In Fediment, the mitigation is that the guardians are a set of designated known community leaders.
It seems that Sybil attacks would be more of a risk in anonymous federations.
Yes, I’m hearing the same. Been working on this… not sure if I have the wording right yet. Thoughts? 
Is Fedimint not a scaling solution?
I think it’s what separates the developers from the engineers. The engineers understand risk trade offs. The devs do their testing in production.
The blocksize needs to stay small. It was increased to ~4 MB and already the chain is becoming difficult to sync for small nodes. Everything has trade offs but the highest priority should be that anyone can run a node. This gives the chain the greatest potential defense against nation states.
It seems that devs are frustrated that our only layers are custodial. Even lightning is mostly custodial.
So, to “fix” this, we need a new technology that will potentially enable new unknown solutions in the hope that something will magically solve the problem. They don’t know how it can be abused but they don’t care because they’re distracted by the hopium.
Their hearts are in the right place, but this design philosophy is inappropriate and dangerous.
They need to follow Satoshi’s example. Keep the system simple and safe. Think long term. nostr:note1l04gqlgz906ls840gzf4le9lka952k87ze39mzpxc5mqawn9hptsj24z9a
Lightning is custodial too, isn’t it. No, really, think about it. What percentage of lightning usage is self-custodial? Weren’t you doing Mutiny? Does self-custodial lightning actually work for plebs?
You want to include a technology that you don’t know the limits of. If you do, please explain the limitations. Explain why it can’t be abused. Don’t you think this is something we should know?
Why do you claim to know why Satoshi removed it? What were his reasons?
Lightning is the only layer?
Umm…
1) Liquid
2) Fediment
3) Ark, and all the other R&D underway.
As an engineer, do you think it’s a good idea to enable powerful technology IN THE BASE CHAIN that has few known limits so essentially nobody knows how it could be abused?
It’s not about shitcoins.
How do you know why OP_CAT was removed?
As an engineer, do you think it’s a good idea to enable powerful technology IN THE BASE CHAIN that has few known limits so essentially nobody knows how it could be abused?
Satoshi’s design philosophy was clearly to limit functionality to keep the system simple and safe. He made the system robust by deliberately removing codes that might increase the attack surface of the network.
It’s not appropriate to apply start up thinking - move fast and break things - to the core system protecting the world’s money and our hope for the future.
If you’re wrong, and it somehow disrupts the underlying incentives that underpin everything … how easy is it to undo it? We can’t, can we?
How I see it:
+ Devs are humans. Even the smartest among us are not omniscient and make mistakes (eg witness discount).
+ All code has bugs. Even if the code is technically bug free, it can still change the complex incentives that make the network work.
+ We don’t have a scaling problem yet. When we do have one in the future, we should allow the pain of it to motivate innovation on upper layers so that we can avoid any unnecessary changes to the base protocol.
+ We should only allow changes to the base protocol that safely fix an existential problem that we know cannot be fixed in any other way.
+ The Bitcoin network is for many, many future generations. We need to think long term and not rush out changes to the core protocol. A decade or two to consider options is a blink of an eye in the life of the network.
My theory is that many people are sensitive to herbicides, pesticides, and mycotoxins on the plant-based food supply. One of my family (a nutritionist) just did a toxin test and we were shocked at how high some of the toxins were. This person eats a mostly organic omnivore diet.
You’re a neighbor if you send over food when someone is sick, help others when they need something, and watch over your community.
You’re a socialist if you feel entitled to your neighbor’s property and send over armed individuals to take it on threat of violence. nostr:note1v96k68cupsrzu3vf7c9jgwnf429st3c60kl6zqyhdjz8y42988tsqalfvz
This is new tech that I’m incredibly bullish on. For context, watch in conjunction with this video on bitcoin adoption in Peru.
Basically, the idea behind Fedi is to create a privacy respecting app and cloud platform managed within a local community.
The two apps launching now are bitcoin banking and chat.
Sign up is simple as nobody needs to manage private keys because this is done by a few trusted leaders in the community. Those leaders cannot see anyone’s data or transactions but they can restore your access to your full account if you lose your phone.
One of the biggest issues with bitcoin today is making sure nontechnical people don’t lose their keys. This solves that and creates a private cloud platform for all your data too.
Won’t be surprised if they reach a billion users faster than any other platform. The go-to-market strategy is 🤯. nostr:note16psww6zn6vf5svrscazmfv0c3mzp3kpd5yscu9h7jmcuesx0n4zq0t8q7s
Enjoyed the listen, but huge missed opportunity to dive into the core controversy nostr:note1vf5aq4xgf8ed4tgwgsgy8u2yrgvm8nj638tdzzz3jevy72pgc2eq2ssuwu
⁉️ nostr:note1sm7jl5qqtpwt6ujxwpu4txn3dl4sqkeh4mcuxnhyuzscw4scj56qqh7ues
High level, my sense is that there really isn’t a global economy anymore. The entire system is just corporations dependent on liquidity injections from their government. Small businesses are dying. Middle class is disappearing. Job growth is with large corporations and government. This is the heart of the dysfunction.
Luke Gromen uses a metaphor of liquidity being like a switch. They can either flip the switch on or off. They don’t have a dial to make smooth adjustments. They flick it off (as Japan just did) and the system crashes. They flick it on, and asset prices rise, causing inflation and resulting income inequality and social ills.
Every time they flick it on and off, the volatility gets worse and fragility increases. It’s like a car without brakes bouncing back and forth on a mountain road accelerating faster and faster. Eventually it will break through the guardrail and fly off the cliff. When they fly off the cliff, each country can choose either to kill their currency through inflation (fire) or kill their bonds through deflation (ice). They must choose to kill one. They always choose inflation because it’s politically easier. Japan has now reached this point. They just realized that they can no longer turn the switch off.
The US hasn’t reached this point yet, but it’s getting close. We’ll know they’ve reached it when they too can no longer raise rates or turn the switch off. In my view, the USA isn’t totally a lost cause yet, but the opportunity to recover is fast disappearing. In the US, the switch is off right now. A crisis is coming. Then they’ll flick the switch back on. It’s not clear how many remaining times they can flick the switch.
The US could solve its problems by:
- massive deregulation (cut all the unconstitutional departments), return to a republic (state powers)
- eliminate the income tax
- no more wars or empire building
- massive buildout of energy (carbon and nuclear)
- evict illegals and only allow meritorious immigration
- bitcoin reserve and banking
Theoretically possible, yes. Likely?
Bitcoin is fueled by global liquidity. As each country breaks (like Japan just did) leaving their switch permanently on and going “inflationary”, bitcoin will accelerate. Obviously won’t be straight up, but the path seems inevitable.
BOJ is trapped. They can no longer raise interest rates.
Free money forever 🚀
Yep, we’re definitely in WWIII. The only question is whether it will stay confined to Ukraine and the Middle East or expand the hot zones to North America and Asia too.
Yep, all-out war becomes more likely as domestic problems increase. Need an external boogieman to unite citizens and inflate away debt.