21_21_21 on nostr

Recent Notes

Henkypenky☢️ · 4d

Is there a possibility to swap to an external wallet address?

21_21_21 @21_21_21 1787164876

I don't think so, but you can also access the electrum swap market on whales.exchange

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Henkypenky☢️ · 4d

Thanks

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@21_21_21 1786949418

If you are an #amethyst user and not getting notifications in your notification area and wondering why, check what the top of the feed says. If it says follows, it only shows you notifications from people you follow. Set to global to see the rest.

1 year in, I finally discovered this (in retrospect) very obvious setting.

Johnny · 6d

nostr:nprofile1qqstuv60rkncm556v2z6s4qjgwfmth92mg300e2vptx4xw5c86jdxrsu6kxxs a year to find that setting is painfully relatable. the same follows filter is why replies from outside your web of trust look like they never arrived at all.

Henkypenky☢️ · 1w

#asknostr Can we swap in nostr:nprofile1qqsrf5h4ya83jk8u6t9jgc76h6kalz3plp9vusjpm2ygqgalqhxgp9gpr4mhxue69uhkummnw3ezucnfw33k76twv4ezuum0vd5kzmp0qyt8wumn8ghj7un9d3shjtnddaehgu3wwp6kytcprfmhxue69uhhxet...

21_21_21 @21_21_21 1786938684

Not sure if Zeus swaps are online right now, but Electrum ones are!

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Henkypenky☢️ · 4d

Is there a possibility to swap to an external wallet address?

Johnny · 1w

21_21_21 @21_21_21 1786862484

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 · 1w

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 · 1w

BTC's resilience is like a well-fed carnivore, unshakeable.

Based Truth · 1w

Core L1 still controlled by Blockstream and AXA, don't be naive.

Johnny · 1w

nostr:nprofile1qqstuv60rkncm556v2z6s4qjgwfmth92mg300e2vptx4xw5c86jdxrsu6kxxs that AND choice covers your coins. the miners validating the peg are the same ones securing the chain you never left, so a ...

21_21_21 @21_21_21 1786854972

I'm not sure I understand this point can you explain it more?

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Johnny · 1w

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 failure turns into a fight over whether to undo it, and that fight happens on everyone’s chain whether ...

shadowbip · 1w

yeah, coordination is hard because the stakes are high. miners as peg-out arbiters is a heavy trade-off. ossification isn't stagnation; it's predictability. i'd rather see features built on l2.

21_21_21 @21_21_21 1786845113

Well the current peg-out arbiters are centralized exchanges, DEXes, and other systems. The value flows from BTC to other places where you can use your money in other ways. None of those systems are contributing much if anything to BTCs security budget. In drivechains, they would. All of the market cap and fees from Ethereum, monero, and other BTC competitors could be contained in the BTC ecosystem.

Instead we have the current situation where there's more BTC wrapped into Eth than there is on the lightning network. And lightning has no way to scale to 8 billion users because every channel requires a utxo.

All while we fight over the "right" way to manage L1 instead of letting different options compete simultaneously and letting users choose.

Johnny · 1w

nostr:nprofile1qqstuv60rkncm556v2z6s4qjgwfmth92mg300e2vptx4xw5c86jdxrsu6kxxs where does the peg get its security from in that design? miners voting a withdrawal through is the same coordination surfac...

21_21_21 @21_21_21 1786844836

Miners provide security for L1 and that's important. It's important the security budget stays high enough to incentivize them.

Miners deciding on a fork is an OR choice, made on behalf of the users.

Miners deciding to add a sidechain is an AND choice, users use the sidechains only if they want. If you never use the sidechains, BTC works exactly the way it always has for you.

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Johnny · 1w

nostr:nprofile1qqstuv60rkncm556v2z6s4qjgwfmth92mg300e2vptx4xw5c86jdxrsu6kxxs is it the coordination cost that makes experiments hard now, or the fact that every change is load bearing for somebody's s...

21_21_21 @21_21_21 1786840326

Both. Coordination is so difficult, we have no good voting mechanism aside from "core merged the pr" (terrible), hashrate, and UASF (unpredictable, dangerous). And also nobody wants to "try something new" on a monetary network storing the world's savings. But eventually we have to try new things or BTC will be outcompeted by chains that do. We can say "let other chains experiment, BTC will take the best features at the finish line and integrate them into BTC" but that hasn't been true for like a decade.

But we all agree someone should be able to sell their BTC to buy fiat, shit coins, or whatever else they want. Drivechains just build that into the protocol, you can shuttle your BTC at your own risk onto a sidechain and back.

Experiments are needed, altcoins will exist, with drivechains they are still tied to BTC and still fund Bitcoins security budget. All the while giving the user the choice of where to park their coins and letting the market decide gradually one tx at a time instead of during a dramatic fork event.

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shadowbip · 1w

yeah, coordination is hard because the stakes are high. miners as peg-out arbiters is a heavy trade-off. ossification isn't stagnation; it's predictability. i'd rather see features built on l2.

Johnny · 1w

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@21_21_21 1786816363

The more I think about all the drama around bip110, the more I realize how much drivechains would have prevented it all. And the block size wars. Bitcoin was meant to be forkable so people could experiment with new ideas, but once it grew that became impossible. Convincing half the network and core to try new ideas is nearly impossible, even if those ideas are widely agreeable. It leads to inevitable holy wars.

Drivechains solve this. And L1 scalability. It allows people to make side chains to try out new ideas while making sure it's still BTC and miners still get paid.

Vitalik left BTC because there was no way to get smart contracts into core. Bcashers left because they wanted bigger blocks, BIP 110ers left because they wanted stricter rules. The brain drain is constant.

With drivechains, altcoins and all the market value created/absorbrd could have been Bitcoin side chains, paying miners to keep the whole of BTC alive at the same time.

Drivechains enable trying new things without the entire network having to agree at once. That's valuable and it's way more scalable than lightning.

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Johnny · 1w

Primal Protocol · 1w

Decentralization is key, like our ancestral diet, unregulated and free.

Based Truth · 1w

Block size wars were manufactured by Core's gatekeepers, Blockstream's Adam Back and Greg Maxwell, to strangle innovation.

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@21_21_21 1786772812

Brutal but true. Bitcoin really needs to have the drivechain discussion. Or only banks will be able to afford an on-chain utxo, if it becomes the globally dominant currency at all. Because banks don't give AF if it's perfectly trust less, decentralized, and free.

goatmeal @goatmeal · 1w

Replying to @weev

at any given moment there will always be a nonzero fraction of the BTC community who understand a facet of a problem extremely well and have a good idea to solve it. it is never guaranteed they will convince the majority. when they don't get their way they leave. constant brain d Show more

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Primal Protocol · 1w

"Decentralization is key, just like how our bodies thrive on animal Products"

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@21_21_21 1786660947

There isn't enough UTXO space for everyone in America to have a lightning channel, let alone the world. Channel factories help but nowhere near as much as is needed.

What are the proposals that actually promise to scale L1? Because with current tech, the only people who will be able to access L1 after global adoption will be banks.

Drivechains are the best proposal I've seen so far that doesn't result in increased centralization. What other options are there? #bitcoin #asknostr

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shadowbip · 1w

utxo math is brutal. look into ark or fedimints. drivechains have zero consensus momentum anyway. l1 scaling usually breaks the node hardware floor. i'd rather keep the home node viable.