The Most Important Project in Bitcoin (You probably haven't heard of)
Bitcoin AudibleWhat is the most important project in Bitcoin? It isn't BIP 110 or some shiny new payment protocol. We actually have a massive security vulnerability sitting at the base layer: Bitcoin mining isn't really mining anymore.
Right now, we have millions of hashers but barely a handful of real miners deciding what transactions make it into a block. And that means a few centralized pool operators could easily censor the network.
In this Take, I explain why the critical distinction between a hasher and a miner matters. But more importantly, I outline how newer protocols are finally fixing a decade-long mistake.
Chapters
(00:00:00) - The most important project
(00:00:29) - Hashers vs miners
(00:01:35) - Pools choose transactions
(00:03:06) - The few pools who can censor
(00:04:21) - Nodes and block templates
(00:06:15) - Holding your own keys
(00:06:55) - Datum and Stratum V2
(00:08:50) - The single giant pool risk
(00:11:31) - Spam, Slipstream, BIP110
(00:13:22) - Ocean, DMND, and what's next
Affiliate Links
- Become sovereign, hold your keys, be censorship resistant with the Bitbox hardware wallet. Get 5% off everything in the store with code GUY (Link: https://bitbox.swiss/guy/)
- Get 10% off the best Bitcoin board game in the world, HODLUP! Or any of the other great games from The Free Market Kids! Use code GUY10 at checkout for 10% off your cart! (Link: https://www.freemarketkids.com/collections/games-1)
Host Links
Guy on Nostr (Link: http://tinyurl.com/2xc96ney)
Guy on X (Link: https://twitter.com/theguyswann)
Guy on Instagram (Link: https://www.instagram.com/theguyswann)
Guy on TikTok (Link: https://www.tiktok.com/@theguyswann)
Guy's Takes on YouTube (Link: https://www.youtube.com/@GuysTake)
Guy Swann on YouTube (Link: https://www.youtube.com/@theguyswann)
Bitcoin Audible on X (Link: https://twitter.com/BitcoinAudible)
The Guy Swann Network Broadcast Room on Keet (Link: https://tinyurl.com/3na6v839)
References from the episode
Bitcoin StackExchange #1: https://tinyurl.com/279wnyjg
D-CentralTech: https://tinyurl.com/284e3gdh
Stratum v2: https://tinyurl.com/26wn5kps
Pavlenex's X post: https://tinyurl.com/23w828ac
LNhance: https://tinyurl.com/2c9k4ogm
DMND: https://tinyurl.com/2yfurts9
BitcoinTalk: https://tinyurl.com/234qlqgb
Bitcoin StackExchange #2: https://tinyurl.com/279wnyjg
Mempool.space: https://tinyurl.com/245ahvdq
Minoa.com: https://tinyurl.com/24qmfn4d
The Defiant: https://tinyurl.com/28vsgv7z