I guess we are at stalemate.
Yes. There’s risk in custodial I’m not denying that. That’s not my argument here.
My argument is calling ecash tokens bitcoin. When they are by very definition not. And I’ll stand by that part of the statement.
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That's moving the goal posts. I have agreed this entire time that eCash is not Bitcoin. Said it right out the gate here that custodial Lightning is just as much an IOU as eCash:
Neither one is Bitcoin has been my contention all along.
Do you think any other custodial relationship involves anything more than an IOU? It doesn't.
That's the definition of "custodial." Instead of holding your own keys to your Bitcoin, you only hold an IOU. As long as you just interact with others willing to accept those IOUs as payment, you never have to make an actual Bitcoin or Lightning transaction.
That's not unique to eCash. That is how ALL custodians work.
Including Coinos, by the way. They can rug you just as easily as any eCash mint.
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