BLANKET STATEMENT ALERT 🚨 For Bitcoin to be mass adopted it has to be easy to acquire and easy to spend with little assistance. That’s it. The vast majority don’t care about the technicalities. Same way the vast majority don’t really care how digital fiat transactions work technically.

Your thoughts?

Just your reminder that the US military budget is bonkers. 812 billion dollars, most on earth. We could cut our military budget in half and still be the top spenders. You wanna fight climate change? You want UBI or the government to do things that help people? Cut the military budget.

We never heard from Satoshi after this. #Bitcoin

Bitcoin turns you into a Stoic, you don't care about all the noise any longer, you just wait and let bitcoin do its thing. #bitcoin

Currently Reading: Cashflow Quadrant by Robert Kiyosaki

#Bitcoin + #Books

Took a nice break from socials after deleting X a few months ago. Nice to see the #Bitcoin signal is stronger than ever on #Nostr.

Inflation is not the biggest issue for the existing financial system and global reserve currencies- it's actually deflation. This challenge forces governments to consider QE or negative interest rates just to stimulate their economies, but such measures are simply a band-aid solution. It's crucial to understand #Bitcoin as it offers a decentralized alternative that can protect against deflationary pressures, serve as a hedge against global macroeconomic issues, and ultimately provide an asset class that is immune from inflationary interference by central authorities! 🚀 #btc #crypto #finance

I need to learn some things about #Bitcoin?

What's your suggestion?

If you lick your screen this photo tastes like bitcoin.

Tried to zap you some sats.

“We should change Bitcoin now in a contentious way to fix the security budget” is basically the same tinkering mentality that central bankers have.

It begins with an overconfident assumption that they know fees won’t be sufficient in the future and that a certain “fix” is going to generate more fees. But some “fixes” could even backfire and create less fees, or introduce bugs, or damage the incentive structure.

The Bitcoin fee market a couple decades out will primarily be a function of adoption or lack thereof. In a world of eight billion people, only a couple hundred million can do an on chain transaction per year, or a bit more with maximal batching. The number of people who could do a monthly transaction is 1/12th of that number. In order to be concerned that bitcoin fees will be too low to prevent censorship in the future, we have to start with the assumption that not many people use bitcoin decades out.

Fedwire has about 100x the gross volume that Bitcoin currently does, with a similar number of transactions. What will Bitcoin’s fee market be if volumes go up 5x or 10x, let alone 50x or 100x? Who wants to raise their hand with a confident model of what bitcoin volumes will be in 2040?

What will someone pay to send a ten million dollar equivalent on chain settlement internationally? $100 in fees per million dollar settlement transaction would be .01%. $300 to get it in a quicker block would be 0.03%. That type of environment can generate tens of billions of dollars of fees annually. The fees that people pay to ship millions of dollars of gold long distances, or to perform a real estate transaction worth millions of dollars, are extremely high. Even if bitcoin is a fraction of that, it would be high by today’s standards. And in a world of billions of people, if nobody wants to pay $100 to send a million dollar settlement bearer asset transaction, then that’s a world where not many people use bitcoin period.

In some months the “security budget” concern trends. In other months, the “fees will be so high that only rich people can transact on chain” concern trends. These are so wildly contradictory and the fact that both are common concerns shows how little we know about the long term future.

I don’t think the fee market can be fixed by gimmicks. Either the network is desirable to use in a couple decades or it’s not. If 3 or 4 decades into bitcoin’s life it can’t generate significant settlement volumes, and gets easily censored due to low fees, then it’s just not a very desirable network at that point for one reason or another.

Some soft forks like covenants can be thoughtfully considered for scaling and fee density, and it’s good for smart developers to always be thinking about low risk improvements to the network that the node network and miners might have a high consensus positive view toward over time. But trying to rush VC-backed softforks, and using security budget FUD to push them, is pretty disingenuous imo.

Anyway, good morning.

Shared! Good luck! 🤙🏻

Thanks for coming to the Bitcoin meet last night, #[0], #[1], #[2] and @kirk

It's good to make connections and see new faces.