That and easy engagement talking about current things leads to higher ad revenue.

Follow the money

Heuristic:

Whenever you hear the phrase “consenting adults” prepare yourself to hear about something disgusting

There is a very good reason for Bitcoin-backed banks to exist, issuing their own digital cash currency, redeemable for bitcoins. Bitcoin itself cannot scale to have every single financial transaction in the world be broadcast to everyone and included in the block chain. There needs to be a secondary level of payment systems which is lighter weight and more efficient. Likewise, the time needed for Bitcoin transactions to finalize will be impractical for medium to large value purchases.

Bitcoin backed banks will solve these problems. They can work like banks did before nationalization of currency. Different banks can have different policies, some more aggressive, some more conservative. Some would be fractional reserve while others may be 100% Bitcoin backed. Interest rates may vary. Cash from some banks may trade at a discount to that from others.

George Selgin has worked out the theory of competitive free banking in detail, and he argues that such a system would be stable, inflation resistant and self-regulating.

I believe this will be the ultimate fate of Bitcoin, to be the “high-powered money” that serves as a reserve currency for banks that issue their own digital cash. Most Bitcoin transactions will occur between banks, to settle net transfers. Bitcoin transactions by private individuals will be as rare as... well, as Bitcoin based purchases are today.

Hal Finney

December 30, 2010

Psalm 37

Away

you need to be slonking

instant classic

Designed a new logo for nostr. thoughts?

Bernays

democracy – “a collective hallucination where a highly educated class of opinion-molding tacticians are continuously at work, analyzing the social terrain and adjusting the mental scenery from which the public mind, with its limited intellect, derives its opinions”

Democracy:

“the group mind does not think in the strict sense of the word. In place of thought it has impulses, habits and emotions. In making up its mind, its first impulse is usually to follow the example of a trusted leader. ”

– Edward L. Bernays

It’s a mashup up of real and fake quotes. Mostly fake.

People with these inflation rates need products that seamlessly offer stable fiat balances and volatile SATS, not SATS only. Ignoring this is foolish.

Venezuela — 1198.0%

Sudan — 340.0%

Lebanon — 201.0%

Syria — 139.0%

Suriname — 63.3%

Zimbabwe — 60.7%

Argentina — 51.2%

Turkey — 36.1%

Iran — 35.2%

Ethiopia — 33.0%

I wish he said this haha

“Creativity is just connecting things. When you ask creative people how they did something, they feel a little guilty because they didn’t really do it, they just saw something. It seemed obvious to them after a while.” - Steve Jobs

End of an era

Of course

Bitcoiners are my favorite ethnic group

⚡️