Income Taxes undermine the 13th Amendment.
Study #Bitcoin.
#Bitcoin can only show you that narrow path called The Way.
You’re the one who must follow it.
#Bitcoin can only solve one half of all your problems.
You’re the one who must solve the other half.
I can live with Users in meatspace controlling How and Why restrictions/decisions spending their #Bitcoin.
I don’t need to outsource any part of the How and Why decision making responsibilities to the #Bitcoin protocol… it’s too much burden afaict.
Today, Fiat Clown World and Bitcoin User Behavior are spammy & volatile enough as it is.
I see no need to introduce a BlockSize increase or Covenants to #Bitcoin’s core DNA at this time.
We need to be Patient and do more educating about #Bitcoin fundamentals in meatspace.
A nation is only as good as the quality of its people.
#Bitcoin helps people become better people and helps nations become better nations.
If banks like JPM & BofA really wanted custody of #Bitcoin, then I suspect Congress would override Biden’s veto in short order, right?
Banks can pressure politicians just fine.
So maybe Banks don’t want custody.
Banks might like #Bitcoin at arm’s length.
When someone can show me how everyone’s vote gets verified, I MIGHT consider taking time out of my life to go LARP for democracy and vote.
Until then, owning #Bitcoin and writing letters to representatives and engaging people on Twitter is a more effective use of my time.
Self-custodying #Bitcoin and not voting is fine.
Self-custodying #Bitcoin and writing a letter to your representatives is better.
Self-custodying #Bitcoin and LARP voting for Red or Blue is whatever….
Let me know when you can verify that your vote is fairly counted.
I can live with Users in meatspace controlling How and Why restrictions/decisions spending their #Bitcoin.
I don’t need to outsource any part of the How and Why decision making responsibilities to the #Bitcoin protocol… it’s too much burden afaict.
#Bitcoin can only show you that narrow path called The Way.
You’re the one who must follow it.
#Bitcoin can only solve one half of all your problems.
You’re the one who must solve the other half.
#Bitcoin can survive in a Debt and Theft based Fiat Marxist system in Meatspace.
But #Bitcoin cannot thrive and heal Human Civilization in a Debt and Theft based Fiat Marxist system in Meatspace.
"The possibility of switching from one type of energy to another is an Option, and the economic value of flexibility can now be determined."
-Bertil Naslund when presenting the Nobel Prize for the Options Pricing Formula.
#Bitcoin is the ultimate form of Economic Optionality.
The longer you have to exercise an Option, the more valuable the Option becomes.
#Bitcoin is a perpetual option that is designed to maximize your Economic Optionality and Flexibility over time.
The Dollar is designed to enslave you inside of an invisible prison filled with cheap dopamine hits.
Is there any covenant that is on a similar/same level of simplicity of basic hash locks and time locks?
When and What type restrictions feel way safer than How and Why restrictions
I don’t understand why it’s appealing or makes sense to imbue #Bitcoin with How and Why types of intelligence
Are #Bitcoin Covenants akin to Deed Restrictions and/or maybe Easements for Real Estate?
#Bitcoin is backed by randomness & optionality.
#Bitcoin is Randomized Controlled Time Trial Money.
“Randomized controlled trials (RCTs) are considered the highest level of evidence to establish causal associations in clinical research.”
Study #Bitcoin.
Timelocks - restrict WHEN #BTC is allowed to be spent
Covenants - restrict HOW #BTC is allowed to be spent.
Outsourcing WHEN authorization to the #Bitcoin source code feels more reasonable than outsourcing a HOW authorization.
Maybe users should keep control of the HOW.
At best, Tether is a 100% Fully Reserved Fiat Shitcoin that doesn’t pay users interest, & captures ~100% of Treasury interest to buy #BTC.
#Bitcoin is Freedom Money.
Tether is a Dollar Shitcoin.
Know where Fiat Prison ends and economic Freedom begins, so you don’t get played.
More thoughts on #Bitcoin Covenants…
-insufficient product market fit
-insufficient user technical competence
-insufficient appreciation for Sound Money & Rational Economic principles
-not a necessary upgrade
-may open up #Bitcoin to unknown attack vectors
-why does #Bitcoin as “money” need to have covenant functionality programmed into its core DNA?
-perhaps timelock transactions minimize attack vectors because Time itself can’t really be manipulated/abused… so why/how do Covenants minimize attack/abuse vectors like Timelocks?
Maybe the Blocksize Wars weren’t as existential to #Bitcoin as many seem to think.
The changes we made to #Bitcoin back in 2017 weren’t even absolutely necessary. We just didn’t apply sufficient patience or diligence.
Today we should use hindsight to inform our path forward.