I have a bunch of things floating in my mind. Instead of trying to wrestle with which to focus on, I figured we'd have ourselves a Smorgasbord Friday. There is a lot going on that I think you freaks should be aware of.
First up, BIP 340-342, more popularly known as bip-taproot has officially been merged into Bitcoin Core.
This is a massive step getting us closer to having Schnorr signatures and Taproot running in the wild. Now that the code has officially been merged into Bitcoin Core, the only thing left to do is activate the upgrades on Bitcoin's mainnet. We've talked about the possible activation routes in this rag throughout 2020. I highly recommend you brush up on the most popular proposals out there right now; an activation via miner signaling with BIP 8 and a new softfork activation method proposed by Matt Corallo earlier this year. Matt's activation path would include a period of miner signaling followed by a six-month period of discussion if miners signal that they are not prepared or do not want the upgrades.
Shoutout to everyone who has worked on BIP 340-342. Everything from writing, to reviewing, to discussing the code. These improvements, if activated, will be a massive boon for efficiency, scalability, privacy, and extendability of the Bitcoin Network.
Below is another great thread from our friend Ryan Gentry on the different tradeoffs that are being made on Bitcoin and Ethereum as they attempt to scale and bring the market a truly decentralized monetary/financial system. As he points out, there's an order of operations to all of this.
As we attempt to scale Bitcoin, the incumbent monetary system continues to floor it towards the cliff. Central banks around the world have been printing money like crazy this year, and it seems that the Fed has begun to increase its asset purchases again in the last week.
Want to see something scary? Check out the history of the M1 money supply in the US and the pace of its expansion over time.
This doesn't seem very sustainable. This number is certainly going to continue going up at a quickened pace as the Fed is forced to continue to prop up the markets. REMINDER: we don't live in a Capitalist system anymore. The economy is completely micromanaged by a bunch of incompetent scoundrels. Buy Bitcoin. I will die on this hill, dragging idiotic MMT believers down the hill with me in the process.
Last, but certainly not least, you freaks should be aware of the fact that there was a hearing on the House Intelligence Committee yesterday that included a bunch of insane women who want to force the government and tech companies to censor certain speech and groups of people who float ideas that don't jive with their convoluted world views. These people are sick, insane, and dangerous. If they get their way and are successfully able to convince the incompetent politicians who roam throughout Washington DC that the Internet should be more surveilled and censored, we will live in a very scary place. A place in which information and narratives are controlled by a small group of entrenched psychopaths.
These people cannot win. The battle for Free Speech and Liberty in the Digital Age continues to heat up and we are battling against a bunch of screeching morons.
Really need to get a haircut. The rona flow has turned into a chore.
Enjoy your weekend, freaks.