Is Bitcoin Adoption is Critical to Security of the Network - Let's Discuss
231 sats \ 14 comments \ @thecommoner 15 Sep bitcoin
First things first :)
1 - These are my beliefs and my thoughts - I am putting them out here in hopes of having a mutually beneficial chat...
2 - I am as certain of Bitcoin's future adoption as I am that 2+2=4
3 - I am constantly trying to disprove #2 - Hence this post and many of my others
So - now that we have that out of the way....
I believe many, many things about Bitcoin - One of the most important things I belive (as do many others) is that Bitcoin has to stay decentralized and secure in order to continue its path to success...now don't take that as I believe Bitcoin will fail if it doesn't stay decentralized and secure - on the contrary - I think Bitcoin being co-opted by a group of people and becoming centralized is a distinct possiblility....and while I work everyday to do what I can to help ensure that doesn't happen....it is a possiblity. In fact "I dare say" it is more likely than not to happen at some point in the future.
How dare I....you ask.... - Well to that I say - I am simply being honest with myself about current state of our systems/networks. I believe we are just passing the "focus point" of the parabolic curve of our current societal ability to communicate value to each other accross space and time, and are in the beginning stages of the exponential breakdown of the current "FIAT system." There is nothing we can do to stop this train (thank you Lyn Alden) - the only hope I see is to build our "parallel" systems on Bitcoin as quickly as we can...and while we are certainly well on the path to success here, we have a long, long way to go. Considering we have maybe somewhere around 600 million people who have used the network (according to Statista - google search - have no idea if they can be trusted) and maybe 80 million people holding bitcoin (according to google search again) out of about 8 billion people on the planet...that's like 1% holders and 7-8% users....maybe???
  • SHIT ARE WE EARLY - :)
Which brings me directly to its adoption being critical to the security of the network...
WE ARE REALLY, REALLY, REALLY, FUCKING EARLY!!!
Again - Bitcoin is an idea, technology, money, discovery....who's time has come and is the "Pandora's Box" of our lifetime...
Just based on those numbers...or even a doubling or tripling of those numbers - it should be clear to all of us that we need to grow this network...
I guess that is really it....
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41 sats \ 0 replies \ @Golu 15 Sep
So, early after 15 years! I'm saying this because I see that the greater adoption can only be possible when technical hurdles are minimised to almost nothing.
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42 sats \ 1 reply \ @Thereal 15 Sep
I believe you are concerned about freedom, but I can assure you that your impact on it is greater than your worry. Is it possible that Nakamoto anticipated everything?
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0 sats \ 0 replies \ @thecommoner OP 15 Sep
I think it is wise to be concerned about ones freedom - I think it is possible that Nakomoto anticipated everything - I am not sure what you mean about my "impact on it" - are you saying that I have created more "security" for the network than I need to worry about? I think that is would be an interesting thought and while I would agree that every user/miner/node "helps" grow the network....I am not sure that they all are doing so with the idea of "helping" the network....
While some governments of the world might be? I am certain that there are others who are trying to co-opt it somehow, someway....This network ends their ability to fund themselves....
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42 sats \ 1 reply \ @bitalion 15 Sep
The Bitcoin network is actually secured by the mining process. But adoption indirectly influences this because adoption is an indicator of the level of acceptance that a chain has and this makes mining desirable. Price is also a very important indicator, more so than adoption itself.
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0 sats \ 0 replies \ @thecommoner OP 15 Sep
Hmmm.... I can't say I 100% agree with you here... /The Bitcoin network is actually secured by the mining process./ - Don't the node runners also play a role in the security of the network? And what do you say about the centralized honeypot of companies compiling block templates that are helping to assure the miners of a constant payment? Seems like they have a role in the security of things as well?
Maybe I am using to broad a definition of "security?"
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42 sats \ 3 replies \ @NathanT 15 Sep
More adoption means it becomes less niche and then NGU which brings more adoption. More adoption leads to more hash power which leads to more security.
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10 sats \ 2 replies \ @thecommoner OP 15 Sep
Its not just about the hash power though is it? Its about the entirety of the network...a big round circular network that everything being built upon serves everything else....
As with all systems though - they get out of balance from time to time and a correction is required
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42 sats \ 1 reply \ @NathanT 15 Sep
Yes for sure. Increased hash rate leads to immutability and possibility of hacking the network. From that strong foundation the network grows to infinitely.
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10 sats \ 0 replies \ @thecommoner OP 15 Sep
The circuitousness is definetly important :) - the Bitcoin network is so damn beautiful in how its simplicity leads to it being so complex....much like the scarcity leads to such abundance... truly awe inspiring... truly the beginning of the future of the our history
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42 sats \ 1 reply \ @clarity 15 Sep
Bitcoin needs more websites like SN. While SN is written with latest HTTP3 and Nodejs speedy, responsive technology, these bitcoin zapping sites can be built with a few milliseconds response difference in Python. I plan to make a post soon how to do this easily with ChatGPT and LND in the cloud for as cheaply and time consuming-less as possible. Just need some motivation..
I’d love to see more of this fun lightning app applications, such as nostr and SN. Anybody thinking of any more examples?
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0 sats \ 0 replies \ @thecommoner OP 15 Sep
I don't know jack about coding, developing whatever you want to call it :) but certainly the more the merrier and that will certainly help lead to more users and more security....
I think the BTCPAY crew are working their arses off to develop solutions which make using BTC easier for the vendors....along those lines though....imagine if every vendor accepting btc was able to offer an incentive to no-coiners to pay with btc instead of having to "buy" their btc on the back end?
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42 sats \ 1 reply \ @DarthCoin 15 Sep
They've tried many times before... they failed
They will try again and again, but this time we are prepared...
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0 sats \ 0 replies \ @thecommoner OP 15 Sep
Tick-Tock.... :)
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0 sats \ 0 replies \ @037447d9ca 15 Sep
bitcoin's security depends on a healthy mempool with a steady inflow of transactions, so if there is no usage there is no security
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