Namcios Profile picture
May 25, 2022 10 tweets 5 min read Read on X
1/ Why doesn’t #Bitcoin move from proof-of-work to proof-of-stake?

A panel yesterday at the Oslo Freedom Forum #OsloFF explained PoW vs PoS in the best way I’ve seen in a while.

A thread 🧵 with quotes 👇
2/ “Every system that’s existed has been a stakeholder-run system, so they’re all PoS systems.

PoS systems are the legacy systems that existed forever where people that control the coins, the stakeholders, can disrupt the network, change it or shut it down.”

- @DarinFeinstein
3/ #Bitcoin created a triple-entry [ledger] from the old double-entry [ledger] and the ledger self-audits and writes on-chain. It’s an immutable ledger entry that can never be altered.

That’s the best accounting technology that’s ever been created by humans.”

- @DarinFeinstein
4/ “So anything that lives on top of this #Bitcoin network will be better than the legacy system that it replaces.

And it is only because of PoW that you’re able to have this immutable ledger and all the other layers for financial and economical freedom.”

@DarinFeinstein
5/ “Energy serves a very important role. It minimizes human governance.

If you remove the energy component, you’re recreating the legacy system but on a blockchain.”

- @LynAldenContact
6/ “Basically, PoS relies on circular logic, where the largest coin holders determine the state of the ledger and the state of the ledger determines who the largest coin holders are.

PoS is doing completely different things than what #Bitcoin is doing.”

- @LynAldenContact
7/ #Bitcoin, without energy, is like airplanes with the flight removed. It’s taking out the key innovation of what makes it so useful.”

- @LynAldenContact
8/ “PoW allows everyone to decide on the correct ledger state with no human oversight or governance.

PoS is just a fancy way of referring to shareholder governance or a stakeholder-led system where ownership in the system determines authority in the system.”

- @nic__carter
9/ “That’s how SWIFT works. That’s how PayPal works. That’s how banks work. Those are all PoS systems.

PoS systems work fine, they just aren’t depoliticized. They don’t allow just anybody to transact.”

- @nic__carter
End/ “In my view, money should be depoliticized.

It should be a right to transact with whomever you want in a private way. And that’s been stripped away from us as we’ve digitized finance.”

- @nic__carter

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More from @namcios

Feb 9
don't want to spend an hour+ listening to the pod?

here's your TLDR;

wtf are runes, what is rune 0 going to be, and what this means for the future of tokens on bitcoin? 🧵
runes are a fungible tokens protocol on bitcoin

think erc-20 but for bitcoin

bitcoin is actually a fungible token protocol itself - for BTC

Casey who created Ordinals is, in his own words, creating runes as a way to allow the speculation and entertainment of tokens in bitcoin, largely popularized by brc-20, with better tech
while brc-20s created the free and open mint meta, making each brc-20 launch a fair token launch, the protocol itself arguably doesn't use the most efficient tech

you need inscriptions to mint, transfer, buy and sell brc-20s, and that cost adds up not only financially but also to the chain itself.

brc-20s are also account based, every inscription sent or received credits or debits that bitcoin address, which is ultimately treated as an account
Read 9 tweets
Nov 11, 2022
If you still have #bitcoin on an exchange, withdraw NOW!

Here’s a simple and quick way to do it: 🧵
1. Download a mobile wallet app.

Some options (USE THE LINKS BELOW TO PREVENT ATTACKS OR ISSUES):

- BlueWallet (my choice for this tutorial)
bluewallet.io

- Blockstream Green
blockstream.com/green/

- Muun
muun.com
2. Create a #Bitcoin wallet.

For this guide I’ll be using BlueWallet.

After downloading the app, hit “add wallet” or the + icon on the top right hand corner.

Then, create a name for your wallet and select “Bitcoin”.

Should look like the pic below.

Click “Create”. Image
Read 12 tweets

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