Simple Steve 🌌

UTXOracle Inventor. Run it from your own node or watch the live stream at Free api at

[Simple Steve 🌌 @SteveSimple]

Please make sure no one at your bitcoin meetup is pointing their hash to foundry

[Alex 👽 @AlexesNakamoto]

Charles Hoskinson’s Bitcoin takes:
🚩 “Blind, deaf and dumb.”
🚩 “A religion, not an ecosystem.”
🚩 “Slow heat death.”

Watch until the end. 🎶

[Simple Steve 🌌 @SteveSimple]

@the_ecash All for ecash. That’s seems the best payments tech right now

[Simple Steve 🌌 @SteveSimple]

One of the reasons I’m for BIP-110 is that imo Bitcoin needs the ability to correct new features if necessary. With all the energy for adding features it’s only a matter of time until we add a really bad one. Perhaps taproot including op_if wasn’t the worst mistake, but imo it would have been better if it never did.

So I want to see a correction mechanism tested. The determination of whether a mistake has occurred is (imo) best done in the most decentralized way possible. Perhaps in the future that will be miners, but right now it’s nodes. Maybe it will always be nodes and maybe that’s a good thing, idk.

If you’re a fan of adding features to Bitcoin I think it’s important that you also believe in a way to correct the features if they go wrong, and that correction can’t be everyone auto updating all the time.

[Simple Steve 🌌 @SteveSimple]

@masunobom @Kierkegaarddd And to communicate those measurements

[Simple Steve 🌌 @SteveSimple]

@cguida6 Running your own business > having to coordinate internal company bitcoin activity with accountants and CPAs who need access to records which practically forces the business into KYC custodial

[Simple Steve 🌌 @SteveSimple]

@the_ecash Anonymity of founds is huge though. You’re not even trying if you have a known founder

[Simple Steve 🌌 @SteveSimple]

Anonymity of founder
First mover advantage
More nodes
More hash rate
More conservative development

It doesn’t look like there’s enormous demand for real sovereign store of value right now

Hopefully that will change

But those few who want it rn probably aren’t gonna go with the second best

I’ll always go with the best. Right now that’s bitcoin. Maybe it won’t always be

[Simple Steve 🌌 @SteveSimple]

@Truthcoin Calm down. Bitcoin isn’t even a matter of life and death

[Simple Steve 🌌 @SteveSimple]

Bitcoin vs high volume payment systems:

There was a huge systemic problem in base layer money which Bitcoin has solved. As for coffee payments, they won’t be on-chain because of the trade off between decentralized verification and volume.

There was never a huge systemic problem in payments. There are more minor problems like fees and privacy.

Among the competing ways of connecting Bitcoin to payment systems are lightning, ark, side chains, privacy coins, visa gift cards, company gift cards, debit cards, physical cash, etc.

All of these have trade-offs. It is not clear what level of centralization, privacy, etc is best. It’s not clear that it needs to be a push or pull system. It’s not clear that any are solving a huge problem like bitcoin did.

Either way, it is not the job of Bitcoin to decide which layer two payment system should win. This is best left to the free market. Bitcoin should not change to preference the outcome. How they connect to Bitcoin is part of the competition.

Bitcoin does not need to decide how we cook hamburgers. It also doesn’t need to decide how the hamburger stand runs its point of sale.

[Simple Steve 🌌 @SteveSimple]

Velocity of money is not demand for money. Demand for money comes from store of value

Custody isn’t bad, it’s great. Unfortunately most people don’t want the responsibility of custody. But a few percent is more than enough

There will forever be a trade off between decentralization and volume for coffee payments. If a system does coffee payments there won’t be wide spread verification of all payments thus it won’t be a settlement system.

While fees are low it’s great that people are still making $20 payment on chain. Maybe that will continue. If so, great.

In the future I envision Bitcoin settlements will be more of a monthly thing to settle or rebalance some layer 2 thing

[Lyn Alden @LynAldenContact]

It really is artful to see the extent that content creators who were once supposedly anti-establishment themselves became so captured by audience sensationalism or awkward sponsors that they went on to embody the same issues, if not more-so.

[Simple Steve 🌌 @SteveSimple]

@kit_sats When I realized I never had to update my node

[Simple Steve 🌌 @SteveSimple]

Mostly fair. I ran a lightning for a bit. I agree it’s way too much effort required. I’m not convinced lightning will be the most popular L2 forever. I’m not even sure daily payment systems are something Bitcoin should be concerned with. Bitcoin is a settlement system. Real on chain self custody hasn’t gotten harder. Sparrow etc makes it much easier than it used to be. I for that kind of development. I don’t agree that protocol changes makes real on chain custody easier. Bitcoin should not be change to enable more side chains imo. Bitcoin should only gaf about real on chain self custody. We’ve been in a period of high custodial trust for a few years. That will come to an ugly end soon imo

[NO CONTEXT HUMANS @HumansNoContext]

Don’t blame technology

[Simple Steve 🌌 @SteveSimple]

@LukeDashjr Imo do-nothing nodes also (practically) define which side of a chain split retains the name “Bitcoin” because exchanges are unlikely to require all users connected to them to update in order to keep trading what they think is “Bitcoin”

Might even be a legal thing if they did

[Simple Steve 🌌 @SteveSimple]

@FriedrichHayek @PAHoyeck Interesting though that Wittgenstein had to climb that scaffolding in order to see the futility of it

[Simple Steve 🌌 @SteveSimple]

@PAHoyeck Me too except analytic philosophy dead ends either into incompleteness theorem or the Wittgensteinian acceptance of language as a game, at which point one enters a zen like Buddhist state

[Simple Steve 🌌 @SteveSimple]

@TheBitcoinLayer @moneyordebt By $300k do you mean the exchange price or the settlement price

[Simple Steve 🌌 @SteveSimple]

@the_ecash For ten years I thought protocol changes or self custodial UX improvements would incentivize self custody. They haven’t. The bad UX experience is responsibility itself. You have the power to lose it. And if you don’t have that power you don’t own it. Nerdy tech doesn’t help