Clavicular explains his upcoming $35,000 double jaw surgery that will ascend him 1.5 pointsโฆ
โThey basically make a cut on the lower jaw and move it forward, and apply screws, and the same with the upper jawโ
BIP-361 isnโt a security upgrade. Itโs a precedent for protocol-enforced freezing.
Today itโs quantum. Tomorrow itโs whatever the next "emergency" is.
No.
My take on the Fred Krueger "drama"...
The Bitcoin Maxi space has a culture of tearing down the very people who contribute to it.
I can't believe how many people are trying to crucify Fred after he's donated countless hours of his time over the years.
Because of Fred's efforts through Bitcoin spaces, books, conferences, interviews, and X posts, 50,000 to 100,000 people understand Bitcoin and its mathematical growth trend in a way they otherwise wouldn't.
It's not hard, people.
Take what resonates and leave the rest.
Is Fred a net value to the Bitcoin community?
Quantifiably and objectively, yes.
I don't personally care if Fred chooses to squiggle outside the Bitcoin Maxi lines sometimes on his downtime.
I have gotten so much free value from Fred, and I have lost zero dollars because of Fred.
Why?
Because I don't gamble, I invest, and I take personal responsibility for my own actions.
No one says, "I got scammed," when they lose money buying lotto tickets, betting on sports, or gambling at a casino.
How is buying a memecoin any different?
People need to stop trying to play judge and jury over others and take more responsibility for their own actions.
If you recover gold coins from the bottom of the ocean, then you deserve them.
If you figure out how to steal Satoshi's coins, then you deserve them.
#NoFreeze
I'm against the "Burn the old coins" idea anyway, but a lot of people are missing the nuance in BIP361.
It's not a full confiscation of every pre-quantum coin. The actual BIP361 proposal is: disable ECDSA/Schnorr spends after a ~5-year migration window, in favor of letting people use a ZKP rescue if they still have their BIP-39 seed words on a BIP32 wallet.
But here's the fly in the ointment: What about the 'Patoshi' coins and other pre-BIP32 coins? We're talking ~1.7M BTC in early P2PK outputs with exposed pubkeys. No seed phrase = no ZKP rescue. Those coins either get moved manually by their owners before the sunset, or they get frozen forever under the new rules.
Some have floated pre-Q-day commitments or other workarounds, but that just raises the obvious question: If they're gonna have to do a pre-Q-day commitment anyway, why not just push the responsibility on the holders of these old coins to shift to a quantum-safe output (BIP-360 P2MR or whatever)? Why force a consensus rule change that effectively confiscates a large chunk of that 1.7M BTC for anyone who doesn't do the pre-Q-day commitment, or does not upgrade in time?
For this reason I'm still firmly in the "introduce a quantum-safe output type, let people migrate voluntarily, and let the chips fall where they may" camp. Bitcoin's strength has always been opt-in upgrades and not changing the rules on people. Confiscating even a portion of old coins is the wrong precedent to set.
No to BIP361.
@mikeinspace Isn't the ability to have this conversation of freezing Bitcoin enough to wake you guys up to it's not decentralized even if it's not done it's in the wide open that it CAN be done!!!
Satoshiโs coins are spread across 22,000 wallets. Each of which would have to be cracked by a QC. So not only would a QC need to exist but it would have to be advanced enough for this approach to be cost-effective. Itโs not as big a honeypot as most people worry about.
@parkeralewis What about a lengthy and fair migration period, after which ECDSA/Schnorr are deprecated. Following the sunset, the vast majority of users can still spend via ZKP even if they haven't migrated if they were using a BIP-32 style wallet
I'm with Francis, you have to be really really bad at logic to think an overwhelming majority of bitcoin nodes and miners will fork themselves off from the network by invalidating any previously valid bitcoin addresses! Never going to happen, but have fun theorizing about it.
๐จ "People recognize [bitcoin] is the CIA. I want to know where the databases are, where the servers are, physically.โ - Prof Jiang
This is the opinion of so many midwits. It's also the reason even some gold bugs cannot comprehend bitcoin to this day, and why midwits believe in centralized scam sh*tcoins.
They don't understand decentralization.
BIP-361 to freeze quantum vulnerable wallets:
Yes.
The alternative is price dipping to near 0.
That would be bad for Bitcoinโs reputation.
If not freezing:
- Say you know that half a million BTC will be market dumped tomorrow.
- What will you do today? You will sell today, to re-buy tomorrow at a fraction of the price.
- So will everyone else.
- Will anyone buy today? No.
- So there is little or no floor.
- Price will wick down to โimpossibleโ levels.
- Then repeat it again a few days later, for a total of 2 million btc.
- Oh price will hit near zero.
The argument to not freeze, is to completely f over Wall Street, Saylor, treasuries, and everyone else and start again from basically zero.
I find it really funny that people are raging against the proposal to freeze quantum vulnerable addresses.
Youโre tilting at windmills, friend.
If a QC materializes then Itโs going to happen.
You canโt stop it. Basic game theory.
The fork without the giant quantum bonanza is the more valuable fork, and it is the one that will be chosen by capital, and therefore miners.
Your little node and your 2 $BTC on a Seedsigner are very much irrelevant.
$MSTR, $IBIT, $MSBT et al. will signal before any hardfork is activated and all intelligent capital will follow them. 10M+ quantum-vulnerable $BTC will hit the market in a day.
And it will be ever so over for you.
Iโm sorry.
You may not like this. But itโs inevitable.
Cry about it.