I posted something on Twitter 2 days ago about my local coffee shop accepting bitcoin via Blink with a link to her ln address (muggs@blink.sv)

She started getting sats streamed in from all over the world and thought she was receiving someone else’s transactions.

In 2 days she’s received $450 in gifts from Bitcoiners! 🙏

So very awesome as she’s always supporting local homeless people with free food and coffee, fundraisers and charity drives.

She doesn’t have a lot of money as she poured everything into surviving the pandemic and keeping the business open during that period.

She’s started to save in sats and this goes a long way to show her the power of Bitcoin.

She also was extremely happy that the fees are minimal using Lightning compared to credit cards and interac.

Honestly, doesn't sound like you have a clue what you're talking about lol.

A seed and a passphrase are not the same thing. The reason you have both is to keep each one safe.

You never store your seed and passphrase together. It defeats the purpose lol.

I'm not aware of anyone hacking a properly configured keepass database.

If you store your seed and your passphrase separately like you're supposed to. It doesn't matter if they get one or the other.

As long as your passphrase is a bip39 high entropy passphrase\password it can't be cracked.

But that many coins should have been in a multi-sig. With layers of Super Shamir for backup..🤔

Get on the beers!

While I don’t mind paying for a service, I made a full tutorial

for noobs on Phoenix right before the update rolled out and then updated it (the next day lol) and noticed the new fees.

Old fees: 0.05-.5%

1st Channel Open: 10,000 sats

Subsequent Channel Opens: 3000 sats

New fees: .4% plus 4 sats

One Time Channel Open: 1000 sats

- I have since done the math, and if it is correct, (pls can someone check!) the first 2.5 million sats one sends incurs 10,000 sats in fees at .4%, so one *could* say that is in place of the original 10k sats channel open fee.

Two points here:

- It is impossible however to know how many +4 sats are embedded there as it would depend entirely on how many transactions were sent.

For argument, let’s say it was x1000 2,500sat payments, then that would be an extra 4000 sats of fees on top of the first 2.5mil sent.

If it was x10,000 250 sat pmts, then it would be an extra 40,000 sats of fees on top of the first 2.5mil sent.

And if it was x100,000 25sat zaps for eg, it would be an extra 400,000 sats of fees on top of the first 2.5mil sent!!

Ofc there are many variables here, since the old fee structure included 3000 sats for each new channel open (after the initial 10k for the first channel). This could be lessened or avoided though by opening a larger first channel.

- Second point: After the first 10k sats are accounted for, one continues to pay 4 sats (sometimes 5, see pics) per transaction forever.

In the end, if I am thinking about it correctly, I think the main issue is the ‘plus 4 sats’ on *every* transaction.

This makes it especially unusable for zapping or for micropayments of any kind.

Note: I haven’t mentioned miner fees as those are obviously added when funds are spliced in.

Would appreciate hearing thoughts. While I love the new splicing, it appears to come at quite a cost if I am doing the math correctly.

Final note: I am aware there are obviously many variables as to how Lightning is used, which would also change all the numbers a lot

Let’s do it!

Started new, but I’ll reach the goal. I can feel it!

Hm odd. Are you getting an error? Or are you getting past the puzzle slider?

Can't get past the sign in screen (using WhatsApp)

Anyone ever just stop and think for a bit, about the fact that #Bitcoin fucking works?

Seriously appreciate it for a second from the view of those trying to think it up when this was literal science fiction. What an absolutely insane long shot. The very notion that practically a handful of nerdy anarchists & dissidents on the internet could create a global monetary network who’s rules would supersede governments across the planet… it’s almost idiotic it sounds so improbable.

And for everyone squealing about what the price did last week or how in 10 years we will have X problem or whatever… it’s easy to forget that it’s just there. That it’s working. That it’s half a trillion dollars worth. That it’s monetary policy hasn’t changed since block 0. And despite the ire of countless authoritarians… it persists.

What a wild fucking timeline.

It might not be so simple as “because people can still be violent, Bitcoin doesn’t fix state theft of income and wealth.”

It’s important to remember that the govt racket doesn’t work because they go one-by-one and steal from everyone. That’s economically impossible. It works because of the economics of violence at scale. All they need is to sell a half decent story and violently attack just a piece of a percent of those who openly defy them, and everyone else “voluntarily” accepts it because they feel it’s impossible not to.

If the problem was merely the cost of one-on-one violence multiplied by millions of people, then the state would never be functional as a system. It would cost more in lives and enforcement than they would get in “profit” from the plundering.

But it isn’t. Instead, there is a negative feedback loop on the scaling of violence, because our wealth is physically trapped (our home, our community, our businesses, our belongings, etc). And then so much more of our wealth and income comes from other large, trapped institutions and systems that are centralized and even *easier* to control.

In other words, the bigger they are, the less violence they *actually* have to commit in order to obtain the proceeds of what would otherwise be an enormous amount of individual violence.

The two biggest ways to undermine this economic reality is to dematerialize wealth, and hyper individualize ownership.

Remove the ability to cheat the money, Turn the negative feedback loop into a positive one, and literally everything we think about how society is structured will have to change on a long enough time scale. Wand you’ve taken the single most potent means of wealth confiscation.

Remove the limitation of a vast portion of our wealth to be geographically trapped, locked into a particular set of map lines, and you’ve taken a most important element for trapping wealth inside their system.

Remove the large, centralized, public, and geographically trapped custodians and institutions for service provision/income/trade/etc, and you’ve cut the strings they hold over the individual’s livelihoods and savings.

And the cumulative outcome doesn’t need to be that violence is non eixtstent, which is obviously absurd. But merely that the cost of violence *increases* - even if only by a fraction of a percent - as the state gets larger and more distant from the citizen.

All we have to do is break the negative feedback loop of returns to violence at scale, and it will force everything we think of as “government” across the world to change irreversibly. It won’t be a choice, it’ll be an economic certainty.

Better?

I’m straight #plebchain

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Damn it. My personal one is losing ground 😂

We are waiting for 1 Sept to roll round for us. Then will push our social profile wallet.