₿ull Swan
@blackswan_21m
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minimalist. white paper maximalist. simplicity is the ultimate sophistication.
Chiba City
Joined July 2023
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Satoshi was confident that Bitcoin could scale to become a global payment network, without any custodial solutions or layer 2 networks.
Somehow I’m meant to believe that he was correct about Nakamoto consensus, 21m, issuance schedule, PoW, 10 minute block times
But not scaling?
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Why do I stack BTC and BCH?
BTC - Number Go Up until the poor UX, caused by high fees, drives the majority of users to centralised, custodial solutions. BTC will be rehypothecated, suppressing price discovery, censored and seized. Congrats - Digital gold.
BCH - It’s Bitcoin.
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Believing that the international banking cartel won’t defend its dollar hegemony by rehypothecating Bitcoin and suppressing price discovery is pretty low IQ stuff.
The Coinbase / ETF FUD is pretty low IQ stuff
Essentially you're accusing enormous, public, audited & regulated companies of being as shady as FTX was
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If you don't believe me or don't get it, I don't have time to try to convince you, sorry.
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If you hear ‘Bitcoiners’ promoting anything other than self-custodial solutions, run the other way.
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It’s almost like the constant technical innovation in bandwidth and storage means that we could increase the block size while maintaining, or even reducing, the average costs of running a node 🤔
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@HodlDee
Arguably it’s the only Bitcoin still remaining.
But even from a BTC perspective it has the same whitepaper, author, initial software release, and chain history until the fork.
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What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party.
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@bergealex4
“The main benefits are lost if a trusted third party is still required to prevent double-spending.”
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@AdamSimecka
We are talking about a monetary system that has the potential to change the evolution of human civilisation.
It’s still very early days.
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Worth remembering that “markets can remain irrational a lot longer than you and I can remain solvent.”
This could take a decade, or longer, to play out, if at all.
The combined human intelligence working on BTC is impressive, and it’s hard to bet against human innovation!
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Sold a chunk of my corn to pass another milestone, and am incredibly grateful.
You’re welcome for the pump that will inevitably follow!
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@GhostofWhitman
@RoninMiner
A hardware encrypted phone recovery backup is saved to Apple iCloud or Google Drive.
You need access to the cloud storage, the hardware device and the biometrics to unlock it before it’s usable.
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@PrestonPysh
i generally use
@mullvadnet
or
@ProtonVPN
have heard good things about
@ivpnnet
and am interested in
@obscuravpn
it depends on your threat model, and whether obfuscating traffic from your ISP is sufficient
if i had to recommend one, it would be
@mullvadnet
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@calebinsocal
Firstly, it’s a little utopian to believe that the majority of users will ever run nodes.
Secondly, bandwidth and storage are constantly getting cheaper, meaning it would always be accessible for interested parties.
ZK proofs can solve for IBD and nodes can background sync.
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@Coinicarus
Yeah, he foresaw the formation of specialised Bitcoin mining infrastructure but understood the financial incentives of Nakamoto consensus would result in >51% honest miners.
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@Coinicarus
"What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party."
what section of the paper suggests it is not intended to be p2p cash?
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@BenWerkman
Dell Optiplex Micro / Lenovo ThinkCentre Tiny / HP Mini / Intel NUC.
Can start by running Debian / Ubuntu on bare metal and installing Bitcoin Core or
@start9labs
StartOS.
Later, as you become more comfortable, you can virtualise it in Proxmox and run other VMs / containers.
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@imabearhunter
@aantonop
Everyone is an armchair critic. Andreas orange pilled more users than they ever will.
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@BitcoinSapiens
Followed. Check the people I’m following, there are heaps of cool plebs there.
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@ReverendHodl
@hodlonaut
internal transactions are not recorded on chain and they do not report their wallet addresses publicly
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@ReverendHodl
@hodlonaut
If these funds sell more shares than the BTC they hold, this dampens the effect that this demand has on price appreciation.
It’s the same game they have been playing with paper gold for decades.
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@nopara73
Heads up, there is an extension called ClearURLs (Firefox and Chromium support) which you may be able to contribute to:
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@giacomozucco
Non-custodial LN is a terrible UX, which is worse in a high fee environment
Asserting that Bitcoin cannot be a MoE while also being a SoV is a false dichotomy
If users want to prioritise SoV, why bother building LN to begin with?
Custodians are the biggest security risk to BTC
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@dahkelor
pros:
fair launch, proof of work, private by default.
cons:
not possible to audit the supply, relatively small anonymity set.
i would say it fills a niche that Bitcoin cannot presently and has real utility. wouldnt want to store long term value in it though.
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@BitcoinShud
I think there will be headwinds, but I’m still leaning to ‘up’. Overall sentiment is still quite bullish and we just had the halving.
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@LukeDashjr
@Unexxpect1
@allgoodthingsen
@4moonsettler
The current system where every user is a network node is not the intended configuration for large scale.
That would be like every Usenet user runs their own NNTP server.
The design supports letting users just be users.
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