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42 sats \ 0 replies \ @028559d218 8h \ on: BitBit: Social Bitcoin Wallet for X (Twitter) bitcoin
If it does what it says it does it's very cool
if i were a government that wanted to attack bitcoin... i would look for ways to attack the nodes themselves. For example paying for transactions ie "transacting" in transactions that are repetitive that either bloat the UTXO set... or discourage economic transactions through higher fees.
Spam basically. That 'outbids' everything else (this would be especially evident at higher fee rates) or at least fills blocks with junk at low fee rates 1 or < 1 sat/vbtye etc that slowly harms nodes over a long time period.
Then depending on how users respond, how pools respond, and how nodes are effected (or not) come up with plans to weaken the network if desired.
I don't think the US is smart enough to do this (plus the president is invested) but the Chinese are.
Just my 2 tinfoil sats.
Anytime I see economic activity that doesn't make sense I ask myself 'what's going on here, what explains it?'
Thousands of times a day. Tinfoil hat: it's some kind of 'probing' attack or prelude to an attack maybe.
There are 3 'scenarios' for a 'government attack' utilizing miners
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governments pay miners not to mine. No transactions no blocks... until the difficulty adjusts and smaller non-paid miners can compete.
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governments pay miners to mine empty blocks. No transactions but blocks are regular... so difficulty stays high. But there are no transactions. At least until fee pressure rises to the point that, desiring to earn the fees, smaller miners increase their hashrate to compete.
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(and most serious) governments pay miners to mine... but mine junk. Arbitrary transactions just at random or random transactions with no meaning/purpose. Blocks are full... but only full of junk so nodes have to store all of it. Difficulty stays high and blocks are completely full but full of spam...
Either honest miners demand higher and higher fees to 'offset' not being paid to get their transactions in... or there's some kind of change in the hashing algorithm (the nuclear option)
repetitive transactions en mass with no economic purpose... makes me think about this
Why? They whoever they are are 'making'/copy pasting the same datafield thousands of times per day?
What does it accomplish?
It’s planned to become a blockchain collectible too, devs are already on it.
What the hell is a blockchain collectible?
Imagine an ordinal with Bitcoin inside, and you can still deposit more and use it as a wallet again.
Dude ordinals are scams. They are taking advantage of people who are technically illiterate or financially illiterate or both. Copy pasting a file Control+C Control+V again and again does not make it more valuable.
Why not just hold your own bitcoin yourself? Then you can decide if, or when you can access it or spend it? Why trust some sketchy service frankly none of the other stackers have even heard of?
We could have legions and legions and legions of people running Knots nodes...
Only a small number of 'other' nodes have to 'not' run Knots.
And the spam transactions will still get through to miners.
That's censorship resistance, even for the spam (and I 100% agree it is spam).
Fortunately 99% of the spam is sub 1 sat/vbyte so is easily outbid if people want to use Bitcoin which is the greater question in my opinion.
It's impossible, from my limited understanding, to separate 'spam transactions' from 'spam data'.
A government could spam the chain by including transactions that literally move the same sats over and over... to the same addresses over and over.
Address A -> Address A -> Address A -> Address A...
Is a 'spam' transaction.
Is it spam? Yes. Do you 'store' it on your node? Yes. It's data, that your node stores unfortunately.
However Blocks are limited to 4 mb.
The way to 'stop' or 'mitigate' the spam? Outbid it.
We all know that. At the same time there is no substitute for on-chain settlement, and logically billions of people plus organizations and companies will want to settle on it
If Bitcoin 'fails' it won't have been due to any 'technical reasons'. But instead due to stupidity, laziness, apathy, and greed.
Those 1-2 UTXO transactions are "rune-scriptions" and they are half or more of all blocks lately.
The purpose of a 'rune-scription' is to create a BRC20 token & 'rune' token in the same transaction. The BRC20 is made-up from from 4 lines of JSON hidden in Witness Script...
And the 'rune' is an imaginary token in this case 'uncommon goods'. They are spammed by the tens of thousands for pennies each at sub-1 sat/vbyte fee rates.
There isn't enough demand among 8 billion people to use Bitcoin on-chain... so bots spamming arbitrary data for pennies each is all that's left.
I love Stacker News. I wish the whole internet were more like it... and I think it will be eventually but take a really long time.
If I'm being honest the cycles scare me. YES, there will be more NgU and NgD 'cycles' that's not what concerns me.
It's the 'eternal September', the lack of education, the lack of a 'new-employee-onboarding' program...
When someone "joins" Bitcoin where do they get educated? What do they learn? Where do they learn what to do and not to do?
How do people learn to avoid scams? (like Proof of Stake)
How to they know not to trade? Where do they know where to spend Bitcoin?
What are the standardization requirements? What is the "basic knowledge" one should have to be a 'beginner' Bitcoiner? None of this stuff is standardized and it shows.
I have talked to several friends about Bitcoin, sent them resources to learn, shown them some basic wallets, a good 'exchange'...
And they come back with like the most random Shitcoins they are interested in I have never even heard of. "Titcoin it's interesting" they write to me.
Where do people even find this stuff??? I show them Bitcoin. Recommend an exchange, and a wallet, and a strategy (think of Bitcoin like hard-money) and they come back...
"Yes Bitcoin is interesting but Titcoin it's interesting too"
I mean wtf
When will this Eternal-September end?
I don't know how the government (the US) or even governments in general could operate under a Bitcoin standard. Government does not want fiscal responsibility... it does not want a 'hard money' standard or even 'hard money' setting interest rates across the real economy.
Just look at the US, running a 2 trillion $ deficit, borrowing more and more every year. It's crazy-talk, LaLa-Land borrowing that much paying 1 trillion $ in interest yearly...
I mean how is that sustainable?
I'm more concerned about the lack of on-chain activity... and the NGU bullshit that is penetrating Bitcoin culture.
Stacker News is the best Bitcoin community I've found... people actually use it and spend it and the signal-to-noise is the highest IMO.