Cryptocurious75

[Adam Back @adam3us]

There are node runner risks to participating in p2p networks which provide privacy, self sovereignty, anonymity and bearer cash, going back decades to the extent there are people who don't like self sovereignty. And those risks are higher the more service you enable on your node. Eg an exit node in tor, remailer; a non-leech mode in p2p file sharing. And so on.

Interesting parallels you can draw to concerns about Bitcoin node runner risks.

I used to run an anonymous remailer, with all exit features enabled. Combatting false flag spam attacks on remailer was how I came to invent hashcash in 1997.

And I implemented a distributed censorship resistant web (including images) called eternity usenet in 1997 (6 months after hashcash).

So I find reactions as Bitcoin node runners and users start to discover and think about these risks interesting to observe as there are many parallels and historic lessons.

And the Bitcoin node runner risks are not really new, as there has been content in the timechain for over a decade and during early periods where establishment banning Bitcoin was viewed as high risk. There are 3.5m image files some NSFW and maybe worse, 3d printed gun files, even going back long before Taproot (2021) and even before op return data (2014). And it's not really about policy change as big op returns existed in chain before the recent flare up in spam discussion.

For many networks they simply don't exist and can't provide service if no volunteers step up to operate nodes, including exit nodes. Same for file sharing if everyone wants to be leech mode it won't work. The same is true of tor, which Bitcoin has support for. That reduces your node operator or miner risk, but you're benefitting from someone else taking risk operating for exit nodes. And it's also true for Bitcoin: particularly early it needed risk takers for the bearer money cause to develop, to operate nodes, to run miners, and build early sites and apps to use Bitcoin and give it network value. To trade it for cash OTC, to transfer it when the legality was unknown. It's still undefined in some countries, or even grey area banned.

I never thought Ill of people running leech mode, it takes tactical thinking and street smarts and risk appetite for a cause you believe in - privacy, anonymity, self sovereignty to step up and be an operator. Sometimes risks increase as enemies of freedom go on the attack, sometimes they decrease as widespread use gets normalized, or economic factors mean there are no advantage any more for monetary interests to attack eg file sharing they eventually started offering paid music streaming and movie streaming themselves and competed in the market

I think Bitcoin has lower risks than file sharing in one way, as it's explicitly not designed for that. But ofc with any complex protocol spammers, and attackers can abuse its native data structures. And it's hard to combat that in necessarily p2p systems.

But bitcoin as bearer cash and hard money is much higher stakes, so maybe higher risk in other ways, because reforming money, separating money from state, is a much more impactful topic than eroding content licensing revenue with file sharing.

Still today Bitcoin is grey area or illegal in some countries, but in others is in that stage where establishment is becoming somewhat ok with it. Regulations becoming more open for business.

But it's useful context to understand this history, and the context of the node runner across time.

Even being a core developer was considered rather high risk early on, and it probably actually was high risk then. And it's probably reasonable Satoshi saw that risk, from his choice to release Bitcoin anonymously.

[Cryptocurious75 @cryptocurious75]

#Bitcoin accepted in Pipa, RN Brasil

[Cryptocurious75 @cryptocurious75]

Want to know what makes a Ledger so secure? Check out this thread 🧵
https://t.co/299ZgKdUo5

[Ledger @Ledger]

Over the course of a decade, Ledger has designed and tested its security model to create a robust defense against various threats in the crypto space, providing you with peace of mind.

There are several core elements that make up Ledger’s security model and they all work together to protect your assets.

So what is it that keeps Ledger devices secure?

[Cryptocurious75 @cryptocurious75]

"a complex industrial puzzle and a milestone for crypto users"

Check our Ledger's latest
https://t.co/zPfD270xrX

[Ledger @Ledger]

Ledger Stax is a next-generation product – and the world's first secure touchscreen.

It's a complex industrial puzzle and a milestone for crypto users.

Here's the story of how we brought Ledger Stax to life –from its initial genesis with inventor @tfadell to our journey with Ledger Stax's curved e-ink screen.

[Cryptocurious75 @cryptocurious75]

Hey frens, check out this awesome Space cronos I just found on #Galxe ☄️ Join me and get involved! https://t.co/82JPSnBlfs

[Alessandro Ottaviani @AlexOttaBTC]

WOW!

WEF releasing a video in favor of Bitcoin Mining. Finally they are admitting the benefits of Bitcoin Mining.

Definitely another effect of the Bitcoin ETFs approval! 🎉

The whole narrative worldwide is shifting! 🚀🚀🚀

[Cryptocurious75 @cryptocurious75]

@aniborgs2023 @dato_skhiladze 0x30AFB2875b923E5cc9CB7eBd31A1Be74133cCc8D

[Crypto.com @cryptocom]

#Bitcoin ETF is Approved!

It's been a long time coming, and yet we're still so early.

#WAGMI #FFTB

[WF @WhaleFUD]

JUST IN:

Bitcoin ETF ARKB just listed on Fidelity

[Nayib Bukele @nayibbukele]

Why we don’t sell our #Bitcoin?

¿Por qué no vendemos nuestros #Bitcoin?

[IoTeX @iotex_io]

📢 Live Space with @wifimapapp starts TODAY at 12 ET!

Join here: https://t.co/pbhYHtwE1n

[Satoshi @satoshimoneybtc]

Happy birthday to Nikola Tesla, the 1st man to ever predict #Bitcoin🎉🥂🎁

🕰️Let's go back in time and unmask the other 5 men who predicted Bitcoin, decades before it was invented:

💥1890s
💥1921
💥1973
💥1997
💥1999

🧵Time for a thread unmasking 5 Bitcoin prophecies.🕰️🔮

1/

[Cryptocurious75 @cryptocurious75]

@historyinmemes Similar story in Borgo San Lorenzo, Italy. Fido was the name of the dog. Full story (in italian) here: https://t.co/Dtie35pNTW

[Luigi Travaglini @HandyLabs]

Ledger Recover, quello che non ci aspettavamo. (E di cui forse non ne avevamo proprio bisogno) 👇
1~

[bitcoin.rocks @bitcoindotrocks]

I spent the last 24 hours looking into #bitcoin transaction fees so you don't have to!

1️⃣ WHAT IS CAUSING SUCH HIGH FEES?

Bitcoin transaction fees are variable.

Demand up = fees up
Demand down = fees down

The majority of transactions we've seen recently are BRC-20 mint transactions.

BRC-20s are a new type of token standard. Although very different from a technical perspective, they are similar to ERC-20 tokens on Ethereum.

Anyone can launch a BRC-20 token and make it available for minting.

2️⃣ WHY ARE THERE SO MANY TRANSACTIONS?

Most BRC-20 tokens have a mint limit per transaction.

For example, there may be 100,000 tokens with the ticker SHIT but the token issuer can limit how many SHIT tokens you can mint per transaction.

In this example, the SHIT issuer may limit you to 100 SHIT tokens per transaction. However, there are no limits to how many mint transactions an individual user can send.

If a user wants to mint 1,000 SHIT tokens, they need to send 10 Bitcoin transactions.

This mechanism is what has resulted in hundreds of thousands of transactions all waiting to be added to the next Bitcoin block.

3️⃣ WHY ARE THEY PAYING HIGH FEES?

The BRC-20 token standard is relatively inefficient.

In order to make it human readable on-chain, the creators made it about 5X less efficient than it could be. This means any BRC-20 token transaction is taking up about 5X more block space than it could be in an ideal world.

Because BRC-20 tokens have a capped supply, many people feel a sense of FOMO and are willing to pay a higher fee to ensure their transaction goes through ahead of other people also trying to mint tokens.

In addition, the tokens don't have a mint cost. This means the tokens are essentially free as long as the user is willing to pay the Bitcoin transaction fee.

4️⃣ HOW MANY PEOPLE ARE DOING THIS?

It's hard to estimate how many people are sending these mint transactions, but it is clear it is not just one entity as some have speculated.

Without any knowledge about what is happening, it can be easy to assume that a single actor is sending all of these transactions to try to increase fees.

However, when you look more closely, it's clear that this phenomenon is happening due to many people trying to cash in on the next shitcoin trend.

5️⃣ WHAT CAN WE DO ABOUT IT?

The beauty of Bitcoin is that it is a permissionless system. This means you don't need permission from anyone to use the Bitcoin network or send a transaction.

Because no one can stop you from transacting, you also can't stop anyone else from transacting even if you don't like the contents of their transactions.

So not only is there nothing we can do about it, but there is nothing we should do about it! It's important that Bitcoin remains an open system for all to use, whether we like the way they are using it or not.

This ensures that we can continue to use Bitcoin even if other people don't like the contents of our transactions.

6️⃣ IS BITCOIN BROKEN?

No, Bitcoin is not broken.

The Bitcoin network is stable and continues to produce block after block of immutable transactions.

Right now, you have 3 options for sending Bitcoin despite relatively high fees:

A. Pay $10-$20 to cut the line and have your transaction included in the next block.

B. Pay less and wait longer.

C. Use Lightning to send Bitcoin instantly for near-zero fee.

I expect transaction fees to trend up in the future as Bitcoin adoption continues. In general, fees are a good thing and help contribute to the security and longevity of the Bitcoin network!

🟠🟠🟠🟠🟠

My goal with this post is to educate people on what is actually happening so that we don't have to speculate.

Knowledge is power, and knowing the mechanisms that are causing this fee spike will help us all sleep easier at night. Bitcoin is working as designed.

Like everything else, this is good for Bitcoin!

[Christophe De Beukelaer @cdebeukelaer]

Le Règlement #MICA qui encadre le développement des #crypto-actifs, vient d'être voté au Parlement #EU. A tous ceux qui se moquait de mon salaire en #Bitcoin et s'opposent encore à la décentralisation de la finance, je vous le dis depuis longtemps: cette évolution est inéluctable

[Minted @MintedNetwork]

🪩🪩 MARBLE GIVEAWAY 🪩🪩

GM #mintheads and #crofam, we are excited to collaborate with @marbleverse_io 🔮 They are giving away 4 marbles 🎉🎉

⏳ March 31 - April 3 (7AM UTC)
⏰ Act fast & join the giveaway now 👇🏻
https://t.co/YiP6bDfXCd

[Jack Mallers @jackmallers]

We're watching the banking system of the United States collapse on itself in real-time

The Federal Reserve may have broken the US banking system and tarnished its credibility

Are we entering a new era for US banking?

Will the world now truly appreciate Satoshi and #Bitcoin?

[Cryptocurious75 @cryptocurious75]

@Blockchainwork5 I think it already was back in 2020

[Cryptocurious75 @cryptocurious75]

@koinsquareNews Criminali dell'informazione...