Avatar
Bitcoin Dad
601aefce7ef965bd1f4f847b60c8e839fdc94c8840273486a9d2d99e6594b56a
I like Bitcoin, Banjo, and Being a dad.

For those who have been stacking during the bear, the bull market is a great time to de-leverage. Maybe take some time off from stacking to pay off your debts, including mortgages. Is this the best way to maximize fiat returns? No, but there's a certain calm that comes with knowing that you are not financially beholden to anyone.

The most recent high profile physical attack on a bitcoiner that took place in Toronto this past week has made me once again examine my physical security and my Bitcoin security. I use multi-vendor, geographically distributed multisig. If you kidnap me, you've got to bring me to at 3 different places which are open and public places. This could take over 24 hours time. It's probably not worth the risk of you getting caught in the process.

But what about kidnapping me (or worse one of my family members) and holding me/them in a secret location until someone ELSE gathers the keys? THIS seems plausible.

We need to be able to timelock our Bitcoin to prevent this type of attack. I know that timelocking is currently possible (see Liana wallet), but I believe that you have to create a new on-chain transaction to "reset" the timelock for every expiry. This isn't practical or efficient in the long term.

So my question: what type of upgrades are needed to the Bitcoin code in order to timelock a UTXO upon the signing of a new transaction? In other words, I sign a transaction for a ransom, but it doesn't send for a certain number of blocks. It is also reversible with an additional signature. And this is all verifiable before the signing even occurs to deter the transaction in the first place.

Tagging some big names to get a discussion on the topic: nostr:npub1h8nk2346qezka5cpm8jjh3yl5j88pf4ly2ptu7s6uu55wcfqy0wq36rpev nostr:npub1a2cww4kn9wqte4ry70vyfwqyqvpswksna27rtxd8vty6c74era8sdcw83a nostr:npub1s5yq6wadwrxde4lhfs56gn64hwzuhnfa6r9mj476r5s4hkunzgzqrs6q7z nostr:npub1ej493cmun8y9h3082spg5uvt63jgtewneve526g7e2urca2afrxqm3ndrm nostr:npub14mcddvsjsflnhgw7vxykz0ndfqj0rq04v7cjq5nnc95ftld0pv3shcfrlx nostr:npub17u5dneh8qjp43ecfxr6u5e9sjamsmxyuekrg2nlxrrk6nj9rsyrqywt4tp nostr:npub1az9xj85cmxv8e9j9y80lvqp97crsqdu2fpu3srwthd99qfu9qsgstam8y8 nostr:npub12rv5lskctqxxs2c8rf2zlzc7xx3qpvzs3w4etgemauy9thegr43sf485vg nostr:npub16c0nh3dnadzqpm76uctf5hqhe2lny344zsmpm6feee9p5rdxaa9q586nvr nostr:npub1qny3tkh0acurzla8x3zy4nhrjz5zd8l9sy9jys09umwng00manysew95gx nostr:npub1wnlu28xrq9gv77dkevck6ws4euej4v568rlvn66gf2c428tdrptqq3n3wr nostr:npub1dergggklka99wwrs92yz8wdjs952h2ux2ha2ed598ngwu9w7a6fsh9xzpc

This right here. We don't know the whole story for any of these situations. For example, as a physician myself, I doubt anyone ever told nostr:npub1rtlqca8r6auyaw5n5h3l5422dm4sry5dzfee4696fqe8s6qgudks7djtfs and his spouse that they would never have kids verbatim. Doctors almost never deal in absolutes. It was probably something more akin to "Based on the complications you suffered during this last pregnancy, it is unlikely that you will be able to get pregnant again" or "in my medical opinion getting pregnant again poses significant risk to both you and the child". But this doesn't make good click bait, does it?

Replying to Avatar Simple Steve

Seems like part of the utxo ownership debate lies in the taboo corner of the “with freedom comes responsibility” rabbit hole. It feels uncomfortable to ask the further question “but what about the person who doesn’t want responsibility and is happy to give up some freedoms.” When this arises in our mind we sometimes switch from the curious mode to the “ought” mode and say “well they should…” or we proudly recall a founding fathers quote about choosing death over the lack of freedom. But those responses feel more like avoiding the question. When we say choosing death we mean choosing our own death, not the death of others making a different choice. Most deep thinkers in this space hold the non-aggression principle fairly central to their ethics so we wouldn’t initiate violence towards someone giving up freedoms for the benefit of non responsibility. We’d advise against that choice, but again we’re avoiding the question. I think there’s a very good chance that a very large percentage of people will simply choose the non responsibility route. Furthering the taboo nature of this line of thinking is that this becomes close to some kind of freely chosen slavery. But we needn’t go down that tangent when as the issue applies to the non slave who simply chooses a little less freedom. Many of us thought the Covid cellar dwellers were cowards, but so long as their choice affects only themselves, we respect their right to be cowards. I would never encourage that route, but regardless of encouragement, I think most people will chose it. Imo most will happily give up the benefits of utxo ownership over the responsibility of utxo ownership. I also think it’s avoiding the issue to imagine that some UX improvement or protocol change will make the foundational issue go away. Sure better ux can help a little but 99% of the “bad ux” problem is that you are responsible for losing your coins, and the extent to which you do not have the ability to lose your coins is the extent to which you don’t own the coins. Everyone knows there’s something dishonest about the person claiming they have a technological solution that fixes this. Clearly some have the hfsp mentality - they know most don’t want the responsibility, likely nothing will change that, and attempting to create more utxo space is pointless. Others feel it is our responsibility to create more space for them incase this dynamic changes and suddenly most people want the responsibility. I think it’s fairly obvious right now that a very small percent of people want the responsibility. Maybe if your circle of friends is only bitcoiners you’d think otherwise, but if you have non bitcoiner friends and family you know what they’re like. And it’s not bitcoin, it’s that they’d always prefer to not be the one responsible. And to think that Bitcoin will fix this about people I think is again being dishonest. My point here isn’t so much that I have to solution to the problem. I’m more trying to point out that it’s this taboo topic that I think lies behind the utxo debate. I guess I’m also writing this to clear up my own thoughts on it. Maybe I shouldnt post it. Screw it, this is Nostr here goes

Well said!

Replying to Avatar Lyn Alden

Free enterprise is the default state of affairs. It's a complex and ever-ongoing negotiation of prices between retailers, product producers, commodity producers, employees, and so forth. It is a constantly-adjusting control system sorting toward Truth.

Authoritarian governments and the masses that support them can impede upon prices and thus rekt the ability for natural pricing to occur, which disrupts all trade and makes everything more inefficient and more expensive.

Notably, the handful of countries that have made social democracy work, all preserved the metric of "ease of doing business." In other words, if you examine Scandinavian countries, they do have high taxes and high support for society. That's how these relatively small and homogenous societies have chosen to govern themselves, and they consistently score among the highest global levels of happiness. But in terms of "ease of doing business," they still score very high. They tax and spend, but they don't interference with business operations to generate new value. They tax and redistribute the engines of growth, but they don't impede the engines of growth.

That's the key thing, in terms of variables not to mess with. Don't interfere with the flow of pricing, domestically or globally, which is ultimately just information. Maintain the ease of doing business, let pricing set supply/demand balances, and then sort out what sort of social contract exists independently of those foundational wealth-building engines.

nostr:note170zgh0rm63mcwu9mnws37xk86xrjjxwnt077aytj0nqkzsqm956sf4qqce

This is why I think there's a valid argument for UBI in the short term while we downsize the role of government in our lives. Let the free market do its thing, and if we need social support to get us through the transition to a less government dependent society, a UBI would be the most economic approach, letting individuals decide where best to put their capital.

Highly recommend The Ordinary Parent's Guide to Teaching Reading, Revised Edition Instructor Book https://a.co/d/0d8FUcKQ

Of course there aren't going to be studies on how to handle a global pandemic given the last one was the Spanish Flu a century ago. Expert consensus is going to have to take the place of trial data when there is none.

If I were a (benevolent) dictator: Abolish income tax, institute federal sales tax and property tax, institute a UBI that would cover up to the "poverty line" counteracting the regressive nature of the sales tax. Then I would start slashing government programs and increase the UBI to cover it (eg no more WIC or food stamps because you have a UBI). Maybe one day be able to slowly dial down the UBI as the economy rights itself from the last century of government-directed allocation of capital.

I really appreciate your podcast and it's very obvious that you have a killer grasp on economic theory. As someone who was on the front lines in the hospital taking care of patients with COVID, I find it hard to see such a disconnect with the reality that I experienced for a good year and a half.

Why are we still getting butt hurt over COVID? Libtards aren't even pushing COVID narratives anymore. If you don't want to believe that COVID was a legitimate disease that caused significant morbidity and mortality, that's up to you. But maybe we should focus on what's important, like overthrowing the authoritarian financial system. I really disagree with prominent Bitcoiners using their platform to spew nonsense on topics on which they are less than experts. Go make an alt-account to promote bullshit.

Operation clown world has commenced. A government who is running a deficit somehow has the money to buy back bonds.

This is all pre-election shenanigans. The shit will not hit the fan until after 11/5/24.

Re: recent events surrounding Samourai wallet.

Government: #Bitcoin is property and subject to capital gains taxes.

Also Government: you may not obfuscate your #Bitcoin transactions because that is money laundering.

So which is it, fuckface, property or money?

M2 supply starting to trend up again despite interest rates being high. I think this is what nostr:npub1a2cww4kn9wqte4ry70vyfwqyqvpswksna27rtxd8vty6c74era8sdcw83a means when discussing fiscal dominance. I'd expect inflation to continue to hover if not trend up.

Buy #Bitcoin

I don't know, man. I'm pretty pessimistic about our ability to win this war. It seems like we haven't had any major wins since 9/11 and the patriot act. I've started to resign myself to the fact that I'll likely have to vote with my feet one day.

But until then, let's fight the good fight.