moneyball

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npub1ug8c5wp6chs4xessrstq3mj0x0agkttey5xwk26632a2gw22de7qkfd9ry

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moneyball@primal.net

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nprofile1qqswyru28qavtc2nvcgpc9sgae8n875t94uj2r8t9ddg4w4y899xulqpzamhxue69uhkummnw3ezuendwsh8w6t69e3xj7s4l3y8c

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nostr.fmt.wiz.biz

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npub1ug8c5wp6chs4xessrstq3mj0x0agkttey5xwk26632a2gw22de7qkfd9ry

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Last Notes

2024-11-08 02:31:53

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
https://github.com/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. https://github.com/bitcoin-cap/bcap#stakeholders
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. https://github.com/bitcoin-cap/bcap/blob/main/bcap_v1.0.pdf

2024-10-24 21:38:07

https://m.primal.net/LhCR.jpg

2024-10-21 22:09:08

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Which L2 solution and why shouldn’t it be trusted?

2024-10-03 14:26:22

https://bitkey.build/welcoming-robinhood-to-the-bitkey-ecosystem

2024-09-23 01:11:58

ライトニングサミット

2024-09-16 20:25:59

https://delvingbitcoin.org/t/superscalar-laddered-timeout-tree-structured-decker-wattenhofer-factories/1143

2024-09-01 13:11:50

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If you see any concerns be sure to share

2024-08-31 19:40:35

Lava's loans protocol is perhaps the most sophisticated and novel use of bitcoin script and DLC tech I've seen before. This 10 page paper does a nice job of introducing it. https://github.com/lava-xyz/loans-paper/blob/main/loans_v2.pdf

2024-08-31 14:05:35

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If you install the mobile app then you'll be able to receive bitcoin from zaps

2024-08-29 13:16:00

https://shop.braiins.com/products/building-bitcoin-in-rust
#note10gy…rc70

2024-08-20 23:01:23

running reads

2024-08-15 19:40:47

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There needs to be substance for it to endure

2024-08-14 13:47:13

https://www.youtube.com/watch?v=XDXQuEJHa8Q

2024-08-09 05:13:51

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Phoenix, Bitkit, Alby, Zeus…

2024-08-07 17:31:34

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I'd suggest subscribing to our newsletter https://spiral.xyz/blog/spiral-quarterly-update-h1-2024/

2024-07-30 01:53:49

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Of course! They're free for anyone to use.

2024-07-17 21:39:24

What questions would folks like me to ask?
https://m.primal.net/JUUi.png

2024-07-06 15:35:20

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@npub13zr…lmne can speak to his experiences using it

2024-07-06 15:34:41

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For reference https://github.com/lndk-org/lndk

2024-06-15 01:42:41

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@npub1a00…9q3h

2024-06-06 22:53:15

https://m.primal.net/IbNw.png

2024-06-04 21:47:17

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.

2024-06-04 02:31:49

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https://github.com/bitcoin/bips/pull/1551

2024-06-03 20:01:11

BIP 353

2024-06-03 03:51:22

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Agree. Thoughts on how to make choosing a mint seamless for users ideally making it a default for them?

2024-05-29 19:45:01

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Oh, well I don't think the point that LN has found product market fit as the open payment protocol has been discussed hardly at all, so I wanted to start the conversation. The fact LN is enabling nostr zaps is super cool but not in and of itself a demonstration of it being the open payment protocol. It is the emergence of Fedimint and Cashu e-cash systems that largely demonstrate that LN is becoming that as well as Ark and statechains support for LN as OPP.

2024-05-28 18:24:39

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I sense from your responses that your hope is LN will offer near-zero fees while also being non-custodial with an economically viable unilateral exit. I understand it was sold this way by some folks but it isn't reality. LN's fees are a function of on-chain fees, which are going to be volatile and will continue to increase over time.
There are efforts to try and share UTXOs with more people which would allow for amortizing these costs over more people. This is awesome R&D, and I hope to see more of it. But so far, I've yet to see a design that doesn't result in some other tradeoff, such as a vastly more expensive unilateral exit or some other trust assumption.
I'm also not sure if you're understanding the point I'm trying to make. I'm saying LN has already succeeded at product market fit, but for something other than what you're imagining. I'm not saying it offers no/low fee non-custodial payments, but I am instead saying it is THE open payment protocol, connecting not only non-custodial LN wallets and custodial LN wallets but also wallets that use entirely different designs such as Fedimint, Cashu, Ark, and statechains. All of these different solutions already support LN as the open payment protocol. There's evidence that indicates LN solves that problem. Hence, product-market fit.
As for bitcoin as p2p currency, you're free to move on, but I'm going to continue working toward that as a north star. Each and every year we'll inch closer toward that, but we also shouldn't shy away from practical, useful products and designs that work today and are moving toward that north star.

2024-05-28 13:50:31

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Any user of, for example, Phoenix, Mutiny, Cash App, Coinbase, a Cashu wallet, Fedi, etc. can seamlessly pay each other and not even understand each of those represents very different tradeoffs and have completely different designs. What they have in common is using bitcoin as money and LN as the open payment protocol.
If you don't like paying 0.4% fees for a non-custodial mobile LN wallet, then you have the option of using a custodial or e-cash wallet to avoid the fees along with the associated tradeoffs.
Yes, we'd all love a wallet design that supports 8B people, has no fees, is as censorship-resistant and security as on-chain bitcoin, but that doesn't exist today.

2024-05-28 03:29:44

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This https://primal.net/e/note14gy37hq462t07ud60qyt0vd76kntxcthxvuem32unzl6qqq4djlsr4gx2t

2024-05-28 01:39:51

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Impressive. Just the pull-ups alone!

2024-05-27 21:29:33

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😂

2024-05-27 20:04:39

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Yes I've used many and support many who are adopting LDK. I think Phoenix is the best UX with reasonable fees but it is no longer available to me. I like Mutiny as well and it is my preferred non-custodial LN wallet, but they've had problems with their LSP scaling. It is all very early.
Even once all the kinks are worked out, there are fundamental challenges with a LN wallet that make it impractical for small amount spending wallets (eg $20 balance) that are used to zap in nostr or on Stacker News.
There are other solutions such as e-cash that don't have that problem, but e-cash systems make other tradeoffs. Thus back to my original point, which is there's no single solution that serves everyone's payment needs. The good news is there are many solutions in the works, and LN is the open payment protocol connecting them all so users of different systems can seamlessly pay each other. It is quite beautiful.

2024-05-27 18:41:22

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The secret sauce I refer to is LN as the connective tissue or glue between systems. I'm asserting it is unique in its ability to instantly settle payments between disparate systems.

2024-05-27 18:38:00

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I'm not under a rock, and I'm sorry to break it to you, but no cryptocurrency has solved scaling. There's no silver bullet solutions. There are only tradeoffs. LN is _unique_ in that it interconnects these different solutions.
Contrast this with, say, USDC, in which there's no interoperability between the plethora of platforms that support USDC. If you have USDC on Base, try sending it to a Kraken wallet. If you have USDC on SOL in a Phantom wallet, try sending it to a Metamask user.

2024-05-27 18:35:09

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Are you suggesting I don't post my thoughts on nostr? @npub180c…h6w6 seemed happy that I was posting here.

2024-05-27 18:33:36

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There are various solutions all with tradeoffs. The LN interconnects all of them. https://primal.net/e/note14gy37hq462t07ud60qyt0vd76kntxcthxvuem32unzl6qqq4djlsr4gx2t

2024-05-27 16:32:58

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For non-custodial LN wallets, liquidity ads and the LSP spec are liquidity management solutions (realized in code such as https://github.com/lightningdevkit/lightning-liquidity and by services such as Voltage and Olympus).
Ark and statechain-based solutions take different approaches.
Yet other solutions such as Fedimint and Cashu, or Cash App and Coinbase, because they're custodial/pooled funds, avoid those challenges altogether.

2024-05-27 15:59:10

There is yet to be a silver bullet scaling solution for cryptocurrency. Instead, what we have for now, and possibly for a long long time, are many solutions each with distinct tradeoffs that will match different user needs.
The secret sauce to making this all work is LN.
#note1an9…jy4g

2024-05-27 04:11:04

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It really helped shine a light on how LN has become the open payment protocol.

2024-05-27 04:08:03

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Note: I'm re-exploring such dynamics for the first time in 7 years.
Here's the distinction I'm thinking: Investors hold power because they can put their money where their mouth is. They can sell bitcoin if they don't like the direction. They can express intentions for a fork through futures like in 2017 with Bitfinex s2x futures. But investors aren't economic nodes because they aren't receiving bitcoin on a daily basis.
Economic nodes hold power because they're constantly receiving bitcoin and validating the rules. If economic nodes reject blocks mined by miners that is significant. Or, if they don't enforce new soft forked rules for transactions that miners are mining, that creates a precarious situation for anyone locking up funds in such scripts.
Thoughts?

2024-05-27 04:02:46

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I made a silly typo in this note. Please refer to this one 😉 https://primal.net/e/note1an99hwm4lgpesgmvl0jn7zf55z2tamyq8vg758rgy2h4l6ydrkkseejy4g

2024-05-27 00:43:04

Lightning Network has product-market fit as the open payment protocol

2024-05-27 00:42:19

Lightning Network has product-market fit as the open monetary protocol

2024-05-11 17:37:39

"I like what Steve said, the Team Slow & Steady. Very conservative. Slow & steady development. And iterate over time." - Odell https://www.youtube.com/watch?v=tKX6d2nPSkE&t=690s
h/t to AJ Towns for his thought leadership here https://www.erisian.com.au/wordpress/2024/04/20/team-slow-and-steady

2024-05-10 00:34:54

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Physical stickers exist too!

2024-05-08 18:06:52

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1.6.7

2024-05-08 17:15:53

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@npub12vk…pugg on iPhone. I see it double posted too. Maybe user error but I don't think so.

2024-05-08 13:16:26

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I'm curious if you learned more? Is there anything published?

2024-05-07 15:59:04

I recommend AJ's framing of slow and steady
#note1f4w…023v

2024-05-07 15:58:04

🔥
#note1nr6…ycfh

2024-05-02 20:32:34

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Similar in spirit, but Ocean does not support Stratum v2 yet.

2024-05-02 20:31:49

Jack answers "“Why the hell are you all spending so much time on bitcoin?”" in Block's shareholder letter.
https://s29.q4cdn.com/628966176/files/doc_financials/2024/q1/Shareholder-Letter_1Q24_Block.pdf

2024-05-02 03:49:41

https://bitcoinmagazine.com/business/demand-pools-ceo-says-the-time-to-decentralize-bitcoin-mining-is-now

2024-04-29 14:14:22

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Are you using the lightning-liquidity crate or equivalent to offer mobile wallets functionality they need? If not then you're just proving Matt's point.

2024-04-28 05:23:24

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If things haven't changed from a year ago then I don't think it is a practical solution as it doesn't scale and is a massive regulatory target. I do think it has several innovative technical concepts that are interesting. I've heard there are improvements to liquidity requirements though which I hope is true and would love to learn more.

2024-04-27 11:00:13

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Looking forward to hearing if the unscalable liquidity requirements have been solved

2024-04-23 16:26:47

New 3nm bitcoin mining chip incoming. Let's shake up the mining industry and give Bitmain some competition! https://www.mining.build/latest-updates-3nm-system/

2024-04-17 18:15:33

Worrisome centralization
#note1qck…0jz3

2024-04-11 14:15:31

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This is a good metric to track but not the most important metric. More important metrics:
1. Wallets supporting BOLT 12 Pay
2. Wallets supporting Lightning Address BOLT 12 DNS Pay (with LNURL fallback)
3. Wallets supporting Lightning Address BOLT 12 DNS Receive (with LNURL fallback)
4. LSPs supporting BOLT 12 (blinded paths and onion messages)
5. Wallets supporting BOLT 12 Receive
6. Wallets supporting async payments protocol
7. LSPs supporting async payments protocol

2024-03-31 20:29:10

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It isn't opaque as the source code is published and supports reproducible builds as independently verified here https://walletscrutiny.com/android/world.bitkey.app

2024-03-24 23:52:35

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That is not correct

2024-03-24 18:37:12

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That doesn't work reliably

2024-03-23 18:10:52

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Agree we want to actively monitor this and avoid it!

2024-03-23 18:05:07

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Why?

2024-03-23 15:20:04

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That's still the vision? What does your disappointment stem from?

2024-03-21 23:24:36

Reference implementation of Stratum v2 is ready for use! https://bitcoinmagazine.com/business/stratum-reference-implementation-launches-sri-1-0-0-to-enhance-bitcoin-mining

2024-03-20 13:03:17

Really compelling use of nostr. Anyone can add an opinion now.
#note1pxe…w77j

2024-03-19 18:25:30

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LN makes it seamless to pay anyone no matter what other system their using (Cash App, Kraken, another cashu mint, a Fedimint, a statechain, an Ark wallet, etc.). LN is the open monetary network.

2024-03-19 18:22:33

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I also haven't had the experience you're having Hong when using cashu.

2024-03-19 17:43:19

I sat down with @npub1hxw…40pf last week to discuss a variety of bitcoin topics. Check it out! https://open.spotify.com/episode/26jcUMcb7g2NSpYuOy64yx

2024-03-13 23:19:56

Should be a good one. What do you want to hear from us?
#note1x95…u3lc

2024-03-13 20:57:46

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Hard to take you seriously Tony.

2024-03-13 20:57:25

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That is an absurd and disrespectful take.

2024-03-13 14:44:30

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Not your wallet keys but a different set of keys. See the Social Recovery section https://bitkey.build/content/files/2023/11/Bitkey-Recovery-Features.pdf

2024-02-24 23:56:49

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I thought you might like that ;-)

2024-02-24 23:00:02

Let's discuss GCC https://bitcoinops.org/en/newsletters/2019/03/05/#cleanup-soft-fork-proposal

2024-02-11 04:34:19

Fantastic work by Matt!
#note1z6c…rp4d

2024-02-05 20:30:57

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For technical discussions, Delving Bitcoin is trending in the right direction.

2024-01-24 07:00:40

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I'm grateful for Bitcoin Core developers

2024-01-19 19:33:08

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❤️

2023-12-21 03:47:53

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https://primal.net/e/note1uf6vlr5xgek20xe0qennetghqxtkc885vpamxhq8sk2eptxj9wzs3600xw

2023-12-19 04:26:01

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Based on early feedback, allow me to clarify. I'm not suggesting redefining open source. A better way to frame it is open source best practices.

2023-12-19 03:53:48

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9. Public good mindset. Does the project's culture allow it to shift from what might initially start as a company project to ultimately a public good?

2023-12-19 03:53:38

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8. External maintainers. Does the core team attempt to grow external contributors into maintainers and ultimately relinquish some power over the direction of the project?

2023-12-19 03:53:30

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7. Self-sufficient funding. Does the core team proactively seek external funding sources for development of the project so that the project can survive even if the founding entity abandons it?

2023-12-19 03:53:21

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6. Recruiting external contributors. Does the core team embrace and champion new contributors who aren't affiliated with the core team's organization?

2023-12-19 03:53:03

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4. General vs. specific design. Did the team that created the software design it with only their specific application in mind? Or did they design it general enough to accommodate many types of future users?

2023-12-19 03:52:52

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3. Working in the open. That is, does a team work for months or years in private only to publish code for major releases? Or are issues and PRs in a public tracker with public discussion on a daily basis?

2023-12-19 03:52:42

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2. Permissive license. Does the license restrict commercial use or is it free open source like MIT License?

2023-12-19 03:52:32

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1. Source available. This one is straight forward.

2023-12-19 03:52:16

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?

2023-12-08 07:49:52

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What about this one? https://primal.net/e/note1rpcet3l35zgvqplyujxx32nlcjrzkl9awqrvgn2dn7f0r8e5ghhq6uqfc4

2023-12-07 15:26:36

You can now pre-order Bitkey! Consider it as a holiday gift for friends and loved ones who want to get their bitcoin off exchanges but are scared to self custody. #note1l7f…y0ry

2023-11-30 01:52:36

Detailed 22 pager on Bitkey's recovery. Highly recommended read for anyone who nerds out on self-custody. https://bitkey.build/sharing-our-recovery-design/

2023-11-28 22:37:52

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More performant and reliable than Tor and much cheaper than a generalized VPN service. Hopefully will just be baked into bitcoin wallets.

2023-11-28 22:14:40

More attention should be paid to OHTTP in the bitcoin space

2023-11-24 21:07:05

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2024 will be the year of BOLT 12

2023-11-24 21:03:09

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Spiral's work too

2023-11-10 02:40:07

#note1emn…mqwx
That's one big screen

2023-07-06 21:19:23

Substantial improvements to the WS experience! #note1kpq…l22q