The #Bitcoin community when you run your first own #Bitcoin Node. https://video.nostr.build/fc0c4016e2d75d11adeb65e37a809c522ba9a165e69ac6f1dfc8b97822c0df41.mov

Thanks for the kind words. 🧡

If you lack the #Bitcoin community support you can hard fork #Bitcoin all day and will be left with a worthless #Shitcoin like Bitcoin Cash.

In 2017, over 80% of hashing power, the biggest producer of #Bitcoin mining equipment, prior lead developers of the #Bitcoin Network, and several major custodians and exchanges favoured increased block size.

Thus, an overwhelming amount of support among the corporate-level in the industry supported Bitcoin Cash and yet they failed miserably because individual node operators dismissed the ‚upgrade‘.

This just shows how much power individuals have and answers the question of ‚who truly controls the #Bitcoin ledger.‘ It also underlines the importance of running your own #Bitcoin node. If you don't have one running yet, do it now.

You either can run #Bitcoin Core on an old laptop or build your own specific #Bitcoin Node for $200 yourself. Here is a step-by-step guide: https://carlbmenger.substack.com/p/dont-trust-verify

Don‘t trust, verify.

Thanks for the feedback. Indeed, I meant venting.

144 billion cubic metres of natural gas are drained or flared worldwide every year because it is not worth building a pipeline or collecting the gas in any other way.

Flaring natural gas releases methane into the atmosphere, which is a more potent greenhouse gas than carbon dioxide.

Since #Bitcoin miners can go where the energy source is, this otherwise wasted energy can be used. In fact, the operators of these oil deposits have a financial incentive to use this energy.

This wasted energy alone is enough to power the entire #Bitcoin network several times over.

Mining #Bitcoin is good for the environment because it gives companies an economic incentive to use stranded or wasted energy.

Can #Bitcoin 's hard cap of 21 million be changed?

Some #Bitcoin  critics recently claimed that since Bitcoin is nothing but software, the rules of the Bitcoin network can be "easily" changed, especially regarding the 21 million hard cap, since it is "only" two lines of code.

Let’s have a deeper look on how to theoretically change #Bitcoin ‘s 21 million limit 👇

First, developers would have to make a proposal and then write the code to implement this change. There would be a community discussion, which would probably be controversial. If these changes are accepted by the developers, they would be integrated into Bitcoin Core.

Next, the community would have to agree to an activation path to ensure that the network is collectively converted to the new rules.

A change to the supply cap would require a HARD FORK, meaning that all nodes on the network would have to adopt the changes or be forced off the network.

As part of the activation path, both miners and nodes would signal their support for the change, and once a dominant part of the network signals support, the change would be activated.

Nodes and miners that rejected the change would retain the original #Bitcoin  network, and the two networks would compete for market share and hash rate.

And no, this would not be the first hard fork. In fact, #Bitcoin  hard forks are part of history, with Bitcoin Cash being the most recent example.

In response to the Blocksize War, some Bitcoin developers and users decided to initiate a Hard Fork to avoid the associated protocol updates. Bitcoin Cash was the result of this hard fork. It split from the main blockchain in August 2017 when Bitcoin Cash wallets rejected Bitcoin transactions and blocks.

Bitcoin Cash remains the most successful hard fork, having lost more than 90% of its value against #Bitcoin .

I invite all doubters to try to raise #Bitcoin 's 21 million hard cap, because in the end it's all FUD spread by people who either don't know any better or who want to cheat you out of your hard capped #Bitcoin .

But flooded or eroding

„#Bitcoin, that’s one bit of a coin.“ https://video.nostr.build/991ef1d58f7253f66556b62a981c6847ece5810022ac02688021045a1cbd68ae.mov

Houses can be 3D printed, #Bitcoin not. Buy #Bitcoin not real estate. https://video.nostr.build/8d61d5ef4f278463f46fe744566422641372ad7546e13ff50c16bcf7be4f7589.mov

I never said that #Bitcoin is a Marxist invention.

But big balls

Proof of work matters. #Bitcoin

Proof of work (PoW) is inherently distributive. Coin holders don’t receive any coins simply for having coins. You can either earn new coins through exchange or expend energy to mine them.

Proof of stake (PoS) is inherently concentrating. Large coin holders receive new coins in proportion to coins they hold. They earn yield by staking their coins and increase their stack indefinitely and exponentially without no further expanses.

This is why large corporations love Proof of stake bc they can easily control it. This is why proof of work matters. This is why we #Bitcoin  and not #Shitcoin.

When you've taken your #Bitcoin strategy too far and there's only one meal left for the rest of the month. https://video.nostr.build/368f01531015e63b5099591907e32d34ae91c3897e9a6faef5bd8d7dc2b11e17.mov

Time until the next #Bitcoin halving:

223 days | 17 hours | 43 minutes

Tick Tock. ⏰

„I am bullish on @binance.“ - @jimcramer

It’s about time to get your #Bitcoin off exchanges. Finally!

BREAKING: Birmingham city council declared itself bankrupt, with experts warning that others across the UK were now living “hand to mouth”.

The fiat debt bubble is bursting. Gradually, then suddenly. Prepare yourself.

https://www.theguardian.com/society/2023/sep/05/councils-in-england-in-crisis-as-birmingham-declares-itself-bankrupt?CMP=Share_iOSApp_Other

Milton Friedman predicted #Bitcoin  in 1999:

„I think that the Internet is going to be one of the major forces for reducing the role of the government. The one thing that’s missing, but that will soon be developed, is a reliable e-cash.“ https://video.nostr.build/b6b6fa457b2d0df0b8de5f30db733fb8269bfe6d56e58994dda6e592d89c98e2.mov

Just-in: New research by the University of Cambridge comes to the conclusion that worldwide #Bitcoin  mining uses less energy than tumble dryers in the U.S.

The energy use of tumble dryers in the US is 108 TWh while #Bitcoin  mining uses 95.5 TWh per year.

Stop drying clothes NOW: https://www.jbs.cam.ac.uk/2023/bitcoin-electricity-consumption/