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2240 sats \ 11 replies \ @030a29f333 13 May \ on: Thinking through Cashu bitcoin
The biggest thing people seem to misunderstand with Cashu is that it is simply a strict improvement over "custodial LN", like Alby/CoinOS/Blink/WoS. That is it. If you dont like the tradeoffs you do not have to use it.
Similarities:
-rug risk!
-hidden slow/fast inflation (although there are people working on addressing this)
Improvements:
-privacy
-individual censorship resistance
-offline send/receive
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This is the way
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Nice breakdown. Thanks
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You as well! Yours was way more structured haha, I just wanted to give a tldr
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Alby/CoinOS/Blink/WoS have brand names, web sites and known founders. People will get to them if rugged.
Mints are all anonymous scammers.
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Ideally those services all run mints in the future. They can then advertise their inability to individually censor users and improved privacy, while already having an established reputation. Win-win.
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Better than anonyms, yes. But they will still be custodians and money transmitters in the eye of the law. They just gave their clients bearer IOUs while holding on to bitcoins. I doubt this will make a difference. Their Cashus are redeemable only back at the issuer. So may add the unlicensed securities issuance offense.
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Sure, but by that logic they're already custodians and money transmitters. They can't be any worse off operating as a Cashu mint.
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Unless cashus will be labeled securities one day.
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