TraceEvader

Cryptocurrency comments. Privacy advocate.

[TraceEvader @TraceEvader]

1/ For those who have not read @danheld article titled “Bitcoin’s Security is Fine” you would do yourself a great service by heading over to https://t.co/EBZsjZ7Jte and reading it now.

[Nikita Zhavoronkov @nikzh]

Bitcoin's recommended fee is just 12 satoshi per byte now. Considering the upcoming halvings, Bitcoin becomes insecure as it's not able to collect enough in fees despite the ATH buzz and Ordinals.

The security budget for the last 24 hours was
+ $68.5M as subsidy (would've been $34M in a month after the next halving)
+ $2.5M as fees (just 3.5%!)
= $71M in total
to secure a $1.4T network!

Now imagine what happens when the subsidy dries out completely. That's called the security budget issue. And it is happening because Bitcoin is not scaling its L1 to have more transactions paying fees.

[TraceEvader @TraceEvader]

With all the new chat bots out there the word “important” has lost all meaning to me

[TraceEvader @TraceEvader]

Bitcoin failed to deliver its promise in 2017. Had it been abandoned for the most promising tech instead of propped up as a get rich quick meme, we could be much further along the adoption curve today. Instead, we will face additional headwinds as new technology trends emerge.

[TraceEvader @TraceEvader]

Personally, I’ve been having a wonderful time using GPT lately. But just because something new is amazing doesn’t mean the something else is not meaningful anymore. We still need payment privacy, especially online.

[TraceEvader @TraceEvader]

ChatGPT, the new hot thing making everyone say crypto is worthless and old news, leaked payment details of its users, just like all the other online businesses before it. Had monero been an available payment option, everyone would have been better off.

[TraceEvader @TraceEvader]

@sethforprivacy @DouglasTuman For what it is worth, your contributions to monero and privacy far exceed what mine ever could. But I will write a response to your post explaining my thoughts in a less flippant way

[TraceEvader @TraceEvader]

@sethforprivacy @DouglasTuman It is going to take some time, since I think you deserve more detail than what might come across as dismissive tweets. I hope you don’t take my initial tweets too poorly as I admit I wrote them flippantly and without considering how they would make you feel dismissed

[TraceEvader @TraceEvader]

@sethforprivacy @DouglasTuman Yes, is there a particular part you think I missed or misunderstood? Or would you like me to write specifics where I don’t understand the motives

[TraceEvader @TraceEvader]

@sethforprivacy @DouglasTuman I speak only my own opinions, but I simply cannot be convinced that you find any merit at in bitcoin given you should know by now it’ll literally break without a security guarantee. So how do you possible come to the conclusions to put energy into bitcoin now?

[Justin Bons @Justin_Bons]

1/9) BTCs security model is unsustainable

Price drops reduce security & halvenings exponentially lower the security budget!

This chart seems to be confusing Bitcoiners:

I want to clarify its significance

Explaining why the BTC security budget has collapsed over the last year:

[TraceEvader @TraceEvader]

Bitcoin is below its 2017 peak.

[TraceEvader @TraceEvader]

@alexjohnward @NanoTipBot Nano's biggest problem is that it is a transparent chain like Bitcoin so I wouldn't want to transact with it.

[TraceEvader @TraceEvader]

Bitcoiners are currently bragging that transaction fees are essentially free right now. Little do they know their security model depends on high fees

[TraceEvader @TraceEvader]

@tim1546 @igototokyo @xenumonero Only because nobody uses them. If you split off from the best technology because you don't like someone you're destined to perpetually 'use' currencies nobody uses.

[TraceEvader @TraceEvader]

@DaggerOwlShield And this active voting weight is empirically much much lower than 51% of the total value. It might be as low as 5%.

[TraceEvader @TraceEvader]

One thing I've learned over the past year or two is that I do not like DAOs. Their chaos in management is not a boon. Further, their lifespans will likely be extremely short, because if they experience any success and key people leave, the chaos grows.

[TraceEvader @TraceEvader]

@DaggerOwlShield As a winning party chases away the minority voices to form new projects, the winning party becomes de facto owners of the platform. In this scenario votes don't matter because someone/party has 51% of the active voting weight.

[TraceEvader @TraceEvader]

@M_E_T_A_M_A_S_K @Justin_Bons @Adopter_ I wouldn’t feel comfortable storing any value in BTC nor BCH.