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just for the sake of transparency!
This is a vastly different situation. Unlike CCs, the sats SN held in custody were transferable at any time and not minted by the SN. Furthermore, the SN has the unilateral ability to mint CCs without any oversight. I'm not suggesting SN intend to do this, but it's a key difference.
We “minted” custodial sats from noncustodial ones. We could’ve “minted” more than we received. We could’ve fractionally reserved them.
The ONLY difference is CCs cannot be withdrawn. I can’t tell why that’d make us more likely to misbehave but that’s okay. I just found it “weird” that this is suddenly a concern.
It's not primarily a concern, but increased transparency benefits stackers and improves security. If someone were to exploit a bug and mint CCs, public data would enable greater community oversight and faster detection.
How variable is that number?
I understand that the CCs in principle decay very fast (usage comes with fee to territory owners and rewards and those payments are translated into real sats). But if the velocity of the average CC isn't that high, it changes the dynamic a little
It is. There are currently ~1m credits sitting in user balances but I am not sure how much that says. I think it's more relevant how much sats vs credits are received per item. đź‘€