Dad: Son, what is a "Bitcoin block" exactly?

Son: Hi Dad,

Think of it as a record of ownership at a certain point in time.

The "point in time" is measured as "block height", which is the number of blocks in the chain between a given block and the very first block in the blockchain.

Dad: So the blockchain can also be used to measure time?

Son: Yes, exactly, that's why Satoshi also called the blockchain a "timechain".

#Bitcoin

Dad: Son, when the music stops, better have a seat.

Son: Hi Dad,

When the music stops, better be sitting on bitcoin.

#Bitcoin

Dad: Son, cam yuu hlp be to make a bitcorn paymentt?

Son: Dad, what's wrong? Are you drunk?!

Dad: Alk goood. coudl be, .. maybe jhst a little too muvh of that finee botttle, ..

Son: 4 things not to operate intoxicated:

1. Firearms

2. Heavy machinery

3. Vehicles

4. Bitcoin

That's my message for today, Dad. Talk tomorrow.

#Bitcoin

Dad: Son, I believe that Bitcoins will soon become the most valuable thing ever created.

Son: Hi Dad,

Bitcoin was discovered, not invented.

When you grasp this, your perspective on the multiverse undergoes a total transformation.

Dad: Okay. However, I cannot wait for SAT/USD parity.

Son: It's not "if", but "when".

Until then, sats are the standard!!

#Bitcoin

Dad: Son, Mum and I are wondering how the kids are doing. The time goes by so fast ;-)

Son: Hi Dad,

The boys are stronger than yesterday.

They know more than yesterday.

They hold more sats than yesterday.

Dad: Like father, like son.

#Bitcoin

Son: Dad, I'm grateful that you taught me this:

"Good habits and simple rules, if applied, can positively change your whole life."

Dad: Son, how did you put that to use?

Son: Numerous ways, but one of them is stacking sats, no matter what happens.

Dad: Son, that seems to have paid off.

#Bitcoin

Son: Dad,

Bitcoin is 100% voluntary.

Dad: Son, I am uncertain if those who desperately need Bitcoin feel the same way.

Son: Even then, Bitcoin is 100% voluntary.

#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

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, what are "HD Bitcoin Wallets"?

Son: Dad, by definition, wallets are private key and public key management systems. In the beginning, every key pair used had to be backed up individually. That's why many have reused addresses, which is bad for privacy, as you know.

BIP-32 made Bitcoin better and introduced "HD wallets", which stands for "Hierarchical Deterministic", and not for "High Definition". With this BIP, it's possible to generate multiple addresses (public/private key pairs) derived from a single source of random data (=entropy).

Dad: Why was this introduced in the first place?

Son: It makes backing up the random bits of data much easier and safer, especially if combined with BIP-39, which introduced the mnemonic seed words, which is just entropy in a human-readable form.

#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, on a scale from 1 to 100,000,000 how satisfied is a bitcoin?

Son: Hilarious, Dad.

#Bitcoin

Dad: Son, the price of bitcoin is so volatile.

Son: Hi Dad,

The higher the bitcoin price, the higher the price fluctuation measured in fiat terms.

Get your coins off exchange and the price will fluctuate even more.

#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, today our youngest told me that he is considering a career in organized crime.

Dad: Son, what did you say?

Son: "Government or private sector?"

#Bitcoin

Dad: Son, is the Bitcoin price artificially suppressed?

One Bitcoin should already be worth many times more, as rare as Bitcoins are.

Son: Hi Dad,

Yeah, buy as much as possible of the artificially low-cost asset, and move it off the exchange into cold storage.

They may be able to delay the death of the dollar, but Bitcoin's settlement properties make this type of attack impossible to win.

The question is not "if", but "when".

Dad: At the same time, one Bitcoin is already so expensive that it will be impossible for most to own a whole coin.

#Bitcoin

Dad: Son, managing a stock portfolio is a complex and time-consuming business. I do not like it.

Son: Hi Dad,

Buy bitcoin, and you will have a simpler life.

Dad: What percentage would you invest?

Son: Doesn't matter. 100% of your wealth will be in bitcoin anyway – no matter how much you have.

Dad: I do not understand......

Son: Soon you will, Dad.

#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

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

Dad: Son, how do you generate these 24 seed words?

Do you pick random words from your head?

Son: Hi Dad,

This doesn't work that way. First, these words are special words, taken from the "BIP39 Word List". Second, picking words from your head is not random and therefore a bad idea.

I don't always generate a new seed, but when I do, I use dices.

Dad: Why dices? How does this even work?

Son: Dice rolls provide entropy. You could also flip a coin as a source for randomness. The process is simple and is available in BlueWallet (advanced mode), SeedSigner and in every Coldcard.

#Bitcoin