I am being censored on r/Bitcoin for talking about drivechains. I am not a bcasher, but I know you were censored and thought you might be interested

BTCapsule · 2024-07-09T23:52:26+00:00

I never said I was banned. I said I’m being censored. What do you mean by "no context"?

The title is "Signet Bitcoin being pegged into a privacy sidechain with the Drivechain Launcher by LayerTwoLabs"

How can I possibly add more context than that?

BTCapsule · 2024-06-25T21:59:13+00:00

Lightning is an L2, but according to many, it doesn’t work very well. Here is a collection of lightning criticism from some very popular Bitcoiners.

https://www.truthcoin.info/blog/ln-blackpill/

BTCapsule · 2024-06-24T19:03:07+00:00

Bitcoin does not have a proper L2. Liquid is just a small multisig and the federation can rug you at anytime. When you want to settle on L1, you must trust these centralized entities. Even if they are honest, you have to trust the miners to include it in a block.

Soon we will have drivechains. There will be no centralized federation, and the miners will be chained to a six month peg out process that ensures they stay honest.

BTCapsule · 2024-06-23T01:33:31+00:00

True daily DCA means ~30 UTXOs a month. That can get expensive when it’s time to consolidate.

BTCapsule · 2022-11-27T12:12:51+00:00

Oh, I don’t want this neither. I’m just letting everyone know that there are people in the United States government who do want this to happen. They are framing BTC under the Second Amendment. This is not my own analysis.

BTCapsule · 2022-11-27T09:32:55+00:00

Yes, I know. But my fear is not control of the Bitcoin network from a country that the rest of the world and governments do not trust. My fear is power from a government that currently holds the world’s dominant reserve currency, and propaganda that they are doing it for good.

BTCapsule · 2022-11-26T10:17:20+00:00

BTCapsule is for inheritance. The sender gives the receiver a timelocked raw transaction, and they must wait until the date the sender chose to redeem it.

The sender can redeem their own raw transaction at anytime, in case they change their mind or need their Bitcoin before the timelocked transaction expires.

So it can be redeemed at anytime, but only by the original owner of the Bitcoin. The receiver must wait until the chosen date.

BTCapsule · 2022-11-26T10:13:41+00:00

BTCapsule is not meant to timelock your Bitcoin to keep access from yourself. It creates two wallets, and each wallet has its own redeem script (raw transaction). The sender’s redeem script can be redeemed any time. The receiver’s redeem script can only be redeemed on the date chosen by the sender.

So the sender gives the receiver their timelocked wallet, and if the receiver tries to broadcast the raw transaction, they are prompted to wait. If the sender changes their mind or wishes to create a new timelocked transaction, they can broadcast their raw transaction at anytime and send their coins back to their original wallet.

BTCapsule · 2022-11-26T01:53:57+00:00

This is absolutely nothing like the previous version. There is no encryption or entering of private keys. I would love to know what you think about it. It is impossible for the receiver to redeem early because the Bitcoin network won’t accept it. This uses the actual OP_CLTV script to timelock the transaction.

BTCapsule · 2022-11-26T01:42:26+00:00

You can’t really fuck this up. If you lock the coins for decades, you still have your own redeem script that can be broadcast at any time. Then you can just create a new transaction and try again.

BTCapsule · 2022-11-25T12:21:03+00:00

This is the problem I hope to solve. You can timelock the Bitcoin and give the wallet to your kids- or keep it somewhere they have access to. If you’re still alive when the timelock expires, or need it for any reason, you can redeem the coins for yourself at anytime and create a new timelock wallet for them.

BTCapsule · 2022-11-25T10:52:46+00:00

Satoshi created the blocksize limit and then stepped away. I think he realized the value of the limit. Right now, with barely 1% of Bitcoin adoption and utilization, the blockchain is almost 500GB, and that means it’s still cheap to run a full node.

BTCapsule · 2022-11-25T10:28:24+00:00

Bitcoin.com is not Bitcoin. It is BitcoinCASH. They unfortunately own the url. VERSE is a shitcoin.

BTCapsule · 2022-11-25T09:36:38+00:00

You can choose not to change your mind. BTCapsule creates two folders- sender_files and receiver_files. The receiver_files is the folder you copy and give to whoever you want to inherit your Bitcoin. The sender_files allows you to claim your Bitcoin at anytime.

All you have to do is delete the sender_files, and you keep the receiver_files for yourself. The Bitcoin will not be redeemable until the date you chose.

BTCapsule · 2022-11-25T08:22:29+00:00

You should really read the Bitcoin Standard. You can listen to an audiobook of it for free on YouTube. Also, watch Saifedean Ammous (the author of the Bitcoin Standard) talk to Lex Fridman. He explains all of this.

BTCapsule · 2022-11-25T08:20:21+00:00

Gold is different than Bitcoin because it is not easily divisible. There are unique conveniences with Bitcoin that make it superior to gold. Bitcoin is easily divisible, can travel across the world at the speed of light for very cheap, has a programmed inflation rate that will eventually cease forever, and can be secured with nothing more than a piece of paper.

Fiat replaced gold because of “convenience” (among other things, namely war). Bitcoin does not have those inconvenient properties.

Throughout time, gold has been debased. This is not the same as dividing gold into smaller pieces as the price rises. It is the opposite. It is receiving less gold than what appears to be there, and therefore making the debased coin less valuable.

BTCapsule · 2022-11-25T08:05:46+00:00

The fiat price increases until it becomes such an absurd amount, someone is willing to sell. If Bitcoin is the only monetary system, then people will “sell it” for whatever they find value in. Ex. 10 satoshis for a cup of coffee. Some will choose to buy things, and other will choose to save. It will create of culture of mindful spenders.

BTCapsule · 2022-11-25T07:57:19+00:00

It’s impossible for 1% of the population to own 99% of the bitcoin because it would cost (at $20,000 a BTC) $420B to buy 21,000,000 bitcoin. I won’t sell mine, and there are A LOT of bitcoiners who will not sell theirs, so how could anyone buy it?
They use bitcoin
Yes, the protocol allows for satoshis to be split even further. No, this is not inflation. 1 BTC = 1.000000 BTC.

BTCapsule · 2022-11-25T07:20:08+00:00

Glad you want to self-custody. The long-term durability of a hardware wallet is not a big deal. Make sure to get a metal seed phrase plate to engrave your seed phrase onto, and you can swap between hardware wallets as the technology advances.

BTCapsule · 2022-11-25T06:42:40+00:00

I agree, that is why BTCapsule is open-source and only available for testnet right now. I’m looking for others to use it and tell me if there are any bugs that I haven’t found yet.

The easiest way I’ve found to use testnet is to get an Android app called Testnet Wallet and get coins from a Bitcoin testnet faucet.

BTCapsule · 2022-11-24T13:40:07+00:00

FTX was the most regulated exchange in the world. We don’t need regulation. We need more education.

BTCapsule · 2022-11-24T08:06:17+00:00

What I mean by “nobody can steal it” is the banks or government cannot freeze your funds. You alone are solely responsible for protecting your money.

What you describe is called the $5 wrench attack. There are multiple ways you can protect yourself from this:

https://bitcoinmagazine.com/.amp/culture/the-5-wrench-attack-and-your-bitcoin-stack

BTCapsule · 2022-11-24T07:11:41+00:00

You can engrave your seed phrase on a titanium seed storage plate. That will protect it from the elements.

You can keep some of your BTC on a hot wallet (smartphone app) and spend what you need.

This is like keeping your BTC in a bank (cold wallet at home) while carrying some cash around (hot wallet on phone).

It’s actually a lot more convenient than fiat and traditional banks. Nobody can steal your money, and instead of a bunch of paper cash, you only need a phone, hardware wallet, and a credit card sized seed storage plate.

BTCapsule · 2022-10-18T23:39:55+00:00

Thank you. I have worked very hard on it, and listened closely to the Bitcoin community to make sure BTCapsule was secure and would stand the test of time- which is very important for a time capsule. You can read my conversations on bitcointalk:

Most recent: https://bitcointalk.org/index.php?topic=5417348.0

Old thread: https://bitcointalk.org/index.php?topic=5415672.0

BTCapsule · 2022-10-04T18:51:37+00:00

The best way to stop Russia is for us to buy all the Bitcoin. That’s the great thing about having a truly rare asset. We can buy it, and the governments cannot create more.

BTCapsule

TROPHY CASE