Oddbean new post about login | logout I don't understand. What do you mean by 'multiple interactions to succeed'? Transaction fees on Lightning are in the order of one hundredth of one cent.
Take Phoenix LN wallet for example. Fees of Sending via Lightning 0.4 % + 4 sat https://phoenix.acinq.co/faq#what-are-the-fees The fee-free mode of custodial Lightning Network wallets has misled many people into thinking that the Lightning Network is very cheap.
Don't use Phoenix then. If I have $50 of Bitcoin on the Lightning network. I don't care about custody. If I put $1000 of Bitcoin on the Lightning network, I'll make sure I have my own keys. "Bitcoin e-cash" is a misnomer. It's not Bitcoin. It's some shitcoin that may or may not be backed by Bitcoin.
“If I have $50 of Bitcoin on the Lightning network. I don't care about custody.” yes，custody Lightning network is shitcoin.
I disagree. Happily used it every day in El Salvador. And it works. And it's bitcoin. The only use case I can think of for e-cash is CBDC and dog meme coins.
custody Lightning network is much worse than bitcoin ecash.
1. At least it's Bitcoin. 2. Bolt 12
I would imagine the relay operates the mint and since lightning is used to get in/out your client could just use lightning to buy the exact amount of ecash needed for a stamp and then use that? Probably still prohibitively expensive with lightning fees for one stamp but maybe you could just round up to whatever makes sense whenever your balance is too low.
Sure, but the mint can still issue more tokens than it has in reserve.
Yeah I don't see it as functionally different than you loading an account somewhere with credits, or a custodial wallet. I think it might be useful as a formalized way for people to spin up an account system within their app/service with lightning in/out and some privacy internally, but still just as risky as holding funds on anywhere else custodially.