Oddbean new post about login | logout Good afternoon. I wrote a new thing: https://www.lynalden.com/bitcoin-network-health/
Good afternoon Lyn 🫡
Great assessment Lyn. The one item which lowered the overall grade, which I understood as mining pool centralization (or opportunity for more decentralization), is spot on.
Lynn wrote a thing. nostr:note18mlc7dz2ymqxlta4j6lrzuyggsc5cht6n6frxnagdu0hwe74ytgs6mt0s6
"The Bitcoin network itself might be serving as a heartbeat of clockwork order in a world of chaos" I feel like the Bitcoin community has missed out on using Stanley Kubriks' movie "A Clockwork Orange" in some good memes. Perhaps the ultra violent theme isn't a great look, but none the less, the movie title fits quite perfectly.
I'm really quite afraid of this ever-growing list of entropy/randomness/RNG flaws through time, as it relates to all our much vaunted bitcoin-specific hardware and software: 1930s: Enigma, encrypted letter could never be the same as the original letter 1994: Netscape SSL, seeds easily guessed, such as the time of day 2008: Debian/Ubuntu OpenSSL, only 32,000 unique host keys 2013: Android SecureRandom, repeated Bitcoin public keys 2023: MilkSad, Libbitcoin Explorer (bx), Mersenne Twister 32 bit (4 billion keys) limit ?: (Bitcoin Core|Lightning|Liquid|Nostr)*
chatgpt added: 2012: Dual Elliptic Curve Deterministic Random Bit Generator (Dual_EC_DRBG) backdoor, likely introduced by NSA 2016: Infineon RSA, tokens, smart cards, and TPMs, weak RSA keys. ROCA (Return of Coppersmith's Attack), factorize private keys ∞: IoT Devices, 'nough said
took me 1 hour to finish reading, it's pleasing to read your words. as a semiconductor sector guy l'd say, yes, the ASIC production is way more centralized than we could imagine! high speed computation chips naturally require more advanced fab processing like10m or even lower, say with 10m process there are only 3 foundry: TSMC, Intel, Samsung, all tightly controlled by US gov regarding end-users and applications.
Hello, Lyn. @LynAlden What's your view on grayscale intentionally bleeding out BTC by not lowering their basis points to other ETFs. It seems this large circulation inflow into the market is highly suppressing the price and lowering bitcoin to USD. Both of the owners of grayscale and blackrock are WEF members and I doubt an asset manager like grayscale is dumb enough to hemorrhage their holdings when they know the true power of BTC. My CIO and I are fans of you and your analysis and are curious on your take.
Mt.Gox seems to be adding to this pressure as well.
Good point of view to analyze the health of the Network according to those 5 points and how from here some agents can at least take an opinion on how Bitcoin behaves. I agree that one of the current shortcomings is the concentration of chip manufacturing in a few companies and that large numbers of miners are under a single jurisdiction. As for the future, the issue of privacy will be one of the main issues that we have to fight. If I see it, it's going to happen as something exogenous. But I would say that it will be one of several fronts that will be fought. Even for being pessimistic to internal struggles such as the issue of "filtering" transactions. I think many things are being cooked little by little. It is also expected that this will happen with an Antifragile system such as Bitcoin
Excellent. TY Lyn. Really makes sense using global liquidity as a measuring stick amongst all your other sound thinking.
