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107 sats \ 5 replies \ @Lumor 9h \ on: Sovran Wallet - New ecash wallet for IOS bitcoin
"Self-custodial" IOU:s redeemable as long as the given mint is operational.
And... that's the problem with ecash IMO. Is there really a need for it now?
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It definitely has its drawbacks but I find myself warming up to cashu/ecash over time. It's interesting to think about its potential, the space and role it might take in the long term.
Maybe we're thinking of mints wrongly as equivalent to custodial lightning models because right now, it's fairly similar in terms of use cases and risks.
What if they turn out better suited as temporary/ephemeral mints for time limited events and closed communities/purposes?
e.g. what if a place like a theoretical Silk Road 2.0 ran its own mint? seems better than custodial lightning due to maximal privacy and inability for the mint to spy on their mint's users or freeze accounts individually, which is possible for custodial LN services atm
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It seems better to me it's better for people to use the "Sats Stablecoin" ie Liquid which at least has a proven track record.... just for small amounts of Bitcoin until they have enough to open a channel.
That way at least people can 'save' offline until they an 'economical' amount of Bitcoin to transact (where the tx fee is 1% of the amount for example) and they can start stacking UTXOs.
I would also recommend that people go straight to 'on-chain' at this point... because overnight fees usually drop to 1 sat/vb or like 15 cents so any amount is economical.
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What if they turn out better suited as temporary/ephemeral mints for time limited events and closed communities/purposes?
Exactly! Ecash may have different use cases than lightning and certainly than onchain. There's a whole lotta ways and circumstances in which we might lime throwing value around to each other.
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Lightning on boarding is still a but rough. Ecash is one way for no coiners to build up enough to buy a channel.
Also for asynchronous zaps (perhaps not a huge use case, but I like it), ecash is pretty great and low risk.
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