The Idaho Republican Party will pursue #Bitcoin  policy and oppose the creation of a CBDC

Every misunderstanding of #bitcoin  can be traced back to the misapprehension that the essential functions of base-layer money are transact-ability, velocity, and privacy, rather than incorruptibility, censorship resistance, and auditability.

The #bitcoin  blockchain was NOT designed to be private. In fact, a universal open ledger is the worst possible design you could think of for privacy. For privacy, physical cash is many times better than ANY blockchain-based system (Monero included - Monero, leading a digital footprint accessible to anyone, is WAY more easily traceable than physical cash), and for a blockchain-based system, privacy was always going to be a layer two + solution (ie e-cash) wherein the transaction ledger is NOT open and universally auditable.

#bitcoin  was designed to be AS PRIVATE AS POSSIBLE while still being open, universally accessible, decentralized, and auditable. But that is not very private.

#bitcoin  was not designed to be the currency of the Silk Road. Literally mailing cash in an envelope would have been better. The fact that it was used as such lead to a lot of this misapprehension both among government opponents of #BTC  and among the early, more privacy-focused bitcoiners. But private transactions was not the problem #bitcoin  or any blockchain was designed to solve; it is *orders of magnitude WORSE* than the existing tech: 💵.

The #bitcoin  blockchain was NOT designed for high transaction throughput. Again, if you just sit down and back-of-the-envelope calculate the number of transactions per second of the current global economy (let alone one that is on a exponential growth trajectory and in which the volume of digital payments will likely increase by several orders of magnitude in the next few decades with a fully digital economy, AI compute etc.), blockchains per se simply cannot scale to any meaningful percentage of this.

You can add 100x capacity to #BTC  and maybe it takes you from 0.00001% to 0.001%. It’s a worthless gesture. It can’t happen. You have to scale in layers. This was known from day one by anyone with the most basic of math skills. Layers offer the only way forward because keeping transactions off the main ledger is the ONLY way to scale by the 6+ orders of magnitude necessary for global economy. The blockchain was designed to be AS TRANSACT-ABLE AS POSSIBLE while maintaining robust syncing and decentralization.

There is a tradeoff here with full personal (ie holding and using your own private keys) sovereignty. #bitcoin  cannot do this for everyone on earth. Not with 10x the block size. Not with 100x the block size. Not with 1000x the block size. Not without layers that make some careful and calculated trade offs between velocity and sovereignty. This is a tough pill for many to swallow, because it requires acknowledging that the way we use #BTC  today is not the way it will be used by everyone forever.

Literally every ounce of FUD, from de Vries to the Big Blockers, to the Monero Bros, comes down to not understanding what base layer money *is* and what problem it solves: ie theft and incentive misalignment due to fiat debasement.

But the good news is that when you take away the money printer, governments become less powerful, and all of the other problems become less pressing. #bitcoin

It took gold ETFs 4 years to surpass $15 billion in net inflows.

#Bitcoin did it in just 5 months.

And some people still expect gold to be better than #Bitcoin

GM everyone!

[🇨🇿 : Dobré ráno]

Not having enough

The longer The Hedge Funds shorts #bitcoin the more time the plebs have to stack and the harder it will pump.

Well if the only thing your dad can come up with is people with guns back the euro then perhaps he should reconsider which money he puts his faith into. The people who back bitcoin do so in an egalitarian way, there isn’t a small percentage of the population in charge of how much exists or who can use it and what they can use it on. The entire network of people opting into it do so to avoid the problem of taxation via inflation. Sorry my original comment wasn’t that clear 😅

Gov is people. Plebs is people. Checkmate on Father’s Day.

Donald Trump vows to end Joe Biden’s ‘war on crypto’

Former United States President Donald Trump has promised to end President Joe Biden’s “war on crypto” if elected.

“I will end Joe Biden’s war on crypto, and we will ensure that the future of crypto and the future of Bitcoin will be made in America; we’re going to keep it right here, and a lot of it is going to be done right here in Florida,” Trump said during a special address in West Palm Beach, Florida. The event was held on June 14, the day he turned 78 years old.

Warren Buffet knows success blooms from passion. In the business world, loving what you do sets you apart. At WBTM, our hearts beat for #technology, #finance, #macroeconomics, #politics, #gameTheory, and yes, #Bitcoin. Join us, share the love, and don't forget to Zap! #SuccessThroughPassion

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