Isn't this the same as saying, "Custodial Bitcoin isn't Bitcoin"?
Cashu and any other form of eCash we've seen so far us just custodial Lightning with some better privacy guarantees.
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Definitely not. ecash is an IOU. and doesn’t even require Bitcoin to work. It’s “paper” money.
Do you think any other custodial relationship involves anything more than an IOU? It doesn't.
That's the definition of "custodial." Instead of holding your own keys to your Bitcoin, you only hold an IOU. As long as you just interact with others willing to accept those IOUs as payment, you never have to make an actual Bitcoin or Lightning transaction.
That's not unique to eCash. That is how ALL custodians work.
Including Coinos, by the way. They can rug you just as easily as any eCash mint.