Oddbean

Lolol I just accidentally re-orange-pilled myself thinking about this: I was thinking about how these bills could be passed around without being redeemed, just like cash. And when you want to redeem one, you can do so. ....And then I realized there would be no way to know if one had already been redeemed when you receive it - so you would want to check with the mint each time you receive a bill to make sure it hadn't been redeemed from the mint. That seems like shitty UX! And seems **worse** than paper fiat money. And then I realized that this is **exactly how paper money works**. It's _supposed_ to be redeemable for gold (and then taken out of circulatin), but you can't really know if the gold hasn't been redeemed yet - in fact, **you can be sure there is no gold at all!**. In Fiat world, we are essentially passing around ecash tokens that we know have already been redeemed! Hahahaha This has been another episode of "the kind of anti-fiat pill that only works if you're already anti-fiat pilled". See you next time. nostr:nevent1qqsyeta2spzamvvl3zx4mlvpy3jdvf2ptrc68af0yhyglh4lmc46uucpr4mhxue69uhkummnw3ezucmvda6kgtnkd9hxuete9eu8j730qgsza748zkamgmw4he4hm2xhwqpxd5gkwju38wqh3twmtshx8kv8xvgrqsqqqqqp4kpmvd

it's just **completely** backwards to say that ecash mints built on cryptography have _fewer_ rules than central banks. users of an ecash mint would be able to prove foul play like that, while "users of a central bank" have no way to prove if the bank is issuing more money "than it should" (the latter statement not even really being well-defined, that's how loosey-goosey it is over there). I appreciate our disagreements most of the time, but if you start verging into low-effort troll comments I'm not going to have much to say in response.