I'm in El Zonte checking out Bitcoin Beach. El Salvadorians have been, until recently, embarassed by how they've been known internationally due to the murder rate, corruption and so on.
2/9
Now they're starting to be proud, because people from all over the world are coming to their country to check out their Bitcoin integration. Bitcoiners are being treated really well here and Bitcoin is now a part of the national identity.
3/9
Because @nayibbukele has refused IMF money, he's able to better satisfy his peoples' needs. It's not just him, but the whole government is listening to their people more.
4/9
People are starting to move back to El Salvador to be a part of what's happening. There's investment, hope, civilization building going on. This is what a country off of fiat looks like.
5/9
Proof-of-stake has been bandied about as an alternative to proof-of-work, but from a CS perspective, it doesn't solve anything.
2/
The idea is that you get signers instead of computation to achieve consensus. The problem is that to get consensus in that environment, the signers have to know which is the "right" block to sign.
3/
@jack has pissed off a bunch of VCs by saying that Web3 is a scam. @a16z in particular tried very hard to convince him otherwise, but ended up frustrated that he held his ground.
2/10
VCs haven't gotten much criticism. Founders, Media and Gov't generally say positive things about them because they control the money.
Taproot gives us more tools against practical security threats and #Bitcoin news from the past week.
A thread. 1/8
As @lopp identifies, there are 5 primary security threat models against Bitcoin holders: Accidental loss, Digital theft, Government seizure, Physical theft and Inheritance planning. Taproot gives us tools against all of these. 2/8
Accidental loss - you can add recovery options for free, e.g. 2/5 of your friends' keys, none of whom know about each other.
Digital theft - because there are better recovery options with self-custody, people will self custody more and not leave them on exchanges. 3/8
The essay is about inflation's effect on culture, through the analysis of a short story set in Weimar Germany. I've selected some quotes and will comment.
2/ "With all points of reference gone, the only law...appears to be perpetual change."
When money changes, everything else anchored on money starts to change as well. Prices being the most obvious one, but crucially, not the only one.
3/ "...if we seek an explanation for the dissolution of authority in the world he is portraying, we should look to the monetary madness of the Weimar Republic."
The insanity and disorder of society, in other words, can be traced back to monetary policy.
2/6 The subtitle is "The Creation, Corruption and Redemption of Money" and speaks to money's purpose, how it's been corrupted over time and how Bitcoin redeems the corrupt nature of the current central-bank backed fiat monetary system
3/6 The main audience for this book is Christians, many of whom hold wildly biased notions of Bitcoin and makes the moral argument for Bitcoin. Not only is it a better, harder money, but it's a more moral money that's better aligned with building up civilization.
Short rant about Quantum Computing breaking bitcoin:
1/ If you study even a little of it, you realize very quickly that the engineering challenges are enormous. Most attempts use temperatures a tiny fraction of a degree above absolute zero, not exactly easy to produce.
2/ What's more, the way quantum works is that you have lots of coherence problems and half-life problems. You need redundancy which adds enormous complexity to the system.
3/ Add to that the best quantum algorithms really only give you a square-root factor speed-up. So if it took 2^256 operations for a brute force attack, congrats, now you need to do 2^128 operations... on a quantum computer.