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Last Notes

2023-06-08 01:02:11 CEST

- reply

📅 Original date posted:2022-01-13
📝 Original message:Hi Jack,
> The main purpose of this Fund is to defend developers from lawsuits regarding their activities in the Bitcoin ecosystem, including finding and retaining defense counsel, developing litigation strategy, and paying legal bills. This is a free and voluntary option for developers to take advantage of if they so wish. The Fund will start with a corps of volunteer and part-time lawyers. The board of the Fund will be responsible for determining which lawsuits and defendants it will help defend.
Thanks for helping the developers in legal issues. Appreciate your efforts and I understand your intentions are to help Bitcoin in every possible way.
Positives that I see in this initiative:
1.Developers don't need to worry about rich scammers and can focus on development.
2.Financial help for developers as legal issues can end up in wasting lot of time and money.
3.People who have misused courts to affect bitcoin developers will get better response that they deserve.
I had few suggestions and feel free to ignore them if they do not make sense:
1.Name of this fund could be anything and 'The Bitcoin Legal Defense Fund' can be confusing or misleading for newbies. There is nothing official in Bitcoin however people believe things written in news articles and some of them might consider it as an official bitcoin legal fund.
2.It would be better if people involved in such important funds do not comment/influence soft fork related discussions. Example: Alex Morcos had some opinions about activation mechanism during Taproot soft fork IIRC.
--
Prayank
A3B1 E430 2298 178F
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2023-06-08 01:00:01 CEST

- reply

📅 Original date posted:2021-10-11
📝 Original message:Hi Michael,
Agree with almost everything.
> Miner signaling is a tool for signaling readiness. It is not voting for the soft fork or expressing support for the soft fork. There should not be any attempt to facilitate miner signaling until there is sufficient community consensus (the mining community is a subset of the community) on the soft fork.
This is really important which gets ignored. I wish there was a way to solve this problem in a way that it is not misinterpreted by users.
During signalling for taproot, there were lots of users in different communities that believed miners are voting for taproot and we need some percentage of miners to agree before making any changes in Bitcoin. It was not just non-technical users but few mining pools, exchanges etc. also considered miners signaling as some voting process.
Best I could do at that moment was share this link: https://bitcoin.stackexchange.com/questions/97043/is-there-an-active-list-of-bips-currently-open-for-voting/
However I am sure there are lot of people who still think miners vote during signaling. Opinions of few developers on MASF vs UASF also adds more confusion to this thing. I could not think of any solution to solve this problem.
--
Prayank
A3B1 E430 2298 178F
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2023-06-08 00:52:40 CEST

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📅 Original date posted:2021-05-08
📝 Original message:My opinion:
1.I don't consider PoS to be a better consensus mechanism compared to PoW used in Bitcoin. So any proposal related to PoS in Bitcoin is not an improvement for me.
2.Bitcoin is a protocol for decentralized network that creates consensus without needing a central authority to provide trust. Bitcoin with PoS will be a protocol for a network that creates consensus based on bitcoin holdings.
3.Experiments with PoS can work in trust minimized applications that use Bitcoin or LN or Bitcoin sidechains. However, PoW works better for base layer or Bitcoin protocol.
4.Bitcoin protocol should not be changed based on mainstream media articles, new buzzwords or trends, altcoins, governments etc.
5.Everything involves trade-offs. Not everything needs to be online. Not everything needs to be on a chain of blocks. There are things that you would prefer to save in a spreadsheet offline or write on a paper. Similarly PoS is not the best consensus mechanism for a 'decentralized network' but it may work for projects(not decentralized) that want to use Bitcoin for few things.
6.Most of the Bitcoin users and devs consider PoW used in Bitcoin as the best consensus mechanism. Few people experimenting with PoS will result in another altcoin with nothing much to contribute in improving Bitcoin. I think there are better things to focus on and one of them is privacy.
Few things related to Bitcoin mining that I consider improvements:
-Stratum v2
-More countries started mining bitcoin recently
-Recycling ASIC heat: https://braiins.com/blog/green-innovation-in-bitcoin-mining-recycling-asic-heat
I would love to see people in India researching about creating better ASICs and more involved in Bitcoin mining.
Related links:
https://bitcoin.stackexchange.com/questions/95356/why-doesnt-bitcoin-migrate-to-proof-of-stake
https://download.wpsoftware.net/bitcoin/asic-faq.pdf (Andrew Poelstra)
https://medium.com/@dsl_uiuc/fake-stake-attacks-on-chain-based-proof-of-stake-cryptocurrencies-b8b05723f806
--
Prayank
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