Oliver Koblizek

Oliver Koblizek 's avatar
Oliver Koblizek
🛡️ Oliver@nostrplebs.com
npub1ug2p...uhu7
Uh bitcoiner
Controversial opinion: Some celebrate low fees, I tend to be more worried although hopeful. People need to spend and people do not want to spend bitcoin, this obvious for anyone looking at bitcoin. The potential upside is too big. I support spending it but I get why others won't. We live in a fiat world so most people want to spend fiat save bitcoin. The switch to bitcoin won't happen overnight as some think it will, it might happen in some banana republic who will of the sudden print their money into Infinity but for most of the world no. It will happen but more slowly. So we have this issue the chicken and the egg problem. We want bitcoin to be a moe but those who accept it do not get many customers (in general) So what I think the path forward is and it is controversial is some sort of stablecoin or other way of stabilizing bitcoin payments. This will encourage more spending while they have their stack for long term payments. We also need all major fintech apps, cashapp, Venmo, Revolut etc to be able to accept lightning payments but the user receives fiat. If I'm a bitcoin spender and I can't convince my friends to accept it I still want to be able to spend it, so the obvious middle ground is to use bitcoin as the Settlement tool but my friend get dollars. Is this decentralized? No it's not. And its unfortunate. But I won't blow smoke up someone's ass. We need to meet people where they are not ask them to sit and listen for saylor for 8 hours. Make them use bitcoin without even knowing that they are using it. And eventually when they go down the rabbit whole they find out all apps they use like cash app already accepts it and they can if they want quit fiat. This is why @tando_me will be such a game changer. It will allow kenyans to spend bitcoin everywhere but the person receving the payment will just get local fiat. Ok rant over. tldr is, do not bitch about users not spending, find out why they aren't and then meet them where they are. image
Bitvm2 is looking quite good from what I get. Tldr: A set of operators run the bridge/chain/bitvm one of them needs to be honest for funds to be safe. The capital requirements are lower than the first bitvm white paper aswell. Any user can now challenge the operator's if they think they cheated. So what I think would happen in theory worst case scenario is every operators decide to try to rug the system, someone who isn't a operators notice this and issues a challenge to them, because they are cheating the operators will lose and be kicked out. Now what is great is no money was stolen because of this, the bad part is that now all money is stuck forever because no operators are left. But what this essentially means is that there is really no economic incentive to try to rug everyone, if they just continue to behave honestly they still get their fee cut. Will this be perfect for hardcore bitcoiners, no probably not. But are these acceptable trade offs for alot of people? I think so. The main thing to prevent is that it isn't economically reasonable to rug. For example in liquid what is stopping everyone there to rug is basically just reputational risk and being dragged into the court system. Works decently but the incentives are technically there to do it. And with Robin Linus proposal to use Bitvm2 for his zkcoins protocol we could get near perfect privacy on bitcoin with minimal trust assumptions. And it would use lightning as the interoperability layer. I am not the smartest technical guy ever so don't take everything I said as gospel but this is what I gathered from podcasts, reading the white paper (with some help from gpt) Thought maybe someone else want a dumb downed version of what Bitvm2 is. Please read more here
BitVM
BitVM 2: Permissionless Verification on Bitcoin
BitVM website
 And I recommend this spaces too https://t.co/iV8TANpeNA