On The Brink with Castle Island

Paul Sztorc (Drivechain) on Bitcoin Security Budget and the Importance Merge Mining (EP.280)

Jan 31, 2022

01:34:12

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Highlights

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Episode notes

Bitcoin

02:00

Is Bip 300 a Cluster of Ideas?

04:29

Proof of Work

05:23

Introduction

2min

The Fall Staarts Podcast - I Got Wrong

2min

The Steely Dan of Bickcorn Gas

2min

Measuring Decentralization - What's the Questionaus?

2min

The Alchemist, the Waste Toan, and Proof of Work

2min

Yt, Was It Like the Noamoto Coefficient

3min

Do You Have a Pool? Yes, I'm Sorry.

2min

Proof of Work

5min

Is the Proof of Stake a Waste of Capital?

3min

10.

The Ultimate Resource

3min

11.

What Is the Correct View?

3min

12.

How Much Energy Is Te Anifel Use?

2min

13.

The Ultimate Resource

2min

14.

Bikcoin - Is America the Centre of Innovation?

2min

15.

Becon Development Culture

2min

16.

The Alya

2min

17.

Is the Predictability of the Model More Important Than the Prediction?

2min

18.

Is the Security Budget Really Insufficient?

3min

19.

Cryptocurrency Fees - Theorems 16 Billion Dollars a Year Fees

2min

20.

Etherums a Steady March Upford

3min

21.

Is Liquidity Staddling Block Chains?

3min

22.

Is Block Space a Good Enough Substitute?

3min

23.

Cointe Centralization

2min

24.

Bitcoin

2min

25.

Is the Security Budget Too Low?

5min

26.

Is There a Proof of Work Rule?

2min

27.

The Block Chain, I Think, Is, a Simple Rule That Everyone Can Calculate

2min

28.

Is Bip 300 a Cluster of Ideas?

4min

29.

The Prodigal Is Going to Ossify Safely

3min

30.

Blind Merge Mining, Is There an Instance of It in Bacoin to Day?

2min

31.

The Problem of All Coins

3min

32.

Does Bip 300 Slash Three O One Block Size Increase?

5min

33.

Is Convexity Right?

2min

34.

Is There a Limit to the Price of Bitcoin?

5min

35.

The Security Budge Is a Good Window

3min

Veteran Bitcoin commentator and inventor of Drivechains Paul Sztorc joins the show to talk Bitcoin's sustainability and the role of merged mined side chains. In this episode:

Why Paul is the ‘Steely Dan’ of Bitcoin
Revisiting ‘Measuring decentralization’
Revisiting Paul’s argument on Proof of Stake being veiled PoW
Why you should roll your own statistics
Concentration of power in miners and mining pools
Is PoW worthless if it isn’t challenged?
How Bitcoin energy FUD is based on neo-malthusianism
The Julian Simon / Paul Ehrlich wager
Why none of our resources are finite
How climate change diplomacy is neo-colonial
Why and when innovation happens
Why Paul is a critic of Bitcoin development culture
Paul’s critique of Stock to Flow
Why Bitcoin culture is static
Why Bitcoin needs more satire
Bitcoin fees are 80-100x less than those of Ethereum
Why BTC fees are not sustainably high
Why Bitcoin fees and security budget need to grow over time
Can you just wait for more confirmations if security spend declines
Are fees destined to be effectively 0 through the creation of more blockspace?
The history of Drivechains /BIP300
Does merge mining make it more expensive to run a node?
Do we know how to upgrade Bitcoin Core today?
The relevance of sidechains and merge mining to Bitcoin today
Was Satoshi into altcoins?
Would more sidechain development have inhibited the growth of Ethereum?
Does BIP300 solve the problem of the Bitcoin security budget?
Why you can’t reduce blockspace to increase security budget?
Update on Drivechains

Content mentioned in this episode:

Truthcoin, Security Budget in the Long Run
Truthcoin, Security Budget II, Low Fees, and Merged Mining
Truthcoin, Measuring Decentralization
Truthcoin, Nothing is Cheaper than Proof of Work
All about Drivechains/ Bip300/301

Sponsor notes:

Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Learn more at fireblocks.com

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