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110 sats \ 8 replies \ @kilianbuhn 28 Dec 2022 \ on: Sending ecash via #nostr. nostr
tf is "ecash"??? Is it a shitcoin? 🤔🤔
Yes, it's a shitcoin. Everything that's not Bitcoin is a shitcoin. Even sats on Lightning is a shitcoin! it's locked up BTC. But LN sats do have their advantages, since it scales better, and also ecash does have it's place, because, yeah you guessed it, it scales better. If you want to learn more about it, search for chaumian eCash.
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It scales nothing, it's a shitcoin in the truest sense of the word, affinity scamming as Bitcoin related. It's a debt token, and nothing more.
It may be the most insidious shitcoin yet, all the weird funding coming into projects is front-running the ECash Act. It's a template for a new CBDC, and marginal Bitcoiners that look to shillfluencers instead of understanding anything are eating it up.
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It certainly does scale, since it's centralized. But, It's a shitcoin, yes.
The usecase i see for eCash is improving anonymity and privacy in custodial services, and that's about it.
Now , i know, you're gonna say custodial services are bad, and i agree. Optimally everyone would have self custody. But for some things custodial service are more convenient, and if they can be used with improved anonymity, then why not.
eCash is worthless, it's literally the biggest shitcoin, but sometimes you want to implement a worthless shitcoin. For example: Fortnite V bucks. Do you want to open lightning chanels to all players? or maybe make onchain transactions? no. they don't need interoperability with LN. They can issue their Shitcoin token as eCash, then at least the users have improved privacy.
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Custodial services are good, at the local level. Every good Bitcoiner should provide custodial services for their friends and family to help get them onboarded. This is how we win.
ECash is only ideal for central banks who want to sell it as private as cash (read the ECash Act). In reality, it's an attack on privacy, by creating large hubs for ECash/BTC swaps to gain insights over BTC flows. It's a capturing mechanism.
All the best gaming companies are using Lightning, taking your points into your own LN wallet is the dream. ECash is an attack on that.
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Custodial services are good, at the local level. Every good Bitcoiner should provide custodial services for their friends and family
If you think that way, why are you hating on eCash? It's literally a privacy improvement for custodial services.
How is it only for central banks? Literally everybody can run an eCash mint. If you mean that everyone that runs a mint becomes a central bank, then you are right. but I don't see the point you are making in that.
taking your points into your own LN wallet is the dream
exactly, it's a dream. Do you expect all gamers to run an LN node? would be nice, but I don't think so.
Look, like many other technologies, eCash can be used for good and bad. If implemented poorly, it's literally a centralized shitcoin worse than fiat. But it doesn't have to be. The cryptographic properties make it an interesting tool for anonymizing custody customers. That's all there is to it
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It's literally a privacy improvement for custodial services.
Trivial amounts that would be left on a custodial service aren't the subject of surveillance operations, this is disinformation.
At scale for which it is intended, CBDC, it turns the Mints into surveillance chokepoints during swap flows.
How is it only for central banks? Literally everybody can run an eCash mint.
ECash Act. There's literally 0 reason for Uncle Jim nodes to use it.
Do you expect all gamers to run an LN node?
It's working today with several gaming companies.
eCash can be used for good and bad.
There's literally no way for it to be good. It's not Bitcoin, it doesn't scale Bitcoin, it's not proof of Bitcoin, it's a Privacy attack, it's a limited hangout operation.
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I disagree with every single statement you made, i guess our opinions are just too different to find common ground.
Have a good day
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I stated facts, spite yourself... have fun getting rugged.