It turns like a steam ship
Anyone having problems making payments to alby right now?
Shitcoiners consistently ask me if I think that the Bitcoin network will eventually break the 21m. They reference the fact that in 2140 there will be no more block subsidy.
Answer: transaction processing is a free market. If bitcoiners want their transactions to be processed, then they will have to pay for it. If they don’t pay enough then the mining network will contract until it becomes profitable. If Bitcoin becomes the world’s currency then there will be a lot of transactions and fees will be high.
If some miners choose to break the 21m, then they will have forked Bitcoin. They price of what they are mining will dive because they have broken the 21m. They will be mining a shitcoin.
Post more then, it is what we make it!
Bitcoin is very likely to be thing that will save us from a revolution that results from a collapse of the money system.
When that happened to the Roman empire, we had to endure several centuries of dark ages.
When people can't use money to get what they need from other people, they will take it by force.
We are decoupling!
S&P down 1%
BTC up 1%
😃
When I first found Bitcoin I thought it was a made up currency that could gain in value of enough people believed in it.
I thought this because I had lived my life using fiat currencies which are a made up form of money that have a value because enough people believe in them.
BTC is hard money like gold is hard money. It’s inherent scarcity makes it valuable.
A Case for Bitcoin maximalism
Hard money is hard to create. Gold is hard to create due to its relative scarcity in the earths crust and the high cost of time and energy required to extract it. The price of gold trends towards the cost of production. When the price is higher than the cost of production, more mining will be initiated. When the price is below, the marginally expensive mines will be taken offline.
Gold is hard money because it costs about the same to produce as is the market price of the finished product. The value that is transferred when you give someone gold is the time and effort that has gone into extracting it. Fiat paper money costs less than one cent per note to create, digital money costs even less.
The perceived value of fiat money comes from the fact that we are forced to pay our taxes in that money under the threat of going to prison. The monopoly producer of that money is able to maintain a higher marketable price for the money giving them a profit margin on every new unit issued. Making fiat money is far more profitable than making consumable good and services.
Making Bitcoin is hard, just like making gold. In the long run the price of production equates to about the same as the marketable value. There are some variations over time and more efficient miners will make a margin and invest in expansion while less efficient miners will make a loss and either change their production method or close up shop. This is why bitcoin mining is an incentive system to seek out and develop the lowest cost from of energy in locations where they would otherwise be wasted.
Alternative crypto currencies are a form of fiat money. They are created by the founders and their cost of production is far less than the marketable value of the token. Many of these new currencies have some form of utility in terms of being faster and cheaper to transact than Bitcoin, but they would never get off the ground at all without investing some money in marketing. The extent to which their price can rise above the marginal cost of producing the tokens is determined by the amount of marketing spend that takes place. The marketing budget is funded by the margin that is achieved on the sale of the tokens. Buyers of the tokens are paying for their own seduction.
Bitcoin is the only cryptocurrency that could launch without a marketing budget, because it was the first. Any other coin that launched now and in the future, without marketing, would never be able to draw people's attention away from other coins that do have marketing behind them.
With no single issuing entity, there is no incentive for a Bitcoin miner to spend money on marketing. As an open and permissionless network, Bitcoin enables anyone to join and compete away any temporary profit margins that might exist a result of marketing spend by any one miner.
The above reasoning gives a case as to why #Bitcoin is the only #hardmoney that can ever exist in the #cryptocurrency space.
Does Bitcoin Make People Happy?
People that understand Bitcoin will tell you much better they feel as a result of it. They are more motivated to do constructive things with their lives and they feel generally happier.
Some would explain the improvement in ones life that comes from understanding Bitcoin as being the result of being part a community that co-operates to build interesting stuff. The general sense of camaraderie and the distinct lack of competition vs other areas of systems development is very noticeable.
Others might explain improvement wellness that comes from being down the bitcoin rabbit hole as being the result of a change in ones time preference. The structure of money pricing into the future implies something to an individual about whether the value of their time is greater now or in future. If you perceive that investing your time now with the expectation of greater payout in the future, then you are more likely to engage in activities that build long term value.
I personally think that one has to consider the concept of hope in the framing of ones view of the world. If you believe that central bank activities are very likely to one day lead to inflation and a bankruptcy of the currency, then it is almost impossible to feel a sense of dread about the future. With Bitcoin on the scene, it is possible to consider that a busting of the everything bubble might the dawn of a new era of financial inclusion and respect for private property.
In reality it is probably all three of the these things that Bitcoiners are happy about. If you haven't learned a great deal about #Bitcoin, then I recommend that you give it a try and see how it makes you feel.
😊
When I search for nostr event in london on meetup I get ‘no strings attached badminton’
If you refuse to use computers and electricity, then you need a physical local community.
I question whether it is possible to be a part of any kind of community at all if you refuse to use language 🤔
When I tell people about Bitcoin, many of them tell me that there are many other bitcoins.
The reality is that all other cryptos are companies that have spent a lot of money marketing their token. They are trying to persuade people that their token is equivalent to, or even better than Bitcoin.
Bitcoin had no company and no marketing budget. It is a decentralized network of people and computers that work together to enable a fast and cheap digital payment system where your money can’t be taken away from you.
I am sure that the bank/government have one and are using it on me!
I agree, too many have opinions based on what they hear from others or in the media
You are complaining that your pockets are not deep enough?
This may be a feature of a culture that deems saving to be a bad thing
Stack some sats for a rainy day.
No admin fees
No actuaries
No loss adjusters
No shareholder profits
The internet is decentralized communication
Bitcoin is decentralized money
Nostr is decentralized media
What’s next?
Where will we be four years from now?
Software that is owned by people, tends to end up owning the people.
Free and open source sets you free!
#nostr