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JuAnHu
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Just another human.
Replying to Avatar Gigi

Some Thoughts on Adoption (and other nonsense).

There's this old Louis C.K. clip—recorded long before he was cancelled—that summarizes our modern conundrum well: "Everything's amazing and nobody's happy."

As I was walking towards the hospital today—after a way too early 5:30 rise—it dawned on me that wide-scale nostr adoption (and "proper" wide-scale bitcoin adoption, for that matter) is probably not going to happen. The good news is that it doesn't matter in the grand scheme of things. The bad news is that lots of people will suffer.

"Why so bearish?" I hear you ask. If you know me just a little bit you'll know that, even though I do have many faults, being bearish isn't one of them. I'm still incredibly optimistic when it comes to the adoption and proliferation of freedom tech. Otherwise I wouldn't be doing what I do.

Here's what dawned on me, though: People aren't even interested in their own health, why would they be interested in healthy money? Yes, everyone wants to be healthy. But doing what is necessary to live a healthy lifestyle? Not interested. Not in the least. Usually something really really bad has to happen for people to change their ways. And even that doesn't move the needle in some cases, as plenty of drinkers who still drink after their liver gave up, or plenty a smoker who still smokes after being diagnosed with lung cancer can attest to.

Which brings me to bitcoin treasury companies. Are most of them interested in taking the responsibility of holding their own keys? Are they interested in providing real value while staying humble and stacking sats? No, of course not. They are interested in paper gains, not in a full-blown reorientation that leads to a healthier lifestyle. And I mean that literally: if you truly and fully adopt bitcoin, the responsibility that is entailed by that will result in a reorientation, a re-alignment of values, which will—down the line—lead to more long-term thinking, healthier business practices, more honest value generation, and so on.

To me, this is what "capital B" Bitcoin is about. Change. Real change. A ridiculous proposition to the balance sheet brain.

...which brings me to nostr.

A short stroll through the current iteration of the internet should make clear that the platforms that most people spend their time on are incredibly mis-aligned with humanity. The outrage-machine that we've built for ourselves is keeping us like rats in Skinner boxes, hitting the dopamine button with every swipe and every scroll, no matter what. We've built a machine that is parasitic on humanity, instead of synergistic. We are optimizing for engagement, which means that we are maximizing addiction by shoving a mixture of uppers (porn) and downers (rage bait) down our collective throats. The machine is catering to our lowest selves, as opposed to our highest selves. (We could also optimize for the True, the Good, and the Beautiful, you know. Is that too much to ask?)

But who is to blame for all of that? (And is it worth blaming someone in the first place?)

It is clear to me that the whole military-grade industrial advertising complex that profits from running large-scale and nonstop psychological experiments on the whole fucking population of the earth wouldn't be profitable for long if we would all get our act together. But that won't happen, of course. There won't be a magical finger snap that suddenly shakes us awake from our slumber; that stops us from sleepwalking into dystopia. Just like there won't be a magical finger snap that stops us from our bad habits and unhealthy lifestyles.

Adopting a healthy way of living is hard. It means saying no to the constant onslaught of sugary snacks, fast-food around every corner, and social pressures to indulge. It means taking responsibility for your decisions, cultivating discipline, taking care of your body, your psyche, and yes, also your soul.

A wise man once said that "he who has a 'why' can bear almost any 'how'." And that's what most of us are missing: a strong enough "why." Why go through the trouble of living healthy? It's hard! Why hold your own keys, if someone else can do it for you, and there's even the apparent safety of some insurance? Why cultivate a less destructive relationship to the internet, if you can just autoplay & chill, whether it be with Netflix, YouTube, TikTok, PornHub, or something else? Why not write the snarky comment and trigger a whole cohort of people at the click of a button?

Because it's not healthy, that's why.

"Everything's amazing and nobody's happy." That's the state of the world. Always has been. And I'm to blame too, of course. Sitting in the hospital waiting room, writing these lines, bitching and moaning about the internet, this amazing series of tubes that I so love, warts and all.

But yeah, the internet won't heal itself over night. Neither will the economy, nor the rent-seeking zombie companies that don't provide value, nor the underlying fiat system that broke it all in the first place. It will take lots of time, lots of courage, lots of faith, and lots of responsibility.

It will be hard, but it will also be worth it. And it starts with you.

There is no magic finger snap that could change the world. But a finger snap can make some people raise their heads and look up.

All the best with whatever you do in the hospital. nostr:nprofile1qqsxu35yyt0mwjjh8pcz4zprhxegz69t4wr9t74vk6zne58wzh0waycprpmhxue69uhkv6tvw3jhytnwdaehgu3wwa5kuef0qy2hwumn8ghj7mn0wd68ytn00p68ytnyv4mz7qg3waehxw309ahx7um5wgh8w6twv5hsrp2qn4

Absolute must-read for #nostr devs and everybody wanting to build better societies.

The pull from the misaligned incentive structure is real. There will be eyeball extraction systems built on nostr, too!

Let's make sure that people can see the difference between the good stuff and the yet-another-platform roadmap.

nostr:nevent1qqsgfn4xnjz24eymldcv3r26lvlzmtzmvu2hj25fwxqj66apd768guqpzemhxue69uhhyetvv9ujumt0wd68ytnsw43z7q3qzf3mraq987sdtyc6q88x489fe9fkdkdm4hnfn7v3kk3ku623t6hsxpqqqqqqzw4lrfu

Thank you for the summary! Definitely worth working on these aspects.

For beginners your recommendations probably still leave them with many questions how to do this exactly. I wonder if you did that on purpose, because you want them to take some of the steps themselves. Learning and executing on privacy is serious effort.

Privacy for the lazy could be another article. This is probably the hardest but largest audience.

Not future generations. The devaluation of the currency happens within months to a few years. Equity and real estate get more expensive. Savers, salaries, retirement contracts get devalued.

As soon as more people understand that it's already the current generations' problem there would be more pushback.

The noise changed from criminals to scammers to politicians.

The signal is still there. You find it deep down the rabbit hole.

It still requires proof of work to get there.

Another entrance to the rabbit hole has been openend, bringing a lot of noise.

However, as you venture deeper, the noise fades and the chanting unfolds its beauty.

I see. There's indeed a valuable point. It limits the applicability to mutual contracts, however.

I was thinking of cases without contract. Accidents, violation of property rights, children's rights, etc. There is still a need for a central law. And law enforcement. Or do you have ideas for that as well?

How to decide which court to judge a dispute? I assume both parties would want their own court that is in favor of them.

The term 'inflation' is weakly defined, often contradictory. Even Mises is struggling. I try to avoid it in building my economic theories.

Can you explain tail emission without this term?

What happens to the quantitiy of the money? And price valuation? Are there other important factors to consider?

True. If you want to measure Bitcoin as an asset class, you can do that.

My main point with regard to nostr:nprofile1qqs9336p4f3sctdrtft2wlqaq5upjz9azpgylhfd3dplwf005mfrr9spzamhxue69uhkummnw3ezuendwsh8w6t69e3xj7spz3mhxue69uhkummnw3ezummcw3ezuer9wcq3qamnwvaz7tmwdaehgu3wwa5kueg6g89xw s note is that price-related metrics in general are the wrong focus.

He described Bitcoin as "A leaderless decentralized cypherpunk open source software project that secures property rights and free speech for anyone and destroys central banking and financial censorship". If that's what you care about in Bitcoin you should be looking at other metrics than market cap. IMHO focus on market cap or price and NGU mentality are one of the biggest threats for Bitcoin at the moment. They are delusionary and allure many people to follow the wrong leaders for the wrong reasons.

Number of transactions, fees paid, shops accepting bitcoin, mining centralization, ...

There are a number of metrics that tell you how well bitcoin is doing.

Market cap reflects only the speculative asset character. And even there it fails. Think of all the lost coins that still count towards market cap.

A couple of points:

- I did not read Saifedean's texts. Cannot comment on that

- A fixed number of units does not lead to a constant supply (considering loss of keys or intentional destruction)

- Fixed supply does not lead to sustained recession.

The last point is often poorly understood. Do you assume that people will rather lock down their capital instead of investing because they expect higher purchasing power due to economic growth? But what if many people do so? Indeed economic decline, which would in turn lead to lower purchasing power instead of higher. So the assumption does not hold for the majority of people.

In the end, the prices will reflect these expectations and the rational decision is to invest if you can produce more value than you consume for production.

If you still think I am wrong, please let me know where. I have already learned something from you today.

Replying to Avatar Hanshan

The Schelling point is constant money supply.

Anything else is arbitrary.

Expected price appreciation or depreciation will be priced in by the markets. 🤯🤯🤯

Betting markets on political events like polymarket give insiders and people with power and influence a great lever to turn their power into monetary gains. Especially if they don't care about the consequences of these events.

We all know that money is power and power makes money. Don't make it too easy for them by placing your money on such markets.

What I observe is rather boys struggling with having no clear roles than adhering to outdated/gendered roles. Not sure if it makes sense to teach them to break out of something they don't have anymore. In my opinion it is important to convey an orientation and a sense of purpose. Positive examples instead of negative examples.

Great article, Lyn! Thanks for the detailed explanations. I've been wondering about your position on the reserve currency status and think I am missing still one piece of the puzzle.

The world needs dollars - ok.

But why can this demand not be filled by printing dollars and buying gold or other assets instead of buying depreciating goods and services? It could counterbalance dollar overvaluation and keep the industrial base competitive.

From my perspective, the root cause of the socio-economic problems is not the trade deficit but the fractional reserve banking and the Cantillon effect, i.e. who profits from the newly created dollars.

This is not an assumption. It's the fundamental question!

Without block rewards and fees there will be no mining. (assuming a free market and purely economic incentives)

Without globally decentralized mining bitcoin will not be secure.

This is independent of prices and cost of energy.