Those countries with seigniorage rights better hurry up and use their soon to be irrelevant political currency units to buy the hardest asset the world has ever known, #bitcoin and place them into Cold Storage. Just my two sats. #nyknyb #SelfCustodialBitcoinOnly
If there's a market then let it be done. If not then the currency is already worthless but obviously that's not the case as you can still trade 🇦🇷 peso for USD and then USD to #BTC so then at this point they (the Argentine people) still can use their political currency to buy the hardest asset that humanity has ever known, #bitcoin
In my opinion anyone who is willing to sell #Bitcoin for Fiat deserves exactly what they get. That being the case, why not let them print and let the fools who will part with their freedom money (#bitcoin) learn the hard way.
This action action alone could spur other nations with seigniorage rights to do the same and would help ignite #Hyperbitcoinization and end the fiat standard pushing towards the ultimate goal of the separation of (all) states from currency. Or at least minimizing it to the extent where their political currency units are fully redeemable for a fixed amount of Bitcoin and thus minimizing their ability to print unchecked which is the likely end game. Just my 2 sats.
Unpopular Opinion: Javier Milei should not give up their money printer but should use it to print (aka buy) #bitcoin straight into a multisig cold storage addresses for the people of 🇦🇷. IMO ditching the 🇦🇷 money 🖨 for the USD 🖨 eliminates your national sovereignty.
Perhaps the best option he could do is print as much of their currency as feasible to buy as much self custody #bitcoin as they can. This could actually inspire other nations to do the same and kick off #Hyperbitcoinization ! 🇦🇷 could actually be the first domino (well one with their own money printer) to fall and bring #bitcoin to become the new store of value standard for the rest of the world. 🍿
Another NOSTR commercial from Elon. SMH
If the price of #bitcoin is determined by the gyrations of the $ w/ no way to change this then #btc has failed as it's not independent of #tradfi . Personally I don't believe this & feel as though once enough hold it in their own wallets that the price will escape tradfi tactics.
Thanks for the reply however it seems to me that the number 1 goal for #tradfi is to keep fiat currency as relavant as possible as long as possible and that only happens when the fiat price of #bitcoin is being suppressed as to not create worldwide fomo into #btc. Haven't you ever wondered how they can express #bitcoin that's truly finite with something infinite.. Especially when the amount of infinite units (dollars) to represent has some of the most positive developments in it's history with growing adoption are going down since November 2021? As I always say:
∞$/21 MM ₿ ≠ $
I'm not trying to say they (drivechains) themselves are instrumental but IMO they're just a way to keep the #Bitcoin miners more profitable while they continue to suppress the fiat price of #bitcoin as the same miners will be able to collect fiat from these coins they mine even when the fiat price of #btc is low.
How does it not affect their invectives if it enables them to be able to extract additional fiat currency beyond what they could by the liquidation of the standard block reward they get today? The largest miners are already part of #tradfi and are publicly traded and they are all likely playing the Wall Street game of maximizing short term profits (mostly in fiat). If drivechains goes through and the 💩 coins start flowing then why would they even care if bitcoin's fiat price was lower since they'd be able to generate fiat from these drive chains? Once you throw in traditional finances seemingly hostile investments in said miners then you can start to see how this could become a slippery slope for keeping the fiat price of #btc suppressed even longer.. at least I do.
I completely disagree with you and think you are biased. But good luck with your alt coin fork.. If it ever materializes ✌️
Yeah but that's nothing to do with the code so.. Kind of another thingy.
Look, I don't have to show you shit and you can fuck off if you don't want to engage. Outside of that the point that you clearly don't want to acknowledge is that #drivechains on #bitcoin change the financial incentives for the miners and that matters for the reasons I said in my original post!
If you disagree I really don't care and you can go fork off somewhere because I don't see this happening bro. Also I'd genuinely appreciate it if you went somewhere else to fuck off with your manipulative babble bullshit trying to get around the seriousness with this bip affecting the miners incentives 🖕
Thank you for the clarification however regardless of whether or not they're technically on the main chain or not, the point still stands if it would enable modification of the #Bitcoin miners incentive structure away from them purely producing #bitcoin for their profit targets.
Some of my thoughts on the recent DRIVECHAIN topic..
What do you think the odds are that all these recent efforts to push additional assets into the L1 #Bitcoin chain such as taro, ordinals, inscriptions, and now #drivechains could just be attempts by the #tradfi regime to break the #Bitcoin miners economic Game Theory relating to the block reward and turn layer 1 bitcoin into a fiat printer? To me this seems probable as they likely need to figure out a way to sustain their mining operation investments without dumping piles of external cash into them should the block reward fall below the cost of production of the #Bitcoin reward in fiat terms (as we're still stuck in a fiat world) since most of these folks do not possess money printers directly. So rather than letting their miners go broke trying to keep the fiat price down and fund the operations by selling the Bitcoin for fiat, they can just create a bunch of BS tokens and junk in the blockchain that they can trade for fiat currency instead.
This would allow #tradfi more time to strategically position themselves and infiltrate key #bitcoin industry players (and influencers) before #Hyperbitcoinization and would also allow them to wait out some of the hodlers who will not be willing to take their Bitcoins to their graves in hopes that they would sell them back to them so they can control a Fiat price even longer.
Since I truly believe that they can't incentivize a lot of us hardcore Bitcoin mindset folks to sell for their Fiat currency, the thought by #tradfi is apparently that they will instead attempt to control a lot of the infrastructure for the future Hyperbitcoinization world or a world that they think they may have a chance at influencing the protocol development in some roundabout way to their benefit ( which I don't see plausible as I think we will see right through it all).
So far here's some main red flags I see from a self sovereignty #bitcoin maximalist perspective who's goal is to push self custody #bitcoin and has hopes for the separation of (all) states from currency:
- The largest #tradfi players snapping investments in the top big players in the #bitcoin mining space (Blackrock, Fidelity, etc.)
- The same #tradfi players + are all tripping over each other begging the SEC to green light spot ETFs as to be able to create even more paper Bitcoin. - This simultaneously attempts to get Main St to normalize counterparty risk in Bitcoin via #tradfi by investing and accepting their ETFs in lieu of Self custody BTC.
IMO these activities are all part of their goal of attempting to keep the bitcoin price in USD suppressed as long as possible and to do that they need to break the bitcoin economic game theory incentives built into bitcoin where miners are only rewarded with 21MM #btc and TX fees and make fiat other ways with their miners such as by adding #ordinals, #insciptions and are now seemingly trying to push for drivechains to get 💩 tokens in L1.
By breaking the #btc miners economic game theory with just the block reward (but now with ordinals, inscriptions, and if they have their way soon too be DRIVECHAIN bs tokens) they're hoping the price in fiat can be suppressed even longer while allowing them the ability to generate enough fiat currency stuff contained to fund their operations and more time to control even more of the miners and simultaneously hoping to wait out as many HODLers as possible in the hopes that eventually some will sell their #bitcoin and thus they can scoop it up for a relatively cheap amount of fiat which would allow them to control the fiat value of the #btc longer and in turn which would keep the fiat machine alive longer and hence the monopoly of currency in the governments hands.
Fortunately we can reject their plans of attacking the bitcoin miners economic incentive mechanism by not voting for their version of #bitcoin and running our own nodes. That said however I would not sell any of their forks that may happen as they'll likely scoop those up too and actually may drive the public perception that their chain is the true #btc as they drive it's fiat price up as to keep mainstream away from the ideals of the original #bitcoin ( decentralized, irreversible, confiscation resistant, separating money from state, no counterparty risk etc).
However the next few years play out it's going to be a very bumpy road and I am not selling any of my forks no matter how much Fiat they offer and will certainly never vote for anything that deviates from the original economic incentives that the miners have with the block reward.
✌️
It seems so simple, doesn't it? I mean if supply and demand equals value and everybody did the same and actually took self-custody of their #bitcoin, then that should theoretically immediately take the price of #bitcoin in fiat currency to infinity which would completely separate state from currency! It truly puzzles me why enough people don't see this and why are so many people so afraid to recommend it from those who do.
I mean if we're trying to express the value in a fiat currency that is infinite with a truly fine asset ( #btc), then we should see a much higher Fiat price everything else being equal as there are lots of #bitcoin freedom advocates like myself who will only sell what's absolutely necessary to avoid catastrophe until it becomes the newglobal UOA!
Unfortunately the #tradfi team has figured out ways to apply traditional fiat game trickery to manipulate this fiat value such as fake volume and sales, rehypothecation, co-mingling, cash settled futures, and (imo) flat out paper Bitcoin on the centralized exchanges that people don't question and simply believe exists that very likely does not by a significant margin!
From my perspective, the only way this can't be traditional Finance manipulation via some combination of the above, is if they have somehow figured out a way to exploit the protocol - which I guess is technically a possibility that I can't personally identify due to all the different soft forks etc which have happened over the years of bitcoin. Regardless I hope that enough people can understand that the minimizing layer one changes to be as simple as possible is essential for being able to independently self-custody and to validate the base layer transactions and supply.
This is our only feasible opportunity to separate state from currency and, as I see it, shouldn't be about the short term fiat currency price but rather the freedom associated with separation of state and currency this bitcoin opportunity seemingly offers us by simply taking custody! The real purchasing power for #bitcoin will come when the fiat price can no longer be manipulated by the traditional Finance folks and we all #ChangeTheUOA and decide to only accept #SelfCustodialBitcoinOnly that we validate with our own nodes into P2PKH addresses that we roll ourselves completely offline ✌️
Let's hope it's this simple and not something more Sinister such as #tradfi somehow figuring out how to manipulate the protocol or finding a bug that allows for infinite sat creation and them keeping it quiet. I mean I can't imagine that's the case however it's even harder for me to imagine that enough people at this point wouldn't be feed up enough with fiat world to be doing exactly what I first posted about considering everything that's been happening in the world as of late.
Why is it that the vast majority continue to price things in the dollars and other fiat currencies in which there's an unlimited amount of when we can now do so with #bitcoin that can't be debased, censored, counterfeited or confiscated and not politicized? I mean I understand that layer 2 is still being developed etc but at least when referencing things amongst ourselves even.
The other mind blowing question to me is why is it so difficult for people to understand the basic concepts of supply and demand, self custody, and counterparty risk? I mean there's enough historical examples of #tradfi trickery like commingling and rehypothecation and of course what happened in 1971 that should be enough for everyone to want to #ChangeTheUOA to #bitcoin self custody their own sats, and run their own nodes so that we're all #SelfCustodialBitcoinOnly and we finally break fiat / centralized currency grip on us all.
Random #bitcoin ponderings of the day:
That day that threshold of the masses finally wake up and realize that fiat is utterly worthless, everything goes to infinity vs any fiat currency. The question really comes down to why does #bitcoin makes sense to step in to fill that void as SoV, MoE, and ultimately UoA (in that order). To me it's because #bitcoin is IMO absolutely superior to fiat (or government backed currencies of any kind) due to its follow properties:
- Being as decentralized as possible.
- Removing the politics out of currency and the ability to weaponize said currency.
- Impossible to debase.
- Fully auditable for anyone with a computer and internet connection who runs their own node.
- Censorship and confiscation resistant (especially if you roll your own entropy /BIP 39 seed offline and use your own node only sending PSBTs)
- Impervious to Counterfeiting.
- Can be stored in one's 🧠
- Is allowed to exist and thrive in the USA which has the current world reserve currency (just think about that).
- Plebs beat #tradfi in terms of acquiring the bulk of the asset and a large amount of them (IMO) are idealogicaly opposed to trading back to fiat currency (except as absolutely necessary) as they see it for what it is really about - the separation of state (all nations) from their monopoly on currency.
So let's get this straight:
-The largest asset manager on earth (et al) have feverishly pulled a complete 180 on bitcoin and are desperately attempting to get a spot #bitcoin ETF approved by the SEC.
–A leading presidental candidate has publicly stated that if elected he will eliminate taxes on #btc and start backing the USD with BTC.
All this and #bitcoin is still sitting >50% below it's 2021 USD peak. Still think #tradfi doesn't control the fiat price of #bitcoin anon?
The only way to stop this insanity is to DCA #BTC and hold your keys offline with addresses you created yourself offline via true entropy you created such as by rolling dice or flipping coins and only sending #bitcoin through your own nodes with PSBTs. Get educated, get committed, and get free. ✌️
