Hypothetically speaking, if another bitcoin company had an outstanding invoice with you, how long would you wait for the payment before calling them out in public?

Not really, because the second it moves, the government tax agents are going to visit you and say, I thought you lost that key, didn't you? How did it move then?

101 on how gold was confiscated:

You had to turn it in for dollars by a deadline prior to dollar devaluation, and there were massive prison consequences for not turning it in, but little resources in terms of investigating who didn’t turn it in. That would be expensive. So it was fear based. Focusing on illegality and tail risks on edge cases more than enforcement on average.

Institutions had to comply immediately, since it’s all visible. So the government broke liquidity in the domestic gold market, which was enough for their purposes. Gold became a hard-to-trade illegal relic for those that held it.

If a small family hodled some extra bars for 40 years until it became legal again, they did okay.

But can the government track bitcoin in the 2020s better or worse than gold in 1930s for enforcement purposes? That’s the right question.

And don’t just think of confiscation. Think of 70% selective taxes and things like that. Far more within the current rule of law. That’s the sophisticated approach. Don’t take it. Selectively tax it by a lot.

Those are the politics to push against from a bitcoin perspective.

🫡 Hey everyone,

I'd love to run my very own Bitcoin #node . Could someone show me how to do it? #Bitcoin #asknostr #plebchain

#bitcoin cold storage levels. More security adds more complexity. Most people are fine with level 2 or 3:

1. Open Source hardware wallet with paper backup

2. Open source HWW with steel backup

3. Open source HWW with steel backup and passphrase

4. 2 of 3 Multisig using open source multi-vendor HWW with BSMS file and steel backup spread out in the same country

5. 3 of 5 Multisig connected to your own node using open source multi-vendor HWW with steel backup and BSMS file that are spread out over 5 different countries

6. Same as 5, but with a passphrase on each key

When it comes to analysis, design, or management, a critical and recurring challenge is to be able to:

1) hold two or more competing thoughts in your head,

2) but then not get stuck with decision paralysis,

3) and thus to be able to form a view and take action.

It's easy to fail in either of the first two steps.

For the first step, many people can't steel-man their opponent's view, don't take time to seriously consider competing arguments. This represents tribalism and insufficient critical thought, and has a high likelihood of being wrong. People become easy to manipulate, and where their views end up largely depends on luck of their surroundings and who managed to convince them of something earlier.

For the second step, a smaller subset of people get past the first step but then get stuck in decision paralysis or cynicism. There are too many paths, too many compelling and contradictory points. It then becomes a problem of overthinking and thus inaction. It's easier to identify problems than to build solutions, so this valley of inaction is an enticing trap that feels intellectually stimulating but leads nowhere.

The narrow path beyond those two, and what we should strive for, is to be able to do enough critical thought to the point where it starts to venture into the realm of decision paralysis, but then find a way to weigh the probabilities and form a conclusion to start taking action on, with the willingness to pivot if evidence/probabilities mount toward a different direction.

Anyway, happy Christmas Eve.

🤔 What is the #best cold #wallet to secure your #bitcoin? #Asknostr #BTC #crypto $Boost $like $share and $tag friends to get best choice!