcoin on a Cashu mint and leave all the minted ecash unbacked.
I run a mint and demonstrate this risk at our meetups.
You should never accept ecash from a mint you don't already trust. Ecash shouldn't really be used for payments. As a merchant, I would never except ecash from a mint other than the one I run. Just send me sats.
There is no guarantee that it is 1:1. I can send Bitcoin to a mint to create ecash, then withdrawal the Bitcoin from that wallet without effecting the amount of ecash. Then it is backed 0:1. You can still send the ecash to someone, but if anyone tries to redeem ecash for sats, it will fail.
Ecash is Bitcoin like Blackrock ETF shares are Bitcoin.
