I've never heard #bitcoin explained like this anywhere else. You need to watch this incredibly lucid explanation of the bitcoin threat model by nostr:npub1mygerccwqpzyh9pvp6pv44rskv40zutkfs38t0hqhkvnwlhagp6s3psn5p
Discussion
This video was what I had in mind with my post re Apple killing Zaps.
Bitcoin and Bitcoiners are not static, they will adapt depending on the environment. The more it is attacked the more it will be hardened and find new paths to resist.
Clowns talking about Bitcoin’s security budget or who go off the deepend with Monero fail to see this bigger picture. When Bitcoin needs security the network will adapt, when we need better privacy the network will adapt.
You are your Bitcoin, when things are peaceful you don’t worry much about threats but when you’re getting attacked from all angles you do and you adapt. Extrapolate that to all of Bitcoin and you begin to see how unique this thing is.
It's a bit paradoxical to call something "adaptable" that is so resistant to change and prioritizes ossification and immutability (also can be a good thing).
Bitcoin security budget is a valid concern. There are 3 possibilites:
1. Bitcoin transaction fees become too expensive for everyday transactions so most transactions move to L2+
2. Bitcoin changes it's protocol to expand blocksize and/or increase bloick subsidy.
3. Security falters and the bitcoin expirement fails.
#1 seems the most likely to me, but comes with trade offs different from L1 . L2s are abstractions of bitcoin afaic and not true bitcoin. #2 would break one of the most important value props of bitcoin.
Me pointing out criticisms doesn't mean im anti bitcoin btw. I know Monero has it's own set of trade-offs and is not perfect.
I agree.. I had to listen to it twice.
Train to fight your biggest enemy, the state