Immutability = a transaction can’t be reversed once confirmed into a few blocks
The term has nothing to do with forks and upgrades, which have been around forever.
In 5-10 years, the majority of bitcoiners will think that increasing the block size is a necessary evil.
How do any scaling proposals “give up immutability”?
Andreas Antonopoulos is one of the most ideologically consistent people in Bitcoin.
He’s always spoken in favor of Litecoin as the “digital silver”, he’s always been bullish on “Bitcoin 2.0” protocols (Counterparty, Mastercoin, Ethereum), he always said that kids of the future will issue their own cryptocurrency.
His views have been the same for years. His only “sin” was that of not changing his tune to play along with the new cool kids who dismiss anything that isn’t Bitcoin.
He wrote a book about the most successful “Bitcoin 2.0” project and then he was so cancelled that it didn’t matter that he subsequently wrote “Mastering the Lightning Network”. Which is a shame, as it’s still the best book about Lightning and there’s a lot to learn from it ⚡️
Prediction: in a few years we’ll increase the Bitcoin block size.
If the reactions to pegged sidechains are so hostile and almost nobody wants to break the 21 million supply cap to pay the miners, we’ll conclude that turning the 1 MB into a 4, 8, 16 or whatever isn’t that bad because at least we understand the tradeoffs and there is no extra complexity involved.
As @peterktodd put it: it’s cheaper to increase the computation costs than to increase the degree of human politics.
For more hot takes, listen to the Bitcoin Takeover podcast 🔥🌶️ https://video.nostr.build/5b337cc53eb37cd2290f46545c33404bf8a3d841c970ae8de19b61dca52886b4.mov
How will another war in the Middle East impact the price of bitcoin?
Guy doesn’t remember how miners activated Taproot. Otherwise, he wouldn’t call them “passive” 😅
If activated, Drivechains can solve Bitcoin’s security budget concerns by allowing miners to collect lots of transaction fees from other sidechains they can secure.
This can also be a scalability benefit, as newcomers can get onboarded directly on sidechains and from there they can open Lightning channels or benefit from extra features that the bade layer doesn’t have (privacy, smart contracts).
But the biggest tradeoff is that miners become more powerful through Drivechains – which is a consequence that some Bitcoin users don’t want. The miners will become responsible for choosing which sidechain they activate and secure, then they must also make sure that they enable peg-outs so users receive their bitcoins back on the base layer.
My biggest criticism is that this message doesn’t get conveyed clearly on social media by Paul Sztorc and nostr:npub1nevsewvjqhrsmpfcpdqw6v3e9f6z8w9sq0yt8kpndk2cumw8g6hs5mjmve – instead of focusing on explaining what BIP300 & 301 are, they opted to trigger the most conservative of bitcoiners who don’t even bother to read long-form content or listen to long-form podcast interviews due to their susceptibility to get influenced by tweets.
Now, instead of talking about the fungibility benefits of a Zcash sidechain which uses BTC as the only currency, the conversation is stuck in the “bringing shitcoins to Bitcoin” phase.
Learn more by listening to S14 E13 of the Bitcoin Takeover podcast!
#drivechains #bitcoin #sidechain #btc #btcsidechain #bitcoinsidechain #bitcoinprivacy #bitcoinscalability #bitcoinpodcast #bitcointakeover #bitcointakeoverpodcast #btctkvr https://video.nostr.build/83570780e98de62ca40ff0bbdf15815a31054ee31f6c4f0547fa1af6f2462010.mov
Introducing the new VladWallet: an improved clone of Electrum which makes the user experience even worse because you must of course learn all the technicalities of Bitcoin in order to use it.
Is it open source? Of course! You double click the source files and they open! But no copying for commercial purposes, you can’t make money off of it. You can look, but you cannot touch. Like in strip clubs.
If you find any bugs, I’m gonna deploy a troll army to attack you and also downplay the significance of the issue in a blog post!
Preorders are available now! Just don’t ask for refunds, as you won’t get your money back!
Lately, everyone’s been talking about MEV on Bitcoin: brought to you by broken ordinal inscriptions, t-shirts sold on the Braiins web shop, and miners collecting fees from sidechains.
But what is MEV, really? In S14 E13 of the Bitcoin Takeover podcast, Paul Sztorc defines it as any extra side hustle that miners undertake for the purpose of making more money.
Purists regard it as a perversion of mining incentives, as the side activity may bring more revenue than organizing transactions into blocks. But it’s already been happening for years, with miners accepting OTC payments to speed up transactions from the mempool or else arbitrarily picking some transactions over others.
Learn more about MEV by listening to the episode on Spotify, Apple Podcasts & YouTube 🔥
nostr:npub1nevsewvjqhrsmpfcpdqw6v3e9f6z8w9sq0yt8kpndk2cumw8g6hs5mjmve
#bitcoin #bitcoinmev #bitcoinminer #bitcoinmining #mev #bitcoinpodcast #bitcointakeoverpodcast #bitcointakeover #btctkvr #paulsztorc #drivechains #bip300 #sidechain #bitcoinsidechain https://video.nostr.build/52ecb5befcee373c333a739ef841874c60c8f7bdaa9952b849f21651c1f6f65d.mov
Watched the Dumb Money film. Not great by any means, not original in any way, but it’s a nice reminder that Wall Street is rigged.
On my way out of the theatre, I shouted “I’m gonna go home and buy bitcoin!”
Let’s see what happens.
Everything divided by 21 million bitcoins!
Except for shitcoins and scams.
And company stocks, and real estate.
And government bonds, and gold.
Fuck all that, everything that is not bitcoin is a shitcoin.
Ergo, only 21 million bitcoins divided by 21 million bitcoins!
Is bitcoin going to double in price after each one of its 34 programmed halving cycles, to make up for the 50% mining revenue decrease and invalidate all security budget concerns?
According to bulls like Michael Saylor, it’s very likely that bitcoin eats up every currency and asset class in the world.
But according to Paul Sztorc, you must seriously question your own ability to think critically if you adhere to this type of hopium.
#bitcoin #btc #bitcoinsecurity #bitcoinpodcast #bitcointakeover #bitcointakeoverpodcast #btctkvr #bitcoinsecuritybudget #miningbitcoin #paulsztorc #michaelsaylor #michaelsaylorbitcoin #bitcoindebate #bitcoinprice https://video.nostr.build/cd3c6bf617206b6af5c15ee1af05bf99d48573326ff1437234d942903b7d4833.mov
There are a lot of scaling proposals for Bitcoin, but only sidechains can empower billions of users to have their own UTXO and keep their coins in cold storage.
Find out more in S14 E13 of the Bitcoin Takeover podcast! Now available on YouTube, Apple Podcasts & Spotify.
#bitcoin #bitcoinpodcast #sidechain #bitcoinsidechains #bitcoinsidechain #drivechain #bitcoindrivechain #bip300 #coldstorage #bitcoinstorage #bitcointakeover #bitcointakeoverpodcast #btctkvr https://video.nostr.build/f15037316b1d2242912a58a12df9cb9347383d98b457744b267463e421a1454e.mov
Rate my new NFT collection from McDonald’s 🤪 
What is the difference between Wasabi wallet, Samourai, and DMix?
In S14 E8 of the Bitcoin Takeover podcast, Fadi Barbara explains that the lack of a central coordinator for CoinJoin is an essential feature of his project.
However, the DMix participants must know each other and trust that they won’t reveal to the participants outside of the initial Taproot multisig who else is involved.
Listen to the entire episode on YouTube, Apple Podcasts & Spotify!
#privacy #bitcoinprivacy #coinjoin #dmix #samouraiwallet #samourai #wasabiwallet #wasabi #wabisabi #whirlpool #multisig #bitcoin #bitcoinpodcast #fadibarbara #bitcointakeover #bitcointakeoverpodcast #btctkvr https://video.nostr.build/20888bc238b1f3e00dad2fd1723696eed4f1cdc955a32cfac72f35380cc27d56.mov
In S14 E13 of the Bitcoin Takeover podcast, Paul Sztorc argues that Bitcoin miners would become more loyal to the goal of the network if they earned more transaction fees via merged mining.
To find out more about BIP300, listen to the episode on Spotify, Apple Podcasts & YouTube!
nostr:npub1nevsewvjqhrsmpfcpdqw6v3e9f6z8w9sq0yt8kpndk2cumw8g6hs5mjmve
#bitcoin #mining #bitcoinmining #mergedmining #pow #proofofwork #bitcoinpodcast #bip300 #bip301 #bitcointakeover #bitcointakeoverpodcast #btctkvr https://video.nostr.build/a68f4eff04c1313fe10bcdcd5c74a1ed96621607a912b05a7713b8cbfe04a3cc.mov
Used all of your zap money to buy drinks (for myself and others) at Paralelni Polis in Prague.
No ragrets, it feels good to support the Bitcoin economy. Makes the drink taste better 🔥
What is Bitcoin maximalism and what are its origins?
In S14 E9 of the Bitcoin Takeover podcast, nostr:npub17u5dneh8qjp43ecfxr6u5e9sjamsmxyuekrg2nlxrrk6nj9rsyrqywt4tp makes a summary of his extensive research on the topic – which he published on his website earlier this year under the title “A History of Bitcoin Maximalism – Cypherpunk Cogitations”
Listen to the full interview on Apple Podcasts, Spotify & YouTube!
#bitcoin #bitcoinmaximalism #altcoin #shitcoin #history #bitcoinhistory #bitcoinpodcast #bitcointakeover #bitcointakeoverpodcast #btctkvr #lopp https://video.nostr.build/7e768e8e66470ddd73bff7c2e0462288b7c6fdfb1262ffe87d961638cc1f89f9.mov