Dad: So, son, bitcoin is the hardest money?
Son: Hi Dad,
Yeah, for sure.
Dad: I rarely hear you talk about remaining risks like broken cryptography by Quantum Computing, Implementation failures and mining centralization.
Are they fixable?
Son: Probably. Broken crypto is a threat to all online security, and the majority of precious metals are simply traded electronically.
I, personally, would not bet on gold.
#Bitcoin
Dad: Son, how can I convert a 24 word seed into a 12 word seed (BIP39)? 12 words can be better memorized.
Son: Hi Dad,
Converting a 24 into a 12 word seed is impossible.
According to BIP 39, a mnemonic seed is converted into a binary seed using PBKDF2-SHA-512.
To turn a 24 word seed into a 12 word seed, you'd need to find a 12 word seed that produced the same binary seed, which is believed to be impossible.
Dad: Oh, I see.
It will take me a while to learn all 24 words.
#Bitcoin
Dad: Son, Bitcoin seems to waste a lot of energy.
Will there be a protocol upgrade to change that?
Son: Hi Dad,
If you still think Bitcoin wastes energy, you should sell it.
In fact, you should sell your fridge, your drier, washing machine, TV, stove, car and Christmas lights too.
Alternatively, you could "do your homework" and read the book I gave you lately.
Dad: Which book?
Son: THE BITCOIN STANDARD.
#Bitcoin
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, what is a "block explorer"?
Son: Hi Dad,
A block explorer is a website, a tool, that is used to view bitcoin transaction details, unspent transaction outputs (UTXO) and addresses online.
Dad: So, is it something like a blockchain browser??
Son: Yeah, a blockchain explorer can be used to follow transactions in the graph until they end in an unspent output, an UTXO. These UTXOs are the actual bitcoin, the "data which have value".
Dad: Let's play a game. Who will find the address with the most bitcoins – you or me?
#Bitcoin
Son: Dad, don't forget to invest in your friendships. Tell your friends about Bitcoin today.
Dad: Son, what is the easiest way to get someone to start using Bitcoin?
Son: Dad, onboarding friends to Bitcoin is like 1-2-3.
1. Install BlueWallet on friend's mobile phone.
2. Create a wallet and get a receiving address.
3. Scan the QR code and send $10 worth of sats.
Dad: So, it costs me $10 to orange pill a friend?
Son: Dad, orange pilling is priceless!
#Bitcoin
Son: Hi Dad,
We need to separate money and state.
We need to separate economy and state.
Dad: Son, I cannot agree more. Just like the separation of church and state, it is time we separate money and state, and economy and state as well.
Son: Let's empower individuals and ensure true economic freedom.
Dad: Thank you, Satoshi, for Bitcoin.
#Bitcoin
Dad: Son, what about ETH, XRP and Doge?
The media are very positive about them.
Son: Hi Dad,
These are all shitcoins, and shitcoins are true parasites.
I would not catch one.
#Bitcoin
Son: Dad,
Stacking something is better than nothing.
Dad: Son, the hardest part is getting started.
Son: Since Relai it's relai easy.
Download the app and you are ready to go.
Don't forget to use code "TEACHIN".
Dad: Why?
Son: 0.5% lower fees for you, and some supports us.
Thank you.
#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
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,
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, can I participate in Bitcoin mining, and what do I need if so?
Son: Hi Dad,
Yes, you can.
If you are interested in home mining, the Twitter user @econoalchemist has published an outstanding article on his webpage.
Go to www.econoalchemist.com and search for the article with title "Home mining for non-KYC Bitcoin."
Dad: That is fantastic... Earning sats after learning how to turn a space heater into a miner.
Son: There are other "investment options" too, but I suggest skipping "cloud mining". It's a scam....
#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, 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
Son: Dad, the best weapon you have is always away from view.
Dad: Son, yes, it is between your ears, hidden in your cranial cavity.
Son: Well, I was thinking of bitcoin, but okay.
#Bitcoin
Dad: Son, what if the Opendime is lost?
Does the Opendime also have recovery words?
Son: Hi Dad,
An Opendime is made to change hands, like cash.
The private key is generated on the device, and without breaking the seal by pushing a pin through the hole marked on the back of the Opendime, there is no way to back it up.
Dad: And if I break the seal?
Son: Then the private key will be revealed in the private-key.txt file and QR code image. There is no way back, and once unsealed, you should move the funds into another wallet.
#Bitcoin
Dad: Son, why should I invest in Bitcoin?
I do not understand it. ¯\_(ツ)_/¯
Son: Hi Dad,
Nobody understands Bitcoin when they start.
Dad: Truth.
Son: Two other things are true:
1. Nobody has enough Bitcoin.
2. Nobody understands Bitcoin completely.
So, you are in good company. ;-)
#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 if governments ban Bitcoin?
Son: Hi Dad,
It's excellent and impactful advertising.
Dad: Why would this be advertising?
Son: It shows they can't stop it.
Bitcoin is like gunpowder – a point will come where you won't have the option not to have it.
#Bitcoin