let me help you understand what is going to happen. you think you are normalizing p2p credit for Alice and Bob and Carol who are like normal people or small hawala brokers.
but that's not what's goin...
obviously there are levels of trust in every interaction yadda yadda... the important distinction is will the protocol be actually constrained by the on-chain supply or not?
credit networks with ecash mints will not be in any way constrained by what is going on on-chain. credit ecash spent via lightning is absolutely constrained by what exists on-chain.
Ark and other covenant pool constructs and rollups can not double pledge sats, every satoshi is expressed on-chain. and i know for a fact there is an easy magnitude of scaling there. with a level of trust (it's not completely trustless) but no perverse incentives and no capability to issue paper bitcoin IOUs.
trust is not inherently evil, but fall-back on settlment without trust and unilateral exit capability are necessary, not optional.
credit networks with ecash mints will not be in any way constrained by what is going on on-chain. credit ecash spent via lightning is absolutely constrained by what exists on-chain.
Ark and other covenant pool constructs and rollups can not double pledge sats, every satoshi is expressed on-chain. and i know for a fact there is an easy magnitude of scaling there. with a level of trust (it's not completely trustless) but no perverse incentives and no capability to issue paper bitcoin IOUs.
trust is not inherently evil, but fall-back on settlment without trust and unilateral exit capability are necessary, not optional.
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