Paul Sztorc
@Truthcoin
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Founder and CEO @LayerTwoLabs | Creator | Blogger | Author BIP 300/301
Connecticut, USA
Joined December 2013
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> Roger
> the very earliest day he is legally allowed to move out of the country
> moves to Japan on that day
> pay Japan taxes
> also pay USA taxes
> 9 years of paying Japan+USA taxes but only living in Japan
> 2014, formally renounce USA citizenship
> pay huge exit tax
> 10…
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Scaling war was about "X more important than Y"
It wasn't about killing Y altogether
Imagine a rival digital currency has a fixed supply of 21 M, it has perfect privacy, low fees, and is used everyday by 8 billion people.
Why would BTC have any value in that scenario? Because…
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Will people really spend $70-$700 to open/modify a lightning channel when there's an Altcoin down the street which will process a (USD-denominated) payment for $0.05 ?
Many people seem to think yes but honestly I just don't get it
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For your consideration, a modest proposal: name 1/10000th BTC as a "Finney".
It's the last and only new name we'll need. We've already blown past mBTC and people found that confusing.
The Finney has now reached parity with the dollar.
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One day, governments will need to compete for citizens. They will offer the best services at the lowest tax rates. All inefficient govts will rapidly dissolve.
Is that day arriving soon? Who knows.
But when it happens, it will be one of the biggest revolutions in history.
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I realize I'm playing with fire here,
But I'm curious as to why more internet people aren't just flat calling the Chinese government Nazis
I mean they call everyone else Nazis. Now there are literal fascist concentration camps and people won't do it? Right?
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Group of ~22 yr old kids at a diner in my hometown (Milford, CT, ie not Silicon Valley or NYC etc) talking intensely right now -- about ICOs, Polychain Capital, projects and how many Telgram users they have (a "great indicator"), roadmaps.
I'm just here enjoying my waffle.
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The Bitcoin Overton Window has widened
so I may now post "The 'Sidechain Vision' for Bitcoin"
1. BTC must ossify
2. Blocksize must shrink
3. Fee Revenues must rise
4. BTC must become interoperable
5. Lightning isn't enough
6. BTC Dev needs Competition
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Satoshi took it for granted that there would be many blockchains used for different tasks. In 2010 he co-invented the first Altcoin as if it were no big deal.
The "maximalist" position used to be that "BTC will soon do all these tasks".
Now, it is that BTC will *never* do them!
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Dear entrepreneurs, I would pay for a service that tries to hack all of my stuff (phone/email etc), then tells me what needs to change.
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Reminding you all
that proof of stake
has been "coming to Ethereum"
literally "...in 3 months"
since at least mid 2015
I am not making that up. I lived through it! It sounds incredible, I know. The sham is really that big!!!
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If people would slow down and think,
they'd realize that this "taxing unrealized gains" thing
would be the greatest gift Bitcoin could *ever* receive.
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Going to destroy an entire generation of US innovation and scientific progress.
The message sent to young people is that: obedience is much more important than creativity.
And if you study and work hard, you ultimately won't even be allowed to *keep working*.
If Tesla loses a battle with the SEC, the agency could force Musk to step down temporarily or permanently.
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This screenshot is traveling in some Eth circles...
Apparently, on Ethereum you can DM the guy who just stole from you
I hate to say it, but that is honestly cooler and more cypherpunk than anything we have in Bitcoin
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Saylor favors ossification because he fears Bitcoin being deemed a security.
( He also believes in Lightning; and buys the "Bitcoin has already won" and "immaculate conception" ideas -- both false. I hope I don't need to explain those easy ones, though. )
Consider Saylor's…
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100% correct
To quickly send USD worldwide, banks just need a reserve of BTC and some LN channels.
Because LN is so fast, it strongly resists exchange rate risk for the transactors. The banks themselves can even hedge their BTC exposure with shorting on Gemini or CBOE.
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Bitcoin is now filled with people who believe that they are right -- the beginning of the end.
Bitcoin used to be very tolerant of dissent and welcoming of discussion. Instead the scaling debate ruined all of that. Defeating XT/2x came at the cost of total intellectual suicide.
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I do like the idea of different governments competing with each other to see who can look the least like a dictatorship
This is Brussels, the administrative center of the European Union.
And they dare to say El Salvador is a “dictatorship”?
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We copied Ethereum
into a Bip300 sidechain
Here's how you use it
zCash✅
Ethereum✅
... Who's next?
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Eth now worth 47% of BTC
Sidechains (and related research) most important in the space. At least 10x-100x more important than LN.
My proposal Bip300 I think is the best. What's *your* idea?
...oh? nothing at all?
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Blockstream continues to embarrass BTC
@Excellion
Dude, you're literally part of a company that created a proprietary consortium chain for people to stick their tokens onto that only needs to exist because BTC (and even trustless L2s on top of it) don't have the scalability or functionality to do so natively.
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I fully support the movement --now gaining steam-- to purge Bitcoin culture of S2F.
The presence of S2F in Bitcoin Culture was a disgrace in every way. Few things were more bearish, than learning Bitcoiners would toss away rudimentary econ/stats in favor of wishful thinking.
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The entire Lightning Network is just 5000 BTC
And only a miniscule percentage of that is in use on a given day
Samourai has moved 2x that, in a single day
Thus, Samourai is much more popular than LN
You wouldn't know it from the chatter. Why is LN so talked-about?
Even during this period of high miner fees, Whirlpool has been hitting all time highs, surpassing 9,700 BTC today. Our users have decided that the expense of the miners fees are worth paying for the privacy improvement they receive.
Miners should be glad to accept their fees
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@CitizenBitcoin
Why does everyone at Swan have both an evil soul and an empty brain?
@LukeDashjr
Why does spam push block sizes much closer to the 4 MB cap, while real transactions would max out close to 2 MB?
Is it the unintended SegWit discount for certain spam like ordinals? Or something else? Thanks.
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Guys I don't know what to tell you about stock to flow
It's was so dumb, that even critiquing it would have been too humiliating
Like critiquing flat earth or something
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Hypocrisy should be mocked.
What if Gensler had said: "every crypto is a security, including BTC"?
Then, Bitcoiners would protest.
Either Gensler's opinion is important, or it isn't. Pick your poison.
BITCOIN MAXI WHO CLAIMS TO BE AGAINST GOVERNMENT OVERREACH CHEERS GARY GENSLER OVERREACHING BECAUSE HE IDIOTICALLY BELIEVES IT IS GOOD FOR HIS BITCOIN BAGS
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As expected, R3 ended up being one of the biggest scams in crypto, apparently blowing $200 M on pointless first class flights and "outrageous" salaries while actually delivering nothing^H ~~onewhitepaperfromMikeHearnthat mayhavebeenplagarizedfromPeterTodd
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The problems with LN are:
1) onboarding -- everyone now admits that you cannot onboard 8 billion people to LN
2) (Now) need for op_expire ; enormous "channel risk" -- it matters who you open a channel with. They can lock your funds for 2 weeks, or even steal from you
3) inbound…
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Bip300 (my project) allows us to:
* Shrink the layer1 blocksize
* Have ultra-strong zCash privacy/mixing
* Emulate any Altcoin (making Alt-marketing ~impossible)
* Scale BTC worldwide
* Painlessly activate new soft forks or even hard forks
And it is 100% opt in and reversible.
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It's true... I'm now a CEO!
.
@LayerTwoLabs
led by
@Truthcoin
wants to bring drivechains to
#Bitcoin
and they’ve just raised $3M to do that.
@FrederickMunawa
reports
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Dogecoin has always been great. It is a great wake up call. People worked really hard on Eos, Cardamo, whatever, and actually believed that **they** added value to the world.
Doge corrects that error.
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"I have not seen anybody provide an argument for why Joesph Stiglitz is socially useful." --Bitcoin on Joesph Stiglitz
"I have not seen anybody provide an argument for why bitcoins are socially useful," Joseph Stiglitz says
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LN failure is monumental because it reaches far beyond the LN itself
The "LN era" reveals that the BTC community will lie to itself about important problems -- and thus is doomed.
Far from having "already won", it instead is on the path to total self-destruction.
NOPE
The whole narrative was always going balls deep in Lightning and that it'd scale Bitcoin, make it private and kill all alts
You don't get to rewrite history because you bet on the wrong horse
😂
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71%
Bitcoin dominance is about to hit 70%. Where do we go from here?
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You would be pretty close to having half of a whole Bitcoin
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The lost-cause drivechainers (
@Brian_trollz
@bergealex4
@barackomaba
) don't actually have any real thoughts on Drivechain. Instead, they just have a vague notion that some other brillian person, for example
@peterktodd
, is on their side and so they can just make up whatever…
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I can't even consider CSW to be a fraud anymore. Instead it is beautiful performance art. CSW is a comedy genius, on par with Seinfeld.
Would love for him to give a technical presentation at my birthday/wedding.
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It has finally happened,
BCH hits its lowest all-time-low,
of <1% BTC .
(And: during a time in which average BTC tx fees were mainly in the "noticeable" $5-$20 range, no less)
_________
Time of death 8:29 AM?
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Plato's allegory of the cave makes more sense in a world where everyone is glued to their smartphones.
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A new Drivechain article from Nikita, creator of the Bitcoin-zCash sidechain
@BitcoinMagazine
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Is Bitcoin Maximalism dead?
It is an open secret that many ""Maximalists"" in fact shill Altcoins, or accept Altcoins in their "Bitcoin" business; some have even sold ERC ICOs.
Who still holds the line on actual 'Maximalism', per se? Is there a list somewhere?
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If layer1 fees rise to $28 per transaction, then Lightning HTLCs can NOT route any payments smaller than $100.
(Apparently)
(1/7)
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Yes, it is true! You can now run our testnet, and send BTC to and from the first P2P sidechain: "Sidechain One".
We will have LargeBlock and HugeBlock sidechains up soon, and of course the super-alpha of my futarchy project
@BitcoinHivemind
!!
JUST IN: A proposal to radically expand the capabilities of bitcoin such that it would be able to add vast new features to its limited supply of cryptocurrency has arrived on testnet.
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In the original merged mining bitcointalk thread (2010, eleventh years ago!!), Satoshi casually remarks that there will be many blockchains with different blocksizes and fee rates, as if this is non-controversial.
if the current generation of uninformed bitcoin purists were around in 2010 they would’ve shunned satoshi himself, because he dared to say that he thought namecoin was interesting
your moral framework is broken
cc
@breedlove22
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The final stage of Lightning wind-down, will resemble COVID :
Since it is so awkward for so many people to be so wrong, everyone will pretend that they were always against LN, and there will be no accountability.
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MimbleWimble extension block has now activated on Litecoin
According to some Bitcoiners, BTC will ***therefore*** soon activate its own mimblewimble extension block...
Many even say that this is how the BIP process works (but
@adam3us
did not mention it in his recent podcast)
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Below I highlight Satoshi's non-miner rationale for running your own full node.
( Apparently, Satoshi's original vision included full nodes that didn't mine, and that were instead used for "security". )
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"experts" have always hated markets
Because every expert knows, deep down, that they are an imposter
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Gavin's sudden announcement | 15%
Craig's strange evidence | 7%
Evidence shown to be fraudulent | 0.1%
Correspondence between Gavin and Kamininsky | 0.05%
Hearing story about what Gavin witnessed | 0.04%
LRB article The Satoshi Affair | 0.01%
History of forgery docs | 0.0000,1%
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(1/5)
7-8 years ago, I argued "Nothing is Cheaper than proof of work".
Since PoS is again rearing it's ugly head, I will recap it in a🧵.
First, how can Proof of Stake consume resources? There is no big power bill!?
Well, let me give you some ideas:
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Lightning is a lie
Sorry
Guess what: custodial Lightning wallet Strike doesn't work in Argentina anymore. Because it was always a bank LARPing as decentralized crypto. 🤦♂️
They lied to you that Lightning was going to fix everything, they lied to you that you were actually using Lightning so they could…
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I am 90% confident that in the future, the only thing people will remember about LN is how much damage it did to BTC. It is the "COVID" of Bitcoin and will be quietly dropped, with people preferring not to mention it.
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Yes, it is true: ingenious Bitcoiner Luke-Jr has been helping us making a minimal pull request for Bip300
Luke is actually neutral on drivechains, so: the perfect impartial 3rd party!
I think this will help move the conversation forward -- critics can…
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@saylor
@mattkratter
Your video had a good start. Yes, sidechains are a big deal, the "Holy Grail" of Bitcoin technology -- -- so the reaction should be big. Very big.
Your video then says: "sometimes there are unforeseen consequences", so we should go slow.
Here is my…
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Why is Roger Ver STILL more relevant to Bitcoin, than today's "BTCers"?
Because: Roger has "a good taste in problems"
Specifically -- The One Problem, of replacing fiat with Bitcoin
Yes, he didn't succeed. But most others didn't try! And LN not only failed, but also it…
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This tweet is from today!!
Not like 4 years ago or something
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There is actually a lot of evidence that Satoshi was not a cypherpunk. Or at least wasn't interested until it came time to debut Bitcoin.
For starters, he wrote in -and for- Microsoft Windows. Second his emails reveal that he head never heard of a few big people such as Wei Dai.
Tomorrow
@reason
is publishing the 1st of my 4-part documentary series about the cypherpunk movement of the ‘90s, which led to bitcoin,
@wikileaks
, among other things. Here's a thread about some of the participants & screenshots from my interviews.
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"Effective now, I'm halting my involvement with the development of the lightning network and its implementations, including coordinating the handling of security issues..."
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I re-pin this link because it still has all the answers.
Especially cost of legacy monetary system vs electricity
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This is just what Ethereum does all day
After BTC popularized Lightning, Eth "invented" Raiden, confidentially the name (if you didn't know) of a video game character that fights with lightning bolts
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My savings account's interest rate went up from 1% to 1.05% YESSS!!!
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I wish all who think Bitcoin's success is inevitable would identify themselves
So we know who our real enemies are
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Guys, don't you think all of this "Delete Coinbase" etc stuff is a little embarrassing? They have the
#1
app in the app store. They are overflowing with customers. An obvious lost cause.
So it doesn't even work as virtue signaling.
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Any who still believe in CSW, please listen to this message -- not from me, but from once-believers in CSW (like you).
The list of regrets includes:
* Gavin Andersen
* Roger Ver
* nChain CEO guy
* (presumably) Calvin Ayre
It is difficult to admit being scammed. We should…
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It is obvious.
Also: UV lights everywhere! For a long time, our species did not separate drinking water from sewer water. That's like our air today! Every HVAC should have one.
Kills *all* airborne infection (virus bacteria parasite), not just covid!
To state the obvious: any country that had learned anything would be preparing NOW, not for the next Covid-19, but for THE future pandemic. That means, eg, having enough in-country mRNA vaccine production capacity to get everyone in 1 month. They'd be building toward that NOW.
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I actually don't agree with this.
Instead I agree with Taleb who famously said: "For bitcoin to make it, it needs to be banned by a few governments and critiqued by policy makers. Otherwise it will fade."
The sooner Bitcoin is banned, the better.
It's time to make a stand. Americans are potentially about to be deprived of the opportunity to exercise their God given right to protect their private property. In this case, their bitcoin.
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I think we should just slaughter the "decentralized/centralized" language and go back to what Satoshi used: "peer-to-peer".
Has anything good ever come, of talking about the nebulous concept of "decentralization"?
Decentralized: no one can take your property away.
Centralized: someone gives you permission to keep possession of said property.
That's why decentralization is binary, not a spectrum. You either have self sovereignty over your own property or you don't. There is no in between.
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Close.
The block size debate has resurfaced, because:
* People are finally willing to admit LN is failing
* BTC shows no signs of replacing fiat anytime soon
* BTC "governance" has malfunctioned, leading to the old "who can change Bitcoin" superstitions and demagoguery
This is why the block size debate resurfacing is having a hard time going away.
These didn't exist in 2017.
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Bitcoin energy FUD, is just one particular recent flavor of a generic anti-progress anti-humanity self-loathing / self-destruction attitude.
@nic__carter
and I talk about this on the podcast we recorded (which will hopefully be up soon!)
Then: "A lump of coal is burned every time a book is ordered"
Now: "A lump of coal is burned every time a bitcoin is sent"
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I mostly agree with this 😳💀😂
The key is this: if Ethereum is useful for something, then it therefore cannot be a "scam". So basically that narrative must be over now.
Such drama 😂
@lopp
did nothing wrong by advising INX, receiving shares, and profiting from a later listing of the asset. He’s smart and honest, good for him.
Maxi’s are just pissed it’s built on Ethereum, which says more about Maxi’s than it does about Lopp, INX, or Ethereum.
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anti-privacy is a dead end
Because privacy on BTC is actually *unblockable*.
Imagine an extreme case:
* BTC is totally anti-private. Rampant accurate chainalysis. No private wallets.
* You can swap [USD for BTC] at your local drug store / supermarket / post office. Because it…
It's the point where transparent blockchains (Bitcoin, Ethereum, etc.) and opaque blockchains (Monero) diverge into two completely different asset classes 🔀
Alas, it's either staying private or welcoming institutional investors. So I guess no privacy features on Bitcoin? 🤔
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"if a miner would rather hold B2X, they could earn it four times faster by mining B1X and trading it for B2X"
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@mwilcox
I define a contract as a mutual agreement, among agents, to conditionally constrain their future behavior.
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How exactly is it controversial to claim that CSW is a fraud?
Look at the bullet point part
Look at the blue words
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Yeah I donated thousands $ to hodlnaut and he repaid me with repeated *literal* slander, ironically I could have then sued him!
Nasty guy
This guy:
1. got sued by Craig Wright
2. called me and asked me to be his expert technical witness and defend him in court against Craig in his UK trial
3. i say ”sure, i’ll do drop everything and do that, defending against craig is important for bitcoin”
4. wins his case in…
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Yes, on this one criterion, Ethereum is now harder money than BTC
Unfortunately for us
"Easy to argue Ethereum is not and can never be deflationary".
-Laser Eyed $BTC Maxis, Feb 2022
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Bip300 is inevitable, btw
It is the only L2 that:
* pays miners +
* that you can directly onboard to.
So it will activate via MASF, eventually.
ARK , LN , Federated Chains -- these don't pay miners. No one will pay $10 (or $20) to join those. ARK and LN stop working at that…
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I support a complete crypto ban, I think.
In fact, I wonder if Bitcoin can actually improve at all, **until** all exchanges are forcefully closed. As that would FORCE even the most dull-witted Bitcoiners to focus on making BTC useful for users.
💥BREAKING: Biden to sign executive order regulating crypto next week.
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Utility tokens -- a regression back to the barter system
They are great in a children's arcade, so that parents can *restrict* children's use of their money (while still giving child freedom/autonomy over game choice).
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So do the universities
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Hex is a highly dubious project but Richard Heart is the Shakespearian mirror that everyone is now being forced to look in, to the amusement of the audience.
If Bitcoin were a TV show this would be the end of like Season 5 or something
Let's have a chat about deceivers.
#Excellion
Publicly sells toxic maximalist hats. While sneakily investing at least $100,001 in ERC-20 projects and getting paid in ERC-20 tokens. Wait till you hear what INX does.
#Bitcoin
#BTC
$BTC
#Ethereum
#ETH
$ETH
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"Dear Bitcoin community, there is something very fishy happening in the Bitcoin Core development process right now, and I seriously wonder if a subset of contributors are not engaged in deliberately inserting backdoors to defraud or hypothetically get technical leverage on user…
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Is the USD a security? Probably.
This is the Howey test:
1. An investment of money
2. In a common enterprise
3. With the expectation of profit
4. To be derived from the efforts of others
Seems a clear "yes".
1. If "money" is rightly regarded as "purchasing power", then you…
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(18/18) CSW is a fraud telling desperate LargeBlockers what they want to hear, veering into Econ for the purpose of desperate obfuscation.
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I would like to congratulate . As far as I can tell, it is the first Ethereum project of any use. Eth now has a real "money market" for swapping liquidity and default risk.
With BTC you'd have to send your BTC to some company.
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New paper "Lightning Network: a second path towards
centralisation of the Bitcoin economy", by (among others) C. Decker of Blockstream / LN
The frown-face conclusion: " ... [LN] increasingly fragile towards attacks and failures."
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Bitcoin Cash could win -- it's cheaper to use, and decentralization is completely useless 99.9% of the time. Just hodl both.
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A new post: "Lightning Network -- Fundamental Limitations"
I don't expect it to be persuasive - I just wanted a space to organize my thoughts.
Today, too many are LN-close-minded. (Both pro and against.)
Much better to have a reference, to link/refer to
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What derogatory nicknames will be given to each?
Twitter exec says there will soon be three types of accounts: official, paid, and unlabeled
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* BSV vs BTC *
@DanielKrawisz
vs. Me
Sunday the 13th, at 3 PM (EST)
***
DRAMA!
Broadcast live!
Audience questions
Critiquing silly BTC/BSV/BCH decisions
*Secret arguments* from DK
CryptoKarens mad it is even happening
In between NFL games
What more could u even want?
@Truthcoin
@JayMerrett4
@DanielKrawisz
@MattPirkowski
Let’s do it on Partyline - You and Krawisz have both already been on
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Eric is right
Security Budget is the only relevant number
A *distracting* and confounding variable, is "ASIC cost efficiency" (ie $ per hash/sec). That variable cancels out and should be ignored.
For more read:
@saylor
@PrestonPysh
i understand that you feel that way, but the solution is really quite simple
imagine that 1 ASIC becomes so efficient that it costs $5/hour to produce the same amount of hashrate as the entire network today
is Bitcoin more secure? no, because the attacker has one too
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The questions that no one can answer
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"a $1 payment for a correct response and a 33-cent payment for ... “Don’t know” eliminated the entire partisan gap"
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"Paul, why do you criticize our Sacred Lightning Network. Are you a largeblocker??"
"Well, the problem is not the LN itself, but the community of lies, self-deception, and other BS that has taken root in our community and --if left unchecked-- will destroy us"
The universe:…
One of the biggest supporters of Lightning
Who went on Real Vision as the face of Bitcoin Maximalism
Who sits on the cap table of *dozens* of Lightning startups
Who camps in Spaces and consistently calls Ethereum an overengineered scam
Learned TODAY how payment channels work
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Imagine still believing in PoS in 2018
It's kind of sad
And the same long-refuted args: "inefficient", "climate change", etc.
As the years roll by, it casts tremendous doubt on every other opinion they hold.
1/ This Friday at
@delta_summit
, I'll do a talk on the transition from Proof-of-Work to Proof-of-Stake. Here is my attempt to put core argument into a tweetstorm:
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Fun fact -- deleted their entire comments section. Including many comments from me, refuting the main point of their articles.
All deleted now, you can only find them by looking up my Disqus profile
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