Thread

Cashu is an IOU system. Bitcoin is a bearer asset.

Do a little extra research today. I thought the same thing before. After I did more reading It’s really not good. And shady AF. Fractional reserve banking with Cashu is a real thing.

Cashu is a protocol that can issue an iou for anything. i agree cashu the protocol is not bitcoin the protocol or the asset. I also agree that cashu the protocol issues a bearer asset that is an iou for any number of other assets. Argueing that because some people confuse cashu the protocol for actual bitcoin the asset, doesn't make cashu the protocol bad or unuseful. kinda a strawman. is a seed phrase an iou? You can hold a seed but not a utxo. One reason I always respected calle was that he stated from the start that self custodial bitcoin is best and that cashu the protocol was custodial iou. i really don't see many people saying cashu is bitcoin. i have played with cashu since calle was dming me full strings. I was one of the first accounts to zap on nostr using minibits. It has great utility and will be very useful for poor people who can't afford a utxo or ln channel.

I have been using cashu since it was invented.

Nah that seems misleading. Yes a mint can be corrupt in many ways, but unlike with the banking system you can just switch mints or run your own

Yeah, but I think it's okay, as long as you are upfront about this. I would like a wallet with the following features. 1. Cashu for amounts below 1,000 sats 2. Once 10,000 sats are saved, they automatically transfer transfer to Fedimint. 3. 100,000 sats are auto-transfered to Liquid. 4. 1,000,000 sats automatically transfer to mainnet. I'm not sure how to vibe code that yet...🤫