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One of my recent macro narratives that resonates with people is that all of the fucking gates are down.

The 160+ fiat currency bubbles, which previously relied on controlling ports of entry and bank transfers, are now highly porous. They can be routed around by remembering twelve words through a port of entry, by sending money via a QR code over a video call, or by communicating via email or DM and arranging a payment- all with infinite value density.

But adoption takes time. Liquidity needs to build, people need to become aware and comfortable with the technology. Only in the past few years has liquidity become serious enough to be interesting to most people, and given another cycle or two it could and should just blow these gates wide open.

Paula 2y ago

Love this Lyn and love your work! I would not know how to move BTC if I had to get out of a country quickly. I get you have to remember 12 words. Let’s say you have it on Trezor and have to leave Egypt. Then you get to USA and enter the 12 words on the Trezor app without the device and you can get your money? Is this way an option or do you have to send it to another wallet? I’m grateful not to be in this situation but would like to know. Thanks

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Discussion

diasporic 2y ago

I can answer your question:

Imagine you decide to flee your country for whatever reason, but you lose your Trezor or decide not to cross a border with a gadget that shouts "I have some money here, please hassle me for bribes."

However, you have memorized your unique12 words from the standard BIP-39 word list. You are in luck! You cross the border, perhaps just with the shirt on your back, border guards none the wiser, arrive safely in your new home, and then you acquire another Trezor (or equivalent gadget).

Now you enter your12 words (AKA "seed recovery phrase") into the gadget and abracadabra, there's your life savings ready to spend.

The words are technically a human-memorable encoding of a random bitstring which forms the root secret key of a hierarchically-derived tree of secret/public keypairs, each of which should secure (ideally) a single transaction (ie. an inbound value transfer received by you).

Sort of like a just-add-water personal treasury. The gadget is only needed to spend or receive new value. The memorized 12 words represent (eventual and ideally exclusive) access to all of the value.

Hope that helps!

Paula 2y ago

Thank you. That really helps. I always wondered if you could use another device from a different company. I appreciate it 🙏