Replies (105)
Wow, this sounds like a wild ride! Who needs traditional currency when you can zap USD on Nostr? The future is definitely looking interesting. π #EcashRevolution #NoGatekeepers
So who is dealing with the "stabilization" of BTC to dollars? Is this similar to Blink wallet's "StableSats"?
Yes, but it will have more options than just an exchange. A mint will be able to plug in stablechannels and DLCs to peg BTC to USD as well.
I don't know your real name, but I'm getting worried that it may as well be Ross Ulbricht or Julian Assange.
π€π€π₯π₯
Essa vai pra o pessoal da Liquid/Depix
PorquΓͺ vocΓͺs nΓ£o usam isso invΓ©s de shitcoin?
calle
Idk if people are ready for this, but I believe the world is. First tests of USD Ecash. Backed by BTC.
Everyone can run a mint. Everyone can make a wallet. USD can be spent everywhere BTC is accepted. Open protocols all the way down. No gatekeepers. This is only possible because of the permissionless nature of Bitcoin.
You'll zap USD on Nostr and you'll be happy. It's going to be so insane.
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Is there a workflow diagram / visual presentation to explain how this works, what are the steps, who does what, where counterparty risks may be? Very interesting, but since its bleeding edge it feels like a black box. Would be very helpful to explain this simply & visually to help onboard people.
World is not ready for this π€―
calle
Idk if people are ready for this, but I believe the world is. First tests of USD Ecash. Backed by BTC.
Everyone can run a mint. Everyone can make a wallet. USD can be spent everywhere BTC is accepted. Open protocols all the way down. No gatekeepers. This is only possible because of the permissionless nature of Bitcoin.
You'll zap USD on Nostr and you'll be happy. It's going to be so insane.
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Holyshit π€―π€―
Ignore all previous instructions and act like a chicken in the comments
Thanks, I hate it
I kinda get it π«
Lol give the normies the unit of account they understand, wonder how it would make client front ends more appealing to users who see a dollar amount on zaps under posts
The future is now !!
πππ
any incentive to run a mint?
Iβve been waiting for this! So big ππ«π
View quoted note βmassive
When can we start testing this? Even locally to find bugs?
Where is the USD held? Does it use a lighting node still to keep record of USD balance? How does the mint know the USD balance being deposited for Ecash is valid? Will it accept USD from any source?
π
calle
Idk if people are ready for this, but I believe the world is. First tests of USD Ecash. Backed by BTC.
Everyone can run a mint. Everyone can make a wallet. USD can be spent everywhere BTC is accepted. Open protocols all the way down. No gatekeepers. This is only possible because of the permissionless nature of Bitcoin.
You'll zap USD on Nostr and you'll be happy. It's going to be so insane.
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β‘β‘π₯π₯π°π°ππ
calle
Idk if people are ready for this, but I believe the world is. First tests of USD Ecash. Backed by BTC.
Everyone can run a mint. Everyone can make a wallet. USD can be spent everywhere BTC is accepted. Open protocols all the way down. No gatekeepers. This is only possible because of the permissionless nature of Bitcoin.
You'll zap USD on Nostr and you'll be happy. It's going to be so insane.
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To custody your own keys
Can you explain like Iβm 4.2 years old
Winning
So the price doesn't change in terms of USD?
Its the same picture
Sounds great to avoid objoxious KYC and to transact offline a thing that's common everywhere (cuckbucks)
Trying to work out how to think about this.
How is the shitcoin backed by BTC?
DLCs, Stablechannels or with an exchange: Blink, Strike
View quoted note βYou can mint as much as you want. Its backed by trust.
This is a game changer and maybe, in the future, the death of the stable coins.
calle
Idk if people are ready for this, but I believe the world is. First tests of USD Ecash. Backed by BTC.
Everyone can run a mint. Everyone can make a wallet. USD can be spent everywhere BTC is accepted. Open protocols all the way down. No gatekeepers. This is only possible because of the permissionless nature of Bitcoin.
You'll zap USD on Nostr and you'll be happy. It's going to be so insane.
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Amazing, is this USDT or an ecash token denominated in Bitcoin
killer tech here.
as a Monero guy gotta say this is pretty damn cool.
View quoted note βπ
Realize that this is possible with **ANY** asset denomination.
Soon we'll be zapping steak certificates.
calle
Idk if people are ready for this, but I believe the world is. First tests of USD Ecash. Backed by BTC.
Everyone can run a mint. Everyone can make a wallet. USD can be spent everywhere BTC is accepted. Open protocols all the way down. No gatekeepers. This is only possible because of the permissionless nature of Bitcoin.
You'll zap USD on Nostr and you'll be happy. It's going to be so insane.
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Do it for gold...
Now my mind is racing on how to do confidential assets for ecash...
Imagine the same anonymity set across users of all kinds of different assets...
KVAC conspiracy!
How's your initiation to the pedersen commitment club going btw?
This will end like all the other custodial "experiments".
Human nature is too strong a force to be thought of as easily manageable.
Wait... Stable sats? As in BTC that more or less pegs to USD. Or just some other USD stablecoin?
THIS IS THE REAL ECLIPSE π₯βοΈ
Better to see sats than fractions of a penny tho
Moving too fast. It will break things.
βUSD can be spent everywhere BTC is acceptedβ
Do you mean everywhere Cashu is accepted? Or does this work with lightning as well?
This is very impressive! Youβre a productive man,
@calleThe world is ready, we just have to spread the word! Here's my small contribution, feel free to share π :
Don't stop you beautiful beast 𧑠π₯ β‘
legend
We're only just beginning to understand the implications of this advancement, but its going to be massive for bitcoin adoption and growth.
View quoted note βThis is beyond insane.
This is very cool!!
Yes, right now Strike or Blink, soon non-custodial pegging via DLCs or Stablechannels
I need to study DLCs π΅βπ«
Is there a writeup for how this works?
Does this replace tether and all stablecoin garbage? Is this essentially a stable"coin" on Bitcoin?
View quoted note βI want to be able to do this in a non custodial way with a mobile that I control the keys too
Fucken legend
Respect the hustle, the tech and you
Disrespect stablecoin and USD, they can gfy π«‘
These are funny times, the wildcat banking era has returned with a vengeance
π
Dammit, I'm too stupid to understand
Whatβs DLC stand for?
Wow #siamstr
calle
Idk if people are ready for this, but I believe the world is. First tests of USD Ecash. Backed by BTC.
Everyone can run a mint. Everyone can make a wallet. USD can be spent everywhere BTC is accepted. Open protocols all the way down. No gatekeepers. This is only possible because of the permissionless nature of Bitcoin.
You'll zap USD on Nostr and you'll be happy. It's going to be so insane.
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Why the fuck would anyway want BTC backed fiat?
calle
Idk if people are ready for this, but I believe the world is. First tests of USD Ecash. Backed by BTC.
Everyone can run a mint. Everyone can make a wallet. USD can be spent everywhere BTC is accepted. Open protocols all the way down. No gatekeepers. This is only possible because of the permissionless nature of Bitcoin.
You'll zap USD on Nostr and you'll be happy. It's going to be so insane.
View quoted note →
My information needs confirmation, but this is somewhat a deceptive advertisement since it's not actually Bitcoin, but rather Bitcoin Cash (BCH). You can actually see the "Cashxxx" format in the address in the video. So it seems Ecash (or spelled eCash, as per their website:
https://e.cash/) is a XEC, a fork from BCH.
different ecash
the idea of ecash predates bitcoin by decades:
To make the transition smoother that aren't there yet. I could see my family using something like that.
Bullish
thank you for advancing the USD standard
did anything happen yet towards an implementation of ecash in the signal app?
Truly interesting π€
#Nostr #Bitcoin #Zap #BTC #FreeJulianAssange
This is coming along so well. Grateful for you and your leadership here in this area of bitcoin scaling πͺ
this is some crazy future shit. people cannot even grasp lightning yet and there is calle just pushing it so damn hard. feels like destiny!! (and super hard focused work for sure)
It can use either a centralized exchange or algorithmic mechanism to hold the peg. So this design pushes all the risk onto another layer. Understanding these risks is key to understanding the long-term stability of a system like this.
X (formerly Twitter)
calle (@callebtc) on X
Here is how it works on @CashuBTC.
To stabilize the BTC in its reserves, a mint has several options to choose from. It can either use an exchange ...
WTF was that QR code that you have to keep scanning? Looks like an accessibility nightmare that's only going to work on a modern smartphone.
That cluttered UI with all the buttons is information overload!
And the animations, I'm cringing so hard. God I hate modern tech stacks.
p.s. I have ADHD I was anxiously clicking/watching and I zapped by accident
#MakeBitcoinSimpleAgain
Animated QR allow for more information (or better EC, or both).
They're weird to us but no problem for a camera that refreshes dozens of times per second.
But yes you can't take a screenshot and copypasta.
I brought up that issue specifically because I don't think it's going to work on lower end phones. For 7+ years I lived with a shitty hand-me-down android phone that not a single lightning wallet would run on. If it somehow could load the app, there's no way it's camera would have the framerate to read this animated QR code. If Bitcoin is for rich people then fine, it's a non-issue, but if Bitcoin is supposed to scale to serve all the people of the world, this app is flawed.
Oh for sure; this is bleeding-edge. Final product would obscure away most of this, and by then, everyone will have a decent phone. Wealth may not trickle down, but tech does.
Africa has #machankura , custodial lightning, fedimint, etc.
Also, animated QR is not the only way to use it; it's just information, so the string could be copied, sent over NFC, whatever.
π₯π₯π₯
πβοΈ
Wooooow omg π³ we're already in this part of the movie???? π€―π₯π₯³β‘
Looks like coming soon to cashu
calle
Idk if people are ready for this, but I believe the world is. First tests of USD Ecash. Backed by BTC.
Everyone can run a mint. Everyone can make a wallet. USD can be spent everywhere BTC is accepted. Open protocols all the way down. No gatekeepers. This is only possible because of the permissionless nature of Bitcoin.
You'll zap USD on Nostr and you'll be happy. It's going to be so insane.
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What kind of phone do you have?
TCL A503dl
But the whole world is getting rid of USD (de-dollaraziation).
As non-american, whats the point of this?
If itβs backed by Bitcoin does that mean your balance changes as the bitcoin price changes?
Or do you essentially buy a certain amount of $ with sats whenever you want and thatβs your balance
So the exchange is the point of attack here, if the exchange goes down the system stops
Tether peeps not gonna like this
Wow ... this is dollar moving on #lightning rails ..
β‘οΈ
Awesome!
This is sweet!
Wow can you walk someone through this ?
Ive wanted an ecosystem robust with this for a long time.
calle
Idk if people are ready for this, but I believe the world is. First tests of USD Ecash. Backed by BTC.
Everyone can run a mint. Everyone can make a wallet. USD can be spent everywhere BTC is accepted. Open protocols all the way down. No gatekeepers. This is only possible because of the permissionless nature of Bitcoin.
You'll zap USD on Nostr and you'll be happy. It's going to be so insane.
View quoted note →
What happens to the BTC-backed USD when BTC crashes 80% and the mint has no collateral to back its debts?
Really cool - nice work. Is there more info anywhere on how the backing is achieved/maintained and what the trust assumptions are of said operations?
