Cashu is a 100% custodial system. And simply must be used as such. It is the old system grafted into bitcoin and requires absolute trust. And currently trust in "uncle Joe" or some dude that wears balaclava in public.
It is a CENTRALIZED bitcoin bank.
The tech is important. And im glad its being developed. I believe bitcoin banks are part of the future. But it is imperative that we work to decentralize them and minimize trust as much as possible.
It's fantastic tech. It's really good privacy and it's just a rug waiting to happen.
We get amazed by shiny things and don't pay attention to the tradeoffs they make. And some of them can be used for good. You can give your cousin a Bitcoin IOU, and if she doesn't cash it in, you can revoke it. That's not really Bitcoin anymore though, is it? And that's fine. You might need these tools, I think we will.
But I don't think we should be sugar coating it or not pulling out what it exactly is.
m0053
npub1qk…x9qas
2025-06-03 18:20:36
in reply to nevent1q…t3vw
Author Public Key
npub1qktjyk0vdqlfss7wztawdnka5phx2p3vlvq50x0z402jk2fjhtnqlx9qasPublished at
2025-06-03 18:20:36Event JSON
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"pubkey": "05972259ec683e9843ce12fae6cedda06e65062cfb014799e2abd52b2932bae6",
"created_at": 1748974836,
"kind": 1,
"tags": [
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[
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"content": "Cashu is a 100% custodial system. And simply must be used as such. It is the old system grafted into bitcoin and requires absolute trust. And currently trust in \"uncle Joe\" or some dude that wears balaclava in public. \n\nIt is a CENTRALIZED bitcoin bank. \n\nThe tech is important. And im glad its being developed. I believe bitcoin banks are part of the future. But it is imperative that we work to decentralize them and minimize trust as much as possible.\n\nIt's fantastic tech. It's really good privacy and it's just a rug waiting to happen.\n\nWe get amazed by shiny things and don't pay attention to the tradeoffs they make. And some of them can be used for good. You can give your cousin a Bitcoin IOU, and if she doesn't cash it in, you can revoke it. That's not really Bitcoin anymore though, is it? And that's fine. You might need these tools, I think we will. \n\nBut I don't think we should be sugar coating it or not pulling out what it exactly is.",
"sig": "62cc798faa8143b6f69267cf042bce1f7d9e439b1c53ed48a4f309ffe078ba20d6d989afeb968960f37933161cd7134523d5ea83f0d9d4d4c514a76acee1ed58"
}