Move BTC with Zero Fees in 15 Seconds - CTT Podcast Ep. 95

in LeoFinance5 months ago

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The CTT Podcast is hosted by @starkerz and @theycallmedan, co-founders of @threespeak.

This week's thumbnail was created by @vickoly and edited by @eddiespino.



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BTC transfers on Hive:

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Check out our last posts:

Our Hive Power Delegations to the November PUM Winners
Feedback from the December Hive Power Up Day
Hive Power Up Month Challenge - November 2023 Winners List

There very few people getting flagged for opinions.
They can be found, if you look.

@freebornsociety follows most of the flags being thrown, if you follow along on hivetasks, you can see much of what gets flagged day to day.
If you see an account that flags, but isn't being followed, please leave a comment for them.
FBS also follows a changing list of the largest curators, too.
If you want to see where much of the inflation is being sent, you can follow that, too.

IF you want to see if those favored folks are dumping, you can hover over the username and their hp will popup.
If it doesn't popup, look in hivetasks' settings and change the default.

When those dumpers figure out the power they gave away for pennies, they are gonna be mad, imo.

It's heartening for me to see the activities coming back, talkshows have been off the menu for too long, imo.
The 2 year development walkabout that stinc took so their bidbot buddies could reap us is finally having it's impact blunted.
Thanks to those causing that.

Here is a detailed summary article about the Community Token Talk Podcast episode:

Bitcoin on Hive: A Game-Changing Breakthrough

The Community Token Talk Podcast hosted by TheyCallMeDan and Starkerz recently featured a fascinating discussion about a groundbreaking new development - the ability to transfer Bitcoin on the Hive blockchain with zero fees. This represents a major milestone that could have far-reaching implications for the broader crypto ecosystem.

The hosts began by encouraging listeners to share the episode and let people know they would be testing an alternative to the Lightning Network. They invited guests to join the show and share their perspectives, with the promise of a chance to win some free Bitcoin.

The conversation then turned to the limitations of the Lightning Network, which TheyCallMeDan believes will become heavily centralized. He emphasized the need for a fee-less, non-KYC way to move Bitcoin off the main Bitcoin chain, where fees are expected to continue rising due to the game theory around miner subsidies. The Lightning Network, with its "bring-your-own-node" model, comes with significant risks both to users' capital and potential regulatory issues.

In contrast, the new system being built on Hive provides a decentralized, censorship-resistant way to transfer Bitcoin with no fees. Starkerz explained that this is crucial, as the biggest attack vector for the Hive ecosystem right now is over-reliance on centralized exchanges. They have been working on a solution to this problem, with some major changes in the works.

The core of this new system is the ability to wrap Bitcoin onto the Hive blockchain, creating a token called wBTC (or potentially something like "fBTC" for "free BTC"). This allows users to seamlessly transfer Bitcoin within the Hive ecosystem at no cost, without having to run their own nodes or trust a centralized entity. The hosts emphasized that there is no central party that can shut down or be compelled to shut down this system.

However, the current implementation has a key limitation - the wrapping process requires users to deposit their Bitcoin with a validator (in this case, Vaultec), who must over-collateralize the bridge with HBD to ensure the safety of the wrapped Bitcoin. The hosts expressed a desire to see this over-collateralization model made more transparent and decentralized in the future.

Looking ahead, the hosts discussed the exciting potential for this technology. They envision a future where users can easily deposit Bitcoin and receive liquid HBD that they can then spend using the V4V app or other Hive-based services. This would create a truly decentralized, censorship-resistant financial system built on top of Bitcoin.

The hosts also highlighted upcoming developments in the Hive ecosystem, such as the launch of a testnet for the SPK Network, which will allow users to earn rewards for storing off-chain content. Additionally, they teased improvements to the Hive onboarding process and the upcoming release of tokenized communities, which will enable the creation of self-sovereign platforms with built-in incentive structures.

Overall, this episode showcased the innovative work being done on Hive to create a functional, user-friendly layer on top of Bitcoin. By leveraging Hive's unique properties, the community is working to address some of the key limitations of the current Bitcoin ecosystem, potentially paving the way for wider mainstream adoption. As the hosts emphasized, this is a real "weapon" in the fight for digital sovereignty and financial freedom.

Notice: This is an AI-generated summary based on a transcript of the video. The summarization of the videos in this channel was requested/approved by the channel owner.