Bitcoin

cross-posted from: https://monero.town/post/5362939

P2P Economy

• A Peer-to-Peer Electronic Cash System.

As we all know, Bitcoin, the origin of blockchain, is widely recognized as the most decentralized blockchain and the most valuable cryptocurrency. However, few people realize that in the Bitcoin whitepaper, Satoshi Nakamoto never mentioned “blockchain” nor “decentralization.” Instead, he used the term “peer-to-peer” (P2P), even placing it directly in the title — “Bitcoin: A Peer-to-Peer Electronic Cash System.”

A P2P service is a decentralized platform whereby two individuals interact directly with each other without a third-party intermediary. When we return to first principles and rethink what blockchain truly is, one straightforward explanation comes to mind — blockchain is essentially a P2P network.

The truth is, what we refer to as “on-chain” is actually the consensus layer built on top of the P2P network. However, many business processes don’t need to be on-chain and rely on the consensus layer; they can be handled directly at the P2P network layer. For example, if Alice wants to pay Bob, the ideal way would be for Alice to send the money directly to Bob in a peer-to-peer manner rather than through unnecessary intermediaries (e.g., consensus validators or block producers). This approach is not only faster but also naturally provides privacy protection.

Moreover, building applications at the P2P network layer avoids performance bottlenecks and high transaction fees, enabling the creation of truly useful applications that can achieve mass adoption.

1. The P2P Economy addresses real-world problems with genuine user demand and practical application scenarios (e.g., P2P payment, decentralized storage). This has been thoroughly proven for years rather than being an imaginary need. It can truly create value rather than merely providing tools for speculation.

2. In the P2P Economy, most business logic does not need to be on-chain, eliminating performance bottlenecks and transaction fee issues. As a result, the user experience is greatly improved, making mass adoption more likely.

3. The P2P Economy uses stablecoin payments, making it easy for users to understand and convenient for participants to evaluate service costs and revenue. The use of stablecoins also weakens the speculative narrative of token issuance.

👍 Read the entire article: hackernoon.com - p2p economy blockchain renaissance

cross-posted from: https://infosec.pub/post/16334087

Charles and company made a PGP-encrypted paper wallet. He is calling it the most secure paper wallet in the entire crypto space.

To put his money where his mouth is, anyone who hacks it can keep keep the cash ($1 million dollars worth of USDM) if you can hack it.

Good luck everyone!

cross-posted from: https://monero.town/post/3546999

• X-Spaces Talk

Why UTXO Matters: Security, Privacy, and Scalability in BTC Ecosystem

Can one tweet disrupt financial markets globally? The hacking of the @secgov account this week turned the @bitcoin price upside down and, in the process, has shown us why it is necessary to tread carefully in these digital worlds 👇🏼

https://www.tarlogic.com/blog/cryptocurrency-fraud-social-media-hacking/

Really great explanation of the monetary history and current situation of #Argentina

I have several Argentinian friends and colleagues and I've recently visited and experienced the currency situation firsthand. It's definitely unique and interesting, but mostly very sad for everyone not savvy enough to find solutions and just see their savings and pensions dwindle before their eyes.

Anyone interested in #Bitcoin content, there is a #Lemmy community on infosec.pub that you can follow from Mastodon by following this handle: @bitcoin

While trying to help a Bitcoin holder who lost their password, researchers at Unciphered discovered a major flaw in the way early Bitcoin wallets had been created.

Could this be the cause of the 12% rally last night? Does this mean a US Bitcoin Spot ETF is coming this month?

Seems like all the scaling upgrades mentioned in the previous roadmap are about done (segwit, lightning network, taproot, schnorr signatures...)

I guess drivechain would be nice to see, but I haven't heard of any updates on that project in a while. Are there any other plans to look forward to?

In other news water is wet

How do people feel about Bitcoin ETFs? I personally don't see the appeal but I guess it helps make it more accessible to some folks?

"Apple (AAPL) has rejected the latest version of non-custodial Lightning-enabled bitcoin wallet Zeus, according to a tweet by Zeus founder Evan Kaloudis.

This comes a day after Apple’s spat with another popular Lightning-enabled bitcoin app – Damus, a decentralized social media platform that runs on the Nostr protocol (Nostr is an acronym for “notes and other stuff transmitted by relays”). According to tweets from Damus, Apple took issue with the Damus’s “zap” feature, which allows users to send small amounts of bitcoin over the Lightning Network to their favorite content creators as a token of their appreciation, much like Twitter’s “tip” feature. Lightning is Bitcoin’s second layer payment network for cheaper and faster transactions.

Apple has now turned its attention to Zeus, asking the wallet’s creator to provide proof of requisite licenses and permissions for approval to facilitate transmission of a virtual currency or face rejection by Apple’s App Store, according to Kaloudis. Zeus is apparently in violation of Apple’s guidelines which require apps to provide proof of appropriate licenses – such as money transmitter licenses – in order to facilitate the “transmission” of cryptocurrencies."