#TheBWord conference notes:

Debunking "Bitcoin is Unscalable" πŸ‘‡
slides and talk by @arjunblj
@arjunblj A common refrain: "Bitcoin can't scale"

however, this question is not new, it was there since day 0
@arjunblj Fundamental scaling constraints:

- @Bitcoin's theoretical TPS: 4-7 txns/sec
- @Visa's theoretical TPS: 24,000 txns/sec

question: why can't we just multiply the constants? I.e. increase block size to include more transactions in each "block"
@arjunblj @Bitcoin @Visa When building a network like this, you can optimize at most 2 out of 3:

1. Scalable
2. Decentralized
3. Secure

Bitcoin so far has optimized for 2 & 3.

By doing something "simple" like increasing block size, you increase 1 at the expense of 2 or 3.
@arjunblj @Bitcoin @Visa Bitcoin's blockchain is already 350GB.

So what is the "right" way to scale Bitcoin?

A: Use Bitcoin as a settlement layer, with "layer 2", sidechains, and bitcoin banks that serve as faster ways to move Bitcoin temporarily.

having these options allow users to choose tradeoffs
@arjunblj @Bitcoin @Visa deferred settlement on layer 2 solutions is just like maintaining a tab at a bar
@arjunblj @Bitcoin @Visa Examples of Bitcoin's federated pegs, sidechains, l2, etc.:

@BTC_LN - layer 2 settlement
@Liquid_BTC - federated peg
@WrappedBTC - BTC on Ethereum

these options all help speed up transactions, extend utility, lower cost, etc.
@arjunblj @Bitcoin @Visa @BTC_LN @Liquid_BTC @WrappedBTC Sure, bitcoin banks may seem counter-intuitive to the original Bitcoin vision, but in reality the idea of banks being the main players in the Bitcoin future is an old idea.

@halfin: "Different banks can have different policies, some more aggressive, some more conservative."
@arjunblj @Bitcoin @Visa @BTC_LN @Liquid_BTC @WrappedBTC @halfin today, ~8% of BTC is held in exchanges
@arjunblj @Bitcoin @Visa @BTC_LN @Liquid_BTC @WrappedBTC @halfin conclusion:

"Bitcoin's settlement assurance can securely scale in layers" - @arjunblj
@arjunblj @Bitcoin @Visa @BTC_LN @Liquid_BTC @WrappedBTC @halfin Big purchases and big players will use the base layer.

Micro-transactions that need to happen fast and cheap will happen on secondary layers.

β€’ β€’ β€’

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More from @thatguyintech

21 Jul

I'll be livetweeting this epic Bitcoin discussion panel with:


@CathieDWood @elonmusk @jack @moneyball CATHIE WOOD BABY

i get so hype everytime i see her pop up on my monitor πŸ˜‚πŸ˜‚πŸ˜‚
@CathieDWood @elonmusk @jack @moneyball First question:

What's shaped and influenced your views on bitcoin?
Read 17 tweets
21 Jul
for all you lazy people who are too busy doomscrolling

Here are my notes from The B Word conference #TheBWord (not #TheDWord πŸ˜‚)




(all 5 sessions in separate threads linked below)
Read 6 tweets
21 Jul
#TheBWord Conference, Demystifying Bitcoin

Session 5 notes: Debunking "Bitcoin Can Be Displaced Easily" w/ @LynAldenContact πŸ‘‡
@LynAldenContact "The success of a cryptocurrency relies on its network effect.

The stronger the network effect, the better the security and development it enjoys, resulting in an entrenched advantage." - @LynAldenContact

just like social media or viral apps
Read 9 tweets
21 Jul
#TheBWord conference, Demystifying Bitcoin Session 4 notes:

Debunking "Bitcoin Ownership is Concentrated" w/ @natemaddrey
@natemaddrey How concentrated is Bitcoin?
How can we measure "whale" activity?
@natemaddrey Misleading headlines:

- "over 99% of bitcoin is held by 10% of addresses"
- "bitcoin whales ownership concentration is rising"
Read 15 tweets
21 Jul
notes from the b word conference

Track 1: Demystifing Bitcoin πŸ‘‡
first session w/ @nic__carter

Debunking "Bitcoin Wastes Energy"
@nic__carter this is the premise you have to start with -- Bitcoin is currently storing massive amounts of wealth in its network, so there is a reason it needs energy
Read 24 tweets

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