Son: Dad, did you know there are 241 valid seed phrases that contain only the same BIP39 word?
Dad: Son, it must have taken hours to test them all.
Son: LOL, no Dad, I used a little Python script for that.
Interestingly, the longer the seed (12, 15, 18 vs. 24 words), the fewer valid combinations there are. Of course, these seeds are for fun and testing ONLY!
Dad: Interesting! 24x bacon is my personal favorite. :-)
Son: Damn, I was just going to use that seed. ;-)
#Bitcoin
Dad: Son, I just put my Bitcoin in a safe deposit box.
Son: Hi Dad,
Your bitcoin lives on the blockchain.
Dad: Okay, I put the seed words and my hardware signing device in a safe deposit box...
Son: Dad, trusted third parties are security holes.
Better use mulitsig and store just one leg of your mulitsig quorum in that safe deposit box.
#Bitcoin
Dad: Son, dollar gains from stocks, bonds and ETFs have distracted me from how powerful Bitcoin is.
Then I was distracted about the increasing dollar value of my sats.
It took me a while...
Son: Hi Dad,
This happens to most people.
As long as you don't fall into the shitcoin trap, you're already one step ahead of many.
#Bitcoin
Dad: Son, two bitcoin are better than one.
Son: Hi Dad,
That's true, but one is better than none.
Dad: I am happy to hold an entire one.
#Bitcoin
Dad: Son, who is the best Bitcoin custodian?
Son: Hi Dad,
The most qualified bitcoin custodian is you.
Dad: Son, this is highly debatable.
Son: Think about it.
No one is as incentivized to protect your bitcoin, your privacy and yourself as you are.
#Bitcoin
Dad: Son, history teaches us that we do not learn from history.
Son: Hi Dad,
I understand the frustration with humanity repeating its mistakes, but I think history isn't just a mirror of our failures; it's a reflection of our potential. It shows that while we often stumble, we also have the capacity to grow, adapt, and improve. It's up to us to choose whether to repeat history or learn from it to create a better future.
And now, we have Bitcoin, a new chapter in the history that challenges the way we think about value, values and time.
#Bitcoin
Dad: Son, why is Bitcoin so hard to understand at first?
Son: Hi Dad,
Lina Seiche once said on a podcast: "The hardest part when learning about Bitcoin is to first unlearn the fiat economics you’ve been taught to believe in. Once you do, Bitcoin becomes the obvious choice."
Dad: Son, it doesn't make it any easier that you are then one of the few.
Son: Yeah, Dad, that's true. Oh, almost forgot, there is a quote from Satoshi Nakamoto himself on this.
"Sorry to be a wet blanket. Writing a description for this thing for general audiences is bloody hard. There’s nothing to relate it to."
#Bitcoin
Son: Dad, did you know that Bitcoin will take care of you, if you take care of your bitcoin?
Dad: Son, no, I did not know that.
Son: It's true, Dad. You should take care of your bitcoin.
Dad: What is the easiest way to do this?
Son: Start simple and improve on the go.
- Go off exchange and use a hardware wallet
- Secure your seed words in a Cryptosteel Capsule
- Test your setup and backups regularly
#Bitcoin
Dad: Son, do not respect the people who do not respect time.
Son: Dad, don't respect the people who don't respect bitcoin.
Dad: Time is money, as the saying goes.
#Bitcoin
Son: Dad, buy bitcoin before you need it.
Dad: Son, in my opinion, it is always better to "want" something than to "need" something.
Son: And when you "want bitcoin", you realize that Bitcoin is on every level of Maslow's pyramid.
#Bitcoin
Dad: Son, what is the legal form of Bitcoin?
Son: Hi Dad,
Bitcoin is an open protocol, not a company.
Companies come and go. On the other hand, once a protocol gets established, it almost never changes.
We only use one internet protocol (TCP/IP) and one email protocol (SMTP).
Dad: That is true. The analogy is interesting....
Son: It looks like the default protocol for a sovereign platform is Bitcoin.
#Bitcoin
Dad: Son, Bitcoin is like a rockstar.
All news is good news.
Son: Hi Dad,
You're absolutely right. The more people talk and think about Bitcoin, the more the virus spreads.
#Bitcoin
Dad: Son, it's too early for mainstream adoption.
There are otherwise intelligent people who still think Bitcoin is going to zero.
Son: Hi Dad,
Yes, we are so early.
In the year 2050 “Bitcoin is crashing from $20 million per coin to $19 million per coin!
It’s going to zero! I has no intrinsic value!”
Dad: Son, not sure that I will live to see it.
I would be over 100 years old.
#Bitcoin
Dad: Son, what are you going to do when Bitcoin wins?
Son: Hi Dad,
Bitcoin has already won.
Many just don't know it yet.
#Bitcoin
Son: Hi Dad,
"Not stacked sats are not realized wishes."
People don't quite understand how immoral that is if they already heard of Bitcoin.
Dad: Son, something like the lack of self-care?
Son: Yes, you can look at it that way too.
Or in other words: If you don't stack these Satoshis, you're stealing from your future.
#Bitcoin
Dad: Son, I am reading the "Bitcoin white paper" right now and try getting my head around this:
"The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work."
Son: Hi Dad,
A "hash" is like a "digital fingerprint" of any collection of data. Each new fingerprint builds on a previous one and adds a chain link segment.
Dad: Bitcoin seems to be a very sophisticated system.
Son: Dad, that's just the tip of the iceberg.
#Bitcoin
Dad: Son, don't ask a cab driver about Uber or a central banker about Bitcoin.
Son: Hi Dad. Stop.
Telegraph decoded. Stop.
You too, have a fantastic day! Stop.
#Bitcoin
Son: Dad, when it comes to internet money, you should never use, generate or input private keys online.
Dad: Son, you have already mentioned that.
#Bitcoin
Son: Dad, we just got the new car. :-)
Dad: Son, I am glad for you and I wish you many safe trips with it. However, you should have some spare diesel, blankets, food and water in that car. Always.
Son: Yeah, always have backups and a plan B.
#Bitcoin
Dad: Son, what is "Cold Storage" exactly?
Son: Hi Dad,
"Cold storage" is a general term for different ways of securing bitcoins offline. Your signing keys are disconnected from the internet.
Dad: So "BlueWallet" must be a hot wallet?
Son: Yes. It's connected to the internet. This is perfectly fine for daily transactions and smaller amounts.
For storing funds long term, use a dedicated hardware wallet like the "Coldcard" or the "Passport". However, multisig – a "signing combination" of various wallet – would be the best solution.
#Bitcoin