/ InigoBTC is on Nostr

You kill my monetary value, prepare to die.

Last Notes

2025-03-29 14:58:39

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Nostr could be leveraged to develop a next generation, decentralized DNS system that can act as the base layer of a free and open internet.

2025-03-29 14:34:27

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I subscribed on Apple Podcasts, thanks for the suggestion.

2025-03-14 13:40:22

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For those of you who have not read Mr. Lopp's original article, here is a summary. The Cliff Notes version if you will -
Assumptions and Guarantees
- Bitcoin assumes that the majority of miners act honestly, incentivized by block rewards.
- Full nodes guarantee several facts: no monetary inflation beyond defined limits, no unauthorized spending, and no double-spending.
Thermodynamic Security
- Once a transaction is confirmed in a block, reversing it requires significant energy. An attacker needs over 50% of the network's computational power to reverse transactions.
- The cost to rewrite Bitcoin’s entire blockchain is prohibitively high (around $277 million), making such attacks impractical.
Sybil Resistance
- Bitcoin nodes are resistant to Sybil attacks, where attackers create multiple fake peers. A single honest connection allows a node to disregard false information from dishonest peers.
Consensus Properties
- Bitcoin achieves eventual consensus, exponential convergence of forks, liveness (new blocks added regularly), correctness (valid transactions only), and fairness (mining proportional to computational power).
Checkpoints and Bootstrapping
- Hard-coded checkpoints ensure a common history for new nodes, preventing Sybil attacks during initial sync.
- Bitcoin uses DNS seeds for bootstrapping, requiring trust in at least one honest seed or node.
SPV Clients vs. Full Nodes
- Simplified Payment Verification (SPV) clients download block headers, reducing resource needs but assuming valid transactions. SPV is less secure than full nodes, which verify all consensus rules.
- Running a full node offers superior security with minimal trust assumptions.
Security Considerations
- Full nodes require trusting hardware and software to some extent, though methods exist for verifying software integrity.
- Miner concentration poses risks, but incentives align against malicious behavior due to capital investment and network monitoring.
Infrastructure Options
- Alternatives like mobile wallets or SPV with custom configurations can balance security and convenience. Proxies combining third-party services with local verification offer hybrid models.
Run a Full Node Already
Running a full node provides the highest level of security for Bitcoin users, minimizing trust assumptions and ensuring financial sovereignty at minimal cost.

2025-03-13 16:43:25

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I wish I had more time to contribute with some PRs, but sadly my full time fiat mine keeps my time scarce. I did however turn this into a GH Issue for you here: https://github.com/BitcoinQnA/Hello-Nostr/issues/3
If I get more time in the future, I'd be happy collaborate more directly.

2025-03-13 15:01:37

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the guide is well-written! Just a few small tweaks could make it even more engaging and informative. Here are some ideas to potentially expand upon:
Nostr is still in its early stages. Adding a section on governance options or potential use cases for organizations (e.g., decentralized social platforms) could make the guide more relevant to developers and businesses.
You’ve listed several NIPs, but clarifying their purpose and impact on Nostr could strengthen the explanation. For each NIP (e.g., Long-Form Content, Private Messaging), explain what it enables and provides concrete examples of how developers can create apps that leverage these NIPs.
Relays: The Heart of Nostr - This section could be expanded by:
1. Explaining the role of relays in distributing data.
2. Providing a simple analogy or example of how relays work.
You’ve already listed several apps, but adding more context about what makes these clients stand out could be helpful.
- Blogging Apps: Habla and Highlighter are mentioned. Could you add a brief description of their unique features (e.g., privacy settings, integrations)?
- Group Chats: Chachi Chat is noted as relay-based. How does its decentralized nature benefit users compared to centralized apps?
- Marketplaces: Plebeian Market is mentioned as permissionless. Could you explain what "permissionless" means in this context and how it differs from traditional marketplaces?
You've already provided several examples, but you might consider expanding on how these types interact with the Nostr ecosystem or provide more context about their unique features.
- Long-Form Content: You mentioned NIP-23 (blogs, articles). Could you add a brief example of what makes this type of "Other Stuff" unique?
- Private Messaging: NIP-04 is highlighted as encrypted chats. Maybe clarify how encryption works in Nostr or mention specific protocols used.
- Communities: NIP-72 is listed as group chats or forums like Reddit. Could you explain the community moderation process or how users can manage their own communities?
- Marketplaces: NIP-15 involves zaps for payments. Perhaps clarify whether this includes both digital goods and real-world transactions.
- Zaps: NIP-57 is highlighted as value transfer on the Lightning Network. Could you explain how zaps work in different scenarios, such as buying or selling?

2025-03-12 23:30:13

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If btc holders are able to be 6102’d in 2025 then it stands to reason that they don’t really understand bitcoin fundamentals.

2025-03-12 14:30:42

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You had me at tax free and capital gains free.
What I’m not so keen on is the bit where the federal government gets to pocket half of the upside.
Why wouldn’t I just stay humble and stack into cold storage?

2025-03-11 15:52:32

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What would you say is the right balance of fiat trash coin and bitcoin? I would guess you’re running something like monthly outgoing expenses plus some buffer and all else in the orange coin?

2025-02-21 14:49:00

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I read through the proposal last night, it was not only very well written, but was comprehensive in its telling of the problem against the backdrop of possible solutions. Trade offs are always going to be front and center, and it was nice to see them addressed directly.
The detail and care that went into the risks associated with the prior epochs coins present a well grounded schedule of concern for action.
Very well done across the board, bravo.

2025-02-02 03:52:02

Personal Bitcoin miner? Is it possible to find a decent bitcoin mining machine that is small and quiet enough to run at home? I have a small bit of solar over generation that I would like to take advantage of.