I was under the impression that bitVM opens the door to a lot of programming options & while in many ways those programming possibilities are very inefficient, it sounded like 2way pegs would be relatively simple. If it doesn't improve things over what is being done currently with Liquid then why would 2way pegs be mentioned in conjunction with bitVM at all? How does it allow miners to steal anything?
Bip300 would allow miners to potentially steal everything in a sidechain.
I was hopeful of this too, but unfortunately miners can steal from bitVM. They won’t though, just like they won’t steal from drivechain. nostr:npub1h8nk2346qezka5cpm8jjh3yl5j88pf4ly2ptu7s6uu55wcfqy0wq36rpev knows this.
If I’m not mistaken, bitVM sidechains will be superior to Liquid because you only need to trust that one of the 15 is honest. I think it only works if we have OP_CTV though. Right now, bitVM is limited to two parties.
Also, we can have multiple sidechains. So untraceable zcash privacy instead of Liquid’s obfuscated transaction amounts.
BIP300 would give us all of that, but without the multisig and with an interval of time that publicly exposes if the miners are trying to steal. Plus, miners receive the fees. It’s literally proof of work. Privacy and big block scalability secured by L1 and Bitcoin’s massive hashing power
