BitcoinStu

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npub1uavkq2z6vqczd772ple0p0k44ncjcxv5lg4sq6r069aagvra47uq2dx9cn

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nprofile1qqswwktq9pdxqvpxl09qluhshm26eufvrx2052cqdphaz775xp76lwqpz4mhxue69uhkg6t5w3hjuur4vghhyetvv9usz9rhwden5te0wfjkccte9ejxzmt4wvhxjmc7ls06s

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ditto.pub/relay

relay.damus.io

relay.nostr.band

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npub1uavkq2z6vqczd772ple0p0k44ncjcxv5lg4sq6r069aagvra47uq2dx9cn

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Last Notes

2024-11-06 11:53:44

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coldcard, hands down. I've tried most HW wallets on the market and it is first in class.
I don't use a hot wallet. I do not trade my bitcoin for anything right now. Some day i will trade some for things that improve the lives of those I love, but 75k in purchasing power is not nearly enough.

2024-11-05 13:55:13

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There are very real and present threats to bitcoin. Centralization of block template construction is a very serious problem. It's also quite possible that Core will soft-fork some bullshit into the system that will have unintended consequences that weaken the network. There are other threads as well but those two are big ones.

2024-11-05 03:13:28

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That's correct. It's important to understand the tax brackets on long term capital gains. The first $47,000 of long term capital gains (in the US) is taxed at 0%. So by selling that amount of bitcoin, you realize a gain, but it's a 0% taxed gain. Then when you buy back, your cost basis is set to the new purchase price. When you eventually sell you are taxed from the new tax basis.
It's a way to protecting $47,000 a year from taxes, every year.

2024-11-04 14:56:01

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I don't think you fully understood what I was describing. My selling and the immediately buying back you harvest the capital gain rate of 0% but lose no purchasing power of your bitcoin.
Your money never even touches a bank. You simply move $45,000 of bitcoin to an exchange, sell it, buy it back, and withdraw it

2024-11-04 08:13:19

One reason I'm selling some bitcoin right now: As a US citizen the long term capital gain rate for my status is $44,625 at 0%. If I do not take advantage of this, it's wasted.
So for example if I want to buy a house in 3years for $300,000 worth of bitcoin, I pay a lot of long term capital gains tax on that in the future when I want the house.
But if instead, in these years while I'm waiting, I sell $44,625 of bitcoin, take the 0% capital gain tax, and then immediately re-purchase the bitcoin, it adjusts my cost basis up by $44,625 per year. If I do this for 3 years, then when I'm ready to buy my house in 3 years, I have $133,875 of added cost basis, saving me 15% (or more) tax on all that.
If instead I ignore this opportunity and just hodl until I need the $300,000 I will pay dramatically more taxes.
Something to think about.

2024-10-31 18:24:52

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shitcoiner obsessed with his own face.

2024-10-31 15:31:35

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Ah yes, I see... you actually are a shitcoiner. Makes complete sense now.

2024-10-31 04:48:44

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what are you talking about "cryptocurrency"? There is bitcoin, and then there are 200,000 scams.
Bitcoin is the revolution, the rest are distractions attempting to steal your Bitcoin.

2024-10-29 16:00:55

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🙏

2024-10-29 15:17:42

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Same, I left the US years ago and have not gone back. There are better places.

2024-10-28 04:14:07

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I am not responsible for your ignorance, nor am I responsible for fixing it for you. There is an enormous amount of information available on this subject, and understanding it takes a great deal of time and effort. You have to do more than read someone's blog. You have to actually study.
Good luck with your shitcoin.

2024-10-28 03:57:27

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it's actually getting less concentrated. When you say "as far as I can tell" what that appears to mean is actually "I haven't really don't any research into this, and this is just what I imagine is happening, not based on empirical evidence."

2024-10-23 08:40:40

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Value is subjective, but price is the aggregate of that subjective opinion across the market. So when asked "what is the value of bitcoin" you only have two possible answers which meaningfully answer the question.
You either refuse to give an answer stating that it "makes no sense". Or you say "as of right now $66,698".

2024-10-23 04:45:18

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Yes I'm quite sure. Not only do you know nothing about Masonry, you have no interest in learning. You are speaking to a life long Mason, highly experienced, advanced in the craft, and you have not asked a single question. You are the type of guy who thinks you have all the answers when you actually know next to nothing. Dunning Kruger effect on full display.
Being ignorant, such as you are, is nothing to be ashamed of. Being willfully ignorant, such as you are, is.

2024-10-13 19:38:40

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Mining is a way to turn electricity directly into money. Poor people don't have a lot of excess electricity, therefore mining is not a good option for them. Better to use their labor to earn fiat and then convert that into bitcoin.
It doesn't matter how you earn the bitcoin, mining or otherwise, it's the same result, you hold Bitcoin.
Shitcoins are a terrible idea and a great way for poor people to become even more poor.

2024-10-13 18:18:20

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so many things wrong with this post... but we'll start with "dead in the water" which is not even close to true. Microstrategy was netting 100 million a year before they adopted Bitcoin. Pretty far from dead.

2024-10-05 02:37:06

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they just can't help but mess with it. If it ain't broken, don't fix it. Bitcoin should be feature-complete now. Maintenance only going forward. But I'm sure that's not what will happen.
In particular soft-forking some bullshit in there (like covenants) that can be exploited or have unintended consequences is the biggest threat to bitcoin.

2024-10-04 09:52:09

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Raoul Pal, same guy who said "Tera Luna is basically risk free yield" and then it went to 0 in a day. The guy is a grifter.
Bitcoin only. Stay away from the shitcoins.

2024-09-24 22:16:06

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You've just answered your own questions... If you do not want to self-custody then many more than 100 million can have bitcoin. All 8.2 billion people can have it as long as you trust a 3rd party custodian.
And in the case that you don't trust a custodian you can keep it in your brain, or you can keep it in a vault, or you can burry it in your yard, or you can set up complex access with n of m keys being required to access it. You can do all kinds of fancy custody methods with bitcoin if you have self-custody options.

2024-09-23 18:14:05

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The idea that bitcoin's value going up will cause riots is absurd. You are suggesting that because your rocks are debaseable they are better, and that somehow a harder form of money will cause riots? Riots are cause by debasement of the currency. Something gold, but not bitcoin, suffers from.
Bitcoin is stored in your brain. Gold is kept in your butt. Enjoy your shiny yellow rock. Good luck.

2024-09-23 16:55:28

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Yes if you hold gold you will remain poor thanks to it's 2% yearly debasement. You also have to put it up your ass to transport it to places where the government is hostile.
Broken obsolete yellow rocks keep you poor, you got that right.

2024-09-23 16:46:03

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Yes that's right, anyone holding bitcoin becomes rich. But only about 100 million people will be able to own bitcoin because of the limits on the UTXO set.
Luckily for humanity Bitcoin will break the central banking cartel that exists on currency debasement which will set humanity free.

2024-09-22 20:55:11

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So you're saying poor people already hold gold... yup, checks out.

2024-09-22 01:39:27

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6 years in, never sold a single sat

2024-09-16 20:23:06

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Yes probably down. Interest rate cuts are not bullish for risk assets as they draw money out of risk and into bonds, because lower interest rates mean higher bond prices.
Global liquidity is what drives bitcoin. That won't happen until they start printing money again. That's not the same as cutting rates.

2024-09-16 20:17:18

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I completely disagree. The biggest threat to bitcoin is soft-forking something in that can be exploited or has unintended effects.
Bitcoin should be feature complete. That is not the same as ossification. Maintenance is necessary, but new features are not.
There is an ancient wisdom. "If it aint broken, don't fix it". You should study that wisdom.

2024-09-16 04:45:34

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if bitcoin remains open, permissionless, and decentralized then it's inevitable. But bitcoin remaining that is not in inevitable.

2024-09-08 22:33:12

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To guess a Bitcoin private key (256-bit number), the total number of possible private keys is:
2^256, which is approximately:
115,792,089,237,316,195,423,570,985,008,687,907,853,269,984,665,640,564,039,457,584,007,913,129,639,936
This number is astronomically large. For context, the estimated number of atoms in the observable universe is about 10^80.
Even with powerful computing hardware and optimized software, the time required to guess a valid private key through brute force would be virtually infinite.
Regarding the guessing of a 12-word mnemonic phrase, the entropy is 128 bits, so the number of possible combinations is:
2^128, which is approximately:
340,282,366,920,938,463,463,374,607,431,768,211,456
Both numbers are incredibly large, meaning that brute-forcing either a Bitcoin private key or a 12-word mnemonic phrase is computationally infeasible.

2024-09-08 19:15:47

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In that case the most likely problem is your SSD's throughput. Make sure you're using a very fast SSD with the proper high throughput cable. You can test your drive's throughput to verify this is the issue.
Beyond that, it's your network.

2024-09-08 17:46:03

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The early blocks were empty. It's the validation that takes time. Bigger cpu will speed it up.

2024-09-08 17:26:44

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I run a full node without pruning on a raspberry pi with a small SSD. If you believe bitcoin has a storage problem how do you expect anyone, outside a giant datacenter, to handle the kaspa chain with it's 10 bazillion tx per second?
The bottom line is that it's quite cheap and easy to run a bitcoin node that validates every single transaction in every single block. In contrast kaspa is impossible to validate unless you have millions of dollars of equipment running in a low latency data center.
They are not the same. Kaspa is not trustless, and as a result, it's a shitcoin.
Bitcoin does not have a storage problem. Kaspa has that, plus a validation problem.

2024-09-08 15:31:31

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all nodes validate all blocks and all transactions. If you think they are the same as kaspa which is not trustless then you misunderstand how this technology works.
Pruning a bitcoin node is not the same as allowing other nodes to do your validation for you.

2024-09-05 17:19:45

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There are many religious systems and many sacred books. You've chosen yours. Good for you. I hope it works out for you.
I won't debate you on the Bible, that's pointless with a true believer such as yourself. I'll just say that I have read it, multiple times, and I do not see it the same way you do.
Now you'll probably say that you'll pray for me or in some other way be patronizing or condescending. That's ok, I'll forgive you.
May Lord Shiva protect you from all harm and bless you with good health and vitality.

2024-09-05 05:08:24

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Have not tried a bitbox, but some issues I have with it. It requires being plugged into a computer and therefore cannot be used airgapped. It does not allow you to create your own entropy.
It appears to be focused as a discount device. Something you can get into for a low price. If that's what you want, maybe it's a good entry level device. Then again, I'm not sure a discount HW wallet is a great idea in the first place.
Perhaps I will buy one to check it out.

2024-09-05 03:59:17

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Yes. My opinion is based on owning most of the major HW wallets. They all have their pros and cons. The jade however seems like the cheapest of them. The button (the little stick thing) feels like it's going to break off, the casing seems thin and cheap. It just seems like a junk product compared to the others.
In fact I would prefer any other HW wallet I've tried to the Jade. Cannot recommend it. I'd rather use Ledger or Trezor to the jade. And like I said, ColdCard is best in class in my experience.
Yes it's my opinion. An informed, experienced, and unbiased opinion.

2024-09-05 03:43:33

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I got a couple of these. They are pretty cheap and flimsy. Pretty much crap. I prefer the coldcard.

2024-09-03 18:00:01

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I asked chatgpt-4o how many r's in strawberry and it said 2. I'm not worried.
And as a professional software engineer who uses AI on a daily basis I can tell you that while it IS going to take some jobs, it's also going to level off soon.
AI right now is at that stage like nuclear power was in the 1950's. We have fission, it's only a matter of time until we have cold fusion reactors... yeah well, it actually requires another substantial breakthrough for that and it's not 80 years later and we still can't do it... and not for a lack of trying.
But if your job only requires a 90 IQ you might be in serious shit from AI soon.

2024-09-02 23:27:16

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Sometimes it's best to just mortgage it. You always need a place to live.

2024-09-02 21:45:06

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I don't think there is any way they let Trump be president again. And they are probably due for another major crisis to justify the liquidity injection required to finance the debt through 2025.
Who knows what those fuckers have up their sleeve.
I suppose one option they have is to let Trump be president and then create a crisis big enough that they can just completely override anything he wants to do. Like let of a nuke in some European City and blame it on Russia. In that case the military would just step in and run the show, creating such chaos that Trump's domestic policy would go nowhere.
Another option would be to do a proper assassination of Trump. Just put a sidewinder missile into his private jet. If the CIA can really control the military they could probably do that. Just blame it on a terrorist bomb or something like that.
The one thing that seems completely unlikely to me is they let Trump be president, let him stop the war in Ukraine, let me drive his domestic agenda, let me defund large aspects of the federal government, let the US treasury market implode when the debt rolls over in 2025, and quietly sit by while we all build freedom technologies. That seems pretty unlikely.
So a crisis coming? Yeah, probably. And the money print they need this time is going to require something bigger than 911, bigger than GFC, and bigger than Covid.

2024-09-02 20:54:18

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The best and most creative musicians typically had little to know understanding of music theory. It was all intuition.
There is an argument to be made that the theory interferes with the natural intuition.

2024-08-31 12:47:33

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So it should be illegal to have a picture of a naked person? That seems quite authoritarian.

2024-08-30 20:29:17

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Yes. And you're saying your 16 year old son is a child. When is he an adult in your eyes? The day he turns 18, or is this a process that happens gradually over time?
You see what I'm getting at? And thanks for your response. Genuinely interested in your opinions on this.

2024-08-30 07:21:37

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because the tx throughput is so massive it's impossible for a node to validate the entire tx set and is therefore not trustless. The only way to run kaspa trustlessly is to have a massive stack of servers sitting in a low latency datacenter.
It's a shitcoin.

2024-08-29 18:08:23

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Ah I see from your website that you are also a shitcoiner. Yeah, I'm going to just go ahead and ignore you now.

2024-08-29 17:50:42

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Ah, socialism via UBI. No thank you. As far as "totally doable" the federal debt is 34 trillion dollars, you think a sales tax is going to fix that? They are adding 1 trillion in debt every 100 days.
You will never see the removal of income tax.
Study #Bitcoin, that's your best bet.

2024-08-29 12:24:26

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Monero is terrible as money far worse than bitcoin. It's a worse store of value, it's accepted less places so it's a worse medium of exchange, and it's just as bad as bitcoin as a unity of account due to it's wild fluctuations in purchasing power.
Monero is good at one things, making secret payments when you are trying to hide your financial transactions

2024-08-29 08:44:04

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Money:
1. store of value
2. medium of exchange
3. unit of account
There is no good money on Earth right now. I use bitcoin for #1 and eventually the others will follow.

2024-08-29 07:21:55

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I just fucking did it for you, lol. Run that script and see for yourself.

2024-08-29 07:21:01

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I'm not arguing "against Monero" I'm simply helping you understand the differences between an open public ledger that can easily be audited with someone with basic python skills and a protocol that requires complex cryptographic proofs just to ask it how many coins there are.

2024-08-29 07:15:39

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do you see how easy that was? Simple arithmetic. Now compare that to the logic required to attempt to verify Monero:
transaction.verify_pedersen_commitments():
transaction.verify_bulletproofs():
transaction.verify_ring_signatures():
have a look in the Monero python cryptography libraries for those functions. So much for simple arithmetic. They are vastly complex, certainly beyond my ability to understand. Maybe you're a better software engineer and cryptographer than me.
So your argument that "Monero can be audited too" is just simply invalid. It's not the same, apples and oranges.

2024-08-29 07:01:20

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Your argument seems to focus around what _I_ do.. It's not about me. The point is ANYONE can audit it. In Monero, no one can.
If you still don't understand the difference between active auditing and an inability to audit the total supply then I am not sure how much more I can help you understand.

2024-08-29 06:58:31

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In Bitcoin, every node does more than just 'rely on others'—it independently validates all transactions and blocks against the full ledger. This isn't the same as saying 'my friend lifts weights for me.' It's more like being part of a gym where everyone lifts weights regularly. Each node in the Bitcoin network continuously checks for double spends, invalid blocks, or any deviations from the protocol, and nodes would reject such anomalies automatically. Yes, this process is automated, but it is still a form of active verification. Passive node runners are still contributing to the security and decentralization of the network by running this software.
Yes, there have been bugs and issues in Bitcoin's history, but the key difference is transparency. When a bug or double spend occurs, it's visible on the public ledger, and anyone can examine the blockchain to understand what happened. This isn't true for Monero due to its obfuscated transaction data. If a flaw exists in Monero's cryptographic assumptions, detecting it without transparency would be far more challenging, especially for passive users who can only rely on cryptographic proofs, not visible transactions.
Your argument suggests that because most Bitcoiners don’t manually audit transactions, they’re akin to Monero node runners. However, Monero node runners can't manually verify the total supply or audit individual transactions because the protocol doesn't allow it. The difference isn't about whether or not individual users actively engage in auditing; it’s about the system's openness and the ability for anyone, at any time, to verify the entire ledger if they choose.
So, while some Bitcoin users might rely on the broader network to audit the blockchain, they still could audit independently if they wished. This inherent capability provides a level of assurance and trust that isn’t dependent solely on cryptographic methods, unlike Monero. The option to verify independently or trust the network is a choice Bitcoin offers, while Monero, due to its privacy focus, inherently restricts this transparency."

2024-08-29 06:43:13

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In short. To remain thin ANYONE can lift weights. It's possible to make others thin if enough people lift weights. Unlike Monero where you rely on cryptographic proof to lose weight.
I hope you now understand this fundamental difference.

2024-08-29 06:40:11

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Your analogy of lifting weights to auditing the Bitcoin ledger misses a critical distinction: the default state of a Bitcoin node.
When running a Bitcoin node, the software inherently audits the entire ledger, validating every block, every transaction, every input and output. This process is automated but fully transparent and open to verification at any point. Even if node operators don't manually check each transaction, the protocol ensures that every node is in agreement, validating the integrity of the entire blockchain continuously.
Contrast this with Monero: While it’s true that Monero’s cryptographic methods verify transactions under the hood, the privacy mechanisms mean you cannot independently verify the actual amounts or track the flow of funds. If there were a flaw in the cryptographic assumptions or an undetected bug, inflation could happen unnoticed. The auditability here is limited to what cryptography allows, not to the same degree of direct transparency Bitcoin offers.
Yes, most Bitcoin users might not manually audit every transaction, but they don’t need to. Bitcoin's transparency means anyone can verify and the collective effort of thousands of nodes ensures that fraudulent transactions are spotted and rejected. With Monero, that level of transparency isn't an option due to its privacy focus. The two systems operate under fundamentally different trust models: one based on open transparency and collective verification, and the other on private cryptography. It’s not about what you can do in theory but what the system allows you to verify independently at any time

2024-08-29 05:14:45

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In Bitcoin, every node independently verifies every transaction against a fully transparent ledger. The amounts, addresses, and transaction history are all visible and can be checked manually if desired. You don’t just trust the software; you can verify the entire ledger yourself.
In Monero, you can't manually verify individual amounts or trace transactions due to the privacy features like Pedersen commitments and range proofs. You have to trust that these cryptographic methods are flawless and implemented correctly.
So, the key difference in practice is that Bitcoin’s auditability is direct and transparent, while Monero’s is indirect and relies heavily on cryptographic assurances.
Hopefully this quite important difference is clear now.

2024-08-29 05:05:24

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Sales tax disproportionally affects the poor. This is why income tax is graduated with higher % being applied to higher earners.

2024-08-29 04:56:14

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Sometimes you have to just let them learn. It seems to be the case that when a parent is too strict with exposure to the world then the day they turn 18 they go off the deep end. I have a good friend still recovering from drug addiction from a situation like that.
A gradual exposure is best I think.
But out of curiosity, what exactly are you worried your 16 year old is going to do with a phone that you see as a problem?

2024-08-29 04:21:25

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Relying on Pedersen Commitments and Range Proofs to audit your network is not a real audit. Any cryptographic flaw or exploit in them could and probably would go unnoticed. That's the point. You can't just add up all the coins. Instead you have to use cryptographic proofs to even know how much monero there is.

2024-08-28 21:39:36

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I don't think so. I think he's honest, and I think he's doing what he can to help the people in his country.

2024-08-28 21:38:55

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with a discount, please do some research

2024-08-28 20:32:18

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I think he probably wants to remain alive so he'll do what he's told, when it comes down to it.

2024-08-28 20:02:21

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You might ask why can't we just add ring signatures, stealth addresses, and confidential transactions to bitcoin... lots of reasons, but let's start with the fact that it makes the thing unauditable.
Tell me exactly how much monero exists... can you? Spin up your node and audit it. That's right, you can't.
There could be an inflation exploit and it's possible no one even knows about it.
Satoshi spoke on this subject. His opinion was that adding all this fancy shit was too risky. I agree with him. That's why we can't have privacy.
Privacy is one of those things, it's either baked into the protocol from day 1, or you will never get it.
Ultimately in the case of bitcoin, it was a tradeoff. No full privacy but full verifiability.

2024-08-28 19:55:56

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You cannot have privacy in an open ledger, that's a completely different protocol. See Monero if that's what you want.
The problem with making it "better" is that the risk is a couple orders of magnitude more dangerous than any incremental improvement you might make.
The single biggest threat to bitcoin is that they will soft-fork in some new opcodes that bring with them unintended consequences. Think taproot, but worse.
That's all it will take is one opcode that someone figures out a way to exploit.

2024-08-28 19:53:36

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Both of them are true. 4mb blocks can contain a lot more spam than 1mb blocks and the witness discount made it cheaper

2024-08-28 18:53:36

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It's hyperbole. I have no idea who this guy is. His videos get 100 views and he's asking people to fork core, so he's a shitcoiner best I can tell.
If he's been studying bitcoin longer than me, then that's really sad.
Bitcoin should be feature complete.

2024-08-28 18:43:21

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No one said Segwit allowed spam, it simply made giant blocks full of it possible and added financial incentives to do it.

2024-08-28 17:40:22

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Yeah and based on the utter mess that segwit and taproot were, I'm in no hurry for more changes.
Bitcoin is, in my opinion, feature complete.
You're welcome to do all the shitcoining you want. See you back here in a few years when you've studied more. No shame though, takes many of us a lot of years to realize why it's Bitcoin only

2024-08-28 15:29:54

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Blowjobs for Bitcoin?

2024-08-28 15:02:40

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The fiat price is a good gauge for the purchasing power of your bitcoin in goods and services. The reality is that money has no value until you spend it. Will I "cash out", in other words trade my bitcoin for fiat? No of course not. But there are certainly level of bitcoin's purchasing power where I will trade it to brings things into my life and the lives of those I love that will make their lives better.

2024-08-28 12:40:00

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if they are going to print money off the books, defrauding the federal reserve, give that cash to blackrock to settle ETF profits, while not actually buying the bitcoin, why wouldn't they just buy the bitcoin? Makes no sense.

2024-08-28 08:24:34

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So now they control 3 million coins the ETF is insolvent, when bitcoin goes to 250k and people take profit, blackrock execs go to prison.

2024-08-28 08:23:50

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wild speculation and conjecture. Provide some proof of this?

2024-08-28 07:53:18

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No, ebay uses paypal which has fraud protection. There is no such protection when you are trying to trade bitcoin for some goods and services remotely.
The only way this works is with a bitcoin custodian that provides fraud protection.

2024-08-28 07:02:02

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yes i'm trying to help you understand but you keep saying the same thing "they will rehypothecate" and then i explain why that's not really possible but then you said it again.
You're also confused about what fork signaling is, you're confused about why the node operators control the network, you're confused about many things.
Just like previously when I was trying to help you understand what the real threats are, like the covenants you are so fond of.
But you don't listen or learn, you just stubbornly stick to your fantasy theories about blackrock controlling all the hashpower somehow, even when i explain why that's not possible.

2024-08-28 06:15:22

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Use your logical mind a bit.... What happens when the total ETF AUM of bitcoin is 15 million? You cannot fractionally reserve an asset with a fixed supply where the majority of it IS known.
Where is blackrock going to get the money to subsidize it's miners? It's going to steal investor money? It's going to do this as a minority investor in these companies? How does it actually control the miners as a minority investor? It's like you don't understand how an ETF manager actually operates.
Node operators do not signal, miners signal, you have to make blocks to signal. Ok so we've determined that you don't actually know enough about how bitcoin works to be having a conversation about the way hardforks are driven in the space. Nodes don't vote, that's not how it works.
Study more, speculate less.

2024-08-28 05:43:07

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1. Yes, again, you cannot fractionally reserve something with a fixed issuance very much until it's obvious you are lying. This isn't gold where the supply is unknown.
2. The money blackrock controls is not it's own, it's the money of it's investors. Mis-managing investor funds is what caused Bernie to die in prison. I doubt Larry wants to share that same fate.
3. this is absolutely incorrect. Again, I direct you to the 2017 fork war where the vast majority of miners signaled on-chain support for the big blocks. But the node operators simply did not update their software to that version, and the rest is history. Stating this claim of yours without supporting evidence and in the face of clear contrary evidence is just you not wanting to admit your fantasy is mismatched with reality.
4. If you run your own node and are educated about bitcoin then you give zero fucks about the brand. I give zero fucks what you call the proof of work chain that I run a node against. It doesn't matter. You can brand your proof of stake shitcoin "bitcoin" all day long I, and anyone else who actually understands the protocol, will never run a node against that network.
If bitcoin is going to be compromised it will be either:
1. soft-forking in some new opcodes that can be co-oped. Covenants are a good example of this. This is a major vulnerability.
2. Hash pool consolation which allows controlling interests to censor the network. This is an attack that is happening now, as we speak.

2024-08-28 05:13:22

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Silly for so many reasons.
1. you cannot fractionally reserve a bitcoin ETF beyond a small amount or it's obvious. When the ETF's control 22 million bitcoin, the jig is up (obviously much sooner than that, but you get the point)
2. how exactly are you going to buy and control > 50% of the hashrate while simultaneously crashing the price?
3. forks are not adopted by miners they are adopted by node operators. Did you learn nothing from the bcash fork war? The miners overwhelmingly supported the big blocks.
4. no real bitcoin gives a shit what the media or blackrock says about bitcoin. It will not be "deemed the real bitcoin" but anyone who matters in the space
5. no one is going to give a shit how much of the proof of stake bitcoin you own. Have fun with that. You could have saved yourself some trouble and just bought eth.
This post is a great example of what happens when people speculate without the proper education first. "If i was blackrock this is what I would do". Yeah kid you aint Larry Fink and you never will be.

2024-08-26 18:50:08

#bitcoin is a ponzi scheme.
#bitcoin is an undebaseable, uncensorable, unconfiscatable store of value
#bitcoin connects the physical world of energy to the digital world
#bitcoin turns time into money
It takes several steps to get it.

2024-08-23 17:44:14

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where do you find the data for global liquidity? Link plz?

2024-08-23 06:49:56

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No ETF provider is going to rehypothecate the most bullish asset on Earth, which has a fixed supply and can be settled globally in 5 minutes.
What happens when bitcoin blasts to 250k and people take profit? The ETF provider goes bankrupt and it's directors all go to prison.
We don't know wallet addresses but we know how much they claim to have, which must be the amount to cover their ETF holders and that liability. If they rehypothecate, at some point they will say what?
"Currently Blackrock holds 23.5 million bitcoin". How's that going to work?
Dilution is not what you should be worried about. Mining pool centralization is a big problem, an attack, that is going on right now as we speak.
Another problem to fear is them soft-forking some bullshit into the code that adds new opcodes that can be exploited. Covenants and other horseshit are a great example.
Plenty of things to worry about. ETF managers lying about how much they have in custody is not one of them.

2024-08-23 06:46:03

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It's their bitcoin too

2024-08-20 18:50:41

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That's not really true. Banks are heavily regulated and forced to obey the fiat masters at the Treasury and Central Bank. There are plenty of banks that would love to get involved in bitcoin and stop buying those garbage treasuries, but they can't.
Bitcoin will reform the banking industry by giving them a form of collateral that can be settled almost instantly.

2024-08-17 17:24:14

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Yes this is how most humans operate. I have a personal theory that it's a product of evolution. Hear me out:
In a hunter-gatherer situation, a tribe of 150 people, what's more important.... being right, or agreeing with the tribe? In that situation you only need 3 or 4 guys to think for themselves and figure out what to do, and the other 147 people need to get the fuck in line and follow along. If every decision your tribe makes requires elaborate debate amount 150 rational actors you will never get anything done and the other tribe from over the hill is going to kill you and take your shit.
As with so many of our evolutionary aspects, this does not really work very well in the modern world. And that's the dilemma of us half-monkey, half-primitive tribesman trying to build a global society.
I also believe that most people are simply hard-wired to be followers and there is literally nothing you can ever do to turn them into honest and opening minded humble thinkers. At best you can simply convince them that you are right and to follow you instead of someone else.
Anyway... maybe I'm just cynical, but the few people I know who are like you say, honestly open minded, have been that way their whole lives... they seem hard-wired for it. And the rest are hard-wired to be sheep... or so it seems to me.

2024-08-17 17:17:50

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There is only enough bitcoin for about 100 million people anyway, the rest will be stuck using custodians. So the people who are not open minded enough to listen, if they hear "have fun staying poor" ... well, too bad for them.
The lifeboat does not have enough space for everyone.

2024-08-17 14:03:52

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Bitcoin gives zero fucks about the ETFs

2024-08-17 12:39:31

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Yes, there is no such thing, at least in terms of the actual code and protocol, as a whole coin. There are no decimal places in the bitcoin protocol it's just integers.
You can stack as many units as you want. What is colloquially referred to as a "whole bitcoin" is simply 100 million units... which themselves are colloquially referred to as Satoshi.

2024-08-17 12:18:19

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And if you want to be even more precise and correct, there is no such thing as a bitcoin, that's just slang for 100 million satoshis, or bitcoin units.
The total supply is 2,099,999,997,690,000 units.

2024-08-17 12:11:51

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Satoshi said a lot of things that were confusing and not designed for people who are not software engineers.
You're wrong. Issuance is the correct term. Inflation is not correct.

2024-08-17 11:37:06

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That's correct, and this person's insistence on using the word "inflation" when he should be using "issuance" is only confusing to people who are just learning about bitcoin.
This is why we make a clear distinction between the two, because the inflation of gold and fiat currencies and the issuance of bitcoin are completely different.
Using the word inflation for the the issuance of bitcoin up to the 21 million cap is misleading and confusing.

2024-08-17 11:12:30

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Supply is 21 million, impossible to inflate. What you are describing is issuance.

2024-08-17 10:32:53

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So rather than study bitcoin yourself you rely on what you assume the Chinese Communist Party is doing. One of the most authoritarian and oppressive governments on Earth, and you have nothing but speculation and conjecture.
Well... the CCP, just like you, will get bitcoin at the price you deserve I guess.

2024-08-16 23:04:44

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I certainly do time the market. As I've said previously I opened a futures long in Oct 2023 when price was $27,500. I'll be dropping that leverage somewhere in the next 6 to 12 months.
At that point I'll probably sell some call options and wait.
Bitcoin's 4 year cycles are pretty clear and obvious. It doesn't take a savant to understand those cycles and apply leverage at the right points in time.

2024-08-16 23:02:35

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Borrowing money to purchasing bitcoin is using leverage, that's exactly right. And what's the difference between that and taking a futures position using bitcoin as the equity? No difference at all, it's all just leverage.
I pay less per year for a futures long than you do on that mortgage I bet.

2024-08-16 22:35:19

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Saylor uses leverage and he has more sats as a result. I use leverage to increase my stack and have been doing so since 2017.

2024-08-16 22:34:25

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no one said it was easy.

2024-08-16 22:33:52

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Saylor uses leverage, is he gambling? Just because you don't understand it doesn't mean it's not possible to apply leverage successfully.

2024-08-16 22:31:47

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Saylor uses leverage, is he a clown? I've had a futures long since Oct of last year which is currently 2x, is that gambling?
Just because you can't do it doesn't mean no one can. Suggesting it's gambling just suggests you don't understand it

2024-08-16 22:28:41

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Because the entire future issuance is known it is not considered inflationary. You can simply assume 21 million supply, and with that, it's actually deflationary. Unlike gold which is an unlimited supply. See the difference?

2024-08-16 14:18:03

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Gold is devalued at least 2% a year... it's not going up, it's actually going down. But fiat is going down fast.
Only Bitcoin is absolutely scarce.

2024-08-13 17:54:24

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No one should take advice from a guy who builds stick-frame bullshit for a living.