BR059 - Quantumcats, Bitcoin Truths, COLDCARD, Mercury Layer, Statechain, nsecbunker, Trezor Hack + MORE ft. Harry, Pablo & Rijndael
Jan 25, 2024
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Harry Sudock, Pablo, & Rijndael discuss early startup decisions, Bitcoin mining scams, economic majority in Bitcoin, 30-year fixed-rate mortgage, technology's impact on human biology, Bitcoin support, Craig Raw & GitLab vulnerability, drive chains, home mining challenges, updates in privacy software, and a Bitcoin mining bet.
Scam Bitcoin wallets continue to be available on the App Store, users should exercise caution.
A vulnerability has been discovered in Core Lightning software, users should update to the latest version to mitigate the vulnerability.
Vaults provide multi-sig security with single-sig operational complexity, making it easier for individuals and companies to protect their Bitcoin holdings.
Emphasizing the urgency of embracing Fluxter, as Bitcoin developers' obsession with LN can be a waste of time and energy.
The future dynamics of Bitcoin fees are discussed, with the potential for significantly higher fees in the next four years. Users should anticipate higher fees than one sat per byte.
Deep dives
GitLab warns of critical zero-click account hijacking vulnerability
GitLab has issued a warning about a critical vulnerability that enables account hijacking without any interaction from the user. Users are advised to update to the latest version to protect against the vulnerability.
Disclosures of scam Bitcoin wallets on the App Store
Despite multiple reports, scam Bitcoin wallets continue to be available on the App Store. Users are urged to be cautious and avoid downloading any suspicious wallets.
Vulnerability in Core Lightning software
A vulnerability has been discovered in Core Lightning software versions 23.02 to 23.05.2, making it susceptible to a denial-of-service (DOS) attack. Users are advised to update their software to the latest version to mitigate the vulnerability.
OpCAT vulnerability enables IBM
IBM has discovered a vulnerability in OpCAT that allows for the hijacking of user accounts. Users are urged to take precautions and ensure their accounts are protected.
Importance of Vaults for Bitcoin Security
Vaults provide multi-sig security with single-sig operational complexity, making it easier for individuals and companies to protect their Bitcoin holdings. They simplify custody and enable secure management of corporate treasuries. This is essential for attracting more institutional investors and increasing the adoption of Bitcoin as a store of value. Vaults also address the need for sane custody, velocity controls, and on-chain rules for spending, which are crucial for ensuring the long-term security and stability of the Bitcoin network.
Focus on On-Chain Solutions
While Lightning Network has its benefits, it's important to shift focus back to on-chain solutions for Bitcoin. Lightning should not overshadow the importance of strong on-chain security and functionality. Vaults and Check Template Verify (CTV) provide significant improvements to Bitcoin's on-chain capabilities, allowing for more secure storage and efficient management of funds. By prioritizing on-chain development, Bitcoin can better serve as a robust and trustworthy financial system.
Addressing Challenges with Lightning Network
While Lightning Network has shown promise for instant payments, some challenges remain. Offline receiving and inbound liquidity are areas that require more solutions to enhance Lightning's functionality. While proposals like Ellen's Symmetry and InstaGibbs have been discussed, there is a need for practical implementations that address these specific issues. By finding solutions to these challenges, Lightning can become an even more powerful and widely adopted payment technology.
The potential monetization of Fluxter and its appeal to Bitcoin developers
Fluxter, a platform that has captured significant interest, is seen as highly monetizable by the speaker. The speaker suggests that Zach, an engineer, should seriously consider building a business around Fluxter. Bitcoin developers who are dissatisfied with Meetup.com could be a target audience for Fluxter. The speaker suggests that Zach should join a signal group for Bitcoin developers and pitch Fluxter to them. The speaker also mentions the opportunity for Zach to present Fluxter at a Bitcoin meetup, which attracts numerous Bitcoin meetup organizers. The speaker emphasizes the urgency of embracing Fluxter, as Bitcoin developers' obsession with LN (Lightning Network) can be a distraction and waste of everyone's time.
Discussion on the future dynamics of Bitcoin fees and the weird and niche markets it creates
The conversation delves into the future dynamics of Bitcoin fees, highlighting the potential for significantly higher fees in the next four years as larger volumes of people's money can be moved within a single on-chain transaction. The speaker believes the fees will be much higher than one sat per byte, challenging the common expectation. The conversation also touches on the interest in rare and exotic satoshis, with the first satoshi in a block after the halving becoming an extremely rare item. The discussion further explores the importance of building on top of Bitcoin in a profitable manner, mentioning the need to align interests with Bitcoin's strengths rather than fighting against them. The conversation emphasizes the need for entrepreneurs to wake up and see the monetization potential that Bitcoin offers.
