* ORIGINAL PANEL TITLE: CROSSING THE CHASM
* SPEAKERS: PRESTON PYSH, LYN ALDEN, MICHAEL SAYLOR, LARRY LEPARD
* CONFERENCE: [BITCOIN ATLANTIS](https://bitcoinatlantis.com/) 2024

## INTRODUCTION

The panel discussion “Crossing The Chasm” tackled Bitcoin’s mainstream adoption challenge head-on. Michael Saylor, Lyn Alden, and Larry Lepard, offered deep dives into Bitcoin’s journey since 2020. Saylor charted the evolution of his #Bitcoin conversations from initial skepticism to a steady increase in constructive institutional interest. Alden highlighted the change in perception from Bitcoin being an oddity to a recognized asset, punctuated by each high and low in its price chart. Larry Lepard’s transition from gold to Bitcoin enthusiast symbolizes a broader acceptance of digital currency. As these experts shed light on the nuances of Bitcoin’s march towards widespread adoption, they revealed a collective effort to transform Bitcoin from a financial outlier to a bedrock of future economies. Let’s dive in!

### Preston Pysh

All right, so I have a personal question I’ve got to ask Michael, and I think everybody up here wants to hear this question. So, when you first came into Bitcoin in 2020—and we are going to get to the future of Bitcoin—but this very first question I have to ask: When you came to Bitcoin in 2020, I’m sure you had some fiat whales that you talked with, and you had conversations about why you were buying Bitcoin. I’m curious, what the difference, or the delta, is to those same conversations with some of the people now, and obviously, you don’t have to name names, but what has that been like in the past four years? What are these conversations sounding like right now?

### Michael Saylor

I had a lot of conversations in the fourth quarter of 2020 where people would ask me what we did and why we did it. Some of them went on to buy Bitcoin; many of them bought Bitcoin and then sold it when the market crashed, and they disappeared. Then I would see them again, and they would say, “Yeah, I guess I shouldn’t have done that.” I think the number of people interested has been building steadily since the beginning of 2023. 2022 was a difficult year where you just had to explain the crypto crash, but I think every single quarter since 2023, the number of inquiries and conversations has been building, and they’ve become more constructive.

I think the difference today is that now you start to see a lot of big names like Citadel, Blackrock, and Fidelity that own stock in my company, or they’re into Bitcoin. So, I think my status as an institutional spokesperson for Bitcoin is dwindling, and now that torch is being carried by the analysts at Fidelity, Blackrock, Bitwise, Ark, or many of the other ETFs, and I’m happy to see that.

### Preston Pysh

Lyn and Larry, any further comment? I mean you guys talked to some Heavy Hitters, what do you guys see?

### Lyn Alden

I definitely think we’ve seen a shift in the Overton window. Back then, Bitcoin was still viewed as very niche, very weird. A lot of assets soared in the second half of 2020. A lot of people, when they looked at Bitcoin, were like, “Oh, that’s just a liquidity thing; it’s just a flash in the pan.” Most people here have probably seen the logarithmic price chart of Bitcoin. It’s a very common thing you’ll see on Bitcoin Twitter; you’ll see it everywhere. You see all the highs and the lows. But most people in the world have not seen that chart, right? So that’s in our echo chamber. That’s a very common chart to see, the long-term price of Bitcoin, especially in log terms. You can see all the higher highs, higher lows.

Most people have not seen that, and instead, they only see the cycles that they personally witnessed. They usually look at the linear chart, which at any given time either looks like an insane bubble or it looks like a broken bubble, and that’s how most of the people see it. They don’t really see those older cycles generally, so at this point, they might have seen the 2017 cycle, they might have seen the 2020 bull market cycle, and for them, there’s really only been those two cycles. They know Bitcoin’s older than that, but they don’t really see the price chart in their mind, and I think what catches people is when there’s another high and another higher low, and another higher high and another higher low, every single one of those is like another point to them that Bitcoin didn’t die.

So they don’t see the four-plus cycles; they see two or three, and the third one, I think, is pretty important. When you see something not die three times, that’s hard to really ignore. So I think that at the institutional level, we’re having some discussions with institutions, and those go a lot smoother than they did a handful of years ago.

![](https://cdn.satellite.earth/65fbb626416e62ed16de79c9dabc1ad7c89f44fe5c67cd3126735464f269d037.png)

### Larry Lepard

First of all, let me just say, somebody pinch me! I mean, it’s like I’m a club player for Bedford, and they say, “Let’s go scrimmage with Messi and Ronaldo.” I’m like, “What the heck am I doing here? I’m just an old fart gold guy!” I view my role in this whole thing as converting gold guys into Bitcoin because they get half the problem. They understand the monetary debasement issue, but they just have the wrong tool, as Michael says.

Thank God Bitcoin came along and gave us a much stronger and better weapon, which I’ve increasingly embraced. Now, I’m a full-fledged Maxi and out of gold, or getting out of gold. But, you know, I’ve seen in my base probably a 50-50 conversion. Some people are just too “dyed in the wool” and can’t get over the physicality issue. They don’t understand the future. They don’t want to take the time, don’t want to do the work.

I’ve seen others who’ve completely flipped. A notable one recently was Chris Irons of “Quoth the Raven,” who was a very smart guy and understood the debasement issue but was anti-Bitcoin because he hadn’t done the work. So, I just kept working on him, and working on him, and working on him to do the work, and now he’s a raving Maximalist. It’s really fabulous, so it goes both ways; some guys get converted, and some don’t. We just have to keep chipping away. I think Michael’s point from his brilliant speech earlier, that it’s incumbent upon all of us to spread the word because this is the solution to all our problems, is very important.

### Preston Pysh

If we’re looking at Bitcoin time now, and a little bit of the past, and we have to find kind of where we’re at, we look to the next six months to a year. I think everybody in this audience is looking at the number of coins that are getting gobbled up on a daily basis, and they’re then looking at the supply suffocation that they know has happened over the last year and a half. Everybody on CNBC wants to talk about all the coins that are being bought. But what they’re rarely talking about is the amount of coins that the crazy Bitcoin people soaked out of the market for the last year and a half and how scarce it is with 70% of the coins not moving in more than a year.

So, when we look at that, and we understand what that means, 10,000 Bitcoin are getting soaked up just on ETFs alone, and there’s 900, soon to be 450, being issued per day. I’m looking at that and I’m saying, “This price is going to move out so aggressively.” What has not been built that worries you? What is the thing that you think needs to be built or engineered, or infrastructure that needs to be in place in this coming year that maybe isn’t built?

### Lyn Alden

I think that basically, pain points reveal themselves in each cycle, and things get built kind of in response to problems. So it’s one thing to look forward and see what problems are going to exist, and there’s always people trying to do that, but it’s not really until they need the solution that they turn to it. For example, when there are low fees in main chain transactions, people don’t really look at other payment layers that much, but then when there are high fees on the main chain, suddenly those other layers matter to them, and suddenly there are more people willing to build layers because there’s a more clear demand for it.

I think that we’re going to see a number of pain points along the way, probably fees being one of the notable ones, during manias or when people are putting other things on the chain, all sorts of reasons. I think that’s one of the things, that there’s going to be that shortage and there’s going to be a response to it.

To your point, I think that the HODL wave, the 70% of coins you said haven’t moved in a year, that’s arguably as big of an effect as the halving in every cycle. For people that aren’t familiar with it, during a raging bull market in Bitcoin, generally, you see some of those older coins that haven’t moved in a while start to come to the market. People are up 5x or 10x or more on their investment, some people trim their position, or they want to buy a house and they need a down payment. There’s Bitcoin that starts getting sold as the price goes up.

Eventually, that exhausts the new demand that’s coming in for the cycle, in addition to all the other meme coins and everything else soaking up excess demand. But then, during the bear market, a lot of the fast money gets out, and over a year or two or three years, more and more of those coins gravitate into hands that are really not going to sell anytime soon. They’re either in Microstrategy, where they’re never going to be sold, or they’re with various people that are holding for five years or 10 years; they don’t plan on selling anytime soon. Then it only takes a very small spark of new demand to come into that wall of “not going to sell,” and that’s what we’re seeing now if a fairly modest amount of new capital is coming into the space but so many of those coins have already rotated to the diamond hands and away from the fast money. I think that this is still a cycle that will probably last another 12-24 months.

### Michael Saylor

I don’t think anything has to happen this year in particular; it’s already happened. But, I do think if we’re talking about the future of Bitcoin, I think that we’re in the Bitcoin Gold Rush era, and it started in January of 2024, and it will run until about November of 2034. It’s 10 years. The reason November of 2034 is an important date is that if you pull up Clark Moody’s dashboard, you’ll see that in November of 2034, 99% of all the Bitcoin will have been mined, and the last 1% comes out over the next hundred years.

For all practical purposes, stock to flow becomes irrelevant. The stock to flow ratio of Bitcoin is infinity in 2034. It’s within the tolerance of just random hourly trading of the asset, so it becomes noise. You have about 42 quarters until then, somewhere between 40 and 42 quarters. If you look at that 40-quarter period, at the beginning of the Gold Rush, no bank could custody Bitcoin, no institutional investor could buy Bitcoin, no Wall Street trading firm, no investment company could handle Bitcoin, and it was unclear whether that would ever happen. That was a binary.

When those spot ETFs were approved, that created a fire or an avalanche. The genie is out of the bottle. It doesn’t matter who’s elected president next, it doesn’t matter who’s the next head of the SEC, it doesn’t matter. No politician’s opinion, no banker’s opinion, no regulator’s opinion matters after that date. That was the most consequential thing that kicked off the gold rush.

Now, as of the first quarter of this year, which we’re in now, March 1st, 2024, every single institutional investor would have looked at this and said, “Bitcoin is interesting, but I can’t buy it.” You have 99% of the money in the world that has been unable to buy and unwilling to consider things. Institutional investors are like this; they could watch your company and have a million opinions, but don’t really care. Then you could go to them on a Tuesday morning and say, “Do you want to buy $50 million worth of this security?” and they’ll look at it and they’ll give you an answer by 4 p.m.

So when they can buy via their bank, their institutional wirehouse, their prime broker, they will make a $50 million decision in one hour, and they will watch you and cheer for you, or laugh at you for 20 years when they can’t buy. So we flipped a switch in January 2024. What you’ve got is 40 quarters of people getting educated. Here is what happens next: all those ETFs, they’re only distributed through 20% of the distribution channel right now, maybe even 10%, so that distribution is going to go from 10% to 20 to 40 to 60 to 80, and there’ll be a point at which all the investors can buy. So you’re going to see resistance drop, you’re going to see all the major banks add support.

The next question is, “Is it creditworthy? Can I borrow against the asset?” No major bank in the world will give you a loan against those ETFs yet. They’ve all got clocks that are running after 30 days, after 90 days, after six months, after a year. So first, they let you buy it, then they loan you money against it. None of those instruments can you trade options on. You can’t buy or sell puts and calls on a spot ETF. That’ll be a year.

What you’re going to see is it’ll take years for the distribution to open up, for the credit capillaries to work, for the volatility trading to kick in, for the hedging to kick in. Then you’ll actually see all the big banks that don’t like Bitcoin getting pressured to custody it because their biggest customer wants them to. So right now, you can’t custody, but there’s a big battle afoot on Capitol Hill. That battle will take place, Bitcoin will win that battle, then you’ll see banks custody. Then you’ll see one, then you’ll see 10, then you’ll see a hundred, then you’ll see a thousand. Likewise, there will be famous analysts. You can name the analysts that cover Bitcoin today, Lyn Alden, Chris Kyper, Yassin.

But, there’ll be a day when there’ll be 200 analysts, and you won’t be able to name them all. There’ll be a day when Bitcoin ETFs have already blasted past gold, and then Bitcoin ETFs trade more than the S&P index ETFs, and there’ll be a day, I believe, when Bitcoin ETFs will have more capital than SPY or the S&P index, and on that day, the people at Vanguard will say, “Oops, I guess all the money just shifted out of equity.” But that day won’t come tomorrow; it’ll take many, many quarters, and by the time we get to 2034, I think you can say that the high-growth institutional adoption phase of Bitcoin has now moved to just the growth phase.

### Larry Lepard

I think the quick answer to your question is better layer 2. I mean, Lightning needs to get a whole lot better. A whole lot faster. I think it will. But let me give you a little bit of a longer answer to the question if you’ll indulge me. In the early 1980s, I started my business career. The IBM PC was introduced in 1980, and Microsoft came public in 1986. It came public at 14 times trailing and was growing 40% a year. At the time, if you were in the computer business, you were at IBM, or Prime, or DEC, or Wang, and the mini-computer was really the thing.

A lot of people regarded these PCs as toys, and I think it’s an interesting analogy that back at that point in time, software was regarded as risky because it was “ones and zeros,” and people didn’t see that there could be any value in it. They were thinking, “How can there be value in the software? It’s just written; it’s code; it has no value. The value’s in the disk drives, the value’s at IBM, the value’s in these hardware computers, with people who are making real stuff.” Sounds kind of familiar, right?

I recall a little further back, I’m at business school, and I’m with my business school roommate. He’s with his roommate from Harvard College, a guy named Steve Ballmer. We’re walking along the Charles River, and Ballmer says, “We’ve got this thing called DOS, and the entire world is going to need this thing. The entire world, everybody, is going to have it. It’s going to be a part of everybody’s life. This is going to be a multi-billion dollar corporation.” I looked at him; I thought he was nuts.

But then it kind of hit me; he wasn’t nuts. It was the base layer of the technology that allowed the PC to grow, and 40 years later, it is ubiquitous, and Ballmer’s obviously a billionaire, and Microsoft’s a multi-billion dollar company. I bought MSFT at the time, in 1986, when it came public, sold it three years later to buy a condo. It was a mistake. The split-adjusted price is 6 cents, and the stock trades at, you know, $290 today, so it was 4,700 times your money. The point I’m trying to make is that Bitcoin is the same thing, and people don’t understand it. They don’t understand that it is the base layer of money and it is going to absorb the entire monetary system given a long enough timeframe, at least in my opinion.

![](https://cdn.satellite.earth/c96a39924ce47d9e9c90e8f4a900f02aa8f97e62a109ff0e48b1bbc0ed69565c.png)

### Michael Saylor

Hey Larry, I got a question for you. Microsoft comes public 1986 yes? How many years after Microsoft became public did it take before investors thought investing in Microsoft was a conventional investment?

### Larry Lepard

Good question. I would say it really started to get going in the mid 1990s, maybe and late 1990s. At least 10 years, and it just kind of got progressively better, as you know, we could go look at the stock chart and see the curve.

### Michael Saylor

But for 10 years it was risky.

### Larry Lepard

Oh absolutely!

### Michael Saylor

You know what’s funny? What you just said, which is you bought it and then you sold it after you made some money, and so many people will do the same thing with Bitcoin.

### Larry Lepard

Exactly!

### Michael Saylor

In fact, they have said it, but you’ll see a generation of institutional investors. They’ll buy Bitcoin because it’s going up, and then they’ll sell it after they’ve made triple profit to take some money off the table. Then, 10 years, in 2035, they’ll look and they’ll understand it much better, and then they’ll think the way people think about Microsoft and Apple today, which is, you just never sell them; you just own them forever. By 2035, they’ll probably say, “Now, I think I just own it,” and Jim Cramer, if he’s still working on CNBC, he’ll be saying, “Yeah, Bitcoin, you just own it; you don’t trade it.” We’ll win him over.

### Lyn Alden

I think one thing that gets lost in the conversation is that institutions are made of people. There are people, and then there are institutions, often described as separate buckets, but institutions, of course, are just made up of a lot of people in an organized way. What you generally find when you talk to people in institutions is that there are a lot of people in institutions that do get it; a lot of them own Bitcoin personally, even up to the CEO level sometimes, but it has not gotten to the point where they could bring it or integrate it into their institution yet. They couldn’t put it on their big balance sheet; they couldn’t put it on their corporate balance sheet, their pension balance sheet, their asset allocation plan, even though they themselves are like, “Oh yeah, I own Bitcoin; I just can’t give it to my clients yet,” or “I can’t put it on the corporate treasury.”

As the asset goes through more positive cycles, as there are more milestones being met, they can start bringing that from their personal account and start actually doing some of the same actions that they’ve already done personally, just in their institution, in a more professional light because the asset’s got large enough, liquid enough, understood enough, that they can bring it to their peers.

### Preston Pysh

Everybody inside that institution knows who that person is because they just talk about Bitcoin all day long, right? So we covered 2024; that was the answer you got for 2024. Now we’re going to go to 2025. When you were talking about collateralized lending, Michael, I look back at Mt. Gox, absolutely devastating for folks that had deposits on Mt. Gox. This last cycle we had FTX, and many others that were doing lending.

There’s going to be big bankers, call it BlackRock, Fidelity, whoever, that maybe are listening to this conversation. If you could give them a bit of advice about how Bitcoin works and they’re going to be doing lending with Bitcoin, what would be your bit of advice to them right now?

### Michael Saylor

I don’t think they’ll have any problem against Bitcoin. The problem with these other examples is they’re all wildcat banks. Nobody in their right mind would put money in a private, opaque, un-audited operation run by two dudes out of their garage, offshore, without a mailing address. So, the problem wasn’t borrowing against Bitcoin; the problem was actually dealing with people running personal banks out of their basement, and they didn’t know how to run a bank.

The way all these wirehouses work right now is, you have a portfolio of assets, they mark them to market every day, and they give you margin loans with a loan-to-value no more than 50% or something, and they will adjust the advance ratio. The way they manage risk is they just mark them to market. They already know how to mark to market. With Bitcoin, they’ll just be able to mark to market at 24/7/365. Normally, the way they work is they would say, “We’ll give you a loan of x,” if your portfolio is Apple stock, and Microsoft, and Bitcoin, they’ll give you a loan of up to 20-30% of that, and then if those things trade down, they’ll just ask you to post more collateral, pay off the loan. That’s a business that works perfectly fine for the last 40 years. All their systems are wired, and the risk here is the people that got screwed in a Bitcoin loan, they didn’t get screwed because the Bitcoin collateral went bad, they got screwed because the bank stole their money.

So here you have JP Morgan, Citigroup, Bank of America, Wells Fargo, with trillion-dollar balance sheets. They don’t normally steal their clients’ money as a normal thing. They’re too big to fail. So, I think that anybody wanting a mortgage, or wanting a credit card, or a home loan, they would normally go to a mega bank anyway, and the problem in the market is those banks haven’t custodied Bitcoin, and because they don’t custody it, it’s not part of the collateral package. There are a lot of reasons why they haven’t, or they couldn’t, but as soon as they can, I actually think the rest of the credit issues become very straightforward, and you’ll find a bank will give you either that margin loan in lieu of Apple or Microsoft stock.

Or sometimes they’ll give you a mortgage and they’ll say, “Post some other assets as security against the mortgage,” and you end up posting some securities and you get a 30-year mortgage with some securities posted to get it going, and they may just take Bitcoin as that security to top up your mortgage, or refinance it.

### Preston Pysh

If I was going to push back on this, I think if Caitlyn Long were here, she would say, “There might be a frequency mismatch.” So, when we’re looking at the speed of settlement of Bitcoin, and we look at the volatility of Bitcoin, and then we look at traditional rails, equity certificates; what’s the frequency? Are they 24/7, that we can clear those? And if we’re posting collateral with things that can’t match Bitcoin’s frequency, does that pose a systemic risk for some of these custodians?

![](https://cdn.satellite.earth/85b78c02ea641b767fe2ded1a552ef3d08854f224674972699c223cc10b40036.png)

### Michael Saylor

I don’t think it poses systemic risk. You’re talking about 0.1% of the money. A big bank would give you a $100 million loan against Apple stock over the weekend if you had a billion dollars of Apple stock. If you had $300 million of Apple stock, they’d give you a $100 million loan over the weekend. Maybe something happens in China; Apple can’t manufacture iPhones, and in the morning, Apple stock gaps down. Well, the bank took the risk, not you, and the banks are already willing to take 48 hours or 72 hours settlement risk on all these other securities. They would be taking an order of magnitude less risk with Bitcoin.

So, Bitcoin derisks the bank, but the point really is the banks are already taking more risk, and they’re comfortable with it. They’ve got massive balance sheets; they’ve got hundreds of billions of dollars of equity capital. The point is the only thing that’s holding back Bitcoin credit markets is the big bulge bracket banks being able to custody Bitcoin. At the point that they begin to custody Bitcoin, they will start to extend credit as the natural next step. There’s nothing about the asset class that makes it harder for them. It’s a better asset for them to extend credit. It’s better than the hundred trillion dollars of equity; it’s not worse.

So, I actually think they will embrace it, and their view would be a lot less risk. It’s a lot easier to manage. The reason they’re not doing it now is not because there’s an issue with Bitcoin; it’s just they’re not able to custody it, and if they can’t custody it, there’s no handle on it. That’s why you don’t see that market taking off.

### Lyn Alden

I think there’s been good success, for example, companies like Unchained that have been around for quite a while doing Bitcoin collateralized loans, and I, you know, you mentioned Caitlyn. I think a key thing she would point out is the difference between commodity credit and circulation credit, as Mises has described it, which is basically whether or not you can then take the collateral, rehypothecate it.

The ones that have been doing this successfully through multiple cycles, the key is that the collateral is safe; they’re making low loan-to-value loans against collateral, and then they’re holding the collateral safe rather than lending out the collateral and creating this big rehypothecated monster that they can’t deal with. So the firms that have done that well, they’ve experienced little or no credit losses because it’s done prudently, and I think we’ll see larger and larger institutions get into that over time because it’s a loan type that makes sense amid the other loans that are out there.

### Preston Pysh

When I think about 2024-2025, regarding all these people around the world that are dealing with horrific currencies, and they’re unbanked, and the payments side of the house. How do you guys see that playing out in the coming two to four years with what’s currently built?, where Lightning’s at, some of the technologies that are on the horizon? How do you see the order of technology manifesting itself in the coming two to four years?

### Michael Saylor

I think there are a thousand different on-ramps; it’s not one. Lightning is an important layer 2, but there’s a dozen Bitcoin wallets in every country, there’s a dozen Bitcoin exchanges, there’s peer-to-peer. It’s a different story in every country. In Africa, a different story, in every country in Asia, it’s going to be an evolving story, and you’re going to see people develop a lot of competitive layer 2s.

You’re going to see people develop competitive layer three apps, competitive exchanges. Some people will be good, some companies will move fast, some will move slow. There’ll be regulatory turmoil. I could have predicted, like in Argentina, I would have said at some point Argentina will close the door to Bitcoin before Javier was elected. I would have thought that they’re going to institute capital controls, but then that election turned everything 180 degrees, and it went the opposite way. So, politics is chaos. Then you saw the opposite thing happening in Nigeria, where that was 400 Naira to the dollar, and when it jumps to 1,200 Naira to the dollar, they’re closing the onramps to the custodians, but non-custodial solutions become all the more compelling then, right?

So, I don’t think there’s one answer. It’s not even one best outcome or need in one country because it’s dynamically evolving based upon the politics and the circumstances in every single nation on the ground. It even changes by state, by province, right? So, I just think this is a classic market situation. The one thing that will happen is, all these currencies, as they weaken, there’ll be marketing events for Bitcoin. Everyone in a collapsing currency is going to look for a solution. More and more are going to hear about Bitcoin, then they’re going to want to be paid in Bitcoin, then they’re going to want to download a Lightning wallet, then there’ll be another wallet, then there’ll be a debate about what to do with it, and then some companies will fail, some will succeed, some governments will ignore it, some governments will embrace it, some governments will roll around in the mud with it.

### Preston Pysh

Lyn?

### Lyn Alden

One thing I described in my book is that there are 160 different currencies in the world. If you look historically at how money gets in and out, they all have varying levels of capital controls around them. The two ways money gets in or out are either through physical ports of entry, which are obviously very restricted — you can only bring so much cash or gold to an airport — and then wire transfers, which again are tightly controlled environments. So, when you have a space with a failing currency and millions of people, historically, the ways to get out were somewhat limited in terms of scale.

What things like Bitcoin and stablecoins do is, one, you can bring them through ports of entry with infinite value density, so it gets past that issue. Then two, I hire a graphic designer in country XYZ; she could hold up a QR code over a video call, or she can send a payment string over email or DM, and I can pay her over that and go around her local banking system. So, there’s obviously friction there for those trying to maintain those kinds of captive audiences in 100 plus different currencies around the world. But, what we’ve generally seen is countries try to block the exits and realize it’s not working. You mentioned Argentina; in 2022, a lot of banks that were going to get into Bitcoin, and the Argentina government stopped them from doing it. Then the next year, they extended it to the fintech companies, not even the banks. They never got to the point where they said “Bitcoin’s illegal,” but they were trying to make it harder and harder to do. Now, some of that’s being reversed.

We also saw in Nigeria they went through a phase where they blocked all the banks from sending to exchanges. Nigeria then developed the largest peer-to-peer market volumes in the world, according to most measurements, if you look at chain analysis. Basically, whenever there’s friction, if the people want it, the tool is so powerful that they can route around blockages until the problem at the top is forced to change and modify their strategy. So, I think we’re going to see more and more ways of that. We’re going to see frictions, and then we’re going to see overcoming frictions, and then we’re going to see new frictions, and overcoming frictions because the tool itself is so powerful that it gives you so many ways to route around problems when they emerge.

![](https://cdn.satellite.earth/e347306e88fda594324f2cd2f726cc7d0b1edbce596b6d306de2bf26fbb541db.png)

### Larry Lepard

I agree with Lyn. Just quickly, a reminder that one of the original strong Bitcoin use cases was the Chinese. Wealthy Chinese who had a lot of capital and could not get it out and couldn’t put enough gold in their suitcase to leave would convert into Bitcoin, fly to Vancouver, convert back to Canadian dollars, and buy a house on the water. So, the capital controls that are likely to come from oppressive regimes just drive adoption and use cases.

### Preston Pysh

Let’s go to the next four to eight years. Because energy infrastructure takes time, four to eight years from now, how do you see energy production in Bitcoin? What is changing from what we’re seeing today? Is anything changing from the trends that we’re seeing today? Any insights in that area?

### Lyn Alden

I think it’s going to be more and more normal for Bitcoin to be used to soak up stranded energy. I think it becomes increasingly normalized. We often turn the light on, and it just works; we turn the light off, it goes off, but behind the scenes, it’s actually very complex because you have fluctuating demand for power, and you have fluctuating supply in some cases, or you have a supply that’s always online, it’s always producing like a hydro dam, and there’s fluctuating demand around it. So, how do you manage that delta, that gap between both sine waves fluctuating against each other, demand and supply? You need a really flexible source. Either you do things like natural gas plants that can turn on in a second, or you need to just waste the energy. If it’s always on like hydro power and people aren’t using it in the area, it just gets curtailed; it just gets wasted. Bitcoin represents this buyer that is low bandwidth. They can go into remote environments with very low uptime requirements, where they happen to have grids that go down a lot, and say, “Look, we’ll buy any spare energy for a couple of cents per kilowatt-hour.”

I think that it will be increasingly normal to have that be part of energy generation grid management. It’s just a natural thing. Then, at that 4 to 8-year horizon, I think that portable capital becomes a thing; you have this kind of portable capital in size that can move around the world. This basically rewards jurisdictions that respect capital and punishes jurisdictions that don’t. So, generally, you’ll see capital wants to flow out of the tighter jurisdictions and more towards the jurisdictions where capital wants to be, and this is a tool that just enables that, and I think that’s a good incentive structure to exist in the world.

### Preston Pysh

Michael, regarding AI in the future, including AI data centers, GPUs, and the associated energy intensity, do you foresee any relationship with Bitcoin mining in the next four to eight years? Or do you believe that the availability of cheap energy predominantly influences Bitcoin mining and is not necessarily geographically tethered to where large cities and the demand for AI and data processing are located?

### Michael Saylor

I think that Bitcoin uses maybe 15 gigawatts of energy, and it’s trending up, but I think that the Bitcoin energy fixation or narrative may have peaked, or will peak, in the next few years because Bitcoin is getting exponentially more efficient in using energy. Whereas if you look at AI, a lot of these hyperscalers are looking to scale up 60 gigawatts this year, and they’re wanting to go to 600 gigawatts within the decade. So what’s going to happen is they’re going to inherit all of the energy FUD that we used to have.

You’d think that 10 gigawatts is a lot of power, but when someone decides they want 100 gigawatts, now it’s real power. And so they will actually throw all their lobbyists at that, and I actually think that it’s pretty clear that civilization is headed toward using hundreds and then thousands of gigawatts of power. A lot of it will be for digital intelligence, AI. Some of it will go to secure digital money, you know what Bitcoin is, but clearly, the bigger idea is it seems inevitable that at some point, big Tech and the hyperscalers are going to actually overturn or reverse the stigma for nuclear power, and you’re actually going to see that Microsoft, and Amazon, and Apple will do for nuclear power what nobody else could do in 50 years because they’re going to need it to run their AI data centers. As for what I think about our relationship, I think if you look at Bitcoin companies today, you’d say, “Oh, here are 20 Bitcoin miners; those are the big Bitcoin companies,” but I actually think there’ll be an emergent new class of Bitcoin companies, and there’ll be applications on top of Bitcoin—layer 2, layer three, layer four, layer five applications—and they’ll be doing things that were inconceivable last year that are profoundly important to society.

So I think there’ll be a new generation of Bitcoin companies, and they may not actually be electrical energy intensive. I think they’ll be digital energy intensive. I think they’ll use Bitcoin on their balance sheets to do those things. I think that Bitcoin’s role is critical to securing the internet against all of the bad actors with AI. If you want to actually watermark, timestamp, cryptographically sign messages and documents and content, you’re going to need Bitcoin to do that as a system of truth. I think AI will drive demand for Bitcoin in that way, and then I also think that at some point, you could release an AI to run autonomously, and you’re going to power it with digital energy, which is Bitcoin. If you want to create an AI version of yourself and have it live on the internet forever, you better give it some Bitcoin. So I think there’s going to be an interesting demand function there.

### Preston Pysh

That’s amazing! All right, I want to take this opportunity to present you guys with a question that I think is a really powerful opportunity. If you could look into the camera and talk to the world leaders, presidents of countries, and give them a two- to four-minute elevator pitch of why they need to take Bitcoin really seriously, what would that sound like?

### Lyn Alden

I think there’s the proactive way or the reactive way. You want to take the proactive way so you don’t go through the phase where you’re fighting the whole time; you’re losing the battle against a decentralized thing that people want. Instead, you want to embrace it proactively and say, “Look, we want our people to own Bitcoin.

We want institutions that are making Bitcoin companies to come and make jobs here and create capital here.” I think that there’s like a time preference. A lot of governments will look and say, “This is a threat to our currency; this is a threat to XYZ,” and their first instinct is to push back on it. But that’s very short-term thinking. If they said, “If we look out 5, 10, 15 years, do we want to be a hub that portable capital wants to come to, that people want to live in, that people want to do business in, or do we not?” So, I think that if they just look out longer term, to not go down that short-term approach of trying to make those capital controls, those firewalls, to try to make the frictions, because it just doesn’t work. It’s just better to get in front of that and embrace it.

### Larry Lepard

I think what I would say is this: “Guys, we need to have a serious talk here, and the talk has to center around the fact that Keynes has driven us into a monetary cul-de-sac, and there’s no way out. We’re in a box canyon inside a plane, and we’re going to crash into the wall.

The reason is that the Keynesian system is built on fractional reserve lending, which requires increasing debt consistently in order to generate any form of GDP growth. We’ve gotten to the point at which the efficiency of that debt is extremely low, and so it’s growing in a way that cannot be supported by the underlying GDP. Therefore, the two possible outcomes are sovereign debt collapse or very, very high rates of inflation, potentially hyperinflation. The money is badly broken, and we need to fix it in as fair a manner as we can for everybody, and that is to return to some kind of a sound money standard. Bitcoin, in my opinion, is the correct sound money standard.”

Read Jeff Booth’s book and you’ll understand why we need a deflationary currency rather than inflationary currency.

Keynes was wrong, and money is really all about matching efficiency. The amount of money saved and the amount of money invested should balance one another; it’s what sets the interest rate. That’s classical economics. That’s really what we’ve gotten away from. The central banks control the interest rates; they manipulate it. We had 0% interest rates for years and years, and this is why we have this boom/bust cycle. It’s creating enormous wealth inequality, and it’s why you’ve got everybody screaming at each other and wondering what the hell is wrong. What the hell is wrong is that the money is broken, so we need to fix the money. If you want to be a true leader of your country, you need to educate all your people as to why we need to fix the money, how we’re going to fix the money, and reset the currency so that we’ve got a system that’s stable and sound for everybody.

![](https://cdn.satellite.earth/0f6143ccfabfdff3ba6fe8a1a411cc245c554fb4a14bad208dfb8ee84e56ad73.png)

### Michael Saylor

I wouldn’t even frame it economically. What I would say is that you’re responsible for a nation. The Romans were great because of their roads, and that gave them land power. Then the British Empire was great because they had ships, and they could find longitude on the ocean, and they had ports, and they had good rivers, and harbors, and that gave them sea power. Then at some point, we invented the airplane, and we had airports and aircraft, and that created air power. You can’t imagine a great nation without an airline; that’s why the nations subsidize the airlines. Then along comes generators, and coal, and oil, and we create electrical power. Then there are nuclear reactors, and you have nuclear power. Then we create rockets, and the great nations launch rockets and satellites into space, and that gives you space power. As you can see, your nation doesn’t have a future if you don’t have air power, space power, electrical power, land power, sea power. Even today, the United States is based on air power, sea power, space power, land power. Bitcoin represents digital power. If you want a future for your country, you need to harness digital power; it is the future.

If I have an airplane, I can go around the Earth in one day, and it’s very visible to someone. If you have a ship, you can haul a thousand tanks, and it’s very visible. When you have a road, you can move an army of 100,000 people; it’s very visible. What I can do with Bitcoin is I can move a hundred billion dollars in 30 minutes on Sunday afternoon from you to me and back again, and you can’t do that with any other technology. If you don’t think that’s important, then give me the hundred billion.

### Preston Pysh

I want to go down the line, one minute each. Everybody here, everybody watching on YouTube, or wherever they’re streaming this, they are asking what’s the most constructive thing I can do to move this forward? What’s the most constructive thing that everybody out there in the audience, listening to this, and watching this right now, that they can do?

![](https://cdn.satellite.earth/607df2d890c0f4140f891ba336c1009d5bae717b215641d5989a748ff3b03a64.png)

### Lyn Alden

I think it’s very local depending on where you are. Just buy it! Just have it, maybe gift a book to someone. I don’t think it’s the right strategy to go down and push it down other people’s throats, but basically be there, be willing to answer questions. Research it for yourself so that you’re ready to answer questions that come. In certain places in the world, I’m really excited about these Bitcoin hubs that are building. Here in Madeira, for example, that’s a Bitcoin hub. Bitcoin Beach was powerful enough that it inspired a nation to get more into it. We see multiple hubs in Africa, Asia, Latin America, and the United States. Multiple football teams are now embracing Bitcoin and holding Bitcoin on their balance sheet, and getting involved. Basically, if you have a business or you have an organization, adding Bitcoin to it is one of the ways to connect it and to make it better. So, I think that basically whatever you’re doing, figure out how you can do it in a way that is beneficial to the network, or just be a source of education to people around you and answer their questions..

### Michael Saylor

I would just say, cheerful constructive Bitcoin advocacy.

### Larry Lepard

I would just echo what Michael said. I think I’ve given away a lot of copies of Saif’s book, and I just try and let it percolate, and answer questions, and support people.

### Preston Pysh

All right give a hand to the panel here! What a thoughtful group [Applause].

-------------------------------------------------------------

* Follow the panelists: [Preston Pysh](nostr:npub1s5yq6wadwrxde4lhfs56gn64hwzuhnfa6r9mj476r5s4hkunzgzqrs6q7z), [Lyn Alden](nostr:npub1a2cww4kn9wqte4ry70vyfwqyqvpswksna27rtxd8vty6c74era8sdcw83a), [Michael Saylor](nostr:npub15dqlghlewk84wz3pkqqvzl2w2w36f97g89ljds8x6c094nlu02vqjllm5m), [Larry Lepard](nostr:npub1d3f4m9dgvkdjxn26pqzsxn6lpfn78sxwllxyt8mp76q0a9zyyjlswhr4xv)
* Watch the original content: [Click here](https://www.youtube.com/watch?v=SKAHlCpwsLc&t=29036s)
--------------------------------------------------------------

Disclaimer:
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CROSSING THE CHASM: EARLY ADOPTERS TO MAINSTREAM

Bitcoin's transition from skepticism to mainstream is driven by increased institutional interest, improved perceptions, and infrastructure advancements. The panelist's emphasize education, better Layer 2 solutions, and institutional support, among others.

This is a long form article, you can read it in https://habla.news/a/naddr1qvzqqqr4gupzqwr459kf0zq5x3nypn83c956mecssm8a6x3tjp85dtt9jxvgg4kfqqfxxun0wdekjmn8946xsefdvd5xzumdp5p9uw


Enjoyed this rip 🧡🧡🧡

nostr:note1hptwjgg3532xjehtpc6gz9sh5ex46rd3asm69jew30kr2pa0tkwqtcfct6


Right on pace for $50T by EOY 2030.


All those lads who held on while capital was deployed 🫡 ☠https://media.tenor.com/uTISeWIb0-gAAAAC/thats-right-cordell-walker.gif


“We must be more robust.”

nostr:note15ekf5t4gv2ja4xp28fywrr2f3jlzpc7spak6sml4cx5l4fkc8e4s248vgn


I remember nostr:npub1qg8j6gdwpxlntlxlkew7eu283wzx7hmj32esch42hntdpqdgrslqv024kw in an interview a while back talked about dismissing #bitcoin until 2013.

Even when #Satoshi reached out to him directly, citing Adams own work, it took Adam nearly 48 months to finally get it and start stacking. 🧡🧡🧡


KWYM… everything over #nostr is better


Capital gains taxes be like… nostr:note1tp9wsg78s7d4dk66l750gd0a5sq4z8353dxjcgqpjudm6dnd5awqeja8fw


Oof. Same here. Missing “Owned a Pager/Beeper”


B


Stumbled upon Chris Langan again today after several years. An interesting guy to say the least.

Thought to share this with the #nostr fam.

He came up with this model he calls Cognitive-Theoretic Model of the Universe (CTMU). Essentially, to explain the nature of reality from his perspective.

Primary components of CTMU:

1. Self-Processing Universe
2. Reality as a Language
3. Consciousness
4. Teleologic Evolution
5. Synchrony of Causality

Self-Processing Universe:
The universe is a self-processing, self-configuring informational system that essentially processes its own existence. Every part of the universe reflects the whole.

Reality as a Language:
Reality is treated as a self-contained computational system with internally generated rules, similar to a computer program.

Consciousness:
A fundamental feature of the universe, not just a product of the brain. It enables the universe to self-configure and process information.

Teleologic Evolution:
Combines purpose or goal-directedness with evolution, suggesting the universe evolves towards greater complexity and self-awareness through a form of natural selection on universal laws and properties.

Synchrony of Causality:
Cause and effect are interconnected in a feedback loop where the future can influence the present, tying back to the universe as a self-processing entity.

The part about Reality as a Language reminded me of all the talk out there about how we are in a "simulation."

The part about Consciousness got me thinking about #bitcoin (self-configuring).

The Synchrony of Causality part got me thinking about how in my own life, the destination/future is influencing the present.


What about this one?

12. Copy/Pasting from content already published online elsewhere auto-renders in markdown format to Habla editor.


You should be able to send a lightning invoice for your troubles.


🫡 I did my first cross publishing last week using Habla as well.


Which Client did you use for this writeup? Or did you just paste a markdown version right into the note?


🫡
nostr:note1fld3qp9nn3hatg2l97a0xtv07p0ustfvjucrnsxf7kphkk37fweq5zzv2f


Bitcoin fees are currently only a dollar, but niche programmers are suggesting to change the fundamental nature of bitcoin and increase its attack surface to make it more scalable… for people who don’t necessarily know or understand the trade offs of that scaling.

Scaling is an important discussion, but everything is a trade off. I like many of the scaling discussions, but rushing them is another matter.

It costs me $100 to buy a 1oz gold coin by mail, or to send signed documents internationally in a few days. Verification is expensive.

The idea that global monetary verification should be super cheap inherently comes with security trade offs.

All ideas should be evaluated carefully and come to major consensus. Otherwise change proposers risk a fork war.


💯
Don't fuck with my money unless it absolutely needs it. Even then, I'll decide whether I agree to your rules.
This is why we run nodes.


This section (called "Conquering the Mind") of a longer podcast from ~2020 with #NavalRavikant & #KapilGupta has too many great gems.

Too often we just go along with our mind without questioning it, or even realizing that we should be questioning it.

On Progress:
"Everything that you do in your life is defined by the destination."
"A human being becomes his environment, and that is why it is absolutely critical to savagely and surgically arrange ones environment in a way that is in accordance with where he wants to go." -Kapil Gupta

https://cdn.satellite.earth/923af1da2b0cbe29e4ebd2900d860acf68994dabcadf617aa1ab1006931801d3.mp3


The way social interactions felt to me in the days of forums and boards, like nostr:npub1ye5ptcxfyyxl5vjvdjar2ua3f0hynkjzpx552mu5snj3qmx5pzjscpknpr mentioned, they were much more of a low time preference activity, the interactions felt more meaningful.

Maybe because it was still new and fascinating. Everyone wasnt on it but everyone I knew was.

It’s everywhere now (social online) no longer niche part of life. It all feels very high time preference, little regard for substance, mostly.

For me, #Nostr is giving me the same vibes as the forum and board days. Hope it stays this way, even as it scales. I think it will.


Yes.

“…they (general social media user) have forgotten how to just talk to other people online.” nostr:note1wc4vqgmgqc9qnqjnsujdlde7g52m0hv7dwff9wfgmzak35zj38ssw8kj48


Boy you could built storm shelters and "bunkers" fast as fuck with this.

What this vide actually shows the versatility of the "Zipper Truck" system which helps create tunnels with openings very quickly with no permanent support work.

https://m.primal.net/IFvP.mp4


STRONG MOMS MAKE THE WORLD A BETTER PLACE.

GRATEFUL. IT AINT EASY.


Tango


Similar indeed. Thinking I’d rather own this than the R1.
CC: nostr:npub1qqqqqq0u2gj96tdfvqymdqn739k4s0h9rzdwyegfmalv28j7a5ssh5ntu2


Was reminded of the #JoeRogan interview with #NavalRavikant from 2019. Had many gems.   nostr:npub1rtlqca8r6auyaw5n5h3l5422dm4sry5dzfee4696fqe8s6qgudks7djtfs

https://cdn.satellite.earth/d46f59ab7bf1b5541c649b0bd2a8066f18bcaf92657c341c710f53ea156dfda4.mp4


These next few years are as existential for bitcoin as the Blocksize Wars.

Back then it was about who got to decide what bitcoin was, now it’s about what bitcoin is.

https://bluematt.bitcoin.ninja/2024/05/11/bitcoins-precarious-position/


Felt all these too. Caffein from coffee doesn’t hit me right. Prefer a good early grey or matcha tea. Though agree, best energy is the rested, refreshed, clear, and moisturized type energy.


“Money only solves your money problems.” another one.


Naval Ravikant used to talk about this a lot a few years back.


Thats interesting. What were the sleep cycles like before quitting caffeine?


* ORIGINAL SPEECH TITLE: CASHU: A CHAUMIAN ECASH PROTOCOL
* SPEAKER: [CALLEBTC](https://github.com/callebtc)
* CONFERENCE: BALTIC HONEYBADGER 2023

### INTRODUCTION TO CASHU FOR BITCOIN

I’m Calle, and I work on a Chaumian ecash protocol called [Cashu](https://docs.cashu.space/protocol). I want to begin by giving an introduction on Cashu for Bitcoin. I will skim over the basics of how this whole system works, and then I will point you towards some of the projects that we’ve been working on.

![](https://cdn.satellite.earth/3adb2e171cebd23f18ba9ae145eb26d384fa13a80acc6741b43ef96c274ffe23.webp)

### WHAT IS CASHU AND CHAUMIAN ECASH?

Cashu for Bitcoin is a Chaumian ecash project, and basically, the problem that we’re trying to solve is one of these two custodial risk problems:

1. The first one is that you can be rugged (custodial risk)
2. The second one is that you basically have no privacy (custodial risk)

The way every custodial service is built is that they must know your activity; otherwise, there is no other concept of building that service with privacy in mind unless you are using Chaumian ecash. We make use of Chaumian ecash in order to construct custodial systems that are fully unaware of what you’re doing.

![](https://cdn.satellite.earth/c69f08f5e2eeac38bc415913f0e696fad38b292512ac4be88acc932c7fe352cc.webp)

### OVERVIEW OF HOW CHAUMIAN ECASH WORKS

Referring to the slide above, we have our three actors: Alice, Carol, and Bob. The two users are Alice and Carol, and Bob is the Chaumian ecash mint. Alice has some ecash in her database (stored as a piece of data using a blind signature and a secret) and she wants to send money to Carol. Alice will pull up this stored ecash data from her database and just send over the ecash (using any medium).

However, to ensure the ecash isn’t double spent, Carol sends the ecash she received from Alice to Bob, the Chaumian ecash mint, for verification. Upon verifying that Alice’s original token has never been used before, Bob, the Chaumian ecash mint, issues a new token back to Carol. Carol then stores this new token in her own database, completing the transaction.

![](https://cdn.satellite.earth/c7da1ba1b620740a295a1d73ff1a3b40ac50e69d11054df15942eec3ed76e9a7.webp)

### PROPERTIES OF ECASH

The essential properties of ecash and why it’s interesting is that it is basically untraceable. Returning to the earlier example, Alice sends Carol the original ecash transaction. Carol then verifies with Bob the mint that the ecash hasn’t been double spent. After verifying that Alice’s ecash sent to Carol was not double spent, Bob issues/mints new ecash to Carol in the same amount Alice originally sent. This process ‘breaks’ the transaction chain, anonymizing the sender and recipient of the ecash.

As data, Chaumian ecash is also a bearer token, meaning that since you now have a piece of data that is money (ecash), you can now do what you like with it, such as embed it into data packages, put it into requests, put it into onions, and otherwise do things with it that you are typically unable to do in a ledger-based system.

### OTHER USES FOR CHAUMIAN ECASH

Some other things you can do with Chaumian ecash that you cannot do with a key-based system is push UX; imagine you take a piece of data (ecash) and you send it to your friends inbox, and that’s it, the transaction is complete, even if the friend is off-line. No need for your friend to generate an invoice and so on. In addition, using [Bolt 11](https://github.com/lightning/bolts/blob/master/11-payment-encoding.md), we will implement a pull based transaction system as well.

![](https://cdn.satellite.earth/5c61ef41ca3f9ed2d7c3994fdd6e15a1878a68c29753b7a007f4d35a4520c0ea.webp)

We’ve also been experimenting with programmable ecash, adding complex conditions like spending conditions. We encode these conditions in a secret that undergoes blind signing. Then, you can build features like ‘pay to public key’ and execute scripts to unlock ecash spending conditions.

![](https://cdn.satellite.earth/cd6089e48eb26b832ce1ce1f82b948643d308c02e566a6536ae20259c2383bdf.webp)

### CASHU PROJECT OVERVIEW

With Cashu for Bitcoin, we started building this ecash project with different implementations, focusing a lot on describing the protocol, specing it out similar to how BIPs, Bolts, the LNURL protocol, or the Nostr protocol works.

Cashu uses NUTs. NUTs stands for Notation Utilization and Terminology. [NUT-1 ](https://github.com/cashubtc/nuts/blob/main/01.md)through [NUT-7 ](https://github.com/cashubtc/nuts/blob/main/07.md)are the mandatory [Cashu protocol](https://docs.cashu.space/protocol) pieces that you need to implement in order to be a Cashu wallet or mint. Then there are additional optional protocols, and specifications that you can also implement to do things like, pay to public key, and so on.

It has been very fascinating to observe Cashu’s progression, because the project is only one year old, but has already come such a long way. I started working on this three days after last year’s Baltic Honey Badger 2022 Conference. So I come back here essentially one year later, and we can see how much it has evolved.

![](https://cdn.satellite.earth/b789300bc2ddefb5d67b550e60b198530309b0735ecb554d1d9150a07ebf8a37.webp)

### OVERVIEW OF CASHU WALLETS

Here’s one example that some people are working on, it is a wallet called [eNuts](https://www.enuts.cash/), an attempt to have a very user-friendly and novel custodial lightning wallet which allows you to connect to as many mints as you want, have all your balances in one place, and then, for example, send ecash over Nostr to your Nostr friends. This is possible because you can use any communication medium to transmit ecash. eNuts pulls up your Nostr contact list, and you just press a button, and you can basically send money to your contacts.

![](https://cdn.satellite.earth/d7bc542955ee93ff752498e04b79d59f1345e058c0b3333a2faa6a530b6f4c84.webp)

### DIFFERENT TYPES OF CASHU IMPLEMENTATIONS

Now I will give you an overview of different types of implementations that people have been working on. I just personally started Nutshell, which is a Python implementation. Then after that, a couple of people started working on their own Rust language mints, and a Golang mint and so forth. They are all basically interoperable.

People have also been working on different types of wallets as well, for instance command line wallets, web wallets, and iOS and Android compatible native wallets. It’s just amazing to see that people are taking this and running with it.

Furthermore, there are a few integrations. Because we’re focusing on building libraries, we design these libraries to help developers easily implement ecash. As a developer, the general experience is:

1. Import a Cashu library
2. Call *cashu.generate-invoice*
3. When that invoice is paid, you’ll get ecash in the library that you can store.

It’s easy to implement, and people have been implementing it into several Nostr clients already, such as Snort and [Amethyst](https://play.google.com/store/apps/details?id=com.vitorpamplona.amethyst). If someone sends you ecash via direct message on Nostr, Amethyst, for example, will render it as a widget where you just press a button, and then it gets sent to your lightning wallet, and that’s pretty cool!

There is also a category that I like to call “Novel Use Cases” for what you can do with ecash, and as opposed to what you couldn’t do with other payment mechanisms. I’ll discuss [ProxNut](https://proxnut.com/) a little later, which uses something we call [X-Cashu](https://github.com/cashubtc/xcashu). I’m also going to talk a little bit about what we’re doing with [Katzenpost](https://katzenpost.network/), which is a privacy mix network.

![](https://cdn.satellite.earth/22858f47c136c3bab37a15ee2b6451842edffe0498b73bf54cae95cc8f31c54e.webp)

### SUMMARY OF CASHU MILESTONES ACHIEVED SINCE Q3-2022

I want to spend a little time reviewing some of the milestones that we’ve reached in this past year. We have come a long way, but there is still more coming.

![](https://cdn.satellite.earth/100add7926593c3ee4aee69c2f5c702c85485cfc76343d6ca742c2ebb6ac09c4.webp)

### BITCOIN LIGHTNING INTEGRATION

Cashu for Bitcoin initially [started with a Bitcoin Lightning](https://blog.bitfinex.com/education/cashu-chaumian-e-cash-mints-over-lightning/) integration. This was the first thing that we did after building the ecash mechanism and then adding Bitcoin support to it. Cashu establishes a mint that generates ecash tokens via the Lightning Network, and uses blinded signatures to mint ecash tokens.

### DETERMINISTIC ECASH DERIVATION & SEED PHRASE BACKUPS

We’ve also merged into Nutshell something called *[deterministic ecash derivation](https://github.com/cashubtc/nutshell/releases/tag/0.13.0)*. It’s very similar to BIP32, where you generate addresses in your Bitcoin wallet. Previously, one of the biggest issues with ecash was that if you lose your wallet, and your money is gone. This is not an acceptable state to be in, especially if you want to make it useful for ordinary folks.

One way to mitigate a loss of money scenario is doing something that is very [similar to BIP32](https://github.com/bitcoin/bips/blob/master/bip-0032.mediawiki); you start with a random secret, and then you derive ecash secrets from that, which you then get blind signed by the mint, and you have ecash in your wallet. Now, when you lose your wallet, what you can do is you take your seed phrase again, regenerate blind messages, and then re-request the signatures from the server.

Basically, from a UX perspective, it goes like this:

1. You lose your phone
2. You enter your seed phrase
3. Then it takes a while to communicate with the mint
4. Then at the end, your ecash reappears in your wallet

The important bit is that privacy remains intact. However, during the correlation part, the mint might identify a particular user restoring their balance at the moment. Nevertheless, the system still maintains the ecash privacy properties.

### PROOF-OF-LIABILITIES SCHEME FOR PUBLIC AUDITABILITY OF ECASH MINTS

It’s very hard to audit ecash mints, primarily because it’s not on a blockchain. A very quick summary of how this proof-of-liabilities scheme works:

The mint has a set of private keys that it signs the ecash with. You issue ecash with the set of private keys, and after a short time (ie: one month), the mint rotates the keys into a new key set, which is basically like opening up a new ecash mint. On top of this, you can make it mandatory that all the old ecash gets recycled into the ecash of the new key epoch.

You can then simulate a perpetual bank run, forcing old key sets to go into a zero balance again by forcing users to switch over to the new keyset epoch. And with that, you can increase the probability of detecting whether the mint has printed more ecash than they have reserves in their Bitcoin on-chain wallet, for example.

This is a key part because proof of reserves is kind of easy, you point to the chain, and that’s it. Proof of liabilities is the other part of that, trying to convince others that you haven’t promised more than you actually have in your reserves.

### RECEIVER-OFFLINE TRANSACTIONS THAT ARE VERIFIABLY FINAL

We are working on receiver offline transactions, which is super interesting. You can lock ecash to a public key and verify that ecash. As a receiver, when I see ecash, I can verify the signature to see that it is locked to my public key. That means I can remain fully offline. As soon as I see ecash, the transaction is complete.

This is kind of magic because, imagine you’re in a bunker, there is no internet, you want to sell something, someone sends pre-locked ecash to your public key, and they can essentially pay inside the bunker without internet, letting you know that the transaction is final.

![](https://cdn.satellite.earth/d6bdff1898481579c6b436101e872f02ca429b871cefda6a12070b736651652f.webp)

### INTRODUCTION TO X-CASHU

I wanted to also jump into X-Cashu, which is one of the “novel use cases” that we’ve been exploring. Essentially by making use of the bearer token nature of ecash, you can add ecash into data packages to pay for stuff.

![](https://cdn.satellite.earth/4390cce11a19fcc0e1f5c990d0b1e471c41817e3b20395530a59ec7224a3261f.webp)

One of the things that you might know, for example, L402 by Lightning Labs or LSATs, it’s a mechanism to build paid API endpoints. Essentially, you ask the server, “Hey, can I get this endpoint?” and then the server says, “No, you need to pay for it.”

Now with X-Cashu, it’s a middleware that you can plug in front of your web server. It will just say, “Get some ecash first,” prompting you to add ecash to the request, and then you add ecash to the request to get the desired response.

[](https://cdn.satellite.earth/b8b9f43b36446c8ce5b63e592e6491735a79cfcc9da1749f37a9f52c4863ff4b.webp)

### LIGHTNING: THE CONNECTIVE TISSUE

Lightning is the connecting tissue for the Cashu ecash protocol, because ecash doesn’t make much sense if you cannot connect to other users on different mints. So this is essentially the first mint that I started. I can only exchange with people on the same mint, and we’ve also seen that I can exchange my ecash to bitcoin using the Lightning network with this mint connected to the Lightning network.

But there are other people on other mints. Some people will have balances on both mints, they could also act as a broker between ecash mints, which would be an interesting concept to see.

I think there is one project working on that in Cashu, but I don’t have more details on that at the moment. Nevertheless, you can do an exchange between mints if there’s a third party who owns assets on both of these mints. But what you would essentially always do in most cases is send a Lightning transaction between them, and this extends to a much larger scale.

[](https://cdn.satellite.earth/1ba2f82caf46d851f539b3bc257ccb29d002bb9d6afae6085fe0c9b2ac97fde7.webp)

### X-CASHU FOR WEB PAYWALLS

Let’s look at what X-Cashu looks like when implemented; there is a project called ProxNut and the goal of this project is to make paywalls using ecash backed by bitcoin.

Essentially, imagine this scenario: you click on a link to an article and go onto NewYorkTimes[dot]com. There, a subscription popup greets you, and a paywall restricts the content. But once you have subscribed through typical means to the New York Times, and have a balance on that website, it essentially needs to track you to know which articles you read and so on, in order to deduct your paywall balance while visiting the website.

So we’re trying to fix this using ecash, by creating a X-Cashu powered web paywall, if you will, that cannot know which user accessed which resource by essentially sitting in the middle between the user, and the New York Times. They cannot correlate which user is using the service.

![](https://cdn.satellite.earth/7c4dcb9e25021ef2867eab712359f1f1397316efeabf0bf753e22f3911084726.webp)

### ONION-ROUTED ECASH

Onion-Routed Ecash is a concept of adding ecash to requests. There is a fantastic guy, Jonathan Wilkins, one of the co-founders of Blockstream, he’s working on a very, very cool privacy-aware SIM card solution, and they want to offer extremely private VPN services, so to speak. And the way they want to do this is using a mixnet called “Katzenpost”.

It’s similar to a Tor network, but it’s a mixnet, so it’s very inefficient, but that allows you to even circumvent the traffic monitoring by the NSA, if you assume that the NSA is watching all your servers. Using Katzenpost, they couldn’t figure out who’s the sender and receiver of a package. So, if you want to use a privacy service like Tor and Katzenpost, the question pops up, which payment method is private enough and fast enough to use those methods.

### A DEEPER DIVE INTO THE “KATZENPOST” METHOD

**Cuts**
* This term refers to the process of dividing a message into smaller pieces or “cuts”. By breaking down the message, it becomes more challenging to track or identify the content as it moves through the mixnet.

**Post**
* The system cuts the message into smaller parts and then sends these parts through the mixnet independently. Once they reach their destination, the system reassembles or ‘posts’ them back together to form the original message.

So, we know that lightning sender privacy is excellent, but the receiver privacy is really not that good yet. Even lightning might not be fast enough to do it on a request basis. So, the idea here is, similar to proxnut, that you just can add ecash to the request that you want to send through this method, for example, Tor network, but the idea is that we can also wrap ecash inside layers of onions, and that’s how the Tor network and Katzenpost work.

### INTEGRATING ECASH WITH ONION ROUTING

See in the screenshot above how your request travels through the Katzenpost network, and observe how you encrypt and layer your onion. What you do is basically add ecash into every single onion layer. You can have multiple payments inside one data package, and as you send this onion across the network. Each party can then “peel off” one layer of the onion and take out some ecash and get paid for hosting a Tor relay, for example. And with that, you can make sure that there is no way to figure out who the users are who are paying for that.

![](https://cdn.satellite.earth/2c91646d8ca56f66190eb343f2e65e5d4ba897f4a5bae51e4a0ede56855a71d3.webp)

So, essentially, for these types of systems, you want the maximum amount of privacy, and ecash can really shine, especially in closed systems like a mixnet, like Katzenpost, and a system where you don’t want to compromise in privacy at all. We are happy to build this system on top of Bitcoin for the simple fact that it should be built on Bitcoin!

You could use other privacy shitcoins for it if you really wanted, but not even they have these privacy properties that ecash can provide. As for myself, I’m just happy to see that this almost ancient technology is experiencing a renaissance because of the developers in the Bitcoin space, with the Fedimint developers and the Cashu developers, who are really taking it back and bringing it somehow into the 21st century, which is really cool to see.

* Follow CALLEBTC: [Nostr npub](nostr:npub12rv5lskctqxxs2c8rf2zlzc7xx3qpvzs3w4etgemauy9thegr43sf485vg)
* Watch the original presentation: [Click here](https://www.youtube.com/watch?v=V6HBM7jL0cw)

Disclaimer:

Transcripts provided on bitlyrics.co represents solely the opinion of the speaker and is not by any means financial/legal advice or an opinion of the website. The content has been transcribed with maximum possible accuracy. Repetitions and fill words have been amended in order to enhance the reading experience. The full text may or may not be confirmed by the speaker. Please, refer back to the above-provided source of content for more certainty. If you are a speaker and wish to confirm/amend your speech please [contact us](https://bitlyrics.co/contact/).

ENHANCED PRIVACY: CASHU FOR BITCOIN USING CHAUMIAN ECASH SECURITY

Cashu is a privacy-enhancing protocol that utilizes Chaumian eCash principles for Bitcoin transactions. It allows secure and anonymous handling of Bitcoin through cryptographic tokens, ensuring transactions are extremely private.

This is a long form article, you can read it in https://habla.news/a/naddr1qvzqqqr4gupzqwr459kf0zq5x3nypn83c956mecssm8a6x3tjp85dtt9jxvgg4kfqqgkxctndp6j6en0wgkky6t5vdhkjmsjdgm8d


AI systems and services around the world, at scale, communicating with each other at light speed, non-stop 24/7, making micro payments (in #bitcoin) to one another to be able to render their own respective services to their respective users, into the foreseeable future, is totally mind blowing.

Thought stemmed from Blocks shareholder letter from nostr:npub1sg6plzptd64u62a878hep2kev88swjh3tw00gjsfl8f237lmu63q0uf63m

https://s29.q4cdn.com/628966176/files/doc_financials/2024/q1/Shareholder-Letter_1Q24_Block.pdf


This is true.


Tremendous work by the nostr:npub10pensatlcfwktnvjjw2dtem38n6rvw8g6fv73h84cuacxn4c28eqyfn34f #nostrdesign team

nostr:note12g03mlrkaznwc35883mgvkmfmvtdzqz0g03702m0z9ukhcvtv6xsejvg2y


Same. Back in the day when I was in charge of email, website, social media marketing for a company, that’s kind of what we obsessed over all the time. Always felt a little “dirty,” it still does. It’s one of the key metrics used to iterate and improve success of the various funnels.


Social communication breaking away from centralization be like…


🙏 Sir 🫡


At Bitlyrics.co, we are considering doing a cross publication of all of our transcript articles the to nostr ecosystem. Thinking they should go on Highlighter, or Habla but not certain. Where should we cross publish to?

nostr:npub1l2vyh47mk2p0qlsku7hg0vn29faehy9hy34ygaclpn66ukqp3afqutajft, nostr:npub1r0rs5q2gk0e3dk3nlc7gnu378ec6cnlenqp8a3cjhyzu6f8k5sgs4sq9ac, nostr:npub18ams6ewn5aj2n3wt2qawzglx9mr4nzksxhvrdc4gzrecw7n5tvjqctp424 Halp!

#asknostr


I wanted to make a shareable overview video that people can point their family and friends to about money, banking, and bitcoin.

“Read this 500 page book” doesn’t always go over well, but “watch this half hour video” is more approachable.

So, hopefully it’s helpful:

https://youtu.be/jk_HWmmwiAs?si=-8Okyee-gqeaPdvm


This is one of the few things that actually leaves me bullish. Look at Twitter sitting there in the dark all alone
nostr:nevent1qqs9l2ve4t59lyecys7f0km2rzxmpcxcd4umtn32mk3q35q4x7p49zcpgdmhxw309ahhsarjv3jhvctkxc685d35093rw7pkwf4xwdrww3a8z6ngv4jx6dtzx4ax5ut4d36kw6mwdpa8ydpkdeunyutzv9jzummwd9hkuq3qd03clrrrma7mlpxm0mz2dehmhkx3nh9rhxqwltgctpwyduztymusxpqqqqqqzrzmt5y


Web-of-Trust all the things! 🧹✨ #WoT
nostr:nevent1qqsrsvu9ddnl4794kvmu0ahklcwqc2krxzqf6wuav6r0tek0y7reahgpzemhxue69uhhyetvv9ujuurjd9kkzmpwdejhgq3qzafcms4xya5ap9zr7xxr0jlrtrattwlesytn2s42030lzu0dwlzqxpqqqqqqz5grk0w


Welcome 🤗

- Set up your nostr wallet
- Clients are like Apps
- Notes are like posts/tweets
- You cant edit notes yet
- You can’t really delete posts yet
- Zaps are bitcoins
- Relays send posts back/forth
- Your npub is your “username”
- Never share your nsec
- Get bitcoin off exchanges securely
- Stay humble and stack sats

Great resource:
https://nostr-resources.com/

Covers one Client, but very recent:
https://m.youtube.com/watch?v=Qd4Po4i7wvc&pp=ygUObm9zdHIgdHV0b3JpYWw%3D

🫡


Interns at the Federal Reserve be like…


I find #vintage product design up and architecture very appealing, particularly between the 1920’s to 1960’s. Check these transistor radios manufactured by Arvin.
https://m.primal.net/IEyU.jpg
https://m.primal.net/IEyV.jpg
https://m.primal.net/IEyW.jpg
https://m.primal.net/IEyX.jpg
https://m.primal.net/IEyY.jpg
https://m.primal.net/IEyZ.jpg
https://m.primal.net/IEya.png
https://m.primal.net/IEyb.jpg
https://m.primal.net/IEyc.jpg
https://m.primal.net/IEyd.jpg
https://m.primal.net/IEye.jpg
https://m.primal.net/IEyf.jpg


Huh… that’s very interesting.
https://m.primal.net/HrJF.jpg


Ostrich make more of a “booming” sound versus a smaller bird’s chirp or tweet. But “booming” a message doesn’t seem right. “Did you see that boom from Hodlbod today?” Nope, doesnt sound right.


Also brings new eyeballs to nostr:npub1yfg0d955c2jrj2080ew7pa4xrtj7x7s7umt28wh0zurwmxgpyj9shwv6vg >> Zaps/BTC >> Nostr that may otherwise not have known.


⚡ Pitch Contest voting ends tomorrow! ⚡

Push your favorite project & support open-source devs — sats raised during the voting are donated to OpenSats. Show your love, it’s a win-win. 🧡

Over 7M sats are already in! 💪

👉 https://geyser.fund/grants/7

https://m.primal.net/IEsG.png


Go. Live life.


https://m.primal.net/IEch.jpg
💩


GOOD MORNING
RISE AND SHINE #NOSTR
☀☀☀
https://m.primal.net/IEJE.jpg


Crazy interview.

nostr:note1wkajnxem3j84hg60zmahsyn0jwq0uymyxmk5dwvv6g0rcxdn0zcqed4vn4


#Hasenpfeffer


Weird right? Its alive!


#nostr algorithms creating an arvin cluster on my feed nostr:npub12zkknmund6ynu2yaptqamn0q29uje7ms3mqq6uu05v9d7t6tguyqcsaz8h
https://m.primal.net/IEIH.jpg


Psyops are extremely effective. #EdwardBernays


NgU = NgD


Trees growing on #Bitcoin
Interesting


Lol.


There is only The Nostr Beard


GOOD
MORNING
☀☀☀


Something like these. Relatively pocket sized, thermal mini label sticker printers
https://m.primal.net/IDap.jpg
https://m.primal.net/IDaq.jpg


This is true. Need to carry around mini thermal printers to leave #bitcoin vouchers on tables, dressers, and cabinets now.


The kids own the future.
We owe them everything.
Our life is their collateral.

#RebelUp
#Bitcoin

 https://image.nostr.build/425151a0623b9bbbb68764c70fe070a5cd4bc51242bf18354ca70384a876519a.jpg


Lack luster to say the least. They must improve this.

note1a0ctany3am8ak9xtr4sgadm9vzurxajsk9ac9qauxualc0uws9kq79m9jr


These two links will give a great overview of what you need to know:

https://www.hedgestone.com/how-to-value-a-consulting-business/

https://online.hbs.edu/blog/post/how-to-value-a-company


And so it begins…
https://m.primal.net/IDFN.jpg


“respectable feet” 🤣🤣🤣


GOOD MORNING
GREAT MORNING
RISE UP
SHINE ON
☀☀☀


Great news on May the 4th. Props to nostr:npub1sg6plzptd64u62a878hep2kev88swjh3tw00gjsfl8f237lmu63q0uf63m and #startsmall
LFG! 🫡

nostr:note1glruthnz6lswdzvvhfqteer0lj44234ve7z98rlkxuku6w6gzvnszqj0le


This was my kids favorite bed time story for like two years. #DragonsLoveTacos
https://m.primal.net/ICsl.jpg


Did you get em?


This is a good name for a band… “Subset of Pi”


Boom its avail again! Have not checked since late last year. Swear it was not avail then. Lets see if fiatjaf can snag Odell.


Likely NYC. I’ve seen a $22 PB&J sandwich there.


I have a handle I deleted in 2019, and it’s still unavailable.


Cringe 😬


Immitation >> Emulation >> Innovation


'If you always put limits on everything you do, physical or anything else, it will spread into your work and into your life. There are no limits. There are only plateaus, and you must not stay there, you must go beyond them.'

Bruce Lee

https://media.giphy.com/media/Sxh04mKq6H8Yg/giphy.gif
#wisdom #philosophy #psychology #spirituality #poetry


1871 > 1971


🤔 Plausible


GOOD MORNING
GOOD PEOPLE
RISE & SHINE
☀☀☀


Wow. This is sick.


Gotta see this keyboard


For a sec I considered not opening it  and keeping as collector item, but curiosity got the better of me.


Uuhh, the guys GF looks like he’s packing some heat.


Hey nostr:npub1r0rs5q2gk0e3dk3nlc7gnu378ec6cnlenqp8a3cjhyzu6f8k5sgs4sq9ac , did you get your Rabbit r1 yet?

Got mine a couple days ago.

After 1 day of use, the following are some Cons I have experienced FWIW:

--Running OS version 4.3
--Sometimes glitches trying to the R1-OS.
--Limited apps to connect to (only Spotify, Uber, DoorDash, Uber, MidJourney).
--No phone calls, no texts, no VOIP, regardless if on Wi-Fi or SIM.
--Asked "What is the weather like today in (City, State)?" Sometimes it answers by voice while showing a scrollable hourly forecast, while most of the time it's just speaking the forecast only.
--Can't take pics in the traditional sense, no click button pic, have to hold the prompt button while telling it to take a pic.
--Depending on the angle held, the wheel cursor gets stopped by the skin on the back of my index finger of the right hand.
--The on-screen keyboard feels too small, but good enough for entering PW's, but bad for texting or longer form typing.
--Several instances when AI won't respond back after prompting using the prompt button.
--Asked for BTC price quote, only spoke the strike price from three exchanges, no graphs. Continued to give a brief history of Bitcoin. Asked again for gra[h, did not show graph.
--Asked for AAPL stock price, spoke about the price and showed a graph, w/ability to scroll to see daily, weekly, and monthly charts.
--Prompt to create a list and send it to a journal (online Rabbit portal) doesn't always work.
--Able to take a snapshot of a handwritten list and send it to a journal, but if you write like a 8 year old (I do), then it wont grab everything correctly.
--Prompting for translating languages:
---When using English with other languages (tried spanish, korean, and japanese), about half of the time it would translate to the language I wanted, other times just repeated what I said back in English.

General thoughts:
Not impressed yet by its technological capabilities compared to a standard smartphone with an AI app installed on it. Will keep using as the company keeps updating OS and abilities. I LOVE the color, it gets the juices going. Feels awesome in hand. Light weight, though feels solid. Seams and spaces on the device are tight and neat. Speaker good enough. Screen size and resolution are good enough. Camera quality Good enough. https://image.nostr.build/fee57d15ecc04feb9ed4f230b769f97822ced19b402a7ff7977273df4cc50345.jpg


Regulation will always trail innovation.


No hands to shake. No throats to choke.


Indeed. GM 🫡


Rumor has it that nostr:npub1qny3tkh0acurzla8x3zy4nhrjz5zd8l9sy9jys09umwng00manysew95gx is going to peer pressure nostr:npub1guh5grefa7vkay4ps6udxg8lrqxg2kgr3qh9n4gduxut64nfxq0q9y6hjy to Zap a random pleb 10,000 Sats live on air.


Free Pepe
https://cdn.satellite.earth/9d500463ea33b6eaef12cbdc8eda41b76887185551f0285651afa9dde57418e7.png


PV


Better to reduce the blocksize back to where it was.


#FOSS is adaptive


It’s high time we become our own hero’s.


He is here

https://njump.me/npub162xlahswzvrqt70l9aj5s42zgcr9dg7v3etwutw82dsfqs8fywsswrryrm


We are here to support devs for the long term so they may gain the stability and peace of mind required to build the freedom tools of the future.
https://opensats.org/blog/shashwat-vangani-receives-lts-grant


GOOD MORNING
GOOD PEOPLE
☀☀☀


Here too. As of a few hours ago. Wonder why that was 🧐


🤣 nostr:note1j3udz3lgzez442mpujf3qjusc0tmej55j5473cu7qlttxvr0df2sth3p4u


I remember when people on #nostr used to say Pura Vida and PV to each other all the time. We have a lot more GMs and GNs now though.


I need a text to speech AI to read me everything in his voice. Resonating tone.


Generate an image that would be a representation of a pepe the frog type character traveling at the speed of light, bypassing his challengers with ease as the challengers choose to forfeit and not fight.


GM. Well said.


Anybody else having issues stacking sats using nostr:npub12vkcxr0luzwp8e673v29eqjhrr7p9vqq8asav85swaepclllj09sylpugg ? Been lile this for me a couple of days now. Can send and receive Sats no problem. Attached payment methods open and active. Weird.

#asknostr

https://m.primal.net/IBwT.jpg


#Aquamarine #DangerMouse #BlackThought #MichaelKiwanuka #Music
https://cdn.satellite.earth/263c370b6040cb0fe7e605f0f2c79b7b088311d6e1b20fcb6c711a8319a1db10.mp4


🔥🔥🔥

nostr:note1xhdeelfl0dhcq0cwsjwsckx6zz029hf2c7m5wujdh6qyj259ncsschucxz


This gives new meaning to data leaks.


#ratchet vs #doubleratchet
nostr:npub1zuuajd7u3sx8xu92yav9jwxpr839cs0kc3q6t56vd5u9q033xmhsk6c2uc
https://m.primal.net/IBcw.jpg


GOOD MORNING
☀☀☀
RISE AND SHINE #NOSTR


I’m happy to report that slidestr is now awesome and implements all the things. You can click hashtags and profiles and everything and it just works and it’s beautiful. Especially on desktop.

https://slidestr.net/tags/photography nostr:note1nj8cvsm538wmkfngzrj0qpjr23x8hxdjvhn00dl96gxrg0m6ws3s5ch6vt


GM 🤷♂


Sir, this message just now came through.


There is nothing in a caterpillar that tells you it is going to be a butterfly.

—Buckminster Fuller https://image.nostr.build/f1dfb798aa0912f445671080c129e8ccb2769c291c71bab7ece0d6cee256e436.jpg


Touché


Oh shit here we go.


Only when the baby was sick and/or needed to be monitored overnight. Was not afraid.


There are several forks of LightningTipBot live today. @SatsMobiBot and @bittipbot are two ran by well-known members of the community.


Likely a Face-Palm 🤦♂🤦♂🤦♂ moment for #Satoshi


This is the way


Sir, is that a Transmitooor?


GOOD MORNING
☀☀☀


Wow


I did the same.

Having a pledge like that can be good and positive too if it’s worded differently. Something like the student morning pledge in Singapore:

“We, the citizens of Singapore,
pledge ourselves as one united people, regardless of race, language or religion, to build a democratic society based on justice and equality so as to achieve happiness, prosperity and progress for our nation.”


nostr:npub1nw5vdz8sj89y3h3tp7dunx8rhsm2qzfpf8ujq9m8mfvjsjth0uwqs9n2gn has the templates and formulas down.


Tinkering with AI music generator Udio.com (thanks  nostr:npub1z3xw9760nk3e69gk9r723qypjt6ez075e8r3lhdahp0cku6r29vqqurzjf).
Kind of amazing. Should get much better.

Made this track below for @bitlyrics.

- Wrote and fed the words I wanted in the Intro, Verses, and Outro.
- Entered info on the type of beat and rappers into the prompt.
- Remixed and iterated a couple times.
- DL'd the MP3 file and fed that into Headliner.app for basic visuals.
- DL'd from there as MP4.

#bitcoin #music
https://cdn.satellite.earth/2e1bd60574287999cbe5bc0316fb7c7b33550ccede31870c0d92a9b0cf20573f.mp4


NgU = NgD
Few
#Bitcoin


Everybody talks about #Bitcoin being NgU, and I agree, BUT isn’t it also NgD at the same time?

When i go to convert fiat into Sats, the number of Sats I can get keeps going down.

🤷♂🤷♂🤷♂


OMG best site ever https://hasmartyzapped.today/

Pressure's on  nostr:npub1guh5grefa7vkay4ps6udxg8lrqxg2kgr3qh9n4gduxut64nfxq0q9y6hjy 🤣


GOOD
MORNING ☀☀☀


#EdwardBernays, an expert in human #psychology to say the least, is known as the father of “Public Relations.” Also happened to be the nephew of Sigmund Freud. His strategies for swaying opinions and thoughts of the masses is still in use today.

“The conscious and intelligent manipulation of the organized habits and opinions of the masses is an important element in democratic society. Those who manipulate this unseen mechanism of society constitute an invisible government which is the true ruling power of our country.”—Edward Bernays
https://m.primal.net/HzRI.jpg


I FUCKING LOVE BITCOIN


GOOD
MORNING
#NOSTR
☀☀☀
RISE
AND
SHINE


WTF? 🤣


I’ve watched this five times and I still can’t get enough.
https://video.nostr.build/6001d0d18123785503ee7585a2100ba724cb309499d54e2783b173e9dbfbee54.mp4


GOOD MORNING ☀☀🫡


Fake Lyn Alden


Time will heal the broken heart. Fill up the vacuum with self improvement activities. Lift, eat really well, no junk, hike, get to bed exhausted. Keep it up. Its gna be rough the first week, but in three weeks you will barely recognize yourself at this moment. 🧡🧡🧡⚡⚡⚡


A very cool announcement about the Reynolds Foundation supporting nostr:npub10pensatlcfwktnvjjw2dtem38n6rvw8g6fv73h84cuacxn4c28eqyfn34f  with a generous donation.
#Bitcoin

https://opensats.org/blog/opensats-receives-one-million-from-reynolds-foundation


👀👀👀 Indeed. Quite the jump.


Bitcoin is for the Children 🧡🧡🧡


GOOD
MORNING
☀☀☀


#Nostr is the internet’s renaissance.


Satoshi is Email


🎯🎯🎯
Lying is high time preference.
The negativity compounds over time, worsening peace of mind and therefore life, inevitably, for self and immediate family.
Honesty is the basis for creating a strong foundation for yourself, and for civilization.
🧡🧡🧡


Long before #Bitcoin, in the world of heavy metal #music, there was a hard fork that took place. This was when the talented David Mustaine had to depart #Metallica,  leading to the formation of #Megadeth. IMO, this hard fork was a great benefit to metal 🤘 https://youtu.be/WdoXZf-FZyA?si=ICG0baaxDKHfi-39


Bullying OpenSats members for funding is not a great strategy.

No one has a given right, if you got a no be gracious.

Find other sources, there are many other sources.

Poisoning the well and being a dick about it, just validates the decision.


Happy halving!

Block 840000 had over 37 BTC in fees with a block subsidy of only 3.125 BTC.

The minimum fee was a tiny 100 sat/vByte, the highest bid fee was 3.6M sats/vByte. This transaction alone paid 6.73 BTC in fees. An unnecessary waste of a lot of money.

Onward 🫡


What a trip it has been since the last #Bitcoin #halvening. Fast approaching block 840,000. I am writing this on #Nostr now, where we #zap each other satoshi's for fun. What a trip indeed. The future is so bright. #KeepBanging
https://cdn.satellite.earth/0f24d6254bfa8b037a7204c6ffff0e307ac90dfe5d5a2889ab7716a7e8ec1f63.jpg


25 blocks to go, halving stream is live

https://www.youtube.com/watch?v=C6D9OEjnWmA


Been loving this synthwave radio station while building stuff today. #music

https://www.youtube.com/live/4xDzrJKXOOY?si=8eUkvknbv4wXYm94


One of the most beautiful ways to watch the halving:
https://bitfeed.live/


LFG!


LFG y’all.

It’s maybe not the greatest time in human history to be alive from a hedonistic or self-serving perspective, but it’s absolutely the most important time to be alive to be a catalyst for positive, or negative ¯\_(ツ)_/¯, change for humanity.

The dawn of the internet (free information) and and free money (aka a fair way to store time) will transform people for millennia.

Even millennia as a frame of reference is small minded and short sighted, but I’m just a stupid homosapien.

(I think) people will look back on this generation and be jealous. Not of our traditions or our standard of living or how we treated eachother, but of the potential energy we had/have at our fingertips.

We are standing right next to a really big rock on top of really big hill right now. It’s teetering.

All we have to do is give it a nudge and whichever way we decide to push will be etched into history, forever.

There’s no pushing the rock back up the hill ever again.

LFG.
I’m ready.


GOOD MORNING
☀☀☀
BLOCK 839,910


:elmofire:


GM dude 🤠


Like nostr:npub1mgju776900wmddau3cdsz3kql2znwwq86mha4j24rx0aq8748s0sqlmpx4 said. Mostro is trying something along those lines: https://mostro.network/


GOOD
MORNING
☀☀☀


People of #Nostr, has anyone written something in-depth regarding how nostr is federating the internet? #asknostr


What's this about Whoopi Goldberg?


The internet is becoming federated. Thanks to #Nostr


“… alot of mining centralization.”

nostr:note1qckcs4y67eyaawad96j7mxevucgygsfwxg42cvlrs22mxptrg05qtv0jz3


Congrats to nostr:npub1ye5ptcxfyyxl5vjvdjar2ua3f0hynkjzpx552mu5snj3qmx5pzjscpknpr for his LTS grant from nostr:npub10pensatlcfwktnvjjw2dtem38n6rvw8g6fv73h84cuacxn4c28eqyfn34f 🫡

https://opensats.org/blog/hzrd149-receives-lts-grant


💯

nostr:note1m0namd5e558qns92urmczl7t3sg7jna4wf0zc5kms39cvsply4pqcxn045


Would definitely seriously consider it.


💯 Too easy and cheap to tear down, both figuratively or literally.


GM. Time to rise and chad.


GOOD NIGHT 💤💤💤


Cool!

nostr:note12vsg5vw3v8fva06yp4wvwtjztvv8r6rh4fv0lygsazpuuskdr7fsxvdkgn


GOOD
MORNING
🌞🌞🌞


I use this meme all the time with personal messages. We need to boost these meme here.


Whatever the killer #nostr features are to be, it seems as though successful “tech” that scales to millions/billions of people adds value by delivering one or a combination of the following things for users:

- Creates joy from usage.

- Reduces/removes pain points from tasks in our lives.

- Gives super powers to be more productive than we would otherwise.


GOOD MORNING ☀☀☀


Congrats nostr:npub1lunaq893u4hmtpvqxpk8hfmtkqmm7ggutdtnc4hyuux2skr4ttcqr827lj  ⚡⚡⚡

https://opensats.org/blog/stuart-bowman-receives-lts-grant


Weird that I still cant zap you from Primal wallet since you implemented this. Gna mail you $1 to cover my zaps to you over the next 3 months.
https://m.primal.net/HuTO.jpg


So lottery players are sort of like ASIC miners.


Just be sure to not drink them back-to-back like I did this morning. Ranting could be the biproduct.


They propose ossification is good, I propose FOSSification is better.

FOSSification (noun):

FOSSification refers to the process by which proprietary software or systems gradually transition into Free and Open Source Software (FOSS) paradigms. This includes adopting open-source licenses, opening up the source code to the public, and embracing collaborative, community-driven development models. The term captures the cultural and structural shifts a software project undergoes as it moves from closed to open, highlighting both the diffusion of open-source principles and the transformative impact on software development practices. FOSSification is characterized by increased transparency, greater user and developer engagement, and a shift towards a more decentralized model of software creation and maintenance.

#foss #fossify #fossification


#Colors https://image.nostr.build/0d9ad54c663d723a77f03a8de7133ae0fef3c4b86e7efc83b6b06aefcdd67999.jpg


It’s all about FOSSification, forget ossification.

GOOD MORNING


We're excited to announce a new initiative to get creators and journalists on to Nostr. This is a project organized by nos.social with   nostr:npub12vkcxr0luzwp8e673v29eqjhrr7p9vqq8asav85swaepclllj09sylpugg,  nostr:npub1w0rthyjyp2f5gful0gm2500pwyxfrx93a85289xdz0sd6hyef33sh2cu4x,  nostr:npub13myx4j0pp9uenpjjq68wdvqzywuwxfj64welu28mdvaku222mjtqzqv3qk,  nostr:npub18m76awca3y37hkvuneavuw6pjj4525fw90necxmadrvjg0sdy6qsngq955, and  nostr:npub1yzvxlwp7wawed5vgefwfmugvumtp8c8t0etk3g8sky4n0ndvyxesnxrf8q. The goal is to get a diversity of content on to nostr and show those creators and journalists that the nostr model of zaps and the new subscription content over nostr is a better alternative to centralized advertising driven platforms. #value4value

Please share this with creators and journalists you know who are already on Nostr and also those who might want to join. This will include both getting these folks on to the nostr apps which make sense for them, setting them up with a wallet, teaching them how to be successful on nostr, and importantly promoting them through a bunch of channels on nostr so they can build and audience.

We don't have the deep pockets of meta and tiktok, nor their powerful AI driven algorithms, but we've got something that can be more powerful, people.

Creators and Journalists know they're stuck sharecropping on centralized platforms that can demonetize or delete or just shadow ban their accounts. One day their content gets broadcast to the world, the next the algorithm doesn't even show it to their followers. Their revenue is dependent on getting a cut from an opaque and arbitrary advertising system.

So, share these links, if you're a creator or journalist sign up, and when we start promoting these folks on nostr, check out what they're doing and if you like it, send them zaps. This is open to both existing nostr creators and journalists and new ones we'll onboard.

https://www.nos.social/creator-residency

https://www.nos.social/journalism-accelerator


I haven’t had a chance to explore nostr:npub1mutnyacc9uc4t5mmxvpprwsauj5p2qxq95v4a9j0jxl8wnkfvuyque23vg deeply enough yet. Maybe this nostr:npub1rxysxnjkhrmqd3ey73dp9n5y5yvyzcs64acc9g0k2epcpwwyya4spvhnp8 tutorial can help https://youtu.be/vHQ6wgT3S2I?si=ZLnV8gU_oojZZCVP


Zapped you via Damus>Hot Wallet, Primal>Native Wallet wasnt going through.


#4 is the most important question.


Would love to use #nostr with this. nostr:note13qnd084ax5r2dvksdunwtuydwkdsp04wummzxe28p3eshq85e6hsp4xg64


Donate to opensats.org


#nostr was sweet today 🍭🍭🍭 Thanks #Dan


Absolutely love this

https://video.nostr.build/18a81e2ad4246cce2af06387b5004f7e89d26aff6cd241cedd3d01eb55872936.mp4


Hold your own keys.
Use your own node.
Follow privacy best practices.

The rest is noise.


#danstr #benstr #nostr
https://m.primal.net/HtRD.jpg


danbod 🤣


I watched this happen in real time before my eyes and I still dont understand. These sorts of things tend to happen from time to time. (Recall: “Penis Butter” and “Bullshit”). I suspect joy and caffeine combined have something to do with it. Nevertheless, keep #nostr weird.


Finally! 🙌

https://primal.net/e/note1suxm7wfwrlfsymz8lwfv0l94nswgr0erhqv3c2p9ghahct5jhwhq7j6cm6


“…pretend to access the internet, present information that has not been verified.” 🤣


If ur gna have a relay for Dans, definitely need one for the Bens too.


GOOD MORNING
☀☀☀
RISE AND SHINE


Congrats nostr:npub1l2vyh47mk2p0qlsku7hg0vn29faehy9hy34ygaclpn66ukqp3afqutajft ⚡⚡⚡

nostr:note1qdfm26kgnqkjjg0jgusgzp6xrv8m8kvn4zfxev33krvja5veztgsapcz95


#nostr has been a little spicy today. 🌶🌶🌶


https://m.primal.net/Hsip.jpg

nostr:note1uq7wfn9c38qvgjjhmpryqyuu06uhzc9lkj55g43tcjcl57w7x79s62lla4 #Bitcoin


Totally


#ItsJustARide #BillHicks artwork by afterskool.net
https://cdn.satellite.earth/ca530c00a8afd39e817f3bb1ec958300253a9b04b7c3905cbcabf8730c77223b.mp4


Could just be a DM from the Client to the new user, containing a message or a link to a quick start guide.


GM☀☀☀


Freedom Tech or Dystopia Tech?
#BlackSheep #TheChoiceIsYours #Music
https://cdn.satellite.earth/18e8644b4c37806fa605147d2f9417cafe04d636cc78548b4b308a2dac4028fd.mp4


#FeelItInTheAir #BeanieSigel #Music
https://cdn.satellite.earth/e870692afb9001a11ec4ddfff3c3ae053a0f1ef5e4730c02a51161312483c612.mp4


GGM


#Bitcoin

nostr:note1plkk8yqc43y69calnz08qu6yc9x6xrfxt2y3dxqyxm5leu2nkwusaa6jlh


What does Bitcoin mining do besides mining?

"Literally, boil the oceans!" 🤪

A panel discussion @bitcoinatlantis with Kent Halliburton, Jelmer ten Wolde, Lauri Pispa, Willem von Royen, and Bert deGroot. With the amazing Troy Cross!

Read the full transcript @Bitlyrics_co
#Bitcoin

https://bitlyrics.co/transcripts/what-bitcoin-mining-does/


Summary of how XZ Utils received a backdoor. They just missed that the main maintainer was burned out before the attack started 1.5 years ago. This is the FOSS version of SIM SWAPs.

https://live-bug-crowd.pantheonsite.io/wp-content/uploads/2024/03/CVE-2024-3094-1.png


N-1000 Concept. Missing a bunch of stuff.
https://i.nostr.build/YgeWG.png


GOOD MORNING ☀☀☀
HAPPY EASTER 🐇 🐇🐇


The tsunami of printing $$$ will have to maintain its accelerated course. High inflation inevitable. Pick your assets wisely, and hold on tight. The most buoyant asset wins.


Know about this one by Doomberg. Makes sense… if you know printing $$ bad, but too dense to get #Bitcoin, its kind of the only thing to get into, #Gold.


Referring to gold bugs:
“They understand the monetary debasement issue, but they just have the wrong tool…” - nostr:npub1d3f4m9dgvkdjxn26pqzsxn6lpfn78sxwllxyt8mp76q0a9zyyjlswhr4xv

https://bitlyrics.co/transcripts/crossing-the-chasm/

nostr:note1m77r92lpkectlnp2e64pl5j870qmw3xen7weshjjtaspzp2e3zfsrg02ns


More people should read The Blocksize War. Roger Ver and many others were high on their own supply. Ego is a hell of a drug.

Btw the whole is book is free on bitmex’s blog.

https://blog.bitmex.com/the-blocksize-war-chapter-1-first-strike/


#roguemaintainers
https://m.primal.net/Hpgn.jpg


What if this was the average (again)? https://image.nostr.build/fbcb3abae5be06bc24f8ec0583e0e329b42b64159ccfaac8efc0caae8c1eedb4.jpg


Suddenly Gradual