Nostr npub: npub1s0fs9dwztm2rukm42vh6df4a5gwykclf75tgyeuc75t0cs2eh8rsu2rqf5
By the way I don't know if Aaron Day has commented on the reasons for choosing Zano for it point-of-sales system but I bet that fast finality was a key factor in his decision and honestly it makes sense. You can't have a serious in-person payment solution being widely adopted with unpredictable, long finality times. Now if we want to stick to online payments only, fast finality isn't as important but we have to be honest about the limitation of PoW for the digital cash use case.
A benefit of PoS that is relevant to the Monero use case is that it would allow faster finality times. How do you implement sub 5s finality with PoW? You can't... If there is a use case for which fast finality matters is certainly in-person payments. I think this is a drawback for Monero that isn't being discussed enough.
There has been many chains (I'll take eCash - XEC as a model, fork of BCH that implemented the avalanche consensus) that have successfully implemented a hybrid PoW/PoS approach and I think exploring this for Monero would make sense. One of the big concern with PoS is coin distribution especially for crypto that had a pre-mine. That's not a concern that Monero will ever have. PoW is still important to guarantee that the blockchain can be retrieved in a trustless manner. PoS has by design a trusted setup.
Let's take the best of both worlds and make Monero a better medium of exchange that it's already is.
I gave up on Reddit, the best is to be active and grow alternatives like monero.town
The surveillance state agenda to be advanced by Trump/Vance/Thiel
Very insightful interview from Whitney Webb (last part of the show). We are already starting to see the same pattern that we’ve seen with Trump’s first term where Trump surrounds himself with deep state figures to advance the surveillance state agenda. At which point liberty-minded Trump supporters will start questioning the role played by Trump?
Here is the best breakdown on FIT21 that I've read so far: https://www.davispolk.com/insights/client-update/crypto-market-structure-bill-draws-closer-floor-vote-house
The validation for the first privacy preserving proof-of-personhood blockchain takes place tomorrow
The validation for Idena is tomorrow. Participating in the validation will earn you the right mine iDNA which doesn't require any specialized hardware or purchasing any token.
Idena is a proof-of-personhood blockchain enabling digital democracies (one human = one vote) in a privacy preserving way (no biometrics and no KYC required).
You can create an account at https://app.idena.io/ and join a network of 1,800+ participants.
I'm still looking for an in-depth analysis of this bill (which still has to go through the Senate) but in the meantime here is my cynical take on it:
I hear you, this is my first take based on a cursory reading of the bill. I must say I was skeptical before looking into it but I was surprised to see that the bill seems to insulate DeFi/devs/miners/self-custody from TradeFi regulations which is really the opposite of what the Warren anti-crypto army wanted (by considering everybody a broker).
Also, I saw that Aaron Day is saying it is a bad bill because it would enable CBDC but I'm still waiting for a more detailed analysis from him. Regardless of this bill, I'm not sure we can stop a CBDC launch so we may as well protect what makes crypto crypto then we'll have a fair competition against CBDC.
The pro-crypto bill was just passed by the House
The FIT21 bill (H.R. 4763) was just passed by the House. I still have to do more research on it but my current sentiment is that it’s a win for crypto.
My understanding of the bill:
- It will prevent FTX-style robberies by regulating CEXs as brokers.
- It sets a definition for what a decentralized digital asset is.
- It makes DeFi, validators/miners out of reach of the SEC or CFTC.
- It guarantees the right to self-custody.
- It introduces the concept of investment contracts for digital assets.
I think the biggest changes we can expect from this bill is that some less decentralized blockchains are going to either get rid of some of their tokens supply either by selling or burning them so they aren’t considered a security.
I’m not sure what the implications of the investment contract provision will be. The dems are claiming that it will lead to the collapse of the financial system.
IMO, this bill is the win for:
- Digital assets that meet the decentralization test
- The DeFi ecosy
Exposing Government Corruption in Crypto
Insightful interview of Steven Nerayoff (one of the Ethereum founder) by Aaron Day. Some information are so insane that I had to double check their veracity and while I still have to do more in-depth research, I wasn’t able to poke holes in Nerayoff’s story. Definitely worth a listen.
Thanks man. I've been lurking the forum for a while.