"The problem of course is the payee can't verify that one of the owners did not double-spend the coin. A common solution is to introduce a trusted central authority, or mint, that checks every transaction for double spending. After each transaction, the coin must be returned to the mint to issue a new coin, and only coins issued directly from the mint are trusted not to be double-spent. The problem with this solution is that the fate of the entire money system depends on the company running the mint, with every transaction having to go through them, just like a bank."
Satoshi Nakamoto, Bitcoin: A Peer To Peer Electronic Cash System
nostr:nevent1qqsr9kl37me7zgadd2tg9fjgzg2a9pe83y8lgtj3cruc92xc50xuzgqpzamhxue69uhhyetvv9ujuurjd9kkzmpwdejhgtczyp6m7g6nrt5lnrrzn9d6quv3ujyw44r4jafhr43a0h75d00ph75f2qcyqqqqqqgkkjruj
The way I see it, e-cash mitigates SELF-CUSTODIAL lightning risk.
A couple years ago, I tried sending sats to a few podcasters every 6 blocks with Oak Node on Umbrel . It worked, for a while. Then it broke. I lost ~ 800k sats.
It's not the end of the world, but it still sucked.
So if I open my own channel, I only do it with money I can tolerate losing, maybe a million sats or so.
I'm also okay with a 800k sats on an e-cash wallet like Mutiny. That's about the sweet Nash equilibrium g-spot I'm lookong for.
I've lost 800k sats running my own lightning node(well more 🤣), so risking 800k sats on e-cash is +EV from a game theoretical standpoint.
The number is subjective, so it will vary with each individual, but that's how I look at it.
Besides, e-cash on a federated mint has a better risk profile than leaving it on an exchange.
It's good for people who stack small amounts(i.e. newcoiners) or money you plan to give away like tips or zaps. If you get hacked, it's not the end of the world.
A few years ago, I did a 100 day zero alchohol challenge. After a hundred days I decided to not go back because I felt so good.
But when I tell people I don't drink, they assume I had a problem. Yeah, the problem is drinking makes you feel like shit.
There's bugs so it might not be. I've been testing automated lightning payments since 2022. I'm having a difficult time with highlighter, but these zaps are not me.
I've always wanted to go to PorkFest.
Now I really want to go, but instead of argue with libertarian b-cashers, it would be fun to set up a lightning jukebox and show them how fast the lightning network is.
I know. I donated bitcoin to Gary Johnson in 2016. I don't vote anymore, but a couple years ago, I asked my local libertarian canidate if I could set up lightning donations on their website.
🦗🦗🦗
Spicey.
I do not wish to reveal my opinion about a woman's right to choose.
That's a different issue from what I'm about to say.
This is the premise of the Handmaid's Tale.
My wife was really into that show, but it made think about this from an economic perspective.
We can either have abortion(legal or otherwise) or we can have entitlements, but we can't have both.
Well we can, but you all know how that goes.
https://i.nostr.build/Aa7zG.gif
I'm a #permie noobie, but one day my wife showed me an article about Container Gardening by Jacob Lund Fisker. He said his 5 gallon buckets were a great investment because they saved him so much at the grocery store.
That was a paradigm shift that makes me think we should bring back the Victory Garden concept.
If inflation does what many of us expect, these are the investments you should diversify your portfolio into.
That's my #twosats.
#grownostr 🌱
https://i.nostr.build/zdAdZ.jpghttps://i.nostr.build/oMgMk.jpg
Yeah. I know it still works, but if you scan the qr code without a lightning wallet, it sends you to a Wallet of Satoshi tutorial. I understand why they left the US, but we could use a tutorial update in the US.
I'm basically arguing with myself and it looks like I need to make a pull request. 🤣
#Nostr is what all those shitcoins during the ICO boom pretended to do, but without all the cryptographic securities fraud attached.
Docstr didn't need "docstr coin," or a blockchain to exist. That's why scams lilke filecoin are worthless. You need is #bitcoin and a little public key cryptography.
https://i.nostr.build/gZ7lG.png
I have the app, but I'm looking for a re-loadable prepaid physical credit card. In a perfect world, we wouldn't need credit cards, but this is not a perfect world.
I've been pondering the first sentence of A Cypherpunk's Manifesto these days.
"Privacy is necessary for an open society in the digital age."
From what I can tell, an open society is a term coined by Karl Popper. An open society is a free society. People are free to do as they please and talk to whoever they wish to talk to.
When the going gets tough, the tough get authoratarian. They demand, "papers please." Businesses with NO CASH ACCEPTED signs are subtle ways of refusing service to those without papers. Did AI find your face at the trucker protest? Bank account banned. NO CASH ACCEPTED.
If history rhymes, as Mark Twain once quipped, we can expect the world to become more authoritarian while the money continues to break.
Darthcoin makes some good points, but I'm searching for solutions to live free in an unfree world, not knock on door doors and preach the good news of Satoshi. People will accept bitcoin when they need to, but first, we must show them. That's why I'm so bullish on nostr.
Sorry for the long rant. 😅
Yeah, but he has some great articles. I've also been looking for a bill pay service in the US since Bitrefill discontinued the service. He's also not wrong, but there's only so many hours in the day. You have to choose your battles.
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