Andre Leblanc on Nostr: nostr:note1jvwzrhuxz4rjmawe7qezy6xanwe7rp2qspfnkcr2nhug5cgy329q9f6fv6 Thanks ...
quoting note1jvw…6fv6GM nostr ☕ #cofffeechain #bitcoin
After listening to the last months conversation about on-chain fees, scaling, and self custody, I realize that I have been drinking the kool-aid a little too much.
Many of the bigger Bitcoin podcasts are focused on the economic, political and philosophical sides of Bitcoin. And those are great. But there is a cost to brushing over the technical aspects of things.
Bitcoin's core features of immutability, permissionlessness, censorship resistance, and the incentive structure itself, are all tied in with self custody.
So if self custody is gonna become more rare in the future, how are these properties preserved?
The nice thing about the base layer is that no one can stop your transaction. But this does not seem obvious for layer 2s +. And if not all transactions on the higher layers are unstoppable, is it not a slippery slope?
And could less and less self custody over time disrupt the incentive structure to where even the immutability could be compromised?
There is no such thing as 99.9% immutability.
To sum up, I think where I end up, is with the conclusion that the job is far from done, and that we are in a race for self custody and building layer 2,3+ that will to the maximum ability preserve the properties of the base layer.
Thanks worshipbitcoin (npub1w4j…j067) You make a good point with the issues of self-custody and LN transactions. Unfortunately, there is much more to worry about. This post from yesterday is also relevant.
https://primal.net/e/note102n9qs4cyfgaum647mcu2j0v8h8uf8y3xkmljel2q0ama4tn00asztc0f2
I believe you are right in tying together core features like immutability, censorship resistance, permissionless with self-custody. But there is more. I try to summarize:
- Bitcoin adoption can come in 2 ways: top-down as a financial-speculative/store of value instrument embraced by the legacy financial sector or bottom-up globally by the population as a P2P censorship resistant global currency with store of value properties and inflationary hedge.
- the legacy fiat-financial system is in the hands of powerful globalist-oligarchies which prosper in the fiat system. The current system is going to be reset sooner rather than later and being replaced by a digital global fiat system which is being readied by a public-private partnership involving the largest financial institutions, the WEF, Soros and Gates foundations, virtually every government of the planet and cypto players such as Ethereum, Ripple, Stellar and R3 Corda. CBDCs are coming.
- Money is power. Money is control. Control of money enables control of the populations. The elites are not going to relinquish control of money. They will not adopt a fully decentralized censorship resistant digital money (BTC), rather they will impose CBDCs globally and they have both the power and the instruments to achieve that (see below).
- for this reason the involvement of Blackrock & Co with BTC ETFs is only a way to exert some form of control over it by manipulating the price in order to prevent the bottom-up adoption and defuse Bitcoin potential to become a fully decentralized, censorship resistant immutable global currency and reduce it to just another speculative instrument they can play with just like they did with gold.
- at the same time they will use the following attack vectors against Bitcoin:
1. Regulatory with mandatory KYC for all exchanges and wallet providers. It does not matter that you, I, and other bitcoiners know how to create our own keys/wallet without the need to buy a Trezor or Ledger wallet, the masses do not and their objective is to slow down mass adoption.
2. More regulation will be passed which can make a real pain holding bitcoin. Taxation for example. Make it mandatory to report every year your stack and pay a disproportionate tax on un-realized gains.
3. By introducing massive KYC requirements they will relegate non KYC coins to a black market. Therefore they will effectively nullify privacy and fungibility.
This will be the future of Bitcoin unless the following happens:
1. A non-custodial solution is found for LN or a solution is found to the escalating fees on the base layer to allow also small amounts of BTC held in the LN to be moved to the base layer and be self-custodied with low transaction fees
2. Miners must be put in a position where there is nothing they can do to help governments censor transactions. This means for example default mixing every UTXO. The solution must be STRONG at protocol level otherwise governments will exert pressure on the weak points (MIners, Exchanges, Wallet and software producers).
I believe these are the priorities for BTC to survive the coming full scale attack of the fiat elites.
I hear people being complacent about Bitcoinś history of being successful in an adversarial environment. Well, so far Bitcoin has been like a puppy playing fights with other puppies. Now Bitcoin is an adult animal going out into the wild for the very first time. It will face soon a deadly fight against a very powerful enemy with unlimited firepower (fiat money unlimited supply against BTC limited supply). The stakes are not in our favor.
Still convinced that Bitcoin will absorb the economic energy of the universe saylor (npub15dq…lm5m)? That it will be unstoppable by simply remaining decentralized Jeff Booth (npub1s05…eyhe)? Any more thoughts jack (npub1sg6…f63m) jack mallers (npub1cn4…3vle) LynAlden (npub1a2c…w83a) lopp (npub17u5…t4tp) MartyBent (npub1guh…6hjy) jimmysong (npub10vl…sp42) dylan (npub1pyp…c0qq) Gigi ⚡🧡 (npub1der…xzpc) Parker Lewis (npub1w69…zltw) stephanlivera (npub1r8l…x5dk) petermccormack (npub14mc…frlx)