reply on: Is There A Way To Prove Mints Aren't Inflating Supply? \ stacker news ~ecash

741 sats \ 5 replies \ @Wumbo 21 Jan \ on: Is There A Way To Prove Mints Aren't Inflating Supply? ecash

This is not a perfect solution but one option I heard is if leaving a Mint and moving to another Mint is made easy and cheap enough, occasional bank (mint) runs could be an option.

Basically make bank runs so easy to do that it highly encourages Mint runners to be prepared.

It is not a if but a when that a mint will have to "prove" they have 1 to 1 reserves.

349 sats \ 2 replies \ @freetx 21 Jan

How will you be able to vet all these different mint operators that you would move to? You go to webpage that has list of 1000 different mints with random internet monikers...who do you trust?

I think only answers are: small known group and/or limited duration exposure to mint (you lock up funds for 1 day, etc then withdraw).

3 sats \ 0 replies \ @Wumbo 21 Jan

Agreed, I can see using many mints and for short periods being "best practice"

1 sat \ 0 replies \ @cryptofolyo 21 Jan

it should be ideally local community of people known to each other.

10 sats \ 0 replies \ @calle 28 Jan

You can automate bank runs: https://gist.github.com/callebtc/ed5228d1d8cbaade0104db5d1cf63939

10 sats \ 0 replies \ @_b_o_n_e_s_ 22 Jan

wouldn't the ease of this successfully being pulled off depend on lightning liquidity surrounding the mint?