10 sats \ 5 replies \ @SwapMarket 14 May \ parent \ on: Thinking through Cashu bitcoin
I just tested, no. Cashus include the mint url inside them. So you force the receiver of the coins to trust the mint that issued them.
The https://testnut.cashu.space mint issued me coins WITHOUT waiting for the lighting payment (not even with testnet bitcoin). So there is nothing in the protocol that forces the mint to lock up any real sats. Cashus are fiat by definition, worthless unless redeemed.
The receiving wallet can swap the token from the sender's mint to a token from the receiver's mint trustlessly via LN, with all the complexity hidden from the user.
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I've been reading and thinking about it. You are the receiving wallet, you try to swap, but the original mint does not respond. Now what? You display an error to the client and reject his cashu coins? Does he have a recourse to the guy who sent him these coins?
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This would mean you never received the payment.
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So it is not really a bearer asset. It is rather a key to access your bitcoin at a custodial mint. If you give this key to another person he must immediately exchange for his own key or reject the payment. Accepting a lightning payment right away is better UX.
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Kinda. It is a bearer asset in that if you lose the token you lose the (claim to the) money.
Accepting a LN payment right away requires online access and interactivity. If you have that then you also can settle the e-cash payment immediately.
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