It really helped shine a light on how LN has become the open payment protocol.
Note: I'm re-exploring such dynamics for the first time in 7 years.
Here's the distinction I'm thinking: Investors hold power because they can put their money where their mouth is. They can sell bitcoin if they don't like the direction. They can express intentions for a fork through futures like in 2017 with Bitfinex s2x futures. But investors aren't economic nodes because they aren't receiving bitcoin on a daily basis.
Economic nodes hold power because they're constantly receiving bitcoin and validating the rules. If economic nodes reject blocks mined by miners that is significant. Or, if they don't enforce new soft forked rules for transactions that miners are mining, that creates a precarious situation for anyone locking up funds in such scripts.
Thoughts?
I made a silly typo in this note. Please refer to this one 😉 https://primal.net/e/note1an99hwm4lgpesgmvl0jn7zf55z2tamyq8vg758rgy2h4l6ydrkkseejy4g
Bitcoin governance is fascinating. There are 4 main actors each with unique powers: miners, developers, investors, and economic nodes. For now, economic nodes are largely exchanges although this will grow in the future as payments take off (merchants, e-cash mints, LN routers).
Lightning Network has product-market fit as the open payment protocol
Lightning Network has product-market fit as the open monetary protocol
"I like what Steve said, the Team Slow & Steady. Very conservative. Slow & steady development. And iterate over time." - Odell https://www.youtube.com/watch?v=tKX6d2nPSkE&t=690s
h/t to AJ Towns for his thought leadership here https://www.erisian.com.au/wordpress/2024/04/20/team-slow-and-steady
nostr:npub1ug8c5wp6chs4xessrstq3mj0x0agkttey5xwk26632a2gw22de7qkfd9ry which version of Primal iOS are you using?
1.6.7
nostr:npub12vkcxr0luzwp8e673v29eqjhrr7p9vqq8asav85swaepclllj09sylpugg on iPhone. I see it double posted too. Maybe user error but I don't think so.
I'm curious if you learned more? Is there anything published?
I recommend AJ's framing of slow and steady
nostr:note1f4wdr579ynjp6llme9rw58ryn0gntrzkr4nhetks8pdzmnn0rk5qm9023v
🔥
nostr:note1nr6e6ul7l6kjhx6z3awpst29hsg5j3vdn3rkfvrgaltdvc6fy09sfeycfh
Jack answers "“Why the hell are you all spending so much time on bitcoin?”" in Block's shareholder letter.
https://s29.q4cdn.com/628966176/files/doc_financials/2024/q1/Shareholder-Letter_1Q24_Block.pdf
Are you using the lightning-liquidity crate or equivalent to offer mobile wallets functionality they need? If not then you're just proving Matt's point.
If things haven't changed from a year ago then I don't think it is a practical solution as it doesn't scale and is a massive regulatory target. I do think it has several innovative technical concepts that are interesting. I've heard there are improvements to liquidity requirements though which I hope is true and would love to learn more.
who is going to https://btcplusplus.dev ? made the last minute decision to get further ark and txhash-pilled
Looking forward to hearing if the unscalable liquidity requirements have been solved
New 3nm bitcoin mining chip incoming. Let's shake up the mining industry and give Bitmain some competition! https://www.mining.build/latest-updates-3nm-system/