Guy’s Take_054 – CTV, Blockspace Debt, & TX Grenades
[Caveat – A critical piece of the puzzle I lay out in this episode was something I incorrectly understood, which makes this entire thought experiment moot. I explain further in Guy’s Take #55]
Today I want to isolate the problem I brought up briefly in the previous CTV episode and expand on how I’ve been exploring the concept and how it might be a problem to the economics of transaction fees and how it alters the liability of who pays for the cost of the data. I think this relates to issues from the past with soft forks like P2SH, and possibly even flipping the economic incentives to the reverse, and that CTV commitments should be more accurately thought of as “blockspace debt.” With this new framing, might there be a way to purposefully abuse this, a “Transaction Grenade” if you will? We explore this in today’s episode. Don’t forget to like and share the show with all your friends!
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Read_623 – Response to the Huffman Letter to the EPA [Bitcoin Mining Council]
“It is imperative that elected officials in the United States recognize that bitcoin, and the innovation of Proof of Work, is the most important financial, economic, and accounting innovation in the history of humanity.” – Bitcoin Mining Council
Today we read & discuss a thorough and well argued response to the unfortunate nonsense in the Huffman letter to the EPA written by 22 elected politicians. With numerous old, tired claims that are easily debunked with any search for real data or facts, to a handful of misleading and twisted claims that simply don’t reflect reality, the response does an excellent job of bringing sense to the table. Don’t miss it.
Link tot he original
https://bitcoinminingcouncil.com/wp-content/uploads/2022/05/Bitcoin_Letter_to_the_Environmental_Protection_Agency.pdf
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Guy’s Take_053 – Let’s Talk CTV
Everybody take a deep breath! Right now all the drama on Twitter and the Bitcoin community is all about CTV. What is it? Is this an attack on Bitcoin? Is it going to destroy Bitcoin fungibility? Are we firing the devs again? Well luckily I’ve been digging around through things the past 3-4 days and can at least give you an introduction on the idea and begin our journey to figuring out if this a new benefit or risk. There happens to be a lot of FUD both for and against the CTV/BIP119 proposal in the Twittersphere, and before anything else, it’s important to clear that up. So we start there with today’s episode, and hopefully this will kick off a more in depth discussion and exploration in the coming weeks.
Some great resources for further digging into this topic and to do your own discovery for the benefits and drawbacks:
BIP119.com
UTXOs.org
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Read_622 – Silent Payments & Secret Blinding Keys [Shinobi]
“One issue with Bitcoin’s privacy, the ability to receive funds without giving up valuable information, is addressed with ‘silent payments.'” – Shinobi
Today we dive back into privacy with payment codes, BIP47, how exactly it works, and then the recent proposal from Somsen on “silent payments” that takes this even a step further to limit the data load on the chain itself. Some really fun tricks here that help give much needed privacy to those who need it most. Listen to find out more.
Link to the original and tons of other great work from Shinobi & Bitcoin Magazine:
https://bitcoinmagazine.com/technical/bitcoin-silent-payments-secret-keys
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Read_621 – I Finance the Current Thing [Allen Farrington]
“Even if you knew this was complete and utter bullshit, and that being an agent and not a principal ethically and legally precludes you from pretending your politics is your job, can you imagine, dearest of readers, your absolute priority at all times being to appear minimally different to all your competitors and hence to mimic whatever stupid bullshit they are spouting, regardless of whether even a single such spouter is making one iota of sense?
You’ve just imagined ESG.” – Allen Farrington
Do you invest in The Current Thing? Do you put the sign in your store front, to make certain you are showing your support for The Current Thing? Breaking down, oh so eloquently, what this means and why we all seem to participate in this weird machine. Why we have ESG policies for massive asset management firms when the very idea of investing has essentially disappeared from the investment world. When money is political, everything is political. But the reckoning is on the way.
Link to the original, with many other works and reads to explore:
https://allenfarrington.medium.com/i-finance-the-current-thing-7ea204230315
Get your copy of the amazing book from Sacha Meyers and Allen Farrington (hopefully soon audible as well) at the link below:
https://www.amazon.com/Bitcoin-Venice-Essays-Future-Capitalism/dp/B09TTTGT11/ref=sr_1_1?crid=2AGZUFMOMFPQ9&keywords=bitcoin+is+venice&qid=1650945730&sprefix=bitcoin+is+venice%2Caps%2C224&sr=8-1
Lastly check out Havel’s epic piece on the nature of communism and the tools of ideology in maintaining pwoer, in “The Power of the Powerless.”
https://hac.bard.edu/amor-mundi/the-power-of-the-powerless-vaclav-havel-2011-12-23
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Read_620 – Reading of the Transcription of the Recording of the HODL vs DeaterBob “Debate” [Stephen Chow]
“You’re a thirsty bitch. You like to gargle Peter’s balls.” – DeaterBob
This is happening and there is nothing I can do about it at this point. Enjoy.
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Read_619 – Bitcoin Mining & The Gird, Part 1 – Generators [Blake King]
“Bitcoin miners are unique because of how fast, transparent, and flexible their response can be to pricing fluctuations.
Riot’s Whinstone mining farm in Texas is a perfect example of miners powering down during tight conditions in ERCOT. During winter storms in February 2022, the site powered down 99% of its operations to reduce load. This flexibility made headlines.
Now imagine if ERCOT has visibility of every miner over 10 MW that’s connected to the transmission network. The price at which the machines breakeven would then become an integral aspect of wholesale power pricing because the bitcoin miners themselves can set the wholesale price.” – Blake King
Simply put, if you want to understand the intricacies of Bitcoin mining and the energy grid, you don’t want to miss the first installment of this series. Follow Braiins and Blake King so you don’t miss the coming installments, as well as Bitcoin Audible to hear them all in audio.
LINK:
https://braiins.com/blog/bitcoin-mining-the-grid-generators
Check out the mentioned episode in the Guys’ Take by Croesus. Bitcoin & the American West:
https://podcasts.apple.com/us/podcast/read-587-bitcoin-the-american-west-croesus/id1359544516?i=1000545327475
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Read_618 – Expanding Functionality in Lightning Implementations [Shinobi]
“There are still many extensions to build out in the protocol and areas with unsolved scaling issues. In general, the Lightning protocol itself still has a long way to go in terms of solving existing issues and becoming robust and scalable enough to serve as a global transactional network on top of Bitcoin.” – Shinobi
Following up some of the incredible announcements and discussions at Bitcoin2022, Shinobi breaks down what is happening in the major Lightning implementations, the directions they are focused on, & what we may expect to see in Lightning evolution in the near term. Tons to cover in this great little piece from Bitcoin Magazine. Don’t forget to follow Shinobi on Twitter for a much needed perspective as we move into a new chapter for Bitcoin.
Check out the link and tons of other great stuff both from the author, Shinobi, and Bitcoin Magazine, at the link below:
https://bitcoinmagazine.com/technical/bitcoin-lightning-network-expanding-function
You can earn Bitcoin by Donating Plasma in a new pilot program. I’ve put the details for you at the link below:
guyswann.com/blood
Check out the Fountain app to test out the value-for-value system and listen to Bitcoin Audible for 1,000 free sats!
Fountain.fm
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Read_617 – Announcing Taro, Multi-Asset Bitcoin & Lightning [Ryan Gentry]
“Taro enables bitcoin to serve as a protocol of value by allowing app developers to integrate assets alongside BTC in apps both on-chain and over Lightning. This expands the reach of Lightning Network as a whole, bringing more users to the network who will drive more volume and liquidity in bitcoin, and allowing people to easily transfer fiat for bitcoin in their apps. More network volume means more routing fees for node operators, who will see the benefits of a multi-asset Lightning Network without needing to support any additional assets.” – Ryan Gentry
A huge kudos to Lightning Labs and what they are building over there. This is an incredible development that will shake the system as this tech gets implemented. Follow Lightning labs and Ryan Gentry, the author of today’s piece, on Twitter to stay up on what they are building.
Link to the original article and announcement: https://lightning.engineering/posts/2022-4-5-taro-launch/
You can earn Bitcoin by Donating Plasma in a new pilot program. I’ve put the details for you at the link below:
guyswann.com/blood
Check out the Fountain app to test out the value-for-value system and listen to Bitcoin Audible for 1,000 free sats!
Fountain.fm
For the best products and services to get you started in Bitcoin, our sponsors are literally a handful of those that I use most in this space:
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Chat_68 – Keysend Maximalism & LNpay with Bootstrap Bandit
LNpay, LNURL, LNauth, streaming sats, Bolt12, the past and future of Lightning. We dig into tons of great stuff around Lightning and discuss Keysend Maximalism with my good friend and the creator of LNpay, Bootstrap Bandit. We are getting back into it after the Bitcoin2022 conference, and you don’t want to miss it. So stay tuned, much more on the way!
Dont forget to follow Bootstrap on Twitter, and explore the incredibly useful tools and services built over at LNpay.co.
You can earn Bitcoin by Donating Plasma in a new pilot program. I’ve put the details for you at the link below:
guyswann.com/blood
Check out the Fountain app to test out the value-for-value system and listen to Bitcoin Audible for 1,000 free sats!
Fountain.fm
For the best products and services to get you started in Bitcoin, our sponsors are literally a handful of those that I use most in this space:
• Get Bitcoin rewards on literally everything you buy with the Fold Card (guyswann.com/fold). Get 20% off with discount code BITCOINAUDIBLE.
• Buy Bitcoin automatically and painlessly with SwanBitcoin (swanbitcoin.com/guy)
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Read_616 – Current State of Lightning Privacy [Tony]
“Besides the advantage of near-instant payments, there can be privacy improvements to Lightning as well. Unfortunately, there are scenarios where Lightning is not great for privacy. I’d like to unearth some of these. Not as FUD about the network, but to keep people as informed as possible so they may privately use Lightning. Everything in this article is public knowledge and known to the industry to some degree. This is my attempt at aggregating the topic of Lightning privacy from a higher level. Everyone has a right to financial privacy and deserves to be aware of these things.” – Tony
It’s time for a deep dive into the concerns, benefits, and future of privacy on the Lightning Network. This will be an awesome piece covering everything you want to know. So strap in.
Link to the article for further digging on all the mentioned tech:
https://abytesjourney.com/lightning-privacy/
You can earn Bitcoin by Donating Plasma in a new pilot program. I’ve put the details for you at the link below:
guyswann.com/blood
Check out the Fountain app to test out the value-for-value system and listen to Bitcoin Audible for 1,000 free sats!
Fountain.fm
For the best products and services to get you started in Bitcoin, our sponsors are literally a handful of those that I use most in this space:
• Get Bitcoin rewards on literally everything you buy with the Fold Card (guyswann.com/fold). Get 20% off with discount code BITCOINAUDIBLE.
• Buy Bitcoin automatically and painlessly with SwanBitcoin (swanbitcoin.com/guy)
• Keep your Bitcoin keys safe on the secure, open source BitBox02 (guyswann.com/bitbox). Discount code GUY gets you 5% off.
• Get tickets to the biggest & most exciting Bitcoin conference in the universe! Bitcoin 2022 (guyswann.com/2022). 10% discount if you use code GUYSWANN.
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Guy’s Take_052 – Follow up to Read 615 – The State vs Bitcoin
This episode is because the previous read by Steve Barbour deserved a Guy’s Take. Before we change topics to privacy in the episode coming later this week, “The State vs Bitcoin” deserves a solid shake down. A Guy’s Take episode on Read 615.
Link to the original article by Steve Barbour:
https://sgbarbour.medium.com/the-state-vs-bitcoin-dbc044f23ea6
You can earn Bitcoin by Donating Plasma in a new pilot program. I’ve put the details for you at the link below:
guyswann.com/blood
Check out the Fountain app to test out the value-for-value system and listen to Bitcoin Audible for 1,000 free sats!
Fountain.fm
For the best products and services to get you started in Bitcoin, our sponsors are literally a handful of those that I use most in this space:
• Get Bitcoin rewards on literally everything you buy with the Fold Card (guyswann.com/fold). Get 20% off with discount code BITCOINAUDIBLE.
• Buy Bitcoin automatically and painlessly with SwanBitcoin (swanbitcoin.com/guy)
• Keep your Bitcoin keys safe on the secure, open source BitBox02 (guyswann.com/bitbox). Discount code GUY gets you 5% off.
• Get tickets to the biggest & most exciting Bitcoin conference in the universe! Bitcoin 2022 (guyswann.com/2022). 10% discount if you use code GUYSWANN.
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