Bitkit

Bitkit 2.0 is now live blog.bitkit.to/bitkit-2-0-a-n…

Bitcoin depression is what happens when the vision you had for Bitcoin collides with the reality of what it became. You thought you were building one future. You step back years later and realize the outcome looks very different. That gap between expectation and reality is hard to ignore. Do you have bitcoin depression?

People panic every time someone uses Bitcoin in a way they didn’t expect. If block space becomes more valuable for something else, those uses will price themselves out. The real risk is the culture of fighting over it.

Progress needs someone willing to disagree. @bitcoinerrorlog asks the questions others avoid. “Scale trust, not complexity.” Expect signal, not comfort. 📍 Plan ₿ Forum | Oct 23–24

🚨Trigger alert The real scaling model of Bitcoin may simply be a world with many blockchains and many monies, with Bitcoin at the top as the most secure and expensive base layer. But not as the single unique one. At least that’s how it’s looking so far.

What does it even mean when we say "bitcoin is scarce"?

Scanning Bitcoin Beach with Bitkit Wallet 🏖️ 🧡

Zero conf was never perfectly safe. But when mempool policy shifted from “first seen” to easy transaction replacement (RBF), double spending became much easier. The result: instant on chain payments became much harder for merchants to rely on.

Are you actually using Bitcoin? or just waiting for it to go up in value? 👀

"Governments, regulations, and institutional authority exist because violence exists. The way to reduce reliance on those institutions is not to wish them away. It is to reduce the conditions that make them necessary."

Hot take from John Carvalho @BitcoinErrorLog : Bitcoin payments used to be simpler. Zero confirmation transactions enabled near instant payments with manageable risk. Instead of improving that model, we removed it and replaced it with stacks of layers trying to recreate the same UX. Was that a mistake?

Two quadrillion, ninety-nine trillion, nine hundred ninety-nine billion, nine hundred ninety-seven million, six hundred ninety thousand bitcoin

Sorry, but Bitcoin is not divisible. There is no decimal.👇

@decentmoney2009 John's proposal is ultimately a move toward P2P mutual credit, not any specific asset.

@bitkitwallet I know what you mean, but I think you’re making the mistake of applying the problems of a system with a monopoly on trust (fiat) on a system without a monopoly on trust because the base layer is trustless (Bitcoin/LN) There’s risk, but it’s much reduced and mitigated

Hyperbitcoinization is impossible. Sorry

@cguida6 Bitcoin is great the way it is! Every change and new complexity is speculative, risky, and comes with a price.

@bitkitwallet Bitcoin's best path forward

Lightning will not kill Visa. 🚫 Block space is scarce by design. That scarcity limits how many people can constantly self-enforce the rules.

@decentmoney2009 "Safely" means, in a way you can self-enforce. Once trust is required, it invites regulations on any central entity (and many other shenanigans).

@bitkitwallet Depends what compromises and tradeoffs people are willing to make in regards to the “safely” you’re alluding to

@GGhodlsBTC Bitkit wallet has a Lightning node inside it! However, the speaker is explaining how this utility has a limit, roughly a few million people, before trust dynamics become involved.

@bitkitwallet 2 letters: LN

@decentmoney2009 It's isn't a matter of effort, it's a matter physics. Layers can only support a few million people safely due to onchain constraints and economic exclusion via rising fees.

@bitkitwallet 2nd layers like LN make it possible over a long enough time. Just won’t happen as fast as people think/hope

@davelund_ Lightning can support a few million people safely.

@bitkitwallet Visa runs on a money-printing system. Lightning runs on Bitcoin. If Visa could operate on a hard money standard, fine. But it can’t. Also there’s Ark and OpenArk…

@K3vinLane You're the boss.

@bitkitwallet Yes it will

@cguida6 What's BIP-110?

@bitkitwallet Yawn