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moneyball
moneyball@primal.net
npub1ug8c...d9ry
₿moneyball@twelve.cash
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moneyball 1 year ago
Drop the sats. Just bitcoin. It's cleaner.
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moneyball 1 year ago
If you want to understand this week's bitcoin drama but don't want to wade through a bunch of craziness on social media or spend hours researching all the nuances, I suggest you listen to the segment starting at the 10min mark from today's PBJ
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moneyball 1 year ago
The Payjoin project just posted their vision and roadmap including multiparty batch transactions in v3, an ambitious project Spiral's Yuval Kogman has been working on. Spiral grantee @Dan Gould has been super focused and making tremendous progress on Payjoin for several years now. He's been able to attract many other developers to the project, including merging Yuval's project into Payjoin, which is a fantastic outcome. I find Payjoin to be one of the most pragmatic and promising privacy improvements for bitcoin. We're going to see strong adoption of it in the coming years.
The Evolution of Payjoin: From Two-Party Protocol to Multiparty Framework | Payjoin
Learn how Payjoin is evolving from a simple two-party protocol into a sophisticated multiparty transaction batching framework
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moneyball 1 year ago
Bitcoin is very hard to change, a property that is critical to it having any value at all. But, what exactly prevents it from being changed? Bitcoin is also bigger than ever, so how do improvements get made? Announcing the open source bitcoin consensus analysis project (BCAP). Earlier this year, @avichal and I discussed the potential for such a project, and over the past few months, I have been working with @0xren_cf and @LynAldenContact to go from concept to a solid starting point, which can now be found at the link below
GitHub
GitHub - bitcoin-cap/bcap: Repo for Analyzing Bitcoin Consensus: Risks in Protocol Upgrades
Repo for Analyzing Bitcoin Consensus: Risks in Protocol Upgrades - bitcoin-cap/bcap
 Bitcoin consensus is simply a set of rules codified in software. However, what maintains that consensus and what allows that consensus to change is extremely complex. What roles do each of us play in this consensus? What motivations and powers do each of us have? This project identifies 6 stakeholder groups that play a role in bitcoin consensus including each group's motivation and powers. It also analyzes how each group’s power shifts over the lifecycle of potential change.
GitHub
GitHub - bitcoin-cap/bcap: Repo for Analyzing Bitcoin Consensus: Risks in Protocol Upgrades
Repo for Analyzing Bitcoin Consensus: Risks in Protocol Upgrades - bitcoin-cap/bcap
 Ultimately, investors have the most power, but their power is often exercised late in the lifecycle of change when bitcoin might be on the brink during a contentious fork. Ideally, we avoid winding up in such a fragile state, so the project explores this dynamic. The Bitcoin Core project is just one implementation of the bitcoin protocol, but it wields tremendous power given it is the software run by a near-majority of the bitcoin network. It has earned this position by prioritizing security and being conservative on protocol changes. Historically, changes to bitcoin consensus have been proposed by Bitcoin Core developers and have all been merged into the Bitcoin Core project. Recently, there has been a shift to non-Core developers proposing changes. It is unclear whether this impacts Core prioritizing these. Often people claim that Bitcoin Core has too much power as a few devs can “change bitcoin.” While this is clearly untrue, the opposite is true in that there is veto-like power to prevent changes. Thus, alternative consensus clients are an important option. However, they are for extreme situations as it would be very difficult to gain widespread adoption. Low adoption can lead to a fragile network. The project explores one such scenario in which a change is (partially) activated with miner hash rate but low adoption from nodes. This can lead to a sizable bounty forming tempting miners to create a chain split, and leaving bitcoin in a state of chaos. (let’s avoid this) If a trading market develops between fork A and fork B, investors determine the value, but it turns out not all investors are equal. Self-custody individual investors have advantages over corporate and institutional investor segments. There are many other future scenarios, and we’d love to see the project evolve to analyze these as it is intended to be a community project that serves bitcoin well into the future. The project is off to a great start with 2 dozen reviewers spanning all 6 stakeholder groups. If anyone sees ways to improve this project please file an issue https://github.com/bitcoin-cap/bcap/issues, open a PR https://github.com/bitcoin-cap/bcap/pulls, or begin a discussion https://github.com/bitcoin-cap/bcap/discussions. There is a PDF version in case that is easier to read or to share with others.
GitHub
bcap/bcap_v1.0.pdf at main · bitcoin-cap/bcap
Repo for Analyzing Bitcoin Consensus: Risks in Protocol Upgrades - bitcoin-cap/bcap
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moneyball 1 year ago
5 reasons miners benefit from Stratum v2: 1. Authentication and encryption. Don't let your hash rate be stolen. Even if you aren't concerned about this, your auditors and investors likely will be. 2. Less bandwidth-intensive protocol (binary vs. JSON); reduce stale shares and works better in poor internet situations 3. Ensure your pool isn't inserting transactions and not sharing out-of-band fee payments. It is becoming more topical with the increase in usage of transaction accelerators and non-standard transaction inclusion. Eliminate the requirement to have to monitor your pool. 4. Ensure you're selecting the transactions that provide the maximum fees. Don't leave it to others who may censor certain high fee transactions. Eliminate the requirement to have to monitor your pool. 5. Take charge of the bitcoin software you run and consensus rules. Don't leave it to others to determine whether or not to signal for support of a particular change or to take the risk of falling out of consensus. Eliminate the requirement to have to monitor your pool.
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moneyball 2 years ago
Lightning Network has product-market fit as the open payment protocol
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moneyball 2 years ago
What does it mean to be open source? When I first got involved with open source bitcoin in 2017, I thought this was a simple question. However, it is far more nuanced that I rarely see discussed. There are at least 9 different gradations ... am I missing any?
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moneyball 2 years ago
More attention should be paid to OHTTP in the bitcoin space
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