@VarMur
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Knots vs Core is an example of Bitcoin anti fragility in action. It’s an example of the cyber hornets rising and buzzing in defence of the network. It looks chaotic and unstructured, but is a manifestation of the inherent resilience of #Bitcoin.
One reason the debate is polarised is that the underlying problem may not be recognised. The only reason to have a mempool is not just fee estimation, it is also to construct block templates for mining. Since such template production is, in practice, centralised enough that we can successfully submit transactions directly to large pools, the real solution to this issue may be linked to the efforts to decentralise the majority of block template production - like what Ocean and others are doing.
The actual problem or solution isn’t clear to me, but we’ll get there, eventually.
One reason the debate is polarised is that the underlying problem may not be recognised. The only reason to have a mempool is not just fee estimation, it is also to construct block templates for mining. Since such template production is, in practice, centralised enough that we can successfully submit transactions directly to large pools, the real solution to this issue may be linked to the efforts to decentralise the majority of block template production - like what Ocean and others are doing.
The actual problem or solution isn’t clear to me, but we’ll get there, eventually.
Absolutely loved this. Do read OTSS when you get a chance, like all of Allen’s pieces it is comprehensive, deep, and clear - it was my introduction to him back when it was published - and clarified a lot of my suspicions and steered me away forever cryptos and the DeFi LARP. I’ve been following everything he writes since then.
Thanks, Efrat. Keep the awesome podcasts coming!
Thanks, Efrat. Keep the awesome podcasts coming!
Yeah, I hear you. I really do.
But. Recapitalising the world with Bitcoin is value creation. I love to see individuals adopting Bitcoin, and they are the most numerous and quite a powerful group - but all adoption is good adoption, and I want to see the corporate world become bitcoiners as well. And eventually, governments of every size.
The peer to peer is scale invariant - individuals are peers, corporations are peers, and governments are peers, among each other. Peers of every scale acting in their self interest is one of the pillars of Bitcoin’s resilience.
The prefs of Strategy, which strip excess return and volatility in exchange for yield stability, are creating value, both for their investors, and for Bitcoin itself. There’s a lot of demand for outpacing or minimising fiat inflation without undue risk - bonds of every duration have hundreds of trillions in them because of this. Satisfying this demand in a new and ethically sound way, with bitcoin as the base collateral, is valuable. Worthy goal, imo. Far from icky.
But. Recapitalising the world with Bitcoin is value creation. I love to see individuals adopting Bitcoin, and they are the most numerous and quite a powerful group - but all adoption is good adoption, and I want to see the corporate world become bitcoiners as well. And eventually, governments of every size.
The peer to peer is scale invariant - individuals are peers, corporations are peers, and governments are peers, among each other. Peers of every scale acting in their self interest is one of the pillars of Bitcoin’s resilience.
The prefs of Strategy, which strip excess return and volatility in exchange for yield stability, are creating value, both for their investors, and for Bitcoin itself. There’s a lot of demand for outpacing or minimising fiat inflation without undue risk - bonds of every duration have hundreds of trillions in them because of this. Satisfying this demand in a new and ethically sound way, with bitcoin as the base collateral, is valuable. Worthy goal, imo. Far from icky.
Nobody is actually against Bitcoin having spam filters. Fees are just another filter, not fundamentally any different from any other filter. Even Core is adding _new_ filters: TRUC and ephemeral dust ...
I don’t know which side is correct in this, arguments from you and sipa both make sense to me.
What I do know is that I’m very grateful for your expertise, morality, perseverance, and all the amazing work you do, for Bitcoin and humanity.
So, THANK YOU 🙏 Luke, from the bottom of my heart.
What I do know is that I’m very grateful for your expertise, morality, perseverance, and all the amazing work you do, for Bitcoin and humanity.
So, THANK YOU 🙏 Luke, from the bottom of my heart.
Genuine question:
Why worry about spam on Bitcoin when natural incentives will eliminate it eventually?
Spam is any information in the chain that isn’t monetary. Since bitcoin dematerialises money to information, there is no way to stop arbitrary information on chain.
Relying on “good” behaviour isn’t what bitcoin is about, it’s about relying on “self-interested” behaviour. If illegal information on chain could stop bitcoin, it never could work anyway.
I’m glad that this is the biggest thing we’re quibbling about. I’m also glad that Knots is gaining so much traction, it shows us that Core doesn’t have any power. Bullish.
Relying on “good” behaviour isn’t what bitcoin is about, it’s about relying on “self-interested” behaviour. If illegal information on chain could stop bitcoin, it never could work anyway.
I’m glad that this is the biggest thing we’re quibbling about. I’m also glad that Knots is gaining so much traction, it shows us that Core doesn’t have any power. Bullish.
❤️1
Honestly, I’ve lost faith in management of most of these. They are either inexperienced, in it for the opportunity (not really BTC focused or maxi), or both.
It won’t end well, think they will sl...
Cheers 🍻 to that.
#Bitcoin held in self custody is the undisputed GOAT, and has properties that aren’t even tangentially approached by all of the etf’s or BTCTC’s, and never will.
#Bitcoin held in self custody is the undisputed GOAT, and has properties that aren’t even tangentially approached by all of the etf’s or BTCTC’s, and never will.