Thread - Nostr Hypermedia

Dikaios1517 dikaios1517@nostrplebs.com 3 months ago

How does eCash pay a Lightning invoice that is somehow different from using sats locked in a Lightning channel? Moreover, what mechanism is there to keep a regular Lightning wallet custodian from issuing more IOUs than they have sats to back them? Answers: eCash wallets use Lightning channels to pay Lightning invoices. Just like every other custodian. Lightning custodians can also arbitrarily issue more IOUs than they have actual sats to back them up, just like eCash wallets can. Thise supposed differences of yours are not differences whatsoever.

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Replies (2)

unknown 3 months ago

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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Dikaios1517 dikaios1517@nostrplebs.com 3 months ago

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.

Dikaios1517

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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