After WBD conversation regarding #Ledger Recovery service, it was great to hear a follow-up on Coin Stories from #[1]​ with #[2]​.

An interesting quote from the discussion: „If you are not yet ready for self-custody, don’t buy #Bitcoin“.

I’m not sure I fully support this statement, but the logic behind is sound - self-custody is one of core aspects of bitcoin besides all the monetary benefits. So we cannot just use Bitcoin to protect our savings. We should also learn to self-custody it to avoid 3rd party risks.

„The most painful thing to happen is to have your coins see grow in value to be rug-pulled by any third party involved through the process“.

Thank you for your insights!

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„My inner node“ - I love the analogy.

I recently came to similar analogy: the BTC network is connected and all the nodes together ensure it’s integrity, same way we are all connected via our internal nodes to create fabric of reality.

Even though we do have bad events and fabric is being torn in certain places, integrity, truth, and love win overtime to rebuild and strengthen this fabric.

1.01^365 = 37.78

0.99^365 = 0.03

I think it depends on your occupation.

In my work I have to gather a lot of information from commercial people - what is happening in the our market, how do customers react to certain things etc. They are much more willing to share these insights face-to-face than via screen or email.

So in my case balance is key - I speak to people f2f, but process the information and do the analytics by myself. And the 2nd part is better done remotely.

„Bitcoin Standard“ is classical introduction into why BTC is important.

„Inventing Bitcoin“ is a great and simple intro on how the technology of BTC works, even for non-technical people.

“Price of Tomorrow” is exploring how Bitcoin can be a natural network to help solving many issues we are facing right now - e.g. increased spread between poor and wealthy, corrupted incentives in banking, and even climate change.

I have recently listened to What Is Money episode with #[0]​ on the Nature of Energy (https://youtu.be/OGmdOIXzB64), and I totally recommend it to those, who have not had this chance yet. Saylor describes very eloquently, how evolution of ways to channel energy led to development of civilization. Money is most efficient way to channel energy, and bitcoin is best money ever invented. But even more than that, in Michael’s words, “Bitcoin is the ultimate digital network which will defend integrity of commerce in cyberspace. It is culmination of 40 years of the search for a perfect decentralized system. And ultimately it would lead to dematerialization of notary and licensing networks, passports and verification systems.”

Another anecdote I have recently listened too described one of the older leaders (70+ years) of one of the major countries not using smartphone, and relying in all his decisions and communications on paper reports and documents. And I think this is true not only to this country leader, but also to many older company managers and political actors, who because of their age cannot fully comprehend the power of internet and new technologies, and the transformative effect they are already having. This obviously limits their ability to experience and understanding of bitcoin, and consequently willingness to enable its adoption and development.

But as Michael describes in the WIM podcast, there is no other network other than Bitcoin, which can preserve truth in a decentralized matter. And since it’s the most efficient way to channel energy in a digitizing world, as well as most efficient means of protection in cyberspace, it is destined to gain adoption and importance. One truly cannot stop #Bitcoin, only slightly slow down its progression.

I strongly believe that Henry Ford was right in saying “Those who believe they can do something and those who believe they can’t are both right.”

I agree, it’s all about believe and persistence.

Though in current era of quick and easy rewards most of us have lost both, believe and persistence.

Presenting as your own - no go.

But we all build on other people‘s works and ideas. Key, imho, is proper referencing and giving credit, where it’s due.

It’s much harder to truly avoid fiat mindset when your basic needs are not met.

If you are not sure that you’ll secure food, shelter and education for your kids, morality often takes a backseat.

Morality in absence of basic needs requires true faith into the cause and in future abundance - be it through fruits of your labor or in afterlife for religious believers.

Good Luck, #[1]​ .

Indeed, hard to find a more promising destination: large population, ready to grow fast, natural resources, logistical hub!

Would be very interesting to see how Indonesia repositions itself in a developing new World!

Following the introduction of the Recover service by #Ledger, I was trying to understand what are the actual risks (new and old) in using a hardware wallet.

nostr:npub14mcddvsjsflnhgw7vxykz0ndfqj0rq04v7cjq5nnc95ftld0pv3shcfrlx WBD podcast on this subjects has been the best source of clarification so far (https://iris.to/note1gdvzzx2c7xc7q754fsjnt7pfqn0edmqqmpnja6l4859fwjsm5ktsejgjqk)

1) The service is optional. If you do not opt-in, your KYC is not requested and encrypted shards of the seed are not leaving your device (on this we have to trust Ledger).

2) We should be aware and educate others that there are always trade-offs. E.g. using exchange to custody your crypto is the simplest, but least secure option. All hot wallets are ultimately breakable. Hardware wallets are best way to self-custody, but here you have trade-offs as well - UI, open-source, ability to support other coins, etc.

3) By introducing this service Ledger is off-boarding loss of key risk, but on-boarding state actor risk (credit to Harry Sudock from Griid for formulating that well).

For most of users, risk of their personas being of interest to the Government is relatively low vs risk of loosing their seed phrase, and this service might make sense. For others - one can not use the service or move to other wallets.

But the feature should also be looked at in the context of how many users are actually using self-custody - less than 10 mln people among more than 300 mln crypto holders.

If this feature helps brings more people into self-custody on a hard wallet - the trade-off might be totally worth it.

I have recently finished a book “The Bible Tells Me So” by Peter Enns. One of the core ideas there is that we should not take the Scripture as a historical account, but rather understand it collection of stories from people, who have been trying to describe their relationship with God and Faith. These people have been imperfect as we are, and have tried to convey their message to populations around them.

Suddenly, expulsion from Eden makes sense, as do a lot of other stories from the Bible. If you consider life of hunter-gatherers vs life of people in agricultural society, one would see that former one were free, whereas later one not. Old testament for an effort to describe ways of living at that time – time of smaller tribes and enmity between them. Whereas New Testament offered new ways of living together, where kindness and love is more valuable to society at large.

Birth of Christ marked a major milestone in human history, it led to development of new Ethics, which focused on building moral character, glorified virtues and emphasized duty.

It is interesting how interconnectedness of the whole world via internet, development of #Bitcoin and #Nostr can lead to further evolution of human interaction and Ethics.