softsimon
@softsimon_
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I like #bitcoin and I am running @mempool
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Joined November 2009
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Taproot 🌱 enables invisible Coinswaps which for the first time breaks the traces of your coins similar to a coinjoin. Imagine purchasing 1 BTC off an KYC exchange and immediately coinswapping it trustlessly with someone else. Chain analysis companies now have no chance.
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I made a simple Fiat/BTC/Sats calculator.
Some issues with existing ones include that your data is sent to a backend instead of being converted locally, the inability to easily copy and paste, and the readability issue that arises from not being able to see the exact amount due
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Proof of Stake might work for short lived shitcoins. A trusted federation might work for assets and trading on Liquid. But to get nation states like US, Russian and China to agree on value settlement, you need something truly unhackable, Bitcoin + Proof of Work.
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There is something special about being able to look up the 10 000 BTC Pizza transaction straight from my own Bitcoin node. The history. It's all there.
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Now think how well a centralized digital currency run by Facebook would work... lol... Or a CBDC for that matter.
#bitcoin
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First you buy some bitcoin. Then you read up. Then you buy some shitcoins. Then you read up even more and dump your shitcoins. Then you dump your entire stock portfolio and go all-in bitcoin. Then you do some shitposting on Twitter. Then you move to some place abroad with no tax.
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Current block fees are already exceeding the block subsidy after the next halving, 3.125 BTC.
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"Starting May 31, banks in Sweden refuse to buy back kroner from other countries."
"The banks assess that they cannot obtain sufficient assurance that they can fulfill their obligations under the anti-money laundering rules."
Are you seeing the trend yet?
#bitcoin
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What really happens to the coins you deposit to reputable lending platforms.
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I skimmed though Roger Vers new book so you don't have to.
It's filled with the classic Big blocker narratives we all heard (and debunked) before, and many quotes by famous big blockers like Kim Dotcom and the BitPay CEO.
Here are some of the highlights from Part 1 of 3.
🧵
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A Binance Lightning node has appeared with a couple of fat channels to other exchanges 👀
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For 3 days straight we had people coming to say: "I love Mempool Space, I use it every day, thank you for the good work". It has been humbling to say the least.
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I just can't resist not dropping a few of the corporate treasury department attendees at the MicroStrategy conference: Telefonica, Stripe, SpaceX, Hasbro, MGM Resorts, Texas Treasury Safekeeping Trust Co ..... 🔥🔥🔥
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BITCOIN GAS WARS BEGUN 🔥
How to strategically set gas fees while minting Runes right now👇
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Curious about using the
@Liquid_BTC
sidechain but having a hard time trusting the "federation" and L-BTC peg?
We upgraded with a open source live federation audit system.
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Good morning. I have never been in "lockdown" or had to present "covid pass" to enter a restaurant. Why? Because Bitcoin Nomadism allows you to go where you are treated best.
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Burak,
@brqgoo
announcing his new Layer 2 scaling solution named Ark. Read more at
@TheBitcoinConf
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In 2 years from now on this day (estimated) the Bitcoin block reward will go from 6.25 to 3.125 BTC and the yearly inflation rate will go from ~1.8% to ~0.9%.
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People ask "When is Lightning ready?" and "When will BTC be used for payments?". Dude, it's up to YOU to start using Lightning and Bitcoin for payments if you want or need to. Bitcoin is what we make of it.
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New LND feature just merged. Open all your channels in a single TX.
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Two funny things about how Ethereum works:
1. Orphaned blocks gives block reward to the miners
2. Failed transactions also gets mined and cost transaction fees
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A group of crazy bitcoiners and corporate interests tried to hijack Bitcoin with bad ideas like onchain scaling, onchain as viable payment layer with "zero conf" and miner control.
They are still salty about losing their take-over attempt and are resorting to conspiracy theories
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1/ It's time to put an end to the fears and FUD about Bitcoins long term security.
From the Bitcoin white paper:
> The probability of an attacker catching up diminishes exponentially as subsequent blocks are added.
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@Ledger
Took your advice early and diversified my bitcoins a month ago! Going great so far! (/s)
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Today I am releasing the first episode of my new Swedish 🇸🇪
#Bitcoin
podcast where I interview
@knutsvanholm
!
Bara Bitcoin means Bitcoin Only in Swedish.
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I just open sourced ! Being able to self host using your own node is great for privacy.
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If you're still in Prague after
@BtcPrague
you NEED to visit this place. -->
@paralelnapolis
, they have a café and co-working space and ONLY accept
#Lightning
⚡
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MARA Pool just mined a ~4MB block with a non standard transaction containing a 3D model as inscription.
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Another BRC-20 token mint requiring 400,000 onchain-transactions to complete is causing the high mempool fees right now.
I guess this is Bitcoin now. 😐
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Reminder: The oracle problem still renders 95% of anticipated use cases of "blockchain" useless... That includes tokenization of any asset or NFTs of physical goods.
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1/ I tried 3 of the most popular node solutions for Raspberry Pi 4 and here are my impressions:
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Now with ICOs dead, HEX and LUNA dead. NFTs mostly dead. I've been wondering: what will be the shape and form of scams the next bull cycle?
I think it just might be "Bitcoin Layer 2s".
Overview:
#Bitcoin
Layer 2s
🔹We have updated our $BTC Layer overview based on the latest community feedback!
🔸We have added:
@mercurylayer
,
@NervosNetwork
(BTCKB),
@zksats_io
,
@SovrynBTC
and RGB
🔹So far we identified over 45 $BTC L2s!
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The total block reward from mining has been, and still is, mostly based on the subsidy. The green area represents the fees.
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Economist at SEB Bank suggesting cutting down on vacationing and entertainment to curb the inflation. Ping
@saifedean
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Looks like Binance just dumped 30-40 MB worth of UTXO consolidation transactions in the Mempool.
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Recently launched my realtime Bitcoin blockchain visualizer and transaction tracker!
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We've had some blocks with over 2 BTC just in fees today.
I am more worried about my own transactions being to expensive to make in the future, than PoW security after the block subsidy diminishes.
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Bitcoin was built to withstand government level attacks. With basically zero downtown since inception. Nobody has been able to hack it or shut it down. This is what makes Bitcoin different from all the rest.
Solana went down again at two o'clock in the morning (UTC+8) on January 4th. According to users of the official Telegram community, the attacker is suspected of using spam to conduct a DDoS attack.
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Bitcoin needs a Layer 2 "trading" layer. Using
@hodlhodl
and
@bisq_network
would be so much better if for example Liquid (L-BTC) was the standard. Low fees, 1 minute confirmations and confidential balances.
Yes, it's semi-trusted but it's only to be used on temporary balances
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Bitcoin Derangement Syndrome
(noun)
A condition observed in long-term Bitcoin participants, typically those involved for a decade or more, marked by a profound disillusionment with the current state of Bitcoin and its community. These individuals, often early investors who
HOLD ON TO YOUR WIZARD HATS!
Today we are announcing a $7.5M seed round, led by
@standardcrypto
, to Make Bitcoin Magical Again
We broke the chain, we danced on stage, we took showers
We heard about bitcoin 10 years ago. And WE’RE HERE TO FIX IT
More in the thread below 🧙♂️
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Everyone is talking about Covenants as the next important upgrade to Bitcoin. But what happened to Schnorr Cross Signature Input Aggregation (CISA)?
We would not have this problem with consolidation transactions being very heavy on the blockchain because 60 signatures can be
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I skimmed though "PART 2 - Hijacking Bitcoin" of Roger Vers new book so you don't have to.
🧵
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Today I'm playing with AQUA Wallet by
@AquaBitcoin
@JAN3com
@Excellion
It's a Bitcoin and Liquid wallet with support for Lightning using swaps.
1/
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When I joined the Bitcoin space in 2017 I struggled to find any Bitcoin content and altcoin scam marketing lurking at every corner. Oh, how things have changed. Now there are Bitcoin on Twitter Spaces daily and endless podcast. Did we win or is this just a filter bubble?
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I just received my first Sats over ARK, a new Layer 2 solution currently being built on the Liquid sidechain due to the need for covenants.
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I believe this is the inevitable end for many Bitcoin enthusiasts.
Mike Hearn quit Bitcoin in 2016, believing that Bitcoin had already failed. Later, a significant wave of 'big blockers' left the space due to Bitcoin's failure to scale.
Some are starting to give up due to the
i need to take a break from
#bitcoin
. life has caught up with me. some parting thoughts in case i don't make it back:
1. bitcoin failed to achieve it's mandate
2. things don't improve over time
3. bitcoin is not in good hands
4. cypherpunk is dead
5. idiocracy awaits
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The current queue of transactions in the mempool. 100 kB sized batched transactions each with ~600 inputs. With Schnorr Cross Input Aggregation all this would be optimized away to just a few kilobytes. Would be great for scaling. Also Segwit is not used here.
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The
@VBTC_Vietnam
exchange is very small, unknown and has it's own issues, but yet one the best Bitcoin exchanges that I've ever used, because it is run by passionate bitcoiners.
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Recently we made a small but important change to the
@mempool
graph logging. Instead of just adding data points every minute, we also add data points right before and after a block arrives, to give a more accurate representation of how the new blocks are eating into the backlog.
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A cultural and technical shift. From sound money and payments, to degen JPEG and token trading clogging up the network.
The BSV/ETH people has moved to Bitcoin. They couldn't care less about sound money or decentralisation.
This is starting to sound like a well funded attack.
And I think Wizards are our best bet to encourage that cultural and technical shift in Bitcoin.
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The mempool is clearing up, mostly exchange consolidations. Other than the occasional cat picture, the BRC-20 and NFT inscription hype seems to have cooled down for the moment.
It's apparent we haven't yet reached a critical moment in the Bitcoin adoption where the demand for
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Lol turns out the NANO scam falls apart as soon as you start spamming it. But muh free transactions!
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The mempool has turned orange as fees are exceeding 100 sat/vB.
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Just a reminder of this great article from last year about how Coinbase systematically has been facilitating insider to retail pump-n-dump schemes.
1/ Today Coinbase received a Wells notice from the SEC focused on staking and asset listings. A Wells notice typically precedes an enforcement action.
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Absolutely packed with Bitcoiners at the Main Stage (Open Source Stage) with
@MartyBent
@ODELL
@TFTC21
@TheBitcoinConf
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@s_speche
Satoshi. It was to prevent spam/denial of service since transactions were free.
Now it's kept, well it got doubled with segwit, but it's kept low to maintain decentralization and thus protection from state and miner attacks.
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Crypto means Bitcoin and Scams. Why not just remove the scams and there is only Bitcoin.
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Did you know that transactions are color tinted by age? As the mempool clears, the contrast between older and newer transactions becomes more obvious.
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@AliAlthawadi__
@BritishHodl
What cannot be copied is the network effect. You can spin up a new Bitcoin (there are already 100s, some even better than Bitcoin), but try copying the miners, 100k nodes, developers, brand recognition, investors, ETF products, liquidity etc.
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When an attack against Proof-of-Stake happens, they will just upgrade the network to reverse the attackers coins. At that point, why not just use a group of trusted servers that decide instead.
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@KanoWael
@100trillionUSD
12 hours until this month is over and the $63K+ prediction for October is make or break.
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