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Adam Back Profile picture
@adam3us
Aug 24, 2019 • 5 tweets • 1 min read • Read on X
Cypherpunks were always more interested in censor resistant global payment, than new gold store of value. Latter was just a means of deployment, attractive for being permissionless "no banking interface". /1
New gold, as hedge against geo-political uncertainty, and inflation, turned out to be an adoption driver also as the S-curve of both married use cases of uncensorable payment and store of value go through adoption waves. People come to appreciate Bitcoin via different routes, /2
New gold makes Bitcoin itself an investment class. Uncensorable payment without SoV is harder to invest in - you'd have to invest in startups monetizing uncensorable permissionless payments. New gold appeals to gold bugs, investors & exposes a wider range of people to Bitcoin. /3
So clearly Bitcoin with geopolitically neutral free market money, new gold, both store of value and censor resistant payment, is more valuable and useful than payment alone (say denominated in Fiat for example, as digicash was envisaged). /4
Geopolitically neutral free market money is a force multiplying major addition, and gold is not good for payment as it can't be used electronically in bearer form, and even in person assay is not as simple as a Bitcoin smart phone wallet, paired to the users own assay fullnode /5

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More from @adam3us

Adam Back Profile picture
Oct 7
@NickSzabo4 @adamamcbride @LukeDashjr @tmornini @gofreesamourai Even if it was p2p file sharing, or free-net, eternity usenet (I implemented 1997), usenet (also flood fill for 45 years now), that ship has been around for decades. Usenet topically is flood fill, and was used (abused?) for distributing porn, DVD movie rips in uuencoded parts
@NickSzabo4 @adamamcbride @LukeDashjr @tmornini @gofreesamourai You have to imagine someone posted things illegal in various countries over the 45 years. What would usenet node operators do? Probably nothing as common carriers, they're not moderating or even reading all the flame wars and thousands of groups, alt.binaries etc.
@NickSzabo4 @adamamcbride @LukeDashjr @tmornini @gofreesamourai And Bitcoin is about bearer bearer money, not about file sharing at all,
any image content is unwanted spam hiding inside smart contract interpreter bytecode, stack push op-codes or any of an infinite variety of ways to hide and stuff data into an interpreter bytecode.
Read 19 tweets
Adam Back Profile picture
Sep 5
Bitcoin is owned by humanity, the protocol developers are stewards, and need consensus from users to change it materially. bitcoin is about money, spam has no place in the timechain. what defaults the bitcoin core project puts in the reference client matter in this.
in may there were 88mil JPEGs in the chain, now 4 months later, there are 105mil JPEGS, a 20% increase. in may 7000btc fees had been paid, at $100k btc that's $700m or an average of $8 per JPEG. they are primarily in taproot inscriptions. (@BitMEXResearch data)
@BitMEXResearch protocol rules are enforced by economic nodes, miners are just service providers; miners cannot change protocol rules. (everyone learned that counter-intuitive fact during the block-size wars). proof of work, hashrate and bitcoin price come from the real world. there are signals
Read 18 tweets
Adam Back Profile picture
Jun 3
FIPS 205: SLH-DSA. best PQ secure signature candidate for the moment IMO. signature size a bit big, but if we want to stop premature quantum FUD, make a new address format with a Schnorr taproot, and a SLH-DSA tapleaf. QED. future work: signature aggregate SLH_DSA using STARKs.
you can migrate to a new address format, at your leisure during the following years or decades, that can be spent using Schnorr, and without today paying the space and fee cost of SLH-DSA signatures. but you are ready if/when cryptographically relevant quantum computers exist.
I like SLH-DSA as it is using SPHINCS+ which is itself an improved Winternitz signature (1982) improving Lamport signature dating back to 1979, and using simple robust hardness assumptions. most of the other NIST candidate signatures are using novel untested hardness assumptions.
Read 4 tweets
Adam Back Profile picture
Apr 18
@mattkratter debunks recent false claims about @BlockstreamJade. The fake RNG security report with AI hallucinated RNG code not in jade nor esp32, and old debunked claims recycling nothing burger API on some ESP models already debunked by @EspressifSystem
Some other things to observe: first evidently fabricated security claim articles? Not good, need to cut that off.

Also I am sadly disappointed at dubious behavior of a few people who clearly understand these reports are fake, hamming them up, presumably for competitive reasons.
Firstly fanning fake news, that's not cricket and not something i would hope any Bitcoin ecosystem company would engage in. For non Commonwealth guys: "playing cricket" means you want win, but unsportsmanlike behavior is uncool -disrespects the game, and hurts standing.
Read 6 tweets
Adam Back Profile picture
Oct 5, 2024
"paper bitcoin" story playing again, to avoid repetition here's a thread to debunk that theory. think about it: fundamentally there are very few people who are long-term short bitcoin because it's volatile and tends to go up 10x in short periods so no one wants to short it.
one data point: there are generally no call or put options longer than 12 month duration. that's because no one wants to sell the calls. lots of people would buy them. with futures (perpetuals and dated futures) they are side-contracts, so there is a short seller for every buyer.
however the vast majority of the perp & future shorts are basis trade arbitrage, so they are neutral or even positive. how it works: someone with $60k to collect interest buys 1 BTC, uses it as collateral to short 1 perpetual future contract. now they look like they're short BUT
Read 15 tweets
Adam Back Profile picture
Jun 8, 2023
"a security is first and foremost an ethical concept, which is why the legal concept even exists" -@allenf32
you're relying on company management or service opetators who have privileged information, and management discretion affecting your investment. they defacto could rob you
Cypherpunks like Wei Dai, Tim May, myself were interested in smart contracts, anonymous or pseudonymous commerce using reputations, good behavior bonds etc without the possibility for physical enforcement and smart contracts rather than court/arbitration process. A decade of alt
altcoin premines, ICOs, definitely, nft rug-pull exit scams shows empirically that was maybe optimistic. Self regulation, smart contracts, in theory preferable, in practice can it work in isolation? I think cypherpunks underestimated the casino use case with rug-pull incentive.
Read 5 tweets

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