Dad: Son, I am looking for a Bitcoin documentary. Do you have any recommendations?
Son: Hi Dad,
Sure. I would watch these in the given order:
1. Banking On Bitcoin
2. Bitcoin — Shape The Future
3. The Rise And Rise Of Bitcoin
4. Bitcoin: The End of Money as We Know It
5. Bitcoin: Beyond the Bubble
Dad: Got my popcorn ready for documentary night! Thanks for your recommendations, son.
#Bitcoin
Dad: Son, how does Taproot make Bitcoin fungible?
Son: Hi Dad,
With Taproot/Schnorr, all on-chain transaction outputs for spending look the same.
Dad: All transaction outputs? Even multisig??
Son: Yes, multisig and opening or closing lightning channel look like any other normal Bitcoin transaction. There are no more "multisig m of n" labels shown in the Block Explorer.
Users can combine signatures into one key and use it as programmable funds, also known as "smart contracts", without identifying the purpose, which improves both privacy and fungibility. The best is, these transactions are smaller and cheaper.
#Bitcoin
Son: Dad, Become your own bank and stop worrying about banks going bankrupt.
Dad: Son, mother and I now have a fraction of our reserve in bitcoin.
Son: Great.
Every fraction of a bitcoin you own is a safer and more secure store of value compared to the fractional reserve scam used by traditional banks.
#Bitcoin
Son: Dad, Bitcoiners are just a different lot of people.
They think different.
They act different.
They spend different.
They are different.
Dad: Son, that is pretty obvious to me.
But why?
Son: Because of Bitcoin, Dad.
#Bitcoin
Son: Dad, get your OPSEC in order.
Dad: Son, Operations Security is for military.
Son: OPSEC is military jargon, but the concept is not limited to the Army, Navy, Space Force, Air Force, Marine Corps, or Coast Guard.
Any bitcoiner can use the principles of OPSEC to protect its interests.
#Bitcoin
Dad: Son, how many coins copied Bitcoin?
Son: Hi Dad,
Way too much!! Most of those coins are exact copies of Bitcoin's source code.
Bcash, for example, is a fork of Bitcoin with a few things taken out.
Litecoin is also a fork of Bitcoin with the block time and mining algorithm changed.
Dad: What are the most interesting coins to invest?
Son: None of them are interesting in any way. I'm interested exclusively in bitcoin, everything else is a shitcoin. Do not fall for it, Dad.
#Bitcoin
Dad: Son, owning a fraction of a Bitcoin is life-changing.
Son: Hi Dad,
I am not sure if your 200 bucks worth of bitcoin will be life-changing one day. ;-) But yes.
Dad: It is life-changing. I am reading more today and question the mainstream media more than ever.
Son: I truly agree, Dad. Many more things will change when you fall deeper down the rabbit hole.
Dad: Son, what changed for you?
Son: Everything – from steak to stacking SATs.
#Bitcoin
Son: Dad, these are the top 5 things I learned about money while in school.
1. _________________________________
2. _________________________________
3. _________________________________
4. _________________________________
5. _________________________________
Dad: Son, it is a shame...
I am certain that the "health" list will not look any better.
#Bitcoin
Son: Dad,
Bitcoin is an excellent teacher.
Dad: Very few students.
#Bitcoin
Dad: Son,
Bitcoin is too expensive
Bitcoin is old technology
Bitcoin is too complicated
Bitcoin is risky and speculative
Bitcoin will be replaced by another coin
Son: Hi Dad,
No, no, no, no and no.
It would go beyond the bounds of this message to elaborate on this. Talk to you later...
#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
Son: Dad, there is no such thing as over-production in Bitcoin.
Dad: Son, what about under-consumption?
Son: In a free market, everything is in perfect balance.
#Bitcoin
Dad: Son, governments are now developing alternatives to Bitcoin to regain control of their currencies.
China: E-Yuan
Europe: Virtual Euro
America: E-Dollar
Switzerland: E-franc
Son: Hi Dad,
I never opt for those, and I won't use those, I suppose.
Bitcoin is the money I chose.
#Bitcoin
Dad: Son, bitcoin is worthless.
Son: Hi Dad,
Have you ever paid taxes on your bitcoin?
#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
Dad: Son, I am worried about Bitcoin's security model in the long run. What if the block reward is too small?
Son: Don't be, Dad! Not so long ago, transactions were free, then they cost just a few cents, now they cost dollars.
Over time, transaction fees are replacing the block subsidy and remember that block space is scarce.
That's why transactors will likely pay higher fees to get any block space and their transaction confirmed.The fee market is a free market.
Dad: Just like the land prices that are skyrocketing?
Son: Bitcoin's block height, the exchange rate [price] and the transaction fees will go up over time.
#Bitcoin
Dad: Son, why do you believe some individuals are reluctant to delve into the realm of Bitcoin?
Son: Hi Dad,
Common obstacles to Bitcoin include a general apprehension towards new technology, experiences of being deceived by unreliable shitcoins and their promoters.
Another major concern is the question, "If it's so beneficial, why isn't everyone already using it?"
Dad: I see...
Son: Breaking down these barriers often hinges on establishing personal trust. Dad, consider delving into more Bitcoin discussions with your boomer friends! ;)
#Bitcoin
Dad: Son, who works actually on Bitcoin to make it better and would "doing nothing" make it worse?
Son: Hi Dad,
Everybody can help to make Bitcoin better.
Nobody can make Bitcoin worse.
#Bitcoin
Dad: Son, what do you want for your birthday?
Son: Dad, I already have everything. :)
Dad: Tell us, what would make you happy?
Son: Bitcoin
Dad: The same thing again and again? Nah. What else?
Son: It's not "the same". Every UTXO is unique, and the transaction will live on the timechain forever.
Dad: Like a diamond. Diamonds are forever...
Son: Bitcoin is actually forever.
#Bitcoin
Dad: Son, if you are feeling down, call mom.
#Bitcoin