Oddbean new post about login | logout Can you explain how one might get rugged?
Start a mint, take people's money, don't give it back
Couldn't I just connect to another mint? The money is stored on my phone, not the mint as far as I understand it, which I admit, I don't.
Yes the ecash is in your phone, but the funds for that ecash is in one specific mint. It's like a bank, you have money in the bank and you get IOUs that you can give to other people, but they are only redeemable in your bank. If your bank closes, you just have IOUs. Other banks can't give you funds that you didn't had with them.
This is a great explanation. Thank you.