bitcoin was designed to be able to run off the worst setup possible, lol
nah any shit connection will do fine, don't overthink it. buy small cheap pc, run simple software, done.
politicians will literally print money and buy BTC
nostr:npub15dqlghlewk84wz3pkqqvzl2w2w36f97g89ljds8x6c094nlu02vqjllm5m
The #lightningnetwork protects poorer participants in #Bitcoin. Or any other open layer 2 network for that matter.
Back to the topic of using #energy to create products and services of value.
#Value is really a subjective thing to each and every one of us. One way to look at how hoomans value things is based on their own perception of time and space.
E.g.
1) Hooman with a long-term view will place greater value on the future.
2) Hooman with a short-term view will place a greater value on the present.
The hooman in point one will love #Bitcoin
The hooman in point two will love #Fiat
Hooman in point one can withstand pain and shocks in the present to create a better future.
Hooman in point two will do everything possible to secure their short-term wants/impulses without a care for the future.
#Bitcoiners are inherently patient builders of a better future.
#Fiaters are short-term thinkers and usually selfish.
Yes you can shit on my arguments and yes you may make valid points, but let me continue on this tangent for a while longer.
Bitcoiners build to last.
Fiaters consume to fast.
From my interactions with various people, this has usually been the case.
Some people are bitcoiners without even holding bitcoin and some people are fiaters who hold bitcoin. But the point really is whether you are long-term focused or short-term focused.
Looking at this decade as fiat currencies continue to shit the bed while #bitcoin emerges as the money everyone uses... It is clear to me that there will be a 'value mindset shift'.
The fiat delusion that has distorted minds for the last 50 years is coming to an end. People will end up looking at things differently than what they have done in the past. Too such an xtent that there will be a growing shift towards products and services that enhance the long-term prospects of a hooman as opposed to short-term quick fixes.
What products and services can we build today that will be valuable to a more long-term focused pool of buyers?
It would be great if someone built something that lets us sort/filter/select an algo that lets us view #nostr in the way we want.
I can follow people now 😃
If you follow me I follow you.
Just math.
How does one do this politic
No idols.
I did not realize how important this was until half way into writing this post. Get. Popcorn. #lightningnetwork #zaps #btc #bitcoin #rehypothecation #plebs
Could be relevant to you and your business if you have not thought about this yet nostr:npub1uyz4w2w4rcphk0q5arzkutrecgscxwzajj4dkvh9mjyqjtxslm6qea8632
I will be discussing the topic of a future higher fee environment where it becomes uneconomical for the poorer pleebs to transact on the base chain and how they can avoid getting fudged by the future "regulated" (lol) BTC banking system.
The poorer pleebs will end up using custodian services to "use #bitcoin" since it is uneconomical for them to transact on the mainchain, I'm talking about those that live paycheck to paycheck and have nothing in reserve. The custodian/bank will have a "layer 2" BTC ledger to keep record of which pleeb holds how much BTC, just like banks do.
I see 2 options playing out (please bear with me here):
Option 1) The custodian could operate like a bank in the sense that they just mark down on there own data base who owns what amount of BTC. Therefore, the poor pleebs using the custodian/bank service are not using main chain (bitcoin layer 1) to provide security and settlement guarantees for their transactions. Most of the BTC is held in cold storage by the custodian/bank.
Now lets say you have a pool of regulated custodians/banks utilizing a custom database system, they will all be able to communicate with each other. So if one depositor at one custodian sends money to another depositor at another custodian, then both custodians ledgers settle at the right figure of who owns what.
Here is where the fuck3ry happens... All these custodians/banks could rehypothecate the BTC. Example, the depositors on aggregate hold 100,000 BTC, but the custodians/banks end up creating credit (AKA fake btc), so now the total BTC in existence is 500,000 BTC.
If there is a fear of a bankrun, the pleebs won't try to withdraw to the main-chain because the fees would be quite high that it would make it uneconomical to do so. Therefore, a bankrun is prevented because the pleebs can't get out. They could move to another bank, but lets just say the whole network of banks will fail anyway. The poor pleebs are still trapped.
NOW HOLD ON... The richer depositors can cause the bankruns as IT IS ECONOMICAL for them to withdraw to their own private wallet via the BTC mainchain. It would only take a handful of them to make the custodian/bank go bust (no mainchain BTC in reserves). You would be able to see on-chain that the custodian/bank had nothing left. The pleebs and the other folk who didn't get out are now furious.
In summary, the regulated custodian/bank network use there own custom ledger system (layer 2) to keep track of who owns what. You can only transact at a low or no fee within this regulated system of banks. You can withdraw your BTC to your private wallet but the fee would be uneconomically high for the poor pleebs. If there is a fear of a bank run, ONLY THE RICH can get out first and the poor pleebs are screwed. Ahrggggggg.
Option 2) Instead of the custodian/bank network using there own custom ledger (layer 2) to keep track of who owns what, they will use the lightning network (layer 2) to keep track of everything. This means that layer 2 BTC can flow outside of the regulated network of custodians/banks. I am assuming channels are setup to other nodes outside the regulated system. It's just game theory, if your bank can't pay xyz person or service because the bank does not have a channel setup then the depositor will avoid using that banks BTC service.
If you are familiar with the lightning network, bitcoins layer 2, participants will need to lock up their BTC to transact on the layer 2. Therefore, each custodian/bank will need to lock up the BTC they have with another custodian. The beauty here is that the custodians don't need to setup a new ledger system, they can just use the lightning network which works.
Like I mentioned before, these custodians/banks could still engage in rehypothecation (making fake btc), however, in this scenario the pleebs are MORE PROTECTED.
HOW SO, YOU MAY ASK?
Well, the lightning network is cheap to transact on. So if a pleeb smells danger then they can just send layer 2 BTC from one DIRTY custodian/bank and send it to any other wallet of their choice. They now have an option to move layer 2 BTC OUTSIDE OF THE BANKING SYSTEM. THE PLEEBS ARE SAFE!
In summary, if the regulated custodian/bank network uses the lightning network, the poorer depositors who will find it uneconomical to transact on the main chain CAN ESCAPE the risky custodian/bank system. The poor pleeb can send layer 2 BTC to any other wallet of their choice outside of the banking system. The lightning network in this scenario puts the poor pleeb on an equal footing as the rich people as they can both escape a risky custodian/bank when they want.
nostr:npub15dqlghlewk84wz3pkqqvzl2w2w36f97g89ljds8x6c094nlu02vqjllm5m
The #lightningnetwork protects poorer participants in #Bitcoin. Or any other open layer 2 network for that matter.
you can operate your own lightning node though quite easily these days
"As of 2023, Bluesky operates its own official network called Bluesky Social, a centralized service running on proprietary software for its servers and client apps"
sounds shit
I really hated using #nostr in the first few weeks, but now it's starting to grow on me.
