Damus

Recent Notes

mordaunt profile picture
If Bitcoin was widely adopted as global currency used to denominate the world, it would rapidly "stabilize" (in the sense of purchasing power volatility).

Things would just get consistently cheaper, in the same way that things get consistently more expensive under the dollar.

#Bitcoin
mordaunt profile picture
The reason we rely on trust is for efficiency. Assumptions are cheaper than proofs. Robustness is often traded for efficiency.

This is a delicate dance because we want things to be perfect: cheap, good and fast, yet physics only permits us to pick two of those properties.

We can't verify everything, and trying to do so is rather costly. However, accruing too much trust can be devastating. A ticking time bomb.

Even in a "trustless" system like Bitcoin, for the sake of efficiency, trust has accrued in several choke-points and created fragility.

Trust bottle-necked at cold storage companies. The fragility was catastrophically realised.

Trust bottle-necked at node developers. The fragility was catastrophically realised.

Trust bottle-necked at mining pools. The fragility was catastrophically realised.

The seductive (and necessary) efficiencies of trust is why we are susceptible to lies and deception in the first place. It's easier to just believe someone based on heuristic and intuition than to verify each claim.

Eliminating trust is resource intensive, but totally necessary for sound money.

#Bitcoin #Philosophy #Trust
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kidwarp · 2w
I mean all cryptocurrencies have their pros and cons… Use the right tool for the job and get the job done right is all that really matters…
Libertas Primordium · 2w
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kidwarp · 2w
Yes you can audit the supply… I’m not sure why everyone thinks you can’t…
Digibyte & DigiDollar · 2w
Monero is a solid project. I support those guys. But i'm no maxi. I wish people would at least research what DigiByte has been doing. #DigiDollar #DGB
Johnny · 2w
nostr:nprofile1qqs2lhcnlp8ueyaeecegnee7l52q60z69xn67swmqywt3r0qlqec9xqcsp50u where does that land when the filtering ships on by default? the choice stays voluntary on paper, and almost nobody ever op...
mordaunt profile picture
Default settings are powerful, no doubt.

But we have the option to fork at the social level and the protocol level, and the network is wrestling with that right now.

In my view, this is why we need to fracture a bit. Too much concentrated decision making on a small group of "core" developers. Power accrued to them in an unhealthy way.
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Johnny · 2w
nostr:nprofile1qqs2lhcnlp8ueyaeecegnee7l52q60z69xn67swmqywt3r0qlqec9xqcsp50u the part i keep coming back to is that node operators already have the choice and almost nobody uses it. that gap decides more than who writes the code.
mordaunt profile picture
Censorship requires coercion. Everything else is just preference.

An individual blocking, muting or filtering is an enforcing their property rights.

A power group using coercion to unilaterally block, mute or filter is a violation of property rights.

The mere act of saying "I don't want to see this" is not coercive, and thus not censorship.

Now, for Bitcoin, if a network of people voluntarily decide to block, mute or filter (at the mempool, or consensus - it doesn't matter) that is also just an enforcement of property rights at a group level.

No coercion involved, just an amalgam of individuals enforcing their property rights.

#Bitcoin #Censorship #Philosophy
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Account deleted · 2w
Voluntary filtering by individuals is just preference, but when protocol-level miners coordinate to exclude transactions, the line gets blurry for those relying on the network's neutrality. 🤍 Quietly sharing our family updates from Gaza on my pinned note if you ever want to check.
Johnny · 2w
nostr:nprofile1qqs2lhcnlp8ueyaeecegnee7l52q60z69xn67swmqywt3r0qlqec9xqcsp50u where does that land when the filtering ships on by default? the choice stays voluntary on paper, and almost nobody ever opens the settings.
mordaunt profile picture
Bip110 is derided unjustly.

The argument is solid, the counters weak.

It failed in a sense, sure. So what, now it's time to laugh at it and dismiss the argument? Pathetic. Childish. Corrupt.

It had broad node support, actually. It captured the spirit and preferences of a large minority of Bitcoiners.

If Bip110 had more hashrate, today might look different. However, its proponents thought the network _should_ respect raw node count. That is not the case.

Lesson learned: mining is too centralized. Bitcoin must reckon with this reality in way or another.

Tick tock, next block.

#Bitcoin #Bip110
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weev · 46w
People say the same thing about Linus, but the core people have guided Bitcoin to this point just as Linus has remained the benevolent dictator of Linux. “Social consensus” is basically you saying...
mordaunt profile picture
> “Social consensus” is basically you saying that code decisions should be made based on the number of people on subreddits you can get agreeing with you. This is not how sane development processes work.

I'm not advocating this. Yes, that is absurd.

People have their entire life savings in this tech. Core acts with callous indifference, and outright mockery. That is a problem for a cornerstone project.

They do indeed owe it to the Bitcoin community to thoroughly, and repeated explain themselves. Who do they work for? What's the point of being a Core dev if you don't give a fuck about the community, education and consensus.

The larger Bitcoin gets, the more people depend on it, the slower development must become - and the amount of time spent on education must rise to match the audience. You no longer just move fast and add features or change things without thoroughly explaining yourself.

> They relentlessly said this shit for years to demand Core people implement suicidal policies that would have destroyed the decentralized nature of #Bitcoin

I'm sure they were asking for features instead of ossification. Not comparable, as now it is Core *pushing* changes.

Not only changing the data carrier limit, also changing what it means and ALSO deprecating the option to remove the choice from the node runner.

Completely violating the spirit of Bitcoin: individual sovereignty.

> Eventually they tired of it and adopted the current and correct attitude towards people who think they know better.

"lalala, I'm running v30, haha, fuck you peasant!"

Is not the correct attitude. It never will be. If you take that attitude it shows you cannot even empathize with the very community you signed up to serve.
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mordaunt profile picture
The Core people are astoundingly unserious.

Mockery and disdain toward the plebs from their ivory tower.

No professionalism. No sober educating of the masses to achieve social consensus. No patience.

Lots of ridicule and sadistic pleasure as they openly tout running v30. The vibe is “fuck you, haha!”

Is it just me?

Bitcoin is too serious to allow this attitude at the helm.

It’s honestly surreal. Clowns, clowns everywhere.

#bitcoin #core #knots
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Comte de Sats Germain · 46w
Yeah. I mean No, it's not just you.
Jim Smij · 46w
they want to #exploit the #bloat. ask any of them why they want bloat, if not to exploit it for their own gain. I keep asking, they don't respond. #never30
Wizdumb · 46w
Yeah, they’re a douche brigade. Totally asinine.
weev · 46w
People say the same thing about Linus, but the core people have guided Bitcoin to this point just as Linus has remained the benevolent dictator of Linux. “Social consensus” is basically you saying that code decisions should be made based on the number of people on subreddits you can get agreeing...
Russo · 46w
I would go a little more down the rabbit hole, its not only core, its bitcoin maximalism culture that create the conditions to get to the point of no consensus.
Junghwan · 46w
Core smells really bad now time to change
BTC Your Mind · 42w
déjà vu... https://blossom.primal.net/aaa2a5fc1c7bb75c6354ae02eeb4a8614eb368391d52e4f2d2172c22c1c8e9eb.jpg
Luckesch · 42w
Ok but trusting one guy (knots)?
nostrich · 42w
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nostrich · 42w
nostr:nevent1qqsf8djkj2nrdjk34fmmvyg0wh0mhezv003xqdj7jz2s9w400zn5d9cppemhxue69uhkummn9ekx7mp0qyg8wumn8ghj7mn0wd68ytnddakj7qgcwaehxw309aex2mrp0yhxvmm4de6xz6tw9enx6tca9kgdx
nostrich · 42w
nostr:nevent1qqsdhs8k6n3jnrg5fsz82dvfv2qjjxy8gvx55c6vtlhpurhwk80n3pqppemhxue69uhkummn9ekx7mp0qyg8wumn8ghj7mn0wd68ytnddakj7qgkwaehxw309aex2mrp0yhxummnw3ezumn9wshsc9dagg
Libertas Primordium · 2w
It's a small club and you're not in it. The counter movement is to follow a crazy person. I'm over here swapping BTC for XMR instead. So long, Bitcoin. It was fun while it lasted.
mordaunt profile picture
Fantastic.

I would add that fiat is actually the wrong term.

The free market *might* have room for an inflationary money, which wouldn’t be considered fiat.

What makes for fiat is the coercion underlying it.

You could technically have Bitcoin by fiat - nation state demands that commerce accepts it and taxes are paid in it.

We conflate fiat with inflation because they have always gone hand-in-hand.

The idea that power would voluntarily resist the urge to print (to arb the Cantillon effect) is both theoretically unlikely and empirically never happened.

#bitcoin #money #fiat #freemarket #philosophy