100 years ago... cycles

Hyperinflationi , they never through it could get that bad that soon.

They will start printing money again to slow down the inevitable, last time it happened was so fast people was caught off guard, wonder if this time people will be better prepared

-------------------------------------------------------------

Fix the Money, fix the World,

Not your Keys, not your Bitcoin, be Unconfiscatable

Not your Nostr Relay, not your Data, be Uncensorable

-------------------------------------------------------------

#Bitcoin

#BTC

#Nostr

#LightingNetwork

#LN

#TrueMoney

There isn't a guide but you basically need 2 nodes. I mean you could do with 1 node but whomever you're peering with has to trust you because you're using magic money.

On both the nodes you will need to add protocol.option-scid-alias=true and protocol.zero-conf=true in their conf files.

Install balanceofsatoshis on both nodes.

On the node receiving the inbound zero-conf channel run

bos inbound-channel-rules --trust-funding-from

And keep the command running.

On the node opening the channel from run

bos open --amount --type private-trusted --avoid-broadcast

Use public-trusted as type if you want the world to know about your channel.

All this is LND nodes btw, idk how to do it with other implementations.

What's cool about my private node which use for payments and sending/receiving zaps is, it has a single private zeroconf channel which has never been broadcasted on chain so I never committed any funds to it but I send and receive payments with fake bitcoin with my routing node as first and last hop which has real Bitcoin.

Magic internet money!

When I want to talk to my doctor, I don't care which hospital she is working for.

Asking me to figure out where she is at so that I can log into their half-baked patient portal to get my prescription renewed is ridiculous.

This is why we need NIP-82

🤔

No, I wrote it correct.

A new block production requires roughly 9 mins, no matter how much computing power you add to the system.

The beauty of difficulty adjusted proof-of-work?

d𝑡 / d𝐸 = 0

𝑡 is Newtonian time required to mine new bitcoin

𝐸 is the computing power

*No matter how efficient computation becomes, the costliness to mine new bitcoin is unforgeable*

What are your guys thoughts on potential bank runs with SoFi?

No brick and mortar locations. All digital, FDIC insured bank.

Seems like farther down on the totem pole than other smaller banks when it comes to bank run?

1 BTC = 1 BTC

Gif badge. Drop a meme, get a badge.

The irony is that many of these neo-banks, such as Silvergate, operate with far higher reserve ratios than traditional banks.

However, since they cannot create fiat credit out of thin air like their tradfi counterparts, they are much more vulnerable to collapse in the short term, and they don’t get bailed out as readily.

Remember that, since 2020, the US banking reserve requirements fell to, I kid you not, 0%.

#[0]

#wine #libertarian #spanish

American consumers are broke.

They have no savings.

Their credit card debt is piling up.

Interest rates on their credit cards are skyrocketing.

Wage growth has been negative for 2 years.

Food costs are up 11% in the last year.

This is disastrous for the average family.

NFTs could be useful. They are not useful without the legal title / rights of traditional physical and digital property being linked to them.

Smart property could exist but the terms of the service/property would have to be built around the NFT. Presently, no NFTs actually have this legal side figured out. There is no there, there. There's the vision for these tokens to mean 'ownership' but as far as the art itself, the rights don't transfer. Nothing is granted. Nothing is owned. You can't stop someone from using the NFT art, only the original artist/company can.

There's only one current use case for NFTs, and most of these companies have no interest in building support due to the uncertainty of KYC requirements, money transmitter licensing and etc.

That is online game access/items/cosmetics. Skins. TF3 hats, etc. Anyone who is using NFTs this way, currently, is probably doing a scammy fundraiser taking on these risks because they're not putting up their own money, anyway. Also they're not borrowing the money to build this, the players are giving it to them. Once the legal situation is clear, we could see more games integrate NFT items/cosmetics giving players transferrable license tokens. You still won't own the art. You still won't own the game. The thing is, they could already do that, without NFTs and the legal uncertainty. They just don't want to. They want everyone to buy everything again, from them, not permit resale.

NFTs could be useful, but they're not really, not without the rights enforcement of the state being involved and that is antithetical to the whole DeFi/web3 ethos, I would think.

Can I get a test zap, please?

I was just linking that article to show where I got the quote from. What happens to Flux when those coins go to ⚡️0?

Nostr was built by a bitcoiner, and he proved there is no need for a blockchain. The same protocol can be used to build practically anything.