What still confuses you the most about #Bitcoin?
Discussion
Why almost no one around me gets it or even seems curious.
You donāt realize youāre in the matrix until you step outside of it
Still trying to understand block headers. Why are some little endian, some big and some swapped?!?? It's so gnarly.
Utxo management. Why do I need to do it whatās it all about?
I know it is like if you had a $20 bill in your wallet but you need to spend $2. If the only BTC you had was 100,000 Sats, and you need to spend 50,000, you would need to get āchange back.ā It is something I still need to learn about and this is also where coin join come into play to help de-identify any kyc BTC.
Not enough discussion about the issues in mining; why is there a stratum v2 thatās being proposed / what are the problems it aims to solve, and what are some of the logistical issues that miners must deal with pools (what type of pools, who runs them, how do you even create a pool, how does one attract miners to a pool to begin with, risks, etc.).
Another area i donāt think gets much attention is the process by which code is approved - and actually added to - the next version of bitcoin core. Itās a bit techy, but very important. Who are the people / devs that hold the keys to even add / commit code to the next version - who appointed them, how did they get it, what happens if they arenāt around or go rogue. Commiting code, and merging to a git branch for release to the public requires some level of human intervention. Soā¦who is that exactly? And why? Along these same lines, whatās the plan if github itself becomes corrupt (not so much from a technical perspective, but from a legal or legislative one should an event occur). Thereās a million copies of bitcoin core - got it. So what do the tens of thousands of node operators do when github is gone - are they all aligned on plan B and C? Where do bitcoin core devs now go to continue development?
These topics need more coverage, as they underpin how bitcoin works. The āitās on the internet and open sourceā isnāt a good enough explanation - sorry, doesnāt cut it. Need to dig into the mechanics and logistics. For anyone thatās managed a software repo or devs - coupled with an extremely dispersed user and dev base - if your code repo becomes hosed, or there no longer exists people who had signing/commit authority to build a new release - youāve got a big problem on your hands if you dont have a very well thought out plan B and C.
Perhaps there exist mitigations for this and if so, great; what is it? If not, then this is a risk thst needs to be delt with - quickly. As bitcoin grows, so too will the responsibility to keep bitcoin core releasesā¦.releasing. With hundreds of billions, then trillions at stake, these are not unreasonable questions.
Thanks for reading. BCB is a great podcast, really enjoy the content.
What confuses me the most about bitcoin and its adoption is what the implications of government attacks on usage avenues would mean for everyone trying to exchange fiat for bitcoin. I hope there is a way to circumvent the increasing regulation, but I fear a situation where individuals can only access the innovation through fake avenues such as an ETF or custodians. I think in the end bitcoin will prevail, I just worry about the road humanity will be forced to travel to achieve that end.
What we don't know but they do. (Other 5+ bilion)
Lightning network. Itās too hard to use these days.
Everything
Trying to understand how credit would work in a world of fixed supply. Such a paradigm shift
How would I take out a loan for a house? Feels like everything would be a zero sum game
-UTXOās
-How my 24 word seed phrase creates the encryption keys to moves BTC out of my wallet address, but my hardware device changes public addresses every hourā¦. I donāt get how my private key can move it from all those, and even future addresses.
Why everyone is hanging on with bated breath wondering or caring if and when a fiat agency will approve a series of spot Bitcoin ETFs, so that the hardcore attempt at co-opting and rehypothecating this awesome asset can begin. This train has already left the station, whether they approve it or not. Chugga chugga choo choo mfāers.
The fact that its value proposition isnāt readily apparent to more people by virtue of the fact that itās the only asset that has ever existed that embodies perfect digital scarcity. That being said, I realize most people donāt even know or care what money is. How can we expect them to understand this thing. We need to make āThe Creature from Jekyll Islandā grade 4 mandatory reading.