Drivechains - BitMEX Research \ stacker news ~bitcoin

but also an additional database of sidechain identities and sidechain commitment transactions.

In addition to being a slow process, users would also be unable to initiate a withdrawal on demand and would need to wait for a scheduled peg-out transaction which happens every three months, therefore the time it takes to withdraw will be inconsistent depending on when the withdrawal is required.

they also don't mention that these exchanges btc <-> drive-tokens.They will not be frequent and will be relegated to interemediaries . They are not intended to be regular occurences, and are mostly for the side chain devs to start and secure their spot with real BTC, and those technicaly inclined andwilling to wait 3-6~ months. Most users will buy in and buy out using intermediaries with low time preference.

0 sats \ 0 replies \ @llamabyte 8 Aug 2023

please cc @truthcoin on twitter, interesting analysis

...unless you are him *queu spooky music*

20 sats \ 7 replies \ @llamabyte 8 Aug 2023

Am i mistaken or do they never actually explain how a sidechain change can impact main chain ?

0 sats \ 6 replies \ @l0k18 9 Aug 2023

Mainly that rule about the 256. It requires the miners to know about them and not allow more. Which is retarded.

0 sats \ 0 replies \ @supertestnet 10 Aug 2023

I don't see why the 256 rule matters. If there are no more slots on the main chain, make more slots on an existing drivechain.

0 sats \ 4 replies \ @llamabyte 9 Aug 2023

The 256 is a soft rule to put people like you at ease. It's a nice neat computerphile friendly multiple of 4 and fits in with the whole 32 bit theme of DC. I am sure it is completely arbitrary as is the 6 months downstream withdrawal limit which was also added to put neurotics at ease. If there is ever a need for more, that is if the market would ever actually find more than 256 unique uses for sidechains than more can be added.

The 256 is more for you than it is the network. It's a nice easy number to lube up virgin bitcoin maxi's.

0 sats \ 3 replies \ @l0k18 9 Aug 2023

How much closer to straight up potty mouth are you going to take this guy?

0 sats \ 2 replies \ @llamabyte 10 Aug 2023

Depends on how much more you are going to hold back on sharing your technical and logical arguments against DC instead of just spilling them out, or if you don't have any stop taking silly pot shots accross my entire comment history that don't make sense.

0 sats \ 1 reply \ @l0k18 10 Aug 2023

Why does DC have to be on bitcoin?

Why is DC better than a straight hard fork?

Simple questions, Should only take one sentence each.

0 sats \ 0 replies \ @llamabyte 11 Aug 2023

The gall of you demanding simple, one sentence replies is hilarious given your history of long winded replies that say nothing.

I will gladly answer your questions if you will demonstrate even a minimal understanding of drivechain and the rationale its proponents have for it, at some point.

First, DC is not "on" bitcoin. As a side chain it is a side process. A value adding feature like many BIP's. Some are implemented without breaking BTC, others are used or ignored by wallets and miners at the consumers discretion. "On" bitcoin would be something like Bitcoin script or UTXO's, core features that are bitcoin itself. BIP 39 for instance is not "on" bitcoin, it's a value added improvement that impoves user interaction. For me this distinction is important

DC is already hardforked, It has a testnet hardfork of bitcoin to test new features and transition for main, along with an implementation of zcash and eth as examples of what can be done.

Bitcoin should adopt DC because of its ability to absorb technologies (like ETH or Zcash or Monero) without the approval of core devs and without bloating bitcoin core with more and more code, it is insurance against future technologies that might make bitcoin irrelevant with the added benefits of market/user driven innovation

0 sats \ 1 reply \ @l0k18 8 Aug 2023

there can only be 256!

Need to get a big stash of popcorn to watch the fights. The head must be removed!

101 sats \ 0 replies \ @nemo 8 Aug 2023

deleted by author

0 sats \ 2 replies \ @oppongankrah 7 Aug 2023

Can someone kindly elaborate on BitMEX for me? Still a bit new to Bitcoin

53 sats \ 0 replies \ @lightcoin_ 7 Aug 2023

BitMEX is a centralized, custodial exchange. They also have a research arm that publishes reports like this.

50 sats \ 0 replies \ @faithandcredit 7 Aug 2023

Bitmex started as a innovative exchange that allowed ppl to deposit btc and speculate on btcusd price with high leverage and good ux. Meaning you made more btc :) or lost btc. It was very popular AFAIK. It was also no kyc. But things have changed a bit :) today we take for granted the perpetual contract they pioneered and every exchange has one it seems and also allow to use btc as collateral. But once upon a time bitmex was the first and only ones that did that :p