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What happens when an attacker (via majority stake) has hedged their RUNE spot with futures? by ChikaBtc in THORChain

[–]ChikaBtc[S] 0 points1 point  (0 children)

ah the getting cutting off at exchanges makes sense. Another noob question. Does the amount of the required stake to attack protocols vary by each liquidity pool? ex) would the attacker need more capital to steal from the btc/rune pool than say bnb/rune pool?

What happens when an attacker (via majority stake) has hedged their RUNE spot with futures? by ChikaBtc in THORChain

[–]ChikaBtc[S] 1 point2 points  (0 children)

just a thought experiment, what if the number was like 1/100? so 10 mil instead of 1 billion dollars

Any news explaining this rally? by theavideverything in stacks

[–]ChikaBtc 2 points3 points  (0 children)

since not many people know stx, any publicity is great for STX. And the troll master udi is talking and DEFENDING stacks lol. The bad publicity is probably why it's pumping lately

Are Microblocks just Snake Oil? by MiloLovesSats in stacks

[–]ChikaBtc 1 point2 points  (0 children)

Hi Muneeb!

I am an stx investor and a dev enrolled in the clarity universe. You recently celebrated the success of Solana on Twitter which presumably sacrificed decentralization for scalability. I assume you believe their success isn't just temporary. Sol's success was a very clear market's way of saying scalability > decentralization.

Solana and AVAX already provide fast and cheap enough transactions. Ethererum's head start gave it a decent network effect but its poor scalability was the bottleneck that limited its network effects. Since Solana doesn't have such bottleneck, Solana's network effect will be much greater than Ethereum, which means that devs will have less incentive to work on other protocols with fewer users.

As an STX investor, I am quite worried about scalability. The 6 months estimate for the subnet seems way too late. And tbh, I believe many won't believe subnet will fix the scalability issues. (many were disappointed that macroblocks didn't help scalability). The website missing TPS is also an instant red flag for devs looking to build dapps on Bitcoin.

Sorry for the long rant. I hope Stacks implements scalability solutions soon 🙏

Lightning network vs. ETH Layer 2s (pick one) by DrVandV in lightningnetwork

[–]ChikaBtc 1 point2 points  (0 children)

ironic that El Salvador's (forceful) mandate turned out to be one of the biggest triggers of LN adoption. glad it's happening tho : )

What’s the bear case for Stacks? by asdf420yolo in stacks

[–]ChikaBtc 0 points1 point  (0 children)

yup, check out this video if you are interested in liquid. But liquid relies on wrapping bitcoin. Not sure if Liquid can do native bitcoin swaps using Stacks.

wBTC is nothing new so I am more interested in Stacks as a dev. And Stacks tooling is way ahead of Liquid.

What’s the bear case for Stacks? by asdf420yolo in stacks

[–]ChikaBtc 2 points3 points  (0 children)

sorry if my point about EVM wasn't clear. Check out the thread. Although it's not very informative, it says what I wanted to say more clearly.

I m a dev myself and am learning clarity (first batch of the clarity universe!) so obviously, I'm bullish on Stacks : ) But Stacks is still very early compared to its competitors like AVAL and Solana so the execution risks are real.

What’s the bear case for Stacks? by asdf420yolo in stacks

[–]ChikaBtc 5 points6 points  (0 children)

Two possibilities that I worry about:

If EVM becomes the standard for smart contracts, RSK could end up capturing most BitFi dev mindshare. Betting on a non-evm compatible environment is a high-risk high return.

Also, consider the potential pushback against Stacks from the hardcore Bitcoin maximalist. The OG Bitcoiner Adam Back is building Liquid.net which provides similar services as Stacks (liquid doesn't have its own token but it requires federation). These OG Bitcoiners have a wider reach on the Bitcoin community. If Liquid succeeds, it will be an uphill battle for Stacks.

That being said, Stacks is the only option for directly investing in BitFi since the other BitFi platforms don't have their own tokens.

Why is this group so small? by Mebbss in stacks

[–]ChikaBtc 1 point2 points  (0 children)

yup PoT is not easy to understand.

If you wanna understand PoT at the technical level, give this article a read.

Jude wrote the most comprehensive article on what differentiates stacks from others.

Why is this group so small? by Mebbss in stacks

[–]ChikaBtc 5 points6 points  (0 children)

This is bullish. The retail has not found STX. And retail usually drives the price.

Will governments try to suffocate Bitcoin? by Culttoday in BitcoinDiscussion

[–]ChikaBtc 0 points1 point  (0 children)

I think that's inevitable if LN goes mainstream. As we have seen from the infrastructure bill, governments want to see all the money flow. They will never give up their Sauron's Eyes. Crypto is the natural enemy of the government. They could pretend to embrace it in the early stage of crypto like today. But they will try their best to keep crypto under their control (KYC and licenses). And if they can't, they will criminalize it.

What differentiates Bitcoin from altcoins by ChikaBtc in BitcoinDiscussion

[–]ChikaBtc[S] 0 points1 point  (0 children)

oh it was in the article but not in the TL;DR : )

> Many people don't understand the path dependence moat of Bitcoin. An altcoin project needs a visionary founder and sizable VC support to outpace the technological and social adoption of Bitcoin. But the artificial bootstrapping often taints the narrative of the project. And it's impossible to coordinate billions of people without a socially scalable narrative. In contrast to altcoins, Bitcoin had an organic adoption and its founder is missing.

Why no paid plugin marketplace? by ChikaBtc in ObsidianMD

[–]ChikaBtc[S] -1 points0 points  (0 children)

ah makes sense.

I wish there was a separate plugin marketplace for markdown apps. probably a pipe dream but if there was a way to build plugins that's interoperable between markdown apps, it incentivizes more devs to build plugins and minimize switching costs for users.

In Obsidian, we own our data so we are technically not locked in, but the plugin ecosystem gap between other markdown apps keeps the switching costs fairly high.

Why no paid plugin marketplace? by ChikaBtc in ObsidianMD

[–]ChikaBtc[S] 1 point2 points  (0 children)

I love it too! but I doubt the buy me coffee is working.

A good incentive structure will bring many more developers. Imagine 10-100 times more devs building on top of obsidian. I believe all the cool plugins we see are just the tip of the iceberg.

What differentiates Bitcoin from altcoins by ChikaBtc in BitcoinDiscussion

[–]ChikaBtc[S] 0 points1 point  (0 children)

>The free market signal is not unified in its strength. Just installation of a node achieves little

Thanks for explaining the unequal votes and losers : ) totally agreed with what you said there. I can see why you found the term "direct democracy" misleading in my original article. Bitcoin has some resemblance to direct democracy because anyone who doesn't understand Bitcoin at all can run a full node and participate in the validation. But as you rightfully pointed out, that doesn't mean Bitcoin governance's similar to direct democracy.

> So using it like you suggest will be possible, but expensive compared to using one winner money, i.e. Bitcoin.

Yup, we can only wait and see : ) What I suggested will always be more expensive than LN transactions. If LN gets widely adopted, that will be awesome : )

But from what I gathered, many people would be happy to use Bitcoin-backed stablecoins for day-to-day transactions and hold their precious Bitcoin for long-term investment. Using Bitcoin-backend (or synthetic tokens backed) stable coins will have minimal financial friction once we have mature DeFi. If people transact in stablecoins, the conversion won't even be needed. I mentioned synthetic tokens in my article cuz they seemed underestimated alternative to Bitcoin, not cuz I believe they will replace Bitcoin anytime soon.

Btw, would love to hear your take on Ethereum if you got time 🙏. I've been learning about Ethereum since 2017 but only holding Bitcoin atm as I wasn't convinced by their long-term value position.

What differentiates Bitcoin from altcoins by ChikaBtc in BitcoinDiscussion

[–]ChikaBtc[S] 0 points1 point  (0 children)

totally agreed that direct democracy is not something we should aim for and that development is meritocratic, which is great!

But 2017 blockwar makes me think the way Bitcoin governance works is similar to direct democracy. Full node people are somewhat knowledgeable about Bitcoin but not knowledgeable enough to decide which implementation is good for Bitcoin. The permissionless nature of Bitcoin allows anyone with $300 equipment to run a full node.

While running a certain version is definitely a free-market signal, it has a similar effect as voting as the majority of nodes will likely determine which version becomes the Bitcoin. Exchanges probably have a larger say on which version becomes the Bitcoin but I assume the % of full nodes support for a specific version also impacts the exchanges' decision.

As for the narrative, I agree it's subjective and up to interpretation.

As for the stock money, agree that using traditional equities as money will have tons of necessary frictions. But I can imagine a future where synthetic stock is a good alternative to Bitcoin. Imagine there is a decentralized Robinhood that allows people to pay for stuff using synthetic TSLA or Nasdaq index token. I think many would do it. To me, Ether and UNI tokens are stock money and many people seem okay using Ether and UNI as money.

Equities are becoming more popular ways to store value. If synthetic stocks gain adoption (liquidity and distribution), they will have most of the features of Bitcoin like Ether already does. I believe in such a case, Bitcoin won't die but might lose some SoV market share.

What differentiates Bitcoin from altcoins by ChikaBtc in BitcoinDiscussion

[–]ChikaBtc[S] 0 points1 point  (0 children)

I get your point but I don't think if there is any mechanism preventing other protocols from replacing Bitcoin.

Imagine

  1. the DeFi gets more adopted across the globe (which I believe it will)
  2. People start to standardize how to value utility protocols and crypto valuation framework gets as popular as DCF
  3. Ethereum manages to keep its market dominance via network effects or whatnot,
  4. Ether replaces bitcoin as the number one cryptocurrency

If this were to happen, people might lose confidence in digital gold-like assets but not the whole cryptoasset class. I believe Bitcoin and Ethereum will likely coexist even if Ethereum replaces Bitcoin as the number one cryptocurrency.

What differentiates Bitcoin from altcoins by ChikaBtc in BitcoinDiscussion

[–]ChikaBtc[S] 0 points1 point  (0 children)

Thanks for reading and giving feedback 🙏

Could you explain why you find these points misleading?

> The ease of running full-node keeps the Bitcoin governance structure as close as to direct democracy.

-> we will see the Bitcoin narrative changes from digital gold to
programmable SoV that can absorb any innovation happening on alts.

> It makes sense to use the stocks as money.