techfeudalist

Blessed by tech; working to bring the benefits to everyone. Freedom, incorruptible money, privacy.

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npub1nz3cd3mx4jf9paxwrdgqvchaprjdge9pj9t58mkusw74q5saajkqu0yxqu

Profile Code

nprofile1qqsf3guxcan2eyjs7n8pk5qxvt7s3ex5vjsez46ramwg802s2gw7etqprpmhxue69uhhqatzd35kxtnjv4kxz7tfdenju6t0qy28wumn8ghj7un9d3shjtnyv9kh2uewd9hszrthwden5te0dehhxtnvdakqw0xsnj

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public.relaying.io

relay.damus.io

nos.lol

Author Public Key

npub1nz3cd3mx4jf9paxwrdgqvchaprjdge9pj9t58mkusw74q5saajkqu0yxqu

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Last Notes

2025-11-03 03:18:21 UTC

Have you ever wondered about the math behind bitcoin’s private and public keys?
Here’s how it works.
Imagine that you have a shoebox.
At the bottom of the box is a piece of graph paper.
Now, you go get a bundle of wire and tangle it up in a big messy ball. Like a bunch of tangled cables.
Now, inside the box you put an ant that will walk the wire and follow your instructions.
Now, you put the ant on its starting point on the wire. Then you pick a random number (say 1,078) and tell it to walk that number of waypoints.
How far to the next waypoint? The ant uses its handy maps app. At each waypoint, the app says how far to go to the next.
The ant starts walking along the wire, up, down, crisscrossing back and forth on the tangled wires in the box. A little while later, the ant completes the 1,078 waypoints and stops. You ask the ant to look down at the graph paper and tell you its position above the grid.
It tells you coordinates, say (15, 9).
That’s it! Your private key is 1078 (number of steps) and your public key is (15, 9).
Someone who has your public key (15, 9) has no idea how many waypoints the ant took to get there.
This is the cool thing about the encryption (maps app). When the ant looks forward, there is only one next waypoint. However, if the ant looks backwards, there are two waypoints that could arrive to where the ant is standing.
This means that for any malicious ant on the public key (15,9) trying to walk back to count the number of waypoints to the starting spot (secret key), there are many forks in the road that the ant must navigate when making the return trip. This makes the journey back impossible to do as a single ant. But maybe not for a vast colony of ants (quantum computer).
The real Bitcoin encryption uses vast distances and seemingly infinite points within a massive mathematical box.
To illustrate the vastness of the true scale, if each ant waypoint was roughly was the width of a human hair, the box would be almost 5 times the Milky Way galaxy (475,000 light years square) and the tangled wire would wrap around the visible universe uncountable trillions of times. It’s uncountable because there are almost as many waypoints for the ant to stop as there are atoms in the universe.

2024-11-24 21:45:54 UTC

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I just had a friend send me a message about tits or something. Why dude, why?? 🤦‍♂️

2024-11-24 21:43:41 UTC

Russia, China and the other central banks have been buying gold, which is inferior to BTC. The USA has a chance to choose BTC as the global reserve asset and flip the tables on its enemies. https://image.nostr.build/2614e6cfd3ad10839958aa5024f73a4cec1e1f91034d3fef243df0821121b844.jpg

2024-11-24 21:40:46 UTC

This makes sense to me https://image.nostr.build/4e0b1b98df48fcc2b4e78abaf71de176c2424a1e103e9c9a6acccd09aa156180.jpg

2024-11-24 21:39:32 UTC

With each cycle, shitcoins fall further. At some point we can look forward to never getting msgs from friends anymore about this crap. https://image.nostr.build/8a12bd745a7f69932ef040b1b89003b0288bcac53985c00e0c5733f32328f2ef.jpg

2024-11-24 21:29:59 UTC

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https://image.nostr.build/8bb09e2851506be9bf4087249e496dd63ef32ae84b743f0389baa63f759dae20.jpg

2024-11-24 05:26:00 UTC

@npub17u5…t4tp and others hyperventilating. You want more changes to the protocol? Do the work. Aren’t those covenants already enabled on Liquid? Go use them to build something that people want to use. Do it on Liquid first. Prove that it’s safe and that people want it.
https://xcancel.com/lopp/status/1860361355594789363#m
Must keep in mind that changes have risks, and also this 👇
https://xcancel.com/KLoaec/status/1860448257215733975#m
Frankly none of these covenant proposals seem fit for purpose. You think with CTV or CAT that people can share UTXOs with a few hundred sats? And how to spend them? How will those small UTXOs afford block fees? Or do we need big blocks now too to reduce transaction fees?
People don’t like covenants not because they’re anti-bitcoin and anti-sovereignty. They’re anti-covenants because the only use cases are hand wavy, impractical and potentially dangerous. We’re scared of new protocol changes that will further mess up the protocol (eg block size increases and witness discount).
I’m so glad that core and “greybeard” devs are pushing back on the manipulative false urgency.

2024-11-22 23:35:48 UTC

Trump just picked Bessant for Treasury Secretary. I’m worried about him. Too business as usual. Hope I’m wrong.

2024-11-18 03:18:12 UTC

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Every day. Enjoying the large bulk ribeye from Costco cut into 1.5’’ slices. 😋

2024-11-18 03:14:56 UTC

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Waiting for the tallow

2024-11-18 03:11:13 UTC

https://xcancel.com/LukeGromen/status/1857862004662325730#m
👆This thread shows the damage the USD reserve currency system has caused to the 🇺🇸. To maintain the reserve currency stays, the USA is forced to maintain high trade deficits - moving factories overseas, and creating wealth disparities in the 🇺🇸. China and others then recycle those dollars into the stock market. This gives ownership of these assets to foreign holders.
One of the reasons I prefer Lutnick for Treasury Secretary is that, as a bitcoiner, he should recognize the need to kill the USD reserve currency system to benefit the 🇺🇸.
The old system is dead. The question now is how quickly they rip off the bandaid.

2024-11-18 03:10:52 UTC

This is the big concept that most people, including financial types, don’t understand yet. The 🇺🇸 reserve status (both treasuries and currency) is ending. It must end so that the factories can return and USA can rebuild. This is why the SBR is so important. It boosts BTC over gold to keep the USA in the driver’s seat. If Trump’s team were smart, they would headfake with “no SBR” and then scoop coins and then later “change their mind” after a few weeks. https://image.nostr.build/6b6f03e5cb1614f731757930ec5e0d44075169eb26d9e00067b6d1f8a540ec45.jpg

2024-11-18 03:10:06 UTC

Lots of signposts that the former USD-centric system is dying. The fact that India and others are buying gold makes it more likely IMHO that the 🇺🇸 moves into BTC as quickly as they can. https://image.nostr.build/8dffcb7a70a85581bdfb0be5c0cd4ab242ea31c02c6abcaac9ec566b5c52150d.jpg

2024-11-18 03:09:09 UTC

Another influential fund piles in. Helps to motivate others to do so. https://image.nostr.build/14d583aba032af9c5c5d0396d62f2a96d7256dbe137b388eb57fcc93b7f29185.jpg

2024-11-18 03:08:21 UTC

Another look at this cycle and how it compares to prior ones. Most people are expecting that the declining returns will continue, to put this cycle (orange) below last cycle (purple).
I don’t think so.
I expect this cycle to be above purple, closer to green. A lot depends on the size of the SBR. I also expect this cycle to look like blue, with two (or more) peaks. This cycle is shaping up to be a lot more volatile than purple (both up and down). HODL - hold on for dear life … https://image.nostr.build/af355104a0e2e87df535977df20409aee77e940527a7ed0a4e586402f5bbde8b.jpg

2024-11-18 03:07:06 UTC

https://xcancel.com/bitstein/status/1857793075440926913#m
👆Good thread on saving demand vs speculative demand

2024-11-18 03:06:53 UTC

https://xcancel.com/SimplyBitcoinTV/status/1858185189941297303#m
RFK Jr on putting all of his savings into BTC

2024-11-18 03:06:31 UTC

https://xcancel.com/alexandrosM/status/1858273343419695507#m
If you were Putin, what would you do?

2024-11-16 22:10:20 UTC

https://xcancel.com/DSBatten/status/1857845062991769918#m
👆many insightful responses. Interesting how another purpose of BTC is to transfer wealth and power from statist “big-govt” people to more libertarian, “small-govt”, freedom-loving people. We saw that in this election and how successful the BTC PAC was at eliminating reps who were anti-bitcoin. Bodes well for the future if wealthy and powerful people just want to leave others alone.

2024-11-16 22:10:05 UTC

https://xcancel.com/Dennis_Porter_/status/1857887833312125217#m
👆👀 update from Porter on the states and countries working on SBRs

2024-11-16 22:09:26 UTC

We watched how degens used options to send GME to the moon. You can’t issue more BTC so BTC has no pressure release. Could even be more volatile. 📈 https://image.nostr.build/7bb35c6483b03f51668fd8ea6fd319eadd992ca44c0072b0efe4de15551f7af1.jpg

2024-11-16 22:06:57 UTC

Now they fight over which Treasury Secretary will be the bigger bitcoiner!
🤯🎉👏👏👏👏👏 https://image.nostr.build/e88746ab25127b311272877c32a41697a6d11ddea0b3037aa6ffe7aa2c9808fe.jpg

2024-11-16 01:41:54 UTC

😂 trans fats! https://image.nostr.build/aadd3eeadf8fddce5f17826c767a2b601bf96caaf495b71c9e857f1ab2ea8f56.jpg

2024-11-16 01:40:48 UTC

Two ways to slay the beast:
Congress ends the Fed
SBR and no capital gains on BTC
Once BTC is de facto legal tender, then we will watch the Fed whither and die. https://image.nostr.build/2b6d2e9c7cf34b28ebe535eec1d9eb6012b28a8865dcb808b81a8c1dae8ef105.jpg

2024-11-16 01:37:04 UTC

Do you agree? https://image.nostr.build/64e6501d6773aada5d176d4a8981753873d9e9970a0203ad5d7d66c57e1ff763.jpg

2024-11-16 01:35:29 UTC

I hope this is the last “alt cycle”. Can’t wait until ETH finally dies. https://image.nostr.build/e9517ad5e58b4f8d7fca8bc7ed25ffa385d479537da35bfcfe3f7fe37f93cd27.jpg

2024-11-16 01:30:13 UTC

Don’t forget! https://image.nostr.build/6d2f13a1e3b78c31c734e31e0b9b4755193e5b67d4a487885798c64e33ba8873.jpg

2024-11-16 01:28:42 UTC

https://polymarket.com/event/will-trump-create-a-national-bitcoin-reserve-in-his-first-100-days?tid=1731687893898
👀 33% on polymarket. Expecting this market to get more liquid (and more accurate) as we get closer to Jan.

2024-11-16 01:26:42 UTC

https://kalshi.com/markets/kxbtcreserve/bitcoin-reserve
👀 62% on Kalshi

2024-11-16 01:21:18 UTC

Money progresses sequentially through three stages: store of value —> medium of exchange —> unit of account.
We’re at the store of value stage and won’t become a medium of exchange until venders prefer it. Customers will always prefer to spend their worse monies first. This is the Gresham / Thiers laws in economics. https://image.nostr.build/e2bf9f25c47b012a80b1fc023dad93d15b492354ac3c7fcda1f697b2c1a86517.jpg

2024-11-16 01:19:50 UTC

https://www.centralbanking.com/central-banks/reserves/7962708/i-wish-we-were-long-bitcoin-central-bankers-on-trump-20
👆central banks probably all pile in after the 🇺🇸 strategic reserve.

2024-11-16 01:19:31 UTC

https://bitbo.io/news/thumzup-bitcoin-treasury/
A small public company starting the MSTR playbook. Game theory playing out in front of our eyes.

2024-11-16 01:18:46 UTC

https://www.btcpolicy.org/articles/can-trump-order-a-strategic-bitcoin-reserve
Trump might be able to do a “small” SBR by executive order. By small, meaning a MSTR size. He would need congress to ramp it up.
But that would likely be a done deal. The price would jump and everyone would see the proof that it was a smart move.

2024-11-16 01:15:23 UTC

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Yes, and maybe a small SBR could be done by executive order.
https://www.btcpolicy.org/articles/can-trump-order-a-strategic-bitcoin-reserve

2024-11-11 00:13:57 UTC

I give a high probability to the 🇺🇸 strategic BTC reserve because of how aligned the country just became. Trump won all the swing states, the popular vote and now controls congress. Trump 1.0 made a lot of mistakes by picking neocons that undermined his agenda. So far Trump 2.0 seems to be avoiding those mistakes. He has a superstar team with universal recognition how they got screwed the first time around.
In any event, we’ll probably know in January. Either it happens quickly or it won’t happen at all. It seems to me that his team know that others are starting to front-run them.

2024-11-11 00:11:50 UTC

https://finance.yahoo.com/news/microsoft-consider-bitcoin-investment-december-211107913.html
I’m starting to think this is more likely now. As the BTC price climbs, likely will get more supporters.

2024-11-11 00:10:37 UTC

https://xcancel.com/TheBTCTherapist/status/1855635239965544528#m
Do you need a laugh? 😂

2024-11-11 00:09:51 UTC

https://xcancel.com/EuroDale/status/1855333432605516084#m
I saw this and it was a good reminder that much of what’s happening now was predicted by the Sovereign Individual book. Including bitcoin and how it will break the welfare state and force nations to compete for intellectual property and capital.
And the 4th Turning. We’re at the stage now where we battle existential crises, rip down old institutions and rebuild.
Good books: Sovereign Individual, 4th Turning, When Money Dies, Lessons of History, Broken Money.

2024-11-11 00:05:57 UTC

https://xcancel.com/justin_hart/status/1855460728347492432#m
Alluding to the backstory that Obama didn’t want Kamala but Joe forced it by endorsing Kamala 30 mins after he dropped out.

2024-11-11 00:03:43 UTC

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🤮

2024-11-08 05:13:00 UTC

https://image.nostr.build/694b0c6379c5085c486c0e9ae2ce0e46df2747be320bf3c8e231f03405de311c.jpg

2024-11-08 04:57:50 UTC

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True. To me, it felt like people just all snapped out of their trance a month before the election. There were a few signposts that I noticed, like Bezos’s op-ed explaining how the media had lost everyone’s trust. An obvious and true statement, but one few could say out loud previously.
I’m optimistic. Hoping for the best but keeping my back up plans just in case.

2024-11-08 04:36:55 UTC

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🤣

2024-11-08 04:32:47 UTC

Interesting to see how the 4th turning is coming together. We have the simmering wars and the escalating debt crisis to resolve.
If I were Trump, I would trigger the debt crisis immediately upon taking office. No more measures to kick the can down the road. Better to have the crisis at the beginning so that they have the full four years to fix. If the crisis comes later, Trump will own it and it could affect his legacy.
The global reserve system based on treasuries is dying, for the reasons we all know. The future system is either gold or bitcoin with massive price increases to back the debt. There is no other choice. The US has significant influence and could push the dominos towards one or the other.
If it’s gold, the BRICS countries, including Russia and China, disproportionately benefit. They have been building up their gold reserves. If it’s bitcoin, then US citizens disproportionately benefit because most of the coins are held by Americans.
What will it be? Which one will the US start buying and pushing on other countries?
And Trump has so many bitcoiners on his team… 🚀

2024-11-08 00:16:16 UTC

https://xcancel.com/TheBrandonMorse/status/1854561227109757239
Ladies moving so far politically left they’re now right

2024-11-08 00:12:41 UTC

https://open.spotify.com/episode/6krm7rab7yQMXIYsxlSOqh
Trump’s transition manager. Peek into how they’re thinking about governance. Incredible story at the end.

2024-11-08 00:08:58 UTC

https://www.cbc.ca/news/canada/toronto/kidnapping-toronto-businessman-cryptocurrency-1.7376679

2024-11-08 00:08:17 UTC

https://xcancel.com/ImMeme0/status/1854511605448389114#m

2024-11-08 00:07:43 UTC

I’ve been on vacation for the last week. What did I miss?

2024-10-29 04:52:29 UTC

I believe we have just witnessed a seismic shift in American politics in the last month or so.
I saw the spike in Trump’s odds and was wondering if it was real. Since then I’ve seen many events that seem to corroborate it.
People are waking up from the woke craziness and starting to drink truth serum. The latest was this truth bomb by Jeff Bezos.
https://www.washingtonpost.com/opinions/2024/10/28/jeff-bezos-washington-post-trust/

2024-10-29 04:32:28 UTC

https://image.nostr.build/5dc35d5789fec8068a90ca88fc1ec8fac25595afa07d0cbe7a8bcfd4264bc3a6.jpg

2024-10-29 04:31:44 UTC

🧐 https://image.nostr.build/cd18669a11f931530da0fec1ff6450aee1071a26535c841c90e330f763382d25.jpg

2024-10-29 04:29:25 UTC

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Yes, the L2s need work. I believe that’s ok because we still have time. The progression is store of value —> medium of exchange —> unit of account.
We are still early in the store of value phase. Few people will want to spend bitcoin when they receive and can spend worse monies like USD.
Once a good chunk of the population is on zero and only has bitcoin, then the volume of spending will increase. People will be then forced to spend bitcoin for their day to day expenses. We’re still far away from that. Maybe a decade? Obviously hard to know.
We’ll know that we’re moving to the medium of exchange phase when those who only accept and hold bitcoin gets to a significant percentage of the population.

2024-10-29 02:24:49 UTC

https://image.nostr.build/2282645d9f02628e34f89950299889b9b060981d23b522434a59c2ff763adc80.jpg

2024-10-29 02:24:11 UTC

https://image.nostr.build/2753136e7dce20414b3a08749eb6fded36f8abec2fab8173cb45db800d9273c6.jpg

2024-10-29 01:29:01 UTC

Interestingly for bitcoiners, the Trump team is considering a potential bond crisis in the early part of their term.
Start listening at the 6 min mark.
https://xcancel.com/Geo_papic/status/1850942656941265302#m
It seems to me that they might look to bitcoin to help offset the bond crisis should it happen.

2024-10-29 00:04:52 UTC

I’ve come to understand fascism as the authoritarian system that rewards elites with power and wealth.
Socialism is the authoritarian system that rewards the unproductive class.
Both of these systems are authoritarian and eventually fail because they subjugate the productive class that creates all the value.
The alternative is a system of property rights and freedoms that rewards hard work and productivity.

2024-10-28 23:54:18 UTC

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To me, dynamic block sizes sounds like a way to make blocks bigger and subject to political whim.
My view is that we should maximize decentralization of the main L1 to maximize bitcoin’s resistance to state attack. Generally speaking, the larger the blockchain, the fewer the number of nodes that can run it.
Does that mean we should shrink the blocks to the size of one transaction? No. But if people are putting large volumes of non-financial data in the blockchain, then maybe the block size is too big.
My view is that the main L1 should serve the global role analogous to FedWire today. A global settlement system for large transactions. All smaller transactions should move to L2s and L3s.

2024-10-27 20:36:32 UTC

It’s an interesting argument. Bitcoin might be better with smaller blocks. https://image.nostr.build/a9903a92d289c4efb699567ad77d82aa8ba6518f69c96363e942df15ad0a4235.jpg

2024-10-27 20:27:39 UTC

https://rumble.com/v5k5s9x-why-are-democrats-voting-for-trump.html
One of the best videos I’ve ever seen. Thousands of hours of my own research over the last few years summarized in 90 mins.

2024-10-14 03:03:59 UTC

Jordan Peterson is wrong because freedom of speech alone cannot protect you from armed government intent on silencing you.
Rights are not asserted. They are defended, actually defended, with force, if necessary. https://image.nostr.build/0010cde595710d2008c1842da16b1df3901d96592d06b6d7e45a9d69ebb0d0d8.jpg

2024-10-13 04:42:09 UTC

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Like those people who bought at $500 in Nov 2013 and it was still $500 in May 2016. I wonder if we’ll look back on it the same way?
Personally, I think it must have been harder for them. They didn’t have the extended price history that we have. They must have seen the big spike to 1000 then thought everything was over when it dropped to $500.
I suspect our boredom will be over soon. Then we’ll be back in the “I can’t focus on work” phase.

2024-10-13 04:26:58 UTC

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I thought it was fake at first. April already? Didn’t he just lose big time in the UK? Honestly don’t get it. 🤷‍♂️

2024-10-12 03:56:17 UTC

Fantastic
https://xcancel.com/alexandrosM/status/1844890104390877643#m

2024-10-11 03:31:18 UTC

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It’s hard for me to see your point. People are flocking to ETFs. I talk to wealthy people all the time and they don’t “get” the benefits of being sovereign. I just shake my head. It’s all I can do. They vaxxed their children too. Go figure.
Of course, I expect they’ll figure it out eventually.
When they do, I still don’t see the issue. Bitcoin L1 isn’t going to choke to death. Fees will be similar to wire transfers. Payments for our morning coffees will move to ecash. Every few months we’ll transfer from funds from cold storage to a few mints to top up our spending money.

2024-10-09 01:49:02 UTC

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The sad fact is that most people trust the government, trust banks, and generally trust authority. When told, they inject their children and themselves with experimental genetic therapy. They follow the American Heart Association’s advice and wonder why they’re fat and unhealthy. Etc.
Even the few who don’t trust authority are scared to be their own bank. They know they forget their passwords all the time.
Very few people are willing and capable of being sovereign individuals.
I wish it were otherwise but most people need a custodian. I’m bullish on systems like Fedimint. Local custodian managed by people you know.

2024-10-07 03:42:17 UTC

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The people who are surprised by bitcoin don’t understand Gresham’s / Thiers law.
Yes, some early folks believed that it was just P2P currency. Nope. It’s mildly amusing to see them dump their coins in disgust.
Ya gotta understand the process.
Store of value <— you’re here
Medium of exchange
Unit of account
At some point it will move to the next level and be a medium of exchange. No point in getting upset that it isn’t there yet. We’re making good progress.

2024-10-05 04:26:13 UTC

I’ve always believed it was probably Len Sassaman.

2024-10-04 03:03:58 UTC

😆 too funny! BBC launches website in pidgin.
https://www.bbc.com/pidgin

2024-10-03 03:44:07 UTC

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I’m not quite ready to dig in but will eventually. Will be watching your feed for any tidbits you throw out. 🙏
I was thinking there might need to be some magic to make it usable. Maybe a framework to mange mints, balance discovery, transfers, persistence, etc. 🤷‍♂️

2024-10-03 03:15:26 UTC

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Ah, someone who thinks that nuclear war is winnable. 💣☢️

2024-10-03 03:08:51 UTC

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If you find or build any rust APIs for integrating ecash into apps, let me know please. Thinking about a future project. 🙏

2024-10-03 02:53:43 UTC

A crime against humanity and yet nobody will be held accountable.
Even at the VP debate. No mention. Both parties responsible so they want you to forget it ever happened.
https://unherd.com/2023/06/why-did-usaid-fund-the-wuhan-lab/

2024-10-03 02:46:08 UTC

👀
https://cjhopkins.substack.com/p/guilty

2024-10-03 02:24:00 UTC

Men playing in women’s sports ends once the ladies boycott.
Glad to see that happening now.
https://www.zerohedge.com/political/boise-state-wyoming-forfeit-volleyball-games-trans-equipped-san-jose-state https://image.nostr.build/5ad8e4cc9180a2dda6bff4c28665da6809ac60aa15cce0b85f6078c78ee7e81a.jpg

2024-09-30 04:03:51 UTC

https://image.nostr.build/72625d9b0fd1797ad1e9da738427e0065c5aff4728c36ec001d400efa4752cf3.jpg

2024-09-30 02:43:01 UTC

https://image.nostr.build/d87f17fb52ec92e018860be575728ccb2423e9d5654fa505bca6b32a39e630a4.jpg

2024-09-27 04:29:40 UTC

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Just saw this email. August 2020. What couldn’t the head of the NIH talk about on email? Something about Ecohealth and Wuhan.
Perhaps it was about the wet market where the virus would be discovered the next month?
This email wouldn’t exist if the virus was natural. But this email does exist. https://image.nostr.build/6e4fc3bcec4adcf2f19d2387cad299e54a3df20800bb48b37a97b2561e729f2e.jpg

2024-09-27 03:28:43 UTC

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Yep, that’s why I got rid of mine. They actually give off a surprisingly high amount of EMF radiation incredibly close to your head. Sure it’s non-ionizing radiation but the long term health impacts are not clear (and obvs nobody wants to pay to study it). Didn’t want to take the risk.

2024-09-27 03:25:37 UTC

College is now a shitcoin. If I had a choice between hiring a Harvard grad or someone with work experience and references, I would hire the latter every time.
Yes, you need a degree for government licensed careers, but those are now political and soul destroying.
Better to teach yourself with the free information online and then volunteer to gain experience. Do a good job and watch how doors open for you. https://image.nostr.build/58151e285c8a28b9ed909ad33ab95a7a33bd6e916a4a21c77e683a443a5f6197.jpg

2024-09-27 03:15:06 UTC

We need to take our time to get this right.
All protocol changes have risks and bitcoin is our hope for the future. Proponents must prove that their protocol change is both safe and necessary.
Safe? I have still never seen anyone do a review and deep-dive of the non-technical risks of covenants.
Necessary? We might have a scaling problem in the future but don’t have one yet. We should cross that bridge when we get there and assess all of our options at that time. Who knows what we will invent between now and then? https://image.nostr.build/4a4bf58e64b3025bbfe9c150c4a2ad2dd1493eed500552dd35c30dc701087905.jpg

2024-09-27 01:36:52 UTC

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Got rid of mine. No idea if it’s a problem, but just didn’t want the radiation so close to my head.

2024-09-27 01:35:24 UTC

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Presumably this doesn’t apply to bitcoin, as it’s not a security?
https://bitbo.io/news/sec-chair-bitcoin-not-security/

2024-09-27 00:38:29 UTC

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➡️ “It doesn't talk about AMMs in relation to CTV creating on-chain AMM-style marketplaces”
Of course not. It was explaining how AMM marketplaces create centralizing MEV.
➡️ “The need for introspection relates to needing to look at the previous price of the AMM, to determine what the new price should be.”
I explained how you might create a state machine using output UTXOs to model the AMM pricing curve. If you don’t understand the concept, you could ask an AI to explain it to you.
➡️ “I'm not sure how exactly this would be done, but even if it were possible to validate or invalidate certain pathways, you would still need a ridiculous amount of compute for this.”
You don’t fully understand the concept so you assume it must take “ridiculous” compute.
I showed how it might be possible, but it may or not be feasible. I don’t know and neither do you. The point is that nobody knows for sure and it’s likely that nobody has looked into it either.
I don’t need to prove it’s safe. The people advocating for the feature do.
➡️ The BIP119 PR is probably the best resource for risks discussed
I reviewed the links you sent. I didn’t see any analysis of non-technical risks. If I missed anything, please forward it to me.
You seem like a well-read person on the topic and you can’t seem to refer me to anyone who’s done a non-technical risk assessment.
I guess we can leave it there unless you want to discuss anything further.

2024-09-26 23:36:17 UTC

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More news on that “conspiracy theory”. Let’s hope this law passes.
https://www.hsgac.senate.gov/media/reps/dr-paul-introduces-risky-research-review-act-to-oversee-gain-of-function-research-funding/

2024-09-26 03:13:35 UTC

https://image.nostr.build/b68990d5aaedf1e9f5e1c29cf00d56397d20f252be59ea2f393ef7898c3b5299.jpg

2024-09-26 03:11:35 UTC

This paper is incredibly well written. I have no doubt that bitcoin is constitutionally protected.
But, really, that doesn’t matter. The constitution is just a piece of paper that is ignored daily without recourse. Government surveillance, civil asset forfeiture, lockdowns and vax mandates, etc. etc.
It doesn’t matter if you’re right. If you do win, it will be decade from now and you’ll never recover your legal fees. They fight with the unlimited resources of the government and you fight with your own limited personal resources. Justice will be fleeting as they’ll just target someone else the next day. Nobody will be held accountable.
Technology is the only solution. This is why we build. #note1pqn…taq2

2024-09-25 22:56:21 UTC

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➡️ “That article doesn't mention AMMs at all.”
The term “AMM” appears 19 times in that article. 🤷‍♂️
➡️ “You can't do transaction introspection with CTV, so this isn't possible”
You don’t need introspection if the addresses are preregistered. Scanning the address will list all the UTXOs. Once you know the UTXOs then you also know the amounts.
➡️ “First of all, you need to do multiplication to do x * y = k.”
No, you don’t need multiplication if you can determine the product in another way. You might be able to create a state machine through a chain of predefined UTXOs that represent the AMM’s balance ratio.
Specifically, I’m suggesting to model the AMM's pricing curve through output UTXOs. Each UTXO represents a specific state of the liquidity pool at a point on the curve, with predefined balances of Bitcoin and tokens.
Trades are executed by consuming a state UTXO and creating a new one corresponding to the next state along the curve, effectively moving the liquidity pool's balances according to the AMM's pricing function.
CTV would enforce that only valid state transitions can occur by committing to specific transaction templates. If input A and input B, then move to point on the curve #1. But if input A and input C, then move to point #2. You’re determining the product based on the inputs provided. It has the same effect as multiplication, just doesn’t require computation or introspection.
➡️ “Great question. Let's see what folks say”
Looks like nobody responded with any information showing the non-technical risks were considered. I still haven’t seen anything either. It’s on the proponents to show safety. It would be negligent to not fully consider all risks.

2024-09-25 03:48:03 UTC

https://image.nostr.build/b9d650a8dee5687dcab1414b49731a5c8de40b11cd4ddbce99fc736ecef4d741.jpg

2024-09-25 03:47:27 UTC

Freedom countries pushing back on global socialism https://image.nostr.build/c21fb038040849dd778c0d33b98b82ee0e326fb1159edf30e426b31f5372e85a.jpg

2024-09-25 03:19:12 UTC

Claims to support Ukraine. Doesn’t seem to mind that they’re being used by Western countries as cannon fodder. How many Ukrainians have died? Remember, there was a peace treaty almost signed and all they had to do was stay neutral. But UK and US killed the treaty to intentionally escalate the war.
Thanks for the reminder. Going to donate to Zeus now. #note1fzm…vghq

2024-09-25 02:43:11 UTC

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Now he’s trying to remove spam filters from Bitcoin core.

2024-09-23 20:35:19 UTC

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➡️ “Why would CTV motivate people to pay for faster transactions more than any other normal transaction?”
It appears that it might be possible for CTV to create on-chain AMM-style marketplaces. On chain marketplaces create arbitrage opportunities which motivate people to pay for faster transactions:
https://www.coindesk.com/opinion/2024/07/09/mev-has-spread-to-bitcoin-in-subtler-forms-than-on-ethereum/
➡️ “CTV has been pretty well researched over the past 4 years since its inception.”
Please show me where the non-technical risks were discussed. I haven’t been able to find anything other than Peter identifying the risk of cheaper OOB payments.
➡️ “The key thing here, is you can't exit the contract if your counterparty is offline. So once the DLC options contract is created[…]”
It looks like you’re now referring to DLC contracts. We were previously discussing AMM style marketplaces.
You raised the issues of how the parties could be known. I suggested that a preregistration step might work.
You raised the issue whether the prices could be known. I suggested that perhaps specific UTXOs could represent points on the hyperbolic constant product curve (x * y = k) that’s used in AMM marketplaces.
You haven’t yet shown me why it’s impossible to create AMM style marketplaces using CTV.

2024-09-23 20:10:22 UTC

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➡️ Can you elaborate on how they increase mining centralization?
I’m getting a crazy sense of deja vu given that we’ve been discussing this for the last week.
CTV has the risk of promoting private out of band payment to miners, which can create centralizing MEV.
[1] Peter Todd admitted that CAT / CTV potentially encourage out-of-band fee payments to miners:
https://petertodd.org/2024/covenant-dependent-layer-2-review
[2] Matt Corallo explains why private out of band payments can motivate miner centralization:
https://x.com/TheBlueMatt/status/1780558009841643833
I pointed out that Peter identified one case but missed other cases.
Our long thread is here:
#note1yur…dpzq

2024-09-23 04:18:22 UTC

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Lift weights and get stronger. Sit on the couch, nice and easy, and get fat and unhealthy.
Which free speech protocol do you want, the strong one or the fat and uselessness one?

2024-09-23 04:12:46 UTC

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💯

2024-09-23 02:01:16 UTC

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That person was helping to improve the system. Kinda ironic to use the “authorities” to fix a problem with our decentralized technology.

2024-09-23 01:39:33 UTC

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Auto immune makes sense to me. It’s the first thing that comes to mind when it’s idiopathic. Hard to find the root cause because the patient needs to have a preexisting susceptibility, a depleted immune system, and then some external trigger. To observers it seems random.

2024-09-22 21:36:26 UTC

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➡️ “Very fair point. However if folks are okay with “slow”, what’s the likelihood they’re also okay with just waiting for lower feerates for their tx to be confirmed in the first place?”
They might be, but you’ll recall that this was the risk that Peter had identified in his paper — paying for cheaper transactions. My point was that Peter had overlooked the other case, specifically the risk that CTV could motivate people to pay for faster transactions. I believe both of these cases are risks and I don’t know for certain what the magnitude is (and I don’t believe anyone can know for certain — because our assumptions are based on the past and not what people might invent in the future).
➡️ “AMMs are not possible with CTV only, because there is not sufficient transaction introspection to achieve this (aka you can’t look back at previous txs which is necessary to have the price update in an AMM).”
I could imagine that this could be solved by the coordinator frequently reissuing the contracts with the current value.
Another possibility is to somehow link specific UTXOs in chains to track state. This is abstract; hope you understand what I mean.
Reissuing the contracts frequently or creating chains of UTXOs might also address your other point on the need to recalculate the contract for all the registered addresses. Creating more contract instances may reduce the complexity of trying to cram everything into one contract.
I recognize that republishing the contracts frequently would slow down trading, but again, this is me brainstorming for five minutes. Since it’s technically possible, it becomes an optimization problem. How do we know some clever person won’t solve it?
I understand your point that it looks infeasible and doubtful that a meaningful on-chain market could arise. But I recognize that this view is based on assumptions of past events, current technology, and current maturation of the bitcoin network. I don’t think we can look at it like this. We have to think about the future — the long and unknown future. Once these protocol changes are in, we can’t easily pull them out.
I believe that if something is technically possible, a sufficiently motivated person will eventually find a way. We can’t assume that it will never happen just because it seems infeasible today.
From another thread, but additional details on why I believe we should be conservative:
#note1r4t…4sjk

2024-09-21 07:22:39 UTC

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That’s one of the things that concerns me. People might think they’re anonymous here when they’re not.