2 months ago
🥷 According to Coinbase, unmasking Satoshi represents a real risk for investors and knowing the name of the creator of Bitcoin would no longer be important.
“Now that the [Bitcoin] network is global and robust, discovering Satoshi’s identity is only relevant for history books or entertainment.”
says Samir Kerbage, Chief Investment Officer at Hashdex.
Analysts are particularly concerned that if Satoshi were identified and alive, he might sell his BTC and drive down the price.
As a reminder, Nakamoto owns at least 1.1 million Bitcoins worth nearly $68 billion.
“Now that the [Bitcoin] network is global and robust, discovering Satoshi’s identity is only relevant for history books or entertainment.”
says Samir Kerbage, Chief Investment Officer at Hashdex.
Analysts are particularly concerned that if Satoshi were identified and alive, he might sell his BTC and drive down the price.
As a reminder, Nakamoto owns at least 1.1 million Bitcoins worth nearly $68 billion.
2 months ago
Daily Memecoin Recap - October 9
Dolphins + FBI + ZachXBT sums up today
Dolphin Dilemma
$hanbao -> hit $11 .7m, Hanbao the finless porpoise, viral dolphin meme
$miharu -> hit $9 .36m, smiling dolphin
$miharu -> hit $1 .39m
$taotao -> hit $615k , first finless porpoise born in captivity
- Dolphin picture has been going viral and being used as a meme
- People were quick to find its name, but there was many debates on whether Miharu or HanBao was the correct one
FBI Launched A Coin
$nexf -> hit $670k , Nex Fund AI
$nfa -6900 -> hit $366k , NexFunDai-6900, $spx + NexFundAI
- The FBI created their own coin called NexFundAI and hired some firms so that they can catch them doing fraudulent activities
- NexFundAI was a coin created at the direction of law enforcement on $eth
Major Volume
$skbdi -> $2 .78m to $49 .1m (17.6x from the low), skibidi toilet
$cb -> $9 .4m to $22 .5m (2.39x), cheeseball, wizard cat, fire content
$alpha -> $2 .45m to $8m (3.26x), reject modernity
$1 % -> hit $1 .71m, "The One Percent", the 1% club, pushed by MarcellxMarcell
$casino -> hit $308k , crypto is the world's greatest casino, same dev as #supercycle
ZachXBT Exposes Murad's Wallets
$spx -> Initially dumped from $650m to $395m (-40%) on the news. Currently climbing back up, sitting at $576m .
#mpx6900 -> hit $2 .58m, memecoin index, $spx beta
Sigma Heads For $100m
$sigma -> $25 .6m to $83 .1m (3.24x from the low), pushed by idrawline
$ligma -> hit $483k , ligma males, beta to $sigma
Mini Breaks $50m
$mini -> $24m to $59 .85m (2.49x
Lieutenant Dan
$dan -> $49k to $1 .37m (27.96x)
- Viral Floridian who refuses to leave his boat in Florida despite Hurricane Milton
More Cooks
$r /snoofi -> $5 .5m to $13 .3m (2.4x from the low), reddit dog makes a higher high
$labubu -> $1 .35m to $10 .75m (7.96x from the low), #1 toy in Asia
$diddy -> $488k to $2 .56m (5.25x)
$arc -> $182k to $866k (4.75x), villain arc
$todd -> hit $2 .32m
#hawktoshi -> hit $1 .2m, Hawktoshi Tuahmoto, Satoshi + Hawk Tuah
$risk -> hit $1m
$penis -> hit $870k , dinosaur + penis
$boys -> hit $729k , moonshot launch
$rosa -> hit $658k , viral otter
$wif -> hit $544k , "Your second chance at wif", launched in June
$alpha -> hit $448k
$scream -> hit $364k
$sato -> hit $354k
pumpdotfun save the trenches pls
Dolphins + FBI + ZachXBT sums up today
Dolphin Dilemma
$hanbao -> hit $11 .7m, Hanbao the finless porpoise, viral dolphin meme
$miharu -> hit $9 .36m, smiling dolphin
$miharu -> hit $1 .39m
$taotao -> hit $615k , first finless porpoise born in captivity
- Dolphin picture has been going viral and being used as a meme
- People were quick to find its name, but there was many debates on whether Miharu or HanBao was the correct one
FBI Launched A Coin
$nexf -> hit $670k , Nex Fund AI
$nfa -6900 -> hit $366k , NexFunDai-6900, $spx + NexFundAI
- The FBI created their own coin called NexFundAI and hired some firms so that they can catch them doing fraudulent activities
- NexFundAI was a coin created at the direction of law enforcement on $eth
Major Volume
$skbdi -> $2 .78m to $49 .1m (17.6x from the low), skibidi toilet
$cb -> $9 .4m to $22 .5m (2.39x), cheeseball, wizard cat, fire content
$alpha -> $2 .45m to $8m (3.26x), reject modernity
$1 % -> hit $1 .71m, "The One Percent", the 1% club, pushed by MarcellxMarcell
$casino -> hit $308k , crypto is the world's greatest casino, same dev as #supercycle
ZachXBT Exposes Murad's Wallets
$spx -> Initially dumped from $650m to $395m (-40%) on the news. Currently climbing back up, sitting at $576m .
#mpx6900 -> hit $2 .58m, memecoin index, $spx beta
Sigma Heads For $100m
$sigma -> $25 .6m to $83 .1m (3.24x from the low), pushed by idrawline
$ligma -> hit $483k , ligma males, beta to $sigma
Mini Breaks $50m
$mini -> $24m to $59 .85m (2.49x
Lieutenant Dan
$dan -> $49k to $1 .37m (27.96x)
- Viral Floridian who refuses to leave his boat in Florida despite Hurricane Milton
More Cooks
$r /snoofi -> $5 .5m to $13 .3m (2.4x from the low), reddit dog makes a higher high
$labubu -> $1 .35m to $10 .75m (7.96x from the low), #1 toy in Asia
$diddy -> $488k to $2 .56m (5.25x)
$arc -> $182k to $866k (4.75x), villain arc
$todd -> hit $2 .32m
#hawktoshi -> hit $1 .2m, Hawktoshi Tuahmoto, Satoshi + Hawk Tuah
$risk -> hit $1m
$penis -> hit $870k , dinosaur + penis
$boys -> hit $729k , moonshot launch
$rosa -> hit $658k , viral otter
$wif -> hit $544k , "Your second chance at wif", launched in June
$alpha -> hit $448k
$scream -> hit $364k
$sato -> hit $354k
pumpdotfun save the trenches pls
2 months ago
🎖️ Vitalik Buterin, a serious candidate for the Nobel Prize in Economics?
At least that's what economists Tyler Cowen and Alex Tabarrok think.
They praise the performance of Ethereum's transition from POW to POS:
“Have you ever seen those videos of those guys in Saudi Arabia where they’re changing the tires of the car while the car is moving? That’s what Ethereum did. Amazing.”
Alex Tabarrok says Satoshi Nakamoto should also receive the award, but he thinks he is dead.
At least that's what economists Tyler Cowen and Alex Tabarrok think.
They praise the performance of Ethereum's transition from POW to POS:
“Have you ever seen those videos of those guys in Saudi Arabia where they’re changing the tires of the car while the car is moving? That’s what Ethereum did. Amazing.”
Alex Tabarrok says Satoshi Nakamoto should also receive the award, but he thinks he is dead.
2 months ago
Daily Memecoin Recap - October 8
Looks like HBO larped us, at least we still got some plays out of it
HBO Documentary Releases
#petertodd -> hit $5 .12m, people leaked who HBO says is satoshi
#satoshi -> hit $1 .2m
$waas -> hit $1 .16m, we are all satoshi
$tudd -> hit $280k , redacted Puter Tudd
- HBO says Peter Todd is Satoshi
Peter Todd Denies Satoshi Claims
#yourmom -> hit $6 .83m
- Based on a tweet by peterktodd: "To all the Solana memecoin degens spamming my mentios, I have one pet and it's name is your mom."
- Peter says that he isn't Satoshi
Wif Owner Posts A Dog
$shoko -> hit $3 .58m
- People were assuming that this was $wif 's owner's new dog
- It turns out that the dog was just visiting and it isn't actually her dog
Why Are You Gay?
$yrugay -> hit $1 .83m
- Viral meme
- Launched by the guy in the meme himself SimonKaggwaNjal
SPX Goes Crazy
$spx -> $186m to $611m (3.28x from the recent low)
$lsd -> $6 .5m to $18m (2.77x), $sol 's version of $spx Liquid Solana Derivative 42069
- Community forming
Top Runners
$sigma -> $25 .6m to $58m (2.26x)
#supercycle -> $1 .56m to $11 .6m (7.44x), the supercycle is (real), breakout to ATH
$zazu -> $2 .66m to $7 .71m (2.89x), this cat has been relaunched over 5 times
$alpha -> $680k to $4 .74m (6.97x), reject modernity, ATH
$todd -> hit $1 .38m
Nub Getting Shilled
$nub -> $5 .53m to $41 .3m (7.46x)
- One of the fan favorites finally makes a higher high after dying out for weeks
- Ansem (blknoiz06) & other notable people are pushing it
Goated Eth Memes
$apu -> $48m to $222m (4.62x from the low)
$joe -> $3 .83m to $48 .5m (12.6x from the low), great $eth meme
More Cooks
$pinky -> $1 .19m to $2 .62m (2.2x), pinky the pineapple
$coded -> $25k to $415k (16.6x), it's coded, CTO, ATH $1 .38m
$diddy -> hit $1 .42m
$milton -> hit $648k , hurricane milton
$topcat -> hit $617k
$pandie -> hit $582k
$winu -> hit $395k
$ron -> hit $382k
#chadGPT -> hit $336k
#conviction -> hit $283k , Buy + Hodl + Believe
$bb -> hit $271k , baddi
Did you catch any peter todd plays? 💰
Looks like HBO larped us, at least we still got some plays out of it
HBO Documentary Releases
#petertodd -> hit $5 .12m, people leaked who HBO says is satoshi
#satoshi -> hit $1 .2m
$waas -> hit $1 .16m, we are all satoshi
$tudd -> hit $280k , redacted Puter Tudd
- HBO says Peter Todd is Satoshi
Peter Todd Denies Satoshi Claims
#yourmom -> hit $6 .83m
- Based on a tweet by peterktodd: "To all the Solana memecoin degens spamming my mentios, I have one pet and it's name is your mom."
- Peter says that he isn't Satoshi
Wif Owner Posts A Dog
$shoko -> hit $3 .58m
- People were assuming that this was $wif 's owner's new dog
- It turns out that the dog was just visiting and it isn't actually her dog
Why Are You Gay?
$yrugay -> hit $1 .83m
- Viral meme
- Launched by the guy in the meme himself SimonKaggwaNjal
SPX Goes Crazy
$spx -> $186m to $611m (3.28x from the recent low)
$lsd -> $6 .5m to $18m (2.77x), $sol 's version of $spx Liquid Solana Derivative 42069
- Community forming
Top Runners
$sigma -> $25 .6m to $58m (2.26x)
#supercycle -> $1 .56m to $11 .6m (7.44x), the supercycle is (real), breakout to ATH
$zazu -> $2 .66m to $7 .71m (2.89x), this cat has been relaunched over 5 times
$alpha -> $680k to $4 .74m (6.97x), reject modernity, ATH
$todd -> hit $1 .38m
Nub Getting Shilled
$nub -> $5 .53m to $41 .3m (7.46x)
- One of the fan favorites finally makes a higher high after dying out for weeks
- Ansem (blknoiz06) & other notable people are pushing it
Goated Eth Memes
$apu -> $48m to $222m (4.62x from the low)
$joe -> $3 .83m to $48 .5m (12.6x from the low), great $eth meme
More Cooks
$pinky -> $1 .19m to $2 .62m (2.2x), pinky the pineapple
$coded -> $25k to $415k (16.6x), it's coded, CTO, ATH $1 .38m
$diddy -> hit $1 .42m
$milton -> hit $648k , hurricane milton
$topcat -> hit $617k
$pandie -> hit $582k
$winu -> hit $395k
$ron -> hit $382k
#chadGPT -> hit $336k
#conviction -> hit $283k , Buy + Hodl + Believe
$bb -> hit $271k , baddi
Did you catch any peter todd plays? 💰
2 months ago
🚨 Nick Szabo overtakes Len Sassaman as Polymarket favorite to reveal Satoshi Nakamoto's identity in HBO documentary.
This comes after the documentary's producer said he confronted who he believes to be Satoshi Nakamoto in person, immediately ruling out Lens Sassaman, who died in 2011.
This comes after the documentary's producer said he confronted who he believes to be Satoshi Nakamoto in person, immediately ruling out Lens Sassaman, who died in 2011.
2 months ago
Daily Memecoin Recap - October 6
Everything is sending 👀
High Market Cap Memes
$giga -> $224m to $469m (2.09x)
$spx -> $181m to $387m (2.14x)
$fwog -> $48m to $181m (3.77x from the low)
$michi -> $88m to $172m (1.95x)
$scf -> $57m to $108m (1.89x)
$lockin -> $14 .2m to $48m (2.67x)
$mini -> $12m to $37m (3.08x), new ATH
$sigma -> $7 .8m to $30m (3.84x), new ATH
$aura -> $6m to $26m (4.33x from the low)
$rocky -> $5 .55m to $13m (2.34x)
Rumors Of Satoshi's Identity
$sasha -> $7 .9m to $16 .6m (2.1x), "Bitcoin Cat", Len Sassaman's cat
$len -> hit $4 .79m, redacted Len
$len -> hit $3 .69m
$remus -> hit $2m , Len's dog
#nukumutu -> hit $1 .16m, Redacted Satoshi Nakamoto
- There's a new HBO documentary that claims to reveal Satoshi Nakamoto's identity (bitcoin's founder)
- People are trying to leak who they're going to reveal as Satoshi, there are claims that it's Len Sassaman
Murad Meta
$bingus -> $544k to $8 .4m (15.4x), based on a tweet of Murad shilling bingus back in December 2023
#everything -> hit $2 .56m, based on one of Murad's tweets from May
$morud -> hit $657k
- MustStopMurad recently did an interview where he discusses his thesis on memecoins
Elon Musk Changes His PFP
$dmaga -> $2 .2m to $12m (5.45x)
$based -> hit $1 .85m, "Make America Based Again"
- elonmusk's new pfp is him wearing a make america great again hat
Cat Memes
$bro -> hit $1 .44m, "bro the cat"
$faded -> hit $800k , faded a coin and now you're sidelined, good meme
$bobcat -> hit $335k
$squizo -> hit $215k
Eth Moo Deng
#moodeng -> $2 .67m to $50m (18.7x)
- Moo Deng on $eth has been pumping while the $sol one decreases, rumours of a T1 listing
Other Plays
$ernie -> hit $5 .21m, moonshot launch with new airlock - top 50 holders are periodically refreshed, $132k + in LP Rewards
$laszlo -> hit $1 .27m, famous transaction of 10k $btc for 2 pizzas
$srdog -> hit $718k , silk road dog, based on Ross Ulbricht (inventor of Silk Road)
$lgr -> hit $509k , Let's Get Rich
$usdc -> hit $472k , Unicorn Solami Donut Cat, good ticker
$minnow -> hit $427k
What are some of your conviction holds? 💰
Everything is sending 👀
High Market Cap Memes
$giga -> $224m to $469m (2.09x)
$spx -> $181m to $387m (2.14x)
$fwog -> $48m to $181m (3.77x from the low)
$michi -> $88m to $172m (1.95x)
$scf -> $57m to $108m (1.89x)
$lockin -> $14 .2m to $48m (2.67x)
$mini -> $12m to $37m (3.08x), new ATH
$sigma -> $7 .8m to $30m (3.84x), new ATH
$aura -> $6m to $26m (4.33x from the low)
$rocky -> $5 .55m to $13m (2.34x)
Rumors Of Satoshi's Identity
$sasha -> $7 .9m to $16 .6m (2.1x), "Bitcoin Cat", Len Sassaman's cat
$len -> hit $4 .79m, redacted Len
$len -> hit $3 .69m
$remus -> hit $2m , Len's dog
#nukumutu -> hit $1 .16m, Redacted Satoshi Nakamoto
- There's a new HBO documentary that claims to reveal Satoshi Nakamoto's identity (bitcoin's founder)
- People are trying to leak who they're going to reveal as Satoshi, there are claims that it's Len Sassaman
Murad Meta
$bingus -> $544k to $8 .4m (15.4x), based on a tweet of Murad shilling bingus back in December 2023
#everything -> hit $2 .56m, based on one of Murad's tweets from May
$morud -> hit $657k
- MustStopMurad recently did an interview where he discusses his thesis on memecoins
Elon Musk Changes His PFP
$dmaga -> $2 .2m to $12m (5.45x)
$based -> hit $1 .85m, "Make America Based Again"
- elonmusk's new pfp is him wearing a make america great again hat
Cat Memes
$bro -> hit $1 .44m, "bro the cat"
$faded -> hit $800k , faded a coin and now you're sidelined, good meme
$bobcat -> hit $335k
$squizo -> hit $215k
Eth Moo Deng
#moodeng -> $2 .67m to $50m (18.7x)
- Moo Deng on $eth has been pumping while the $sol one decreases, rumours of a T1 listing
Other Plays
$ernie -> hit $5 .21m, moonshot launch with new airlock - top 50 holders are periodically refreshed, $132k + in LP Rewards
$laszlo -> hit $1 .27m, famous transaction of 10k $btc for 2 pizzas
$srdog -> hit $718k , silk road dog, based on Ross Ulbricht (inventor of Silk Road)
$lgr -> hit $509k , Let's Get Rich
$usdc -> hit $472k , Unicorn Solami Donut Cat, good ticker
$minnow -> hit $427k
What are some of your conviction holds? 💰
2 months ago
Yesterday, 5 miner wallets containing 50 BTC each started moving their funds after about 15 years of inactivity. They were active at the end of January 2009, so they belong to the first Bitcoiners, or even to Satoshi himself!
3 months ago
🚨 BREAKING 🚨
This is crazy:
Interest expenses on the US federal debt have surpassed a RECORD of $3 billion PER DAY.
TRIPLING the amount paid 10 years ago and DOUBLING the amount paid just 2.5 years ago 😅💸
The bubble just keeps getting bigger, and the worst thing is that they are not doing anything to try to stop it...
Thanks Satoshi for getting us out of this... #Bitcoin
This is crazy:
Interest expenses on the US federal debt have surpassed a RECORD of $3 billion PER DAY.
TRIPLING the amount paid 10 years ago and DOUBLING the amount paid just 2.5 years ago 😅💸
The bubble just keeps getting bigger, and the worst thing is that they are not doing anything to try to stop it...
Thanks Satoshi for getting us out of this... #Bitcoin
4 months ago
📆 16 years ago, on August 18, 2008, the domain name bitcoin.org was reserved under the name of Satoshi Nakamoto.
The day before, that of netcoin.org had been reserved, suggesting that it was perhaps the first name chosen by the creator of Bitcoin 👀
The day before, that of netcoin.org had been reserved, suggesting that it was perhaps the first name chosen by the creator of Bitcoin 👀
4 months ago
📊 The 11 biggest holders of #Bitcoin in the world:
🥇 Satoshi Nakamoto
🥈 Binance exchange
🥉 Blackrock
According to EricBalchunas , BlackRock could even become "#1 by the end of next year, and will probably remain so for a very long time."
🥇 Satoshi Nakamoto
🥈 Binance exchange
🥉 Blackrock
According to EricBalchunas , BlackRock could even become "#1 by the end of next year, and will probably remain so for a very long time."
4 months ago
4 months ago
💬 “If you don’t believe me or don’t understand, I don’t have time to try to convince you, sorry.”
Satoshi responds to Dan Larimer, who questioned the scalability of Bitcoin 14 years ago today.
Satoshi responds to Dan Larimer, who questioned the scalability of Bitcoin 14 years ago today.
5 months ago
👉 Mircea Popescu, the man who held 1 million Bitcoin, found dead in Costa Rica.
On June 23, 2021, Mircea Popescu, a 41-year-old Romanian and Bitcoin maximalist, was found drowned off the coast of Costa Rica.
The man who claimed to hold 1 million Bitcoin is dead and his death raised many questions... What if it wasn't a drowning?!
The man who challenges institutions.
In 2012, Popescu created MPEx, a Bitcoin securities exchange.
The platform is very successful and quickly becomes a hub for the first Bitcoin IPOs.
Popescu gained a reputation as an early and vocal opponent of cryptocurrency scams.
He was quickly in the sights of the SEC, which accused him of providing tools to scammers via his Mpex platform.
Indeed, one of the most popular gambling sites of the time, Satoshi DICE, is registered on its platform.
But Popescu was known for mocking the SEC, all of whose correspondence he posted on his blog.
A holder too dangerous for Bitcoin?
“I like Bitcoin because I like freedom. It’s that simple,” Popescu said.
One of the theories about his death arises from the fact that Mircea held 1 million BTC.
Technically, if Popescu sells his 1 million Bitcoin, the price of BTC will drop drastically!
So in the minds of some, this power must be taken away from him, and if we cannot obtain what he has, then we must prevent him from having access to it...
On June 23, 2021, Mircea Popescu, a 41-year-old Romanian and Bitcoin maximalist, was found drowned off the coast of Costa Rica.
The man who claimed to hold 1 million Bitcoin is dead and his death raised many questions... What if it wasn't a drowning?!
The man who challenges institutions.
In 2012, Popescu created MPEx, a Bitcoin securities exchange.
The platform is very successful and quickly becomes a hub for the first Bitcoin IPOs.
Popescu gained a reputation as an early and vocal opponent of cryptocurrency scams.
He was quickly in the sights of the SEC, which accused him of providing tools to scammers via his Mpex platform.
Indeed, one of the most popular gambling sites of the time, Satoshi DICE, is registered on its platform.
But Popescu was known for mocking the SEC, all of whose correspondence he posted on his blog.
A holder too dangerous for Bitcoin?
“I like Bitcoin because I like freedom. It’s that simple,” Popescu said.
One of the theories about his death arises from the fact that Mircea held 1 million BTC.
Technically, if Popescu sells his 1 million Bitcoin, the price of BTC will drop drastically!
So in the minds of some, this power must be taken away from him, and if we cannot obtain what he has, then we must prevent him from having access to it...
6 months ago
Is OP_CAT the missing piece for BTC L2s?
This opcode has everyone talking; what does it do?
A beginner's guide 👇
Bitcoin L2s are the talk of the town, but not much of their promise has been realized yet.
What are Bitcoin's builders waiting for?
One significant proposal could help mature the Bitcoin L2 landscape: the reintroduction of OP_CAT. This opcode, which was disabled early in Bitcoin's history, could unlock new capabilities and pave the way for more sophisticated and trustless Bitcoin L2 solutions.
Let's dig into why this opcode could be so transformative for BTC 👇
What is OP_CAT?
Okay, so why is this seemingly random opcode so controversial? OP_CAT, or "Operation Concatenate" is an opcode in Bitcoin's scripting language that allows for the concatenation of two data elements.
Initially proposed by Satoshi Nakamoto, OP_CAT was disabled in 2010 due to security concerns related to its original implementation, specifically potential denial-of-service (DoS) attacks caused by unbounded memory usage.
The introduction of the Taproot upgrade in 2021 has mitigated these original concerns. Taproot enforces a maximum stack element size of 520 bytes, addressing the memory usage issue that led to OP_CAT's deactivation. With this security improvement and resurgent Bitcoin development interest, thanks to Ordinals and Runes, a movement to reintroduce OP_CAT to enhance Bitcoin's scripting capabilities is gaining steam, aiming to put more complex transaction capabilities in reach.
Are Covenants and Smart Contracts Different?
One reason why OP_CAT is so compelling is because it can actualize covenants, i.e. spending conditions, on Bitcoin. Covenants and smart contracts are both mechanisms for controlling the flow of funds in a blockchain network, but they operate in distinct ways.
Covenants:
Purpose: Restrict how funds can be spent in future transactions.
Functionality: Implement specific spending constraints, such as limiting addresses or setting conditions on fund transfers.
Complexity: Generally involves simpler, deterministic logic without loops or complex computations.
Implementation: Can be implemented using Bitcoin Script with enhancements like OP_CAT.
Smart Contracts:
Purpose: Automate a wide range of processes and transactions.
Functionality: Handle complex tasks such as decentralized exchanges, token issuance, and multi-party agreements.
Complexity: Support complex conditional logic, including loops and intricate computations.
Implementation: Commonly implemented on platforms like Ethereum using high-level programming languages.
Why Does OP_CAT Matter for Bitcoin L2s?
OP_CAT would prove crucial for advancing Bitcoin L2 solutions because it enhances the scripting capabilities needed for more complex and trustless Bitcoin infra. First, OP_CAT allows for covenants, enabling the construction of more complex scripts. This is essential for creating advanced transaction conditions and functionalities required for L2 solutions.
Additionally, if OP_CAT is activated, projects like StarkWareLtdare on standby to develop atop it. StarkWare has plans to leverage OP_CAT for bringing zero-knowledge (ZK) scaling to #Bitcoin to enable advanced financial instruments and apps on the network. StarkWare’s involvement here underscores the broader ecosystem's readiness to capitalize on the enhanced capabilities that OP_CAT would introduce.
As such, as the community continues to explore and test the possibilities around this proposal, the future of Bitcoin L2s looks promising and ripe with potential. At this point, reactivating OP_CAT seems like a matter of when not if!
Written by
WPeaster
This opcode has everyone talking; what does it do?
A beginner's guide 👇
Bitcoin L2s are the talk of the town, but not much of their promise has been realized yet.
What are Bitcoin's builders waiting for?
One significant proposal could help mature the Bitcoin L2 landscape: the reintroduction of OP_CAT. This opcode, which was disabled early in Bitcoin's history, could unlock new capabilities and pave the way for more sophisticated and trustless Bitcoin L2 solutions.
Let's dig into why this opcode could be so transformative for BTC 👇
What is OP_CAT?
Okay, so why is this seemingly random opcode so controversial? OP_CAT, or "Operation Concatenate" is an opcode in Bitcoin's scripting language that allows for the concatenation of two data elements.
Initially proposed by Satoshi Nakamoto, OP_CAT was disabled in 2010 due to security concerns related to its original implementation, specifically potential denial-of-service (DoS) attacks caused by unbounded memory usage.
The introduction of the Taproot upgrade in 2021 has mitigated these original concerns. Taproot enforces a maximum stack element size of 520 bytes, addressing the memory usage issue that led to OP_CAT's deactivation. With this security improvement and resurgent Bitcoin development interest, thanks to Ordinals and Runes, a movement to reintroduce OP_CAT to enhance Bitcoin's scripting capabilities is gaining steam, aiming to put more complex transaction capabilities in reach.
Are Covenants and Smart Contracts Different?
One reason why OP_CAT is so compelling is because it can actualize covenants, i.e. spending conditions, on Bitcoin. Covenants and smart contracts are both mechanisms for controlling the flow of funds in a blockchain network, but they operate in distinct ways.
Covenants:
Purpose: Restrict how funds can be spent in future transactions.
Functionality: Implement specific spending constraints, such as limiting addresses or setting conditions on fund transfers.
Complexity: Generally involves simpler, deterministic logic without loops or complex computations.
Implementation: Can be implemented using Bitcoin Script with enhancements like OP_CAT.
Smart Contracts:
Purpose: Automate a wide range of processes and transactions.
Functionality: Handle complex tasks such as decentralized exchanges, token issuance, and multi-party agreements.
Complexity: Support complex conditional logic, including loops and intricate computations.
Implementation: Commonly implemented on platforms like Ethereum using high-level programming languages.
Why Does OP_CAT Matter for Bitcoin L2s?
OP_CAT would prove crucial for advancing Bitcoin L2 solutions because it enhances the scripting capabilities needed for more complex and trustless Bitcoin infra. First, OP_CAT allows for covenants, enabling the construction of more complex scripts. This is essential for creating advanced transaction conditions and functionalities required for L2 solutions.
Additionally, if OP_CAT is activated, projects like StarkWareLtdare on standby to develop atop it. StarkWare has plans to leverage OP_CAT for bringing zero-knowledge (ZK) scaling to #Bitcoin to enable advanced financial instruments and apps on the network. StarkWare’s involvement here underscores the broader ecosystem's readiness to capitalize on the enhanced capabilities that OP_CAT would introduce.
As such, as the community continues to explore and test the possibilities around this proposal, the future of Bitcoin L2s looks promising and ripe with potential. At this point, reactivating OP_CAT seems like a matter of when not if!
Written by
WPeaster
Sponsored by
Kitten Haimer
15 days ago
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