Good point. It is a improvement. But it's more like a 10% improvement instead of 100% improvement that Nostr has originally promised. Maybe I am overthinking this.

Superhot take: BTC is too hard for the average bluecollar person (who needs it the most).

I've convinced close friends of the need to get BTC as a hedge for the future, only to have them ask me to do it for them instead. They don't know how to approach the technical aspects of it - it's daunting. And I'm just talking about buying on a centralized exchange. I can't even begin to explain non-KYC options to them.

Unfortunately, this leaves them even more anxious, because they are aware of how broken the system is, and they (more or less) see that BTC can help them. But they're unable to act on it.

And something worries me even more: some may act on it, and just get stuck in a centralized exchange, equally vulnerable to confiscation and injustice. Or even worse, they may somehow manage to self-custody and somehow mess up and lose their funds.

We need real solutions for real people.

Lightning Prisms

I don’t wanna get too ahead of myself but we may be about to see a major public reckoning on what on earth banks even are and what they are supposed to do.

SVB didn’t go down due to “the tech bubble” or really anything to do with “banking Silicon Valley” being a bad idea. if anything, it’s a great idea! Their deposits went up ~2.5x in 2 years because there was a shit load of cash that needed to be banked! (debate separately to what extent that was a ZIRP phenomenon. I’m not saying this was good in the grand scheme of things. just that, in context, it was good business).

the problem is what to put the money in. most nocoiners seem to think that their deposits just sit there “as money,” and although I’m sure they don’t imagine notes in a vault, exactly, to a large extent that was true for SVB: they held treasuries - the “risk free” asset lmfao - which is as close to cash as you can get in a liquid security.

the conundrum here is that there literally is no such thing as “liquid dollars” - there is only credit. all dollar assets are somebody else’s debt. for all intents and purposes, treasuries *are dollars*. the idea of “keeping it in cash” at the relevant magnitudes is literally nonsensical. what would it even mean? deposit it at *another bank*? that hardly solves the problem!

the further you tug at this thread, the more you realise that dollars can only really be defined as vacuous promises by the US government to … one day give you slightly more dollars?!? that realisation is now getting aired in public.

I think the first consequence as this starts to sink in will be a massive preference for shorter term debt that can just be rolled over and over and over because the lesson of SVB is the duration sensitivity is absolutely not worth it. you can literally evaporate hundreds of billions of dollars by getting that just a little wrong even though you didn’t have much of a choice (“RISK FREE ASSET” LOLOLOLOLOLOL) this is yet another example of fiat driving up time preference and corrupting the information signals necessary to coordinate long-term capital investment. but oh well, the currency is collapsing so we have bigger fish to fry than the yield of long-dated bonds 😂

but the juicy bit is that we may be on the cusp of this reasoning, and the insanity of fractional reserve and central banking, finally being aired in public as people try to make sense of all this.

or maybe not, I dunno. maybe I’m naive. but I’m also bullish 🤙

If network effects are provided to you for free (Nostr provides), which ideas are now, suddenly, viable business models?

If network effects are provided to you for free (Nostr provides), which ideas are now, suddenly, viable business models?

Get idea.

Buy domain.

Watch domain expire.

Repeat.

👀👀👀 maybe it’s coming ;)

seems like that hot take wasn’t so hot after all. what should I start arguing in favour of that will really wind people up?

banks in the classical sense are very useful. in the modern sense they are awful and exploitative. not so interesting or original a take, I’m afraid.

seems like that hot take wasn’t so hot after all. what should I start arguing in favour of that will really wind people up?

Yes. Already installed and soaked up some knowledge, but we‘ll see how it goes. 😂

I am into #gamedev. Do you know any person i can follow? (No nft)

When does something count as an addiction?

Asking for a friend. Maybe nostr related. 😅

After I get back from fiat mining for sure. 🫂🫡