Kyle Torpey

Mostly bitcoin, tech, and finance | As seen in @Forbes @FortuneMagazine @business @WIRED @BitcoinMagazine

[Kyle Torpey @kyletorpey]

Interesting email from Coinbase CEO Brian Armstrong to investors found in the Epstein files. It's from February 2016, during Bitcoin's block size debate.

Armstrong talks about how Coinbase is working in the background to ensure the network is not held back by "the early idealists," and how he expects a hard fork to 2MB blocks to happen within the next month or two. IIRC, this was the Bitcoin Classic era.

Obviously, the hard fork never happened, with the last attempt from Coinbase and others (SegWit2x) being abandoned in the fall of 2017. The view that the hard fork was being pushed by corporate interests, such as Coinbase, was a big reason for its lack of sufficient support.

[Glenn Greenwald @ggreenwald]

The magnitude of Trump's personal corruption and the monetizing of the presidency by him and his family have no precedent in US history.

It takes a total peasant mentality, or some weird cultish devotion, to defend or excuse this, especially if you objected to corrupt Biden transactions (as I did). It's on a completely different scale.

Trump set up a crypto company (World Liberty Financial) 4 days before his inauguration, then had the UAE pour hundreds of millions into his pockets for 49% of it, then gave rewards to the UAE. Jared getting $2 billion from the Saudis. On and on and on.

[Kyle Torpey @kyletorpey]

@starkandlime It doesn't seem much more complicated than Zelle in scope now that there's regulatory clarity, but I guess we'll see if it's a better model than Circle or Tether.

[Kyle Torpey @kyletorpey]

@starkandlime Right, but wasn't the point of the GENIUS Act to provide the clarity needed to remove those issues? The regulatory environment is completely different now.

[Wicked @w_s_bitcoin]

Gary Gensler would've never let this happen.

[Kyle Torpey @kyletorpey]

@CorySwan Same goes for the rails underneath the stablecoin. Open Standard building out its own blockchain to go with Open USD would probably kill off what's left of "crypto." This is basically the logical conclusion of what non-Bitcoin maximalists wanted, whether they realize it or not.

[Yves Bennaïm 🌿 ∞/21ᴍ 🇨🇭🇯🇵🇧🇹🇳🇷 @ZLOK]

"Open" is the new "Democratic Republic of" 🤣👌

[Kyle Torpey @kyletorpey]

@BlueRidgeBTC @boomer_btc 1. I was covering this specific point closely for Forbes at the time https://t.co/l0kRu4VBOk

2. That's not how this works, as @Vorstand1 already explained. But I guess this really is the plan for success? Hope 30% of the hashrate moves quickly?

3. I'll do nothing and be happy.

[Kyle Torpey @kyletorpey]

@jonatack @boomer_btc The potential for replay attacks seem to be the main problem worth consideration, but that's assuming the BIP 110 chain is able to persist at all.

[Kyle Torpey @kyletorpey]

1. Node counts are mostly irrelevant here. What matters is miners and the actual Bitcoin economy.

2. Your argument seems to rely on 30% of miners changing their minds at the last second? From everything I've seen, including writing a piece for Protos about miner interest in BIP 110 late last year, major miners and pools aren't even thinking about BIP 110. I'm not sure why you think this is a realistic possibility.

3. It doesn't seem like anyone has to do any of that. People can just keep doing what they're doing because there is currently no threat of BIP 110 affecting anything. There is mostly just some people being loud on social media.

[Kyle Torpey @kyletorpey]

@danWilcz > The claim that BIP 110 does not have support is similar to the argument big blockers made that Segwit did not have support.

I don't think you're worth engaging with if you think BIP 110 and SegWit support levels are comparable.

[Kyle Torpey @kyletorpey]

@reardencode Perhaps ossification? If there was some soft fork that was clearly beneficial to Bitcoin and Bitcoin Core was refusing to implement it, miners could step up and activate it. And we'd sort of learn the opposite lesson from the block size war.

[Kyle Torpey @kyletorpey]

@danWilcz I'm just trying to point out the endless number of different ways BIP 110 supporters are doing the same things big blockers did.

The reverse argument point you're making doesn't make any sense. The point is about bringing it up in the first place, as the big blockers did.

[Kyle Torpey @kyletorpey]

Somewhat agree. I probably should have said "for better or worse" instead of "unfortunately." You could make the argument that the world would generally be a better place if more people took on greater levels of personal responsibility (the kind that comes with using Bitcoin more directly). That point goes a bit beyond just Bitcoin though.

[Kyle Torpey @kyletorpey]

@4moonsettler @Truthcoin Ark would seem to be the most relevant improvement for payments generally. And I very much like it. But I also don't think it will make people want to use bitcoin for payments. Hopefully I'm wrong.

[Kyle Torpey @kyletorpey]

@theonevortex @alistairmilne Jack seems to be asking fair questions from what I've seen. I was mostly referring to people who were acting like STRC and MSTR were already dead and over last week.

[Kyle Torpey @kyletorpey]

@4moonsettler @Truthcoin Not at all what I said. Plenty of improvements are happening despite there not being many clear signs of interest.