Oddbean new post about login | logout Just saying but debanking would become a hell of a lot harder if all banks ran on ecash
Ecash haters seething rn
But they’d still be able to rug you on ecash
They have to rug everyone, rather than individuals. Still not ideal, but it is an overall improvement.
bitcoiners in 2014: our thing is so cool, it will kill fractional reserve banking bitcoiners in 2024: what if we enable banks to keep doing fractional reserve
Why use something complex as ecash for this? They can already do this with ETF's, or start an exchange.
No, they don’t have to rug everyone, the guardians/custodians just create more ecash tokens than there’s bitcoin backing it and the last one with the bag gets rugged as others can cash out This is my understanding
Thats why mints are auditable
even if ecash mints were aduitable, it's not going to retroactively protect anyone. even if you can see who stole the cookie from the cookie jar, the cookie's still fucking gone. nothing stops them from stealing the cookies in the first place. ecash is a regression.
I thoight the mints have blind signatures so they wouldn't know who to steal from in the first place, right?
they can steal from everyone and nobody would notice until people decided to withdraw their money. they could all be doing fractional reserve right now. it's the same thing as fractional reserve banking and it's similar to an exit scam. it circumvents the 21 million coin cap.
Auditable doesn’t mean they have to audit and the banks might not let you audit it that easily either (don’t know if that’s even possible for the users) I’m not sure what effects one would have in terms of privacy when the mints are auditable
In a KYCed ecash system sure, but it still offers transactional privacy. The majority of debanking originates with transaction flagging, for example if you sent money to an exchange. Goes as far down as being flagged for using the wrong words, see e.g. EFF coverage here: https://m.primal.net/Mldi.png
Just use Monero
Ouch
Mostly agree, but what I don't yet fully get is how we trust that something like a bank isn't surveiling transactions anyways. It's easy to say you're running an ecash mint.
Good question, not sure how a bank would go about that (other than "here's our mint")
because in an ecash system, the user creates the ecash, and the mint blinly signs it. It's a user-mint interaction, that only works if both parties play by the book. It's not just like the provider/bank says they are using ecash, and you have to trust them. If you don't understand or would like to know more on how it works, let me know
Thanks, that helps. If you have a link that explains it more I wouldn't mind taking a look
https://fedimint.org/docs/intro I really liked the video explaining it on the fedimint page 😊
Shadow banking has already accomplished a lot of that.
So you can pay bills, set up direct debits, get credit and get cash from an ATM through shadow banking?
You can run up the systemic credit, and render the Fed essentially useless. Furthermore, it can fricking crash the system. 24/7. That is shadow banking. #study
Can romanticize BTC and any crypto for that matter; but I think it was Nietsche who coined the phrase, "will to power". BTC is challenging almost every sovereign power who has every interest in devaluing their debt obligations. FX market alone is multi trillions. Good luck. Got a big challenge ahead.
Debanking starts to sounds like a feature, a whole new decentralized banking paradigm.
Ecash provides better tradeoffs for existing custodial systems, plain and simple... ¯\_(ツ)_/¯ nostr:nevent1qqsvhzux0824frzqq4h9q3gfpy373x6ft2q3t6x8zkudnmtu6rzmuhqpzamhxue69uhhyetvv9ujumn0wd68ytnzv9hxgtczyrv2dm8scwtw428hnfzf0l5mwlwfwa3ng50nefwxxn3qsev3zej8kqcyqqqqqqggynnpu
