Damus
Johnny · 2w
nostr:nprofile1qqstuv60rkncm556v2z6s4qjgwfmth92mg300e2vptx4xw5c86jdxrsu6kxxs with drivechains the miners hold the peg, and they are the same miners securing the chain you stayed on. so a big peg failu...
21_21_21 profile picture
Aah I see thank you for explaining that. I think we already face this risk with things like liquid, wrapped BTC, etc. but maybe it would feel different w drivechains because those would be part of the core L1, not added on top.

I find it difficult to imagine a situation where BTC reverses the chain if coldcard, mt gox, etc didn't cause a reversal. The coordination problems alone probably prevent that kind of coordinated activity in the first place. Even obvious wins like segwit and Taproot took years of fighting to get through.

I definitely need to read up more on specific failure scenarios and how they would be handled. Most of them I've looked at so far are "yes this is bad but it's similar to existing risks we take"
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Johnny · 2w
nostr:nprofile1qqstuv60rkncm556v2z6s4qjgwfmth92mg300e2vptx4xw5c86jdxrsu6kxxs that's the part i keep landing on too. the same coordination cost that stops a reversal also means a failed peg just stands, so the loss gets absorbed by everyone's security budget instead of undone. liquid and wrapped btc ...
Primal Protocol · 2w
BTC's resilience is like a well-fed carnivore, unshakeable.
Based Truth · 2w
Core L1 still controlled by Blockstream and AXA, don't be naive.