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BaleNorge
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One world one Bitcoin ⚡️

#asknostr proof of stake vs proof of work. Can anyone send a good analogy or link to it.

Caught in the thunderstorm 🌩️ #thunderstorm #brisbane #summer

#nostrfitness #running #training #grownostr #10k

They are going to buy the bitcoin on an average 40 million $ / day-and about 42 billion over the next three years. Institutions are holding almost 5% of the supply since the first ETF came this year. We can’t do much, but Bitcoin is going to help everyone even the one who doesn’t have.

See what powerful people have and it’s everywhere all around the world and every group. #grownostr #bitcoin

But there are new heavens and a new earth that we are awaiting according to his promise, and in these righteousness is to dwell. Thoughts to ponder!!

Bitcoin is Byzantine Fault Tolerant System #bitcoin

Framework on the dangers of incentives:

The Cobra Effect

Here's a famous story on the power (or danger) of incentives:

There were too many cobras in India.

The British colonists, worried about the dangers of these venomous creatures, devised a plan to reduce the cobra population:

They offered bounties for cobra heads.

Some savvy locals developed a business model: Breed cobras, chop of their heads, turn in cobra heads and collect bounties.

The British realized what was happening and ended the policy.

In response, many of the breeders simply released their now-worthless cobras onto the streets, increasing the population of cobras.

The British viewed cobra heads as a simple measure of cobra elimination, so attached an incentive to turn in cobra heads.

The result? An incentive designed to reduce the cobra population actually increased it.

The Cobra Effect is an example of Goodhart’s Law, which says that when a measure becomes a target, it ceases to be a good measure.

Simply put, if a measure of performance becomes a stated goal, humans tend to optimize for it, regardless of any associated consequences. The measure often loses its value as a measure.

Note: This is a critical issue I cover in my first book as it relates to the cultural pressure to use money as your sole measure of success. For more on the solution, preorder your copy now on Amazon or anywhere books are sold!

Once you internalize this framework, you see it all around you (particularly in the business world).

For example, senior leadership at Wells Fargo viewed new account openings as an easy way to track business growth, so it gave its junior employees target account opening goals. The result? Employees ​opened millions of fake accounts​ to hit their targets and Wells Fargo was fined billions for the fraud. #nostr