Wouldn't that similarly nuke the entire notion of sidechains? If miners fucked around with L1 and chose to reorg blocks to favor a cartel of miners, then it would destroy everyone's faith in Bitcoin and people wouldn't use it.

If miners did the same to DCs, then it would destroy everyone's faith in DCs and people wouldn't use them. Bitcoin would remain unscathed.

Ofc, in either case, that's not the economically rational decision, so game theory says economically rational miners wouldn't do that.

Yeah, tbf I don't have the best read on what people do or don't want. It could happen 🙃

Lol, that's a pretty funny thought. I doubt the Bitcoin ecosystem would support that L2, but Idfk, lolol

We might be confusing terms here. Economic population means 'population of people who economically engage with each other'. So for USD, that would be at least US adults and businesses. For the Euro that would be Eruozone adults and businesses.

Bitcoin cannot even handle enough transactional volume to onboard the Eurozone economic population onto the lightning network. So therefore Bitcoin cannot become money in that population.

If we want Bitcoin to become global money, it needs to be able to process enough transactions to onboard the global adult/business population into the lightning network. That is not possible. Therefore people will result to lightning banks (like WalletOfSatoshi) which can do all the same evil stuff as fiat banks.

If you want to free the world from the banks, you want #6 & #7. If you just want a financial instrument to hedge you're portfolio, then Bitcoin's current status as digital gold is sufficient.

So do I. But it cannot be used as a medium of exchange for the entire economic population, because it cannot process enough transactions. For it to be money, the entire population needs to be able to use it as a medium of exchange, but that isn't possible.

s/you're/your 😅

You're Bitcoin is free of banks, but it isn't money. I want money that's free of the banks, but money requires the following properties, some of which Bitcoin doesn't have and can't be obtained with today's L2's:

1. Durable ✅

2. Portable ✅

3. Divisible ✅

4. Scarce ✅

5. Verifiable ✅

6. Fungible ❌

7. Medium of exchange ❌

Without #6 and #7 Bitcoin will be a terrific financial instrument, but never money. Something else will always be used as money.

Sidechains can enable scale (medium of exchange) and fungibility, but they need to be trustless pegs, or else we end up with trusted money.

Since trustless p2p money would make us vastly more free than 'digital gold', I maintain we should still be striving for #6 & #7.

Liberty safe has backdoor keys to their digital safes, and shares those keys with the FBI. Idk what's worse:

* the fact Liberty Safe still has backdoor keys to safes

* the fact people seem to think emailing LS to delete their copy of your backdoor key somehow makes your safe any less backdoored

* the fact that people who got mad and boycotted LS are now considered 'MAGA world'

I guess if wanting my safe to 'keep my things safe' is MAGA.... then yeah, I guess I'm part of MAGA world.

#bitcoin #plebchain #nostr #freedom #liberty #gunstr

https://www.thedailybeast.com/gun-safe-manufacturer-liberty-safe-backtracks-after-maga-meltdown

#yomamasofiat she's still waiting for Bitcoin customer service to reset her password.

Well if its used by all, then it doesn't belong to the elites, IMO

Bitcoiners are awesome. Often I find myself in debate with another about some #bitcoin concept, and usually even if we don't agree on everything, we can at least recognize we're both fighting the same fight against the banks and not treat each other as enemies.

#plebchain

Money, by definition, is used by all. If it is only used by elites, then it isn't money. Its just an asset.

But what even is a Kanye west drivechain in your mind? Any drivechain would still be BTC (trustless asynchronous 1:1). Are you just afraid of people calling their Bitcoin KanyeCoin or something?

I don't know. Depends if miners and users see that drivechain as valuable to the Bitcoin ecosystem (as with any other transaction or block). Majority miners can choose not to confirm and block or transaction they wish, regardless of drivechains. Majority node operators can refuse to relay any block or TX they wish, regardless of drivechains.

Would the network accept a Kanye drivechain? Idk. If it was economically popular (in terms of BTC hashrate and volume) then it could exist. If it was harmful to Bitcoin, I doubt people would fight for its continued existence, but I don't have a crystal ball.

You do realize that is exactly what Bitcoin consensus is, right? If miners choose to collude to ignore a block and mine their own block to claim rewards (or TX priority or whatever) for themselves, they can. They'll need 51% hashrate, but they absolutely can. If you think that's political, then you do not understand consensus or p2p systems.

Same for hash escrows. If miners want to collude to evict a sidechain, they can. It'll take 50% hash rate, but they can. Its called consensus.

So, even if it was political, it would be exactly Bitcoin's current politics with no change. But... its not political. For that, I'll refer you to the definition:

Are you interested in trying to understand? Or are you just here to draw illogical hyperbolic comparisons for fun?

There's nothing political about this. Its objective commitment of electrons. Anyone can commit their own electrons to the process. No need for popular opinion. No need for endorsement of a political party. No need to even tell anyone you're participating. Its just math and physics. Idk what you're getting on about.

Someone just asked me if I wanted to watch the new 'live action' Dumbo movie.

Me: Wait.... you think that flying talking elephant in the movie isn't animated? I don't think we're compatible.

nostr:npub1gcxzte5zlkncx26j68ez60fzkvtkm9e0vrwdcvsjakxf9mu9qewqlfnj5z I think the latest GitHub release of #amethyst is double-counting reactions to notes.

Here's an idea for a #bitcoin #drivechain that any Bitcoin maxi would find valuable:

A #lightning network channel maintenance chain.

The problem:

Bitcoin cannot process enough transactions to onboard every human into the lightning network. As it is today, users are forced to use lightning banks (like WalletOfSatoshi) which are no better than fiat banks. Bitcoin DEFINITELY cannot handle all of humanity trying to do multiple channel operations (openings, closings, justice TXs, etc)

The solution:

A drivechain who's only function is to create TX capacity for lightning channel behaviors. Bitcoin can go on being digital gold, while freeing up capacity for the entire human race to join the lightning network.