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NickSzabo4's profile
Nick Szabo 🔑
Nick Szabo 🔑
Nick Szabo  🔑
@NickSzabo4

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Nick Szabo  🔑

@NickSzabo4

Blockchain, cryptocurrency, and smart contracts pioneer. (RT/Fav/Follow does not imply endorsement). Blog: http://unenumerated.blogspot.com 

Joined June 2014

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    1. nic carter‏ @nic__carter Feb 16
      • Report Tweet

      .@Truthcoin drops a stunner on Bitcoin's long term security budget. Outstanding as usual http://www.truthcoin.info/blog/security-budget/ …

      23 replies 48 retweets 200 likes
      Show this thread
    2. Nick Szabo  🔑‏ @NickSzabo4 Feb 16
      • Report Tweet
      Replying to @nic__carter @Truthcoin

      Lots of dubious assumptions: * Tx fees have historically risen and fallen with price, but they assume they are disconnected * L1 is a payment rail (nope, it's a settlement layer, and no altcoins are generally not as reliable and secure a substitute)

      3 replies 12 retweets 101 likes
    3. baclfoo‏ @baclfoo Feb 16
      • Report Tweet
      Replying to @NickSzabo4 @nic__carter @Truthcoin

      why is L1 a settlement rail (at the obvious expense of payments), is this primarily due to block size?

      1 reply 0 retweets 2 likes
    4. Nick Szabo  🔑‏ @NickSzabo4 Feb 16
      • Report Tweet
      Replying to @baclfoo @nic__carter @Truthcoin

      Lower block size --> more and better connected full nodes --> more trust-minimized than alternatives. People are rightly more comfortable sending higher-value txs over Bitcoin than over alternatives.

      1 reply 0 retweets 1 like
    5. baclfoo‏ @baclfoo Feb 16
      • Report Tweet
      Replying to @NickSzabo4 @nic__carter @Truthcoin

      just curious, what is your assumed "best" long term block size?

      1 reply 0 retweets 0 likes
      Nick Szabo  🔑‏ @NickSzabo4 Feb 16
      • Report Tweet
      Replying to @baclfoo @nic__carter @Truthcoin

      It's variable, but based on security, incl. value of txs and political conditions, so not in a way that can be put into a trust-minimized algorithm, so the best strategy I know of is to pick a predictable size with big engineering margins, stick to it, and design L2s around it.

      11:03 PM - 16 Feb 2019
      • 3 Likes
      • Hugo Nguyen Riding Unicorns to the Moon baclfoo
      0 replies 0 retweets 3 likes

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