Oddbean new post about login | logout Finally I can share my evil plan to really stir up the pot. Thank you HRF! https://m.primal.net/HmRr.png nostr:note1427apc7j7es8s5te9n6us9jt4fnpdze2h7g7xmnnnw9ye309jwds7kdre5
How do you accomplish 5 and 6 atomically? I assume it involves proof of payment, the hash preimage from the lightning invoice.
This step is not atomic, you trust the mint to give you ecash. I don't think you can do it atomically.
Pay ln invoice to receive ecash. Can that be made atomic with PTLCs? Instead of hash preimage buy a private key as the proof of payment. If the mint pre-commits to the (blind) signature nonce R (similar to DLCs) the lightning invoice could use s*G as the point to pay to. The payer would verify that this point is hash(R,msg)*P+R to know that the proof of payment will actually be the expected ecash (signature)
wen multipath usd nut zaps.
Arbitrary derivative anonymous bearer assets settled for in bitcoin. I mean, this hole nutty thing is starting to be just very ridiculous... Cypherpunk future is now.
This is nuts nostr:nevent1qqsf0qspqkg670x2mlggmquzagwlw6ht4qvnn5c9kchgus50svlpz0gpzamhxue69uhkv6tvw3jhytnwdaehgu3wwa5kuegzyzm7669svt0xkjsju50a22zurc0qa589z2xd4yatzx6p2z64a5e0cqcyqqqqqqgh3tm43
This is a great blueprint. Can’t wait to see it built and play out.
Will this make a CBDC world safer? And by this I mean getting more people in a system that could more easily become Bitcoin-only after a crackdown, rather than a system that is already Bitcoin-only that fewer people actually use.
Why would someone that has managed to obtain bitcoin exchange it for USDnuts? Who is the envisioned customer?
But wouldn't the value of the ecash token stillfluctuated because the underlyingassets is still bitcoin?
If not the I believe you would necessarily have to deal with under and over collateralization at the mint.
Its going up forever laura. 😠the mint holds the bitcoin and the customer holds the shitcoin.
I wish it were that simple. 😅
Srablenuts, this is nuts 👀 nostr:nevent1qqsv50hgczprlzqm06prazuxyq4ytnfq7mey927tq6cqy4309zvqvacprfmhxue69uhhyetvv9unytnwdaehgunrdpshgtnfduhsygzsm98u9kzcp35zkpc62shck8335gqtq5yt4w26xwl0pp2a72qavvpsgqqqqqqs2dcshd
Bitcoin-backed USD ecash is going to be an incredibly powerful tool. Mints can be run by anyone while providing unparalleled privacy. It's almost like this is the second-best form of fiat after physical cash. nostr:nevent1qqsv50hgczprlzqm06prazuxyq4ytnfq7mey927tq6cqy4309zvqvacprfmhxue69uhhyetvv9unytnwdaehgunrdpshgtnfduhsygzsm98u9kzcp35zkpc62shck8335gqtq5yt4w26xwl0pp2a72qavvpsgqqqqqqs2dcshd
For a business to accept bitcoin ecash or Bitcoin backed USD ecash, wouldn't the store need to be able to confirm the mints holdings? I guess anyone receiving ecash needs to have a whitelist of trusted mints. Thinking outloud here...
The user pays a lightning invoice at the amount of 1 US dollar at the current BTC/USD price. The mint now has that amount of lightning held at the mint. The user now has an ecash token for a dollar pegged at that BTC/USD price. If the ecash token is not immediately sent, used, and redeemed for BTC. Then the fluctuations in BTC/USD price will mean either that either the mint will have a gain and when the $1 USD of ecash is redeemed for lightning, there will be lightning left over for the mint to keep, OR the mint will become insolvent and won’t have enough BTC to payout all the ecash receipts. If the payment is immediately used avoiding the price fluctuations problem, what’s the point? Why not just settle in Lightning based on the BTC/USD price? Once CBDCs are a thing, I think you can do what you describe above with CHDC instead of Lightning and you gain the privacy benefits of ecash. But I’m not getting what this enables. What am I missing?
Cool! Basically tether on e-cash. My guess is that exchanges will rug mints of their dollar balance, but that will have to be seen. Can a DLC be sustained indefinitely? Presumably the mint would need collateral. I would not be surprised if Tether ends up running a mint. Good way for them to acquire sats.
Yes, afaik DLC's don't have a mandatory lifespan. Any backend that can pay / receive on LN with a fiat balance would work (plus a bunch of other specific requirements). @note1eytfyxm8pqey67twfaja8g23djxj7wm4snwjxtun3rhqt77ghumq26crp0
Was trying to link to this nostr:note1eytfyxm8pqey67twfaja8g23djxj7wm4snwjxtun3rhqt77ghumq26crp0
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USD(eez)Nuts ðŸ˜
