Yes it has. Someone has to "front" those bitcoins to sell. A big festival can churn $300,000 in sales...whoever fronts that is now on the hook for exchange rate fluctuation.

These festivals can span 2 or 3 days. No vendor is going to agree to be exposed to exchange fluctuations. I'm not even talking about the risk of a massive dump during the 3 days, I'm saying that just normal 3% fluctuation (which could cost a big beer truck say $3000 over 3 days) is going to be a non-starter.

This is why it needs to be either (a) a dollar backed Cashu token, and/or a workaround is (b) Allowing admin of mint to modify 1:1 issuance ratio....so for instance you issue 10,000 Cashu tokens for 1 sat -- in this way the exchange rate issue is still a thing, but its negligible.

Makes sense?