0 sats \ 1 reply \ @justin_shocknet 8h \ parent \ on: Ecash - Bullish or Bearish? bitcoin
It's called Bitcoin
"seriously you guys its different this time" herp derp
So you are unable to extrapolate?
It's the existence of bank notes that lead to central banking
ECash is a digital bank note
To call them mints or coinage is too generous, a real mint stamps verifiable metals...
ECash is by nature unverifiable, just like the paper that preceded it
It benefits nobody but the banker
Were old-time trustworthy banks bad?
Yes. That's how central banking came to be
May as well use gold if we want to go back to that nonsense
ECash is a server authentication scheme, not a currency
It doesn't make bitcoin more private
It doesn't make custodians more trustworthy
The new payment specs associated with it are an attack on Bitcoin, specifically the network effect of bolt11
It's astroturf for the new EDollar
It's a well-funded psyop pushed by spooks, scammers, and their useful idiots
ECash is literally being pushed as a payment spec in place of Bolt11
It's anti self-custody
A privacy LARP
And bankers/spooks are buying up developer resources to peddle it
It could exist just fine and maybe have some utility if there weren't liars and scammers using it in a psyop for the edollar
Instead they use it to attack Bitcoin
Stop with this nonsense
It's like saying because you wrote down your password on a piece of paper your stacker news account is offline
ECASH IS A SERVER AUTHENTICATION MECHANISM, THAT IS ALL
ECASH IS A SERVER CREDENTIAL NOT A CURRENCY
Anyone claiming otherwise is lying or willfully ignorant at this stage
ecash trend seems to be gaining steam instead of going away
There's no trend, it's astroturf from a well-funded enemy, the water is carried by sockpuppets and useful idiots with their hands out.
There is no incentive for custodians to implement ecash
Unfortunately that's not true, its a shield to lie behind about privacy and obfuscating custodians (Federations are part of the scam)
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All the best and most important lightning companies are based here in the US, the US is Lightning country
Wall Street
Bitcoin is many things, Banks love SoV because they can capture it... Means of Exchange would be the opposite of capturing it
It's the banks and wall streets we're fighting for MoE (which implies self custody and monetary velocity)
Trump's earlier words were not pro-bitcoin
"Thin air" was a direct shot at fiat, he knew exactly what he was saying would begin the education phase
Trump went to Wharton for Economics, and Westpoint, he is uniquely qualified to know that all wars are bankers wars
He also has Q-level clearance which includes knowing what the NSA has been up to regarding Bitcoin
We bitcoiners hate to trust anything
Trust the plan
I don't criticize the implementations directly because building shit is hard
We put sats in and couldn't get them out due to an error that made no sense
We reported it
I used an ecash wallet as a primary wallet and had no problem
Cool story, maybe our bug report helped... but it means nothing at scale
Yes, had a good chuckle with some other Lightning wallet devs when we got rugged right away
I've also helped users of them decipher their bad error handling
I don't criticize the implementations directly because building shit is hard, its more fair just to say their ideas are stupid
They don't "integrate", stop using words you don't know the meaning of
There is inherently more latency and failure probability as a result of the additional mint settlement overhead, this is engineering 101 and unavoidable when complexity is added.
why are there so many people working on ecash
Already answered this in my initial reply, there's 10s of millions in funding coming into it because it's astroturf
- Some are just ignorant
- Some are bad actors/spooks
- Some just need a paycheck and being able to say they work in Bitcoin is a perk
I'd say 90% of people working on it are some combination of #1 and #3
#2 are definitely present
Imagine you're at a farmers market and want to buy a thing
"Bitcoin/Lightning Accepted Here"
You go to scan the QR with your lightning wallet at the PoS, low and behold its some trash fiat spec your wallet can't pay because it's not really Lightning
Or it's extra slow because of the swap/settlement between mints
Or it fails because of all the added complexity overlaid in settlement
This adds friction, confusion, and general bifurcation of the network effect of Lightning
Without back and forth in comments how am I supposed to know what is over peoples heads?
I shouldn't need to explain any of this, its patently obvious
I don't believe a blog post / pod is going to persuade drive-by readers, it's easier to scam someone than to convince them they've been scammed
This is trench warfare
Inherently? No
Practically? Yes
Keep in mind that the scammers and spooks aren't pushing ECash as an authentication scheme, they're pushing it as a payment spec... this is an attack on Bitcoin and thus much worse than WoS
linked to a balance
PARTS of a balance, not necessarily a whole balance, not unlike each new minting event
Mint sees what channel sats came into and how much, it sees when they go out and how much... same thing WoS sees... the arbitrary numbers on a token or in a record are equal