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Trey
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VP, Sales, Unchained | Advisor to Cantilever | FIRE 🀝 Bitcoin | Banker turned bitcoiner: previously Truist, MetLife, Goldman Sachs, Deloitte Helping bitcoiners achieve financial independence and FIRE practitioners understand bitcoin at firebtc.substack.com

It's an umbrel node. Is that what you mean by backend?

Satscards are cool, but for someone's first experience with bitcoin?

Embarrassing failure of an orange-pilling last night.

I was at a neighborhood party and a neighbor asked me about bitcoin. We talked for a bit and he asked me how to get some. I said I'll send you some right now and you can send me cash via zelle.

I tell him to download Phoenix wallet. So far so good. I fired up Strike, loaded up $100 and tried to send. Failure #1: the $100 apparently needs to clear before I can send it anywhere. First time that's happened to me and I use Strike somewhat regularly.

Ok, no problem, I'll just send it from my node. So I fire up nostr:npub1xnf02f60r9v0e5kty33a404dm79zr7z2eepyrk5gsq3m7pwvsz2sazlpr5 , scan the QR, and hit send, and it spins.....and spins......and spins......and spins......and then times out.

No indication of why it couldn't complete before timeout. I have plenty of overall outbound capacity, and no trouble connecting to the node. I guess my set of channels aren't well enough connected or the outbound capacity isn't in the right channels. Failure #2.

So at this point I'm really starting to look like an asshole.

Final attempt, I guess I'll try sending on chain from my node. So I ask him to switch to an on chain address and send the sats...success! Well, only on my side.

Phoenix gave him no notification of receipt and the balance didn't show up in his wallet until after it was confirmed. Failure #3.

Needless to say, this guy is probably not too impressed.

A scammer pretending to be from Coinbase called me last night.

I'm a little annoyed at myself for shutting it down so quickly instead of trying to string him along.

Next time.

Be careful out there.

Replying to Avatar Bryan Jacoutot

Is Sam Altman's Worldcoin an unregistered securities offering in the United States? Probably.

Why?

1) I think it clearly satisfies the Howey test for an investment contract.

a) Investment of money βœ…(yes, providing biometric data as a means for paying for an investment counts).

b) common enterprise βœ…βœ… (hello, Worldcoin, Inc.)

c) investor led to expect profits βœ… (obviously, why else would one part with their personal biometric data)?

d) from the efforts of others βœ…(again, obviously. Who is putting those orbs in all those cities around the world?)

2) It is not saved by any purported consumptive use or "utility" even if at some point such utility is established -- growing caselaw (including recent XRP decision) reveals that utility simply doesn't magically unmake a securities offering. (See, e.g. last years LBRY case)

3) It's pretty significant that Worldcoin kept for itself a significant allocation of the token for itself. Judge's have traditionally found this problematic in securities cases (I wonder if leadership had to give up their eyeballs?)

The timing of launching it in the immediate aftermath of the partial victory for Ripple in the XRP decision is curious. But even under that decision's logic (which I don't think ultimately holds up), Worldcoin seems like a prime candidate for the SEC to target.

Just another reason why I love Bitcoin. It’s anti-fragile due to its inherent properties, yes. But it was also designed and distributed in a methodical way to avoid legal scrutiny for as long as possibleβ€”until it has grown to something they simply cannot stop.

Worldcoin will go the way of Libra

Has Gensler made any comments on this?

Zero bitcoin adoption in Porto. Not even a single sticker on a lamp post.

The Coinbase rug is going to be epic.

Damn sounds like we just missed each other

Got to taste this baby today. Oh my oh my.

Apparently Midjourney doesn't know what "cowering" means...

nostr:npub102ca8pnhy26vh2akepgr4vleyew65nuzug5val3sycslfe0wruwqzezyfp imagine Elon Musk cowering in the corner while being attacked by a robot