Heya cryptozens
Tonight’s Stories:
It’s 10 PM Pacific time and the date is March 28th, 2022. And welcome back to the Crypto Overnighter. I am your host, Nick. The cover model for this podcast is Tex and together we take a nightly look at the crypto, nft and metaverse space and the industry that surrounds it. We bring you new stories on familiar topics. And keep in mind, nothing in this show should ever be considered financial advice.
So, last night we had a conversation about the ECASH Act. Well, it passed the US House of Representatives. I still have the same feelings as I did before. I see it having all of the vulnerabilities of physical money and all the vulnerabilities of an electronic based cash system and damn few of the benefits of either. You’re required to put this money on someone else’s system. Well that’s a fail compared to cash. You can only transfer this ecash from device to device in the field.
No ledger. No way to recover lost or stolen funds, because there’s no way to know it’s stolen. There’s no journal. There’s no record. Or at least that’s what they claim.
It’s a bearer instrument. The money lives in your phone as electronic tokens. That means if you lose this device you’re required to use for this system, that money is gone.
I just can’t see any occurrence where I’d use this over a ATM card for fiat or a proper digital wallet for crypto.
Frankly, the time spent on this system is a horrible waste of time, energy and money. If this passes, it’ll let politicians feel good, like they’ve actually improved the system when they have not.
I’ll never use it. Too many vulnerabilities. Too many unanswered questions. Zero need.
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