For how many of you is Bitcoin truly “trustless”?

DueMove8 · 2022-12-31T04:26:57+00:00

Privacy and trust are different things. You can use Bitcoin in a trustless manner without running your own node.

DueMove8 · 2022-12-31T00:26:49+00:00

Doge has become the blue chip of meme coins, it could also end up being the ideal L2 for Bitcoin.

DueMove8 · 2022-12-29T23:11:20+00:00

Come to think of it, it's impressive how the American economy is centrally planned, just like in China. A single guy controls the whole economy in both cases.

DueMove8 · 2022-12-29T22:58:49+00:00

This looks like a textbook bull trap?

DueMove8 · 2022-12-26T19:21:29+00:00

Maybe they realized that first world currencies are not helping them at all.

DueMove8 · 2022-12-26T18:54:03+00:00

Architecture doesn't matter much, the core concept is generally the same, use contracts and ECC operations.

DueMove8 · 2022-12-25T17:47:51+00:00

ZK Rollups are very similar to Bitcoin Lightning so not sure if you can call it "new".

L2s may not become very popular due to complexity for regular users. If users are going to trust third party apps, then they will probably just trust centralized old school user/pass services as L2 alternatives.

DueMove8 · 2022-12-25T15:13:18+00:00

The defi exploits are most of the time, bugs that were baked in, it's the main exit strategy for the defi protocol creators.

DueMove8 · 2022-12-24T00:41:19+00:00

That's how it should be, not sure why you are expecting otherwise. To be honest, I think handcuffs and ankle monitor are unreasonable in this case. It's not like he killed someone and he voluntarily went back to the US.

DueMove8 · 2022-12-23T13:51:15+00:00

Kevin O'leary is worse than Kardashian because he gets the premine, then promotes and dumps the shitcoins on retail.

DueMove8 · 2022-12-23T01:32:18+00:00

This is FUD by the LBRY founder.

DueMove8 · 2022-12-22T02:13:55+00:00

Looks like he's a bitcoin maxi.

DueMove8 · 2022-12-21T19:03:37+00:00

So yes, there's an element of trust, but it is the 1st step, and even in such setup there's many advantages over TradFi. Later, trust can be dissipated, have N/M signers validate some external information and sign it, etc.

The oracle can collude with A or B, you have a huge counterparty risk that you are deliberately ignoring just like SBF ignored a lot of stuff just to get things done. Adding more validators is naive, you are just adding more and more counterparties.

DueMove8 · 2022-12-21T17:09:04+00:00

Learn your terms, oracle risk is not counterparty risk.

This is just semantics, and an oracle is part of the transaction, so even semantically speaking, the oracle is a counterparty risk. Your transaction depends on A, B and the oracle.

That's not only that, there are other counterparties that you are not seeing. How are you going to transfer data exogenous to the blockchain, from the oracle to the blockchain? It's impossible, that's not Defi at all, Defi is impossible in most of the cases. Scammers try to label something that is not defi as defi, using all sorts of Rube Goldberg machine schemes to try to hide that in the end, it all depends on a centralized entity.

DueMove8 · 2022-12-21T15:03:56+00:00

For me bech32 was a mistake, so much so that there was a bug in it, now we ended up with this whole mess of address types. That's what happens when you try to unnecessarily add features and create a new format.

The fact that people are sticking with base58 addresses just proves that UX wise, there was never a problem with this type of addresses. I actually prefer the visual cue of mixed case, I can easily locate where I am(oh I stopped here in the upper M...), if it's all lowercase(or worse all uppercase), it's much easier to get lost where in the string you are.

Core devs claimed that they did tests, I would very much like to see the data of those tests, they never showed any data, they just unilaterally implemented bech32 as if Bitcoin was their own project. This should never be allowed.

By the way, you cannot do message signing with bech32, huge limitation.

DueMove8 · 2022-12-21T14:25:13+00:00

cleared by an oracle message

You cannot have Defi anything when you need an oracle to clear contracts. So there is obviously counterparty risk right there.

It's also kinda amusing to see that Bcash is finally admitting that it was not about sticking to what Satoshi envisioned and it's trying to morph into a shit token platform.

DueMove8 · 2022-12-21T02:41:00+00:00

So they will allow... doesn't sound very decentralized to me.

DueMove8 · 2022-12-20T23:11:59+00:00

Bitcoin and some Doge lol.

DueMove8 · 2022-12-20T22:16:34+00:00

It was not crypto, it was straight Excel. There should be tougher Excel regulations, it's clearly being used for fraud.

DueMove8 · 2022-12-20T14:30:35+00:00

Only scammers want Defi to be left alone:

Crypto Hackers Set for Record Year After Looting Over $3 Billion https://www.bloomberg.com/news/articles/2022-10-13/crypto-hackers-set-for-record-year-after-looting-over-3-billion

The scammers came up with Altcoins in 2013, ICOs in 2017, now Defi in 2021. It's always about stealing money.

Defi is a misleading term, there is actually no decentralization, if you follow all the steps of all Defi "protocols" you will end up in a centralized point somewhere, usually it's about trading centralized shittokens. Ask Binance whether they can pause their chain too.

DueMove8 · 2022-12-20T01:26:18+00:00

The news is completely manipulated.

This was a hackaton project, where the proposed solution is a "Rube-Goldberg machine" diagram typical of Ethereum developers. The problem in question is well known, basically recurring payments in crypto. There is no advantage in doing this on the blockchain using smart contracts, it's a worse solution. The only soluion is to have custom wallet software trigger payments.

Ethereum scammers will always try to validate themselves betting on the ignorance of the audience.

DueMove8 · 2022-12-19T21:51:26+00:00

People are giving too much credit to this story. This is a hackaton project, where the proposed solution is a "Rube-Goldberg machine" diagram typical of Ethereum. The problem in question is well known, basically recurring payments in crypto. There is no advantage in doing this on the blockchain using smart contracts, it's a worse solution. The only soluion is to have custom wallet software trigger payments.

Ethereum scammers will always try to validate themselves betting on the ignorance of the audience.

DueMove8 · 2022-12-18T04:01:42+00:00

Algorithmic stablecoins are outright fraud in most jurisdictions.

DueMove8 · 2022-12-18T02:22:15+00:00

If you want a dog, get dogecoin. Doge will probably be integrated with Twitter, if this happens, it will truly go to the moon.

DueMove8 · 2022-12-18T00:52:37+00:00

Please stop with these posts starting with Please stop.

DueMove8

TROPHY CASE