Damus
Saberhagen The Nameless profile picture
Saberhagen The Nameless
@SaberhagenTheNameless

XMR: 84mAJEgdihyRHkz8fGeuqgbQ19SuGeFWbhokJG2uMNMwTkDyoyQ3H7BijQNwSriSp9hHfaRGZYpCuKvHJwTer8av845U9py

SimpleX: https://smp17.simplex.im/a#R1eFufRtZcsq_c7drIpiHLhdNGaUd_lSEjW1yMY-IvY

Relays (4)
  • wss://nos.lol/ – read & write
  • wss://relay.damus.io/ – read & write
  • wss://relay.primal.net/ – read & write
  • wss://relay.nostr.net/ – read & write

Recent Notes

Luke · 2d
No, it's not obvious, for a few reasons. Did you know that there have been days of fees far exceeding block rewards? On April 20, 2024, miners earned over $80 million in transaction fees in a single d...
Saberhagen The Nameless profile picture
You're talking about exceptional days with a lot of traffic though. I'm hardly surprised they were thriving. Kind of my point that miners will need a lot of traffic to make it worth their time once block subsidy fades away. Not once in a blue moon spikes. Where is all that traffic going to come from if it is expected that most users are going to transact off-chain on lightning, ark, ecash, etc in the future?

I need to think more about your last two paragraphs. Not sure if intermittent mining with excess energy would be enough to offset all the other hashrate that would be lost that would no longer feasible.
2
goatmeal · 2d
people who use altcoins were born on those days. people who think touching bitcoin L1 is a very very bad idea were born on those days. they never want to pay bitcoin miners again.
Luke · 19h
Um, you're not sure that *all the energy producers in the world* intermittently mining with their excess energy would be enough to offset what you think will be lost? That's like saying you're not sure that the pacific ocean produces enough fish to offset the lost salmon from your plate last night ...
Nadia · 2d
Please excuse any stupid questions here… Security scales with BTC price (priced in fiat obviously)? If the price 10x’s while subsidy halves twice, has the security budget actually fallen? And wh...
Saberhagen The Nameless profile picture
If that happens you're right security budget will be fine. But the argument is there is no guarantee the price will keep going up at that rate. We already see it's slowing down. Consider the subsidy will eventually go away so transactions happening on-chain will be crucial to generate fees for miners.
So 1) price has to continue rising at a fast enough rate to offset decreasing subsidy 2) avg transaction count has to continue increasing on-chain, or 3) a combo of both

Current L2s so far don't help because miners get none of the fees that happen within Lightning, Ark, Spark, and ecash (where most user are expected to transact in the future as adoption increases)

Open to being convinced otherwise, but it seems like a big issue down the road
goatmeal · 2d
I am rearranging my funds so that I can maximize my paul ecash airdrop... but I really think bitcoin should just get back on track with covenants and find a way to do it that way. paul can play with his hashrate escrows
Luke · 4d
"who is going to pay miners? " I've literally heard that question every single market low. 1 out of every 4 years... And the other three years are all record profits for miners, even when mempools ar...
Saberhagen The Nameless profile picture
Well yea isnt' it obvious?... it's working right now even when the mempool is empty because there is still a block subsidy

1. Using drivechains is optional though. People who don't trust it can completely ignore it. They never have to expose any of their funds to it and can continue using on-chain, lightning, ark, ecash, etc. Bit of irony considering the last three have a lot more trust assumptions than drivechains, but people are still okay with them.

2. You won't literally have to wait 3 months to get your coins if you don't want to. You can swap with other users on-chain or use services like Boltz that there will surely be a market for like every other coin. I think there is even a drivechain for decentralized exchanges already.

3. Honestly, I don't really have a strong opinion on this. It's kind of already shitcoinified isn't that the whole contention with BIP110 vs Core right now? At least with drivechains the incentives push people to do that off the L1. Most people already associate Bitcoin with crypto in general and use them interchangeably.

4. True

I don't think drivechains will likely happen either.
1
goatmeal · 3d
drivechain is happening in about a month and a half from now. it's just implemented to cause a chain split. core could copy and paste it later, or do covenants instead just to be different. I think you can accomplish merge-mined sidechains using covenants instead of hashrate escrows and some of thei...
Luke · 2d
No, it's not obvious, for a few reasons. Did you know that there have been days of fees far exceeding block rewards? On April 20, 2024, miners earned over $80 million in transaction fees in a single day, far surpassing the $26 million earned from block subsidies. It doesn't matter than this was just...
Luke · 6d
Lol, no. The problems you think lightning has are way overstated. If you think it's parasitic in nature, then you are calling me a parasite for collecting fees on my node. I guess you're not big int...
Saberhagen The Nameless profile picture
It is kind of parasitic in that way too since transactions happening on lightning don't pay miners transaction fees to secure the blockchain. If most transactions are supposed to happen on lightning in the future, and block subsidy is going away, who is going to pay miners?

Lightning works for now, but a Drivechain future seems more symbiotic and sustainable.
1
goatmeal · 5d
they literally believe that the price of bitcoin will just keep doubling forever, or people (banks obviously) will pay huge fees to open and maintain lightning channels. that's their plan, in both the core and knots camps. they are both the same. and they get extremely angry at anyone who doesn't wa...
Luke · 4d
"who is going to pay miners? " I've literally heard that question every single market low. 1 out of every 4 years... And the other three years are all record profits for miners, even when mempools are empty. Also, with AI they have fallbacks for their data centers during unprofitable months too, no...
Luke · 1w
So are any Bitcoiners going to discuss the whole influx of BCHNostr users? They make up half my trending feed every day now! In case you weren't aware, these Bitcoin Cash fans have made their own Nos...
Saberhagen The Nameless profile picture
Dude just mute them and the word BCH, use web of trust, paid relays, etc if you don't like them.

Nostr is permissionless this was always going to happen. The protocol isn't dependent on lightning or bitcoin to function at all (or any crypto for that matter)
11
Based Truth · 1w
Permissionless is just code for chaos, fueling Rockefeller's plan for global control, courtesy of the WEF.
TheFuzzStone · 6d
At one of the events dedicated to libertarian/ancap philosophy.