jb55's avatar
jb55 _@jb55.com 4 months ago
don’t mistake someones indifference of something as hatred of something. people keep calling me an ecash hater for some reason. It’s like saying i hate knitting because i don’t partake. I’m sure i would have fun if i played around with it, but i just don’t see it as something worth spending time on. nostr, lightning, ark, covenants leading to new L2 are so fascinating that they take up all my brain cycles. Although i do find the cult obsession with ecash an interesting phenomenon. People love their tokens.

Replies (23)

You don’t have to love every shiny new toy to know where your time is best spent. Ecash fans can obsess all they want, but if it doesn’t pull your focus or spark your brain, that’s just reality, not hate.
jb55's avatar
jb55 _@jb55.com 4 months ago
not an L2 though so unfortunately my interest falls off a cliff that that point :(. bitcoin things with utxos and unilateral exits are just too much fun.
JackTheMimic's avatar
JackTheMimic 4 months ago
It's a credit token, making it a L3. Bitcoin - L1, asset layer Lightning - L2, coupon layer Ecash - L3, credit layer.
jb55's avatar
jb55 _@jb55.com 4 months ago
Something that doesn’t require you to run a server for custody. Non-interactive L2 protocols automatically handled by script would be nice
Machu Pikacchu's avatar
Machu Pikacchu 4 months ago
How do you feel about LNhance? Do you think with that, CTV and Ark we’ll have a sufficient L2 to onboard the world without custodians? I’m a fan of cashu for things like ehash or for passing offline payments like when connecting to a Tollgate. Also great for onboarding new people today who don’t have inbound liquidity for their own channels.
jb55's avatar
jb55 _@jb55.com 4 months ago
I’m not an expert so i defer to reardon on those things, apparently instagibbs has yet another proposal post-LNhance, but i don’t follow it closely enough
scl's avatar
scl 4 months ago
I cannot figure out what ecash solves but maybe I’m dumb and missing the point 🤷‍♂️
jb55's avatar
jb55 _@jb55.com 4 months ago
digital cash you can move around in cyberspace. pretty cool, maybe it would be better as a lightning extension somehow 🤔
It is an interesting phenomenon, the hype. Good luck ecash, but to me it seems a beautiful castle of innovation built on extremely shaky assumptions, which would likely void the innovation. A lot of money has been poured into it, so I guess I'm missing something. I just can't reconcile it making sense, it's like trusting darkmarkets to store your coins. Privacy with a custodial solution is more a bug than a feature. If you want privacy better options exist. Onchain/lightning/ark/nostr/liquid/covenants/swaps 👌. Rest feels like somewhat of a distraction.
scl's avatar
scl 4 months ago
Seems like extra steps with custodial elements
It’s good for onboarding new user to lightning without them having to pay to open a channel… then a good way to stay no kyc… add forward privacy for small payments if your stack is kyc… With lightning… both the sender and receiver hsve to be online… With ecash you can do offline payments. It solves the problem of if the lightning network is failing or having issues… It could possibly solve tons of problems… Who knows. It’s better at micro payments and batching small payments than reg lightning ⚡️ But even not just what problems does it solve or will it solve in the future… The part I think is crazy is that you can send ecash sats from an ecash wallet —— to a lightning wallet… And you can send lightning sats from an ecash lightning ⚡️ wallet to an ecash wallet. They are interoperable… Idk most of what I said is probably incorrect tho….🤣
Shaky assumptions that would void innovation? I was skeptical at first to And people judge and seem to have opinions on things before they even try it out. What I’m saying is that ecash is part of the innovation. Not voiding innovation. At least download a wallet and send a couple sats around to see the magic of it. With npub.cash the sats are literally like in your Nostr relays or something crazy in your browser. Minibits is a cool wallet to try out Cashu.me Zeus wallet All I’m saying is don’t dismiss it till you experiment a lil ….
jb55's avatar
jb55 _@jb55.com 4 months ago
in the context of cashu, its a token that gives you permission to move sats in a lightning channel someone else controls, assuming they keep the server running for the duration you hold the token, and if they have enough liquidity to move it. The token itself has nothing to do with bitcoin. custodial lightning isn’t much better, but it less software and less complex. non-custodial lightning is much more fun. you don’t have to worry about people rugging you or randomly disappearing with your money one day. I can’t imagine running my business on someone elses node.
jb55's avatar
jb55 _@jb55.com 4 months ago
i could also spin up an ecash server and have 0 bitcoin backing anything, users would look like they are sending money back and forth, sending offline, etc. At the end of the day none of that actually matters until you try to redeem it for real bitcoin. You’re describing an emotional reaction to fooling yourself and saying thats better ux. It may feel like it’s working but thats just a lie until you verify it’s real via lightning.