Revaluation Theory - 100 trillion dollar
As the 100s of trillion dollar ( may be around a quadrillion ) as per bank of international settlement there is around 700 trillion dollar worth derivatives which warren buffet pointed out as weapons of mass financial destruction
As the further inflation of dollar supply is likely to lead to inflation and hyperinflation
As the interest payment of dollar denominated debt will far exceed productivity
Every asset will have to revalued against things that are tangilble, countable, divisible, portable , durable and scarce like Gold, Silver , Bitcoin etc
Once the revaluation phase is over the holders of gold, silver and bitcoin are likely to be immensely wealthy and then the flow of real money will start again in the system. when the holders of bitcoin gold and silver will start to redistribute these items that goes up during revaluation
In this case Gold + Bitcoin + Silver Valuation should be somewhere around 80 to 100 trillion dollar ( Total Global Supply of Fiat Money )
READ MORE AT :
https://en.wikipedia.org/wiki/List_of_countries_by_number_of_millionaires
As per the above link there are 56 million millioaires
only 1 million bitcoin accounts with more than 1 bitcoin
That means at least 55 million people may allocate 1 bitcoin into their portfolio in the coming few months of dollar hyper inflation https://bit.ly/dollarhyperinflation
Only 900 bitcoins mined per day for 56 million people to compete and buy
If at least half of the 55 million millioinaires left behind is going to buy in the coming one year
Then they 27.5 million millionaires with 10% of their million or 100,000 USD allocated into bitcoin
That means 2750 billion allocation into buying 3,28,500 bitcoin mined the next one year.
That means bitcoin valuation can be 8.37 million USD per bitcoin ( 2750 billion divided by 328500 )
Can it be used to store bitcoin private keys within the NOSTR architecture?
If so then the problem of securely storing bitcoin easily without a central custodian is solved for ever
This is just an idea like Fedimint
How a NOSTR client and social media friends can help u in storing and retrieving the bitcoin even if u lost it.
What is Shamirs Secret Sharing Method used in BitAddress.org?
Using Shamirs Secret Sharing method u can split the bitcoin private key into any number of shares and u can define the minimum number of shares required to regenerate back the private key. U can see that this method is used in bitaddress.org Split Wallet
How to utilise this in a NOSTR Client?
The idea is to build a NOSTR client ( NOSTRKEY ) which can do the following.
Generate a bitcoin private key
Divide the private key into 3 shares using bitaddress.org - Split wallet method - ( I think Shamir's Secret Sharing method is used here )
Minimum share threshold needed to combine must be 2
This means if two out of the 3 shares of secret is available then the private key can be regenerated from any of the 2 out of 3 shares combined.
Share 1 = Bitcoin owners share
Share 2 = Community share
Share 3 = NOSTRKEY share
Share 1 is generated by NOSTRKEY and send to the Bitcoin Owner and it is encrypted by the Bitcoin owners NOSTRKEY client with the NOSTR Private key of the Bitcoin Owner
The bitcoin owner adds a nominee to his account and also few relatives or friends as his community in NOSTR
Share 2 is generated by NOSTRKEY and send to the nominee and the friends and encrypted by the respective NOSTRKEY clients using these individual friends NOSTR private key
Share 3 is encrypted with the NOSTRKEY main account private key ( There will be a NOSTRKEY account in NOSTR ) and then send as a DM to the bitcoin owners address
The bitcoin owner can retrieve his private key from his own account at any time interacting with the NOSTRKEY client and combining share 1 and share 2
Suppose if the bitcoin owner lose his keys for any reason - Then he can request NOSTRKEY and any one of his friends/relatives to combine SHARE 2 and SHARE 3 to regenerate the Bitcoin Private Key
Suppose in the event of death of the owner one of the Friends or relative who is made the nominee can be transfered the bitcoin if the nominee makes a claim. In which case the SHARE 2 and SHARE 3 is combined to regenerate the private key. The nominees claim will have to be verified by 50% of the other friends and relatives added who are not nominees So if there is one nominee and 2 friends added. then the nominee and one other friend should be making the claim
All the retrieval requests made by the friends or nominee is send to the the owner address and the regeneration event happens only after a delay of 7 days for the owner to cancel the retrieval request
The owner can retrieve the bitcoin instantly with SHARE 1 and SHARE 2
SHARE 3 can be used only with a 7 days delay on retrieval
write
This is just an idea like Fedimint
How a NOSTR client and social media friends can help u in storing and retrieving the bitcoin even if u lost it.
What is Shamirs Secret Sharing Method used in BitAddress.org?
Using Shamirs Secret Sharing method u can split the bitcoin private key into any number of shares and u can define the minimum number of shares required to regenerate back the private key. U can see that this method is used in bitaddress.org Split Wallet
How to utilise this in a NOSTR Client?
The idea is to build a NOSTR client ( NOSTRKEY ) which can do the following.
Generate a bitcoin private key
Divide the private key into 3 shares using bitaddress.org - Split wallet method - ( I think Shamir's Secret Sharing method is used here )
Minimum share threshold needed to combine must be 2
This means if two out of the 3 shares of secret is available then the private key can be regenerated from any of the 2 out of 3 shares combined.
Share 1 = Bitcoin owners share
Share 2 = Community share
Share 3 = NOSTRKEY share
Share 1 is generated by NOSTRKEY and send to the Bitcoin Owner and it is encrypted by the Bitcoin owners NOSTRKEY client with the NOSTR Private key of the Bitcoin Owner
The bitcoin owner adds a nominee to his account and also few relatives or friends as his community in NOSTR
Share 2 is generated by NOSTRKEY and send to the nominee and the friends and encrypted by the respective NOSTRKEY clients using these individual friends NOSTR private key
Share 3 is encrypted with the NOSTRKEY main account private key ( There will be a NOSTRKEY account in NOSTR ) and then send as a DM to the bitcoin owners address
The bitcoin owner can retrieve his private key from his own account at any time interacting with the NOSTRKEY client and combining share 1 and share 2
Suppose if the bitcoin owner lose his keys for any reason - Then he can request NOSTRKEY and any one of his friends/relatives to combine SHARE 2 and SHARE 3 to regenerate the Bitcoin Private Key
Suppose in the event of death of the owner one of the Friends or relative who is made the nominee can be transfered the bitcoin if the nominee makes a claim. In which case the SHARE 2 and SHARE 3 is combined to regenerate the private key. The nominees claim will have to be verified by 50% of the other friends and relatives added who are not nominees So if there is one nominee and 2 friends added. then the nominee and one other friend should be making the claim
All the retrieval requests made by the friends or nominee is send to the the owner address and the regeneration event happens only after a delay of 7 days for the owner to cancel the retrieval request
The owner can retrieve the bitcoin instantly with SHARE 1 and SHARE 2
SHARE 3 can be used only with a 7 days delay on retrieval
write
preview
Generate a private key
Divide the private key into 3 shares using bitaddress.org - Split wallet method - ( I think Shamir's Secret Sharing method is used here )
Minimum share threshold needed to combine must be 2
This means if two out of the 3 shares of secret is available then the private key can be regenerated from any of the 2 out of 3 shares combined.
Share 1 = Bitcoin owners share
Share 2 = Community share
Share 3 = NOSTRKEY share
Make a specialised NOSTR Client to store and share the private key as described below.
This NOSTR client - Lets call it NOSTRKEY for now can generate a bitcoin private key and generate 3 shares for the key - NOSTRKEY client will have a NOSTR Private key and address.
In this NOSTR client the bitcoin owner can select any number of relatives/friends amongst his Multiple trusted people. Like it can be the spouse, nearest kins or friends.
Share 1 - One share of the key is kept with the owner himself or herself
Share 2 - One share of the key is kept with all the relatives/friends. This share is sent as a DM from the NOSTRKEY client to the friends and relatives etc and the share is encrypted using the friends NOSTR private key and send back as a DM to the NOSTRKEY client. So each of these
One share of the key is kept with the NOSTRKEY within NOSTR itself - The NOSTRKEY client encrypts the Share with its private key and send it as a DM to the Owner upon the key generation event.
The bitcoin owner can retrieve his private key from his own account at any time interacting with the NOSTRKEY client and combining share 1 and share 2
Suppose if the bitcoin owner lose his keys for any reason - Then he can request NOSTRKEY and any one of his friends/relatives to combine SHARE 2 and SHARE 3 to regenerate the Bitcoin Private Key
Suppose in the event of death of the owner one of the Friends or relative who is made the nominee can be transfered the bitcoin if the nominee makes a claim. In which case the SHARE 2 and SHARE 3 is combined to regenerate the private key. The nominees claim will have to be verified by 50% of the other friends and relatives added who are not nominees. So if there is one nominee and 2 friends added. then the nominee and one other friend should be making the claim
All the retrieval requests made by the friends or nominee is send to the the owner address and the regeneration event happens only after a delay of 7 days for the owner to cancel the retrieval request
The owner can retrieve the bitcoin instantly with SHARE 1 and SHARE 2
SHARE 3 can be used only with a 7 days delay on retrieval
https://stacker.news/items/397655/r/cryptofolyo
1000 Satoshis waiting for u
PayPal Announcement - PyUSD stable coin from paypal integration with X ??? Is that what might be coming ???
How to promote the zapping ecosystem in SN
For each comment in this post - I zap 100
https://stacker.news/items/396778/r/cryptofolyo
Each commenter will invite someone close to them to stacker.news sharing the above link.
Tell them they get their first 100 satoshis then and there as soon as they join stacker.news and comment here
Each person invited can come and comment here to receive their 100 zaps
To promote this experiment and make this post stay on top for months and years to come. Try to zap maximum for this post and make this the most zapped of all the posts for ever.
As the post popularity grows and more and more people join stacker.news the 100 zap can grow higher and higher
Lets see how many new people can be invited into stacker.news in this experiment
Lets see how high can the zapping go
Please read and comment if u have time
Simple method to create a bitcoin wallet without internet
Step 1
Step 2
Right click and save as to your desktop
Save as a html file in your downloads folder or any other folder
Step 3
Disconnect Internet
Step 4
Double click and open the saved HTML file in your downloads folder in any internet browser like chrome or firefox
The address will be something like this
file:///Users/yourusername/Downloads/bitaddress.org.html
Step 5
Randomly move mouse and use some random keystrokes and generate a bitcoin address
Step 6
Take a printout of the private key and the public key with the QR codes
Step 7
Store the printout in multiple locations
Step 8
Use the QR of the Public key to accept bitcoin to your address which was never connected to internet at all
Step 9
Import the old private key to a wallet like Electrum wallet which allows to import private key
Spend from that wallet.
Repeat Step 1 to Step 8 to transfer the remaining bitcoin to a newly generated wallet.
Simple method to create a bitcoin wallet without internet
Please read and comment if u have time
https://cryptofolyo.medium.com/dollar-inflation-the-opportunity-of-a-lifetime-0016a766f5f3
Please read and comment if u have time
https://cryptofolyo.medium.com/dollar-inflation-the-opportunity-of-a-lifetime-0016a766f5f3
Dollar inflation — The opportunity of a lifetime ?
bit.ly/dollarhyperinflation