RK

@PolloRK

🇬🇧🇲🇽 degen. I like shitcoins. Me dicen Pollo. Chsm el America.

Joined December 2024

75 Following

9 Followers

103 Posts

PolloRK retweeted

Jeremy

@Jeremybtc

2 months ago

Bitcoin developers just formalized a proposal to freeze over $450 billion worth of Bitcoin. > Quantum computers are coming. Old wallets with exposed public keys will eventually be crackable. > They want to freeze them before someone else cracks them. > The proposal is BIP-361. Co-authored by Jameson Lopp. It just hit Bitcoin's official repo this week. > The mechanism is a soft fork. Three years after activation, you can no longer send Bitcoin to old wallet types. > Two years after that, those coins become permanently unspendable. > Around 6.5 MILLION $BTC affected. Roughly 25% of all supply. > Lopp himself acknowledges what this is. He rejects the word "confiscation" and prefers "burning." > Here is the part nobody is talking about. > The chain cannot tell the difference between Satoshi's dormant coins and a longterm holder waiting for $500,000 to sell. > They look identical on chain. The early miner who set up a wallet in 2011 and forgot about it. > The OG who bought at $200 and never moved them. > The cold storage wallet sitting in a safe. All burned together. > But the deeper question is how this is even possible. > Five people have merge authority on Bitcoin Core. One person merges roughly 65% of all code. > Six mining pools control 96 to 99% of all blocks. Activation requires their signaling. > A coordinated decision by maybe two dozen people can change the rules and burn 25% of the supply. > Bitcoin has done this before. In 2010, a bug created 184 BILLION $BTC out of thin air. > Satoshi himself coordinated a fork to erase it. The chain rolled back 50 blocks. > Ethereum did it in 2016. The DAO got hacked for $60 MILLION. > Developers rewrote history to take the money back from a wallet whose owner had not signed off. > The principled chain that refused to fork is now called Ethereum Classic and it is a fraction of the size. > The lesson is the same in both cases. When the cost of the principle is high enough, the principle bends. > Bitcoin was supposed to be the one thing nobody could touch. > What Bitcoin actually is and what this proposal is forcing into the open, is a network that can be changed when enough of the right people agree. > Most of the time they don't but the option has always been there. > Decentralized at the participation layer. Coordinated at the change layer. > The freeze might never happen. Activation requires consensus that does not exist yet. > Tether's CEO Paolo Ardoino has already pushed back. "Code is law" he says. Don't touch the rules. > The plan is already written down. The way to do it is already worked out. The list of people who would need to say yes already exists. > The only question left is whether someone, someday, decides the reason is good enough. The freeze might never happen. The fact that it could is the part that matters.

$Jeremybtc's tweet photo. Bitcoin developers just formalized a proposal to freeze over $450 billion worth of Bitcoin. > Quantum computers are coming. Old wallets with exposed public keys will eventually be crackable. > They want to freeze them before someone else cracks them. > The proposal is BIP-361. Co-authored by Jameson Lopp. It just hit Bitcoin's official repo this week. > The mechanism is a soft fork. Three years after activation, you can no longer send Bitcoin to old wallet types. > Two years after that, those coins become permanently unspendable. > Around 6.5 MILLION $BTC affected. Roughly 25% of all supply. > Lopp himself acknowledges what this is. He rejects the word "confiscation" and prefers "burning." > Here is the part nobody is talking about. > The chain cannot tell the difference between Satoshi's dormant coins and a longterm holder waiting for $500,000 to sell. > They look identical on chain. The early miner who set up a wallet in 2011 and forgot about it. > The OG who bought at $200 and never moved them. > The cold storage wallet sitting in a safe. All burned together. > But the deeper question is how this is even possible. > Five people have merge authority on Bitcoin Core. One person merges roughly 65% of all code. > Six mining pools control 96 to 99% of all blocks. Activation requires their signaling. > A coordinated decision by maybe two dozen people can change the rules and burn 25% of the supply. > Bitcoin has done this before. In 2010, a bug created 184 BILLION $BTC out of thin air. > Satoshi himself coordinated a fork to erase it. The chain rolled back 50 blocks. > Ethereum did it in 2016. The DAO got hacked for $60 MILLION. > Developers rewrote history to take the money back from a wallet whose owner had not signed off. > The principled chain that refused to fork is now called Ethereum Classic and it is a fraction of the size. > The lesson is the same in both cases. When the cost of the principle is high enough, the principle bends. > Bitcoin was supposed to be the one thing nobody could touch. > What Bitcoin actually is and what this proposal is forcing into the open, is a network that can be changed when enough of the right people agree. > Most of the time they don't but the option has always been there. > Decentralized at the participation layer. Coordinated at the change layer. > The freeze might never happen. Activation requires consensus that does not exist yet. > Tether's CEO Paolo Ardoino has already pushed back. "Code is law" he says. Don't touch the rules. > The plan is already written down. The way to do it is already worked out. The list of people who would need to say yes already exists. > The only question left is whether someone, someday, decides the reason is good enough. The freeze might never happen. The fact that it could is the part that matters.$

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RK @PolloRK

over 1 year ago

@TestonSPL BdrBP8Ffaus43yoXzzETGzjvfmBeW4xwih2oLHV5vzdd

RK @PolloRK

over 1 year ago

@deepseekjp BdrBP8Ffaus43yoXzzETGzjvfmBeW4xwih2oLHV5vzdd

PolloRK retweeted

Bubblemaps

@bubblemaps

over 1 year ago

how about not? one address (H2rCK) bought 90% of the supply, then spread it across 150+ addresses

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226K

RK @PolloRK

over 1 year ago

Trump did what no Mexican president has ever done: Use the Mexican Army to actually stop drug trafficking and stop the money flow. Things will get ugly but they are ugly already so whatever.