If this is true bitcoin will fail. nostr:note1z0tre0e69tykk4e9lf52rqll3etfwg5qpedm9qkjjdz4x0l22flqgl3fe2

Question regarding #Cashu #Ecash :

Isnt there a big risk of getting rug pulled / scammed, as the mint would theoretically be able to give out many Bitcoin IOUs without ever having the Bitcoin in reality? While when you use Lightning via e.g. LNDHub you would at least see in the lightning network, that the lightning custodial wallet provider actually has no #Bitcoin.

First of all, I’m trying to wrap my head around how this even works like USDt on the Bitcoin blockchain or just the Lightning Network via channels?

And I don’t know if this is a good or bad thing. Clearly bad for the Bitcoin maxis, but good for universal adoption in seamlessly swapping USDt to Bitcoin & vice versa?

Watching the highlights and reading a couple articles on the Senate confirmation hearings makes me wonder if these should even exist any longer?

Saw pre-hearing soundbytes where Senators were asked if anything said would change their mind and they also said "No" and then saw 5+ snippets where they asked a question and then wouldn't even let the individual answer. Just an absolute embarrassment.

At this point, the spirit and purpose of the event is long gone and it is just a gross waste of taxpayer monies having all of those people there along with the expense to put said political theater on.

Cut it Mick... It's done! Cut it!

Given your infosec background, I'm sure what I am about to say is nothing new for you, so I am mostly speaking to "the room" here.

Yes, Lightning offers better privacy than Bitcoin when set up properly, but it also has a more complex system, equating to a larger attack surface. LN's privacy features are not automatic; users must understand and manage their privacy settings actively, which can lead to unintentional exposure of transaction details.

A fundamental privacy weakness persists in the asymmetric nature of Lightning transactions—the sender learns extensive details about the receiver's node, channels, and liquidity, while the receiver learns nothing about the sender. Plus, there's the persistent hassle of maintaining channel liquidity.

Even with proper setup, Lightning faces critical privacy vulnerabilities against global adversaries who can monitor network traffic—while individual participants can't see payment details, entities capable of monitoring internet connections can track payment flows by observing message patterns between nodes, making its privacy guarantees fundamentally weak against sophisticated surveillance.

Lightning falls well short of the anonymity provided by Monero with its stealth addresses, ring signatures, and RingCT—and soon, Full-chain Membership Proofs (FCMPs) will fix current vulnerabilities like the Exchange Attack Everywhere (EAE) attack. With FCMPs, every input will have a 100-million anonymity set, up from the current 16 Ring Signatures.

Where privacy is a concern, I still recommend Monero over Lightning for most people, as Monero's privacy features are built-in on the base layer and work by default.

Sent him 1500 of my sweet sweet sats. Enjoy! And you keep up the awesome work!

👀 nostr:note1frlgpa9a2c9502vaeedpsqqmhcnrc7axevdh04leylthze2nsluq06mmst