This letter is really, really good. nostr:note1uczcrc93jtfmg7t2jvzzyzruc6suvse9ne0qfylk5dr2z3d5j88slwwzku

It do be like this with progressives, I keep getting them on 3 outta 4 😂

Whenever you feel dumb, just remember that there are people who bought negative-yielding bonds.

Bond market = Seagulls nostr:note1q4hmt9frm0h5g3vayhp0gfkcrmakpe5dcatse4uz7890xxtht4us3knm72

The bond market used to be the smart money, and despite the fact that the era of that is long over, it still rides on that reputation.

And mainly why it is over is that it’s just too damn big. The sheer amount of supply outstanding, and the sheer amount of supply coming to market every month, means that even the smart bond trader hedge funds who can forecast and position for things aren’t big enough to move the market much. Instead the bond market is a titan that moves in real time based on flows. The bond market is a laggard now, not a forecaster.

They’re all seagulls at this point.

Chaumian ecash is awesome.

That’s it. That’s the note.

When something becomes the case in virtually every country in the world, that is interesting signal.

It doesn’t mean that it is ultimately the right way to do something, but it strongly implies that it was inevitable for that specific time period at least. Some mix of technology and incentives led to such a ubiquitous outcome, with few or no exceptions.

There is a common phrase: “he/she woke up today and chose violence”.

I like it. It is funny. But it is imperfect.

“Violence” is now a verbal defensive phrase that means too much. To “wake up and choose violence” in the modern parlance of people who know zero struggle means to choose public verbal opposition. Okay, sure. But not really.

I woke up today and chose rhetoric. Not violence.

I spent years doing mixed martial arts competitively. I know violence. I am trained in a dozen ways to choke someone out, and have been choked out in’s dozen ways. I have had a 200 pound male fireman try to beat me unconscious and fail to do so. Even that wasn’t really violence, since it was controlled. Assholes on my trailer park bus stop in my teenage years were violent.

Verbosity isn’t violence. It is rhetoric.

I woke up today and chose rhetoric. I woke up today and chose to defend noncustodial privacy tools with language and resources. Coordinating messages between entities shouldn’t be a crime per se.

Bitcoin is anti-fragile and will continue to be so, thanks to all the people who work hard for it. But it is not without a fight.

Privacy is necessary in a free society in the digital age. A Cypherpunk’s Manifesto made this clear three decades ago and is still true.

Bend the knee to ESG.

Don’t call bitcoin money.

Tie your identity to the blockchain.

This is how we win.

content warning: nerdy bitcoin thoughts after a day of btcplusplus.dev

If we had some form of covenants we could have hundreds of L2s instead of just a few that barely work. Covenants are not spooky. They just mean being able to look at information of the transaction in the script that unlocks bitcoin for spending.

Before I didn’t really care about transaction introspection but many smarter bitcoiners are starting to convince me otherwise.

We could have channel factories that would solve many lightning onboarding problems, not to mention replacing the “i steal all your money because you restored from backup wrong” to “i just fix the channel state”.

It would also enable non-interactive versions of Ark and would open up tons of potentially more efficient L2s that make onboarding onto bitcoin easier and safer.

With op_txhash and other introspection proposals you could do “stacking”, a way for anyone to take a bunch of transactions and make a more efficient bundle translation to reduce fees, which will be increasingly important when fees get higher. This can be seen as a less hacky way to do sighash flags.

rusty’s great script restoration with a proper op budget has played a huge role in my shift of thinking, things like op_cat can be re-enabled, fixing the concerns which prompted satoshi to disable it at the last minute.

You can bizarrely get introspection from op_cat itself in a super inefficient way, but if we end up fixing script ideally we would just do something smarter like #lnhance

I can’t help but thinking of the future risks to bitcoin in a high fee environment if we don’t have tools to deal with it.

This is all theoretical of course, as engineers all we can do is come up with the best possible solution, ultimately its up to the node runners if they think its worth the opportunity to fix these problems.

GM,friends! The day looks beautiful outside. It’s sunny and warmer. ☀️Nature teaches us that everything changes all the time. Enjoy the sunshine and don’t forget to drink water! 🤲🏻💜🌼 Have a wonderful day!

#gm

#nostr

What's the next Nostr client you will try out?

#decentralization

Microstrategy's Orange Decentralized Identity (DID:BTC) project is basically DID:ION, but it stores changes to the DID Document JSON as an OP_RETURN in the blockchain itself instead of on IPFS.

There is a coding scheme to declare changes to existing JSONs and store them as new spend transactions. The DID:BTC:

gm, good people. ☕️☀️