WORD5 #677 3/6 ⬛🟧🟧⬛⬛ 🟧🟧⬛🟧🟪 🟪🟪🟪🟪🟪

WORD5

Ross Perot was right.

People are laughing at Ocean for doing this and missing the point entirely. Bitcoin won in that moment. And a single node operator spoke loud and clear. So... people can hate on Luke... but at the same time he is helping develop some of the most important tech bitcoin needs as soon as possible. So yeah... nothing happened yesterday. And everything did. Read the article:

Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

I think something is very important here. All of us have been bombarded by messages saying one side of this argument is retarded or evil or in a means of bitcoin and the other are doing things to make sure that it keeps running well. The people on the other side of this are not your enemies. They are not people who want something very different than you do even. They're people with a difference of opinion on how this should play out. They saw it a different way. There's no need to hate them.

This honestly makes me sad. I have been in Bitcoin almost as long as Luke may be exactly as long. Luke has been one of the most important contributors to the project from the very beginning. He has a natural strong bent towards contrarian and adversarial thinking. He tends to believe and act in the extreme. I believe he cares about what Bitcoin is deeply and probably even sees the project as something that would protect against evil currencies in the digital age. I agree with him on so many parts of why he is fighting. This is not a minor loss to Bitcoin. But Bitcoin is not about one guy. Sigh. View quoted note →

The good/bad news depending on where you're at on the whole thing looks like #bip110 went over like a lead balloon at least so far. And there are rumors and people talking about switching to a different proof of work algorithm, which would leave the Bitcoin miners as they exist on the chain that the majority considers Bitcoin, and then another coin would emerge with a complete different POW algorithm and a shared history. As far as I can think through it, this is the least toxic end to this for those who believe #bip-110 was a mistake.

You can see storm clouds on the horizon, right? It is becoming very clear that at this moment it is possibly unsafe to: 1. Trust single sig wallet addresses created with unvetted sources of entropy without a high entropy passphrase. (#entropy #trust) 2. Use tools that are built on top of a hot wallet like #Bitpay, #LNbits etc 3. Use "crypto" inside of weakly designed smart contract type systems in coins like #Ethereum, #Solana, etc. But I think we can extrapolate that into a little bit of future proofing by also Avoiding systems built on top of complex systems like A. Swap services. B. Custodial schemes like Cashu Because of the coming storm of security breaches which will lead to the hardening of a lot of these systems for a period of time. It makes sense to either self-custody in a way that is including all of the best practices or trusting your value with a custodian who does. If we don't know what you are doing is safe, then we should fall back to systems we either do know are safe or that we can trust. And if we don't know that we don't know... ... then God help us. This type of thing will not be limited just to Bitcoin either. What a time to be alive, right?

#bip110 #knots #core So the coinkite thing sucked up on my attention. Where we at on the signaling thing? Are there two bitcoins yet?

#coldcard #hack #entropy #sad #CoinKite cannot come back from this. Even if they could rebuild the lost trust the company AND principals (due to negligence piercing the LLC/corporate protections) are going to be sued into oblivion. The only HONORABLE move @nvk and @coinkite can do is simple: They should FULLY make both the hardware and software 100% open source. This would allow the community to rescue the existing devices and project from being useless. This is also the most effective, if not only way for the people behind this debacle to regain a small amount of respect in the community. And... It is right. Not holding my breath... I assume the lawyers and liquidators will be running the show soon.