papafigos on Nostr: For me it's curious, I think ecash is interesting but in the end it's just an IOU. ...
For me it's curious, I think ecash is interesting but in the end it's just an IOU.
The mint can rug you, hot wallet exploits can take your bitcoin from the mint while you're left holding useless ecash, and the complexities of merchants accepting random ecash minted from random mints (any mint can forge any amount of ecash backed by nothing) don't seem trivial to solve to me.
In other words, you are looking for less fees and more privacy, and #monero already offers you this today, with no counterparty/rug risk; but because of cognitive bias people with the maximalist mind virus are unable to see it.
It's certainly fascinating to observe: the logical inconsistencies, the wishful thinking, and the black-and-white thinking "only btc has value, everything else is a scam! there is no second best! bitcoin or nothing! bitcoin is perfect everything else sucks!".
It would be funny if it wasn't such a widespread meme. Instead, it's tragic.
Hint: one can (also) use monero, save in Bitcoin. It's not black-and-white, it's not all-or-nothing.
Anyway, I see that I'm not gonna change your mind. Happy stacking!
The mint can rug you, hot wallet exploits can take your bitcoin from the mint while you're left holding useless ecash, and the complexities of merchants accepting random ecash minted from random mints (any mint can forge any amount of ecash backed by nothing) don't seem trivial to solve to me.
In other words, you are looking for less fees and more privacy, and #monero already offers you this today, with no counterparty/rug risk; but because of cognitive bias people with the maximalist mind virus are unable to see it.
It's certainly fascinating to observe: the logical inconsistencies, the wishful thinking, and the black-and-white thinking "only btc has value, everything else is a scam! there is no second best! bitcoin or nothing! bitcoin is perfect everything else sucks!".
It would be funny if it wasn't such a widespread meme. Instead, it's tragic.
Hint: one can (also) use monero, save in Bitcoin. It's not black-and-white, it's not all-or-nothing.
Anyway, I see that I'm not gonna change your mind. Happy stacking!