vnprc on Nostr: You are making assumptions and running away with them. Slow down and think it ...
You are making assumptions and running away with them. Slow down and think it through, Hoss.
> When the miner does work (submits shares), the pool/mint credits him with eHash tokens in his book.
correct
> They remain in the pool's book (custody), until the miner withdraws them; that can be once a day, once an hour, whatever.
Currently, mints do not expire ecash tokens. This is unsustainable and it doesn't scale. We are going to a place with expiring ecash tokens. Mark my words. In my model, all eHash tokens expire a fixed amount of time after the token fully matures. If the user doesn't redeem it for ecash in time, the value is lost.
> My question was/is, how would the miner be able to trade this eHash token *when it is still in custody with this pool*??
As explained in my previous email, there are two assets being custodied. The user custodies a bearer asset token. An IOU. The pool custodies the proof of work share while it accrues value from each block the pool finds in the maturity window. The user can hold or trade the IOU while the mint keeps track of the proof of work share. I hope this is clear now.
> He has...a promise (which he can't even prove).
All pool and mint operations will be verifiable after the fact.
> Who would trade for this??
Any market maker seeking privacy or willing to take on a little risk for a larger bitcoin payout would be incentivized to buy these tokens. Any miner seeking access to immediate liquidity would be incentivized to sell them.
> When the miner does work (submits shares), the pool/mint credits him with eHash tokens in his book.
correct
> They remain in the pool's book (custody), until the miner withdraws them; that can be once a day, once an hour, whatever.
Currently, mints do not expire ecash tokens. This is unsustainable and it doesn't scale. We are going to a place with expiring ecash tokens. Mark my words. In my model, all eHash tokens expire a fixed amount of time after the token fully matures. If the user doesn't redeem it for ecash in time, the value is lost.
> My question was/is, how would the miner be able to trade this eHash token *when it is still in custody with this pool*??
As explained in my previous email, there are two assets being custodied. The user custodies a bearer asset token. An IOU. The pool custodies the proof of work share while it accrues value from each block the pool finds in the maturity window. The user can hold or trade the IOU while the mint keeps track of the proof of work share. I hope this is clear now.
> He has...a promise (which he can't even prove).
All pool and mint operations will be verifiable after the fact.
> Who would trade for this??
Any market maker seeking privacy or willing to take on a little risk for a larger bitcoin payout would be incentivized to buy these tokens. Any miner seeking access to immediate liquidity would be incentivized to sell them.