“The preceding observations can be directly applied to the case of electronic money. An economic good that is defined entirely in terms of bits and bytes is unlikely ever to be produced spontaneously on a free market, for the very same reasons that we just discussed in the case of paper money. And despite the dedicated efforts of various individuals and asso-ciations, no such money has in fact ever been produced since the creation of the Internet made electronic payments possi-ble. At present, only government money has been produced in electronic form; and as in the case of paper money, governments could do this only because they have the possibility to suppress competition.
On the free market, the new information technologies have been unable to create any new monies. They have been able to develop various new instruments to access and transfer money. These new electronic techniques of dealing with money are very efficient and beneficial, but they must not be confused with the creation of electronic money.”
JÖRG GUIDO HÜLSMANN
The Ethics of Money Production
2008
Bitcoin Security:
✅Crazy large numbers
✅ ECDSA
✅ Private key set up
✅ Private key management tools
✅ UTXOs stored on widely distributed nodes
✅fee market: responsively resistant to attacks
✅ coin emission and time stamping via POW
✅ node consensus enforcing monetary policy
✅voluntary updates with backwards compatibility
✅ mining incentives: soaking up low cost energy
✅ energy producers
✅humans who embrace personal responsibility
Best money wins.
There will be a winner.
Sequence setting: 0xFFFFFFFD = enables both the locktime and RBF
5 sats/vbyte incoming
a1075db55d416d3ca199f55b6084e2115b9345e16c5cf302fc80e9d5fbf5d48d
Learnmeabitcoin.com - check it out
Witness TXID and why OP_RETURN, how OP_RETURN.......
wTXID = HASH256([version][marker][flag][inputs][outputs][witness][locktime])
What is adjusted vsize?
Bitcoin blocks have two independent consensus-enforced resource constraints - a 4MWU weight limit, and the 80,000 sigop limit.
💯
Magic thinking at many levels. I see it at my work every day: we use energy + time and make AI/Robots that help us complete a task more quickly, then we take the time savings and “chill in the hallway, BS-ing about the game” or “take a long lunch” or “head home early”, productivity is actually decreasing not increasing.
Does nos2x work on iOS on the iphone? Thinking of zap stream. Wanting to logon so I can zap and stream.
One day, my hard work and savings mindset will be upping my sats/vbytes - out bidding the latest spammers/scammers, degens, *censorers* - to transact.
I’m betting on the POW digital system to store my work AND I’m WORKING in the real world. Earn. Save. Outcompete those not bringing value.
I’m confident there are more highly productive, hard-working, bitcoiners, and bitcoin companies, than those seeking the easy path.
They will run out of resources.
LFG.
Work. Provide value to others. Spread less than you earn. Save in Bitcoin. Practice and preach personal responsibility - with your work, your family, your private keys.
This is a solid strategy. It is becoming more critical every year.
One day (?soon) it will be so critical that those who can’t do the above literally won’t make it.
💯
And to those competing with me in the fee market - whether they are degen spammers/scammers, double spenders, pure nihilistic attackers, or just other financial users - you will have to out-work and outlast me (and other Bitcoin builders) in the real world.
Producing real value with hard work will win. Bring it on.
LFG.
Outside the system. Outside of his ability to see it. He is locked into his method. 🍿
Large numbers
+
Cryptography
+
Computational Proof using energy
+
DA POW
Solved:
#1. Coin emissions w/o seignorage
#2. Coordination =
Consensus =
Time stamping
I’m off of X, what are the ETFer saying?