p2p electronic cash enthusiast || ๐ด๐ฆ @light__nh || โฟ he/they
- Tweets 49,066
- Following 321
- Followers 14,146
- Likes 63,443
Excited to share "Validity Rollups on Bitcoin", a report I wrote during my participation in @HRF's ZK-Rollup Research Fellowship.
You can find the full report here: bitcoinrollups.org
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I wrote a guide to help new hodlers secure their bitcoin: beyourownbankbook.wordpress.โฆ
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MULTISIG IS AN ATTACK ON BITCOIN
How Bitcoin Developers Snuck In A Change That Threatens Bitcoin Fungibility In The Name Of Security
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so should I use the shitcoin browser, the surveillance browser, or the anti-freedom browser?
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Media: The price of bitcoin has crashed to $7000!
Me: *spits out coffee* Bitcoin is $7000!?
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@naval said something at @blockstack summit in 2015 that has stuck with me since: "Most of you are too early, not too lateโฆ most of you are going to run out of cash before your vision is ready to be absorbed by the market. This is a game of survivorโฆ"
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Bitcoin at $58...
In good company with Gold. @Convertbond: While everyone was focused on Gold and Silver, #BITCOIN dropped another 40%, traded below $58
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The year is 9 A.B. (After Bitcoin). It has been 502401 blocks since Genesis. The current coinbase reward is 12.5 BTC. There are 16,779,937 BTC mined, leaving 4,220,063 left to go.
Happy 9th birthday, bitcoin! And big thanks to the miners, devs, and users who keep it going ๐
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It really creeps me out when I get paid with PayPal and I can see the sender's full legal name and address. Payments shouldn't dox people!
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Paid for my dinner tonight with physical cash, anonymously. The waiter will be shocked to discover he's now implicated in a criminal conspiracy.
Today @RepBillFoster stated that "thereโs a significant sentiment, increasing sentiment, in Congress that if youโre participating in an anonymous crypto transaction that youโre a de-facto participant in a criminal conspiracy."
The old "guilty until proven innocent" take! ๐
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If I can't unilaterally exit your system with a tx on bitcoin L1, then your system isn't an L2. Not gonna debate if that's sufficient to be an L2 but if I can't do that then it for sure is not an L2. It's a trusted bridge/database of some kind.
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I am a proud supporter of Andreas on Patreon. Great advocate of bitcoin, great human being. A true mensch. patreon.com/aantonop
I'm not a bitcoin millionnaire. I was working for free, instead of investing, for the first 2 years. Only recently got out of debt.
My supporters on Patreon, many at $5/month, make it possible for me to work with independence.
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Reminder: if your wallet isn't connected to your own full node, some server operator out there knows how much funds are in your wallet.
Roger Ver: "Over a billion dollars worth of funds are currently stored with the Bitcoin.com wallet across nearly 2,000,000 wallets."
How does he know how many wallets, and the funds they contain, are stored on their software? /u/jamesjwan, excellent point.
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One year ago, almost to the day, I published bitcoinrollups.org, a report describing the potential for validity rollups on bitcoin (HT @HRF @StarkWareLtd @cmsholdings)
nitter.app/lightcoin/status/15798โฆ
What is the state of validity rollups on bitcoin today?
Excited to share "Validity Rollups on Bitcoin", a report I wrote during my participation in @HRF's ZK-Rollup Research Fellowship.
You can find the full report here: bitcoinrollups.org
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This still blows my mind: a website that can tell you the balance of an address without knowing which address you looked up ๐คฏ
btc.usespiral.com
ALT Screenshot of the home page of the Blyss for BTC website, which is linked in the tweet.
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A few weeks ago @ercwl gave a talk at #StarkWareSessions where he left the audience with an intriguing idea: what if we used the same technique that inscriptions use to embed data in bitcoin to build a sovereign rollup on bitcoin?
yewtu.be/watch?v=_hLvvZGST_Eโฆ
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Pro-tip: if you put all the people you follow into a Twitter List and only read the list then your timeline will always be chronological and ad-free ๐
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Currency: U.S. Dollars
Mining algorithm: Proof-of-Debt
Supply limit: Uncapped
Price: 0.000215 BTC
Fiat $ provides state actors with powerful, discretionary, tools which significantly affect who wins and who loses
interfluidity.com/uploads/20โฆ
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.@brqgoo presenting a new L2 he has invented. Unnamed, placeholder "Tbdxxx".
Users maintain self-custody and can unilaterally exit to L1.
Users can send and receive coins without:
- liquidity constraints
- interactivity requirements
- a direct link between sender and receiver
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Today concludes my first week as @HRF ZK-Rollup Research Fellow ๐คฉ
Had fun digging into some of the historical literature around rollups and related concepts. I started a research library where I'll be dumping links as I come across interesting resources:
github.com/john-light/zkrollโฆ
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Just left a bitcoin meetup where there were lots of new people, and I was struck by the realization that many of them think they're entering a new financial market when they're really entering a warzone.
Jim
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LNBTC <> RBTC submarine swaps are now live on testnet ๐
Great start to bridging #LightningNetwork and @RSKsmart @SovrynBTC by @citlayik @_gkris
โก lnsov.vercel.app
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I still think @gavofyork's original blog post is the best description of Web3:
"As a user of Web 3.0, all interactions will be carried out pseudonymously, securely and for many services, trustlessly."
A vision worth striving for!
gavwood.com/dappsweb3.html
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I can't believe people used to attach their full private key to every transaction and people thought that was ok!
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Embarrassingly uninformed/misleading fearmongering. American clothes driers use more energy than bitcoin. Focus on moving the grid to clean sustainable energy, and energy use, regardless of sector, regardless of quantity, will be a non-issue.
Bitcoin uses less energy than clothes dryers, yet you don't see all these disingenuous hypocrites talking about how they can Save The Planetโข by simply hanging up their clothes and waiting a bit longer; they wouldn't dare subject themselves to the indignity of mild inconvenience
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DeFi on bitcoin panel at #Bitcoin2021
"Bitcoin is this pristine, decentralized asset but without DeFi we have to give up control to centralized entities whenever we want to do anything with the asset, like trading or lending." - @EdanYago @SovrynBTC
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I just published "The State of the Art in Cryptocurrency Privacy" lightco.in/2018/12/05/cryptoโฆ
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Hot take about the XRP news: companies should be free to create a product and sell it to willing customers without having to ask a third party for permission. Unless there's fraud, then by all means sue them for fraud. But so far this smells like typical Big Govt Nanny State BS.
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"Your IP address has been blocked to prevent abuse", a common type of message shown to Tor and VPN users by services that discriminate against IP addresses, should be replaced with "Pay this Lightning Network invoice to proceed". No good reason to turn away paying customers.
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What I suspect is happening with Coinbase (pure speculation, no inside knowledge, just based on knowing how people in their orbit operate) is that somewhere along the line they decided to apply the Lyft/UberX regulatory strategy to digital assets.
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I was recently asked what my favorite cryptomeme is. I'm a sucker for classics, so my answer is "The Matrix meme."
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Coinbase earns the label "Enemy Of Cryptocurrency" for their shameless association with serial human rights violators.
theblockcrypto.com/2019/02/2โฆ
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#Bitcoin is the best monetary asset in human history:
- Global
- Neutral
- Auditable
- Divisible
- Durable
- Portable
- Predictable
- Programmable
- Provably scarce
Nothing comes close.
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I do not support a contentious hard fork that threatens to split bitcoin (again!) and erode its network effect for no good reason #no2x
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Introducing Bitstake: A proof of stake bridge based on BitVM
lightco.in/2024/02/13/bitstaโฆ
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Based on today's technology, a cryptocurrency with low on-chain fees is either centralized, unpopular, or both.
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I think it's naive to think a coin is worth $6 billion when there's no liquidity.
With a $6bn market cap out the gate, I think it's naive to think that this is over. I'm pretty sad that we even had this fork. #popcorntime
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This trend is funny because BRC-20 has to be the worst token standard I have seen built on bitcoin.
Colu Colored Coinsโข, CoinSpark, Counterparty, EPOBC, Omni, Open Assets, RGB, Taproot Assets, zkCoins... any one of these would have better UX, better scalability, lower fees...*
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It speaks volumes that none of the #GoogleWalkout demands have to do with changing the abusive Surveillance Capitalist business model.
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If the token you're about to buy doesn't make it to the "Create a new token" box on this chart, you shouldn't buy it lightco.in/2017/05/29/appcoiโฆ
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No matter how many stars collide, there will only ever be 21 million bitcoins.
Those two neutron stars colliding produced 100 times more gold than the Earth weighs. In less than one second.
businessinsider.com/neutron-โฆ
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My personal priorities for bitcoin improvements are:
1. Privacy
2. Usability
3. Scalability
in that order.
If it's not private, it's not worth using. And if it's not usable it's not gonna grow big enough to need scale.
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2020: you can buy a pizza company with a bitcoin and the customers can buy slices ๐ via @lightning โ
HISTORY OF CRYPTOCURRENCY
2010: you can buy a pizza with bitcoin!
2017: you can no longer buy a pizza with bitcoin
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Most "rollups" that are in production are really custodial multisig wallets with blockchain magic sprinkled on them, no more secure (and most likely less secure) than federated bitcoin sidechains like Liquid or Rootstock.
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For anyone looking to break into the industry:
- ethlance.com/
- openbounty.status.im/
And of course ;)
- wiki.aragon.one/jobs/
- angel.co/talent-hacks/how-toโฆ
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Average bitcoin fees are over 50x higher than they were just a couple of years ago. But somehow a 4x block size limit increase is supposed to be a "scaling solution"? Sorry, not buying it.
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"..the total market cap of all security tokens will be much larger than the total market cap of all utility tokens." hackernoon.com/8-thoughts-onโฆ
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THORChain marketing is weird because on the one hand, they've decided to make fudding "wrapped assets" a key part of their narrative, while on the other hand, THORChain is itself just one big wrapped asset system. Since this seems like a not-well-understood point, I'll explain...
ALT Source: https://twitter.com/THORChain/status/1645075586660827138 Text: @THORChain writes: THORChain is a fundamental innovation for #Bitcoin, creating the most trust-minimized way to buy and sell BTC for other digital assets or stablecoins On-chain, verifiable. The way it was meant to be. Wrapped BTC doesnโt suffice. Few understand this
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The outpouring of support for @aantonop from the bitcoin community is heartwarming ๐ almost 7 BTC donated in the last 24 hours blockchain.info/address/1andโฆ #THANKYOUANDREAS
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Quickest way to turn a Bitcoiner into an altcoiner is to start a debate about drivechains ๐
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"bitcoin is money for enemies" is lowkey one of bitcoin's best memes because it communicates and reinforces one of the most (if not the most) important of bitcoin's properties, which is that anyone can use it and even the most powerful enemies cannot deny each other access to it.
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Crypto/ blockchain people clamoring for use cases, meanwhile govts and tech cos are surveilling, censoring, deplatforming, inflating, demonetizing, manipulating en masse. Cut the bullshit. Give people what they need: a way out of this horrible dystopia authoritarians have built.
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This is cool: a Tor- and LN-native p2p bitcoin exchange called RoboSats
github.com/Reckless-Satoshi/โฆ
discovered via @stacker_news
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Groundbreaking method using cryptography to prove that a quantum computer has done what it says it did. Excited to see how else this research is used.
quantamagazine.org/graduate-โฆ
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Bitcoin has created thousands of jobs in the last 9 years and doesn't come with the Accredited Investor rules of startup equity.
Unlike Silicon Valley or Wall Street, bitcoin is open and accessible to everyone with a computer and internet access.
Check your privilege, Ken.
Iโm at the Delivering Alpha conference in NYC where Ken Griffin (founder and CEO of Citadel) said instead of 27 year olds buying bitcoin they should be investing in companies creating jobs of the future. ๐คทโโ๏ธ
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This is a strawman. The "small block" argument is not "users want high fees" it's "let's not compromise security for low on-chain fees". nitter.app/ryanxcharles/status/88โฆ
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Bears and bulls going to war over Segwit2x abandonment. I'm more bullish than ever.
With this uncertainty out of the way, the builders will come out of the woodwork and start Layer-2 deployments.
Epic battle in the #bitcoin markets right now between *traders* selling due to no โ$B2X dividendโ & *investors* buying due to no #SegWit2x
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Roger Ver spreads dishonest, misleading propaganda to promote altcoins. He shouldn't be given any larger of an audience than he already has.
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Congrats to @citlayik @_gkris on the mainnet release of the LNSOV Bridge app! Creating interoperability between #LightningNetwork and @RSKsmart.
Trustless swaps of LN BTC <> RBTC available now:
lnsov.vercel.app
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"After years of practically no downtime and phenomenal security across upgrades, I will continue to run Bitcoin Core once SegWit activates."
New post: Why SegWit2x (or why not?)
medium.com/@elombrozo/why-seโฆ
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If there's any doubt about what's motivating some people to support Segwit2x instead of BIP141/148:
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To the folks who follow me for my work on Aragon: I have resigned from the Aragon Association. More on this here: gist.github.com/john-light/cโฆ
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I just published "Hundreds of media accounts were just deplatformed. The need for a decentralized web is greater than ever." lightco.in/2018/10/15/deplatโฆ
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Happy 2018! Make it a resolution to run your own full node and gain some more privacy and sovereignty when using your favorite cryptocurrency.
The number of listening (publicly connectable) Bitcoin nodes doubled in 2017 to 11,000! Note: it's estimated that there are over 10 times as many non-listening Bitcoin nodes. bitnodes.earn.com/dashboard/โฆ
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Bitcoin = not an IOU
JPM Coin = IOU
they're not even in the same class of financial instruments!
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"We can use the blockchain to provide an alternative to the state... more humane and fair than what governments have offered before." - @santisiri @DemocracyEarth #BlockstackBerlin
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Unpopular opinion (apparently, even in the bitcoin community)
Governments should not own bitcoin. We should delay or prevent their acquisition of BTC for as long as possible.
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Thank you for this educational thread. It's too bad the comment section is spoiled by whatabouttery and false equivocation from raging nationalists, racists, supremacists, and generally ignorant/un-thoughtful/un-empathetic individuals.
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"The MoonMath Manual is a resource for anyone interested in understanding and unlocking the potential of zk-SNARKs, from beginners to experts."
leastauthority.com/communityโฆ
@LeastAuthority
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Watch me debate this with @drakefjustin Jan 31st at the virtual Bitcoin Economy Conference!
The biggest competitor Ethereum can have isnโt Solana but OP_CAT being added to Bitcoin.
With ZK and L2s, Bitcoin value proposition becomes a direct competitor to Ethereum since with ZK verification and intents you can build most of the things Ethereum has.
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A new BTC-backed stablecoin is born ๐ซ
Welcome to the world, @SovrynDollar $DLLR
sovryn.com/all-things-sovrynโฆ
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.@peterktodd will build and test Bitcoin Libre Relay for $2400 USD (currently ~0.054 BTC)
This is modified Bitcoin Core v26.0 with unrestricted OP_RETURN, full RBF, and peering support to improve relaying for large OP_RETURN transactions.
Tell you what, later today I'll figure out roughly how many hours it would take to:
1) Port full-rbf peering to v26.0
2) Modify it to include an unrestricted OP_Return, with a different service bit.
That should be enough to get the ball rolling on this. If we get some initial people running it, we can think about doing more formal release too.
Also, I'm open for suggestions for a name.
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Non-custodial exchanges that won't ask you for any of your personal info no matter the size of your transaction:
@bisq_network @hodlhodl @Liquality_io @LocalCryptosEN @OpenDexNetwork @RskSwap @SovrynBTC
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The conflation of Bitcoin Core, Blockstream, and r/Bitcoin is inaccurate & intentionally misleading. It's like a 51% attack on my patience. nitter.app/ryanxcharles/status/85โฆ
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A sovereign rollup built on bitcoin can have its own execution environment supporting custom logic, while obtaining bitcoin-grade data availability and double-spend resistance.
Note however that like a sidechain, and unlike a validity rollup, there is no trustless BTC bridge.
ALT Sidechain: no trustless bridge, yes custom execution environment, maybe bitcoin-grade data availability and bitcoin-grade double-spend resistance Sovereign rollup: no trustless bridge, yes custom execution environment, bitcoin-grade data availability, and bitcoin-grade double-spend resistance Validity rollup: yes trustless bridge, custom execution environment, bitcoin-grade data availability, and bitcoin-grade double-spend resistance
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FYI
In terms of the security model:
BitVM bridge == permissioned optimistic bridge
Permissioned optimistic bridge == hashrate escrow + one collaborator
i.e. if one BitVM participant collaborates, then miners can steal from the BitVM bridge by censoring fault proofs.
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"Now there will no longer be any doubts about the existence of indistinguishability obfuscation."
quantamagazine.org/computer-โฆ
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I distinctly remember having hairy legs as early as 7th grade... but anyways how's that boot tasting?
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After a couple of months plugging away at it, my blog post overview of two-way bitcoin pegs is finally complete.
Read for overviews of:
- #Drivechain
- @IncognitoChain
- @Liquid_BTC
- @renprotocol
- @RSKsmart
- @keep_project tBTC
- @WrappedBTC
lightco.in/2020/08/02/bitcoiโฆ
ALT chart showing different types of two-way bitcoin pegs. details in the blog post: https://lightco.in/2020/08/02/bitcoin-pegs/
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For folks learning about bitcoin rollups and zk privacy for the first time with this episode, be sure to check out the show notes on the WBD page for more links to dive deeper on this super interesting topic!
+ here's a thread of threads with more info ๐งต
nitter.app/WhatBitcoinDid/status/โฆ
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This is the ideal BitVM operator set. You may not like it, but this is what peak BTC bridging looks like.
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Improving on-chain fungibility is a higher priority than improving transaction throughput. Without strong on-chain fungibility, cryptocurrency is dangerous at any speed.
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Bitcoin is not a get-rich-quick scheme.
Bitcoin is a get-back-at-the-state-for-crashing-the-economy-and-taking-our-liberty scheme.
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"Market cap" is a misleading vanity metric, in 4 easy steps:
1. Premine 100B coins
2. Sell 1 coin @ $0.10
3. ($0.10)(100B)
4. $10B "mcap"
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First production federated bitcoin sidechain is live! I'm excited to try it out once the consumer wallet is live.
- 23 functionaries
- Two minute settlement time
- Confidential Transactions
- Issued Assets
The @Blockstream team is excited to announce the #LiquidNetwork is now live with 23 members! Liquid enables fast, secure, and confidential transactions, along with digital asset issuance on the world's first production #Bitcoin #sidechain. ๐โ๏ธ๐ย blockstream.com/2018/10/10/lโฆ
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