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We Are All Satoshi
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#Bitcoin

From witnessing history to minutes away...

Replying to Avatar Lyn Alden

One problem that people face is that they box themselves into narrative corners and echo chambers.

"Not your keys not your coins" is a good one-sentence explainer to tell people to be careful about custodians, especially in such a nascent industry. It's powerful and memorable. Couldn't be said better.

But then some people take that to mean nobody should ever use any custodial service under any circumstances ever. You got $200 in a custodial Lightning app because it's faster and easier than alternatives? You've failed the purity test. You're in a developing country and want to save $100 worth of bitcoin? Better do it on-chain, otherwise it's not yours!

But then some of the same people resist a block size increase to keep the network decentralized (a good thing, imo) and also say that bitcoin will fix the world (I think it can).

But while all reasonable statements on their own, the issue is that statements 1, 2, and 3 don't add up when taken to their extreme. It has been written about since the time of Nakamoto and Finney on Bitcoin Talk forums that Bitcoin would need to scale in layers.

https://bitcointalk.org/index.php?topic=2500.msg34211#msg34211

So any statement about "Not your keys not your coins" has to be paired with an alternative solution, or a spectrum of alternatives. What if someone can't fit into the one of the only tens of millions of on-chain transactions per month? What if $35 fees is high for the $200 in bitcoin they want to save?

Is holding your bitcoin on an 11-of-15 multisig (Liquid) okay, in exchange for lower fees, faster block times, better privacy, and some additional features? Depending on the amount, I would say yes. It has trade-offs, though, which have to be made clear.

What about a Chaumian mint? What if an app lets a community in South Africa set up a 5-of-9 multisig run by well-known people in the community who would face consequences if they break trust? And the same app can let a smaller community in Guatemala set up a 4-of-7 multisig? And a bigger multi-country 6-of-11 multisig can be set up as well? It's private, interacts with Lightning as seamlessly as Wallet of Satoshi, and can make in-person payments even when the internet is out briefly. Plus, it can be customized via open source add-on modules by the community running the specific mint so that it can also store private data for users, monitor reserves, monitor health of the multisig keys, run applications like Chat GPT payable in bitcoin per usage, run private DMs and group chats, run apps that show you local merchants that accept bitcoin, etc. And what if a user could, within the same app, seamlessly spread their funds out among a handful of different mints that they know pretty well to avoid having all of their eggs in one basket, and then pull into self-custody when above a certain amount?

Maybe there will be more softforks in the future. More flexible scripting to allow more share-ability of UTXOs, for example. But those require consensus, and they tend to come with some trade-offs or code risks, and so they take time.

Bitcoin is an engineering marvel. But it's not magic. It has limitations, and it has a spectrum of solutions for those limitations at any given time. The best solutions solve multiple problems at once: they add scalability, they add speed, they reduce fees, they add privacy, and they add flexibility/programmability all at once, while still being more distributed than trusting some centralized KYC entity.

Bitcoin is peer-to-peer open source money. But it's not infinitely scalable on the base chain. If it were greatly scaled up on the base chain to fit everyone, then only institutions would be able to run nodes and it would be greatly centralized and thus useless. So the solution, known from the start of the Bitcoin Talk forums, is to build additional peer-to-peer open source layers on top of it, allowing for a range of transaction sizes, a range of speeds, a range of privacy, and a range of programmability, all to serve different users' needs, and without compromising the decentralization and security of the base chain. That's the type of statement that needs to be provided along with "not your keys not your coins" for the full context to make sense.

Less than 1 Million-satoshi UTXO belongs to lighting/liquid. It's not a preference anymore.

US Government is just a big scam. #plebchain #politics #US

You know what? The real transaction fees for #Bitcoin isn't priced in yet. #plebchain #mempool

Have fun being prevliged till you're not. A pleb is the only who's really own something with zero trust parties. #plebchain #Africa

God, this speaks volumes for real. I made sure that everyone close has watched it. It's never about the price. #plebchain

https://youtu.be/J_mmMtBKZGg

Try fleeing Sudan with your gold, dollars or your real estate. The ones that calling Bitcoin volatile don't know shit about the other 6 Billions living in the globe. #plebchain

Bitcoin is in ATH in Egypt. And you're telling me it's volatile? Try living outside Europe and US in a country that being ripped off by them. #plebchain

The perfect way to buy a coffee is to buy it with the Zaps! #plebchain

Stay humble, not for long, plebs.

#plebchain we're coming humbly.

Replying to Avatar Lyn Alden

Too many people have given Elon a pass. Don't give him a pass.

He's a marketer, not a founder or an engineer. He didn't found PayPal or Tesla; he bought into them early. He's good at selling narratives and equity valuation for perpetually unprofitable companies.

Everything for him is a narrative. His green revolution was a narrative to sell more cars and get more subsidies. His bitcoin purchase was to gain appeal among bitcoin/crypto people in a bull market. And he shilled doge like a dumbass. His SpaceX narrative is to get money from the government.

His rooftop solar thing was an outright scam; the technology isn't ready and went nowhere because of that. His full-self-driving-in-an-intermediate-term timeline was a scam, and is going nowhere because of that. He makes scams to draw people and capital in, because for him it's all about narratives and equity valuation.

And then he dug unproductive holes, suggested unproductive hyper-tubes, built meme flamethrowers, for what? It's a narrative, not a business. None of this is real productive shit to make peoples' lives better.

His latest "we need free speech" narrative was a scam too. He tapped into something real, which is what marketers do and why it kind of worked. Yes, we need free speech. Yes, Twitter had censorship issues. He saw that and jumped on it maliciously rather than productively.

But what did he replace it with? He replaced it with arbitrary journalist censorship about his private jet, arbitrary censorship of Substack, selective Twitter Files release, won't talk seriously about any of his China connections because Xi Jinping fucking owns him economically there like Jack Ma, has his balls firmly in his grasp, etc.

Elon's playing the narrative, the anti-woke meme of the day. He's a master meme-momentum-player. Don't fall for it.

A something you can't read on Elon's free speech platform.

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When owning Bitcoin in Africa, you can never be in loss. Never, even if you bought the top.