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0 sats \ 0 replies \ @moneyball OP 10 Jun \ parent \ on: I'm Steve Lee, Spiral lead, AMA! AMA
Only in a very abstract long-term way. In some cases, bitcoin doesn't fix everything.
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vibe coding is going to yield an explosion of new bitcoin applications. non-coders can now build new applications with bitcoin payments in literally less than 15 minutes. while most of the apps created will be poor quality and useless, what we will see is a lot of creativity and even just 1% of thousands of applications is a lot of quality ideas that can then be built out in a scalable, secure way. result: new ways for people to use bitcoin everyday.
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utilize LLMs for refactoring code, doing code reviews/audits
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somewhat the opposite of #2 - attackers will use AI to DoS attack repos by creating enormous volumes of open issues and PRs. They may try to sneak in back doors. Developing tools to combat this and enhance our already-highly-sensitive paranoia will be important.
Thanks for the kind words.
I think the bitcoin ecosystem could use more proactive engagement on forward-looking design. Fast-forwarding to a future with a billion people using bitcoin as everyday money and what that could look like. Then working backwards from that vision and promoting design best practices to help us get there.
It was very successful in Vegas. I believe Square announced availability later this year at the conference. I too look forward to using it in SF!
My view:
- Generally an advocate for improving expressiveness including covenants
- Slow & steady mindset. I don't believe there is some closing window of time we have to slip changes in.
- In my mind there's a couple big differences between BIP54 and any covenants proposal. For one, BIP54 fixes consensus bugs and isn't adding new features. It should be able to more easily get consensus as long as the engineering is sound and well reviewed. Two, I'm not aware of 10 different competing proposals to fix those bugs. Whereas with covenants, there are a myriad of proposals all of which have pros and cons.
- So I don't have a fav covenants proposal yet, but I do appreciate quite a bit of advancement in R&D over the past 4 years, so we have more proposals, each has matured, there's more mindshare on it. I'd like to see TXHASH mature a bit more. Perhaps it is the best solution?
The fees are public. Let's say the fees are 1 basis point. How many ₿X payments per year would a node need to forward to generate a 10% return on ₿X capital?
I'm a supporter of nostr. I'd call myself mildly bullish. I'm definitely glad it exists and that there is energy devoted to it. I view its prospects more positively when viewed as a permissionless content protocol and as a development tool vs. viewing it as a "Twitter clone."
Spiral doesn't provide direct support for nostr but that is solely a focus reason not an opinion on its value.
LN payment volume continues grows 15-20% per month. Block earns 10% return on capital - in bitcoin terms - with their LN node. And LN has already won the rails race between all the different systems wallets use and will use to reach users (Cashu, Fedimint, Ark, Spark, Liquid, etc. all require LN to make payments).
If I may, I'll speak to 2:
- Mining centralization
- Making bitcoin everyday money
For 1, we're in a pretty bad state right now with 3 entities controlling nearly 90% of the hash rate, and 1 entity potentially flirting with 50% of the hash rate. We desperately need adoption of Stratum v2 to allow miners to select their own transactions. Longer term, I think the Braidpool project is promising. While still in the R&D stage, if it is successfully built, it can address the centralization risk that the FPPS mining pool payout method introduces.
As for making bitcoin everyday money, it is why I have worked in the space the past 7 years, and why I continue to work on it. While I fully embrace bitcoin as a store of value, I think that has already pretty much won. There isn't a lot of software and design improvements for it to succeed. Whereas, using bitcoin as everyday money has lots of software, design, and product work to be done. I think it is important because using bitcoin as everday money unlocks even more value for society and I think it strengthens bitcoin as a store of value as well.
Most of Spiral's focus is on solving these 2 issues.
We cannot take it as a foregone conclusion that bitcoin will always remain decentralized and that it won't be captured by a powerful person, company, or state.
I'd recommend having a look at the bitcoin consensus analysis project, or BCAP, for a framework on how to evaluate the complexity of what prevents the bitcoin protocol from changing as well as how it can change. https://bitcoin-cap.github.io/bcap/
Dollars and cents are 2 orders of magnitude apart which is very different than 100,000,000x difference. There will be no products priced in both bitcoin and sats, so it is nothing like dollars and cents. Products will only be priced in the base unit of bitcoin.
Well this isn't Spiral, but I am also a board member of COPA (open patent alliance that defeated Craig Wright). We received some pretty wild claims by people purporting to be Satoshi.
Love SN! Disclaimer: I'm an investor in it.
I find it to be a very different experience than using Primal or Damus. I enjoy both.
I like the territory vision for SN and empowering territory owners to grow their territory. As with any social media product, the quality of people engaging is extremely important, so I think that's what SN needs to continue to cultivate.
I'm not aware of much activity in that discord server in the past year or so. But this idea is independent of that - AFAIK they never had in-person meetups.
I didn't say "I won't like them" I said that they merit monitoring. Just like my own company, Block, and even my small dev org, Spiral, merit monitoring. People in bitcoin should always be vigilant and ensure any naturally-forming centralization point does not grow too large.
The obvious centralization point of a BlackRock or Strategy is if they control millions of bitcoin. In the worst case scenario, bitcoin doesn't evolve into everyday money, the only use case is digital gold, and everyone just buys BlackRock's ETF fund or Strategy. Then all bitcoin is controlled by 2 companies...I think we all know where that ends. They would control the rules of bitcoin and could make changes that are antithetical to the principles of bitcoin.