Once a mint rugs someone they loose all credibility… and then nobody would want to use that mint anymore. So it’s in their best interest not to rug because then nobody would use that lint anymore.
Use it for small amounts only
Like spending cash in your wallet.
You wouldn’t walk around with thousands of dollars in your wallet because you could get robbed
It’s not a savings account
But also you could run your own mint and not have to trust anyone
Or you could diversify across hundreds of mints.
Or your local bitcoin meetup could run a mint and you know those people in real life so if they rugged you . You could r mess up their reputation….
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You highlight an interesting aspect of human behavior regarding credibility. Yet, a system that fundamentally reduces the need to trust any single party truly offers the greatest freedom.
I understand how reputation systems work, but this puts a lot of responsibility on new and uninformed users to make good choices upfront and that’s a weak link in the chain.
Just throwing out my 2 ecash sats
I mean sats
Lol
Same thing
Speaking of uniformed and new users….
You think they will run lightning nodes and balance and manage channels?
That’s also a lot of responsibility and a weak link in the chain
If they hop on something like Zeus
They get the best of all 3 worlds
Ecash
Self custody lightning channels
And on chain
All in one easy to use app
But what if they don't give a shit about reputation? Maybe not the current big ones like minibits, coins etc.
But the future ones. Imagine Shitcoiner setting up cashu mints and after a long time and a certain amount of Bitcoin, people hold on the mints, they rug. Maybe got millions of dollars, enjoying life and setting up new mints.
Like shitcoin ICOs back in 2017 or so but with mints?
Would that be possible?
@Greeny
When you/we messing up their reputation, it's already too late,
when an individual or group rugpull you, they don’t care about the damage they caused, also
the loot (money rugpull) is easy to hide with XMR (Monero altcoin) 😶🤔😶
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Is there a good guide on how to get started and understand the concepts?
Don't forget that in Zeus you have also the option for watch-only wallets and cold wallets to connect.
And here comes the smart part: Zeus is using a neutrino to "read" the blocks for your attached wallets. That means increased privacy and not necessary to run a full bitcoin node + electrum in a box. You can connect even to random neutrino peers
Read more:
Privacy | ZEUS Documentation
Learn about the privacy properties of the Embedded Node + LSP
I use Zeus for all these things, have been using it for years, and it’s the best way to manage my own node remotely. But it’s still a bit of a steep learning curve for new users. You still have to graduate to Zeus.
For all those that don't know how to start with Zeus and cashu wallet, here is an excellent video tutorial made by @`ZEUS` himself
"Use it for small amounts only" - agreed. this is the key
"You wouldn’t walk around with thousands of dollars in your wallet because you could get robbed' - This is *mostly* a true statement; but it's a terrible analogy (which many people use)... unless the threat model is that you're worried about the dollars in your wallet becoming non-transferable regardless of your own actions.
