Oddbean new post about login | logout Fedimints are a great idea. At the same time it shows why Monero's choice of L1 privacy is much more reliable.
How many monero are in circulation and what controls their issuance?
How much ecash is in circulation and what controls their issuance?
Am I advocating using e cash? 🤔
I don't know, that's up to you
Monero and eCash both suck
Monero currently has better privacy and UX then Bitcoin.
It's also much cheaper to kill.
That's definately true in regards to hashrate. Though Monero is ASIC resistant which does make it somewhat harder to coordinate in scale.
Not an invalid point, but relatively insignificant in the grand scheme of things when it comes to defeating state actors and central banks.
you can also make the argument that bitcoin ASIC centralization undermines the purpose of defeating state actors and central banks
It's not anywhere near centralized enough for that argument to be valid, and the market will respond as soon as they attempt to seize miners to produce empty blocks (this is the attack vector) - fees go up until enough hashpower comes online to mine non-empty blocks.
Until there is public, determined competition between nation states for domination of the mining space its a very real threat. The US is *quite* adept at leveraging its position in even hostile jurisdictions. There is no place on earth that both 1,takes bitcoin seriously enough and 2,hates the US enough that miners can feel secure enough to bring large hash online there. And of course, one jurisdiction isn't enough. We need many. So tbh, it's stupid to dismiss that attack vector. Sure you'll probably still be able to eventually get your tx mined. But the network will NOT function as advertised.
You're describing the hash war phase. The network will not work as advertised, but only for a certain period of time until either the state or the market capitulate. Here watch this: https://youtu.be/X_xgmVLyB94?si=UhSN5Cmjzbk9Tyvs
Right. As I said, its a legitimate threat until we get to that phase. It's another front of state KYC/AML laws designed to undermine bitcoins censorship resistant properties. And they're being generally successful.
Yeah there's definitely a war coming
@thejohn zapped ⚡️11,011 sats "This is the most under-rated Bitcoin video - should have 1M+ views. It is excellent!." nostr:note1acmndg3s6hjzfxnp6dtypda7fwaqtxvcs7l5kxux9j5lqmmjz6gsv7e8ad
18,445,342 PoW mining just like Bitcoin
Lol
Protocols scale in layers, welcome to the early days of another layer scaling. This is the same thing that has happened across other protocols. Patience and time are required.