đŚđđŽđ°đ¸đśđťđ´ đŚđŽđđ đśđ đđŽđđ â đđ˛đżđ˛âđ đđźđ đđź đŚđđŽđ đđđşđŻđšđ˛
#Bitcoin is winning, and once again, youâre being proven right. But if you forget to stay humble, youâll set yourself up for failure.
Here are some tips to help you stay humbleđ
đĽđ˛đ°đźđ´đťđśđđ˛ đđľđŽđ đŹđźđ'đżđ˛ đĄđźđ đđťđłđŽđšđšđśđŻđšđ˛
No one has a monopoly on knowledge, and it's essential to acknowledge that you can still learn and grow. Even if you've been right about Bitcoin, đľđŠđŚđłđŚ'đ´ đ˘đđ¸đ˘đşđ´ đŽđ°đłđŚ đľđ° đĽđŞđ´đ¤đ°đˇđŚđł đ˘đŻđĽ đśđŻđĽđŚđłđ´đľđ˘đŻđĽ.
đđđźđśđą đđ˛đ°đźđşđśđťđ´ đ˘đđ˛đżđšđ đŚđ˛đšđł-đđđđđżđ˛đą
It's easy to become overconfident when others praise your foresight, but it's important to remember that đşđ°đśđł đ´đśđ¤đ¤đŚđ´đ´ đŞđ´ đŻđ°đľ đ´đ°đđŚđđş đĽđśđŚ đľđ° đşđ°đśđł đ°đ¸đŻ đ˘đŁđŞđđŞđľđŞđŚđ´. Be grateful for the support and encouragement you've received from others.
đđźđ°đđ đźđť đđľđ˛ đđśđ´đ´đ˛đż đŁđśđ°đđđżđ˛
Instead of basking in personal glory, redirect your attention to the broader impact of Bitcoin on society. Remember that your success is not just about personal recognition but about đľđŠđŚ đąđ°đ´đŞđľđŞđˇđŚ đ¤đŠđ˘đŻđ¨đŚ đľđŠđ˘đľ đđŞđľđ¤đ°đŞđŻ đ¤đ˘đŻ đŁđłđŞđŻđ¨ đľđ° đľđŠđŚ đ¸đ°đłđđĽ.
đŚđđŽđ đđżđźđđťđąđ˛đą
Keep your feet firmly planted on the ground and avoid getting carried away by praise or fame. Remember that đľđłđśđŚ đ´đśđ¤đ¤đŚđ´đ´ đŞđ´ đŁđ¤đŠ đŽđŚđ˘đ´đśđłđŚđĽ đŁđş đŚđšđľđŚđłđŻđ˘đ đˇđ˘đđŞđĽđ˘đľđŞđ°đŻ, but by the positive difference you make in the lives of others.
đŚđ˛đ˛đ¸ đđśđđ˛đżđđ˛ đŁđ˛đżđđ˝đ˛đ°đđśđđ˛đ
Surround yourself with people who have đĽđŞđ§đ§đŚđłđŚđŻđľ đˇđŞđŚđ¸đąđ°đŞđŻđľđ´ đ˘đŻđĽ đŚđšđąđŚđłđŞđŚđŻđ¤đŚđ´. This will help you stay open-minded and avoid becoming too narrow-focused on your own beliefs.
đŁđżđŽđ°đđśđ°đ˛ đđżđŽđđśđđđąđ˛
Be thankful for the opportunities you've had, the lessons youâve learned, and the people who have brought you to this point. đđłđ˘đľđŞđľđśđĽđŚ đŹđŚđŚđąđ´ đşđ°đś đŠđśđŽđŁđđŚ đ˘đŻđĽ đ˘đąđąđłđŚđ¤đŞđ˘đľđŞđˇđŚ đ°đ§ đľđŠđŚ đŁđđŚđ´đ´đŞđŻđ¨đ´ đŞđŻ đşđ°đśđł đđŞđ§đŚ.
đđşđŻđżđŽđ°đ˛ đđżđśđđśđ°đśđđş
Don't take criticism personally. Instead, đśđ´đŚ đŞđľ đ˘đ´ đ˘đŻ đ°đąđąđ°đłđľđśđŻđŞđľđş đľđ° đđŚđ˘đłđŻ đ˘đŻđĽ đ¨đłđ°đ¸. Remember that criticism can help you refine your ideas and make them better.
đđźđ°đđ đźđť đđľđ˛ đŞđźđżđ¸ đđľđ˛đŽđą
Instead of dwelling on past successes, đ§đ°đ¤đśđ´ đ°đŻ đľđŠđŚ đ¸đ°đłđŹ đľđŠđ˘đľ đ´đľđŞđđ đŻđŚđŚđĽđ´ đľđ° đŁđŚ đĽđ°đŻđŚ. There's always more to learn, explore, and accomplish in the realm of Bitcoin.
By following these tips, you can cultivate humility, which will serve you well in your journey with Bitcoin. Remember: đđżđđ˛ đđđ°đ°đ˛đđ đśđ đťđźđ đŽđŻđźđđ đ˝đ˛đżđđźđťđŽđš đ´đšđźđżđ, đŻđđ đŽđŻđźđđ đ˘đđ đđŁđ đ đĽđ¤đ¨đđŠđđŤđ đđ˘đĽđđđŠ đ¤đŁ đŠđđ đŹđ¤đ§đĄđ.
Did you find these tips valuable? Give this a đđśđ¸đ˛đ¤
Think others might appreciate it? đŚđľđŽđżđ˛đ this with them!
Want to remember this for when youâre proven right again? đđźđźđ¸đşđŽđżđ¸đ this for later!
Know any other tips for staying humble? Let me know in the đđźđşđşđ˛đťđđâŹď¸
đŞđľđŽđ đđźđđšđą đđľđ˛ đđľđśđťđ˛đđ˛ đđźđąđśđŽđ° đ đ˛đŽđť đłđźđż đđśđđ°đźđśđť?
Tomorrow the Chinese New Year begins, and we will exit the year of the đŞđŽđđ˛đż đĽđŽđŻđŻđśđ, and enter the year of the đŞđźđźđą đđżđŽđ´đźđť.
Whether or not you take the Chinese zodiac seriously, it can be fun to learn the different elements and animals of each year, and what they symbolize.
Here is a glimpse of #Bitcoin through this lensđ
Bitcoin was both proposed and born in the year of the đđŽđżđđľ đĽđŽđ, which embodies the Rat's đ¤đđŚđˇđŚđłđŻđŚđ´đ´ and đ˘đĽđ˘đąđľđ˘đŁđŞđđŞđľđş, and the Earthâs đ´đľđ˘đŁđŞđđŞđľđş and đłđŚđđŞđ˘đŁđŞđđŞđľđş. Bitcoin perfectly demonstrates the Earth Rat's characteristics of innovation, practical application, and the foresight to solve the problem of trust in the digital age.
Bitcoin's origins in the Earth Rat year emphasizes its quiet strength and potential for growth. đđđ˛đť đđľđ˛ đťđŽđşđ˛ đźđł đđśđđ°đźđśđťâđ đ°đżđ˛đŽđđźđż, đŚđŽđđźđđľđś đĄđŽđ¸đŽđşđźđđź, đ˛đđđ˛đťđđśđŽđšđšđ đżđ˛đłđ˛đżđ˛đťđ°đ˛đ đđľđ˛ đđŽđżđđľ đĽđŽđ đ°đźđťđ°đ˛đ˝đ: âSatoshiâ can be translated to mean âđ¸đŞđ´đĽđ°đŽâ or âđŹđŻđ°đ¸đđŚđĽđ¨đŚâ, which are both qualities of the Rat. âNakamotoâ can be translated to mean âđ§đ°đśđŻđĽđ˘đľđŞđ°đŻâ or "đ´đ°đśđłđ¤đŚ", which both describe the groundedness of the Earth element. đđ
Truly, Bitcoin is characterized by the qualities that those born in the year of the Earth Rat are said to have! đ¤Ż
Tomorrow, however, begins the year of the đŞđźđźđą đđżđŽđ´đźđť. This could signify đŽ đ˝đ˛đżđśđźđą đźđł đ˛đ đ˝đŽđťđđśđźđť đŽđťđą đ˝đżđźđđ˝đ˛đżđśđđ đłđźđż đđśđđ°đźđśđť. Dragons symbolize đ´đľđłđŚđŻđ¨đľđŠ and đđśđ¤đŹ, and wood infuses these qualities with đ¨đłđ°đ¸đľđŠ and đłđŚđŻđŚđ¸đ˘đ. This combination hints at an exciting year for Bitcoin, especially with the anticipated halving event.
The halving is a significant event in Bitcoin, as đŞđľ đ˘đđŞđ¨đŻđ´ đ¸đŞđľđŠ đľđŠđŚ đđ°đ°đĽ đđłđ˘đ¨đ°đŻ'đ´ đŚđŻđŚđłđ¨đş đ°đ§ đľđłđ˘đŻđ´đ§đ°đłđŽđ˘đľđŞđ°đŻ đ˘đŻđĽ đ¨đłđ°đ¸đľđŠ. It increases bitcoinâs scarcity by changing the issuance of new coins from about đľđŹđŹ đ˝đ˛đż đąđŽđ to about đ°đąđŹ đ˝đ˛đż đąđŽđ. This decrease of new supply causes prices to rise, and drives more value and innovation to the Bitcoin network. This beautifully reflects the Wood Dragon's blend of đ˘đŽđŁđŞđľđŞđ°đŻ with đ˘ đ¤đ°đ°đąđŚđłđ˘đľđŞđˇđŚ đ´đąđŞđłđŞđľ. đŞľđ
As Bitcoin enters the year of the Wood Dragon, its journey showcases the enduring qualities of its birth in the year of the Earth Rat. đ§đľđ˛ đŻđšđ˛đťđą đźđł đśđťđťđźđđŽđđśđźđť, đđđŽđŻđśđšđśđđ, đŽđťđą đ´đżđźđđđľ đ˝đżđźđđ˝đ˛đ°đđ đ˝đźđđśđđśđźđťđ đđśđđ°đźđśđť đłđźđż đŽ đ˝đźđđ˛đťđđśđŽđšđšđ đđżđŽđťđđłđźđżđşđŽđđśđđ˛ đ˝đ˛đżđśđźđą, embodying the best traits of these powerful zodiac symbols.
Remember to give this a đđśđ¸đ˛đ¤, and celebrate the Chinese New Year by đŚđľđŽđżđśđťđ´đ this and đđźđźđ¸đşđŽđżđ¸đśđťđ´đ it for later (đľđŠđŚđŻ đşđ°đśâđđ đ´đŚđŚ đŞđ§ đ¸đŠđ˘đľ đŞđľ đąđłđŚđĽđŞđ¤đľđ´ đ§đ°đł đľđŠđŞđ´ đşđŚđ˘đł đ¤đ°đŽđŚđ´ đľđłđśđŚ! đ).
What do you think about the Chinese New Year and its zodiac?
Tell me in the đđźđşđşđ˛đťđđâŹď¸
đŞđľđ đđśđđ°đźđśđť đśđ đđľđ˛ đđŁđĄđŽ đŁđ˛đżđłđ˛đ°đđšđ đŚđ°đŽđżđ°đ˛ đđđđ˛đ
In a world of abundance, đđśđđ°đźđśđť đżđ˛đąđ˛đłđśđťđ˛đ đđľđ˛ đşđ˛đŽđťđśđťđ´ đźđł đđ°đŽđżđ°đśđđ.
đđđ đ°đľđŠđŚđł đ˘đ´đ´đŚđľđ´ have a potentially unlimited supply, but đ°đŻđđş đđŞđľđ¤đ°đŞđŻ is absolutely scarce and đąđŚđłđ§đŚđ¤đľđđş limited.
But arenât precious metals supposed to be scarce? And what about real estate?
Letâs explore đ˛đđ˛đżđ đŽđđđ˛đ đ°đšđŽđđ below, and examine just how scarce they đłđŚđ˘đđđş areâŚđ
đŞđľđ đđśđŽđ đđđżđżđ˛đťđ°đśđ˛đ đđżđ˛ đĄđźđ đŚđ°đŽđżđ°đ˛
Fiat currencies are government-issued money đŻđŽđ°đ¸đ˛đą đźđťđšđ đŻđ đ˝đżđźđşđśđđ˛đ đłđżđźđş đđľđ˛ đśđđđđ˛đż, rather than by a commodity. Central banks can create more at will, leading to inflation and diminishing purchasing power. This lack of scarcity undermines fiat's long-term value.
Fiat's supply is measured in various ways, such as M0 (physical currency) and M1/M2/M3 (including digital forms). These measurements show fiat's đ§đđŚđšđŞđŁđŞđđŞđľđş and the đŁđđśđłđłđŚđĽ đđŞđŻđŚđ´ between present and future money, contributing to its abundance.
Ownership of fiat is conditional and đ°đŽđť đŻđ˛ đżđ˛đđźđ¸đ˛đą đŽđ đŽđťđ đđśđşđ˛ by issuing authorities. This uncertainty, coupled with fiat's ability to manifest đŻđŚđ¨đ˘đľđŞđˇđŚ balances through debt creation, further highlights its fundamental lack of scarcity.
đŞđľđ đŚđđźđ°đ¸đ đđżđ˛ đĄđźđ đŚđ°đŽđżđ°đ˛
Stocks represent ownership shares in companies, and are far from being scarce. Companies can issue new shares, diluting existing ownership. This process is subject to corporate decisions and market conditions, making stocks đŞđŻđŠđŚđłđŚđŻđľđđş đ˘đŁđśđŻđĽđ˘đŻđľ.
Stock issuance is controlled by company executives and boards, đťđźđ đŽ đ˝đżđ˛đąđ˛đđ˛đżđşđśđťđ˛đą đşđŽđđľđ˛đşđŽđđśđ°đŽđš đŽđšđ´đźđżđśđđľđş. This means the total number of shares can increase, leading to potential dilution of individual share value.
The regulatory environment also influences stock scarcity. Securities laws and market demands can lead to stock splits or reverse splits, further adding to supply volatility, and altering the number of shares đ¸đŞđľđŠđ°đśđľ đ˘ đ§đŞđšđŚđĽ đđŞđŽđŞđľ.
đŞđľđ đđźđťđąđ đđżđ˛ đĄđźđ đŚđ°đŽđżđ°đ˛
Bonds are debt securities issued by entities like governments and corporations to raise capital. Investors lend money in exchange for periodic interest payments and the return of the bond's face value at maturity. đđ´đ´đśđŚđłđ´ đ¤đ˘đŻ đ¤đ°đŻđľđŞđŻđśđ˘đđđş đ¤đłđŚđ˘đľđŚ đŻđŚđ¸ đŁđ°đŻđĽđ´ đľđ° đ§đŞđŻđ˘đŻđ¤đŚ đĽđŚđŁđľ đ°đł đ§đśđŻđĽ đąđłđ°đŤđŚđ¤đľđ´, making them abundant, not scarce.
The issuance of bonds is đšđśđşđśđđ˛đą đźđťđšđ đŻđ đđľđ˛ đśđđđđ˛đż'đ đ°đżđ˛đąđśđđđźđżđđľđśđťđ˛đđ đŽđťđą đşđŽđżđ¸đ˛đ đąđ˛đşđŽđťđą, not by a fixed supply. Governments, in particular, issue bonds regularly to finance budget deficits, making the total volume of bonds in the market đŚđˇđŚđł-đŚđšđąđ˘đŻđĽđŞđŻđ¨.
In essence, the bond market's đŞđŻđŠđŚđłđŚđŻđľ đ¤đ˘đąđ˘đ¤đŞđľđş đ§đ°đł đ¨đłđ°đ¸đľđŠ and the đ¤đ°đŻđľđŞđŻđśđ°đśđ´ đŞđŻđľđłđ°đĽđśđ¤đľđŞđ°đŻ đ°đ§ đŻđŚđ¸ đŞđ´đ´đśđ˘đŻđ¤đŚđ´ underscore its lack of scarcity.
đŞđľđ đĽđ˛đŽđš đđđđŽđđ˛ đđ đĄđźđ đŚđ°đŽđżđ°đ˛
Real estate encompasses land and any structures on it, including buildings and natural resources. While often perceived as scarce due to its fixed geographical nature, đżđ˛đŽđš đ˛đđđŽđđ˛ đśđ đťđźđ đŽđŻđđźđšđđđ˛đšđ đđ°đŽđżđ°đ˛ when considering the long-term perspective and human innovation, including the eventual colonization of other planets.
On Earth, scarcity of desirable locations drives up real estate values. However, đľđŠđŞđ´ đ´đ¤đ˘đłđ¤đŞđľđş đŞđ´ đłđŚđđ˘đľđŞđˇđŚ đ˘đŻđĽ đ´đśđŁđŤđŚđ¤đľ đľđ° đ¤đŠđ˘đŻđ¨đŚ đ¸đŞđľđŠ đľđŚđ¤đŠđŻđ°đđ°đ¨đŞđ¤đ˘đ đ˘đĽđˇđ˘đŻđ¤đŚđŽđŚđŻđľđ´, such as the ability to reclaim land from the sea, or create habitable environments in previously uninhabitable areas.
Real estateâs scarcity is further challenged by the potential for space colonization. As humanity explores and settles on other planets or moons, đđľđ˛ đđđ˝đ˝đšđ đźđł đšđŽđťđą đŽđťđą đľđŽđŻđśđđŽđŻđšđ˛ đšđźđ°đŽđđśđźđťđ đđśđšđš đ˛đ đ˝đŽđťđą, reducing the constraints of Earth-bound real estate scarcity.
đŞđľđ đđźđšđšđ˛đ°đđśđŻđšđ˛đ đđżđ˛ đĄđźđ đŚđ°đŽđżđ°đ˛
Collectibles encompass items like rare artifacts, art, and jewelry, valued for their uniqueness and desirability. While some may appear scarce, đđľđ˛đśđż đđ°đŽđżđ°đśđđ đśđđť'đ đŽđŻđđźđšđđđ˛. Technological advancements and changing tastes can affect their rarity and value.
Furthermore, collectibles' perceived scarcity đŞđ´ đ°đ§đľđŚđŻ đ´đśđŁđŤđŚđ¤đľ đľđ° đŽđ˘đłđŹđŚđľ đĽđşđŻđ˘đŽđŞđ¤đ´. For instance, as more collectors enter the market, previously overlooked items can become sought after, creating new categories of collectibles.
Some collectibles, may in fact be scarce, but they are issued by a central authority, so đźđťđ˛ đşđđđ đđżđđđ đđľđ˛ đśđđđđ˛đżâđ đ°đšđŽđśđşđ đđź đđ°đŽđżđ°đśđđ, and their promise that they will never increase the supply in the future. This reliance on a promise make them hardly any scarcer than fiat currencies.
đŞđľđ đđźđşđşđźđąđśđđśđ˛đ đđżđ˛ đĄđźđ đŚđ°đŽđżđ°đ˛
Commodities are raw materials or agricultural products that can be bought and sold. While they might đ´đŚđŚđŽ scarce, technological innovations, such as more efficient mining techniques and the potential for atomic transmutation, could make it possible to create or mine commodities faster and more efficiently.
The discovery of commodities on meteors and distant planets could reduce their scarcity even further. With the vastness of space, and ever-improving methods to one day access the commodities found there, their potential supply is đˇđŞđłđľđśđ˘đđđş đđŞđŽđŞđľđđŚđ´đ´.
While commodities are currently limited by their available amounts on Earth, as well as the costs of extraction and production, đđ˛đ°đľđťđźđšđźđ´đśđ°đŽđš đŽđąđđŽđťđ°đ˛đşđ˛đťđđ đŽđťđą đđ˝đŽđ°đ˛ đ˛đ đ˝đšđźđżđŽđđśđźđť đľđŽđđ˛ đđľđ˛ đ˝đźđđ˛đťđđśđŽđš đđź đđśđ´đťđśđłđśđ°đŽđťđđšđ đśđťđ°đżđ˛đŽđđ˛ đđľđ˛đśđż đđđ˝đ˝đšđ, challenging the traditional notion of scarcity.
đŞđľđ đđżđđ˝đđźđ°đđżđżđ˛đťđ°đśđ˛đ đđżđ˛ đĄđźđ đŚđ°đŽđżđ°đ˛
Cryptocurrencies, including Bitcoin, its forks, altcoins, and NFTs, are digital currencies that are secured using cryptography. However, any perceived scarcity in the âcryptoâ space (i.e. everything besides Bitcoin) is actually đ˘đŻđşđľđŠđŞđŻđ¨ đŁđśđľ đ˘đŁđ´đ°đđśđľđŚđđş đ´đ¤đ˘đłđ¤đŚ.
New cryptocurrencies can be created relatively easily. This means that even if their protocols make them have a limited supply, đŚđˇđŚđłđş đŻđŚđ¸ đąđłđ°đŤđŚđ¤đľ đĽđŞđđśđľđŚđ´ đľđŠđŚ đˇđ˘đđśđŚ đ°đ§ đ˘đđ đľđŠđŚ đ°đľđŠđŚđłđ´, effectively making them abundant.
Additionally, every cryptocurrency other than Bitcoin has a central leader or group that can change or update their system as they see fit. So even if a cryptocurrencyâs protocol says it has a limited supply, đđľđ˛ đ˝đżđźđđźđ°đźđš đ°đŽđť đŻđ˛ đŽđšđđ˛đżđ˛đą đŻđ đ°đ˛đťđđżđŽđš đŽđđđľđźđżđśđđśđ˛đ, as has been seen with Ethereum and other cryptocurrencies.
đŞđľđ đđśđđ°đźđśđť đđ đ§đżđđšđ đŚđ°đŽđżđ°đ˛
Bitcoin's scarcity is foundational to its value, with an eventual supply of just under 21 million coins. Bitcoin is run by users around the world, who are incentivized to never increase its supply. This immutable supply limit ensures bitcoin remains scarce, đłđŚđ¨đ˘đłđĽđđŚđ´đ´ đ°đ§ đľđŚđ¤đŠđŻđ°đđ°đ¨đŞđ¤đ˘đ đ˘đĽđˇđ˘đŻđ¤đŚđŽđŚđŻđľđ´ đ°đł đŠđśđŽđ˘đŻđŞđľđş'đ´ đ¨đłđ°đ¸đľđŠ.
The mining process, or guessing a particular large number in order to add transactions to Bitcoinâs ledger, the timechain, is how new bitcoin are issued. However, the rate of the issuance of new coins decreases over time through "halving" events, causing the supply to đ˘đąđąđłđ°đ˘đ¤đŠ 21 million, đŻđđ đťđ˛đđ˛đż đ˝đŽđđ đśđ, đźđż đ˛đđ˛đť đżđ˛đŽđ°đľ đśđ.
#Bitcoin was designed to mirror the scarcity of traditional assets like gold. However, while Bitcoin and commodities are mined more in response to price increases, đ°đŻđđş đđŞđľđ¤đ°đŞđŻ đŽđ˘đŞđŻđľđ˘đŞđŻđ´ đŞđľđ´ đŞđ´đ´đśđ˘đŻđ¤đŚ đ´đ¤đŠđŚđĽđśđđŚ, regardless of how many miners start hashing, thanks to the difficulty adjustment. This makes Bitcoin truly scarce, no matter what any individuals choose to do.
đđźđťđ°đšđđđśđźđť
As you can see, Bitcoin is the only completely and permanently scarce asset. The only other thing that might be as scarce as Bitcoin is your đľđŞđŽđŚ, but you can never know how much you have left. And with technology assisting you in using your time more efficiently, and extending your lifetime by many years, đśđ đşđŽđ đđđżđť đźđđ đđľđŽđ đ˛đđ˛đť đđśđşđ˛ đśđđđ˛đšđł đśđ đťđźđ đŻđ˛ đŽđ đđ°đŽđżđ°đ˛ đŽđ đđśđđ°đźđśđť.
Some other things that arenât scarce are đđśđ¸đ˛đ¤, đŚđľđŽđżđ˛đđ, and đđźđźđ¸đşđŽđżđ¸đđ.
And if thereâs anything youâd like to add to this, please leave it in the đđźđşđşđ˛đťđđâŹď¸
đđšđźđ°đ¸đ°đľđŽđśđť đźđż đ§đśđşđ˛đ°đľđŽđśđť?
If youâre new to #Bitcoin, youâve likely heard of âđŁđđ°đ¤đŹđ¤đŠđ˘đŞđŻâ, though you may not know what it is or how it works. And if youâve come across the term âđľđŞđŽđŚđ¤đŠđ˘đŞđŻâ, then you may be even more confused.
Letâs sort this outđ
The prevalent term for Bitcoinâs distributed ledger is âđŁđđ°đ¤đŹđ¤đŠđ˘đŞđŻâ, yet the original name that Bitcoin's creator, Satoshi Nakamoto, gave it was âđľđŞđŽđŚđ¤đŠđ˘đŞđŻâ. đ§đľđśđ đłđźđđťđąđŽđđśđźđťđŽđš đđ˛đżđş đđťđąđ˛đżđđ°đźđżđ˛đ đđľđ˛ đđ˛đžđđ˛đťđđśđŽđš đŽđťđą đśđşđşđđđŽđŻđšđ˛ đťđŽđđđżđ˛ đźđł đđżđŽđťđđŽđ°đđśđźđťđ đđśđđľđśđť đđśđđ°đźđśđť, highlighting its progression through time as a one-way, irreversible system.
A blockchain/timechain is not an especially disruptive technology or a âsecret sauceâ that somehow makes a system decentralized. In reality, đśđâđ đťđźđđľđśđťđ´ đşđźđżđ˛ đđľđŽđť đŽ đšđ˛đąđ´đ˛đż đ¸đ˛đ˝đ đŻđ đşđđšđđśđ˝đšđ˛ đ°đźđşđ˝đđđ˛đżđ, which agree on each update whenever itâs time for a new âpageâ, or block, to be added to the ledger.
"Blockchain" has become a generic descriptor for various projects with distributed ledgers, though it's essential to recognize that đťđźđ đŽđšđš đ˛đşđŻđźđąđ đđśđđ°đźđśđť'đ đ°đźđżđ˛ đ˝đżđśđťđ°đśđ˝đšđ˛đ, such as proof-of-work and decentralization. đđŠđŚ đľđŚđłđŽ "đľđŞđŽđŚđ¤đŠđ˘đŞđŻ" đŞđ´ đĽđŞđ´đľđŞđŻđ¤đľ, đłđŚđ§đŚđłđłđŞđŻđ¨ đ´đąđŚđ¤đŞđ§đŞđ¤đ˘đđđş đľđ° đđŞđľđ¤đ°đŞđŻ đ˘đŻđĽ đŞđľđ´ đśđŻđŞđ˛đśđŚ đ˘đľđľđłđŞđŁđśđľđŚđ´ đľđŠđ˘đľ đŚđŻđ´đśđłđŚ đ´đŚđ¤đśđłđŞđľđş đ˘đŻđĽ đľđłđśđ´đľ.
So while âđŁđđ°đ¤đŹđ¤đŠđ˘đŞđŻâ might dominate the discourse today, âđľđŞđŽđŚđ¤đŠđ˘đŞđŻâ more accurately captures the essence and originality of Bitcoin, stressing the importance of its chronological, đđżđđšđ đśđżđżđ˛đđ˛đżđđśđŻđšđ˛ đđżđŽđťđđŽđ°đđśđźđťđ that distinguish it from all other cryptocurrencies.
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Which term do đşđ°đś prefer, âblockchainâ or âtimechainâ?
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đđźđ đđľđ˛ đđśđłđłđśđ°đđšđđ đđąđˇđđđđşđ˛đťđ đŁđżđźđđ˛đ°đđ đđśđđ°đźđśđťâđ đŠđŽđšđđ˛
Youâve probably heard of Bitcoinâs đđśđłđłđśđ°đđšđđ đđąđˇđđđđşđ˛đťđ, but what is it? How does it work? And why does it matter?
Hereâs everything you need to knowđ
The difficulty adjustment is đˇđŞđľđ˘đ to #Bitcoin, since it ensures new blocks are created timely and the network remains secure. It's part of the Proof-of-Work consensus, adapting it to the network's computational power to maintain a 10-minute block creation rate. This self-regulating mechanism distinguishes Bitcoin from centralized systems, removing the need for human intervention to make necessary adjustments.
Mining Bitcoin is competitive, with miners searching for solutions to cryptographic functions to add transactions to the blockchain. As mining power increases, so does competition, necessitating the difficulty adjustment. It keeps the challenge appropriate, increasing the difficulty when thereâs more power and decreasing it when thereâs less, đŚđŻđ´đśđłđŞđŻđ¨ đ˘ đ´đľđŚđ˘đĽđş đŁđđ°đ¤đŹ đłđ˘đľđŚ đłđŚđ¨đ˘đłđĽđđŚđ´đ´ đ°đ§ đľđŠđŚ đŻđŚđľđ¸đ°đłđŹ'đ´ đľđ°đľđ˘đ đŠđ˘đ´đŠ đłđ˘đľđŚ.
The đđśđłđłđśđ°đđšđđ đđąđˇđđđđşđ˛đťđ đđšđ´đźđżđśđđľđş (DAA) recalibrates the mining difficulty every đŽ,đŹđđ˛ đŻđšđźđ°đ¸đ, or about đ˛đđ˛đżđ đđđź đđ˛đ˛đ¸đ, based on the time taken to mine the previous set. This ensures the block rate remains stable at roughly 10 minutes per block, which is crucial for network integrity and security against attacks like double-spending.
By stabilizing block creation, đľđŠđŚ đđđ đ´đŚđ¤đśđłđŚđ´ đľđŠđŚ đŻđŚđľđ¸đ°đłđŹ đ˘đ¨đ˘đŞđŻđ´đľ đ´đśđĽđĽđŚđŻ đ¤đŠđ˘đŻđ¨đŚđ´ đľđŠđ˘đľ đ¤đ°đśđđĽ đđŚđ˘đĽ đľđ° đˇđśđđŻđŚđłđ˘đŁđŞđđŞđľđŞđŚđ´, including forks. This consistency aids in achieving consensus across the network, reducing the likelihood of exploitable discrepancies and maintaining the blockchain's decentralized integrity.
Economically, difficulty adjustments impact miner profitability by affecting the effort required to mine new blocks. đ§đľđśđ đąđđťđŽđşđśđ° đŻđŽđšđŽđťđ°đ˛đ đđľđ˛ đśđťđđżđźđąđđ°đđśđźđť đźđł đşđźđżđ˛ đ˛đłđłđśđ°đśđ˛đťđ đşđśđťđśđťđ´ đđ˛đ°đľđťđźđšđźđ´đ, ensuring that despite hardware advancements, the issuance rate of new bitcoins stays predictable, aligning with Bitcoin's deflationary monetary policy.
Technological advancements in mining hardware, which could potentially accelerate block creation, are đ¤đ°đśđŻđľđŚđłđŁđ˘đđ˘đŻđ¤đŚđĽ by the difficulty adjustment. đđŠđŞđ´ đŻđŚđśđľđłđ˘đđŞđťđŚđ´ đľđŠđŚ đŚđ§đ§đŚđ¤đľ đ°đ§ đŞđŽđąđłđ°đˇđŚđĽ đŚđ§đ§đŞđ¤đŞđŚđŻđ¤đş đ°đŻ đŁđđ°đ¤đŹ đłđ˘đľđŚđ´, preserving the 10-minute target and supporting Bitcoin's long-term economic principles, including its 21 million cap.
The difficulty adjustment is a cornerstone of Bitcoin's design, vital for its operation, security, and economic model. đđ đŽđšđšđźđđ đđśđđ°đźđśđť đđź đŽđąđŽđ˝đ đąđđťđŽđşđśđ°đŽđšđšđ to changes in mining activity and technology, safeguarding the network's decentralized nature and ensuring the predictable issuance of bitcoins.
Remember to đđśđ¸đ˛đ¤, đŚđľđŽđżđ˛đ and đđźđźđ¸đşđŽđżđ¸đ this, so you can find it later!
đđźđđšđą đđżđŽđśđ´ đŞđżđśđ´đľđ đĽđ˛đŽđšđšđ đđ˛ đŚđŽđđźđđľđś đĄđŽđ¸đŽđşđźđđź?
I usually only answer this question with a chuckle, but in light of todayâs trial with the Crypto Open Patent Alliance (COPA), it seems a good time to fully weigh-in on this issue.
This question is so ridiculous, I intend this to be the đ°đŻđđş time I will give it any serious consideration.
Craig Wright's claim to be Satoshi Nakamoto, the pseudonymous creator of #Bitcoin, đšđŽđ°đ¸đ đ°đżđ˛đąđśđŻđśđšđśđđ đźđť đşđđšđđśđ˝đšđ˛ đłđżđźđťđđ. Unlike Satoshi, who was deeply involved in Bitcoin's early development, Wright appeared đşđŚđ˘đłđ´ later, and with đŽ đ°đźđşđ˝đšđ˛đđ˛đšđ đąđśđłđłđ˛đżđ˛đťđ đđżđśđđśđťđ´ đđđđšđ˛âverbose and error-proneâcompared to Satoshi's concise technicality.
Satoshi's online presence was đŽđŞđŻđŞđŽđ˘đ, focusing on development rather than publicity. Wright, conversely, actively seeks media attention. His actions, including attempts to control Bitcoinâs shared ledger, the blockchain, starkly contrast with Satoshi's decentralization ethos. Furthermore, đđśđşđ˛đšđśđťđ˛đ đźđł đđľđ˛đśđż đśđťđđźđšđđ˛đşđ˛đťđ đŽđťđą đ°đźđąđśđťđ´ đđđđšđ˛đ đąđź đťđźđ đşđŽđđ°đľ.
Evidence supporting Wright's claim is unconvincing. If he really were Satoshi, he could have proved it long ago by publicly signing a message using Satoshiâs private key, but he has failed to do so. đđŚ đ˘đđ´đ° đĽđŞđ´đąđđ˘đşđ´ đśđŻđ§đ˘đŽđŞđđŞđ˘đłđŞđľđş đ¸đŞđľđŠ đđŞđľđ¤đ°đŞđŻ'đ´ đŚđ˘đłđđŞđŚđ´đľ đĽđ˘đşđ´, đ˘đŻđĽ đ°đ§đľđŚđŻ đ¤đ°đŻđľđłđ˘đĽđŞđ¤đľđ´ đŁđ˘đ´đŞđ¤ đąđłđŞđŻđ¤đŞđąđđŚđ´ đľđŠđ˘đľ đđ˘đľđ°đ´đŠđŞ đđŞđˇđŚđĽ đŁđş. Consequently, Bitcoiners largely view Wright's assertions with skepticism, questioning his motives.
In sum, his discrepancies in involvement, writing, and principles, along with a complete lack of hard evidence, make it đŚđšđ¤đŚđŚđĽđŞđŻđ¨đđş đśđŻđđŞđŹđŚđđş that Craig Wright is Satoshi Nakamoto. One could even say that đśđâđ đłđŽđż đşđźđżđ˛ đšđśđ¸đ˛đšđ đđľđŽđ đđźđ đđśđšđš đ´đđ˛đđ đŚđŽđđźđđľđś'đ đ˝đżđśđđŽđđ˛ đ¸đ˛đ, đđľđŽđť đłđźđż đđżđŽđśđ´ đŞđżđśđ´đľđ đđź đŽđ°đđđŽđšđšđ đŻđ˛ đŚđŽđđźđđľđś đĄđŽđ¸đŽđşđźđđź.
Be sure to đđśđ¸đ˛đ¤ and đŚđľđŽđżđ˛đ this, and save it in your đđźđźđ¸đşđŽđżđ¸đđ
What do you think? Is Craig Wright Satoshi Nakamoto? Why or why not?
Write your answer in the đđźđşđşđ˛đťđđâŹď¸
đ§đżđđśđťđ´ đđź đĽđ˛đ°đźđđ˛đż đłđżđźđş đŽ đŚđľđśđđ°đźđśđť đđąđąđśđ°đđśđźđť?
đ đ°đśâđłđŚ đŻđ°đľ đ˘đđ°đŻđŚ. đŤ
Inspired by Max Keiser and El Brandino Martinez, below is a list of đđŽ đŚđđ˛đ˝đ you can take to cleanse your life and soul of shitcoins, and find the #Bitcoin maximalist thatâs waiting to emerge victoriously from within you.
đŚđđ˛đ˝ đ: đđąđşđśđ đđźđâđżđ˛ đ˝đźđđ˛đżđšđ˛đđ đźđđ˛đż đđľđśđđ°đźđśđťđâđđľđŽđ đźđđż đ˝đźđżđđłđźđšđśđź đľđŽđ đŻđ˛đ°đźđşđ˛ đđťđşđŽđťđŽđ´đ˛đŽđŻđšđ˛.
The first step towards recovery is đ˘đĽđŽđŞđľđľđŞđŻđ¨ that chasing high-risk, low-reward tokens has led to more losses than gains.
đŚđđ˛đ˝ đŽ: đđ˛đšđśđ˛đđ˛ đđľđŽđ đŽ đŁđźđđ˛đż đ´đżđ˛đŽđđ˛đż đđľđŽđť đđźđđżđđ˛đšđł đ°đŽđť đżđ˛đđđźđżđ˛ đđźđ đđź đđŽđťđśđđ.
This higher Power is the immutable, decentralized ethos of Bitcoinâthe original cryptocurrency that stands as a beacon of stability and integrity.
đŚđđ˛đ˝ đŻ: đđ˛đ°đśđąđ˛ đđź đđđżđť đđźđđż đđśđšđš đŽđťđą đđźđđż đšđśđłđ˛ đźđđ˛đż đđź đđľđ˛ đ°đŽđżđ˛ đźđł đŚđŽđđźđđľđś đĄđŽđ¸đŽđşđźđđź, đŽđ đđźđ đđťđąđ˛đżđđđŽđťđą đđśđş.
Accept the principles of sound money, and the purpose of Bitcoin as the key to individual sovereignty.
đŚđđ˛đ˝ đ°: đ đŽđ¸đ˛ đŽ đđ˛đŽđżđ°đľđśđťđ´ đŽđťđą đłđ˛đŽđżđšđ˛đđ đşđźđżđŽđš đśđťđđ˛đťđđźđżđ đźđł đđźđđż đ˝đźđżđđłđźđšđśđź.
Thoroughly review your past trades, acknowledging the allure of quick profits that led you astray from the path of long-term value savings and low time preference.
đŚđđ˛đ˝ đą: đđąđşđśđ đđź đŚđŽđđźđđľđś, đđź đđźđđżđđ˛đšđł, đŽđťđą đđź đŽđťđźđđľđ˛đż đľđđşđŽđť đŻđ˛đśđťđ´ đđľđ˛ đ˛đ đŽđ°đ đťđŽđđđżđ˛ đźđł đđźđđż đđżđźđťđ´đ.
Confess your missteps into speculations, and giving into the temptation of pump-and-dump schemes to a trusted peer or mentor in the Bitcoin space.
đŚđđ˛đ˝ đ˛: đđ˛đ°đźđşđ˛ đ˛đťđđśđżđ˛đšđ đżđ˛đŽđąđ đđź đľđŽđđ˛ đŚđŽđđźđđľđś đżđ˛đşđźđđ˛ đŽđšđš đđźđđż đąđ˛đłđ˛đ°đđ đźđł đ°đľđŽđżđŽđ°đđ˛đż.
Prepare yourself to let go of the greed and impatience that drove you to shitcoin speculation in the first place.
đŚđđ˛đ˝ đł: đđđşđŻđšđ đŽđđ¸ đŚđŽđđźđđľđś đđź đżđ˛đşđźđđ˛ đđźđđż đđľđźđżđđ°đźđşđśđťđ´đ.
Seek the strength to focus on disciplined savings strategies, such as DCA, and to resist the allure of shitcoins, be they altcoins, NFTs, or anything else.
đŚđđ˛đ˝ đ´: đ đŽđ¸đ˛ đŽ đšđśđđ đźđł đŽđšđš đ˝đ˛đżđđźđťđ đđźđ đľđŽđżđşđ˛đą, đŽđťđą đŻđ˛đ°đźđşđ˛ đđśđšđšđśđťđ´ đđź đşđŽđ¸đ˛ đŽđşđ˛đťđąđ đđź đđľđ˛đş đŽđšđš.
Acknowledge if your shitcoin evangelism or trading led others astray, or got them rekt, and prepare to guide them back towards the orange light of Bitcoin.
đŚđđ˛đ˝ đľ: đ đŽđ¸đ˛ đąđśđżđ˛đ°đ đŽđşđ˛đťđąđ đđź đđđ°đľ đ˝đ˛đźđ˝đšđ˛ đđľđ˛đżđ˛đđ˛đż đ˝đźđđđśđŻđšđ˛, đ˛đ đ°đ˛đ˝đ đđľđ˛đť đđź đąđź đđź đđźđđšđą đśđťđˇđđżđ˛ đđľđ˛đş đźđż đźđđľđ˛đżđ.
Where your advice or actions have caused financial loss to others, seek to rectify these wrongs through guidance and support.
đŚđđ˛đ˝ đđŹ: đđźđťđđśđťđđ˛ đđź đđŽđ¸đ˛ đ˝đ˛đżđđźđťđŽđš đśđťđđ˛đťđđźđżđ, đŽđťđą đđľđ˛đť đđźđ đđ˛đżđ˛ đđżđźđťđ´, đ˝đżđźđşđ˝đđšđ đŽđąđşđśđđđ˛đą đśđ.
Commit to ongoing self-reflection on your financial decisions, and admit when a relapse to shitcoining is imminent.
đŚđđ˛đ˝ đđ: đŚđ˛đ˛đ¸ đđľđżđźđđ´đľ đđđđąđ đŽđťđą đ°đźđşđşđđťđśđđ đđź đśđşđ˝đżđźđđ˛ đđźđđż đ°đźđťđđ°đśđźđđ đ°đźđťđđŽđ°đ đđśđđľ đŚđŽđđźđđľđś đĄđŽđ¸đŽđşđźđđź, đ˝đżđŽđđśđťđ´ đźđťđšđ đłđźđż đ¸đťđźđđšđ˛đąđ´đ˛ đźđł đđśđ đđśđšđš đłđźđż đđźđ, đŽđťđą đđľđ˛ đ˝đźđđ˛đż đđź đ°đŽđżđżđ đđľđŽđ đźđđ.
Deepen your understanding of Bitcoin's technological, philosophical, and economic principles, and engage with the community to reinforce your commitment to Bitcoinâs ethos.
đŚđđ˛đ˝ đđŽ: đđŽđđśđťđ´ đľđŽđą đŽ đđ˝đśđżđśđđđŽđš đŽđđŽđ¸đ˛đťđśđťđ´ đŽđ đđľđ˛ đżđ˛đđđšđ đźđł đđľđ˛đđ˛ đđđ˛đ˝đ, đđżđ đđź đ°đŽđżđżđ đđľđśđ đşđ˛đđđŽđ´đ˛ đđź đđľđśđđ°đźđśđť đđżđŽđąđ˛đżđ, đŽđťđą đđź đ˝đżđŽđ°đđśđ°đ˛ đđľđ˛đđ˛ đ˝đżđśđťđ°đśđ˝đšđ˛đ đśđť đŽđšđš đđźđđż đŽđłđłđŽđśđżđ.
Share our journey of recovery and enlightenment with others who may still be in the throes of shitcoin despair, offering them a path towards individual sovereignty through Bitcoin.
Remember, Bitcoin maximalism is a đŤđ°đśđłđŻđŚđş, not a destination. May your path lead you to the enlightened state of sound money, and away from the volatile shores of shitcoin trading.
Remember to give this a đđśđ¸đ˛đ¤, đŚđľđŽđżđ˛đ it with those who need to take these steps to recover from shitcoinery.
And đđźđźđ¸đşđŽđżđ¸đ this for when you come in contact with shitcoiners in the future.
Are đşđ°đś a recovering shitcoiner?
Tell your story in the đđźđşđşđ˛đťđđâŹď¸
Reminder: đđźđđ˛đżđťđşđ˛đťđđ đ°đŽđťâđ đŻđŽđť #Bitcoin.
They can only ban themselves đ§đłđ°đŽ Bitcoin, including all its technological, social, and economic benefits.
Ignore the noise, and keep stacking.
đđŽđ˝đ˝đ đđżđźđđťđąđľđźđ´ đđŽđ!
The Bitcoin Groundhog paused his mining earlier today, and ventured to the surface to check whether he could see his shadow.
If he saw his shadow, he would scurry back to his mine, and #Bitcoin would have đ˛ đşđźđżđ˛ đđ˛đ˛đ¸đ đźđł đŽ đŻđ˛đŽđż đşđŽđżđ¸đ˛đ. But if he didn't, then the bear market would officially be over.
I am pleased to report that the Bitcoin Groundhog did đŁđ¤đŠ see his shadow! The bear market is over! đđ'đ đđśđşđ˛ đđź đđđŽđ°đ¸ đşđźđżđ˛ đđŽđđ! đ
Of course, itâs đ˘đđ¸đ˘đşđ´ a good time for that. đ
đ¨ Please note: The title of this post should have been something like "Multisig vs. Splitting a Seed Phrase", not "Splitting Keys". While the main part of the above post was written by Ai, the title was written by a human.
The truth is that there are many ways to split a private key, such as MPC/sharding, which divide governance and allow multiple parties to manage a private key without revealing their piece to the other parties. While this is a fine setup for security purposes, one should never simply divide their seed phrase into smaller groups (i.e. 6 words to one party and 6 to another), as this will allow the rest of the seed phrase to be guessed much more easily.
What about the nostr:npub1wdj735gknh68znhtwg8njvs8vyqh48zzhquka7aks8s2u4quscsqj3hdy0 ? Doesn't it make this halving the "most" important one?
It is anticipated that all future halvings will be commemorated with halving parties, but from the perspective of economics, that won't make this halving, or any of the others, any more important than they already are.
It could be argued, however, that the most important part of any halving is the bitcoiners we celebrate it with, which is why halving parties, regular meetups, and in-person connections made through services like nostr:npub1ve8qwrlztemdmnh62jffcr0y9m9dpqgqjdg8ufx7gc3qw5wdk74qyv9ka6 are so valuable.
In any case, this next halving will make bitcoin the hardest money in the history of the world. And similarly, the friendships you make with other bitcoiners at halving parties and other events have the potential to become the strongest bonds you will ever make, as you work together to fight against fiat and fix the world, starting at the foundation of our very culture: money.
đ đđšđđśđđśđ´ đđ. đŚđ˝đšđśđđđśđťđ´ đđ˛đđ
To truly own your bitcoin, you must custody your private key. This usually involves writing down a 12 or 24-word seed phrase, and keeping it offline where itâs safe from theft, flood, and fire.
But what if itâs discovered? Is it safer to use multiple private keys connected to the same wallet, or to split up a single seed phrase into multiple pieces?
Letâs explore this belowđ
Multisignature, commonly referred to as đŽđśđđľđŞđ´đŞđ¨, is a method of đąđśđđđżđśđŻđđđśđťđ´ đ°đźđťđđżđźđš đźđđ˛đż đŽ đŻđśđđ°đźđśđť đđŽđšđšđ˛đ đđđśđťđ´ đşđđšđđśđ˝đšđ˛ đđľđźđšđ˛ đ˝đżđśđđŽđđ˛ đ¸đ˛đđ. So instead of one private key being used to control the asset, multiple private keys are required to sign, execute, and validate a transaction.
The most common multisig implementation is a 2-of-3 scheme, where any 2 of the 3 private keys are needed to sign a valid transaction. In this setup, đŻđ°đŻđŚ đ°đ§ đľđŠđŚ đŹđŚđş đ´đŞđ¨đŻđŚđłđ´ đŻđŚđŚđĽ đľđ° đąđłđ°đˇđŞđĽđŚ đľđŠđŚđŞđł đąđłđŞđˇđ˘đľđŚ đŹđŚđş đľđ° đľđŠđŚ đ°đľđŠđŚđłđ´, allowing for trustless wallet management, even among a walletâs co-owners.
Contrasting that with splitting your private key into smaller pieces, đ˘đŻ đ˘đľđľđ˘đ¤đŹđŚđł đ¤đ°đśđđĽ đąđ°đľđŚđŻđľđŞđ˘đđđş đ˘đ¤đ¤đŚđ´đ´ đşđ°đśđł đ¤đ°đŞđŻđ´ đŁđş đ°đŁđľđ˘đŞđŻđŞđŻđ¨ đŤđśđ´đľ đ°đŻđŚ đąđŞđŚđ¤đŚ, and then correctly guessing the rest. đđđ˛đżđ đđźđżđą đđľđ˛đ đľđŽđđ˛ đźđł đđźđđż đđ˛đ˛đą đ˝đľđżđŽđđ˛ đşđŽđ¸đ˛đ đśđ đ˛đ đ˝đźđťđ˛đťđđśđŽđšđšđ đ˛đŽđđśđ˛đż đđź đ´đđ˛đđ đđľđ˛ đżđ˛đşđŽđśđťđśđťđ´ đđźđżđąđ, but that is not the case with multisig.
It's important to note that multisig can be implemented at different levels, such as at the blockchain or consensus level â which provides the highest level of security â or by a particular application, which is far less secure. If the number of signers or authorization keys can be changed without a publicly-visible transaction on the blockchain, đđźđ'đżđ˛ đđđśđťđ´ đŽ đšđ˛đđ đđ˛đ°đđżđ˛ đŽđ˝đ˝đšđśđ°đŽđđśđźđť-đ˝đźđšđśđ°đ-đŻđŽđđ˛đą đđ˛đżđđśđ°đ˛, where the authors of the application ultimately control the asset.
Multisig offers several benefits, including increased security, as it requires multiple signatures to create a transaction, making it much more difficult for an attacker to compromise your wallet. Additionally, đ˛đŽđ°đľ đ˝đ˛đżđđźđť đśđťđđźđšđđ˛đą đśđť đđľđ˛ đşđđšđđśđđśđ´ đ°đźđťđłđśđ´đđżđŽđđśđźđť đľđŽđ đđľđ˛đśđż đźđđť đŻđŽđ°đ¸đđ˝, so if a key is lost or stolen, a new multisignature wallet can be created, and the other key holders can move the funds into the new wallet.
Remember to give this a đđśđ¸đ˛đ¤, đŚđľđŽđżđ˛đ it with others, and đđźđźđ¸đşđŽđżđ¸đ it for later.
A very special thanks to nostr:npub1ztyqtftdkt6q36gux3xptn4ldv7sdpqka3rvhvlmna50e9t7kx4qk5kfjr for the first image in this video! đ
đ§đľđ˛ đťđ˛đ đ #BitcoinHalving đśđ đ°đźđşđśđťđ´ đđľđśđ đđ˝đżđśđš.
This means the amount of new #bitcoin issued to the miners with each block will be đŠđ˘đđˇđŚđĽ from 6.25 bitcoin to 3.125 bitcoin.
What makes this the đŽđ°đ´đľ important halving so far?
The answer is found in bitcoinâs đđđźđ°đ¸-đđź-đłđšđźđ đżđŽđđśđź:
đŞđľđŽđ đŽđżđ˛ đ¨đ§đŤđ˘đ, đŽđťđą đđźđ đŚđľđźđđšđą đŹđźđ đ đŽđťđŽđ´đ˛ đ§đľđ˛đş?
Unspent Transaction Outputs (UTXOs) are the bedrock of Bitcoin's transaction model. đđŠđŚđş đłđŚđąđłđŚđ´đŚđŻđľ đľđŠđŚ đ˘đŽđ°đśđŻđľ đ°đ§ đŁđŞđľđ¤đ°đŞđŻ đľđŠđ˘đľ đ˘đŻ đ˘đĽđĽđłđŚđ´đ´ đŠđ˘đ´ đłđŚđ¤đŚđŞđˇđŚđĽ đŁđśđľ đŠđ˘đ´ đŻđ°đľ đşđŚđľ đ´đąđŚđŻđľ. Each bitcoin transaction consumes UTXOs as inputs and creates new ones as outputs; this is how bitcoin moves between addresses.
đ đŽđťđŽđ´đśđťđ´ đ¨đ§đŤđ˘đ đ˛đłđłđśđ°đśđ˛đťđđšđ đśđ đ°đżđđ°đśđŽđš đłđźđż đŻđźđđľ đ˝đżđśđđŽđ°đ đŽđťđą đđżđŽđťđđŽđ°đđśđźđť đłđ˛đ˛đ. Large sets of small UTXOs can lead to higher fees when spending, as more UTXOs mean more data, and more data means a larger transaction size. Conversely, fewer and larger UTXOs can reduce fees and improve privacy by minimizing transaction linkability.
Consolidation is the process of combining many small UTXOs into fewer larger ones. đđŠđŞđ´ đŞđ´ đŁđŚđ´đľ đĽđ°đŻđŚ đĽđśđłđŞđŻđ¨ đąđŚđłđŞđ°đĽđ´ đ°đ§ đđ°đ¸ đŻđŚđľđ¸đ°đłđŹ đ¤đ°đŻđ¨đŚđ´đľđŞđ°đŻ đľđ° đŽđŞđŻđŞđŽđŞđťđŚ đ§đŚđŚđ´. Thoughtful UTXO management can significantly reduce future transaction costs and enhance transactional privacy.
The essence of UTXOs and their management is captured clearly in nostr:npub1excellx58e497gan6fcsdnseujkjm7ym5yp3m4rp0ud4j8ss39js2pn72aâs analogy below. Just as it's cumbersome to carry and count quarters for transactions, đśđ'đ đśđťđ˛đłđłđśđ°đśđ˛đťđ đđź đşđŽđťđŽđ´đ˛ đŽ đđŽđšđšđ˛đ đłđđšđš đźđł đđşđŽđšđš đ¨đ§đŤđ˘đ. Consolidating them into larger amounts when transaction fees are low simplifies transactions, reduces future fees, and takes up less of the limited space in each block.
đđźđ đđź đ¨đđ˛ đđśđđ°đźđśđť đŁđżđśđđŽđđ˛đšđ
Itâs well-known that Bitcoin runs on an open ledger called the timechain, though commonly known as the blockchain.
While this ledger is visible to anyone, đŞđľ đĽđ°đŚđ´ đŻđ°đľ đ¤đ°đŻđľđ˘đŞđŻ đ˘đŻđş đŞđŻđ§đ°đłđŽđ˘đľđŞđ°đŻ đłđŚđ¨đ˘đłđĽđŞđŻđ¨ đľđŠđŚ đŞđĽđŚđŻđľđŞđľđŞđŚđ´ đ°đ§ đŚđŞđľđŠđŚđł đ´đŚđŻđĽđŚđłđ´ đ°đł đłđŚđ¤đŚđŞđˇđŚđłđ´. It is sometimes possible, however, to deduce who sent bitcoin to whom, based on a few clues that centralized exchanges will know, due to âKnow Your Customerâ (KYC) laws.
đĄđź đ˝đżđśđđŽđ°đ đđźđšđđđśđźđť đśđ đ˝đ˛đżđłđ˛đ°đ, but here are some things you can do to use bitcoin more privately.đ
To enhance your anonymity in the realm of Bitcoin, it's crucial to đđđ˛ đŽ đťđ˛đ đŽđąđąđżđ˛đđ đ˛đŽđ°đľ đđśđşđ˛ đđźđ đżđ˛đ°đ˛đśđđ˛ đŻđśđđ°đźđśđť. đđŠđŞđ´ đąđłđ˘đ¤đľđŞđ¤đŚ đąđłđŚđˇđŚđŻđľđ´ đľđŠđŚ đđŞđŻđŹđ˘đŁđŞđđŞđľđş đ°đ§ đľđłđ˘đŻđ´đ˘đ¤đľđŞđ°đŻđ´ đľđ° đ˘ đ´đŞđŻđ¨đđŚ đ°đ¸đŻđŚđł. By ensuring each address is used only once, users significantly bolster their on-chain privacy.
Another effective method is the utilization of đđźđśđťđđźđśđťđ. Protocols like JoinMarket and PayJoins, and platforms like Wasabi and Samourai offer the ability to mix coins (UTXOs) and their histories from multiple users. đđŠđŞđ´ đŽđŞđšđŞđŻđ¨ đąđłđ°đ¤đŚđ´đ´ đŚđ§đ§đŚđ¤đľđŞđˇđŚđđş đ°đŁđ´đ¤đśđłđŚđ´ đľđŠđŚ đľđłđ˘đŞđđ´ đđŚđ˘đĽđŞđŻđ¨ đŁđ˘đ¤đŹ đľđ° đľđŠđŚ đ°đłđŞđ¨đŞđŻđ˘đ đ°đ¸đŻđŚđłđ´, making it difficult to trace transactions to a particular individual.
It's also important to đŽđđźđśđą đ°đ˛đťđđżđŽđšđśđđ˛đą đ˛đ đ°đľđŽđťđ´đ˛đ, wherever possible. These platforms often require extensive Know Your Customer (KYC) procedures, creating a significant privacy risk. Decentralized exchanges like Bisq and RoboSats are preferable alternatives, as đľđŠđŚđş đľđşđąđŞđ¤đ˘đđđş đłđŚđ˛đśđŞđłđŚ đŻđ° đąđŚđłđ´đ°đŻđ˘đ đŞđŻđ§đ°đłđŽđ˘đľđŞđ°đŻ.
đĽđđťđťđśđťđ´ đđźđđż đźđđť đłđđšđš đťđźđąđ˛ is another step towards privacy. By doing so, đşđ°đś đ˘đˇđ°đŞđĽ đłđŚđđşđŞđŻđ¨ đ°đŻ đľđŠđŞđłđĽ-đąđ˘đłđľđş đ´đŚđłđˇđŚđłđ´, which can link transactions to your IP address. Operating a full node ensures that your transactions are verified independently, keeping your online activity within your control.
Implementing đşđđšđđś-đđśđ´đťđŽđđđżđ˛ đđŽđšđšđ˛đđ adds an additional layer of security and privacy. These wallets require multiple keys to authorize a transaction, đŽđ˘đŹđŞđŻđ¨ đŞđľ đŽđ°đłđŚ đ¤đŠđ˘đđđŚđŻđ¨đŞđŻđ¨ đľđ° đľđłđ˘đ¤đŚ đľđłđ˘đŻđ´đ˘đ¤đľđŞđ°đŻđ´ đŁđ˘đ¤đŹ đľđ° đ˘ đ´đŞđŻđ¨đđŚ đśđ´đŚđł, while also adding another security layer to your holdings.
Using tools like đ§đźđż đŽđťđą đŠđŁđĄđ to mask your IP address while transacting adds an extra layer of privacy. đđŠđŞđ´ đąđłđ˘đ¤đľđŞđ¤đŚ đąđłđŚđˇđŚđŻđľđ´ đąđ°đľđŚđŻđľđŞđ˘đ đ°đŁđ´đŚđłđˇđŚđłđ´ đ§đłđ°đŽ đ˘đ´đ´đ°đ¤đŞđ˘đľđŞđŻđ¨ đşđ°đśđł đđ đ˘đĽđĽđłđŚđ´đ´ đ¸đŞđľđŠ đşđ°đśđł đŁđŞđľđ¤đ°đŞđŻ đľđłđ˘đŻđ´đ˘đ¤đľđŞđ°đŻđ´, thereby safeguarding your online identity.
Finally, đŻđ˛ đđŽđżđ đźđł đşđ˛đđŽđąđŽđđŽ. Often overlooked, the information revealed by checking mempool.space or posting transaction info in an online discussion đ¤đ˘đŻ đŞđŻđ˘đĽđˇđŚđłđľđŚđŻđľđđş đ¤đ°đŻđŻđŚđ¤đľ đşđ°đś đ¸đŞđľđŠ đ˘ đ´đąđŚđ¤đŞđ§đŞđ¤ đľđłđ˘đŻđ´đ˘đ¤đľđŞđ°đŻ. Caution in this area is essential to maintain complete privacy in your bitcoin transactions.
When these practices are diligently followed, đľđŠđŚđş đ°đ§đ§đŚđł đ˘ đłđ°đŁđśđ´đľ đ§đłđ˘đŽđŚđ¸đ°đłđŹ đ§đ°đł đŽđ˘đŞđŻđľđ˘đŞđŻđŞđŻđ¨ đąđłđŞđˇđ˘đ¤đş đŞđŻ đľđŠđŚ đŚđˇđŚđł-đŚđˇđ°đđˇđŞđŻđ¨ đ¸đ°đłđđĽ đ°đ§ đđŞđľđ¤đ°đŞđŻ. Each step plays a crucial role in safeguarding your identity and financial autonomy in the digital age.
Give this a đđśđ¸đ˛đ¤ and a đŚđľđŽđżđ˛đ, and đđźđźđ¸đşđŽđżđ¸đ this for when you need it.
What other privacy methods are there?
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đđśđđ°đźđśđť đśđ đĄđźđ đŽ đŁđ˛đ đĽđźđ°đ¸
Jamie Dimon, the CEO of JP Morgan, recently referred to #Bitcoin as a âpet rockâ. We should expect nothing less from someone like him, but as usual, he is completely wrong on Bitcoin.
Hereâs whyđ
Comparing Bitcoin to a "pet rock" completely overlooks its revolutionary attributes and potential. đđśđđ°đźđśđť đżđ˛đ˝đżđ˛đđ˛đťđđ đđľđ˛ đşđźđđ đđśđ´đťđśđłđśđ°đŽđťđ đŽđąđđŽđťđ°đ˛đşđ˛đťđ đśđť đşđźđťđ˛đđŽđżđ đđ˛đ°đľđťđźđšđźđ´đ đđśđťđ°đ˛ đđľđ˛ đśđťđđ˛đťđđśđźđť đźđł đşđźđťđ˛đ đśđđđ˛đšđł.
Bitcoin is a decentralized, digital store of value and medium of exchange, đŞđŽđŽđśđŻđŚ đľđ° đľđŠđŚ đ¸đŠđŞđŽđ´ đ°đ§ đ¤đŚđŻđľđłđ˘đ đŁđ˘đŻđŹđ´ đ˘đŻđĽ đ¨đ°đˇđŚđłđŻđŽđŚđŻđľ đŽđ°đŻđŚđľđ˘đłđş đąđ°đđŞđ¤đş. Its fixed supply of 21 million coins, achieved through the halving process, is a bulwark against inflationâs consistent erosion of fiatâs purchasing power.
đđśđđ°đźđśđťâđ đđśđşđ˛đ°đľđŽđśđť đ˛đťđđđżđ˛đ đđľđ˛ đđ˛đ°đđżđśđđ, đđżđŽđťđđ˝đŽđżđ˛đťđ°đ, đŽđťđą đśđşđşđđđŽđŻđśđšđśđđ đźđł đđżđŽđťđđŽđ°đđśđźđťđ. its unparalleled level of security, combined with the decentralized nature of the network, makes Bitcoin a form of "digital gold" that is protected from political and economic manipulation. Moreover, Bitcoin's programmable nature allows for đ¤đ°đŻđľđŞđŻđśđ°đśđ´ đŞđŻđŻđ°đˇđ˘đľđŞđ°đŻ against any future threats.
While skeptics may dismiss it as a fad or speculative asset, Bitcoin's growing adoption and resilience over the years underscore its value and potential as a transformative financial instrument. It's a pioneering force in reshaping the global financial landscape, đźđłđłđ˛đżđśđťđ´ đŽ đąđ˛đ°đ˛đťđđżđŽđšđśđđ˛đą đŽđšđđ˛đżđťđŽđđśđđ˛ to traditional, government-controlled fiat currencies.
In essence, Bitcoin is a manifestation of economic freedom and a hedge against inflationary fiscal policies, đżđ˛đ˝đżđ˛đđ˛đťđđśđťđ´ đŽ đ˝đŽđżđŽđąđśđ´đş đđľđśđłđ đśđť đľđźđ đđŽđšđđ˛ đśđ đđđźđżđ˛đą đŽđťđą đđżđŽđťđđłđ˛đżđżđ˛đą đ´đšđźđŻđŽđšđšđ.
Be sure to đđśđ¸đ˛đ¤ and đŚđľđŽđżđ˛đ this, and add it to your đđźđźđ¸đşđŽđżđ¸đđ
Why else is Bitcoin đŻđ°đľ a âpet rockâ?
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đđśđđ°đźđśđťâđ đđťđ˛đđśđđŽđŻđšđ˛ đŁđŽđđľ đđź $đđ đśđšđšđśđźđť
No one knows when, and no one knows exactly what will transpire on our way to $1 million per #bitcoin, but that eventual price (and higher) is inevitable.
Here are a few reasons whyđ
Bitcoin's ascent to $1 million per coin and beyond is deeply rooted in its fundamental properties, unique market dynamics, and historical growth patterns. đđ˘đŻđş đŹđŚđş đ§đ˘đ¤đľđ°đłđ´ đ¤đ°đŻđľđłđŞđŁđśđľđŚ đľđ° đľđŠđŞđ´ đľđłđ˘đŤđŚđ¤đľđ°đłđş, each playing a crucial role in bitcoin's value proposition.
đđťđđ˛đżđťđŽđš đđŽđ°đđźđżđ
Halving events, in which the rate of newly mined bitcoin is automatically halved, occur approximately every four years, with the next one due this April. đ§đľđśđ đżđ˛đąđđ°đ˛đ đđľđ˛ đťđđşđŻđ˛đż đźđł đŻđśđđ°đźđśđť đŽđđŽđśđšđŽđŻđšđ˛ đłđźđż đ˝đđżđ°đľđŽđđ˛, đšđ˛đŽđąđśđťđ´ đđź đŽ đđđ˝đ˝đšđ đđžđđ˛đ˛đđ˛. This reduction, juxtaposed against ever-rising demand for its role as a store of value and inflation hedge, propels the price upward.
Technological advancements, particularly in scalability solutions like the Lightning Network, also contribute to its growth. These developments ensure that bitcoin remains đŚđ§đ§đŞđ¤đŞđŚđŻđľ and đąđłđ˘đ¤đľđŞđ¤đ˘đ for an increasing number of transactions, which further increases its utility and appeal.
Bitcoin's increasing role as a medium of exchange, especially in developing countries, enhances its utility and demand. This broader adoption, whether for transactions or as a tool for financial inclusion, đśđťđ°đżđ˛đŽđđ˛đ đđśđđ°đźđśđťâđ đťđ˛đđđźđżđ¸ đ˛đłđłđ˛đ°đ, and strengthens its position as a global currency.
đđ đđ˛đżđťđŽđš đđŽđ°đđźđżđ
Public perception and media coverage play an undeniable role in Bitcoin's path to $1 million. As misconceptions are addressed and awareness grows, the understanding and appreciation of bitcoin rises, leading to đ´đżđ˛đŽđđ˛đż đąđ˛đşđŽđťđą đ°đľđŽđđśđťđ´ đŽđť đđťđ°đľđŽđťđ´đ˛đŽđŻđšđ˛ đđđ˝đ˝đšđ.
In times of economic turmoil, bitcoin emerges as a safe-haven asset. Its đąđ˛đ°đ˛đťđđżđŽđšđśđđ˛đą đťđŽđđđżđ˛ and đłđśđťđśđđ˛ đđđ˝đ˝đšđ appeal to those seeking stability and security, making it a favorable option against inflation and geopolitical uncertainties.
Regulatory clarity and government recognition, once perceived as hurdles, are now beginning to align with Bitcoin's growth trajectory. đđŠđŞđ´ đŚđˇđ°đđśđľđŞđ°đŻ đŞđŻ đľđŠđŚ đłđŚđ¨đśđđ˘đľđ°đłđş đđ˘đŻđĽđ´đ¤đ˘đąđŚ đŚđŻđŠđ˘đŻđ¤đŚđ´ đŁđŞđľđ¤đ°đŞđŻâđ´ đđŚđ¨đŞđľđŞđŽđ˘đ¤đş đ˘đŻđĽ đ˘đ¤đ¤đŚđ´đ´đŞđŁđŞđđŞđľđş, and is an important step towards replacing our current financial system with a global bitcoin standard.
đđťđ˛đđśđđŽđŻđśđšđśđđ
Sooner or later, the price for 1 bitcoin will reach $1 million, with 1 sat equaling 1 cent, đ˘đŻđĽ đ¤đ°đŻđľđŞđŻđśđŚ đśđąđ¸đ˘đłđĽ đŞđŻđ§đŞđŻđŞđľđŚđđş đ˘đ§đľđŚđłđ¸đ˘đłđĽ. This will be from a combination of reasons, including both bitcoinâs rising popularity, and fiatâs declining value.
When a new form of money canât be stopped, and the old one itâs being measured against canât last, đđľđ˛ đźđťđšđ đšđźđ´đśđ°đŽđš đ°đźđťđ°đšđđđśđźđť đśđ đđľđŽđ đđľđ˛ đ˝đżđśđ°đ˛ đźđł đđľđ˛ đťđ˛đ đŽđ đşđ˛đŽđđđżđ˛đą đŻđ đđľđ˛ đźđšđą đđśđšđš đżđśđđ˛ đđźđđŽđżđą đśđťđłđśđťđśđđ.
And $1 million is just a pit stop along the way.
Give this a đđśđ¸đ˛đ¤ and a đŚđľđŽđżđ˛đ, and đđźđźđ¸đşđŽđżđ¸đ this for later.
How soon do you think bitcoin will reach $1 million?
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