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Muneeb from Stacks says that Bitcoin ecosystem development is lacking.

https://twitter.com/muneeb/status/1631672600085577729

Obviously this contrasts with the fact that, during the recent episode of Bitcoin Review with NVK and others, they had to go long for the episode and also had to cut out a lot of content due to too much bitcoin ecosystem development happening to cover it all. And with my work at ego death capital, we have no shortage of new bitcoin development to invest in; it's merely a matter of prioritization.

I met Muneeb at Princeton back in November when Princeton launched their new center for decentralized tech and power, which does have some serious bitcoiners in the mix amid the altcoin noise. And I might meet these folks again in upcoming Princeton events, since I'm based near them in NJ and want to keep a bitcoiner perspective there. They have some good people involved.

If you had questions or discussion points for Muneeb, what would you ask or bring up (kindly)?

My impression is that the Stacks ecosystem is too focused on financialization platforms, similar to the altcoin ecosystems. It's all about financial leveraging, NFTs, etc. In other words, rails on which fiat currency operates. Whereas there is massive development in bitcoin being better money at the root layer, which doesn't necessarily vibe with their ecosystem. Throwing shade at that, or ignoring that, seems disingenuous.

For me, the best development is about wallets, infrastructure, and protocols that make bitcoin easier to use as global root layer money from a payments and savings perspective, and more censorship-resistant in general. Often, it's the small details that matter. This includes lightning, nostr, fedimint, certain sidechains, etc. Anything else is secondary.

🐢 2y ago

While the stacks ecosystem is surely an interesting topic, Id like to dig into the mining mechanism he calls proof of transfer. To me the ecosystem is secondary to the creation of the blockchain, and the “mining”’of said blockchain seems suspiciously similar to a proof of stake methodology.

What is called “proof of transfer” “miners” bid on the next stacks block by with bitcoin, and the more bitcoin you bid increases the likelihood you win the block.This bitcoin is then distributed to “stackers” who have locked up their stx for the benefits of those “rewards”. The “miner” is rewarded with a block reward of stx tokens. The white paper describes stacks as a “virtual blockchain” working in tandem with bitcoin and using OP_Return to anchor each block to bitcoin.

While an interesting and very confusing to the layperson concept, In practice this seems to just simply be people buying stacks tokens with bitcoin.

In particular, I’d like to ask how much bitcoin in aggregate has been spent creating the “virtual blockchain” that is stacks, how much bitcoin has been distributed to “stackers.” what percentage of stackers are core developers, how much of the bitcoin has gone directly into core developers pockets, what is the purpose of the stx token if bitcoin is being used to mine it, why can’t the clarity smart contract language be incentivized using satoshis?

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