1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
|
Return-Path: <prayank@tutanota.de>
Received: from smtp1.osuosl.org (smtp1.osuosl.org [140.211.166.138])
by lists.linuxfoundation.org (Postfix) with ESMTP id A37E1C0012
for <bitcoin-dev@lists.linuxfoundation.org>;
Thu, 23 Dec 2021 09:42:06 +0000 (UTC)
Received: from localhost (localhost [127.0.0.1])
by smtp1.osuosl.org (Postfix) with ESMTP id 817BC8140B
for <bitcoin-dev@lists.linuxfoundation.org>;
Thu, 23 Dec 2021 09:42:06 +0000 (UTC)
X-Virus-Scanned: amavisd-new at osuosl.org
X-Spam-Flag: NO
X-Spam-Score: -0.2
X-Spam-Level:
X-Spam-Status: No, score=-0.2 tagged_above=-999 required=5
tests=[BAYES_20=-0.001, DKIM_SIGNED=0.1, DKIM_VALID=-0.1,
DKIM_VALID_AU=-0.1, DKIM_VALID_EF=-0.1, HTML_MESSAGE=0.001,
RCVD_IN_MSPIKE_H3=0.001, RCVD_IN_MSPIKE_WL=0.001,
SPF_HELO_PASS=-0.001, SPF_PASS=-0.001]
autolearn=ham autolearn_force=no
Authentication-Results: smtp1.osuosl.org (amavisd-new);
dkim=pass (2048-bit key) header.d=tutanota.de
Received: from smtp1.osuosl.org ([127.0.0.1])
by localhost (smtp1.osuosl.org [127.0.0.1]) (amavisd-new, port 10024)
with ESMTP id PQEw42HY4SKF
for <bitcoin-dev@lists.linuxfoundation.org>;
Thu, 23 Dec 2021 09:42:05 +0000 (UTC)
X-Greylist: from auto-whitelisted by SQLgrey-1.8.0
Received: from w1.tutanota.de (w1.tutanota.de [81.3.6.162])
by smtp1.osuosl.org (Postfix) with ESMTPS id 1C8288141C
for <bitcoin-dev@lists.linuxfoundation.org>;
Thu, 23 Dec 2021 09:42:04 +0000 (UTC)
Received: from w3.tutanota.de (unknown [192.168.1.164])
by w1.tutanota.de (Postfix) with ESMTP id 2D59AFA03AD;
Thu, 23 Dec 2021 09:42:02 +0000 (UTC)
DKIM-Signature: v=1; a=rsa-sha256; q=dns/txt; c=relaxed/relaxed; t=1640252522;
s=s1; d=tutanota.de;
h=From:From:To:To:Subject:Subject:Content-Description:Content-ID:Content-Type:Content-Type:Content-Transfer-Encoding:Cc:Cc:Date:Date:In-Reply-To:MIME-Version:MIME-Version:Message-ID:Message-ID:Reply-To:References:Sender;
bh=gKWoQoH9BNHdhsXvjGsFVYKKtJsmF4iwAJe+lEDHCvI=;
b=Dkn1pWdWmhkmZ80djEnwFTn0xs0XL8c8KnUFgNDTLQVxEQ0553ktMWbMUG8fiM+O
I1f22lNCfKwj24czrWGqR0BxsP8PICBLp205p4iNaI09LfB0dgeHnDxuwSo2piQSNKv
sMM29A8r2JkKzO31ZBb53El4UXn8PEwUadUTLngfWanN8CgQyiHJvbG91cKLAv/9EAz
YmH1psFC1e3fiXubpui537Ph3CPNHFdpxPtN3ogFYhO11H/ZvWoBAb5+fLa1zuvpqa2
Z+c4phgqcJBhj7dP7yBKWcWBusyoyMVtzQjAYSO21jXyyWDlY9++vUfqYmNJFp2C2Rw
3p6C+W7CBQ==
Date: Thu, 23 Dec 2021 10:42:02 +0100 (CET)
From: Prayank <prayank@tutanota.de>
To: Jeremy <jlrubin@mit.edu>
Message-ID: <MraenVQ--B-2@tutanota.de>
MIME-Version: 1.0
Content-Type: multipart/alternative;
boundary="----=_Part_59922_77343843.1640252522170"
X-Mailman-Approved-At: Thu, 23 Dec 2021 10:23:33 +0000
Cc: Bitcoin Dev <bitcoin-dev@lists.linuxfoundation.org>
Subject: Re: [bitcoin-dev] [Bitcoin Advent Calendar] What's Smart about
Smart Contracts
X-BeenThere: bitcoin-dev@lists.linuxfoundation.org
X-Mailman-Version: 2.1.15
Precedence: list
List-Id: Bitcoin Protocol Discussion <bitcoin-dev.lists.linuxfoundation.org>
List-Unsubscribe: <https://lists.linuxfoundation.org/mailman/options/bitcoin-dev>,
<mailto:bitcoin-dev-request@lists.linuxfoundation.org?subject=unsubscribe>
List-Archive: <http://lists.linuxfoundation.org/pipermail/bitcoin-dev/>
List-Post: <mailto:bitcoin-dev@lists.linuxfoundation.org>
List-Help: <mailto:bitcoin-dev-request@lists.linuxfoundation.org?subject=help>
List-Subscribe: <https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev>,
<mailto:bitcoin-dev-request@lists.linuxfoundation.org?subject=subscribe>
X-List-Received-Date: Thu, 23 Dec 2021 09:42:06 -0000
------=_Part_59922_77343843.1640252522170
Content-Type: text/plain; charset=UTF-8
Content-Transfer-Encoding: quoted-printable
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
------=_Part_59922_77343843.1640252522170
Content-Type: text/html; charset=UTF-8
Content-Transfer-Encoding: quoted-printable
<html>
<head>
<meta http-equiv=3D"content-type" content=3D"text/html; charset=3DUTF-8=
">
</head>
<body>
<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>
</html>
------=_Part_59922_77343843.1640252522170--
|
