Asynchronous Nik

building @Thefibration at day. Just another #Bitcoin slave at night.
defaultchain:

[Asynchronous Nik @DefaultChain]

Congrats to our friends @fractal_bitcoin with a mainnet launch!

Keep up the great work and let’s build the new Bitcoin future 🎊

[Fractal Bitcoin @fractal_bitcoin]

🚀 The Fractal Mainnet is LIVE! 🚀

We’re thrilled to announce that Fractal’s first block has been mined, marking the beginning of a new era for scaling Bitcoin natively. 🌐 Fractal’s genesis block carries the same message as Bitcoin's: "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks," echoing our commitment to build on Bitcoin's foundation. 🧵👇

1/11

[Asynchronous Nik @DefaultChain]

Networking in Singapore at #Token2049singapore

Just heard from the ETH OG and apparently a singer as well - @VitalikButerin, connecting with experts and market leaders and just vibing in Asia!

P.S. mixtape when? 👾

[Open Source Fun @OpenSourceIsFun]

❗��Attention all Bitcoin community❗️

No bears are allowed at Bitcoin2024 🐻🚫

To be fair, there are hardly a lot of them left anyways! 🤘

#Bitcoin2024

[Open Source Fun @OpenSourceIsFun]

🎊 Bitcoin BuildCon 2 — It was awesome

Big Thanks to everybody for tuning in, and of course, to our speakers for sharing their insights and chatting with us on Building in Bitcoin.

What we think the main takeaway is: We. Are. Early. And this means both opportunities and challenges. Building in Bitcoin is hard, but rewarding. So let’s do it!

Missed this Conference? Don’t worry, we will keep you updated with summaries for all three panels soon.

Stay tuned, we have a lot of things coming up!

Thanks again for our awesome speakers: @edanyago, @BanerjeSankha, @c_hongzhou, @lorenzonical , @maximoralez8, @hughgj1992, @BlakeGao, @DCBK2LA, @JulietSu.

And to our main sponsor: @bitcoinnews, couldn’t have done it without you guys!

#BuildCon #Bitcoin

[Asynchronous Nik @DefaultChain]

Had a blast hosting the Second Bitcoin BuildCon today!

Thanks to everybody who helped us make it possible, and to our listeners for tuning in.

#BuildCon 🤘

[Asynchronous Nik @DefaultChain]

Hey, guys, look, I'm on the news!

See you all at the next BuildCon 🤘

[Bitcoin.com News @BitcoinNews]

Join Bitcoin BuildCon: Problems to Be Solved Next Week for Unique Insights on Development in Bitcoin @thefibration https://t.co/T06uDJeoee

[Asynchronous Nik @DefaultChain]

Had a great time hopping on the BitVM Dev Call with @robin_linus today. These guys know what’s up, a lot of valuable info to take in for sure!

They do it regularly too. Would love to see more of us there on the first Monday of July, 5 PM CET.

Hop into their TG Chat for more info and set the next call in your calendar: https://t.co/ksMHzSDdNJ

[Open Source Fun @OpenSourceIsFun]

Together with @bitcoinnews, we are excited to announce our conference - Bitcoin BuildCon: Problems To Be Solved!

🗓 Date: June 18th, 13:00 UTC
🔗 Set reminder: https://t.co/D400khSsMP

Join us to explore Bitcoin development and community building acros three key panels:

1️⃣ The Future of Bitcoin from the Builders' Vision
2️⃣ The Future of Bitcoin in the Venture Vision: Problems to be Solved and the Hottest Areas
3️⃣ Community Bitcoin: How to Get Attention and Secure a Place in the New Brave World

Hear from speakers representing top projects: @edanyago, @lorenzonical, @maximoralez8, @BlakeGao, @Luke360, @DCBK2LA, @JulietSu, @YBBCapital

Our media partners: @ChakraChain, @ChainCatcher_, @Habibi_Hub, @TunaChain, https://t.co/3DMyPI5a00

#Bitcoin #BuildCon

[Asynchronous Nik @DefaultChain]

@dima_null Nice try, but without ZK, it still doesn't cut it)

[Asynchronous Nik @DefaultChain]

@janbtc Fried?

[Asynchronous Nik @DefaultChain]

Basic weekend reading
Enjoy

[my @JeremyRubin]

Functional Encryption enables covenants on Bitcoin without a soft fork.

You simply encrypt a covenant opcode circuit containing a particular private key, e.g., CTV.

let F be your encrypted function under PK P.

F takes as input a tx A, a covenant program C, and outputs signature of A under P tweaked by C (P_C) if C(A) = true.

If A's input is spendable by P_C, this is a covenant opcode with a one time trusted setup.

[Asynchronous Nik @DefaultChain]

This is huge thing to mind about.
While unlocking the MEV brings a lot of the new players to/on the table, the impact will be huge (and irreversible)

[Hunter Beast 🕯️ @cryptoquick]

It's important to consider PSBT atomic swaps. These would be on-chain swaps spending at least two UTXOs, one spending bitcoin, the other spending the non-monetary asset, and maybe one for fees.

There's nothing miners can do to manipulate signed transactions. Including them or excluding them from a block doesn't introduce slippage when using PSBT atomic swaps, which are effectively MEV-resistant, while accounts-based chains like EVM are particularly vulnerable. With PSBTs, the state of the swap is locked and atomic.

Where things get complicated is when we introduce RBF (as always)... To update prices and amounts as the market moves, such a swap protocol may introduce RBF, but then both parties must consent for the transaction to be valid again, and so there's nothing miners are doing in that case. If a market is particularly hot, they might benefit from higher RBF fees, but that's not MEV, because the mining pools generally aren't doing anything other than collecting fees from already-signed transactions.

There is the possibility that a mining pool might exclude a swap transaction if they know they'll mine a block, and include their own transaction. However, this is mitigated by keeping swaps P2P and having no identifiable on-chain swap footprint, as RGB allows with its client-side validated protocol. Thus, nothing on-chain is present to signal what's being swapped, and even off-chain data can be kept confidential. If this proves superior, then the market will decide which tokens protocol is best. (RGB, of course)

All this work of course goes out the window if something irresponsible like OP_CAT or BIP-300 were activated. Those changes must be opposed at all costs if MEV is to be prevented.

[Open Source Fun @OpenSourceIsFun]

We wanted to take a moment to thank all of you for attending Bitcoin BuildCon! It was an incredibly informative and engaging event, filled with valuable discussions on building on Bitcoin and Bitcoin L2. Your participation made it truly special!

Stay tuned, as we’ll soon be sharing some of the highlights and best moments from the conference. We can’t wait to relive these insightful conversations with you through our upcoming clips.

Thanks again for being part of this amazing experience!

#Bitcoin #BuildCon

[Bitcoin.com News @BitcoinNews]

Join Bitcoin BuildCon Online Conference: Don’t Miss Out on Shaping the Future of Bitcoin | Hosted by @thefibration https://t.co/Ea61ke7VON

[Open Source Fun @OpenSourceIsFun]

Together with @bitcoinnews, we are excited to announce the Bitcoin BuildCon Conference!

🗓 Date: May 27th, 17:00 UTC
🔗 Join now: https://t.co/rxLtYUIrtg

Join us to explore Bitcoin development and community building acros three key panels:

1️⃣ Building on Bitcoin: A Discussion with Experts
2️⃣ Bitcoin World Emerging: Exploring Bitcoin L2s
3️⃣ Community Bitcoin: How to Get Attention and Secure a Place in the New Brave World

Hear from speakers representing top projects: @robin_liquidium, @lorenzonical, @domiwoe, @altantutar, @allenjosephaj, @Luke360, @amaliagrochal, @defaultchain, @DCBK2LA, @JulietSu, @otaliptus, @amijkko

#Bitcoin #BuildCon

[Asynchronous Nik @DefaultChain]

Was so excited to hear from @rodarmor, the genius responsible for the #Rune protocol at #BitcoinAsia today.

Overall, the second Day of the event was amazing. Once again, the history is unfolding right there in front of our eyes. Let's go!

[Asynchronous Nik @DefaultChain]

No event goes without our participation.

This time we are at #BitcoinAsia to make lots of content for you!

Stay tuned and wait for new posts 🔥

[Asynchronous Nik @DefaultChain]

@thefibration Here we go 🚀

[Asynchronous Nik @DefaultChain]

@thefibration is that you?

[fity.eth @Fityeth]

When you find that billion-dollar market cap memecoin, you'll see its true size!

[Asynchronous Nik @DefaultChain]

That is why we are here 👾

[Bob Bodily, PhD @BobBodily]

PSBTs are fantastic atomic swaps on Bitcoin, except they are a centralizing force on Ordinals trading.

What I mean is Magic Eden, and most other PSBT marketplaces, store signed PSBTs in their own centralized database. Noone else can access the raw PSBT data.

Most marketplaces do this to preserve liquidity on their own marketplaces (they aren't incentivized to share).

A few (Open Ordex and Deezy place) use Nostr as an open repository of signed PSBT listings, which is fantastic.

And further in the Magic Eden case, they don't make you invalidate previously signed PSBTs by sending the ordinal to yourself (the only way to cancel a signed PSBT is spend the UTXO).

Meaning if someone hacked the Magic Eden PSBT database, or somehow old listings (previously signed and still valid PSBTs) were exposed, your Ordinals could be purchased at previously listed prices, which is generally undesirable.

Case and point -> this is the most likely explanation for the scenario below.