also the idea that people all around the world will use your mint specifically to zap you just doesn’t make sense, they will have to swap *with lightning* from their mint to yours to pay you.
How is this not the same problem. I feel like i have this argument every month on here and am taking crazy pills.
Replies (9)
Feels like having to settle Venmo to my bank account so I can go pay someone through PayPal. Cringe.
it is the same problem, but people like it when it is wrapped away in a layer of abstraction they choose not to understand
just like how running a query on an SQL DB feels more "performant" than making your own DB and indexing scheme
I don’t get it personally, I just use lightning, it just makes sense…
it being ruggable, IS the feature. by building it this way, people will 'receive' their token instantly with no failures. then the failures are pushed toward the future when they want to settle. then they learn about lightning and fees and if their mint was reputable or not later when it matters more to them.
this is certainly more profitable for the node runners as they sweep the 'lost' balances, and for 'onboarding'.
anyway, thats my steelman thanks for listening 😁
Jb👏
the biggest privacy and efficiency benefits of ecash come when you transact fully within the ecash system. you lose privacy and pay fees when you go to another layer, whether it's lightning or on-chain or something else
how does it work in practice?
mints will hold balances of other mint's ecash and settle up with each other at regular intervals via lightning. this is exactly how free banks operated in the 1800s before the state shut them all down
user wallets can do the same thing. when one ecash user wants to pay another their wallets will collaborate in a privacy preserving way to find a common mint they both trust. if no common mint is found, then fall back to lightning and pay the lightning fee
seriously, every bitcoiner should read up on free banking. these are not new problems. they've already been solved. we just need to rebuild those solutions in a new technical medium
Lightning (for the sender) also has pretty good privacy from the external world, but without ecash, your service provider always knows it was you who initiated a payment. Similar for receiving on LN.
sure it sounds great, but is anyone working on that? because as far as I know there is no interface for sending tokens from mint A to mint B and no wallet does that
did you share your vision with the cashu stakeholders? are they working towards it?
Depends entirely on the use case no? Some use cases where it's ridiculous, and some use cases where it makes good sense. If you say it's silly to try and cook a steak in the microwave when it's a sunny day and you have a barbecue out on the deck then yeah, that is silly.
