Reminder: if you hold bitcoin, you are paying the lions share of the cost of securing the Bitcoin blockchain through debasement of your holdings.

The plan is to shift payment for security to those currently transacting. The higher the number of transactions per block means lower security charge per transaction. Bitcoin needs to offer a good deal on security eventually, otherwise no one will use it.

Bitcoin needs a lot of work to make better use of block space. Work costs money. The only question is whether transaction fees and/or continued increase in price of bitcoin with ongoing debasement can actually pay for this work to get done.

The day may come when you have a financial incentive to pay devs to build the future.

I don’t understand how utxo sharing works or even could work.

But I can tell you how to think about it. Any software trick that allows more people to transact per byte of block space is potentially critical to the survival of bitcoin.

Remember, bitcoin must evolve to spread cost of ongoing security to whichever users are currently transacting. Right now, hodlers are paying most of the cost of security by permitting debasement of their coins.

This is why every successful halving is worth a party. It means technology grew sufficient to spread security costs over enough users to keep the system running securely with half the debasement subsidy.

If bitcoin doesn’t get used more efficiently, this system won’t last much longer. Bitcoin has to incentivize new and clever ways to be used to keep it alive.

Epic

Amen to that!

I wonder if it is carbon neutral, or if they just bury the co2 in the ground.

I don’t have an intuitive feeling for bandwidth and storage requirements. I suppose storage depends on archive policies, but can this system scale?

And they invite regulators into the bitcoin world.

The crypto tag has been my favorite system. Pricey. But solid holder and easy to read.

Remember, some day, bitcoin will appreciate at roughly the level of average increase in productivity across the world economy.

That day is far off, but this is the goal.

Public service reminder: “ normal,” “common,” and “typical“ aren’t always good things. Sometimes the better path requires standing on principles that make you none of these things.

I found a block I mined 13 years, 10 months ago. My block was 0.1% full.

Today, most blocks are totally full.

Interest rates offered on central bank deposits is like a bribe to put your money in money prison.

And isn’t it funny that to slow the growth of your money they print their money and bribe banks to put bank money in the money jail?

Money is an over loaded term.

Gold and silver are such bad monies that if these become monetized again, society must be really screwed. I wouldn’t bet on there being a large variety of goods and services available for purchase when your 1 oz of gold and 1kg of silver have a higher dollar exchange rate than a Tesla cybertruck.

Pick your dictator…and don’t you dare take freedom into your own hands, peasant!

There is no real difference between right and left. Nazis and fascists and communists. These are all synonyms for authoritarians.

The real spectrum is authoritarianism vs. individual rights and freedom. Everything else is a thinly veiled power grab. And a joke.

Hmm, I thought you were gonna say -3.162…guess we must be on different wavelengths.

The future of advanced bitcoin scripting is where the real value of bitcoin lies. And I don’t mean to be hyperbolic. Bitcoin needs a shit ton of new software to justify even current prices much less prices we all expect in the near future.

Things to keep an eye out for:

Cross input signature aggregation and other clever stuff done with schnorr sig arithmetic (like m of n at the cost of just one signature) and maybe even new signature schemes

Covenants and ctv-related stuff

Broader / easier use of coin join/wasabi/samourai transaction constructions…and not just for privacy/fungibility but also for more efficient use of block space.

Clever things done with proofs…everything from making IBD “faster” by proving a subset of utxo to proving off chain computation results.

nostr:npub1qny3tkh0acurzla8x3zy4nhrjz5zd8l9sy9jys09umwng00manysew95gx probably sees some of the long range implications here, and maybe Saylor needs to see glimpses of the future of bitcoin before he commits to a non-funding devs stance.

Yes. Well, for caulk I have a low threshold for just doing it again. Tile can be tricky.

Whoa. Pricey equipment too. Hope it went well!

Yes indeed. And bad guys will use these tools too. Will drive up cost of crime fighting, but will pay disproportionate gains to productivity across society.