This is practically spot on. There is the issue of volatility however.
Here's the deal:
1. if you have no bank account or access to stable currency or credit
2. If you have accrued a lot of Bitcoin and can spend less than a small percentage in a given 4-5 years
Bitcoin only is your best chance of improving your life. You will have ups and downs, but they will never be as bad as your alternatives.
If you have western privilege, that volatility is going to appear problematic to you.
Imagine having saved up $1,000 via nostr and then it crashes to being worth around $200. This could happen. You have some options:
- stop using bitcoin and focus back on surviving with fiat
- continue earning in bitcoin, but now you're getting more sats because people can afford to zap bigger
When the bitcoin value bounces back... And it will, if you continue the bitcoin route, you'll be in a much better position than before.
That said, losing $800 is going to feel terrible. It really takes a lot of forward thinking to stomach it.
It can also be beneficial to have dollars available so you can continue living a more modest life while this is happening so you don't dip into your bitcoin while it is so undervalued. Those without dollars don't get this privilege.
Do you have a link to this on TikTok?
Sometimes posting nostr content to my friends doesn't resonate with them (even though I can't even see their stupid links because I don't have a TickTok account and nostr links are free to view with no login shields)
I was chatting to someone briefly about Bitcoin yesterday and they mentioned, "oh yeah because it is good for money laundering"... To which I replied "you know it is factual that there is a magnitude greater amount of money laundering happening in banks compared to anything in Bitcoin right?"
But honestly, can someone answer me this?
Who the F has money laundering ever hurt anyway? Why do people feel like it is such a clear cut immoral thing to do?
Low base layer activity does seem unusual, but I'm just saying that I am seeing activity, new TX's in realtime and most of them are consolidations where people are taking their small utxos and combining them into larger ones.
Small utxos can be very troublesome when fees are higher, since the fee grows with each new utxo, you can't just combine a small utxo with a large one and think you are saving in fees. The cost to add that small utxo to your transaction may well be larger than the utxo itself. So it is just more economical to treat it as "dust" and pretend it doesn't exist.
The problem is that all bitcoin nodes keep track of utxos in a database that needs to be fast and it is a potential problem for smaller nodes if that db gets too big. It can make smaller nodes struggle to run efficiently.
Consolidations reduce the number of utxos in that database, meaning less bitcoin lost as dust, but also less db capacity used for utxos that will just never be spent.
It probably won't last forever, I suspect this is a testament to the success of lightning. I don't think no one is using Bitcoin, I am using it, mostly over lightning though.
Anyway, this thing grows and shrinks, think rush hour, so it isn't going in a single trajectory, but it is nice to see some really old transactions finally clearing too.
Basically yes. There is a lot of consolidation happening on the base chain too.
It actually shows that hash rate is also rising. The difficulty rose in the last difficulty epoch and it looks set to rise again.
This is the lowest number of outstanding blocks of transactions I've ever seen in a long while 👀
Is it their reasoning model that everyone is raving about? Is it small enough to run on a mini-PC with integrated graphics? Or is it just a better AI but still needs a supercomputer to be fast and accurate?
I'll get excited when it can run on an old android phone and perform as well as the big ones that run on massive servers today.
I hear it will come.
Never say "Yo gusta la polla" and you'll be good.
Feel free to say "Yo gusta la pollo"
Stop! Drop! Hit 'em up open up shop!
Are the US even interested in controlling bitcoin? They seem to go crypto much more, US-made crypto!
Who knows, who cares, the only thing that matters is.. Can they.
If they can, bitcoin failed.
Phoenix Wallet. Unless you're in the US, it's the best wallet and self custodial too.
I like to make these comparisons:
1. This is like a current account vs a savings account.
2. There's an opening fee and a closing fee.
3. Some people get caught on this, you CAN spend your total balance, but you do it by CLOSING your account. If you try to send out the total amount through a lightning payment, it will fail. It's like having a bank account that must have a minimum of $1 at all times.
Well, that's true of the shitcoins that he is considering putting into his stockpile so... 💩
The media don't know the lingo, they think bitcoin and crypto are synonymous. Fumb Ducks! 😅
That last pin is wrong... All other pins are before the new year, this one is after.