Nostr Web Client

Karbon

3553ea8d3f250c3f4d87877d15447eafbb5ec886f1daaa3b24b4cd82c69c20a1

Based Layer

When money inflates in supply, employers have the benefit of the status quo, and wage earners have the burden of work to negotiate higher nominal wages to keep up.

The effect is subtle in developing countries, a few percentage points per year, but it's always there behind the scenes. People often have to switch jobs to get proper higher wages, and avoid the anchoring bias from their prior employer. This is all because of dilutive fiat money.

The problem becomes more obvious in developing countries.

For example, the IMF tells Egypt to cut its currency in half relative to the dollar, if it wants some loan relief. It does. Now, every Egyptian wage earner has to try to negotiate a raise to regain some portion of their prior wages in terms of global purchasing power. Virtually all of them will not be able to. And then seven years later they do it again.

But when money deflates in supply, and the unit of account therefore appreciates, wage earners gain the benefit of the status quo in negotiations. If their salaries merely remain the same as averages prices go down, they have gained a raise (which makes sense, with greater experience).

The burden of work shifts to the employer, who has to argue that wages should be cut in line with prices.

I think the magnitude of this effect is poorly understood. If it were more understood, I think a subset of labor-oriented political proponents would appreciate hard money a bit more.

I read a theory the other day that it was labour unions that created a inflationist economy. Employers needed to lower wages because of deflation but large labour unions wouldn’t budge. So Keynes and his cronies figured out a way to lower their wages without them knowing .

Satscards are cool, but for someone's first experience with bitcoin?

It’s worked well for me. It’s a bearer asset, and gets them skin in the game. They download a mobile wallet and start watching the price.

Embarrassing failure of an orange-pilling last night.

I was at a neighborhood party and a neighbor asked me about bitcoin. We talked for a bit and he asked me how to get some. I said I'll send you some right now and you can send me cash via zelle.

I tell him to download Phoenix wallet. So far so good. I fired up Strike, loaded up $100 and tried to send. Failure #1: the $100 apparently needs to clear before I can send it anywhere. First time that's happened to me and I use Strike somewhat regularly.

Ok, no problem, I'll just send it from my node. So I fire up nostr:npub1xnf02f60r9v0e5kty33a404dm79zr7z2eepyrk5gsq3m7pwvsz2sazlpr5 , scan the QR, and hit send, and it spins.....and spins......and spins......and spins......and then times out.

No indication of why it couldn't complete before timeout. I have plenty of overall outbound capacity, and no trouble connecting to the node. I guess my set of channels aren't well enough connected or the outbound capacity isn't in the right channels. Failure #2.

So at this point I'm really starting to look like an asshole.

Final attempt, I guess I'll try sending on chain from my node. So I ask him to switch to an on chain address and send the sats...success! Well, only on my side.

Phoenix gave him no notification of receipt and the balance didn't show up in his wallet until after it was confirmed. Failure #3.

Needless to say, this guy is probably not too impressed.

SATS cards have worked best for me

Discuss.

Miner's incentives change.

DETERMINISTIC OPTIMISM 🌞

Recording Bitcoin.Review in a couple hrs, any project updates I could be missing?

Wen Q1 ship

“Freedom dies by people just taking a little bit more and a little bit more…we just end up in a situation people are like ‘How the fuck did we end up here?’ And at some point down the line you have to practice civil disobedience and say: ‘No, I will not fucking comply.’”

https://video.twimg.com/ext_tw_video/1681001564817829889/pu/vid/1280x720/hHfEn5U79ib2JP-g.mp4?tag=12

https://www.whatbitcoindid.com/podcast/bitcoin-nostr-freedom-tech

Evil wins, when good people do nothing

Fiat money is a public good

There is no private ownership

The government uses fiat savers/earners as a piggy bank

Ray Dalio: “lending money to other people is saving money.” He classifies investing and saving money as the same thing. Clearly fiat money has distorted his perception of money/reality.

DETERMINISTIC OPTIMISM 🌞

What’s the worst book you still finished anyways?

Mine was “Homo Deus”, still finished but scammed.

Sapiens good, deus bad

Proof of work removes the ability for humans to act badly

Proof of stake leaves the door wide open for humans to act badly

One difference between gold bugs and Bitcoiners, is that gold bugs are mostly pessimists, while Bitcoiners are mostly optimists. Ideologically aligned, just have a different perspective on future events.

May have been late to hearing about bitcoin, but most certainly not late to understanding bitcoin.

Suisse government hard forks consensus rules to allow UBS buy out transaction of Credit Suisse to now be valid. Older nodes running previous version are furious their AT1 bonds get wiped out and are looking for an airdrop on the updated consensus rules.

French government suddenly hard forks consensus rules, changing the valid retirement age from 62 to 64. Current miners are furious that they have to wait an additional 2 years for a valid retirement age.

Suisse government hard forks consensus rules to allow UBS buy out transaction of Credit Suisse to now be valid. Older nodes running previous version are furious their AT1 bonds get wiped out and are looking for an airdrop on the updated consensus rules.

Deploying more liquidity - steady lads

Humans with a shared purpose, can create something much larger then themselves

With AI spinning up content faster and more realistic day by day it is only inevitable that all messages in the future will require proof of work to be relayed. There will be too much content to parse, and therefore media will need to introduce the laws of thermodynamics via proof-of-work

Can the Nostr architecture recreate something like YouTube? They’re a huge choke point in the online video space.

Imperialism used to be achieved through tanks, but now it’s achieved through banks

#[0]

#[0] #[1] hey Matt, is the opensats lightning node operational? When I try to boost episodes with opensats in the splits. I get an error, not enough inbound liquidity. Cheers.

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