The fact that a "we" gets to decide, is an enourmous weakness in bitcoin.
Hopefully Bitvm allows a reduction of many of these changes and moving them to a layer2.
Decentralized verifiable and encrypted storage. Like sia coin without all the overhead or altcoinery. There are more uses for a bitcoinVM then you have brain cells.
So, funds for a pegged sidechain could be held in a "wallet", like with Drivechain escrows. When the sidechain spend conditions are met, the secret is revealed to the winning side or rightful owner based on the sidechain script in the Bvm.
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
So all the antimony and division was pointless ? If only there was a way everyone could have what they want.
It's also accurate. Btc maxi culture has by definition grown toxic to soft forks.
Transactions happen off chain and are added to main chain hash data.
How would Btc be pegged tona sidechain coin ?
Eth EVM is aubject to gas fees, validators, and smart contract flaws.
I hope so. Then i can finally delete twitter. Again.
Liquidity and risk. I like monero a lot, but price movement in a larger asset takes more energy for less change.
If Btc is at 10,000$ and you have 100$ in it, if it loses 5% value you lose less than 100 dollars in XMR at 200$ each that loses 5%.
5% loss in Btc is larger in nominal terms, but not in your share.
Pushing an elephant is harder than pushing a rhino.
Feature, not a bug.
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
I don't think it makes miners morr powerful.
Wouldn't it be crazy if Elon Musk had an Npub because the noise is so bad on Twitter, even for him.
In arguably the #1 work of German literature: Goethe's "Faust", the devil (Mephistopheles) convinces Faust to go to the near-bankrupt Emperor Charles V, and persuades him to issue... Paper money.
The notes signed by the Emperor spark a consumer boom where “half the world seems obsessed with eating well/the other half with showing off new clothes”.
Only after Mephistopheles and Faust vanish does anyone notice the value of the notes refer not to gold in a vault, but to the promise of gold yet to be mined.
Inflation takes hold and economic disaster looms. Rebellion follows.
Faust, meanwhile, has invested his proceeds from the paper money scheme in land reclaimed from the sea. Goethe condemns the endeavor to failure for denying the laws of nature just as its paper money financing ignores the laws of economics.
Sound familiar???
Written in 1831. Before Weimar, before Bretton Woods. Before 1971.
We will never learn.
nostr:npub1dergggklka99wwrs92yz8wdjs952h2ux2ha2ed598ngwu9w7a6fsh9xzpc
"Same shit happened to the Pharoahs" 4000 years together - Aleksandr Solzhenitsyn
#gymratproblems
Calisthenics is for beard chads
I'm going to anticipate your reply and say : Drivechain does not change monetary policy.
I am going to further anticipate your reply to that and ask you: what do you mean by monetary policy ?
You mean the 21 cap and Halving supply correct ?
You also think monetary policy includes miner incentives. It does not. Miners and changes that only affect them like drivechain are security policy. Drivechain improves security policy.
Monetary policy begins and ends at the supply cap and halving. For instance, the difficulty adjustment IS NOT MONETARY POLICY. Its security.
Well, i guess i take comfort that someone is laughing at my pain ?
Absolutely. The 21 million cap is inviolate.
its not though. They are selling old hardware at what would be a loss on a desktop machine. Again, it's specilized in physical layout but not in processor level structure, like an ASIC is. Its like ordering a custom motherboard or desktop case with ports, lights and fans in the places you want them.
This is not what an asic is. Asics are a specific non arbitrarily defined category of hardware. Not semantics. You are handwaving away a precise distinction through semantics, not me.
The X5 does not meet this criteria, it does not beat the desktop versions or defeat the intention of Randomx as it is competing fairly with every other desktop solo user with a thread ripper.
a fleet of X5's, for instance, would not create more of an advantage for a mining operation, the way only fleets of asics can now compete in the adjusted difficultybin bitcoin.
Whether twenty large X5 fleets are mining or none, the average user can contribute to the network and win kyc-free xmr's.This is the point of RX.
Let's suppose you were right, and X5's did give some economic advantage similar to asics. That means that up until now RX worked. Your position is tantamount to "life is meaningless, just give up". A defeatest Bitcoin maxi attitude is not surprising as your entire future value prop relies on the total collapse of modern civilization.
Its an arms race Bitcoin gave up on, but the Monero community is passionate about. Along with default privacy It's a very Cypherpunk ethos.
