It's true that drivechaij pegouts take a long time (months). Some people have been saying that this is bad.
It's actually good since it ensures that a hostile majority would need to control hashrate for a long time in order to steal from drivechain users. Meanwhile, just like submarine swaps on Lightning, anyone would be able to instantly and trustlessly swap drivechain coins for mainchain coins so the slow withdrawl window would not affect users.
Pay attention to the people telling you the slow withdrawl is bad. They're either stupid or lying.
Just to say that miner incentives change for all kinds of reasons. The best way to keep miners honest is by making transaction fees the main incentive.
Drivechain actually helps a lot with this since it allows miners to earn transaction fees from sidechains through blind merged mining.
whoever told you drivechains made the miner incentives problem worse was either dumb or lying to you.
exactly, just like a submarine swap, no need to wait for channel timelock to expire, just swap onchain with someone willing to provide the service
False: you can do instantly using an atomic swap
Selling t-shirts and using excess heat to do something useful also changes the financial incentives for miners.
Very true, but that's exactly how it works now. Most people accept Bitcoin (maybe Bitcoin cash too lol, sometimes ethereum) a lot support lightning too. Some darknets only accept monero (in a drivechain future they might also accept zcash drivechain bitcoin).
Point is the reciever chooses.
I usually prefer merchants that accept lightning for the low fees and privacy, but if they don't accept lightning, I have yo go onchain. Incentives are aligned so that merchants accept payments so long as the amount they might earn on that rail outweighs the costs of supporting it (they can factor swap fees into the price for example).
Also, remember that as the receiver you can just tell whoever is paying you what drivechain to use, no reason to use a zero liquidity chain.
That's a good point. If the drivechain is tiny there probably wont be anyone willing to swap with you. But then, there wont be many people that need that either, haha
You can compare it to submarine swaps on LN. Theres dozens of implementations of github and the market is perfectly efficient (since you don't have to trust the swap service) so the fees would be easily driven to zero by competition.
I initially liked Bitcoin because it seemed that Bitcoiners were smarter than the average "cattle" person you might meet.
That's not true anymore, haha no offence.
That's not to say I don't lile Bitcoin anymore, just that the same forces (dumb people being manipulated by psychopaths) that ensure that the state is evil have also started working in Bitcoin.
Hopefully POW is the right solution for this after all. The battle raging now will make clear if Bitcoin's POW requirement is enough to keep the psychopathas from taking control.
I urge all clear thinkers to be a little evil ( https://meaningness.com/geeks-mops-sociopaths ), I know it's distasteful to get in the cattle herding game but we don't want to make the psychopaths' job any easier. I also urge the big braines guys here to keep thinking of ways we can augment POW and amplify its power in Bitcoin. Post on wss://powrelay.xyz start a drivechains conditional prediction market discuss new ideas!
This podcast needs a dev
It's important to keep everything on the mainchain as small as possible. The alternative, to waste more bytes when there is only a handful of sidechains would be silly.
That being said, a utf-8 style varint would be a better solution.
Yeah, sideswap is awesome.
The guy that made it is pro drivechain and has said somewhere that he would upgrade it to support swapping Bitcoins between drivechains.
Something to think about. Many of the influencers that hated CTV hate drivechains. Better to take their opinions with a grain of salt
What do you think about the fact that lots if people use monero light clients for privacy? Similar trust model to bip300.
I think these people woukd prefer to use Bitcoin on a zcash sidechain instead (because Bitcoin has more network effect)