this video is all I know about Drivechain, I thought it was a good idea at the time, I’d like Monero on top of bitcoin for better privacy, that sounded good to me. Please ELI5, why should this not happen?
Discussion
This should happen
It's largely experimental R&D. It can all be done today without a fork, with better security. With the current centralization of mining there's a large attack surface, including a 26% attack that can stop all withdrawals.
The chatter is more about the fork. How forks are added to bitcoin with or without consent, or secretly. That conversation has higher impact, for the future. Similar stuff happened in 2017.
People are figuring out that there must be miner and ecosystem appetite for a change. And that the bar to change bitcoin is quite high.
I believe we can build must of this on nostr, with a group of users or relays for which you just need a 2/3rd honest majority. Once we get a web of reputation going, lots of cool experiments can be tried.
I’m not a programmer, just a belligerent believer in scarcity. Imagine a side chain that becomes inherently more valuable than the main chain where the coins are locked up. Coins will flow to where they are worth the most, right? Costco Coin offers a 20% discount if you buy with their side chain. That side chain is now worth 20% more in real goods and services but with whatever vulnerabilities Costco wants it to have. Imagine now that this side chain was malicious or had an inherent bug in it. This opens up too much room for fuckary. In opening up value arbitrage between side chains you could drain liquidity from the main chain. People are dumb enough to buy shitcoins now. Why wouldn’t they buy “on chain” shitcoins. We don’t need to Elon pump BTC Doggie Coin. BTC only needs to do one thing. It needs to remain scarce and predictable. Everything else can be done on a lightning or Fedi or some other service. Those have been built without a drive chain, stop trying to “fix” Bitcoin. It’s good!
Why change? Seriously. Monero is most interesting and you can already atomic swap between bitcoin and monero at will. Services like joinmarket already anonymise bitcoin without leaving the chain.
As for why not... Do you really want people blaming bitcoin when devs of their sidechain rug them while they are locked up for 3 months? Would they be right to blame bitcoin? Fuck no. Would the press have a field day and most normies believe it was bitcoins fault? absolutely.
TLDR, Drivechains is just shitcoiners trying to affinity scam. Why give them bitcoins shine? Why allow them to smear their feces on bitcoin?
This is what I was thinking. It seems like a way to bring shitcoins over to the Bitcoin network.
Right. Supporters just assume that is good and expect us to agree. I think it is bad. I did my time as a shitcoiner when I started and I don't want to go back there.
Ordinals tho
Yeah, that was a nightmare. It seems like that fad faded, though didn't it?
Liquidity. Monero that can be pegged out FROM monero is something that atomic swaps can't do at the moment.
With drivechain you get the safety of the btc market cap AND the privacy of Monero.
His pitch has not changed at all…
