Keychat's avatar
Keychat 1 year ago
@proofofsk8 refuted his argument on Twitter, and it deserves to be seen by more people. 👇 1) nyms gain reputation the same as anyone else, by earning it 2) this argument is so tiring. users custody the ecash tokens. the mint custodies the bitcoin. it's not that complicated 3) writing down 12 words is not hard 4) honest custodians have massive incentive to run ecash 5) ecash does not prevent self-custody, it encourages it 6) FOSS devs *can*, *should*, and *must* work on a variety of projects for this bitcoin thing to work. you don't get to pick what they work on, they pick. improving custodians is massively important. maybe the #1 priority. View quoted note →

Replies (11)

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npub179e9...lz4s 1 year ago
I don't usually comment, but since I'm trying to do nostr-only content... Ecash can be helpful or a hindrance. Basically, if the norm becomes closed non-fungible systems, where you cannot get out (think gift cards, arcade tokens) that's a clear lose. Unfortunately running a system like that is great for the person running it. On the other hand, if the expectation is fungibility: that you can seamlessly lightning out 24x7, and mints which don't do this are widely eschewed, then the promise is great. I hope for the latter, but fear the former. If the pioneers set the social norms correctly, it might just work though.
1 replies ↓
Keychat's avatar
Keychat 1 year ago
This is a guess. Suppose many Nostr relays charge a fee, requiring users to pay 1 ecash sat for each note they send. At the same time, many mints issue ecash, and these mints are more likely to opt for a model that allows for redemption back into LN sats. Nostr relays would choose to accept ecash from many mints. Both Nostr relays and Ecash mints are service providers, making it unlikely for a monopoly to occur.
2 replies ↓
cypher's avatar
cypher cypher@0xchat.com 1 year ago
Here's a question. Are ecash tokens capable of decomposing? Using fiat as an example if I exchange for 20 dollars am I getting: A) one 20 dollar note B) twenty 1 dollar notes And whatever note I get can it be incremented down any further?
1 replies ↓
Keychat's avatar
Keychat 1 year ago
I guess Cashu now supports decomposition down to 1 sat, and may allow for less than 1 sat in the future.
1 replies ↓
cypher's avatar
cypher cypher@0xchat.com 1 year ago
Cool. I would definitely prefer to exchange 100 sats for 100 ecash sats to the pay out as needed than to request a single ecash sat as needed. Forgot to include @calle on my initial question.
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npub179e9...lz4s 1 year ago
But there's a well-known business model where you only allow one-way trade for your tokens. It's very lucrative if you have volume, as people over buy and then can't trade out easily. Think parking meter minutes, in-game currency, mobile phone credits, gift cards, airline miles....
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