What dimension am I in?

Before Bitcoin makes any decisions on protocol extensions that might increase the risk of MEVil, we all need to get comfortable with this being how mining works in the future (and have some confidence we can get her, rather than where ethereum is). View quoted note →

If more complicated protocols become a major part of bitcoin's transactions, what the resulting MEVil looks like in practice is something we should all be clear about. @7d5x9 (from Twitter) and I sat down and wrote about the best (bad) solution we'd have if MEVil becomes big. In that world, complicated transaction construction algorithms would put immense pressure on mining centralization which, left to develop on their own, would drive horrible outcomes for Bitcoin. Instead, we propose the best idea we have - containing the damage to as small an area as possible by allowing the MEV(il) extractors to only bid for a small part of blockspace, leaving miners to pull from the public mempool for the rest. (It also enables more competition between MEV(il) extractors than ethereum's PBS by splitting the block space market into many smaller markets on a per-contract basis). It still represents a dramatic increase in centralization in the mining world, with marketplace centralization potentially allowing for exclusion of certain miners, but its way better than letting MEVil play out naturally.

GitHub

mevpool/mevpool-marketplace.md at main · mevpool/mevpool

Contribute to mevpool/mevpool development by creating an account on GitHub.

Big day for long form writing for me today. Phew.

Over the past few years Bitcoiners went from dismissing Lightning to cheering on custodial solutions. While many of those solutions have great properties and make sense for low-balance wallets, we shouldn’t lose sight of the goal - great non-custodial UX that Bitcoiners actually *want* to use. Luckily we have the tech for it (now), we just need the motivation and resources to build great wallets using it!

Custodial Solutions Are Not Solutions

Our own Matt Corallo gets to the core of what makes bitcoin everything that it is: self-custody. Without it, bitcoin is just another form of fiat.