Nice, some Dire Staits.

“Brothers in Arms” for chilling out, and “Money for Nothing” for reviving up.

There are no ads on my Nostr “Following” feed. Refreshing.

#plebchain

I need help understanding how to handle all the tax complexity of “selling” Bitcoin.

Cash App is KYCd, so the IRS knows the amount of BTC income; which means that technically every UTXO that leaves my wallet needs to have Capital Gains Tax calculated on it?

Which means I’d’ have to manage purchase dates, amounts and prices for all UTXOs? And then calculate the gain or loss on them when I sell them for fiat?

Ugh.

The concept of digital scarcity is fascinating, and there is a need for it in our digital age. It's both a cool idea, and one that has incredible utility!

Why digital cash did not work prior to 2009:

_________

"The nature of digital objects, since the inception of computers, is that they are not scarce. They can be reproduced endlessly, and as such it was impossible to make a currency out of them, because sending them will only duplicate them..." - Amous, The Bitcoin Standard.

Keep Keet on your radar - it’s an upcoming secure messaging and video conference app. (If you value the decentralized aspects of Nostr, you’ll likely appreciate what Keet will offer too…)

https://keet.io/

#plebchain

#Bitcoin

Good luck on the build and troubleshooting! Part of the fun for me is the problem solving, the moment when moving from an unknown frustration to a discovered solution.

You got this 🧐

😊🙏🏼

⚡️💪

lnbc5u1pjd5kk6pp5vaw82j73u30p4s4kaxstk8p2pq23my65rd5t4r0zhvd7sca2dc3qdqu2askcmr9wssx7e3q2dshgmmndp5scqzzsxqyz5vqsp5w5n8ned33z3h5f3nzufqgqydrmpygclyctefh3r57g5sfg9uh5jq9qyyssqzmg8rht985xjft9ya5ml8cwaupe8p7zurycvnqdndpz4mcfyflzkl2p07ke5l9cymntzz3z4kfm2af47y8c9v3svu8gt92whug72l9qqk0ryld

Cypherpunks write code

Bitcoiners run node

Prior to reading this book, it had never even occurred to me that an ethical government would, in theory, not want to create, mandate and monopolize money.

An ethical government would, instead, be dedicated to protecting the property rights of its citizens. It would want to avoid inflating and counterfeiting the money supply.

But all humans struggle with ethics.

So it's wonderful that we have #Bitcoin now; a non-governmentally originated money.

https://mises.org/library/ethics-money-production

I admit I struggle to understand much of the Bitcoin whitepaper, but I am making progress, little by little. I'd like to understand what a Binomial

Random Walk is, but am not quite there yet...

https://bitcoin.org/bitcoin.pdf

A SHA256 hash can take a data set of any size and represent it uniquely with exactly 64 characters.

A helpful introduction to the concepts of blocks, keys and signing:

https://andersbrownworth.com/blockchain/

Need a change in pace from social media? Why not enjoy a free intro course on Quantum Physics taught by MIT, all from the comfort of your own home...

Affirmation of the concept that software swallows everything.

________

https://ocw.mit.edu/courses/8-04-quantum-physics-i-spring-2013/

For we cannot do

anything against the truth

but only

for the truth

- 2 Co 13:8

______

Satoshi Nakamoto knew the value of truth in electronic transactions:

"We have proposed a system for electronic transactions without relying on trust. We started with

the usual framework of coins made from digital signatures, which provides strong control of

ownership, but is incomplete without a way to prevent double-spending. To solve this, we

proposed a peer-to-peer network using proof-of-work to record a public history of transactions

that quickly becomes computationally impractical for an attacker to change if honest nodes

control a majority of CPU power. The network is robust in its unstructured simplicity. Nodes

work all at once with little coordination. They do not need to be identified, since messages are

not routed to any particular place and only need to be delivered on a best effort basis. Nodes can

leave and rejoin the network at will, accepting the proof-of-work chain as proof of what

happened while they were gone. They vote with their CPU power, expressing their acceptance of

valid blocks by working on extending them and rejecting invalid blocks by refusing to work on

them. Any needed rules and incentives can be enforced with this consensus mechanism."

https://bitcoin.org/bitcoin.pdf

__________

οὐ γὰρ δυνάμεθά

τι κατὰ τῆς ἀληθείας

ἀλλὰ ὑπὲρ τῆς ἀληθείας

#Bitcoin

#plebchain

Functionally, a pruned node can do what a full node can.

By that I mean you can enjoy the privacy benefits of connecting your own wallet to it without someone’s else’s node seeing your data come through.

——

The downside of a pruned node is the fact that it is trusting blockchain data from other nodes that your pruned node did not itself verify.

This means there is a “loss” in the verifiability of the integrity of the entire blockchain from block 1 to the current block.

Since an aspect of the Bitcoin ethos is “don’t trust, verify”, node runners tend to operate a full node when possible.

Strengths of #Bitcoin:

A money that others cannot

- inflate

- confiscate

- counterfeit

Like water, #Bitcoin offers refreshing economic truth.

Lyrics from Luke Thompson's song ,"Water", seem to match the world of fiat, pre-#bitcoin clarity:

_____

I am the stranger in the shadows

I am the sleeper at the wheel

I am the choice & the anonymous voice

That says none of it's real

I have come from the walls of worry

I fled the wounded streets of war

I walked a thousand miles in the wrong direction

But what was it for? What was it for?

We drink to love and deception

We drink to charity and greed

We drink to numb the very thing we've become

When its water we need

____

#Bitcoin

#plebchain

#music

https://www.youtube.com/watch?v=2RI4npfNRbg

“Love Language” by Lina Seiche:

🤡🌏

'Render unto Caesar what is Caesar's...'

I think about this a lot lately...

How does one determine what is Caesar's?

He who takes the king's coin

Becomes the king's man

Moo.

______

SOCIALISM

You have 2 cows.

You give one to your neighbour.

COMMUNISM

You have 2 cows.

The State takes both and gives you some milk.

FASCISM

You have 2 cows.

The State takes both and sells you some milk.

NAZISM

You have 2 cows.

The State takes both and shoots you.

BUREAUCRATISM

You have 2 cows.

The State takes both, shoots one, milks the other, and then throws the milk away…

TRADITIONAL CAPITALISM

You have two cows.

You sell one and buy a bull.

Your herd multiplies, and the economy grows.

You sell them and retire on the income.

SURREALISM

You have two giraffes.

The government requires you to take harmonica lessons

AN AMERICAN CORPORATION

You have two cows.

You sell one, and force the other to produce the milk of four cows.

Later, you hire a consultant to analyze why the cow has dropped dead.

ENRON VENTURE CAPITALISM

You have two cows.

You sell three of them to your publicly listed company, using letters of credit opened by your brother-in-law at the bank, then execute a debt/equity swap with an associated general offer so that you get all four cows back, with a tax exemption for five cows.

The milk rights of the six cows are transferred via an intermediary to a Cayman Island Company secretly owned by the majority shareholder who sells the rights to all seven cows back to your listed company.

The annual report says the company owns eight cows, with an option on one more.

You sell one cow to buy a new president of the United States, leaving you with nine cows.

No balance sheet provided with the release.

The public then buys your bull.

A FRENCH & CANADIAN CORPORATION

You have two cows.

You go on strike, organize a riot, and block the roads, because you want three cows.

A JAPANESE CORPORATION

You have two cows.

You redesign them so they are one-tenth the size of an ordinary cow and produce twenty times the milk.

You then create a clever cow cartoon image called ‘Cowkimon’ and market it worldwide

A GERMAN CORPORATION

You have two cows.

You re-engineer them so they live for 100 years, eat once a month, and milk themselves.

AN ITALIAN CORPORATION

You have two cows, but you don’t know where they are.

You decide to have lunch.

A RUSSIAN CORPORATION

You have two cows.

You count them and learn you have five cows.

You count them again and learn you have 42 cows.

You count them again and learn you have 2 cows.

You stop counting cows and open another bottle of vodka.

A SWISS CORPORATION

You have 5000 cows. None of them belong to you.

You charge the owners for storing them.

A CHINESE CORPORATION

You have two cows.

You have 300 people milking them.

You claim that you have full employment, and high bovine productivity.

You arrest the newsman who reported the real situation.

AN INDIAN CORPORATION

You have two cows.

You worship them.

A BRITISH CORPORATION

You have two cows.

Both are mad.

AN IRAQI CORPORATION

Everyone thinks you have lots of cows.

You tell them that you have none.

No-one believes you, so they bomb the **** out of you and invade your country.

You still have no cows, but at least now you are part of Democracy….

AN AUSTRALIAN CORPORATION

You have two cows.

Business seems pretty good.

You close the office and go to the pub for a few beers to celebrate.

A NEW ZEALAND CORPORATION

You have two cows.

The one on the left looks very attractive.

A GREEK CORPORATION

You have two cows.

You borrow against the cows from the Germans

You kill the cows and make souvlaki

You can’t pay the interest so the Germans lend you more money

You can’t pay the interest so the Germans lend you more money

You can’t pay the interest so the Germans lend you more money

You can’t pay the interest so the Germans lend you more money …..

https://en.wikipedia.org/wiki/Nicole_Oresme

!! 🚨 BREAKING !! - Currency Debaser and Corrupt Politician "Tricky Dick" Nixon Roasted By 14th Century Philosopher- Mathematician- Physicist -Theologian -Economist -Astronomer!!!

“... it is exceedingly detestable and disgraceful in a prince to commit fraud, to debase his money, to call what is not gold, gold, and what is not a pound, a pound, and so forth. ...Besides, it is his duty to condemn false coiners. How can he blush deep enough, if that be found in him which in another he ought to punish by a disgraceful death?"

- Nicholas Oresme, 1360 AD

_______

Excerpt from "The Ethics of Money Production" by Jörg Guido Hülsmann

When I hear how Coinbase is going to be the "surveillance partner" for the upcoming #Bitcoin ETFs, I get a bad taste in my mouth.

Surveillance partner.

Why couldn't there be a world where citizens don't need to be surveilled by their own banks and governments?

Thanks @Mandrik! Reddit was where I first dug into Bitcoin, before moving to Twitter and now Nostr. I owe a debt of gratitude to the many Redditors and mods who helped me learn.

#Bitcoin #plebchain