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Date: Thu, 23 Dec 2021 10:42:02 +0100 (CET)
From: Prayank <prayank@tutanota.de>
To: Jeremy <jlrubin@mit.edu>
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Cc: Bitcoin Dev <bitcoin-dev@lists.linuxfoundation.org>
Subject: Re: [bitcoin-dev] [Bitcoin Advent Calendar] What's Smart about
Smart Contracts
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Hi Jeremy,
> Here's the day 6 post: https://rubin.io/bitcoin/2021/12/03/advent-6/, the
topic is why smart contracts (in extended form) may be a critical precursor
to securing Bitcoin's future rather than something we should do after
making the base layer more robust.
There are few comparisons in this post and links that I consider misleading=
or incomplete. I had already tweeted this but such discussions are better =
archived here:
Difference between Bitcoin and Ethereum that is not mentioned on the websit=
e which should be considered while looking at fees: 1. Size of blocks added=
to chain everyday (600 MB) 2. Block limit (500 MB per 10 mins) 3. UTXO vs =
Account model 4. Failed transactions that pay fees (50k per day) 5. Will th=
ese fancy smart contracts work without nodes? No. Where are these nodes run=
ning? AWS and Infura has nice articles to highlight their importance 6. Who=
is paying the fees? Stablecoins, DEX, NFT platforms, CEX and VCs
There can be lot of other differences that affect the fee market including =
lot of users in Bitcoin obsessed=C2=A0with supply and hodling. Things that =
have changed in last few years: 1. Darknet markets using Monero 2. Stableco=
ins stopped using Omni and lot of alternatives exist right now 3. Most of t=
he transactions are related to exchanges. They have started using their own=
tokens, less exchanges support layer 2 for Bitcoin and users are forced to=
withdraw some altcoin even if they need bitcoin. 4. Newbies are reading in=
fluencers like Elon Musk and happy with their doggy coins to get rich quick=
/rekt. 5. Bitcoin users or influencers declared DeFi a scam and even sidech=
ains like Liquid, Rootstock do not qualify their purity tests. Projects lik=
e DLCs are still not used in any projects with good volume.
--=20
Prayank
A3B1 E430 2298 178F
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<div>Hi Jeremy,<br></div><div dir=3D"auto"><br></div><div dir=3D"auto">>=
Here's the day 6 post: <a href=3D"https://rubin.io/bitcoin/2021/12/03/adve=
nt-6/">https://rubin.io/bitcoin/2021/12/03/advent-6/</a>, the<br></div><div=
dir=3D"auto">topic is why smart contracts (in extended form) may be a crit=
ical precursor<br></div><div dir=3D"auto">to securing Bitcoin's future rath=
er than something we should do after<br></div><div dir=3D"auto">making the =
base layer more robust.<br></div><div dir=3D"auto"><br></div><div dir=3D"au=
to">There are few comparisons in this post and links that I consider mislea=
ding or incomplete. I had already tweeted this but such discussions are bet=
ter archived here:<br></div><div dir=3D"auto"><br></div><div dir=3D"auto">D=
ifference between Bitcoin and Ethereum that is not mentioned on the website=
which should be considered while looking at fees: 1. <span class=3D"">Size=
of blocks added to chain everyday (600 MB) 2. Block limit (500 MB per 10 m=
ins) 3. UTXO vs Account model 4. Failed transactions that pay fees (50k per=
day) 5. Will these fancy smart contracts work without nodes? No. Where are=
these nodes running? AWS and Infura has nice articles to highlight their i=
mportance 6. Who is paying the fees? Stablecoins, DEX, NFT platforms, CEX a=
nd VCs</span><br></div><div dir=3D"auto"><br></div><div dir=3D"auto">There =
can be lot of other differences that affect the fee market including lot of=
users in Bitcoin obsessed with supply and hodling. Things that have c=
hanged in last few years: 1. Darknet markets using Monero 2. Stablecoins st=
opped using Omni and lot of alternatives exist right now 3. Most of the tra=
nsactions are related to exchanges. They have started using their own token=
s, less exchanges support layer 2 for Bitcoin and users are forced to withd=
raw some altcoin even if they need bitcoin. 4. Newbies are reading influenc=
ers like Elon Musk and happy with their doggy coins to get rich quick/rekt.=
5. Bitcoin users or influencers declared DeFi a scam and even sidechains l=
ike Liquid, Rootstock do not qualify their purity tests. Projects like DLCs=
are still not used in any projects with good volume.<br></div><div dir=3D"=
auto"><br></div><div><br></div><div>-- <br></div><div>Prayank<br></div><div=
><br></div><div dir=3D"auto">A3B1 E430 2298 178F<br></div> </body>
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