SLCW on Nostr: That's a good way of putting it. When you add layers onto the chain, whether it's ...
That's a good way of putting it. When you add layers onto the chain, whether it's Lightning, or Cashu (ecash), you're relying on the liquidity and trustworthiness of the secondary layers above and beyond the trust you have in the chain.
With Cashu tokens, you're relying on the accountability and trust of the mint the token is created (minted) by. So, it's really important to choose mints which are widely trusted, and have a good reputation. There's no specific trust rating system, yet, but there is an ad hoc user rating ability at bitcoinmints.com. But people have to know about it, and specifically take the initiative to visit it to take advantage of it. Hopefully in the future there will be something a bit more formal and integrated.
For Lightning, trust is either a product of you running your own lightning node, and maintaining sufficient liquidity to meet your needs, or having trust in a custodial lightning wallet. I'm always very wary of putting trust in someone else's system, and recommend running your own node to all who are comfortable setting one up and maintaining it. But there are custodial wallets with a good reputation who your sats are likely safe with. For those wallets, I always recommend keeping as few sats as possible in them to minimize your risk should something go wrong.
We're really very early in the layer 2 technology, and associated trust systems, and I do have faith that those systems, and L2 trust in general will continue improving over time. In the meantime, I keep as much of my holdings as possible in cold, on-chain wallets so that if the L2 universe is gobbled up by a black hole, my losses will be comfortably limited.
With Cashu tokens, you're relying on the accountability and trust of the mint the token is created (minted) by. So, it's really important to choose mints which are widely trusted, and have a good reputation. There's no specific trust rating system, yet, but there is an ad hoc user rating ability at bitcoinmints.com. But people have to know about it, and specifically take the initiative to visit it to take advantage of it. Hopefully in the future there will be something a bit more formal and integrated.
For Lightning, trust is either a product of you running your own lightning node, and maintaining sufficient liquidity to meet your needs, or having trust in a custodial lightning wallet. I'm always very wary of putting trust in someone else's system, and recommend running your own node to all who are comfortable setting one up and maintaining it. But there are custodial wallets with a good reputation who your sats are likely safe with. For those wallets, I always recommend keeping as few sats as possible in them to minimize your risk should something go wrong.
We're really very early in the layer 2 technology, and associated trust systems, and I do have faith that those systems, and L2 trust in general will continue improving over time. In the meantime, I keep as much of my holdings as possible in cold, on-chain wallets so that if the L2 universe is gobbled up by a black hole, my losses will be comfortably limited.