Alright it is 6 AM and I'm jet lagged: let's talk some Bitcoin in tweet storm format again.
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Replying to @patio11
Bitcoin is a single C++ codebase, Bitcoin core, not a protocol that anyone can independently interoperate with. It's IE6, not HTTP.
5 replies 19 retweets 29 likes -
Replying to @patio11
The codebase is understood by less than ~200 people and controlled by five. As of the present moment in time, 3 work for same employer.
2 replies 12 retweets 13 likes -
Replying to @patio11
The crisis du hour in Bitcoin is whether to have "big blocks" or "small blocks." Small blocks make Bitcoin's sharply limited TPS valuable.
1 reply 1 retweet 7 likes -
Replying to @patio11
TPS has been a red herring for most of Bitcoin's existence: miners have always theoretically sold transaction processing but were actually
1 reply 1 retweet 5 likes -
Replying to @patio11
99%+ compensated by the block reward, which is Bitcoin seigniorage. This is the most important decision ever made for Bitcoin.
1 reply 1 retweet 7 likes -
Replying to @patio11
The block reward created a widely distributed self-organizing incentive compatible boiler room. It is Satoshi's towering genius achievement.
1 reply 1 retweet 7 likes -
Replying to @patio11
But the ship has sailed on getting in on mining: entry stakes are now $10 million plus. Comparable difficulty to building a data center.
1 reply 2 retweets 4 likes -
Replying to @patio11
Miners: "So what do we sell people if we don't sell them tokens?" Answer: we freeze BTC's transactions per second (TPS) low and auction it.
1 reply 1 retweet 6 likes
"Wait Bitcoin is fast free trans processing. That's the point, right?" Both of those claims have always been lies. Boiler room liked them.
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Replying to @patio11
Bitcoin community now has a bit of a standoff going on between various stakeholders. It will end badly.
4 replies 4 retweets 6 likes -
Replying to @patio11
In the first corner, we have the "economic majority", which is what the boiler room calls VC-funded startups theoretically building on BTC.
2 replies 2 retweets 3 likes - 15 more replies
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