Dylan LeClair
@DylanLeClair
Bitcoin | @Metaplanet Bitcoin Strategy - $MPJPY | $MTPLF |
7K Following 432.1K Followers
Re: BIP 110 post mortem.
Miners don't control Bitcoin, and pools don't control miners. Pools are payout coordinators for thousands of individual operators who can repoint hashrate elsewhere in ten minutes. A pool signaling against its miners' interests just loses the hashrate.
Miners exchange hashrate for block rewards, then sell BTC to pay energy bills in fiat. If there's minimal economic support behind a fork, the rewards can't be monetized and mining it is burning money. Hashrate follows the buyside, because that's how they stay in business. That's what "economic nodes" means.
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For everyone reading this now, please imminently share with anyone you know who may use a Coldcard. Do not wait. This is ongoing and coins are moving right now.
If your seed was generated on Coldcard without your own entropy, treat it as compromised and move the funds today. Temporary solutions are fine. Perfect is the enemy of good here, and there is a race against the clock. If you don’t know what’s best for a new wallet right now, move the coins to custodian/exchange in the meantime. You can figure out a new cold storage solution later.
Truly heartbroken for everyone involved. 💔
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I’ve run a Bitcoin archival node for six years.
I do not, and will not, support a contentious consensus change, especially one that fails on its own terms. BIP 110 does not stop data insertion, full stop. It is a virtue signaling exercise that accomplishes nothing except forking off the delusional.
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Bitcoin already has that fix. The block size limit and the fee market it creates are what actually constrain spam, which is the exact mechanism your hypothetical relies on.
The design space for embedding data in Bitcoin is effectively infinite. BIP 110 closes a few corners of it, and the data just moves.
So one fork was never the deal. The deal is whack a mole in perpetuity, paid for in contested consensus changes, and the market is looking at the terms, and choosing to pass.
For reference below: a novel way to encode arbitrary data on Bitcoin, fully BIP 110 compliant.
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@saylor @Strategy > BTC doesn’t die
> Divs keep being paid
> Sellers run out of coins
> BTC starts climbing a wall of worry
> Fear quietly flips to disbelief
> Pref credit spreads tighten
> MSTR engine clicks back into gear
> Skeptics remain shrieking into the void
> Bull market
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Metaplanet now holds 43,000 BTC ($2.6B), with total debt and prefs at 23% of BTC NAV.
The balance sheet is robust, the capital channels are being built, and the asset we exist to accumulate is on sale. Forward. $BTC $MPJPY
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@BrainHarrington @TheRealBlockFi @AvantiBT @DigitalAssets @Ally Once #Bitcoin# becomes the global store of value and unit of account, I am sure #Bitcoin# bonds will become a thing, but I asssume it will directly between the investor and the borrower, no fractionally reserved middleman will be required.
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