I tried, but the link appears to be broken. #bitcointhoughts

I tried, but the link appears to be broken. #bitcointhoughts

I tried, but the link appears to be broken. #bitcointhoughts

Anyone using the Keevo wallet? My sister just gave me one and I’m curious if anyone has thoughts about it from experience…

I have to wear a beard to look my age. If I go clean shaven people think I'm 22 and they don't take me seriously when I talk about shit because they think I'm just a kid with no life experience. 🤣

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Thanks for sharing.

Interesting parallel you draw between, essentially, the economics of the British Crown's rule over the American colonies and the economics of Ordinals and similar non-currency layers grafted onto Bitcoin.

The Crown had high and essentially fixed costs that made it brittle in the face of an imperfect economic boycott.

I don't know much about the market for Ordinals, but I doubt it is remotely as vulnerable from a cost point of view.

Boycotts of Ordinals would drive up their costs only minimally as long as a small but meaningful percentage of hashing power does not participate in the boycott.

A boycott might more easily add considerable uncertainty to their settlement time, however, since it is essentially impossible to predict when a (presumably minority) Ordinal-friendly pool will find the next block.

I enjoyed this! The American history bit might be hard for those who don't know what happened after the tax acts to understand, wouldn't mind further expanding on it -- it was interesting

I do appreciate the reminder that Bitcoin as a movement is what we make of it. 😎

"Doing nothing" will always seem attractive to "putting in the work". Lots more to do in Bitcoin, and we're nowhere close to be at a point where "doing nothing" is acceptable, onward

I’m in my 30s and don’t understand how a market is “made.”

Apparently one of the arguments Keynesians make for why Bitcoin's fair value is close to zero goes like this:

MV=PQ

M is the total money supply

V is the velocity of money, that is the average frequency with which a unit of money is spent.

P is the price level of the money unit

Q is an index of purchases

The value of the Bitcoin economy = (PQ)/(V*21000000)

Since almost nobody transacts in BTC for goods and services, Q=~0 and thus Bitcoin's economic value is basically zero.

While it's true that almost no one transacts in BTC on a regular basis, the logic is flawed.

MV=PQ is the equation of exchange. It's a way of measuring the amount of money that an economy needs based upon the demand for transacting. It's Keynesian demand-side monetary theory as opposed to Austrian supply-side theory.

Here's the unstated assumption for why the equation is wrong. More accurately, I'd say the equation is INCOMPLETE. The whole thing is built upon the assumption that the ONLY factor for demand of money is to SPEND it. We all know that's absurd. As such, this equation can AT MOST only quantify demand for SPENDING value, not storing value.

The Keynesians can't comprehend the value of Fuck You savings.