Glad you brought this up. We should definitely go through these points and possible solutions, though it will take some time—probably weeks or months—to cover everything in detail.
On risk, I think the biggest threat to Bitcoin is a fork and chain split, even more than a 51% attack. We've never had a 51% attack, but we've seen multiple forks and splits. Any new feature has to be worth that risk, and it should be explained clearly enough that at least 10% of users can understand it from first principles. Let's keep in mind the real dangers of a chain split.
Right now, I don’t think we’re fully using the tools we already have. I monitor testnet4 closely, and it’s clear that Bitcoin + Taproot (which ties into Nostr) isn’t being used much. Sometimes my transactions are the majority in a block.
What do you mean by critical primitives for scaling sovereignty? One trade-off could be that Nostr npubs and Taproot addresses offer sovereign ownership and property rights, whether on the base layer or something like Liquid. We’ve barely scratched the surface of using the (u)txo model for a chain of custody, like with single-use seals. A decentralized free market could be built on Bitcoin with this, but I’m not sure there’s much appetite for it right now—especially for niche use cases like vaults that no one’s really asking for.
melvincarvalho / Melvin Carvalho
npub1me…t5c24
2024-09-02 14:12:05
in reply to nevent1q…4ngw
Author Public Key
npub1melv683fw6n2mvhl5h6dhqd8mqfv3wmxnz4qph83ua4dk4006ezsrt5c24Published at
2024-09-02 14:12:05Event JSON
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"pubkey": "de7ecd1e2976a6adb2ffa5f4db81a7d812c8bb6698aa00dcf1e76adb55efd645",
"created_at": 1725286325,
"kind": 1,
"tags": [
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"content": "Glad you brought this up. We should definitely go through these points and possible solutions, though it will take some time—probably weeks or months—to cover everything in detail.\n\nOn risk, I think the biggest threat to Bitcoin is a fork and chain split, even more than a 51% attack. We've never had a 51% attack, but we've seen multiple forks and splits. Any new feature has to be worth that risk, and it should be explained clearly enough that at least 10% of users can understand it from first principles. Let's keep in mind the real dangers of a chain split.\n\nRight now, I don’t think we’re fully using the tools we already have. I monitor testnet4 closely, and it’s clear that Bitcoin + Taproot (which ties into Nostr) isn’t being used much. Sometimes my transactions are the majority in a block.\n\nWhat do you mean by critical primitives for scaling sovereignty? One trade-off could be that Nostr npubs and Taproot addresses offer sovereign ownership and property rights, whether on the base layer or something like Liquid. We’ve barely scratched the surface of using the (u)txo model for a chain of custody, like with single-use seals. A decentralized free market could be built on Bitcoin with this, but I’m not sure there’s much appetite for it right now—especially for niche use cases like vaults that no one’s really asking for.",
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}