Dad: Son, when will you stop buying Bitcoin?
.. at 75K, 100K, 250K, ..?
Son: Hi Dad,
I'll be buying into bitcoin at 75K, 100K, 250K, 500K and onwards until any or all of the following occur:
a) Hyperbitcoinization
b) I run out of cash
Dad: Son, let us see what happens first.
Son: You will see, there is no alternative to bitcoin.
#Bitcoin
Dad: Son, I got a fireproof bag for my hardware wallet and backup card.Would you trust it?
Son: Hi Dad,
Don't trust, verify. ;-)
Dad: I blow-torched it. Lasted about 20 seconds...
What a scam.
Son: I doubt the bag had a proper fire rating, however, to protect your bitcoin from loss and the elements like fire and water, a solid metal backup system is a must.
Secure your (12 or) 24 recovery seed words as well as your passphrases each in a "Cryptosteel Capsule". Everything else breaks or burns.
#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, 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, do I need a "Bitcoin Account" before buying?
Son: Hi Dad,
With Bitcoin, there are no accounts in the sense of customer, bank or user accounts.
What you need is a "Bitcoin Wallet", and a receiving address.
However, you may have several accounts in your wallet. With these accounts, you can then separate the funds, e.g. spending, saving, grandchild 1, grandchild 2, ...
Even an exchange account does not belong to Bitcoin technically. It is an account at a market participant of the Bitcoin ecosystem.
Dad: Oh, I see. Then let's get a Bitcoin wallet.
#Bitcoin
Dad: Son, I do not know what is going on with people these days........
Son: Dad, what's going on?!
Dad: "trust the science" is the most anti science statement ever made.
Questioning science is how we did science!
Son: Gotcha. However, the following "trust related" Bitcoin mantras work perfectly for me.
"In numbers we trust."
"In math we trust."
"Don't trust, verify."
#Bitcoin
Dad: Son, had a bad day today... I am still thinking about the huge investment I made at all-time high.
Son: Hi Dad,
I'm sorry to hear that.
Here's the pep talk you might just need to hear:
Think of all those who did the same and sold in panic with a double-digit loss.
Understanding Bitcoin is your best protection.
Confidence in the Bitcoin revolution is key.
Dad: Exactly what I needed to hear. Thank you, son!
#Bitcoin
Dad: Son, why do you not use numbers based the word’s indexed number in the BIP39 list instead of the first 4 letters of the recovery word?
Son: Hi Dad,
That's a good question. Let's quote the BIP39 creators to answer it.
"A mnemonic code or sentence is superior for human interaction compared to the handling of raw binary or hexadecimal representations of a wallet seed. The sentence could be written on paper or spoken over the telephone"
I think it is wrong to use numbers when the creators intentionally designed the standard so that we use words.
Dad: Ok, makes sense. Thanks.
#Bitcoin
Dad: Son, what do you answer to those who ignore bitcoin?
Son: H
F
S
P
Dad: Son?
Son: Dad, I would answer "Have Fun Staying Poor".
Dad: This seems to be another formulation of WEF's "You'll own nothing, and you'll be happy" slogan.
#Bitcoin
Dad: Son, is it "cool storage" or "cold storage"?
Son: Hi Dad,
It's "cold storage".
The term does not matter, as long it's "your storage" and "your storage" is offline.
#Bitcoin
Dad: Son, do you remember the "Y2K problem"?
Son: Hi Dad,
Yeah, I remember that "Millennium-Bug" FUD.
It's even mentioned in the "The Sovereign Individual" as "Y2K TIME BOMB". You will find it in the "The Transition of the Year 2000" chapter.
Dad, why are you asking?
Dad: I have been reading about the "2038 problem" and wonder if Bitcoin will be affected as well.
Son: No worries, Dad. Bitcoin uses an unsigned integer for the timestamp, so the year 2038 problem is delayed for another 68 years.
#Bitcoin
Dad: Son, why taproot?
Son: Hi Dad,
Taproot hides non-default multisignature script paths in the collaborative case, it improves Bitcoin Lightning Network privacy and block space efficiency, makes Bitcoin fungible.
Dad: Oh, and what do a taproot addresses look like?
Son: bc1p...
#Bitcoin
Son: Dad, when in comes to Bitcoin, there are two things you have to control.
1. Your emotions
2. Your private keys
Dad: Son, it is simple, but not easy.
#Bitcoin
Son: Good morning, Dad.
Bitcoin is in top form today,
as yesterday,
and the day before.
I hope you are as well.
Dad: Son, good morning!
There is nothing to complain about. :-)
#Bitcoin
Dad: Son, what do you think. What will your kid answer to the question, "What is something your dad told you?" ?
Son: Hi Dad,
Maybe "I love you" or "You make me proud".
What do you think?
Dad: What about "Inflation is a hidden tax that unelected Central Bankers impose on your wealth, enslaving you as they fill their pockets by their close proximity to the money spigot"?
Son: Hmmm. I will reflect on that...
#Bitcoin
Son: Dad, volatility is _______________.
Dad: Son, that must be "nerve-wracking".
Volatility is nerve-wracking.
Son: For me, volatility is "the price for being early".
#Bitcoin
Dad: Son, tell me something interesting about BIP39.
Son: Hi Dad,
With pleasure. So, did you know that BIP39 is still a proposal, yet everyone is using it?
Dad: So its status is de facto "Final"?
Son: Yeah, you could say so.
#Bitcoin
Dad: Son, is there a difference between Bitcoin and bitcoin (upper-/lowercase 'b')? I have seen both spellings in publications.
Son: Hi Dad,
When expressed using a small 'b', the word bitcoin usually refers to the unit of currency.
Dad: And the uppercase 'B' ?
Son: Bitcoin with a capital 'B' is typically associated with Bitcoin, the protocol and payment network or to refer to the ecosystem as a whole.
Dad: So, "Saving in bitcoin is investing in Bitcoin."
Son: "Stacking sats makes Bitcoin better."
#Bitcoin
Son: Dad, did you get your coins off exchange?
#Bitcoin
Dad: Son, now I have two wallets and too many passphrases. What do you suggest?
Son: Hi Dad,
Get one more and go multisig.
#Bitcoin