reply on: Ecash is just digital fiat. Change my mind \ stacker news ~bitcoin

508 sats \ 11 replies \ @Scoresby 11 Feb \ on: Ecash is just digital fiat. Change my mind bitcoin

It's better than Wallet of Satoshi.

Bitcoin is digital cash without a third party. But in order for this to be true you need to:

hold your own keys
run a node
verify and broadcast your own transactions

Lightning is bitcoin you can settle almost instantly and send tiny amounts. But in order for this to be true you need to:

hold your own keys
run a lightning node (of some kind)
manage channels and liquidity

And on nostr, everyone uses WoS which is none of the above.

I don't think ecash is bitcoin. But it is a way to build on top of bitcoin that lets us have access to some of bitcoin's awesome properties. It is better than WoS and leaps and bounds better than credit cards and central banking. And many of the projects being built on it are designing for interoperability with bitcoin.

I'm here to see what it can help with.

254 sats \ 4 replies \ @DarthCoin 11 Feb

It's better than Wallet of Satoshi.

Yes, this is the simplest explanation of cashu. Is not perfect, but is working. I can even do better coinjoins through ecash than regular onchain coinjoins. I challenge everybody to do the test to trace himself, if it can. It is not possible. Suck this monero and coinjoin losers...

31 sats \ 0 replies \ @TheWildHustle 11 Feb

Let’s Go!

10 sats \ 0 replies \ @nikotsla 12 Feb

Suck this monero

You get me with this.

0 sats \ 0 replies \ @yo2xncv0 19 Feb

Ecash is like being cucked by a guy wearing a blindfold. He's blindfolded...but you're still being cucked.

But I'm happy you're into that that stuff bro, no judgement

0 sats \ 0 replies \ @piecover 12 Feb

100%

42 sats \ 4 replies \ @BlueSlime OP 11 Feb

You can at least audit a lightning channel.

162 sats \ 3 replies \ @DarthCoin 11 Feb

We don't have to compare LN with ecash. Are totally different things. Yes, ecash works over LN and depend on LN to "travel" or being redeemed. But ecash will NEVER replace LN. People should stop considering ecash (cashu or fedishit) as "replacement" of LN. That is idiocy. Ecash is simply digital gift cards.

302 sats \ 2 replies \ @BlueSlime OP 12 Feb

yeah I don't really have anything against ecash. the cryptography is cool and anyone can make a mint.

but it is fiat incarnate and the propaganda to dupe people is already circulating

also the tech is a dead-end for freedom money and a cop-out for dealing with current challenges. I don't like it when good engineers give up on going to the moon and decide to build a tower of babel instead.

110 sats \ 0 replies \ @cascdr 12 Feb

Captures my sentiment exactly.

To quote JFK: We do these things because they are hard.

Ecash seems like a band aid at best with possible serious negative ramifications for rug pulls/earning trust. We have enough problems in those areas.