Founder and CEO @LayerTwoLabs | Creator BitcoinHivemind.com | Blogger drivechain.info | Author BIP 300/301

Connecticut, USA
Joined December 2013
Bip300 allows BTC to scale to 8 billion users, with no code changes to Bitcoin Core Try the testnet (play money) now, at: LayerTwoLabs.com/download It also has "zSide" -- a chain where the [sender + receiver + amount] of the transaction are all encrypted
You have to feel sorry for the guy -- he has a childlike innocence. He genuinely believes that he "knows" something about LN, because he has "used" it himself. Much like a child, who sees a magician "cut" a woman in half. But he is the victim of a hoax, as I explain here: x.com/Truthcoin/status/19868… Alex doesn't understand what is going on under the hood. The technical community is in agreement with *me* on this issue -- as was shown at TabConf. You can see how emotional, overconfident, and irrational the lightning cult is. Further evidence that it is all built on sand.
Truly amazing and revealing interaction Paul (and all the no-coiner and altcoiner critics) “studies” Bitcoin, but doesn’t actually use it
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Paul Sztorc retweeted
Replying to @gladstein
From a person that used Lightning all the time, through running a BTC brokerage with LN deposits and withdrawals: Paul is completely correct. LN is fundamentally flawed. 90%+ of the TXs we’re processing are custodial. It’s completely farcical decentralization theater
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Please like this tweet if you have a low IQ
Replying to @Truthcoin
You continue to fail to create and post on nostr so that I can zap you via LN
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This would be good for Bitcoin, long term I support it
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Paul Sztorc retweeted
According to YouTube, you 'encourage dangerous or illegal activities that risk serious physical harm or death', when publishing a Windows 11 Bypass tutorial. You don't hate Big Tech enough.
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That's me -- with the #FreeRoss shirt If you helped get Ross pardoned -- I'd love to learn more. How did you do it? What are the drivers and stumbling points? @RealRossU
Replying to @ottosch_
1. get some FreeRoss people in 2. ask them what they did That's all I have so far
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I've started a "Pardon Samourai" telegram group t.me/FreeSamourai Please join if interested
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Paul Sztorc retweeted
I solved all this, with CUSF years ago bip300cusf.com (There is also a CAT CUSF there) Today I am busy, solving your 2028 problems (that you won't realize you have, until 2031)
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Knowledge and theory can sometimes trump "firsthand experience"
== The Lightning Dupes == Of those who say: "I used Lightning, it worked for me" , At least 95% of them are being conned (probably 99%). They have no idea what "custodial" means -- they are victims of a fraud. Which they then unwittingly repeat. It was the same with Theranos. This blood company brought visitors in, and had them "use" their blood test machine. Then, while the machine was "working" the visitors were giving a tour of the lab... ...as soon as those visitors were out of the room, Theranos techs came in, took their blood samples back out of the Theranos machine, diluted it, and did the tests on old, traditional Siemens devices. They printed these results and made them appear as if they had come from the Theranos machine. Visitors got these results. Then, having been scammed, they told their friends: "i uSeD tHe DeViCe MySelF ! i'Ve SeEn iT wOrK!" This included George Shultz, former secretary of state -- his own grandson, Tyler Shultz, worked at Theranos and knew about the deception. But his grandfather refused to listen, saying: "I used it myself" If you are being conned, it doesn't matter that you "used something yourself". You are just a Dupe
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== The Lightning Dupes == Of those who say: "I used Lightning, it worked for me" , At least 95% of them are being conned (probably 99%). They have no idea what "custodial" means -- they are victims of a fraud. Which they then unwittingly repeat. It was the same with Theranos. This blood company brought visitors in, and had them "use" their blood test machine. Then, while the machine was "working" the visitors were giving a tour of the lab... ...as soon as those visitors were out of the room, Theranos techs came in, took their blood samples back out of the Theranos machine, diluted it, and did the tests on old, traditional Siemens devices. They printed these results and made them appear as if they had come from the Theranos machine. Visitors got these results. Then, having been scammed, they told their friends: "i uSeD tHe DeViCe MySelF ! i'Ve SeEn iT wOrK!" This included George Shultz, former secretary of state -- his own grandson, Tyler Shultz, worked at Theranos and knew about the deception. But his grandfather refused to listen, saying: "I used it myself" If you are being conned, it doesn't matter that you "used something yourself". You are just a Dupe
Lightning seems cool at first -- but after Year 6 you realize it doesn't work
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Paul Sztorc retweeted
Replying to @BasedMikeLee
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I’m always surprised how little people in crypto understand prediction markets given the cyperphunks saw them as the most exciting possibility in decentralized markets, and arguably what all of crypto is a bootstrap into. Insider trading is a positive, desirable product of prediction markets given their function is communicating information. Hanson discussed this in 2005 (Information Aggregation and Manipulation in an Experimental Market). The question of when markets being communicating back to influence real events is less understood, but inevitable, and Nick Land has engaged this for 3 decades— sufficiently liquid prediction markets converge with live players to dictate not only consensus but actively hyperstitionalize reality. eg Brian Armstrong did not manipulate the market, the market manipulated him; this will happen at scale, imperceptibly, as prediction markets continue to eat all markets, and reality itself. Crypto was always a bootstrap for this, this is how it fully disrupts all society, Miya spoke of this, hyperfinancialization everything; none of you have read the cypherpunk mailing list and it shows.
Not sure if Brian thought he is helping anyone here but the opposite feels true. The subjects of a bet becoming self aware and actively changing their behavior is ironically the failure mode of prediction markets that will lead to liquidity drying up.
Lightning seems cool at first -- but after Year 6 you realize it doesn't work
calle has blocked me for this post, so, per my usual rule, I must now block him back Many many people have come to regret it - years later - and beg to be unblocked People feud me, usually, about 18 months before they crashout and end up hated by everyone - I'm always early!
cashu is an ethically questionable project, and I think people should bash it to some extent It's based on deception. All of the technical verbiage , "chaumian eCash", website, documentation, etc -- is all a song and dance, to shroud the fact that it is custodial. Thus, it is a "stair-based elevator", just like custodial lightning. With cashu, you send real BTC to the mint, and get back only an IOU. The cryptography does NOT help you honor the IOU -- it just hides who owns which IOUs. This is underwhelming to say the least. It is like saying "our stair-based elevator gives you a nice view of the area". Chaumian mints will probably be used for something, eventually -- but until the lies stop, it is perfectly reasonable for @1440000bytes to try to destroy the project. After all, if I had criticized the Lightning Network earlier, we would probably be at $500k per coin today. I would question the ethics of anyone investing in or shilling cashu -- sorry to say. They are too blasé -- about the truth, about technological excellence, about the Bitcoin ethos, the rugpull risk, etc. Just my opinion, sorry not sorry
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Paul Sztorc retweeted
Here is Peter Thiel’s email to Zuck and Andreessen in Jan-2020 predicting socialism. Tl;dr too much student debt and lack of affordable housing keeps young people with negative capital for too long. And without a stake in the capitalist system, they will turn against it.
Plus, floppy is (apparently) finding critical bugs in cashu left and right Which are then being covered up? x.com/1440000bytes/status/19… So, floppy is the top cashu dev, it seems
Clowns have banned me and removed the post from delving. It still exists on bitcointalk: bitcointalk.org/index.php?to…
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I told everyone, back 2017 Scaling IV (and elsewhere), that DLCs would be found to be insecure and impractical Yet another prediction come true
Replying to @Alangr6_
We did use it in production, in fact our team invented most of the core cryptography and wrote the library for DLCs. Lava’s tech stack has evolved significantly since we first began building. Initially, we leveraged DLCs and atomic swaps and later moved away from pure-play DLCs towards a more hybrid model. We’ve updated our tech stack multiple times to improve security, reduce trust assumptions, and minimize risk. We still leverage some of that initial cryptography in our systems today, but we realized that the technology wasn’t secure enough for what we needed to build. In fact, there are vulnerabilities we discovered in the technology itself. The technology is promising in theory, but our team has spend years working with it in practice and found that it just didn’t offer the security we needed for our users. That wasn’t a compromise we were willing to make. We needed infrastructure that could safeguard trillions in wealth, and that’s what we’ve built.
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Paul Sztorc retweeted
If journals wanted to cut this they could use prediction market estimates of if papers will replicate as part of acceptance evaluation. They've refused offers to do so.
Look at the distribution of z-values from medical research!
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6. Yes, this introduces a partially public element, but that's a worthwhile trade-off for true serverless operation.
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cashu is an ethically questionable project, and I think people should bash it to some extent It's based on deception. All of the technical verbiage , "chaumian eCash", website, documentation, etc -- is all a song and dance, to shroud the fact that it is custodial. Thus, it is a "stair-based elevator", just like custodial lightning. With cashu, you send real BTC to the mint, and get back only an IOU. The cryptography does NOT help you honor the IOU -- it just hides who owns which IOUs. This is underwhelming to say the least. It is like saying "our stair-based elevator gives you a nice view of the area". Chaumian mints will probably be used for something, eventually -- but until the lies stop, it is perfectly reasonable for @1440000bytes to try to destroy the project. After all, if I had criticized the Lightning Network earlier, we would probably be at $500k per coin today. I would question the ethics of anyone investing in or shilling cashu -- sorry to say. They are too blasé -- about the truth, about technological excellence, about the Bitcoin ethos, the rugpull risk, etc. Just my opinion, sorry not sorry
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