Read_767 – Pay Me in Bitcoin Theory
“If the merchant wants the bitcoin and you pay in fiat_, that is you shifting the burden of fiat friction on to them. And paying your valued vendors in bitcoin is the opposite of mutually assured destruction–it’s mutually assured survival.” — Parker Lewis
Ultimately, the decision to accept Bitcoin as payment will be driven by the fact that those merchants understand the value of Bitcoin and why it is expected to store value into the future. What does that mean for how we think about finding our way to a Bitcoin future? Parker Lewis is back with another great piece, on the “Pay Me In Bitcoin Theory.”
Check out the original article at: Pay Me in Bitcoin Theory
The playlist to the entire Gradually, Then Suddenly series in audio: Gradually, Then Suddenly Series – playlist by Guy | Spotify
Another great piece suggested in the commentary: Read_724 – The Virtue of Selfishness – The Objectivist Ethic [Ayn Rand] – Bitcoin Audible | Podcast on Spotify.
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“If you want to change the world, start with yourself.” — Mahatma Ghandi
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Read_766 – Spiderchains, Proof of Stake L2
“Take the idea of proof-of-stake as a base layer consensus mechanism, and throw the idea away for right now. That’s not what this is, and the problems that need to be solved to enable proof-of-stake as a second layer system instead of a stand alone base layer are not the same. #Proof-of-stake is essentially a #federation, but where anyone can join and can’t be stopped from doing so, and with a mechanism to punish members for acting malicious. As a base layer that creates all kinds of existential issues, like the objectivity of a slashing penalty. Proof-of-stake as a second layer does not have that problem when the bonds for slashing are on the main chain, governed by proof-of-work.”
We have a new addition to the sidechain discussion with the announcement of “Spiderchains,” a novel approach to the peg in/out model. Enalbing a proof of stake system that uses the underlying Bitcoin chain as the ultimate source of time and finality. The interesting thing? Not a single change to Bitcoin is necessary to make it work, so one way or the other, it’s going to happen. Find out more…
Check out the original article at: Spiderchains, a Proof of Stake L2
Lopp’s Spiderchain Article: An Introduction to Spiderchain
Bitcoin Audible: Read 562 – Only the Strong Survive – Part 1 [Allen Farrington & Big Al]
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“If the doors of perception were cleansed, everything would appear to man as it is – infinite.” — William Blake
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Read_765 – “Hoarding” is a Keynesian Slur
“This has been one of the most effective psychological operations that has ever been conducted on the public in human history. The high priests of central banking started running with this narrative and people have come to believe that it is a law of physics. Economies cannot operate efficiently unless there is a steady flow of new monetary units being created and introduced to the economy. If new monetary units aren’t being created people will hoard their money and grind the economy to a halt.” — Marty Bent
Today we take another angle of attack against the absurd notion that savers are the ones grifting from society, while the counterfeiters are doing a noble service to save us from the evil, ordinary citizens who have earned money and hope to keep it.
Check out the original article and sub to Marty’s Bent at: Higher Savings Rates Are Good for the Economy
Mentioned in the take, you can find the new video Guy’s Take series on Youtube or Rumble and by following me on Nostr and Twitter.
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“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we save means that their life will be so much the more abundant. Economy is idealism in its most practical form.” — Calvin Coolidge
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Chat_84 – Layers, Payments, and Relays with Utxo
Today we sit down with Utxo, founder of Nodeless, on understanding the design space for Bitcoin services, the challenges of making Bitcoin accessible and streamlined for everyone, and a vision of how the future may unfold.
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“There are no solutions. There are only trade offs.” — Thomas Sowell
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Read_764 – UTXOracle, Decentralizing the Oracle Problem
“It means that, given an open-source model, this could help bring about the ability to:
Independently calculate the price of bitcoin using only your full node at any block height
Develop genuine DeFi applications without the need for (or without sole reliance upon) trusted third-party price oracles”
— Daniel Hinton & Steve Jeffress
What if we could know, within a 1% precision, what the price of Bitcoin is, by only using your full node, and no other source of data? How useful could that be in protecting you from false data streams, or for building applications and decentralized marketplaces that could hedge and settle capital in BTC, according to its USD value? If you’ve been excited about potential solutions to the decentralized market problem, UTXOracle is not one to dismiss.
Check out the original article at: The UTXOracle Model
Links: utxo.live – suredbits
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“No great discovery was ever made without a bold guess.” ― Isaac Newton
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Guy’s Take_070 – But Deflation is Bad
A deflationary money is going to destroy the economy! If the value of money keeps going up, then no one will ever spend it! If no one spends it, then the economy will fall into a depression and it will never escape… at least, this is what we are told.
How is it that a sound money system with no special privilege and with no printing machine has been equated with the collapse of the economy? How is it that stuff getting more affordable, has been equated with nobody ever buying anything? How have we been led to believe, that someone else’s monopoly privilege to print OUR money, is the SOURCE of our wealth and prosperity?
What if, and hear me out, deflationary money is a boon to the economy, is a huge boost to economic activity, and that a sound money doesn’t even go up in value, unless real growth is actually occurring? And what if we could frame this in such a way that it is completely self-evident and sitting right in front of us all the time?
It’s time for a Guy’s Take episode, the second in the FUD relief series, “But Deflation is Bad…”
Links mentioned in the show:
WTF happened in 1971
Why your dollar ain’t shit
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“I would rather be exposed to the inconveniences attending too much liberty than to those attending too small a degree of it.” ― Thomas Jefferson
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Read_763 – Evils of THE ALGORITHM
“Everything about the concept of a social network and the incredible potential and beauty of #nostr as a protocol is in controlling your experience, what content you see, and how you see it. This is literally the entire point of having follows, followers, and reposts in the first place. It’s at the core of the very notion of what social media is.”
— Guy Swann
Should we be running from the dreaded “algorithms” of social media giants, or should we be thinking about them differently? A short article exploring a big opportunity in decentralized social protocols. Subscribe so you don’t miss the FUD Series Guy’s Take coming up soon.
Check out the original article at: Habla
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‘“Be yourself; everyone else is already taken.”
― Oscar Wilde
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Read_762 – Bitcoin’s Security Model Deep Dive
“When discussing consensus mechanisms for different cryptocurrencies, one issue that often causes arguments is a lack of understanding (and definition) of the security model that they provide for the historical data in the ledger.” — Jameson Lopp
Today we have another blast from the past with a deep dive into Bitcoin’s security model from Jameson Lopp. The most fascinating thing about this piece is that if understood properly, it gives understanding into why many of the following years in Bitcoin played out the way they did. If you want to truly understand Bitcoin, this needs to be part of your reading list.
Check out the original article at: Bitcoin’s Security Model: A Deep Dive
Links:
Anatomy of Proof of Work [Part 1 – Hugo Nguyen]
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“I don’t know anything, but I do know that everything is interesting if you go into it deeply enough.” – Richard Feynman
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Read_761 – A Sound Bitcoin Financial System [Alex B]
“I believe it’s important to go back to what this sovereignty is made of. Bitcoin works because an economic majority is aligning incentives for every constituent of the network. The longer tail of the economic distribution may choose to run a node and validate consensus but ultimately consensus follows the money.”
— Alex B.
Today we close out the lengthy back and forth over the evolutionary path of Bitcoin to a billion + users. Alex B brings us a great followup with a less technical and more abstract understanding of the security model of Bitcoin itself and collaborative custody, through the lens of the economic majority enforcing the honesty of all players. Don’t miss another great read.
Check out the original article at : A sound Bitcoin financial system. A sound Bitcoin financial system | by Alex B. | Aug, 2023 | Medium
Links to the other articles in this series and those mentioned in the Guy’s Take:
Read_760 – Drivechain’s Place in Bitcoin’s Future – Bitcoin Audible | Podcast on Spotify
Read_758 – Scaling and Consensus Changes [James O’Beirne] – Bitcoin Audible | Podcast on Spotify]
Read_757 – Putting the B in BTC [Anthony Towns] – Bitcoin Audible | Podcast on Spotify
Read_755 – Drivechains – Bitcoin Audible | Podcast on Spotify
Chat_80 – Building the Ark with Burak – Bitcoin Audible | Podcast on Spotify
A huge thanks to our sponsors, and don’t forget to check out the offers for the listeners of this show!
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“Man cannot discover new oceans unless he has the courage to lose sight of the shore.”
― Andre Gide
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Read_760 – Drivechain’s Place in Bitcoin’s Future
“To not die, Bitcoin must become more used. The current thesis accepted by most “maximalists” is that Bitcoin will continue to be thought of as an investment and its price will keep increasing, the price movements will bring more attention to it in a virtuous cycle. Eventually enough people will want to hold it so they will start accepting it as a payment for goods and services and then it can start to be used as money.”
Today we dive into Fiatjaf’s contribution to the sidechains, drivechains and scaling bitcoin to billions series as a follow up to James Obeirne’s piece. Bitcoin can still fail, but what would make bitcoin fail and how can we avoid it? Is there a solution we’ve been sitting on untapped? Could drivechains prevent the undesirable future where the whole world simply ends up trusting custodians? Let’s explore in today’s episode.
Check out the original article at:
The place of Drivechain in Bitcoin’s future – Fiatjaf
If you haven’t been following this article series, then don’t forget to check out last few reads for context at the links below:
James OB – Anthony towns – Blockstream – Drivechains
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“One of the sad signs of our times is that we have demonized those who produce, subsidized those who refuse to produce, and canonized those who complain.” — Thomas Sowell
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Read_759 – Increasing Interoperability in Second Layer Protocols [Chase Smith]
“Often overlooked is the importance of interoperability between not only the second-layer protocol and Bitcoin but the layer-2 protocols themselves. A second layer, where end-users can leverage several protocols together and move seamlessly between them, creates a healthier, more resilient financial system and an overall better user experience—both essential for mass adoption.”— Chase Smith
Today we shift back to the current layer 2 protocols to take note of the tools and ideas around making the entire ecosystem interoperable. How do we make Fedimint, Liquid, Lightning, and Bitcoin on chain all work seamlessly to give the user the greatest benefits of each without needing the complications
Check out the original article at : Blockstream – Increasing Interoperability Between Bitcoin’s Second-Layer Protocols
Follow Guy and Chase on Nostr.
Find out about the Breez SDK and Making Every App a Lightning App in preparation of our chat with Roy:
Read_732 – We Need More Apps With Lightning, Not More Lightning Apps [Roy Sheinfeld] – Bitcoin Audible | Podcast on Spotify
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“The worthwhile problems are the ones you can really solve or help solve, the ones you can really contribute something to. No problem is too small or too trivial if we can really do something about it.” – Richard Feynman
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Read_758 – Scaling and Consensus Changes [James O’Beirne]
“When reading a draft of this post, my wife got kind of depressed right around here. Her macabre question, basically, is: “if everyone just winds up interacting with sidechains, and not Real Bitcoin, hasn’t the whole thing failed? At every point you’re dealing with some token that isn’t really bitcoin.”
— James O’Beirne
Continuing the thread of discussions in a series of articles on sidechains and trying to frame our thinking for a Bitcoin future where billions can take advantage of its sovereignty, inflation resistance, and security, we dive into James O’Beirne’s follow up to Anthony town’s article in read 757. If we are all stuck in sidechains and semi-custodial systems, then did we actually fix anything, or was the whole idea a failure from the start?
Check out the original article at : Thoughts on scaling and consensus changes (2023) – Protocol Design – Delving Bitcoin
If you missed the previous episode, it lays important context for today’s read: Read 757
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“The chief evil is unlimited government…nobody is qualified to wield unlimited power.” — F.A. Hayek
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