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In this video, I discuss the debate surrounding drivechains (BIPs 300 and 301), as well as how I think we should think about the possible unintended consequences of making changes to Bitcoin’s code.
Bitcoin is really, really difficult to change; and this is a feature, rather than a bug.
If Bitcoin were easy to change, any government, central bank, or other attacker could swoop in, make changes, and castrate Bitcoin. Fortunately, they cannot.
The Bitcoin ecosystem is still in the process of absorbing the implications of the last two soft forks (Segwit, Taproot), so it’s far too early to be talking about another soft fork anytime soon.
Let’s revisit this drivechains discussion in 10 years from now. In the meantime, Paul Sztorc is welcome to try out his new ideas on a low-value chain like LTC or BCH.
Not investment advice! Consult a financial advisor.
Ethereum has a leader and roadmap:
https://decrypt.co/105707/ethereum-merge-surge-verge-purge-splurge-vitalik-buterin
Paul Sztorc:
Tweets by Truthcoin
Layer 2 Labs:
https://bitcoinmagazine.com/technical/bitcoin-company-layer-2-labs-raises-3m
BIP 300:
https://en.bitcoin.it/wiki/BIP_0300
BIP 301:
https://en.bitcoin.it/wiki/BIP_0301
SegWit2x:
https://en.bitcoin.it/wiki/SegWit2x
Unintended consequences of changing Bitcoin code:
In a complex and balanced system like bitcoin, any small change to the code will have an exponential outcome in terms of risk.
Game theory, attack vectors, bugs, incentives, social attacks, regulatory attacks etc. All of it has the potential to change in ways that are hard or…— hodlonaut (@hodlonaut) August 30, 2023
Under BIP300 rules 26% of miners can lock coins in a drivechain indefinitely:
Under BIP300 rules 26% of miners can lock coins in a drivechain indefinetely.
Imagine USA gov mandating Foundry to never release coins from a privacy drivecahin.
Miners have the option to use 'alarm' which is a vote that downvotes all proposals. Thus even if 74% vote in favor….— zender (@zndtoshi) August 28, 2023
I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos. My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.
#Bitcoin
#Drivechains
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