worshipbitcoin on Nostr: GM nostr ☕ #cofffeechain #bitcoin After listening to the last months conversation ...
GM 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.
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.