Guy’s Take – Page 7 – Bitcoin Audible

Guy’s Take_055 – On the Economics of CTV Batching, & Where I was Wrong

So what exactly did I get wrong in Guy’s Take #54, and why? Let’s dig back into the economic of CTV and transaction commitments, to clear up what I was misunderstanding around unrolling large batch transactions and who pays the cost of doing so. Are the incentives aligned or not? We discuss in today’s Guy’s Take episode.

Here is a link to the article we will be covering soon by Shinobi on the real controversy regarding CTV and its activation method if you want to get a head start:
https://bitcoinmagazine.com/technical/analyzing-bip119-and-the-controversy-surrounding-it

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Guy’s Take_054 – CTV, Blockspace Debt, & TX Grenades

[Caveat – A critical piece of the puzzle I lay out in this episode was something I incorrectly understood, which makes this entire thought experiment moot. I explain further in Guy’s Take #55]

Today I want to isolate the problem I brought up briefly in the previous CTV episode and expand on how I’ve been exploring the concept and how it might be a problem to the economics of transaction fees and how it alters the liability of who pays for the cost of the data. I think this relates to issues from the past with soft forks like P2SH, and possibly even flipping the economic incentives to the reverse, and that CTV commitments should be more accurately thought of as “blockspace debt.” With this new framing, might there be a way to purposefully abuse this, a “Transaction Grenade” if you will? We explore this in today’s episode. Don’t forget to like and share the show with all your friends!

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Guy’s Take_053 – Let’s Talk CTV

Everybody take a deep breath! Right now all the drama on Twitter and the Bitcoin community is all about CTV. What is it? Is this an attack on Bitcoin? Is it going to destroy Bitcoin fungibility? Are we firing the devs again? Well luckily I’ve been digging around through things the past 3-4 days and can at least give you an introduction on the idea and begin our journey to figuring out if this a new benefit or risk. There happens to be a lot of FUD both for and against the CTV/BIP119 proposal in the Twittersphere, and before anything else, it’s important to clear that up. So we start there with today’s episode, and hopefully this will kick off a more in depth discussion and exploration in the coming weeks.

Some great resources for further digging into this topic and to do your own discovery for the benefits and drawbacks:
BIP119.com
UTXOs.org

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Guy’s Take_052 – Follow up to Read 615 – The State vs Bitcoin

This episode is because the previous read by Steve Barbour deserved a Guy’s Take. Before we change topics to privacy in the episode coming later this week, “The State vs Bitcoin” deserves a solid shake down. A Guy’s Take episode on Read 615.

Link to the original article by Steve Barbour:
https://sgbarbour.medium.com/the-state-vs-bitcoin-dbc044f23ea6

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Guy’s Take_051 – AOPP & the Travel Rule

With Twitter up in arms about a potentially invasive privacy measure and compliance for an invasive regulatory requirement, it’s time to break down exactly what is going on, and what we should or should not be concerned about. What is the Travel Rule, what is AOPP, and what should I do with my hardware wallets? That’s what this episode is about. There will be no ads on this show as I just want to talk about this issue and share my own conclusions after digging into what the reality of this situation is. Hope this helps makes sense of what is going on.
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Guy’s Take_050 – Lightning and the Web

In a follow up to the State of Lightning Report from Arcane Research and OpenNode, we dive into the possibilities for how Lightning will change the global market, the potential for truly on-demand services, streaming money, the access it could bring to billions with no banking, & why I think it will change how we interact with the web itself. Lightning is the beginnings of a new frontier and we take time in today’s show to talk about where that frontier will take us.

Don’t forget to check out the State of Lightning Report from Arcane Research at the link below, and the episodes with Part 1 and Part 2 in audio for those who haven’t yet listened:
State of Lightning Report: https://static1.squarespace.com/static/60377b34e7791c1277aaae97/t/615cb9aeaab8c63e1a732771/1633466815710/The+State+of+Lightning.pdf
Part 1 Audio:
Part 2 Audio:

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Guy’s Take_049 – Backed by Truth

“Bitcoin is a network, a money, a language, a system of rules, & a clock. Bitcoin is backed by Truth”
– Guy Swann

Links to other works mentioned in the show today for further digging and study of these concepts in detail. Plus a really funny clip on the ridiculousness of the English language:
Dergigi’s “Bitcoin is Time”
https://bitcoinaudible.com/bitcoin-is-time/
Gallagher on the English Language:
https://www.youtube.com/watch?v=Mfz3kFNVopk
Shelling Out: The Origins of Money:
https://bitcoinaudible.com/shelling-out-the-origins-of-money/
Money, Blockchains & Social Scalability:
https://bitcoinaudible.com/money-blockchains-and-social-scalability/

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Guy’s Take_048 – But Hoarding Money Destroys the Economy!…

We’ve all heard the criticism, sound money can’t work because people will simply “hoard it.” Obviously, per the Keynesians’ demands, it is critical that we incentivize consumption and investment or the economy will fall into chaos and poverty. But how sound is this idea really? Does a money that keeps its value and isn’t debased REALLY destroy the economy? What if this statement is simply…. wrong?

All this and more in today’s Guy’s Take to break down the concepts of natural deflation, its differences with credit deflation, the boogeyman it’s been confused with, & what sound money gives to the economy that uses it.

Some other great episodes mentioned in today’s show to expand on the ideas & go further down the rabbit hole:

The Use of Knowledge in Society

https://bitcoinaudible.com/hayeks-use-of-knowledge-in-society-part-1-2/

Guy’s Take #18 – A Story of Booms and Busts

https://bitcoinaudible.com/a-story-about-booms-busts/

Guy’s Take #36 – Walking Tall

https://bitcoinaudible.com/guys-take-36-walking-tall/

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Guy’s Take_047 – Legal Tender… And So It Begins

If you haven’t seen it, don’t miss out on this moment in history. Jack Mallers’ announcement and speech at Bitcoin2021 on the massive moves they are making with Strike, the infrastructure being built in the developing world, & the move by the President of El Salvador to make Bitcoin a legal Tender within the country and make it part of the national strategy to bring financial inclusion, monetary independence, and an infrastructure that will take them into the future with Bitcoin. This is the beginning of some massive.

Don’t miss today’s episode and the link below to dig more into this incredible development.
Jack Mallers at Bitcoin 2021:
https://www.youtube.com/watch?v=_59hrgTiRJU
Tweets related to this news & read on this episode:
https://twitter.com/WilliamSorianoH/status/1401737638290280452?s=20
https://twitter.com/nayibbukele/status/1401955382533165062?s=20
https://twitter.com/nayibbukele/status/1401622548396314631?s=20
https://twitter.com/nayibbukele/status/1401335885497524226?s=20
https://twitter.com/carlitosrejala/status/1401712725886132224?s=20
https://www.thestreet.com/crypto/bitcoin/panama-may-join-el-salvador-and-paraguay-in-bitcoin-adoption
https://twitter.com/gabrielsilva8_7/status/1401965129051389958?s=20
https://twitter.com/FabioOstermann/status/1401988499893587968?s=20

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Guy’s Take_046 – Bitcoin is Dead… Again

The price took a near 30% dump today. So let’s talk about it.

A short episode today while I take care of my pup. Have you been distraught with the current price swings? That only means you are doing something wrong, or you don’t yet understand what you are buying into. Conviction comes with experience & knowledge. Today you gain experience, Bitcoin Audible will help you with your knowledge

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Guy’s Take_045 – A Mental Framework for Scaling

No matter how often we cover these ideas, it still seems astonishingly common for new people to fall into the same old fallacies and the same misguided thinking. In this episode I try to cover all the major problems with the “raise the blocksize” mentality, and why its thinking incorrectly about what the system even provides, and most importantly how it provides it.

We cover 7-9 key points and ways to think about scaling, the Bitcoin network, & what the future of it might be given enough time. Bitcoin is the tortoise, not the hare. And the problem isn’t about building a VISA competitor, its about building a state-proof monetary base. Lets jump in!

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Guy’s Take_044 – Bitcoin is Not What you Think it is

• Money is not what you think it is
• Great societies are a result of great money
• Money is more foundational than language
• Prices are not arbitrary
• The nature of time
• Money is a tool of information
• Proof of work in ancient history
…And so much more in today’s Guy’s Take!
The many recommended works to dig deeper:
Wittgenstein’s Money
https://bitcoinaudible.com/?p=5659
I, Pencil
https://bitcoinaudible.com/?p=1668
Applying Economics to American History (Tom Woods)
https://www.youtube.com/watch?v=m-LJ3wZjD4I&t=0s
Shelling Out: The Origins of Money
https://bitcoinaudible.com/?p=3531
The Island of Stone Money
https://bitcoinaudible.com/?p=3069
Bitcoin is Time
https://bitcoinaudible.com/?p=5837
On Network Effects, Shelling Points, & Lindy
https://bitcoinaudible.com/?p=4504

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Category: Guy’s Take