My pet project this year..

Bring all of Africa and India to nostr

Regulated stablecoins do not compete with bitcoin.

They can be censored and/or seized at will by the centralized regulated company that controls them.

They do not even compete with Tether - which also relies on a centralized company that can freeze or seize funds but has a long track record as black market money.

Tether will ultimately fail. Bitcoin will outcompete all other monies.

This has been obvious for years yet few understand this. Stay humble and stack sats. 🫡

Softwar is on

From Samourai Wallet 29 Sep 2022

“Last but not least. We have built in our Auth47 PayNym based authentication scheme into the wallet. You can now login to supported sites and apps without a username and password, just using your unique PayNym.”

Bitcoin protecting private data by only making it accessible by login with software wallet

For your own safety.

Man I have been so burn out lately. When I look at my emails in particular I’m just like, “No, I don’t think I will.”

I am making a vow to catch up on all my comms next week.

The idea of property as inflation hedge presupposes that a functioning economic system that preserves the rights of private ownership will survive.

Property cannot be moved and thus ownership is solely granted by the state (functioning legal system).

#Bitcoin  fixes this.

Also if there are any coders that want to work on a protect, I have an idea I’d love to talk to someone about.

#workstr #coding

Favourite Open Source app that isn't a Bitcoin or Nostr app that you use every day?

#AskNostr

mayer multiple

I spoke at a big bitcoin-adjacent company this week and one of the best questions was from someone who asked what the downsides of bitcoin adoption might be.

I always do appreciate these steelman questions, the skeptical questions, the ones where we challenge ourselves. Only when we can answer those types of questions do we understand the concept that we are promoting.

So the classic example is that in modern economic literature, "deflation is bad". This, however, is only the case in a highly indebted system. Normally, deflation is good. Money appreciates, technology improves, and goods and services get cheaper over time as they should. Price of Tomorrow covers this well. My book touches on this too, etc. The "deflation is bad" meme is still alive in modern economic discourse and thus is worth countering, but I think in the bitcoin spectrum of communities, people get that deflation is fine and good.

My answer to the question was in two parts.

The first part was technological determinism. In other words, if we were to re-run humanity multiple times, there are certain rare accidents that might not replicate, and other commonalities that probably would. Much like steam engines, internal combustion engines, electricity, and nuclear power, I think a decentralized network of money is something we would eventually come across. In our case, Bitcoin came into existence as soon as the bandwidth and encryption tech allowed it to. In other universes or simulations it might look a bit different (e.g. might not be 21 million or ten minute block times exactly), but I think decentralized real-time settlement would become apparent as readily as electricity does, for any civilization that reaches this point. So ethics aside, it just is what it is. It exists, and thus we must deal with it.

The second part was that in my view, transparency and individual empowerment is rarely a bad thing. Half of the world is autocratic. And half of the world (not quite the same half) deals with massive structural inflation. A decentralized spreadsheet that allows individuals to store and send value can't possibly be a bad thing, unless humanity itself is totally corrupted. I then went into more detail with examples about historical war financing, and all sorts of tangible stuff. In other words, a whole chapter full of stuff. I've addressed this in some articles to.

In your view, if you had to steelman the argument as best as you could, what are the scenarios where bitcoin is *BAD* for humanity rather than good for it, on net?

Really? Got any links or details?

Not that I doubt you but want to know more… It is probably not direct?

Will we ever see relays automatically banning people based on report events?