Great interview. Matt points out some valid concerns but ultimately Bitcoin was created to replace regulators and policymakers, not to cooperate with them. Stop living in fear and take a stand. Complacency is not an option. This is technology, and it must continue to evolve and improve.
I'm not sure you understand what was being discussed. If a mining pool with the majority of hash power is captured by regulators etc., individual users don't get a say in how they decide what transactions are included in blocks or other attacks.
His point about doxxing your balance is moot. That’s easily overcome with basic UTXO management and coin control. There are wallets that allow you to lock specific UTXOs and only spend from specific ones. Literally just have a savings consolidated UTXO and a smaller like 500, 2K, 5k or whatever you want spend UTXO. I agree the user experience could be cleaner but it’s not a real technical issue imo. Also with lightning you can’t tell at all. He doesn’t want anonymous payments? And doesn’t wanna step on the toes of regulators? I’m out. That’s the whole point of this thing dude. Anything that enables your freedom they don’t want just cause they can’t stop a payment doesn’t mean they can’t throw you in a cell or kill you if they know who you are.
Love Matt Corallo, thanks. That you only have a handful of comments on this interview, articulating fair and balanced existential threats is in itself a threat.
Excellent discussion. I've only recently been paying attention to the centralization effect of mining pools, and I would be interested in a some content suitable for relatively non-technical people (i.e., me) on what we can do to help encourage further decentralization. As a small-timer who isn't avoiding any taxes (or intending to), I'm a little less worried about censorship resistance and total privacy. I absolutely see the issues and look forward to technical solutions that will, at least, solve the problem of account exposure, but I do think the centralization issue should be the first priority for dev efforts.
I appreciate the effort, but I'm halfway through this episode and I've heard Matt say half a dozen times that the miners are too busy to implement something, but I don't know what it is aside from it's something to help with centralization of pools.
He's talking about things like stratumv2 which allows for transparently selecting tx for blocks and also allowing individual miners in the pool to do the same, I think.
Starting at the extreme of privacy and sovereignty 1st is just good negotiations. We should always have a margin when negotiating. Freely giving an inch, knowing a mile will be taken is very unwise. Negotiate accordingly
In the end it just means that average people need to fight for their slice of the pie instead of just rolling over and taking what they are given. It's the age old issue of sheep vs. wolves.
I'm confused why everyone is making the argument we need to have privacy on the base chain because if I buy a coffee the recipient can see the left over balance of that utxo. Then at the same time everyone says no one is going to buy coffee on the base chain because that doesn't scale. That's what lightning is for. We also agree lightning has a decent level of privacy. It kind of feels like a non issue and a contradictory argument. Being able to control a utxo in some type of decentralized way and also access to lightning, there is no problem. At least that's the way I see it. Maybe I'm missing something?
Governance in general is difficult. People don't participate, or feel their voices aren't heard, representatives have personal agendas or bribed, etc etc
Why do I feel like you are HYPER concerned about people seeing your Bitcoin wallet balance? Haha! I might be misunderstanding but it's sounding to me like you want to make some significant Bitcoin base layer changes. Michael Sayler talks about people trying to change Bitcoin at the base layer and the catastrophic consequences if successful. I say we leave the base layer alone and just build on top of it. Maybe easier said than done, I'm just a BTC maxi, not a programmer. Thank you for this information. 🤘
Liquid BTC - L-BTC. Also, you can keep 100 BTC in 100 different hardware wallets. There is a way to mix your own bitcoin using different private addresses/hardware wallets. The government understands this. That’s why they’re trying to make self custody illegal. With bitcoin mass adoption there is no inflation or taxation = nano-governments.
How did Mimble Wimble get on LTC and not one objection? Why isn't it on BTC? Now I think about it the correct answer is that we should all be using LTC / XMR (I hold neither)
Are these people not allowed to talk about MWEB on Litecoin? They must be aware of it. Now that MWEB is on mobile wallets, will they will have to address it?
You are worried about knowing how much you have by paying them back for a beer, then maybe a solution is to just take some portion of your fiat money flop it into one of the ETFs so that you continue to have the exposure and then when you want to pay somebody use the ETF as a source of cash.
An important conversation but Matt comes across as the greatest equivocator of all time ….either this is a serious issue or it isn’t …Matt sounds complacent and smug but where’s the urgency…shifting the narrative ‘a little but’ just sounds like equivocation ….
I think devs have a tendency to pick up on these issues a long time before others because they are in the weeds and have been thinking a lot about the future ramifications of tech aspects, compared to the rest of people are mainly just in it for the money.
bla bla - bitcoin should just do it's own thing - never think about regulation, its value properties will always maximize when it develops independant / in the end, people will see that and that's what the market decides
The community has become weak. Satoshi delivered and unfinished product and bitcoiners insist to use this 2009 tech. Bitcoin is digital gold at best and increasingly for the rich only. A poor pleb from Africa cannot save $150 on the blockchain because soon enough (paradoxically with more adoption...) his UTXO will become dust... wtf?
You must also think cows go "cock-doodle-do". Fed dollars are FIAT. Bitcoin is earned by mining like gold. The fed has to earn or steal BTC. They don't have to do that for dollars. Just print and buy and watch you starve while they blow up the resources in wars to depopulate.
gold is some of the worst money out there. No one accepts it , cant send it digitally, is heavy , not very divisible , has bear markets much longer than bitcoin
All money is volatile early in the adoption curve. You're just not willing to pay the price for being ahead of the curve. Also, if $2 fee made it useless then the $35 for a wire transfer would mean there aren't a trillion dollars in wire transfers every year. If BTC is useless then centralized institutions that can delete or deny your money in bank "bail ins" must be quite valuable to you.
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Great interview. Matt points out some valid concerns but ultimately Bitcoin was created to replace regulators and policymakers, not to cooperate with them. Stop living in fear and take a stand. Complacency is not an option. This is technology, and it must continue to evolve and improve.
I'm not sure you understand what was being discussed. If a mining pool with the majority of hash power is captured by regulators etc., individual users don't get a say in how they decide what transactions are included in blocks or other attacks.
Respect to Matt for continually working on Bitcoin and not burning out and quitting
He could be trying to do too much all at once, over-thinking things a bit maybe.
His point about doxxing your balance is moot. That’s easily overcome with basic UTXO management and coin control. There are wallets that allow you to lock specific UTXOs and only spend from specific ones. Literally just have a savings consolidated UTXO and a smaller like 500, 2K, 5k or whatever you want spend UTXO. I agree the user experience could be cleaner but it’s not a real technical issue imo. Also with lightning you can’t tell at all.
He doesn’t want anonymous payments? And doesn’t wanna step on the toes of regulators? I’m out. That’s the whole point of this thing dude. Anything that enables your freedom they don’t want just cause they can’t stop a payment doesn’t mean they can’t throw you in a cell or kill you if they know who you are.
Saylor: bitcoin is hope
Corallo: bitcoin is hopeless
21mln was always the singular most important aspect as far as I can recall
The next fork will be free vs governed. I look forward to having both. Bitcoin will always be the freedom fork.
Thanks Peter and Matt, enjoyed the discussion 👍
Matt looks like the guy from AGI who did the tequila karaoke song. LoL
The guest doesn’t have a lot to say
Skip to the last chapter
Love Matt Corallo, thanks. That you only have a handful of comments on this interview, articulating fair and balanced existential threats is in itself a threat.
Excellent discussion. I've only recently been paying attention to the centralization effect of mining pools, and I would be interested in a some content suitable for relatively non-technical people (i.e., me) on what we can do to help encourage further decentralization.
As a small-timer who isn't avoiding any taxes (or intending to), I'm a little less worried about censorship resistance and total privacy. I absolutely see the issues and look forward to technical solutions that will, at least, solve the problem of account exposure, but I do think the centralization issue should be the first priority for dev efforts.
Great points. This is the adult conversation. Too rare within bitcoin circles.
Great job very informative. I keep learning something with each episode. I’ve been around since 2018.
I appreciate the effort, but I'm halfway through this episode and I've heard Matt say half a dozen times that the miners are too busy to implement something, but I don't know what it is aside from it's something to help with centralization of pools.
He's talking about things like stratumv2 which allows for transparently selecting tx for blocks and also allowing individual miners in the pool to do the same, I think.
Tell governments to change their tax codes, screw KYC.
Feel like this convo was recorded last week or you guys hadn't heard about silent TXs?
Oh dear. These video conference interviews are a step backwards from the live ones.
BTCPAY seems very interesting in this regard. Please do a show about how it.
Great conversation!
Matt nailed the essence of the Blocksize wars.
Starting at the extreme of privacy and sovereignty 1st is just good negotiations. We should always have a margin when negotiating. Freely giving an inch, knowing a mile will be taken is very unwise. Negotiate accordingly
In the end it just means that average people need to fight for their slice of the pie instead of just rolling over and taking what they are given. It's the age old issue of sheep vs. wolves.
I'm confused why everyone is making the argument we need to have privacy on the base chain because if I buy a coffee the recipient can see the left over balance of that utxo. Then at the same time everyone says no one is going to buy coffee on the base chain because that doesn't scale. That's what lightning is for. We also agree lightning has a decent level of privacy. It kind of feels like a non issue and a contradictory argument.
Being able to control a utxo in some type of decentralized way and also access to lightning, there is no problem. At least that's the way I see it.
Maybe I'm missing something?
Classic Schrodinger's BTC lol
One of the rare time I hear the reason WHY BTC was proposed . I knew it for sure , but these days , it looks like it has been forgotten totally .
I'm distracted by the bad audio on Matt's end.
How does someone this tech savvy have bad quality audio?
The clear, or not so clear, problem is governments excess power over individuals
Governance in general is difficult. People don't participate, or feel their voices aren't heard, representatives have personal agendas or bribed, etc etc
Why do I feel like you are HYPER concerned about people seeing your Bitcoin wallet balance? Haha! I might be misunderstanding but it's sounding to me like you want to make some significant Bitcoin base layer changes. Michael Sayler talks about people trying to change Bitcoin at the base layer and the catastrophic consequences if successful. I say we leave the base layer alone and just build on top of it. Maybe easier said than done, I'm just a BTC maxi, not a programmer. Thank you for this information. 🤘
Do not mess with the core protocol.
Matt is OG, he knows bitcoin
He is not an OG. If he was an OG he would not be trying to create government money.
Matt is great, visionary, and strategic
Liquid BTC - L-BTC.
Also, you can keep 100 BTC in 100 different hardware wallets.
There is a way to mix your own bitcoin using different private addresses/hardware wallets.
The government understands this. That’s why they’re trying to make self custody illegal.
With bitcoin mass adoption there is no inflation or taxation = nano-governments.
How did Mimble Wimble get on LTC and not one objection? Why isn't it on BTC? Now I think about it the correct answer is that we should all be using LTC / XMR (I hold neither)
Are these people not allowed to talk about MWEB on Litecoin? They must be aware of it. Now that MWEB is on mobile wallets, will they will have to address it?
You are worried about knowing how much you have by paying them back for a beer, then maybe a solution is to just take some portion of your fiat money flop it into one of the ETFs so that you continue to have the exposure and then when you want to pay somebody use the ETF as a source of cash.
I'm 30 minutes in and theyre still beating it around the bush.
Yeah but you’re bank teller knows how much is in your account and don’t think they won’t tell a close friend or family member
An important conversation but Matt comes across as the greatest equivocator of all time ….either this is a serious issue or it isn’t …Matt sounds complacent and smug but where’s the urgency…shifting the narrative ‘a little but’ just sounds like equivocation ….
I think devs have a tendency to pick up on these issues a long time before others because they are in the weeds and have been thinking a lot about the future ramifications of tech aspects, compared to the rest of people are mainly just in it for the money.
Time for a bum bum check Peter
Yea, I mean, I think, ya know.
That noise in the background is irritating the fuck out of me.
bla bla - bitcoin should just do it's own thing - never think about regulation, its value properties will always maximize when it develops independant / in the end, people will see that and that's what the market decides
If a mining pool with majority hash power is captured by regulators or the state etc., how does Bitcoin just "do it's thing"?
lmfao. this is what maxipad capitulation looks like...
Ever heard of litecoin or mweb?
The community has become weak. Satoshi delivered and unfinished product and bitcoiners insist to use this 2009 tech. Bitcoin is digital gold at best and increasingly for the rich only. A poor pleb from Africa cannot save $150 on the blockchain because soon enough (paradoxically with more adoption...) his UTXO will become dust... wtf?
Litecoin and Monero are the way...
4th
Matt is undoubtedly a lot smarter than me, but he's also an uninspiring, sleepy-eyed pessimist.
It's not up to him to impress you so that you listen to him. It's up to you to listen to what he says without judging by his disposition.
gold is money. everything else is credit or a derivative
gold failed as money. bitcoin is better in every respect.
gold failed as money a long time ago. Gold is portfolio insurance
why just gold? why not every element that can be extracted from the earth and has some value in its use?
Money is whatever people accept in trade or commerce. Unfortunately gold failed to do that
bitcon is fed dollars. not money. gold is money.
What happened in 1933 and in 1971?
Take a hike Tony. You’ve been sharing at shiny rocks for too long
You must also think cows go "cock-doodle-do". Fed dollars are FIAT. Bitcoin is earned by mining like gold. The fed has to earn or steal BTC. They don't have to do that for dollars. Just print and buy and watch you starve while they blow up the resources in wars to depopulate.
gold is some of the worst money out there. No one accepts it , cant send it digitally, is heavy , not very divisible , has bear markets much longer than bitcoin
Huh? How is it fed dollars?
The current transaction fee is 2-3 $
Useless
Bitcoin is just a more volatile gold
That is all
So I'm guessing you have sponge bob hands...?
Lightning, Fedimints, Liquid, Non-custodial channels? Try any?
All money is volatile early in the adoption curve. You're just not willing to pay the price for being ahead of the curve. Also, if $2 fee made it useless then the $35 for a wire transfer would mean there aren't a trillion dollars in wire transfers every year. If BTC is useless then centralized institutions that can delete or deny your money in bank "bail ins" must be quite valuable to you.
Chart Gold against M2 money supply and you can see after 44 years you’ve still lost purchasing power. Now chart BTC against M2…… Now you see?
the fastest gold can move is the speed of a plane. Bitcoin can move anywhere in the world in minutes. That is useful.