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105 sats \ 4 replies \ @grayruby 19h \ on: Are Cashu mint operators breaking the law? bitcoin
No. Mints in themselves where transaction only occur between the members of the mint aren't money transmitters. They are similar to casinos. They take money in give a representative token that the user can use as they see fit while they are on the premises and then cash them out when they are leaving. SN is essentially a mint and cowboy credits are ecash.
I think it's also a scale issue. If you tried to create a mint with 10M users it would be hard to argue you weren't trying to circumvent money transmission laws.
Probably been rinsed a thousand times as an example but didn't the Japanese outlaw gambling and then these ball bearings shops popped up conveniently next to the casinos, and conveniently the casinos accepted the ball bearings as tokens 🤣🤣 I'm sure you've heard that one before
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That's true the example is not perfect because credits do become sats for withdraw but they have to go through the rewards pool mixer first and it's not like you put 500 credits into the rewards pool you are guaranteed to get 500 out. That's a fair point.
Maybe SN is more like the casino. You buy your chips, use them all day and then find out if you are up or down when it is time to cashout.
Speaking of rewards. I got territory revenue at 12am ct but no rewards today.
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