IanBanksia.btc

The ban on firearms and explosives near the Sino-Indian border is very remarkable. So far every single state limited the use of the weapons of mass destruction because of their use guaranteeing catastrophic damage to all participants. The arrangement between China and India proves the same logic can trickle all the way down to include all modern weapons.

as I was summoned, for me it comes down to design decisions @RaphaStacks . Alex is (was and still is) CeFi using blockchain only as the ledger.... and that's reflected on every decision, making all systems focused on ALEX having control of the funds, rather than letting Clarity being executed as the predictable language is was created to be. this exploit is very similar to Charisma last years: people trying to use Clarity in non-predictable ways, don't do enough testing, don't use proper audit firms, , don't implement suggested changes and when inevitably someone exploits it, they call it a "Stacks Limitation". it's like using a screwdriver to put a nail in and saying the screwdriver has limitations. (use a hammer maybe?) to what the ecosystem could do better: best-practices & transparency. I could say to stop supporting the bad players, but that not only is against a decentralised ethos but also @Stacks has so little traffic going on that not supporting pseudo-DEXes and vibe-coding will make it a ghost town.

Totally relate to the feeling as a founder. Constantly shipping, fundamental numbers improving! Every long term indicator is improving steadily, all the investors, advisors and stakeholders are bullish! The only thing that worries me is repeating mistakes. We as Stacks ecosystem play on our strengths very well but keep repeating the same mistakes instead of working upon them and improving them. We are a young ecosystem, we need an open, safe playground to attract new builders, give them a real chance to innovate, and punish bad actors. How we acted upon the hack last year set us on a course that brought us today. How we act upon the hack today, will decide if we do the full circle again and come back here or finally move ahead.

yeah, exactly right. if it's intend to be used as funding, rather do that with Bitcoin. simple. (and probably a narrative easier to sell for any left or right curve person 🤟) with the budget... best practices from public&private sector will point to defining metrics/KPIs/etc always helps with transparency and make it easier to link to an oracle of sorts, to make it a proper automated tool.

yeah thinking more on this i think i kind of like using the current PoB BTC (100 blocks before a cycle starts) for funding this - because its already BTC it doesn't have to be converted reducing the number of STX in the market I think its too complex a change to put in this SIP, but we've already talked about needing the next version of PoX to support dual stacking and could put it in there and reduce the emissions then chewing on that

GM. to my dear @Stacks folks... two suggestions come to mind on general order 31: 1- use the Bitcoin from the mining rather than increase emissions. make the miners pay their share, rather than a dilution; 2- proposed a budget and CODE the budget into a contract, locking the funds upfront with a set of people to work as validators of milestone/delivery; 🤟

with 1: not all Bitcoin ofc, as to your point, mining needs to be attractive for the signers. I think the point is: STX is positioned as an asset that derives its valuation from Bitcoin. SIP-31 (As it is) fundamentally changes that, and make it an asset that derives its valuation from the ecosytem. with 2: no problem in creating a contract that reflects that... but I think some major buckets can be (and imo should be) pre-defined... even if it's a simple CAPEX/OPEX breakdown, for e.g. otherwise is just a blank check/vote of confidence of sorts.

re 1, do you mean all the BTC from a given cycle the goes to Stackers currently? If so, I don't think that's viable as it is needed to incentivize the Signers on the network which are essential for network security and operation. If you only mean the proof of burn segment amount, it could make a dent but not replace (its currently <1 btc per cycle or less than 2.5m USD per year) re 2, there is a good sense of what the budget looks like but this endowment is supposed to fund ecosystem operations for a loooong time and therefore needs to be able to adapt to how the world changes - we don't know what exact spends will be necessary in 5 or 10 years. this is why the endowment needs to report regularly (major annual reports with quarterly updates and flows through one wallet so it can be tracked onchain), so the community can see and direct if the budget is reflecting the best use based on the current situation

well. if 1 is true, it's also true for doing the same with 24% extra STX - which points to the real question: is the current proposed increased emission economic viable? if this is not coming from Bitcoin and is not a dilution, where is the extra value coming from? if 2 is not true, is also not true for the current model. real questions is: if we don't know what we are asking the money for, why are we asking it? ;)

@ImBanksia @Stacks Nice but: 1. Won't be enough if you mean the PoB that can give an extra % but can pull down some of the emissions 2. Will it be predictable❔

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@visionsbtc @Sureshsinghn @jackbinswitch @roocoinbtc you are all too kind 🤟

@Sureshsinghn @jackbinswitch @ImBanksia @roocoinbtc Any L2 worth their salt would be looking at these talents and offering grants to get building on their chain.

I have to say, within the Stacks ecosystem, @jackbinswitch and @imbanksia seriously deliver. They built an entire project by creating a community coin (@roocoinbtc). Now before anyone says "what's so hard, they had an allocation for themselves"... nope... nope... nope. These guys said "fuck that, everyone is equal, we'll buy our own allocation" and did a fair launch, meaning they had no privileged upside. They did it to prove a point, that a community coin that's building, will trump any meme coin. The token took off, and they decided to explore creating DMT NFT art on Stacks called Space Invaders. If that wasn't cool enough, they said "fuck it, let's cook harder" and are in the midst of creating an ordinals collection called Roo Defenders that will have customization aspects that will set this collection apart. You'd think that the recent sell of STX and Memecoins would dampen their spirit and enthusiasm, heck it would impact anyone, but how did these two dealt with this? They went to work building... at embedding AI into their DMT project, keep an eye out for this. All of this being done with ZERO external funding. If and when they do decide to raise funds, I personally hope I'll be in a position to invest in their friends and family allocation. If you're an angel investor or professional investor, don't take my word for it (assume I'm making things up) - just look at their work and see how much these guys deliver, while holding down full time jobs with families! Looking for talent and builders on Bitcoin L2? Here are 2 prime examples to keep on your radar. P.S. I am not in any way incentivized to write this tweet. Just think these guys are great builders. @Stacks @TO @gossamercap @stevenmeets @nether_burg @waterdripfund @BoostVC

Gm Hero. My two cents: - Lighting doesn’t perform well on a high fee environment, so one could feel compelled to close their channel so to unstuck their Bitcoin; - Those are only the public/decentralised nodes. Centralised network is going through some interesting developments with Taproot Assets:

⚡️Lightning Network history via @mempool Can someone clarify whether the 📉 decline in the number of Lightning channels and network capacity over the past 2 years is a positive or negative trend? How should this be interpreted? 2025 Feb 👇 44K Channels 5.2K BTC Capacity

again, understand the frustration. but I don't think that's reachable, whatever way you look at it. it's like wanting a brick wall to be a lightweight as a dry-wall. different raw material, different use cases. but I'll let you go as those questions are more philosophical than technical.

@ImBanksia @eumbab_bokk We need at least 1/10 or 1/5 solana' capacity, only with this, the network capacity doesn't become the obstacle of whole ecosystem

man, not arguing with that. and Stacks will never beat Solana on these metrics. it's all part of the blockchain trilemma: - Stacks is more secure and more Decentralised... and less scalable. - Solana is super scalable but less secure and completly centralised. Different chains for different use cases.

@ImBanksia @JudeCNelson @andrerserrano Solana doesn't wait high volume the trying to update network, it's born to be a high-speed chain,then the ecosystem could thrive on the foundation

We are in a bad situation caused by the limited network capacity, however don't see enough concerns on this yet, really hope to raise more concerns on low-level hardware requirement and performance issue from Stacks community and core teams. @JudeCNelson @andrerserrano @AdrianoDiLuzio @reubs_btc @visionsbtc Here are my some points of why $250/month nodes or higher level hardware and tenure-extend time decreasing and tenure budget increasing are reasonable, essential and urgent: 1.The current Stacks nodes requirement is too low, that caused Stacks effective TPS(effective TPS is measured by daily transactions including transfer and function call)is so small: Stacks signer nodes are running with 256MB RAM old computer, much lower than ETH, ETH validators requirement is at least 32G RAM and 100Mbps bandwidth, and Solana validators requirement is much higher with 512G RAM and 1-10Gbps bandwidth which costs more than $3000/month. Thus the actually measured Stacks TPS < 0.5, ETH TPS : 12-15, Sol TPS:1200-2000 Solana has more than 100M txs per day and ETH has 1M txs each day, while Stacks is less than 10k. x.com/bitrabbit_btc/… 2.Because of PoX, Stacks could never be decentralised like ETH or even not as Solana, Stacks has 5 miners and 43 signers, while Solana has 1400 validators, ETH has more than 12000 physical validators. Coz Stacks inherit bitcoin finality and security, in the Trilemma, we have high security but sacrifice some decentralisation, thus we are ought to improve scalability and performance as much as possible. 3. In 2050, after 6 times bitcoin halve, bitcoin block reward has declined to 0.049 BTC, to maintain current proportional security, bitcoin transaction fees have to exceed 3 BTC/block or more. We estimate BTC price in 2050 is $1M(it's a fairly conservative assumption), which means Stacks miners single transaction fees of PoX on each bitcoin block will exceed $500, and the $500 fee doesn't include the bidding BTC amount to Stacks signers, so every single Stacks miner will cost more than 500•144•30=$216M fees every month in 2050. By contrast $250/month hardware or even higher is negligible. 4.The limited network capacity has caused many negative effects: All the applications on Stacks were dragged down by low network capacity, Stacks connot attract new users who get used to the high speed chains like Solana and Sui, and old users keep leaving, also without high throughput, DEFI activities based on sBTC connot thrive. Without high network capacity, all the good tendency like memecoin wave and even BTCfi of sBTC were broken on halfway. Also inactive on-chain activities and low market cap has resulted in emission plan changing and sBTC supply increasing plan carry-forward, it's backward flywheel. 5.Once we achieve high throughput by increasing tenure budget and hardware requirements, we could enter the forward flywheel cycle: •performance improving----> •on-chain activities blooming and more active uers coming from Solana and ETH ----> •STX market cap rising ---> •Stacks miners and signers amounts increasing ---> •sBTC supply increasing ---> •BTCfi on Stacks based on sBTC thriving ---> •STX market cap rising ---> next circle 6.There are multiple teams exploring different bitcoin L2 solutions, some new L2s may copy PoX but implement the same expensive hardware and high block bonus strategy of Solana to reach high throughput, it's a potential threat to Stacks in the future.If that happens, Stacks may lose its leading position. ETH's failure has warned us that uers' experience always be the first priority, decentralisation is not as important as fast speed and cheap fees for most chains coz the the function of smart contract has been proven to be literal casino, besides bitcoin is the real money and currency, all chains are casinos.

Yeah, I get your frustration. But no, there’s no demand for more at the moment. You can just look at the mempool, it’s mostly empty and most trx are confirmed in less than 2sec at a 0.001 STX fee. That is a healthy system. I don’t think it’ll be easier to convince the miners to change the settings without first having the demand for it. You can always build your subnet, if you believe you have enough demand.

There are several times mempool full filled pending txs, we almost took off, but network capacity too low so the fees are very high and pending for long time,then good tendency disappeared,we cannot wait demand coming then try to extend network, Chances are for those who are prepared,apparently our network didn't prepare well, we need at least 100x capacity extending, 10x is far not enough

That’s ok. Potentially it can go higher as well, but always limited by the Bitcoin block space, so it’ll be lower than other EVM chains. It’s not seem as an issue, rather a design decision. The famous blockchain trilemma. The chicken and the egg part of the problem is that currently the mempool has only 21 more pending trx, so there’s no demand for more… and empty blocks will remove incentives for miners/signers.

@ImBanksia @JudeCNelson @andrerserrano However 10x is far not enough,10x throughout don't reach ETH level

GM GM Monday musings: FOREX is shaping up to have an interesting week. Some real different behaviours on BRICS vs other exotic pairs (AUD <> IDR) Markets are red, but bitcoin has never been so orange. No comments on US tariffs from me, acceleration is accelerating, that's all.

The response from the ecosystem has been phenomenal. Protocols, wallets, memecoins, and projects—coming together to push .BTC adoption forward. This is why we’re here. It all comes back to #Bitcoin. #ReturnToBTC

@XverseBrasil @Akva556 @HoneyBadgersBtc badger!

GM GM Your daily reminder to have fun with AI models, but always knowing that if something is free (or really cheap), that usually means you are the product. 🤖🤖🤖