Oddbean new post about login | logout I somewhat agree: "trust somebody" can be quite efficient. But it's prone to bad incentives (undeclared fractional reserve) which can drive out good actors (who are not as profitable) *then* collapse. I know nostr:nprofile1qqs9pk20ctv9srrg9vr354p03v0rrgsqkpggh2u45va77zz4mu5p6ccpz4mhxue69uhhyetvv9ujuerpd46hxtnfduhsz9thwden5te0dehhxarj9ehhsarj9ejx2a30qythwumn8ghj7un9d3shjtnswf5k6ctv9ehx2ap09krt7g has thought about this a fair bit, and has a rotating ecash solution which may address it well enough?
Undeclared fractional reserve would definitely fall under the crook category- I’m certain that will happen somewhere in this market of “banks”- but at what scale? Am I naive in thinking there’s some kind of social layer within this community that would enforce transparency to allow a mint to even get large/popular enough to be systemic? Over-engineering “perfect” solutions and leaving nothing to the social layer comes with its own complexities, unforeseen consequences and never mind UX/scaling issues…
I’m also curious to learn more about this rotating e-cash though thanks for bringing that to my attention 🙏🏼
Here you go sir https://gist.github.com/callebtc/ed5228d1d8cbaade0104db5d1cf63939
Rock on, thanks. Also listening to your recent ish pod with @ODELL right now and getting up to speed. We’ll be implementing e-cash at some point but clearly a lot to learn here Cc: @AceaSpades