There exists a facet of truth in the cliché of innocent dreamers and idealists, or cold, pragmatic realists and skeptics. Clichés don’t emerge without basis; there is a nugget of reality to them, otherwise, they would not proliferate as an idea so readily. However, they, along with the perspectives they represent, are often amplified beyond that nugget.
Currently, Bitcoin finds itself embroiled in a tug-of-war between the naive idealists and the disillusioned skeptics.
On one side, the idealists contend that we have already triumphed. We need not exert any effort; Bitcoin is effortlessly assured of success. It is destined to dominate globally, with ownership spreading to all, standing as the ultimate store of value. That, in itself, suffices for victory and prosperity. No enhancements required.
Conversely, the skeptics assert that we have failed, or will soon. They believe that without a complete transformation that alters Bitcoin fundamentally, there’s no way it can thrive in the world. It will become ensnared and ineffective. “Where to begin?” is the answer to inquiries about what enhancements are necessary.
Both of these extremes that overshadow the public narrative divert attention from two crucial elements: the reality of what can already be accomplished with existing resources and how significantly that reality can be broadened through even the most minor and straightforward improvements.
As it currently stands, Bitcoin’s capability to maintain any level of censorship resistance and privacy for a substantial portion of the global population relies on custodians. The optimal strategy in this regard involves numerous small and community-run chaumian ecash mints; however, operating an ecash mint necessitates managing a Lightning node.
Lightning is intricate, and mismanaging or losing the latest channel state can result in total financial loss. The structure permits your counterparty to seize your entire funds if you attempt to use an outdated channel state after it has been updated. CTV + CSFS would introduce LN-Symmetry, a form of Lightning channel that offers a new mechanism for channel functionality. Instead of relying on an obsolete state that could allow the other party to acquire all your funds, LN-Symmetry channels would enable them to effectively “cut through” all intermediary states and convert your old state into the most recent one on-chain, guaranteeing everyone receives the appropriate amount of money.
This single minor adjustment (and this certainly does not encompass the full range of what CTV + CSFS facilitates) would profoundly alter the landscape of who would be equipped and inclined to manage a local ecash mint. The danger of mishandling that could lead to the loss of everyone’s money would nearly vanish.
This singular enhancement would significantly bolster Bitcoin’s prospects of remaining private and resistant to censorship. Does it extend self-custody to the global population? No. Does it considerably enhance Bitcoin’s value despite the assertions of store of value maximalists that improvement is unnecessary or unattainable? Absolutely.
Bitcoin enthusiasts must stop fixating solely on the extremes and poles when it comes to possibilities within this domain; there exists a vast, largely uncharted area between them. If we truly aim to understand our chances of success, the boundaries of what we actually can and cannot accomplish with Bitcoin, we must delve into that space.
This article is a Take. The views expressed are solely those of the author and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
