Oddbean new post about login | logout 🤯 My brain can't compute what stablecash on bitcoin even means. How is it possible? Is there a technical deepdive I can watch/listen to?
Found this: https://github.com/toneloc/stable-channels. Looks like a reasonable explanation.
404?
Hmm… not 404 for me. The github links to a thread of Twitter if you want to try there: https://x.com/tonklaus/status/1729567459579945017
here https://m.primal.net/IGmi.jpg
Awesome! So... users can trade USD ecash like this. When they want to convert the ecash back to bitcoin, they get the current market rate, correct?
Seems like it. They simply mint nuts at current btc exchange rate and redeem ecash at the current btc exchange rate. I'd like to know if the nuts themselves contain the metadata for what they are to make them all interoperable. Seems like a mint should be able to mint whatever you want and redeem whatever you want whether its eusd or eyen or ecorn.
Wait, you couldn't get the market rate. If the USD price of bitcoin goes down, the mint would go broke because people would be withdrawing more bitcoin than was deposited
Same for any exchange.
