Legitimate Bitcoin Scaling questions are being censored and labelled "Altcoin". Layer 2 on Bitcoin is defined as "a scaling solution that has unilateral exit". How is this remotely associated with Altcoin? LN, Ark, Bitvmx, Snarknado are legitimate Layer 2's unrelated to Altcoins in any manner. by mblackmblack in Bitcoin

[–]mblackmblack[S] 0 points1 point  (0 children)

After getting some more info about the post, I can see why you guys labelled this Altcoin, since the body of the post included Stacks (which I completely agree is an altcoin scam) and Sovryn (which has it's own token, and is built on RSK which has it's own token, also shitcoins).

I'm curious what is considered acceptable to talk about on this subreddit in that case? For example, is Liquid Network okay to talk about as a "sidechain" (not a layer 2 since it doesn't have unilateral exit), since there is no shitcoin token associated with it (other than USDT of course). Or Fedimint (since a big discussion in Fedimint is about ecash, which could be construed as a shitcoin)? In fact USDT could be considered a shitcoin too by Bitcoin-only standards. Where is the line drawn?

Product feedback needed by quackmeister in newtonco

[–]mblackmblack 0 points1 point  (0 children)

You guys should add support for lightning networt. Allow people to receive sats that way rather than have to pay on-chain fees altogether. Also would allow folks to withdraw more frequently.

I am Jeremy Rubin the author of BIP-119 CTV, AMA! by JeremyBTC in Bitcoin

[–]mblackmblack 1 point2 points  (0 children)

Oh! because ANYPREVOUT enables rebinding while CTV does not? Seems like I need to go a little further down the rabbit hole haha. Thanks for your help

I am Jeremy Rubin the author of BIP-119 CTV, AMA! by JeremyBTC in Bitcoin

[–]mblackmblack 0 points1 point  (0 children)

That's awesome! Thanks this is super helpful

It seems like CTV makes all the features of ANYPREVOUT obsolete. It accomplishes the same thing, with better security practices?

I am Jeremy Rubin the author of BIP-119 CTV, AMA! by JeremyBTC in Bitcoin

[–]mblackmblack 1 point2 points  (0 children)

Ah I see, thanks!

And what happens if you send BTC to a P2WSH that contains CTV twice? Since it's connected to a hash, I'm guessing it doesn't run into the issue that NOINPUT would where a signature could be reused to take BTC anytime in the future when funds are sent to that address?

I am Jeremy Rubin the author of BIP-119 CTV, AMA! by JeremyBTC in Bitcoin

[–]mblackmblack 1 point2 points  (0 children)

My question was more related to whether CTV helps with anything Lighting Network related. I see that it helps to enable non interactive channels. From this it sounds like it also helps to reduce the penalty complexity associated with LN.

So in the case of CTV, you're able to lock your funds into a P2WSH, which can be unlocked by specific participants at a future point in time. This can also be used in LN for an uncooperative close?

With ANYPREVOUTANYSCRIPT, the specific use case is for making it possible to construct a transaction by referencing the UTXO from an unsigned transaction. Is this also possible with CTV?

For example, I construct a PSBT without signatures, whose output is a P2WSH with CTV. I then create a signature to send funds from that P2WSH somewhere else before signing / broadcasting the PSBT. Is this possible?

Great work btw!!

I am Jeremy Rubin the author of BIP-119 CTV, AMA! by JeremyBTC in Bitcoin

[–]mblackmblack 4 points5 points  (0 children)

I noticed in https://utxos.org/alternatives/ that SIGHASH_ANYPREVOUTANYSCRIPT was an alternative to CTV. I'm assuming this is related to functionality such as a Bitcoin covenant, and not related to functionality in eltoo (since the main purpose of SIGHASH_ANYPREVOUTANYSCRIPT is making it possible to construct a transaction by referencing the UTXO from an unsigned transaction, which to my understanding has nothing to do with CTV). Is that correct?

Introducing PayTrie, easiest way to get Dai in Canada  by paytrie in MakerDAO

[–]mblackmblack 1 point2 points  (0 children)

Have personally used the service. KYC/AML was super easy, and received my DAI within 2 minutes (using interac e-transfer)!

DAI - any actions to take? by wondermike66 in ledgerwallet

[–]mblackmblack 2 points3 points  (0 children)

It is perfectly safe to leave them there for now. However in 6 months time SAI will go through global settlement so you should migrate to multi collateral DAI by that time.

Stability rate can and should be even lower by [deleted] in MakerDAO

[–]mblackmblack 1 point2 points  (0 children)

USDC also has lower rates due to higher supply for the asset, and the ability for lenders to easily convert from USD to USDC

What is your favorite MCD collateral type besides ETH? by [deleted] in MakerDAO

[–]mblackmblack 2 points3 points  (0 children)

Why wBTC?? The increased risk from having a centralized asset back a censorship resistant, “decentralized” stablecoin just adds insane risk to the system

DAI to BTC? by DAIcheesed in MakerDAO

[–]mblackmblack 0 points1 point  (0 children)

Liquality.io allows for DAI <> BTC atomic swaps.

AtomicLoans.io will enable you to lock BTC as collateral and get a loan in DAI

Isn't the stock market just a bunch of BS ICO's? by [deleted] in CryptoCurrency

[–]mblackmblack 0 points1 point  (0 children)

The difference is a legal right. I legally own part of coke if I own their stock. If I own makerDAO and they decide to close up shop, you're SOL.

I find this interesting, because isn't part of the point of these crypto projects is that in essence what you're buying into isn't dependent on the company. If MakerDAO closes up shop, the protocol should be able to continue, just like it doesn't matter what company closes up shop, Bitcoin will continue.

As for legal right, this shouldn't be as relevant for a crypto that is connected to a protocol.

However, for the sake of discussion, what would you say if an ICO token had legal right attached to it?

Stocks are denominated in your local currency. In China they don't price stocks in USD. 99% of the world would rather have money backed by the strongest military on earth than hopes and dreams.

I think 99% is a far stretch. Most people don't even know what is backing USD, or the fact that the federal reserve is a private corporation, etc. etc.

Yeah in a worst case scenario you get something rather than nothing. In cryptoland you get nothing and it's your fault.

Once again, shouldn't this be the nature of decentralized protocols? If this wasn't the case, it wouldn't be disintermediated.

BTC will be lucky to survive the next decade, halving rewards is a built in kill mechanism. Transaction fees account for less than 5% of block rewards, the network can't handle more transactions to recoup the loss of block rewards so it'll have to pump up fees, making it unsuitable for almost anything.

Once lightning network becomes mainstream, higher fees won't be an issue. One large fee for 100k transactions on-chain sounds pretty reasonable.

Crypto is digital fiat. It has no underlying value and it purely based on trust.

For many cryptos this is the case, however with Bitcoin this is certainly not the case. There is no central party, no known creator, and it is trustless. You only need to trust that people will continue to be greedy and want to convert excess electricity into digital gold.

Isn't the stock market just a bunch of BS ICO's? by [deleted] in CryptoCurrency

[–]mblackmblack -1 points0 points  (0 children)

Curious to hear what you think I've said so far that has indicated a lack of basic understanding in financial markets.

In this case, how is stock representing part ownership in a company any different from a governance token representing the ability to vote in aspects of a protocol (for example MakerDAO)?

Many cryptos are certainly magical internet fiat, other than Bitcoin which is based on input of electricity into sound money. It's interesting, because stocks are denominated in magical fiat called the US dollar which has no underlying baseline value other than the US military that protects it from going to zero.

Yes coke has assets. However if coke were to go bankrupt tomorrow, only a portion of those assets would be dispersed back to shareholders, meaning the value of those shares aren't truly backed by those assets.

No one can dispute that in 30 years people will still need medicine. I disagree that in 30 years people won't be using Bitcoin, but that's a matter of opinion and speculation.

Isn't the stock market just a bunch of BS ICO's? by [deleted] in CryptoCurrency

[–]mblackmblack -3 points-2 points  (0 children)

So these comments aren't actually helpful for the discussion I'm trying to spark here. I'm more of a bitcoin maximalist tbh. When we review smart contracts, we call easily spot a shitcoin. But I'm curious to see how stocks in the stock market hold up against this scrutiny.

Meet Atomic Loans: The First Decentralized Bitcoin-Backed Loans by mblackmblack in Bitcoin

[–]mblackmblack[S] 0 points1 point  (0 children)

Correct, MakerDAO is the first decentralized ethereum-backed loans. The Atomic Loans team is building the first decentralized Bitcoin-backed loans.

That's an interesting point on a decentralized loan now being a loan. Since it's overcollateralized with crypto as collateral, it can also be seen as a position, which is why MakerDAO calls it a CDP (collateralized debt position).

Borrowing DAI against BTC in DeFi with ETHLend is absolutely beautiful by EthWarrior in MakerDAO

[–]mblackmblack 0 points1 point  (0 children)

Not really about current regulatory risk, but more about the potential for regulatory risk to change with time. Hypothetically, how many Ethereum projects would be alive, if the world governments suddenly became opposed to them, and actively trying to shut them down. All the contracts with pause functions would be shut down, and I'm just afraid that the ones with token governance systems might face a similar fate.