Thankfully it was a really small amount. There were proper disclaimers all over .. this is an experimental app, not reviewed, etc.. so I’m not upset at anyone.
It did reveal what I think is a cognitive gap between real and perceived risk with eCash. When you use a bearer token and send it to yourself over SMS, it feels like magic. It feels like you “own” it. Then reality thumps you on the head when you remember it’s just an IOU. Using the name “cash” carries with it an association of ownership that eCash does not have. (yes I know a dollar is an IOU as well 😄)
This points back to the eNuts thing. You seriously need to trust the person running the mint. In a world with a bunch of Uncle Jim’s running mints, you might decentralize risk, but some will still lose everything. Run your own? I repeat, some will lose everything. Perhaps the pattern is just to spread your funds out.
I’m using minibits on iOS now. It’s on TestFlight.
rossbates / Ross
npub1u6…a332p
2025-06-01 14:17:10
in reply to nevent1q…um8g
Author Public Key
npub1u656f7znujcagfhtgngvtkcflhzptnj38enyzx85da0lh63sfj7qva332pPublished at
2025-06-01 14:17:10Event JSON
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"content": "Thankfully it was a really small amount. There were proper disclaimers all over .. this is an experimental app, not reviewed, etc.. so I’m not upset at anyone.\n\nIt did reveal what I think is a cognitive gap between real and perceived risk with eCash. When you use a bearer token and send it to yourself over SMS, it feels like magic. It feels like you “own” it. Then reality thumps you on the head when you remember it’s just an IOU. Using the name “cash” carries with it an association of ownership that eCash does not have. (yes I know a dollar is an IOU as well 😄)\n\nThis points back to the eNuts thing. You seriously need to trust the person running the mint. In a world with a bunch of Uncle Jim’s running mints, you might decentralize risk, but some will still lose everything. Run your own? I repeat, some will lose everything. Perhaps the pattern is just to spread your funds out.\n\nI’m using minibits on iOS now. It’s on TestFlight.",
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