Remember men in black? People are dumb
_Good Morning_ ☕ 📖 🌞
### Consolidation Principle
- **Consolidation Principle**: The need to exchange between coins to trade with merchants incurs a cost, making one coin with higher utility preferable over two.
- **Utility**: One coin is always better than two unless the resulting coin becomes fee-bound, as per the utility threshold.
- **Thiers' Law**: In the absence of state controls, the better money will eventually replace the other, leading to consolidation.
- **Market Pressure**: There's a natural market pressure towards a single coin, though this doesn't prevent the creation or existence of new coins over time.
- **Contextual Utility**: The utility of a money can vary by situation; for example, gold isn't useful for electronic transfers, and bitcoin needs a network to be functional. The better money prevails in scenarios where it excels.
**Cryptoeconomics by [Erik Voskuil](https://github.com/evoskuil).**
*The book can be found on [GitHub](https://github.com/libbitcoin/libbitcoin-system/wiki/Cryptoeconomics).*
The rest of the summarized chapters are at https://expatriotic.me
I did a Nostr post on Haveno-Reto volumes. It is currently at around 10% of Bisq volumes, which is not too bad for a new platform. Also the #1 Fiat payment method is cash by mail.
https://fountain.fm/episode/1lBjuMPqQzvV8NelW0IH
nostr:nevent1qvzqqqpxquqzpupka3gevx4hsjeq6mzyy5wsfcua6kt6rmetqu4t5hel3mfll90s2lever
I saw that. Can we pause and consider how crazy that is
When nostr:nprofile1qqszmxrnkfdl9hdxzstgf4zdt6mk4avlzemc3fvwxcatzeclalhg0uspz4mhxue69uhk2er9dchxummnw3ezumrpdejqz9nhwden5te0wfjkccte9ehx7um5wghxyctwvsq32amnwvaz7tmwdaehgu3wd9hx7um5vyhxxcc8wtx22 codes, bugs fix themselves. He's the Chuck Norris of coding.
When you are married to a Scottish Bitcoiner nostr:npub1mtscs58gq6alhkcaxej8ly02d476qq6l82lplstuymztdn08e9sq299x2u #plebchain #memestr #btc
Only show my wife and I watch together is Outlander
_Good Morning_ ☕ 📖 🌞
`Collectible Tautology`
- **Collectible Tautology**: Postulates Bitcoin started as a collectible due to interest from monetary theorists, gaining use value from their preferences.
- **Transition**: This value led to barter, then to Bitcoin becoming a medium of exchange based on its barter history.
- **Regression Theorem**: Suggests money must originate from a commodity with barter value before monetary value. If commodity value can arise from money potential, the theorem becomes tautological.
- **Mises' View**: According to Ludwig von Mises, the theorem explains the emergence of monetary demand from non-monetary use value.
- **Commodity Definition**: Economically, a commodity is fungible, typically raw materials or mass-produced goods. The theorem uses "commodity" to denote something with original use value beyond money.
- **Implication**: If anything can be considered a commodity, the theorem loses its specificity, implying anything could be money, which contradicts its original assertion.
**Cryptoeconomics by [Erik Voskuil](https://github.com/evoskuil).**
*The book can be found on [GitHub](https://github.com/libbitcoin/libbitcoin-system/wiki/Cryptoeconomics).*
The rest of the summarized chapters are at https://expatriotic.me
Does he know how many mL each fits?
I manually brew coffee... It's an important metric
Same... Stepped away for 24 hours. Come back and total madness. No idea what precipitated it
_Good Morning_\
☕ 📖 🌞
**Cryptoeconomics**\
**by [Erik Voskuil](https://github.com/evoskuil).**\
**The book can be found on [GitHub](https://github.com/libbitcoin/libbitcoin-system/wiki/Cryptoeconomics).**
**Cockroach Fallacy**
- **Cockroach Fallacy**: Suggests aggregation doesn't reduce security via risk sharing because miners and the economy will disperse if needed, like cockroaches.
- **Implication**: This implies security exists because it potentially could, ignoring the Threat Level Paradox where security evolves under threat.
- **Grinders and Allegiance**: Relies on miners switching allegiance, based on the Balance of Power Fallacy, which incorrectly sees miners as the threat. Shifting hash power doesn't reduce pooling risk.
- **State Control**: States can co-opt large hash power, reducing attack costs. Assuming large mines can exist outside state control is flawed.
- **Increasing Miners**: Reducing pooling requires more covert miners, increasing costs for grinders (_grind is a tool that performs hashing_).
- **Economic Irrationality**: People won't act against financial interest; reversing financial pressures is needed for increased risk sharing.
- **Ignoring Centralization**: Ignores economic centralization and delegation. Rapid decentralization or de-delegation is unlikely, especially under state attacks with currency controls.
The rest of the summarized chapters are at https://expatriotic.me
Recording nostr:npub1jcympy69pht7ptan39se4nd09e4q66qhey649uu3rczm2zh88c7s0n2890 Bitcoin Brief a little earlier than scheduled this week. Tomorrow morning at 9AM.
Topics requests, updates, questions, boosts, ideas and abuse for nostr:npub1lqvv69u549atefvcyfht30lemlyvl9jnz4l7c6ejs20yzpq7hh7sjjfx0r below please 👇
Your use case for Voca?
And when did you realize you're becoming obsessed with nostr & are you seeking help?
Do you have a "releases" page link I could pop into Obtainium?