Damus

Recent Notes

fiatjaf · 13w
Some people think Bitcoin doesn't have to scale and get adopted enough to become money, it can just be a "store of value" forever. The first thing is that these people don't really believe in "storin...
Jah profile picture
disagree:
I think the value btc has today comes exactly from the expectation that will be used as Store of Value.
the major problem with fiat is not that it is a bad Medium of Exchange. it's that is a bad SoV.
SoV is the most important and is the base use case.
(Satoshi's genesis message regards the bank bailout money printing, which destroys SoV, not MoE)

there are 8 billion people in the world.
if every human was to make a bitcoin transaction, they would only be able to make TWO transactions in their lifetime!
bitcoin was not designed to be a MoE. it was designed, and is its most important goal, to create decentralized incorruptible absolute scarcity, to be the ultimate STORE OF VALUE.

Bitcoin adoption will only happen when people choose to store their savings in self custody bitcoin, instead of deposits, stocks, houses.
Then, when they make a large buy, which need their savings, they will move their bitcoin, onchain (not rehypothecated fiat games).
everything else is a distraction and detour from this path. and a delay to adoption.

using bitcoin for small daily purchases (MoE) will come later, as people start measuring things in btc, instead of usd, and already have savings in btc thay can "whitdraw from".
then, only THEN, they will think: "why do I need to go trough fiat? what if I just paid directly in bitcoin to this store?"
this will then be handled in L2 (maybe partly custodian or with another set of rules. will see what happens then... now is too soon to tell).

the way I see it, goes like this:
bitcoin is scarce, secure, decentralized, permissionless -> good SoV -> people protect savings in it -> spend savings when needed -> gradually stop using fiat (first for large purchases, then smaller and smaller) -> blockchain gets filled -> scalling with L2 -> MoE

if SoV checkpoint is not achieved, nothing else will.
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waxwing · 3w
Gmax on proposals to add tail emissions to bitcoin: "but I agree with Sipa that these inflationary notions are a non-starter philosophically and morally. Particularly because anyone can create their ...
Jah profile picture
my take is he is just playing good cop.
security budget and tail emission, are immediate red flag bullshit talk.
engaging in polite and open discussion regarding something as fundamental as cap, and bringing this idea to the spotlight as if it was up for debate, is what brought us to "we cannot do anything about spam".
I wonder what would happen if a todd bad cop agreeing majority forced a tail emission on bitcoin, against this conviction.
would he fight against the established majority, along with the other few "ignorant" plebs who oppose it, or adapt his beliefs to the new reality?
my guess is he would ask "how long do you need the tail to be?"
mleku · 3w
it has taken time but "removal" of legacy p2pkh has progressed pretty steadily over the years, most exchanges don't use them anymore now, a little but it's becoming less common. they still work but it...
Jah profile picture
thank you for the detailed answer. and thank you for the effort you dedicated to this matter, and to come up with a real proposal!

I am sorry again for my diffculty in following you, as this is over my technical knowledge of bitcoin (hopefully at the moment. still learning)...

but how I wish these were the conversations being had regarding this matter, instead of the sad place this has become..

my 2 sats:
1. current discussion boards/places have been hijacked by spam supporters. all centralized alternatives might follow the same path.
a NOSTR (based solution) is the place for this to happen

2.
we are much fewer than even the few we tought we were, but still, maybe enough to pull this off.
I am calling for all the "Lukes" out there (hope he is not the only one), the ones who have the knowledge to act and the belief bitcoin will be the best legacy to leave to next generations, to follow up on this proposal, and the more to come, and put your skills at use for bitcoin.

bitcoin development is not a "job" that can be left to fiat funding. sooner or later, the "wizzards" will arise.
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mleku · 3w
https://git.smesh.lol/bitcoin is the repository. it will be built on a branch p2spkh. i will build it and sync it myself with the appropriate version signal bit that will fit. in the next two or three days i will announce it. there is no need that it be my repo that is the canonical version, anyone ...
mleku · 3w
the longer a broken bone sits in the wrong alignment the more harmful it becomes later on. the damage that was caused by taproot, empowered by leveraging segwit, is severe. the nearly 2 year long runn...
Jah profile picture
Sorry but I am not following you... you are saying removal/redesign of sewgwit is an easy fix?
I get “more important”. but bip110 will be running in one month, and meanwhile I believe this has created enough awareness for the greater problem so it can be addressed, and (hopefully) properly fixed.
I see it as a path (out of this mess). It doesn’t have to be one or the other.
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mleku · 3w
it has taken time but "removal" of legacy p2pkh has progressed pretty steadily over the years, most exchanges don't use them anymore now, a little but it's becoming less common. they still work but it's not advisable because crafting a signature on them is trivial compared to compute available. the...
mleku · 3w
the longer a broken bone sits in the wrong alignment the more harmful it becomes later on. the damage that was caused by taproot, empowered by leveraging segwit, is severe. the nearly 2 year long running manias in shitcoinery to flood bitcoin blocks with pixel monkeys did a lot of harm to the chain,...
mleku · 3w
delete taproot
Tauri | BIP-110 · 3w
I hope you’re wrong.
JackTheMimic · 3w
The thing I hate the most about this Core/RDTS shit is democrats and republicans in Bitcoin and no one seems to call it out. Root problem: Weight units measurement breaks the fee market. Democrats: ...
Jah profile picture
I agree with you.
There is a clear problem with spam in the current state of bitcoin, and it was created with the segway/taproot upgrades.
I agree that this should be handled by fixing the root problem, and your suggestion seems valid.
however this will be a much deeper change to bitcoin and we are in an urgency situation. we need to fix as much as we can ASAP
I see bip110 as that imediate "fix", and there will be one year (the temporary vigency) to address, discuss, and try to agree on a better fix.
I see bip110 as the best path for bitcoin NOW (as opposed to doing nothing until a better solution is found) and I support it as such.
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Tauri | BIP-110 · 3w
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utxo the webmaster 🧑‍💻 · 4w
A bip-110 fork will certainly fail because even the most die hard supporters will not sell their corecoins for knotscoins, it's way too risky. They will just hold both forks and observe, especially if...
Jah profile picture
Riskier than keeping you stack in a chain which has accepted there is nothing it can do stop spam (and data storage), and even opens its doors wide to it?
I don't think so.
I believe that bitcoin is finished in the "fees will outprice spam" scenario, and you might as well return to fiat as soon as possible.
I believe the most obvious (less risky) move is to sell the corecoins as soon as possible and hold you stack in the chain which is at least fighting for survival, and see what happens next.
The bip110 path, at least, has the hope of uncertainty...