Recently, I've been thinking about this chart from @hasufl and @nic__carter concerning the changing #bitcoin narrative. I think the recent focus on NgU has been misguided, and we've lost sight of the true common thread tying all of these together:

#Bitcoin is freedom money.
One thing I've learned from watching DeFi over the last year is that NgU tech is not unique to #bitcoin. Supply side liquidity crunches can be programmed in a few lines of Solidity.

But true monetary freedom cannot. #Bitcoin is the money chosen by people seeking to be free.
As the FUD machines spin up and market dominance wanes, I think this is very important for us to internalize. #Bitcoin guarantees its adopters that they will be free. Being free does not guarantee being rich. And if freedom is not continually fought for, it will disappear.
No people in history have stayed free by sitting on their hands and watching NgU. Freedom must be earned, protected, and exercised, or it will be taken.

NgU is accurate in that sound money is a necessary condition for a monetary system based on freedom. But it is not sufficient.
Nobody illustrates monetary freedom being valued and exercised better than @gladstein.

PoW is the strongest and most freedom-guaranteeing foundation for a digital money that we have. That freedom isn't free. The energy expenditure is worth it, full stop.
bitcoinmagazine.com/culture/check-…
.@dhruvbansal and I will be presenting our thoughts in Miami on what this means for building on #bitcoin. I'm really excited to share them with y'all.

The Circular Economy (h/t @ziggamon)
Advertising is Censorship (h/t @adamcurry)
Number of People Go Up (h/t @starkness)
Not everybody wants to be free. Many people would prefer to be rich.

But I talk to new people every day that want to help bring freedom money to the world. We need to create spaces for them to get started, highlight promising directions to explore, and use their contributions.
This thread was inspired by last night's Austin Bitdevs meetup. There isn't a better place on the planet right now to experience what a community premised on monetary freedom feels like. We have something special going on down here.

Texas is #Bitcoin Country, y'all (h/t @mecee)
If you want to understand why Texas is #Bitcoin Country, read this from @parkeralewis. Learn, understand, and incorporate it into your local community. If @BrainHarrington can do this in Los Angeles, California 😜, you can do it too.
unchained-capital.com/blog/bitcoin-i…

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More from @RyanTheGentry

15 Oct 20
So I have a lot of thoughts about this. History is definitely rhyming as we build the Internet of Value today in a similar manner to how the Internet of Communications was built from the 1970s to now. But many people are applying the wrong lessons from the past to the present!
Email (SMTP) was invented in 1982, and was the Internet's (TCP/IP) killer app for 30+ years and arguably still is. When @ChairmanHeath says "Internet" he's prob referring to HTTP, invented in 1989 by Tim Berners-Lee and popularized by the browser, the Internet's second killer app
I can't remember where I got this screenshot, apologies, but it perfectly distills what HTTP brought to the table: more media types beyond text!

Similarly, Bitcoin only transfers BTC, while Ethereum allows for many types of "value" transfer. Pattern matching to HTTP isn't crazy.
Read 11 tweets
2 Oct 20
So now that we all agree that globally available blockspace is not scalable for actual computation, but is best used for verification of off-chain computation instead, here are some thoughts on Ethereum's approach to scaling vs. Bitcoin's.

~👇~Thread~👇~
First, definitions:
1) broadcast txs: all-to-all gossip comms that succumbs to the scalability trilemma (all L1s)
2) unicast txs: 1-to-1 direct comms that occurs between two peers only (LN)
3) multicast txs: 1-to-many comms between a subset of peers (rollups, sidechains)
Both Bitcoin and Ethereum's L1 use broadcast txs. But because of (IMO) Bitcoin's use of UTXOs vs. Ethereum's use of accounts, Bitcoin has prioritized unicast txs via LN first, whereas Ethereum's initial unicast txs projects have been discarded in favor of multicast txs.
Read 20 tweets
5 May 20
0/7 I just released a new post about the Lightning Network as a utility for Web3 development. Web3 has typically been owned by the non-Bitcoin community (ETH, DOT, etc.), but I argue here that LN brings it firmly back into BTC's domain.

multicoin.capital/2020/05/05/lig…
1/7 Multicoin defines Web3 as “the unbundling of data and application logic.” Rather than focusing on storing user data on a blockchain, LN takes an incremental step towards that vision: "strong decoupling of authentication and payment logic from application logic" h/t @roasbeef Image
2/7 This is fascinating to me. Web2.0 has been dominated by freemium business models with two tiers of users:
1) free and pseudonymous if you use Tor/proxies/etc.
2) paid, giving up your identity and data ownership

This given rise to the structural problems fueling Web3 interest
Read 8 tweets
24 Sep 19
0/3 @mattshap1 and I just published "Privacy is a Feature, Not a Product"
multicoin.capital/2019/09/24/pri…
1/3 In the essay, we argue that privacy is a feature of valuable cryptocurrencies, not a product offering in and of itself. Users should not have to take balance sheet risk (e.g. by selling some BTC or ETH for ZEC) on less valuable and less secure cryptocurrencies
2/3 in order to achieve financial privacy. At the end of the essay, we study the nascent privacy pools on Bitcoin and Ethereum to evaluate if they offer sufficient privacy guarantees for most users to never need niche privacy-focused blockchains.
Read 5 tweets
19 Sep 19
As predicted, now that the summer is officially over the pace of whitepapers is picking up! Here are four new additions to the #CryptoArchives:
0/8

github.com/multicoincapit…
First, @LefKok, @dahlia_malkhi, @ittaia and Sasha Spiegelmann implemented a fully asynchronous DKG based on a novel "eventually perfect" common coin abstraction. 1/8

eprint.iacr.org/2019/1015.pdf
It's amazing how many new DKG constructions have come out in 2019. You'll find them in our Cryptographic Primitives -> Other section:
2/8

github.com/multicoincapit…
Read 9 tweets
30 Aug 19
It's been a slow summer for the #CryptoArchives, but I think this autumn is going to bring a torrent of new papers and insights for us to include.

Today I made a new commit with a few of my favorite papers from the last month, let's dive in! 👇0/7
github.com/multicoincapit…
First up, we have a new addition to the Zero Knowledge Argument Systems section: PLONK from @aztecprotocol!

This paper presents a universal fully-succinct zk-SNARK with significantly improved prover run time compared to fully-succinct Sonic. 1/7
Next, we added "ETHDKG: Distributed Key Generation with Ethereum Smart Contracts." A non-interactive DKG that works in Byzantine environments has been a white whale for cryptographers since Gennaro's paper in 2006. 2/7

Read 8 tweets

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