Episode notes
Moonsettler is a bitconer who adheres to the old school cypherpunk values and believes that the best way ahead is to enable OP_CTV (BIP119) or LNHANCE.
However, the biggest problem is the generalized loss of focus. If last year there seemed to be consensus that Bitcoin needs covenants to improve scalability and bring new use cases, now the landscape is rather gloomy. Even Moonsettler changed his Twitter screen name to Doomsettler, as a reflection on this status quo.
00:01:16 Welcome Moonsettler (Doomsettler)
00:02:40 Delayed Interview and Original eCash Debate
00:03:14 Why eCash (Chaumian Cash) Never Took Off
00:04:00 Criticism of Custodial Scaling Solutions
00:05:14 Bitcoin as Decentralized Chaumian eCash
00:06:13 Fake Austrian Economics and Full Reserve Myths
00:08:32 Loss of "No Trusted Third Parties" Culture
00:09:52 Verifiable Supply vs Historical Fraud
00:13:40 Proof of Liabilities in eCash Mints
00:15:42 Cashu Fraud Proofs and Bug Bounty
00:18:20 Chaumian Blind Signatures Explained
00:24:48 Non-Custodial Credit eCash Ideas
00:30:39 Why Debit eCash Won't Scale Bitcoin
00:36:34 Bitcoin Like Linux – Oppose Custodial Layers
00:37:13 Unlimited Paper Bitcoin vs 21M Cap
00:41:25 Loss of Proof of Keys Culture
00:46:26 Doomsettler Mindset on Bitcoin's Future
01:09:30 Early Exchange Compliance Issues
01:11:37 Satoshi's Peer-to-Peer Vision
01:15:13 Satoshi's OPSEC and Disappearance
01:19:13 Craig Wright Not Satoshi
01:26:05 Libertaria and Frontier Culture
01:28:31 No More Frontiers for Freedom
01:39:21 App Delistings and PWA Debate
01:49:16 Twitter Worse Under Elon Musk
01:55:35 AI Ruining Internet Trust
01:56:33 Introduction to Covenants
01:57:04 Covenant = Unbreakable Promise
02:00:55 History of Covenant Discussions
02:01:29 Permanent Encumbrance FUD Debunked
02:03:38 Control Today via Multisig (No Covenants)
02:07:26 Covenants Don't Break Fungibility
02:08:35 Covenants Reduce Trust in L2
02:11:46 Post-Quantum Covenant Advantages
02:13:46 OP_CTV Explained
02:15:42 Non-Interactive L2 Settlements
02:20:23 Congestion Control with Covenants
02:29:08 Ordinals Drama & OP_CAT Risks
02:31:43 Jeremy Rubin Context
02:33:49 LNHANCE Package (CTV + More)
02:36:51 Why LNHANCE is Conservative
02:44:26 2022 CTV Activation Drama
02:47:27 Curiosity vs Annoyance Motivation
02:49:04 Andreas Antonopoulos FUD Clip
02:51:15 Need for Covenant FUD FAQ
02:53:47 Persistent CTV Critics
03:55:27 Covenant FUD Knowledge Base Need
03:56:26 Steven Roose Support
03:57:40 Covenant Table on Wiki
03:58:56 Isolated Op Code Comparisons Issues
04:00:34 OPCAT vs CTV Preferences
04:01:48 Table Inconsistencies
04:02:19 Ordinals Devs Pushing OPCAT
04:03:26 CTV Strengths and Risks
04:10:22 Ideal Packages (Great Script Restoration)
04:43:24 Pink Floyd "The Wall" Analogy
04:45:49 Citadel Critique
04:49:49 Need for New Frontiers
04:51:56 Disagreeable Societies Preserve Freedom
04:54:56 Special Economic Zones for Renewal
04:57:50 Altcoins as Competition/Experiments
04:59:20 Privacy Coins Driving Response
06:00:34 Monero Privacy & Community
06:04:42 FCMP++ Upgrade
06:05:37 Monero Quantum Roadmap
06:07:16 Quantum Risks to Monero
06:09:47 Zcash Preference & Compatibility
06:11:34 ZK Privacy Advantages
06:13:16 Drivechains & Peg Risks
06:17:45 Spacechains
06:20:31 Quantum Threats to ECDSA
06:26:49 PQ Soft/Hard Fork Debate
06:34:57 Covenants for PQ Vaults
06:38:14 Ark Protocol
06:42:33 Lightning Custodial Risks
06:50:19 BitVM & Optimistic Rollups
06:55:44 Bitcoin Dev Culture Disappointment
07:49:05 Austrian vs Cypherpunk Values
07:53:20 Austrians Dislike Data
07:54:39 Full Reserve Myth
07:55:56 Core Dev Covenant Silence
07:57:32 Core Ignoring Covenants
07:58:22 Floppy's Drunk Posting
08:00:38 Calle's Cashu Story
08:02:02 Privacy Respect & Avoiding Doxing
08:02:29 Floppy's Drunk Tweets
08:03:48 Tolerance for Abusive Behavior
08:04:15 Understanding Non-Engagement with Floppy
08:04:32 Floppy as Builder (Joinstr Plugin)
08:04:57 Luke Dashjr Funding Complaints
08:05:23 Luke's Likability & Hack
08:06:36 Ocean Mining Business Model
08:08:36 Reducing Antpool Hash Dominance
08:08:56 Miner Template Building Debate
08:09:02 Mining Centralization Concerns
09:38:04 9+ Hour Marathon Reflection
09:38:45 Girlfriend & Cat Interruptions
09:39:12 How to Follow Moonsettler
09:39:45 Moonsettler's Twitter Content Focus
09:40:38 Shoutout to SimulXXX (CTV Advocate)
09:41:29 Moonsettler as Crypto Hobbyist
09:42:37 Major Contributions Discussion
09:43:38 Non-Interactive Hardware Wallet Proofs
09:44:36 Sharing Personal Bitcoin Vision
09:45:14 Coldcard Experimental Implementation
10:03:18 Seed Backup Durability & Preference for Burnable Paper Backups
10:04:22 Manual Entropy & Seed Splitting
10:05:01 Early Self-Custody Cheat Sheets
10:05:25 Hardware Wallet Entropy Risks
10:06:30 Dice-Rolled Seeds vs Hardware
10:07:27 2-of-3 Backup Scheme
10:07:59 Crypto Steel Promo
10:08:24 10-Hour Mark, No Bathroom Break
10:08:49 Thanks & Merry Christmas
10:09:41 Next Episode Tease
However, the biggest problem is the generalized loss of focus. If last year there seemed to be consensus that Bitcoin needs covenants to improve scalability and bring new use cases, now the landscape is rather gloomy. Even Moonsettler changed his Twitter screen name to Doomsettler, as a reflection on this status quo.
00:01:16 Welcome Moonsettler (Doomsettler)
00:02:40 Delayed Interview and Original eCash Debate
00:03:14 Why eCash (Chaumian Cash) Never Took Off
00:04:00 Criticism of Custodial Scaling Solutions
00:05:14 Bitcoin as Decentralized Chaumian eCash
00:06:13 Fake Austrian Economics and Full Reserve Myths
00:08:32 Loss of "No Trusted Third Parties" Culture
00:09:52 Verifiable Supply vs Historical Fraud
00:13:40 Proof of Liabilities in eCash Mints
00:15:42 Cashu Fraud Proofs and Bug Bounty
00:18:20 Chaumian Blind Signatures Explained
00:24:48 Non-Custodial Credit eCash Ideas
00:30:39 Why Debit eCash Won't Scale Bitcoin
00:36:34 Bitcoin Like Linux – Oppose Custodial Layers
00:37:13 Unlimited Paper Bitcoin vs 21M Cap
00:41:25 Loss of Proof of Keys Culture
00:46:26 Doomsettler Mindset on Bitcoin's Future
01:09:30 Early Exchange Compliance Issues
01:11:37 Satoshi's Peer-to-Peer Vision
01:15:13 Satoshi's OPSEC and Disappearance
01:19:13 Craig Wright Not Satoshi
01:26:05 Libertaria and Frontier Culture
01:28:31 No More Frontiers for Freedom
01:39:21 App Delistings and PWA Debate
01:49:16 Twitter Worse Under Elon Musk
01:55:35 AI Ruining Internet Trust
01:56:33 Introduction to Covenants
01:57:04 Covenant = Unbreakable Promise
02:00:55 History of Covenant Discussions
02:01:29 Permanent Encumbrance FUD Debunked
02:03:38 Control Today via Multisig (No Covenants)
02:07:26 Covenants Don't Break Fungibility
02:08:35 Covenants Reduce Trust in L2
02:11:46 Post-Quantum Covenant Advantages
02:13:46 OP_CTV Explained
02:15:42 Non-Interactive L2 Settlements
02:20:23 Congestion Control with Covenants
02:29:08 Ordinals Drama & OP_CAT Risks
02:31:43 Jeremy Rubin Context
02:33:49 LNHANCE Package (CTV + More)
02:36:51 Why LNHANCE is Conservative
02:44:26 2022 CTV Activation Drama
02:47:27 Curiosity vs Annoyance Motivation
02:49:04 Andreas Antonopoulos FUD Clip
02:51:15 Need for Covenant FUD FAQ
02:53:47 Persistent CTV Critics
03:55:27 Covenant FUD Knowledge Base Need
03:56:26 Steven Roose Support
03:57:40 Covenant Table on Wiki
03:58:56 Isolated Op Code Comparisons Issues
04:00:34 OPCAT vs CTV Preferences
04:01:48 Table Inconsistencies
04:02:19 Ordinals Devs Pushing OPCAT
04:03:26 CTV Strengths and Risks
04:10:22 Ideal Packages (Great Script Restoration)
04:43:24 Pink Floyd "The Wall" Analogy
04:45:49 Citadel Critique
04:49:49 Need for New Frontiers
04:51:56 Disagreeable Societies Preserve Freedom
04:54:56 Special Economic Zones for Renewal
04:57:50 Altcoins as Competition/Experiments
04:59:20 Privacy Coins Driving Response
06:00:34 Monero Privacy & Community
06:04:42 FCMP++ Upgrade
06:05:37 Monero Quantum Roadmap
06:07:16 Quantum Risks to Monero
06:09:47 Zcash Preference & Compatibility
06:11:34 ZK Privacy Advantages
06:13:16 Drivechains & Peg Risks
06:17:45 Spacechains
06:20:31 Quantum Threats to ECDSA
06:26:49 PQ Soft/Hard Fork Debate
06:34:57 Covenants for PQ Vaults
06:38:14 Ark Protocol
06:42:33 Lightning Custodial Risks
06:50:19 BitVM & Optimistic Rollups
06:55:44 Bitcoin Dev Culture Disappointment
07:49:05 Austrian vs Cypherpunk Values
07:53:20 Austrians Dislike Data
07:54:39 Full Reserve Myth
07:55:56 Core Dev Covenant Silence
07:57:32 Core Ignoring Covenants
07:58:22 Floppy's Drunk Posting
08:00:38 Calle's Cashu Story
08:02:02 Privacy Respect & Avoiding Doxing
08:02:29 Floppy's Drunk Tweets
08:03:48 Tolerance for Abusive Behavior
08:04:15 Understanding Non-Engagement with Floppy
08:04:32 Floppy as Builder (Joinstr Plugin)
08:04:57 Luke Dashjr Funding Complaints
08:05:23 Luke's Likability & Hack
08:06:36 Ocean Mining Business Model
08:08:36 Reducing Antpool Hash Dominance
08:08:56 Miner Template Building Debate
08:09:02 Mining Centralization Concerns
09:38:04 9+ Hour Marathon Reflection
09:38:45 Girlfriend & Cat Interruptions
09:39:12 How to Follow Moonsettler
09:39:45 Moonsettler's Twitter Content Focus
09:40:38 Shoutout to SimulXXX (CTV Advocate)
09:41:29 Moonsettler as Crypto Hobbyist
09:42:37 Major Contributions Discussion
09:43:38 Non-Interactive Hardware Wallet Proofs
09:44:36 Sharing Personal Bitcoin Vision
09:45:14 Coldcard Experimental Implementation
10:03:18 Seed Backup Durability & Preference for Burnable Paper Backups
10:04:22 Manual Entropy & Seed Splitting
10:05:01 Early Self-Custody Cheat Sheets
10:05:25 Hardware Wallet Entropy Risks
10:06:30 Dice-Rolled Seeds vs Hardware
10:07:27 2-of-3 Backup Scheme
10:07:59 Crypto Steel Promo
10:08:24 10-Hour Mark, No Bathroom Break
10:08:49 Thanks & Merry Christmas
10:09:41 Next Episode Tease
