Moxie on “Web3” – this is why Bitcoin not Blockchain
https://ift.tt/3q3wc8P
I applaud him for discovering this himself, seems he’s on a journey.
At the same time MobileCoin, the native built-in cryptocurrency for the Signal messaging app he co-founded is now distributed world wide for p2p sending of money between users. Feels like a profit motive for the wrong reasons.
He’s blocking people on Twitter for pointing out MobileCoin, currently an ERC20 on Ethereum*, is the very web3-esqe centralized shitcoin he’s now criticising in his essay. Especially when the “Don’t trust, verify” technology called Bitcoin is readily available!
Moxie seems smart enough to fall into the rabbit hole that is Bitcoin sooner or later, understanding the distinguished difference between decentralized proof-of-work currency and protocols essentially governed, run and client-endpoints being centralized. I just hope his ego doesn’t stand in the way too long to admit it to the world.
Compared to NFTs – which Moxie discusses in his essay – Bitcoin is the actual digital collectible. Under 21 quadrillon satoshis will be mined – each one backed by energy used to find them. There is no cert to an(other) object, the private key grants access to move them on the timechain.
Der Gigi has elegantly written this up in his essay [“Bitcoin is Time”](https://dergigi.com/2021/01/14/bitcoin-is-time/)
*: I’ve read the whitepaper for MobileCoin now – migrating from ETH it’s as a re-implementation of Monero like with Ring-CT Signatures using a federation adapted from Stellar as consensus. The latter being susceptible to centralized rule changes including unanimous hardforks and changes to the issuance as known from Ethereum.
Update: For those not blocked – there’s some evidence Moxie is not completely against Lightning Network, he doesn’t yet see it as “usable” for the purposes he has in mind for p2p payments in Signal https://twitter.com/moxie/status/1466520507763757058. There are takers for helping with the LN integration too: https://twitter.com/justinrezvani/status/1480308865107480579
Cryptocurrency
