17 sats \ 3 replies \ @BallLightning 7 Jun \ parent \ on: Ecash mints are just like the Fed's Repo Window bitcoin
Well, in my experience with mutiny when you deposit in the mint, you use a bitcoin address, where you can see exactly the amount sent and you can see in the interface that the received esats are exactly the same amount. How would 1% be undetectable? And if the mint wants to debase, why does it need to create 1% in each transaction. It can create as many as it wants without anyone knowing really.
Couldn't it debase by issuing tokens to itself for free? You would not be able to tell if the mint did this. They could spend them into the mint ecosystem and no one would be the wiser till enough people tried to trade back their ecash to the mint for sats that the mint couldn't cover it.
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Yes it could. It could also just spend the bitcoins in its possession (people won't see it any different than a normal withdrawal). Mints obviously require you to trust them. They have custody over your bitcoin.
On a side note since deposits and withdrawals are completely anonymous, they cannot selectively stop specific participants from doing these things.
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they cannot selectively stop participants from [depositing and withdrawing]
They can. I outline how in this post: #565618
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