Damus
Rijndael
Recent notes
Had a funny thought last night: You have some transaction you want to make on bitcoin. Separate from that, say you have a brc-20 token. You inscribe a transfer message. You take the bitcoin transaction you wanted to make and you attach one additional input and one additional output: the input is the brc-20 transfer and the output is an anyone-can-spend. What happens when you throw that transaction into the mempool? Anyone (at least anyone who has the software to look for it) can construct a transaction that spends that brc-20 output to make a new transfer message and send it to themselves. If many people see this, then they have to outbid each other in the descendant transaction and have the highest cpfp included. Maybe a miner is able to see it and just includes their cpfp package at zero fee. In fact maybe the original tx is sent to miners paying no bitcoin fee, and they include it with their descendant that claims the brc-20. You have now paid your transaction fees in brc-20. (btw, i am not sure about the mechanics but in principle this would work with rgb or taro too?) So you could either attach a low bitcoin fee and relay the tx through the mempool and everyone can fight over it. Or you can send it to miners with no bitcoin fee and pay them in-tx with your token. In either case, the only people who can extract this value are people who have the software to capture it. If miners deploy the software, then they can capture it. One last funny thought: brc-20s are all meme coins. What if one wasnt. What if it was pegged to a token on another chain? So what if you had a WETH brc-20, and now you can pay bitcoin transaction fees with it, but only to mining pools who can accept it? I dont think the economics make sense for a pegged token. For a memecoin? Maybe but then again why not just sell it for bitcoin. Still kinda funny that mechanically this works. I wonder what conditions would have to be true to have it make economic sense to pay your tx fees in another token.
Talking to some people about OP_VAULT today. Any questions you have that you want the answers to?
Im saying that if i self host gitlab for some projects and everyone uses it for issue tracking and whatnot, then now I’m the centralized gatekeeper. The goal is to not have one person/group who can rug a project