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I had a thought recently that Blackrock would one day want to increase the max supply. It could either because they don’t have enough coins to back their obligations or they’re just too addicted to the fiat free money. Either way, it would be really funny to watch them try to fork Bitcoin and get dumped on

The advertisement is for XXI, not Bitcoin. But bitcoin is the thing that can’t be printed, not XXI shares.

Until they present a plan for providing value for the world and actually earning bitcoin, it’s all just an intentionally confusing marketing scheme to convince people to pay twice as much for their paper bitcoin vs the ETF.

People like the algorithm. Is there a nostr app that has one? Or maybe there isn’t enough diverse content on nostr to have one?

Replying to Avatar Bitcoin Mechanic

Someone can always abuse the honor system. I will never be the one to undermine a high-trust society with "race-to-the-bottom" behaviour.

And it only becomes hopeless when you have intentional subversion by bad actors.

Bitcoin requires adversarial thinking but somehow you must reconcile that with the fact that no one wants to be in a community with scummy people.

Respecting Core filters was an honor system thing that shouldn't work in theory but in practice has done for basically its entire existence.

And it has taken intentional malice by scammers to undermine that.

The best argument I can make against my position here is the point that honor systems don't scale. Leave-the-cash-in-a-box farm stand works in a village with 500 people. It's not going to work in New York City. True.

But at the same time, Bitcoin is a permanently unfinished and evolving technology. All the decisions in that regard are downstream from its users. And if its users can't resist undermining their own interests with short-termist obliteration of the commons by treating nodes as a disposable but inevitable resource when its the only aspect to Bitcoin making it genuinely decentralized then the future looks extremely bleak.

I don't think the alleged hopelessness of counter-spam measures is coming from people who are prepared to take all the relevant players in this ecosystem into account.

Do spammers want their spam to be stored by the world's most redundant database? Sure.

Do miners want to get paid for facilitating that? Sure - though that's very short sighted of them.

But does my node want to relay fake transactions thinly veiling chunks of non-Bitcoin garbage from spammers to miners? Of course not. And without our nodes you don't have Bitcoin. You have another stupid crypto.

16% of the network is permissionlessly asserting their right to relay what's in the interests of themselves and the network.

Just like how you can argue that me not stealing the blueberries from the farm stand and voluntarily paying for them is completely rational behaviour for someone who doesn't want to chop off the branch on which they sit.

“16% of the network is permissionlessly asserting their right to relay what's in the interests of themselves and the network”

What’s the other 84% of the network doing then? Are they not also permissionlessly asserting their right to relay what *they think* is in the interests of themselves and the network?

I forget… does PoS stand for Proof of Stake or Piece of Sh*t?

Jokes aside, the problem with PoS finally clicked for me. I used to think it was because it gave the richest people control over the protocol, which is true. But I think the main problem is that there is no opportunity cost for attempting to attack the network. You could attack the network by trying to reorganize the blockchain and double spending your coins. But you could also stake those same coins on the original chain just in case your attack fails. No opportunity cost.

With PoW, the people with the most capital still have the most power over the protocol, but there is a massive opportunity cost to an attempted attack. First, you cannot own the coin and attack the network at the same time. Any mining equipment you own could have been bitcoin instead. Also, an unsuccessful attack leaves you with a ton of electricity cost and nothing to show for it. This connection to the real world incentivizes miners remain in consensus with the rest of the network and contributing to its security instead of attacking it.

One of the things that bugs me the most about the Bitcoin community is the number of people that simply regurgitate the ideas pushed by Bitcoin influencers. This is supposed to be a community of free thinking and a priori reasoning, but a majority of people aren’t doing this.

Just because somebody online supports Bitcoin doesn’t mean that they have your best interest at heart. If we are not careful, we will end up creating the same system of control that we are trying to escape.

This was my first time reading one of your articles. I like how calmly you present the situation in comparison to a lot of bitcoiners. I was really surprised to hear that you own treasuries. Could you explain why?

Are the spammers profiting from the inscriptions by selling them to other people, or are they just “leaving their mark” on the blockchain?

If they are profiting, you can hardly blame them. The problem isn’t their entrepreneurial mindset that provides services for which other people are willing to pay. The problem is the fact that other people actually want to pay for their spam. Hopefully people learn.

If they are just spamming to leave their mark on the blockchain, you can try to change the culture. But it is ultimately up to them since Bitcoin is premissionless. It only takes a small percentage of people running Core v29 to get the spam to miners.

I know this would be some kind of copyright violation, but if nostr is actually permissionless, it couldn’t be stopped right?

Replying to Avatar corndalorian

I see Spotify in there. I was surprised to see that nostr isn’t used more for pirating music. Does anyone know the reason for this?

I didn’t realize that the block reward starts rounding around the 2112 halving. Since it rounds down, does that mean there will actually be less than 21 million BTC, or does it make up for those lost sats in the last epoch?

Replying to Avatar Lyn Alden

Fiction is one of the oldest ways that people use to transmit real ideas to others. It's often a powerful way to transmit empathy or morals, in particular. This goes back as far as the Epic of Gilgamesh which thematically explored the concept of death and legacy, and before then, to oral stories.

In good stories, the hero often wins not just because they are stronger/better/faster, but because thematically they should win. Some virtue in them or some flaw in the villain, or both, helps determine the outcome. And if the hero doesn't win, then perhaps the story is about internal corruption, or a statement of negativity about the world, which in itself is a theme.

In this sense, the hero and villain conflict not just physically, but thematically. Their conflict represents competing themes, in addition to also just being entertaining for its own sake which is why we want to consume it in the first place.

A somewhat negative example is that more than half of the Mission Impossible movies have pretty forgettable villains. As a result, they're solid popcorn flicks due to the spectacles, but people will rarely list a Mission Impossible movie in their top three action movies. Answering "why did Ethan Hunt (Tom Cruise) win?" at the end of each movie often comes down to "because he's the best" or, when being generous "because he had such determination and courage to see it through... again".

The villain played by Hoffman in Mission Impossible 3 was one of the better ones, but that was more about his performance, and I guess he thematically represented dark nihilism. And Henry Cavil as a villain was mainly for the cool factor, again more based on the actor than the character.

Something like Dark Knight tends to stick with people more because the conflict between Batman and the Joker is presented thematically. Batman doesn't just win because he's stronger; he wins because Joker's nihilistic theory about humanity is presented as being wrong; the idea that everyone is secretly like him when pushed gets disproven. His theme gets defeated.

Another random positive example is Samurai Champloo, which is hard to believe two decades old now. In that show, Jin was a ronin (lord-less samurai) who believed there were no longer any lords worth serving. The final villain, Kariya, was the best swordsman in Japan and was the shogun's enforcer, sent to kill a girl Jin was begrudgingly protecting. They fought, and Jin asked Kariya why a man as skilled as him would serve a lame shogun. Kariya said that like Jin, he didn't view anyone as worth serving, said the days of the samurai are coming to an end, and that he serves himself while appearing to serve the shogun. He just likes a good fight, and this job gives him the best. He defeats Jin and moves toward the girl. But Jin gets back up, injured, to try one more time. Kariya asks why throw his life away like that. They fight, and Jin uses a sacrificial technique wherein he purposely makes an opening on himself, Kariya stabs him, not realizing that it was intentional, and Jin uses that to create a simultaneous opening on Kariya to get an even more devastating surprise strike against him. Jin collapses but ultimately lives, and Kariya dies. The thematic reason Jin wins is because, in befriending and saving that girl, he found a duty that he viewed as above his own selfish interest, and was willing to combine his skill with that sort of sacrificial move, which was his only way to defeat a superior opponent. The superior opponent, having nothing worth fighting for, could neither use such a technique nor would he expect that sort of technique to be used against him by someone with Jin's history.

The best action stories, in my view, are ones that leave me thinking afterward. A memorable character arc, either heroic or tragic or both. They compare and test themes against each other, in addition to just throwing fictional characters and their fictional abilities at each other.

What are some of your favorite pieces of fiction that explore or test themes?

I love Minority Report’s theme of free will. Each person’s choices have a real consequence on the world. This is a call for the audience to think about their actions and avoid moving mindlessly through life.

I’ve been following Matthew for 3 years now and this issue is the first time that I’ve disagreed with him.

The filters aren’t working. If they were, there wouldn’t be any inscriptions. Miners put arbitrary data into blocks because those transactions pay the highest fees. If you don’t like that, the only way to stop it is by rejecting blocks with arbitrary data. That would require a hard fork, which would be terrible for the network.

Even with a hard fork, it would be hard to separate out spam from economic transactions. I think the best way to combat this issue is to increase the share of mining from bitcoiners that care more about the health of the network than profit. Also, decreasing block size might not be a bad idea to increase fees.

I’d like to see Matthew use his platform to offer thoughtful and practical solutions instead of making a fuss about something that filters won’t fix.

Each dollar that Tether issues essentially adds a dollar to the money supply. The person that owns the USDT can spend it and the US government can spend it when Tether buys treasuries. This worsens the problem of currency debasement and accelerates the collapse of fiat.

#bitcoin