Since the last Brief, Lopp's appearance on Opt Out and James OB's in-depth piece, "Consensus Conundrum," have reignited discussions about the limitations of Bitcoin's current implementation and the stakeholders who wish to maintain it. A significant point raised by both was the role of exchanges as a de facto Layer 2 scaling solution.

Side Note: Samourai Wallet and TDev would commonly highlighted exchanges as the most prominent Layer 2 solution. #freesamourai

"And we have a rapid emergence of de facto L2. So it’s not Lightning, it’s not Liquid. It’s very much something controlled by private sector entities, PayPal, CashApp, Revolut, RobinHood, and there are others. And they are basically taking a lot of activity offchain. So you can see the effects on the mempool. But also they are very much controlling what users can do with what they call Bitcoin. Basically, it’s an account-based system where people believe they have Bitcoin, but basically they have Bitcoin value in an account. And of course, these entities will very much overlook the fungibility of that controller." - TDev, Bitcoin Fungibility: 2021

With that in mind, I'd like to hear your thoughts on Lopp's and James OB's critiques regarding Bitcoin's present state and its future trajectory. What insights do you have on their perspectives?

Here's a little present for you 🎁🤙