How can you see how good #bitcoin is when you don’t see how bad fiat is?


Many people consider money to be a shared delusion. In this way of thinking, a society can pick anything it wants as money, as long as most of its members believe in it. Paperclips could be money, for example, if we all agree that they are. While this seems true at first, it's not sustainable. If the supply of that money can be rapidly expanded, then everyone's savings can be rapidly diluted. And a monetary premium provides a lot of incentive for people to make more of it, if possible. Therefore, if a money is not selected wisely within a society, it only takes a small number of individuals to break free from their society's shared delusion to realize that its money isn't scarce, and make a lot more of it to extract value from everyone else. Alternatively, people from a different society can exploit that society's shared delusion. Therefore, the only types of money that can maintain usage in a society for a long period of time are ones with a significant degree of genuine scarcity to them.

nostr:npub1a2cww4kn9wqte4ry70vyfwqyqvpswksna27rtxd8vty6c74era8sdcw83a


#InkblotArt

Dead centre: the faint impression of a ghost looking with contempt at…

Bottom centre: …the man (at the bottom) who is calling out to the red demon at the top of the picture.

The other red and black markings represent the dissipation of the essence of the man; he fades away as he calls out to the demon.


When the PM admits that inflation is a tax…

“Fight against inflation

British Prime Minister Rishi Sunak faced flack as the conference kicked off Sunday after telling the BBC that reducing inflation was the best tax cut he could offer.

“Inflation is a tax. It’s a tax that impacts the poorest people the most,” he said. Inflation — the rate at which the cost of goods and services rise — is not a tax, though it can function as such, with higher prices eating into people’s spending power.

Hunt sought to clarify the prime minister’s comments Monday, saying that reducing inflation would be a “boost to incomes,” ensuring that take-home pay is higher than it would be otherwise.”

https://www.cnbc.com/2023/10/02/british-finance-minister-jeremy-hunt-rules-out-short-term-tax-cuts-.html


Tur for president 🧡

#bitcoin https://nostr.build/av/d86d96182656297d82903a8356bcb4d81af8d3d108fd56d5e3a7b8a9091e05c6.mov


Why #bitcoin is the clear choice:
- PoW
- No CEO
- Network effect
- Truly decentralized
- Never been hacked
- Proven by the Lindy Effect
- Global scalability with Lightning
- First absolute scarce asset ever (21M)


Denial-of-service ain’t just a river in normie land.


#grownostr nostr:note1r79jw3mfn7w5ytzmc538dydx2mpmfjek7qsx3tkaqynsxpfj0pusnqaagh


So what’s your game-plan? Throw a few scraps at Bitcoin but save in gold?


#zapathon nostr:note135mrnz3g0cdyxl6fxx3j6aefe0zrrk39c4m6na56sgj3zqw2n07qgunl2w


#zapathon nostr:note16v2dhx9qaez6wp6p9k87gl5759l4q6y7g3rkwrapk5wjg90kg7dqg7am5l


#zapathon nostr:note1jsnw8mv9y4t43ux2rxc7w9pf3ls5a4wwteaey9mz3vjjre7s5k8q0ga6em


#zapathon nostr:note1tc8g72tq7ppftvda5n7lk2ma83azwvcy8ecj6fe5l2s2ujp2e7ksvwgrsy


#zapathon nostr:note1mrw646hxkvx8mggsdvk3r9p63l5qw6vcjxy2tz4fcace0ffz874qpvu48c


#zapathon nostr:note1lfxhslmauen39vura9aa3hpy2phy2nc3uaqnf2z3qdecltajg5qq25r9w8


#zapathon nostr:note1nl8uzxa6y3e2f4yurfxsnddr82a7tns0lry405snf7q45yuxztksmrrnxv


#zapathon nostr:note1456cj0y6cdzluzsqnsh54l9hqh7phq59yn40pv872t5c4mnmammsjsvhew


#zapathon nostr:note1h3vq8u2g6sm8qha5ke4j94h7m80p587q32f0288405qwcmrettfqzwm5sz


#zapathon nostr:note1xgsdhr7p7t46nmlf2ur37ymenc58m0rw4xpusj5e8tddy3034yaqgt9k4v


#zapathon nostr:note1prqrut63lf9lf82adscr5dwglnkdnsmg9xhfnfh5u0namq9hu2cqk5p5yd


#zapathon nostr:note1ca65g5eas4hyjaswnd9txkfdrr9pst5ynrgvctx0tylrafzp8t4sh9v7xz


#zapathon nostr:note1xcgaaynjnzmanfzx3wj48scy4kqkd0p9lrvevrxg7wzv742y6m5srmx9lm


#zapathon nostr:note1y3daygezvjsy0tflw6rdfv8atl8jed5ryk62pzm64aj63n8anhdsjtk949


#zapathon nostr:note1avvxw9vm6tx0xsdcptmzj5e6k3xt00e2lrhgkl659p2ngyyuq4js6vyp7j


#zapathon nostr:note1gdqh4lqdrfzdmewf73s9ssw6v2ucuj4z3gd36r95vmxg33vzfqrstlejs3


#zapathon nostr:note1wptay6jd2d8l7r534yrmht9rmennp02hyw2lgm6qdr2yfj56yljqychv08


#zapathon nostr:note1ul4n5nng33z7myk6hl5fnhxmn48kesx0qy2q4lfsatn56gewzmzss8uhps


#zapathon nostr:note137srva6gp4ve3mvap3q69g3wqutqupt0d2y2s6767jk9yg2kpqss8ydzk8


#zapathon nostr:note1kwc3rg2y6acxvckpujydc2cdty079stj9r3v8qswdsxcq3n4m2gsp9waym


#zapathon nostr:note1pxp6thy8pqs6jd3h5rpfezeytrjuvzn2sy86t7vdr7gjg3auyswsgu954u


#zapathon nostr:note19tamx5a9dw87neg9j40fwyqkjfs57jahtx79rcq2l2vcv4lrusps922yc9


#zapathon nostr:note1233tzya24ls5cf8rgm636z3gxe5mvelvcutj0scv29qem7unxemsmyvyzr


#zapathon nostr:note1a6wqv2t6p82flkf78mpjff0cvqw364mt5fvw3dg4pnzau5d48d8q4yw3y3


#zap  #zapathon  #meme $boost https://image.nostr.build/08d30820589a89e8d4e7534e67d97d0dc8f94910c590aa060ca944f28e976c9a.jpg


#zapathon nostr:note1ktlxp3trv6t40d6zanm9yjem2vt3d4tnw0wguhkfn4u5g3dwk69qsfm9hs


#zapathon

https://stacker.news/items/269280/r/halalmoney


#zapathon https://image.nostr.build/60e97763ff32b44e16ca7668b2bdf0c5c54e586b9ac1f0fab53494837c7dc3dc.jpg


It's #Zapathon time! Zap all the things.

https://image.nostr.build/578f6ed2b0f9200038716ef573f0c1f356de37c1dfea0401b72b2cb5d8a85698.gif


#zapathon https://image.nostr.build/67889f026d62400d65b477af5532893caf2ef1c6db516e6e0e647d7ef6939bed.jpg


“What seems to be heating up is a finger pointing contest between which industry facilitates more money laundering and sex trafficking. So far, the fiat system appears to be well ahead as the total fines levied against banks for laundering money is higher than the entire Bitcoin marketcap.”

https://www.thebitcoinbugle.com/river-bans-payments-from-chase-to-try-and-mitigate-child-trafficking-and-money-laundering/


#InkblotArt

Turning this on its side, I see a blue/black/grey mountain range emitting black bubbles into the sky. The range is by the water and is reflected.


“…the current build-up of leveraged short positions in US Treasury futures is a financial vulnerability worth monitoring because of the margin spirals it could potentially trigger.”


Jimmy Song - purely because of the hat.


Just wanted to share: I'm switching my main video platform to Rumble from here forward.

Until #nostr provides a viable alternative and also becomes a comparable network, this is where you'll have the highest likelihood of finding my work. I'll still be on Youtube, but I don't think of them as a reliable platform, especially considering the discussions I enjoy.  The thought police will not have trouble finding "wrongthink" in my conversations.

Migration has only just started, so any help in sharing, following, etc you can give is a huge help. Bootstrapping new networks is a pain in the ass 😂🙏🏻💜

https://rumble.com/user/TheGuySwann


#InkblotArt

Top centre: a sentry with two red light sabres standing over multiple corpses.

Two red porpoises trying to get out of his way.

Bottom centre:  a cute furry animal oblivious to the carnage above.


It depends on your own situation and factors outside your control. Risk tolerance. Family commitments. How successful Bitcoin will be in the future.

Keep learning about Bitcoin.

Look for ways to give value to other people and see if you can get paid in Bitcoin.

I’m new to this myself!


“Where honor means something. Where being a good person is profitable.”

“Why must you work for a money that steals from you? Why must you give the unproductive “masters” their unfair share?”


“The social layer of Bitcoin …may constitute Bitcoin's weakest link.

And if we don't learn from the past, we are bound to live with a high risk of repeating the same mistake.”


<<You must accept fiat money and you will believe that we have everything under control.>>

“Paul Dales, chief U.K. economist at Capital Economics, said that, like the U.S. Federal Reserve — which also held rates steady in September — the BOE “wants the markets to believe in the high for long narrative.”

“The Bank doesn’t want the markets to decide that a peak in rates will be soon followed by rate cuts, which would loosen financial conditions and undermine its attempts to quash inflation,” Dales said in a note on Thursday.”

https://www.cnbc.com/2023/09/25/europes-central-banks-pause-for-breath-after-mammoth-rate-hike-run-.html


“The next major wave of computing is being born, as the Microsoft Cloud turns the world’s most advanced AI models into a new computing platform,” said Satya Nadella, chairman and chief executive officer of Microsoft. “We are committed to helping our customers use our platforms and tools to do more with less today and innovate for the future in the new era of AI.”

We're looking for a Principal Program Manager, Nuclear Technology, who will be responsible for maturing and implementing a global Small Modular Reactor (SMR) and microreactor energy strategy.

This senior position is tasked with leading the technical assessment for the integration of SMR and microreactors to power the datacenters that the Microsoft Cloud and AI reside on. They will maintain a clear and adaptable roadmap for the technology’s integration, diligently select and manage technology partners and solutions, and constantly evaluate the business implications of progress and implementation.

The ideal candidate will have experience in the energy industry and a deep understanding of nuclear technologies and regulatory affairs. This role will also be responsible for research and developing other precommercial energy technologies.”


Thanks for sharing this nostr:npub1sqx9cz3kfzq9vhhn7h3wy69wz5q5phkvmsh927esj4u00kjfl8rqrjusy9

Arriving at consensus through collaboration

Permission-less innovation

Be comfortable with a multitude of views

Working within the rules > changing the rules

It’s ok not to fully understand # Bitcoin because no one else does

Once a community splits, it is hard to reunite later on

Don’t confuse your understanding of Bitcoin with what it actually is


#InkblotArt

Out of the head of the giant blue fly crawled two blue worms.

From its mouth: two black labradors emerged.

From its thorax: two rabbits sprang forth each holding a turtle as a weapon.


“Thermodynamics is a decidedly ruthless referee.”

https://doomberg.substack.com/p/flying-high?publication_id=343139&utm_campaign=email-post-title&r=3ezex


“Like the federal reserve, airlines issue currency—points—out of thin air. They also get to decide how much that currency is worth and what it can be spent on. This helps explain why the points system feels so opaque and, often, unfair. Online analysts try to offer estimates of points’ cash value, but airlines can reduce these values after the fact and change how points can be redeemed. Airlines even sell points at above their exchange-rate valuation, meaning that people are paying for something worth less than the money they’re buying it with, in part because it’s so hard to know what the real value is.”


#Bitcoin https://image.nostr.build/60e97763ff32b44e16ca7668b2bdf0c5c54e586b9ac1f0fab53494837c7dc3dc.jpg


This potential push-back against the humanity hating Malthusians is very welcome!

“At the very least, the AI industry is joining us on the front lines against the Malthusian-energy-hating-climate-hysterics whether they realize it or not.”


Bitcoin's value has nothing to do with the labor theory. Both the value of the token itself & the amount invested in mining infrastructure are a fuction of the overall demand for Bitcoin. The fact that it is expensive to mine is only a reflection of market demand & some assurance against any rapid changes in supply.

Trustworthy trade comes first from having a monetary system that can't be cheated. Gold tokens can never be that. The more trustworthy some gold token becomes the more it gets used & the more it is used the more incentive there is to cheat & the easier it is to hide the fraud. Gold tokens literally have horrible incentives that runaway into all the wrong directions. Bitcoin's security in many ways gets stronger the more people participate. Proper scaling solutions do come with some tradeoffs, but not the foundational supply restriction issues that gold has.

Bitcoin also makes 2 party escrow contracts possible. This means that I can initiate a payment in such a way that you can be sure that the money exists & is now locked between us, but you cannot collect until I get my goods or services as promised. A simple contract like that is the real foundation of a trustworthy decentralized global trade network. Insurance contracts of all kinds with real monetary weight can be built on Bitcoin. Risk can be balanced in a way never before possible even among unknown trading partners. You cannot ship a gold payment (at great cost) & be sure that you will get your goods shipped back. Similarly you cannot spend or accept gold tokens & be sure that they can ever be redeemed. Even if you have an army at your disposal there is no way to be sure of such things.

Bitcoin is a liquid & free floating currency. It is currently the 22nd most valuable economy/currency in the world. A collapse in any nation's currency just means that paper is too easy to come by so larger amounts are needed to exchange for valuable things. There have been multiple currency collapses in other countries & the value of Bitcoin in those places simply goes to all time highs. In fact there is usually a premium on Bitcoin in those areas because it is suddenly so greatly needed & much more sought after. Gold is never going to be a practical way to do day to day commerce. It really hasn't been for many hundreds of years, & gold IOUs were what got us into this mess in the first place.


May be this will stretch out for longer than we expect. A big enough crisis may see a reversion to form i.e. a flight to US  treasury bonds rather than away. Let’s see what happens and expect the unexpected!


Monetary debasement is an unnatural disaster imposed by government against its own people.

#Bitcoin


UK Government ‘Concession’ On Breaking End-to-End #Encryption In The Online Safety Act (Just Passed) Turns Out Not To Be One - https://www.techdirt.com/2023/09/19/uk-government-concession-on-breaking-end-to-end-encryption-in-the-online-safety-act-just-passed-turns-out-not-to-be-one/ this would be entertaining if it weren't so awful...


“The statistic or metric that I look at most often to judge the fiscal, our fiscal course is net interest as a share of GDP [gross domestic product]. And even with the rise we’ve seen in interest rates, that remains at a very reasonable level of around 1%, but we’d need to be careful about what we do going forward in order to make sure we stay on this sustainable course.”

https://www.infowars.com/posts/yellen-says-us-on-sustainable-course-as-national-debt-hits-33-trillion/


But keep this in mind:

https://www.reuters.com/business/media-telecom/indias-ndtv-founders-transfer-most-their-stake-adani-2022-12-23/


nostr:npub180cvv07tjdrrgpa0j7j7tmnyl2yr6yr7l8j4s3evf6u64th6gkwsyjh6w6 begged me to come up with this.

NOSTR is a set of agreements on a file system. Everyone indexes their own files using cryptography to describe under whatever name the data is published.

Because these names are random and unique, there is no conflict among the identities so they can all exist next to each other.

This means the data can be gathered and redistributed by anyone, and they don't have to concern themselves with indexing such that others know what to ask for.

You yourself can be such a relay, or  use any (multiple of) services out there to transmit your notes and other stuff to anyone who asks for it.

This Notes and Other stuff Transmitted Over Relays (NOSTR) protocol is not special because it uses public private key pair cryptography.

Its method of success among all attempts out there is realizing that the indexing part is not what is ultimately important in becoming an open standard; but the practical, concrete means used in applying the index amongst each other.

Complexity in integrating the protocol into other systems results in centralization of development. The consequence is a limited offer in software resulting in a no longer really open standard that is in the hands of those who facilitate the tools used to speak the protocol.

By being specific on its simple set up, NOSTR can be a new starting point to set up the infrastructure we use on the internet; where we are free to name, share, find and experience.


Imagine a feature where you can click on a note and have stats displaying how far it has been propagated on a per relay basis. This would be useful for choosing between paid relays and maturing the zapvertising model.


I like the approach taken by Stacker News. You get a few free posts after which you have to pay. Perhaps relays could implement something like this with some extra bells and whistles to make the charges more palatable.


Perhaps cannonball flower / courouptia guianensis.


Damus Suite… email (async comms), work chat, socials, all powered by nostr. works on prem and is insanely simple to setup. So many business opportunities 😵💫


#InkblotArt

Top section: two black 🐷s with blue eyes extending their tongues.

Middle section: two dogs/bears in a staring contest.

Bottom section: a black moth watching the above shenanigans (which in turn is being stalked by two large rodents). Underneath the moth is a cute little crab 🦀 trying to blend into the surrounding blue.


Principles > politicians

nostr:note1pqgt34z4qz50u4ca0e2lz8dfc3a4qad9ypuum3xmxuy8zcgk2fnq3vuwv8


Thinking that the next platform is going to fix things is just like thinking that the next politician will fix things.

Protocols, not platforms.
Principles, not politicians.


#InkblotArt

A malnourished 🐘 walking away from the battle scene.


In the absence of good money, everything else that has some degree of scarcity gets monetised instead.

This is the reason why middle-class income families can’t afford houses any more and the reason we need good money again.

Fix the money, fix the world. #Bitcoin


The smart money isn’t “in” #Bitcoin.

The smart money IS Bitcoin.


#InkblotArt

I flipped the image 180 degrees and saw a 🦀 about to fight a 🪼.


First they fight you, then they pay your transaction fees.😂


I see a close-up of an ant’s head.

#InkblokArt


I think that #Bitcoin and #Nostr are practical examples to show others to demonstrate the potential of decentralisation. This in turn will strengthen the argument that decentralisation is the best way to tackle the corruption associated with centralisation.


At the start of one’s career going into the office is important as it increases the chances of building relationships with mentors.

Also, moving far away may weaken family ties.

The sooner #Bitcoin sucks capital out of real estate the better.


Grandpa, how did you pass the time while waiting for hyperBitcoinization?


Unlikely imo. This is a geo-political move against “the West”. Each government still wants to shackle its own citizens and maintain/enforce demand for their own currencies. Embracing #Bitcoin would undermine this.


It’s time for re-segmentation of the markets. The protocols will provide the connectivity and we will soon realize how easy it is to organize it all organically.


The most effective system of exploitation is the one that convinces its victims that it does not exist, and that they should aggressively defend its existence to their own detriment.


Lightning Addresses are the new Email.

Read it and ♥ it! 😀

https://lightningaddress.com/


If the success of your system depends on getting the right people in charge, then it's a bad system & it's doomed for failure.

If the system you advocate just naturally rewards competence above everything else, then there's a decent chace of success.

https://i.imgur.com/5AZF5rG.jpg


I guess I have an unpopular take for you, too:

* We have a Cambrian explosion of clients right now
* Switching clients essentially friction-less
* Users are aware of which client is open source and which not and prefer the former
* Most clients are one-man shows but some are incredibly productive, churning out features like there was no tomorrow
* We promote and celebrate the openness (open source, standards that allow to switch client), so any premium features exclusive to your client will not be appreciated for long.

If you have anti-features and your product is open source, people will use the fork that doesn't have those.

The marginal cost of users is zero for the client, so charging for use is hard.

For relays though the marginal cost of users is not zero and whenever something is not free, it's easier to have a profit margin.

* You could have your client set a default relay and charge for its use past some basic onboarding use.
* Relay operators will pay for referrals. As operator of a popular instance, that could turn into a stream of income without having to maintain your own relay.


What a great uncle you are! I sent him 21s.


A shield that grows stronger every 10 minutes


#[3] for me. Not sure if he was/is on Twitter though!

Thanks to you all for the good that you are doing!


Bitcoin Transaction Fees and UTXO Management
-------------------------

- when bitcoin blocks are full, highest fee transactions are confirmed first
- your bitcoin wallet may show a single balance but the reality is that it is made of many different unspent transaction outputs (UTXOs)
- when you make a bitcoin transaction your wallet will select as many UTXOs as necessary to reach the amount of bitcoin you wish to send
- onchain transaction fees are calculated based on size in bytes not the amount of sats sent
- the more utxos required on the input side the higher the fee paid
- from a cost perspective you want to consolidate utxos, fewer utxos with larger amounts
- consolidation has privacy tradeoffs though: you link any UTXOs you consolidate as owned by the same person + larger UTXOs mean you will dox more of your stack to anyone you pay in the future

Therefore you want to reduce the number of UTXOs you have while being mindful of the privacy concerns.

Lightning Transaction fees are calculated differently: based on the amount in sats sent. Opening lightning channels when fees are low can enable you to save money in the future when fees rise. 🤙


Extract:

“How a Fedipool might look:

A group of independent miners choose to create a Fedimint together. Their combined hash rate results in reduced payout variance: they are paid more frequently and predictably than if they mined alone. Rather than a single pool operator constructing blocks and choosing which transactions to include, each Guardian can construct their own blocks, reducing censorship risk. Additional miners can join the pool in the future to take advantage of the above, but rather than be a Guardian, they choose which Guardian they want to construct their blocks.”