Oddbean new post about login | logout 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