nO oNe HaS a SaRcAsM fOnT
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Interest rates will mostly disappear under a bitcoin standard. The world will switch from a debt based fiat system to an equity based hard money system.
Debt doesn’t work “at scale” because interest requires new money to be created.
Also, most people won’t lend their bitcoin for a fixed payment and risk the borrower’s bankruptcy.
The only reason to invest your bitcoin will be to own other hard assets or a share of a bitcoin business.
ChatGPT 4 seems pretty good for an overview of drive chains.
You can also ask specific questions and then double check the answers with the community.
It gave me a really good list of pros and cons and I also got it to rank and score the pros and cons. It even told me the cons outweighed the pros. 😀
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BIP (Bitcoin Improvement Proposal) 300 and BIP 301 are two related proposals introduced by Paul Sztorc in the context of Bitcoin development. They revolve around the idea of "Drivechain", which is a method to allow sidechains to be interoperated with the main Bitcoin blockchain. Here's a brief overview of each:
1. **BIP 300**: This proposal introduces the idea of "Blind Merged Mining" (BMM). BMM is a mechanism that allows Bitcoin miners to mine sidechain blocks (from different blockchain networks) without knowing the exact rules of that sidechain. The miner's reward is dependent on the main Bitcoin chain, which in turn, is influenced by the sidechain's users.
2. **BIP 301**: This BIP complements BIP 300 by introducing the specifics of the reward and punishment mechanisms for Blind Merged Mining. Essentially, it details how the incentives would work for miners to honestly follow the sidechain rules, even when they don't understand or are blind to them.
The main goal of these BIPs and the Drivechain concept is to extend Bitcoin's capabilities without altering its main protocol. By allowing sidechains, developers can experiment with new features, rules, and ideas, without compromising the security or decentralization of the primary Bitcoin network. However, as of my last training data in September 2021, Bitcoin had not implemented Drivechain or these BIPs.
Miners just have the power to include a transaction or not. They don’t currently have the power to validate transactions, which is the power given to nodes. We shouldn’t expand the power of miners.
BIP 300 / 301 would give miners the power to hold the network hostage by giving them control over funds and drivechains. They could potentially force through L1 software updates that benefit them or centralize power further.
Liquid isn’t bitcoin and I don’t care what they do. They are not the base chain.
And yes, in fact, I am a King of Bitcoin 👑. I control my node and there is nothing anyone can do about it. I’m unwilling to share my power with miners and I’m sharing this perspective with all the other Kings and Queens of bitcoin.
Everything you want to do with drivechains you can do with a federation. No need to risk the L1 network with this experiment.
Interesting to watch the thesis of The Sovereign Individual come true…
First: centralization of power
The proposal gives power to miners that they don’t currently have. Miners have a tendency to centralize. Giving them additional power could, for example, risk that centralized entities might gain control over the bitcoin network.
Second: risk of chaos
What happens if miners drop support for a previously operating drivechain? What happens if miners steal funds or act maliciously? The probability of these events might be low, but the risk of chaos if they occur seems high.
I’m operating from the principle: “First, do no harm.” It doesn’t matter to me what the potential benefits are if there are material risks.
Boom. My new book, Broken Money, is now available on Amazon:
https://www.amazon.com/dp/B0CG83QBJ6
I will formally announce it later today, so I guess this is the initial Nostr exclusive. It’s not even searchable on Amazon yet since it is still being incorporated into their wider database. But if you have that link, it is ready for purchase.
The ebook, audiobook, and other print distribution partners will be rolled out over time.
Thank you everyone for your support! This has been a wonderful project to work on, and it will hopefully educate more people about the current problems in the global monetary system and the solutions that Bitcoin has to offer people around the world.
🎉🥳
Excited for the audiobook! 🧡
And the shadowbans of nostr:npub1ezw0xm0w52rd4yfdg9zlw9qvwdy46alzelklkefptrd203m37tuq4djmeg and others? Banning a spammer is fine but thats not the concern here.
The problem seems to be the bug that he can trend on Primal at will. Don’t think the problem is the person who found the bug.
We should keep in mind that we’re building decentralized software here.
The drivechain proposal is a hack. It’s complicated and inelegant.
I agree that there seem to be no advantages to drivechains versus just creating federated side chains.
The risk to L1 far outweighs the benefits.
Illuminating. All the stuff we intuitively know, with more details.
https://twitter.com/TuckerCarlson/status/1693761723230990509#m
Agreed. Now I return to keto whenever I feel my metabolism become “less flexible”. When I feel the return of hunger pangs, I know I’ve recently overindulged. Normally I can go for a long while without feeling too hungry.
Just saw this article. SBF is fat and needs meds probably because he’s vegan. What are the chances he does a Bezos transformation and emerges fit and healthy from jail? 🤔😀
There seems to be an effort to revive mask and other covid mandates.
If you comply, they will be emboldened and remove more of your freedoms.
Going keto was a two week adjustment for me. First week was the worst. Worth it in the end. Stay with it!