Oddbean new post about login | logout Cashu is non-custodial Ecash for custodial Bitcoin. It has in common with other custodial systems: - You can inflate the supply - You can get rugged Not in common with other cust. systems: - Amazing privacy - Censorship resistant - Irreversible - Pay offline - Bearer instrument
so a mint can choose to not give you sats when you give it the cashu tokens? thats the rug pull? the token itself is with you (non-custodial) but it may be worthless token when the mint chooses to rug?
Exactly
if a mint does fractional reserve minting then noone will notice!
Yes, it has that in common with any custodial service. There is hope: https://gist.github.com/callebtc/ed5228d1d8cbaade0104db5d1cf63939
The liquid federation does provide a constant proof of reserves. This can prevent a slow rug pull but not a fast one. Of course it cannot provide the privacy that a Chaumian mint can provide.
When will this be in production?
How does it work offline? Doesn't one need to reissue to verify and prevent doublespend?
One of the parties can be offline: If payer is offline, they can pay ecash from their wallet. Receiver needs to reissue. If receiver is offline, payer can lock ecash to receiver pubkey and pay the receiver. Receiver can remain offline.
Locking to the payee pubkey is a big deal but it kind of relies on users agreeing on some key format. If only nostr was the global standard already 😅 (Actually, wallets could support a set of public key types but that gets messy.) But if the payer is offline, he can only send as granular as he has tokens in his possession, right? Or can the payee lock change in an atomic way?
It's fixed in the spec, we already agreed on it: secp256k1 Schnorr signatures, like nostr
Do you cross-post manually or can you recommend some tool for that purpose?
Manually
Plz no rug @minibits
Can the supply and rugging aspect be mitigated?
Suppose I wanted to bribe Pablof7z to work more on https://wikifreedia.xyz how would I do that publicly? How do I lock tokens to his pubkey? How can he redeem those tokens? I have eNuts and Minibits installed.
something like this needs to evolve a bit more: https://www.tocwexsyndicate.com/
For these reasons I love cashu! nostr:nevent1qqs27s5uph080622453x4sj5sm0ew8akghpcnr4w3q3camd7rhx0sggpz3mhxue69uhhyetvv9ujuerpd46hxtnfdupzq5xeflpdskqvdq4swxj59793uvdzqzc9pzatjk3nhmcg2h0js8trqvzqqqqqqyadfhgu
For reference, this note by @calle 👁️⚡👁️ on mints! nostr:nevent1qqs27s5uph080622453x4sj5sm0ew8akghpcnr4w3q3camd7rhx0sggpz3mhxue69uhkummnw3ezummcw3ezuer9wcpzq5xeflpdskqvdq4swxj59793uvdzqzc9pzatjk3nhmcg2h0js8trqvzqqqqqqyqfvp8z
The cons are very hard imo. If only we could muriate l mitigate it
Plus, with the feature to swap mints one can choose the custodian, if I am not mistaken.