Oddbean new post about login | logout Is there a jurisdiction that currently allows running a mint at all? Banks running mints would already be a privacy upgrade over the status quo imho.
Is there a jurisdiction where a bank could run a mint? I’d think operating a mint clearly violates AML regulations in every reasonable jurisdiction in the world.
Depends if ecash is regulated like a cash ATM or a debit account. Exchanges like Relai used ATM regulation in Switzerland to legally allow no-kyc BTC buys up to 1k EUR per day (though that window seems to be closing). I haven‘t seen a legal comment on ecash at all yet. But I agree it‘s unlikely that ecash will be regulated like physical cash.
Right, this isn’t buy-and-withdraw, this is operating a server that enables people to exchange funds while remaining wholly custodial…. Let’s not get excited, this cannot scale without jail :(
Let's not throw in the towel yet. I want to see ecash succeed. I hoping for there to be a way for people to passively run some software on a personal server, and somehow support an ecash federation. Federation members somehow randomized and rotated with a level of plausible deniability. A bit of the idea that we can't all be shutdown. Of course it could just be that examples are made of a few then majority stand down. Anyway, pie in sky thinking, maybe, but let's keep trying for now. I've faith the future holds many brilliant ideas and discoveries.
I tend to agree. But if there’s one thing I’ve learned is how creative startup lawyers get when it comes to pushing terms like “non-custodial” to bend the rules. I’m not saying it’s right. I personally disagree with this practice, since it does not clearly communicate counterparty risk to customers. I’m just observing this is how a significant part of the industry keeps the lights on, especially Lightning startups.
Sure, creative lawyers are great, but my note was this doesn’t scale, not that it can’t be done. After a certain scale creative reinterpretations of the law results in jail time :(
Enjoy. Watching music irons https://image.nostr.build/47adf520e690e5b9fe688670cc1781b9275a1ba300673d39f7c281c05b1acf9e.jpg
I am also baffled at the naivety of some founders who are taking personal risks like that. But that’s their decision. The optimist in me does hope the laws will adapt to allow legal use of ecash one day, preferably issued by trusted/local community banks. Perhaps after a period of financial repression, where privacy is less of a threat.
