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, I'm still happy I changed my mind on Bitcoin.
Son: Hi Dad,
Many people will feel the same way. For everyone else, it will simply be "normal" one day.
#Bitcoin
Son: Dad, bitcoin is black market money.
#Bitcoin
Son: Dad, Bitcoin scarcity is intensifying as soaring demand triggers an imminent explosion.
Dad: Son, so does this mean that a price explosion is imminent?
Son: The question is not if, but when.
#Bitcoin
Dad: Son, many people I know have cryptophobia.
Son: Hi Dad,
I'm not surprised.
Bitcoin is like early electricity.
Raw, dangerous, very volatile and hard to use.
With time, Bitcoin will feel much safer, easier to use, and simply normal.
Dad: I also believe that Bitcoin is here to stay.
Son: Like electricity, it will inspire and power new unimaginable industries. And one day we will wonder how we could live without Bitcoin.
#Bitcoin
Dad: Son, I just got my Coldcard hardware wallet today.
The bag is really special. Pretty sure it has more security feature than a banknote.
Son: Hi Dad,
Not sure about that one. ;-)
But yes, the device seems well protected. However, I recommend you download the latest firmware from Coinkite, check it and install it on your Coldcard manually. And also inspect the device visually, and verify the bag number.
Dad: Son, why all the effort, it is "just a calculator".
Son: Haha. Anyway, I will send you a tutorial later.
#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, everybody has heard about Bitcoin.
Many want it, especially when the price goes up.
Few people are actually holding Bitcoin. Why?
Son: Hi Dad,
The difference between the two is action.
First you have to learn, then buy or earn.
You have to make an effort.
Dad: No pain, no gain.
Son: Nah, more like "Work hard, have fun and make a difference." The life is bright in Bitcoinland. :-)
#Bitcoin
Dad: Son, what makes Bitcoin so powerful?
Son: Anyone, anywhere, can start using bitcoin right now. No permission is required.
Let that sink in, Dad.
#Bitcoin
Dad: Son, why does it take so long to have my new Umbrel ready to use? It is syncing since hours now.
Son: Dad, again, it's a question of time preference.
A full node, what your Umbrel is, is a program that fully validates transactions and blocks.
Everything from the Genesis block to today's latest block must be downloaded and validated first. This is the only way to be sure that you have a valid copy of the blockchain running.
Dad: Ok, I see. How can this be accelerated?
Son: A fast internet connection and a fast SSD disk helps to speed up the initial sync, however ...
You'll have to be patient, Dad. ;-)
#Bitcoin
Dad: Son, tell me something interesting about "Bitcoin Transactions".
Son: Hi Dad,
Ok. A "Bitcoin Transactions" can consist of many inputs and many outputs. The inputs are outputs of previous transactions which you want to spend, and each output has values assigned to an address.
In general, a transaction is expected to have 2 outputs, the "destination address" and the "change address".
Dad: So, the remainder of the funds are moving on chain as well?
Son: Yes, you always have to move the whole unspent transaction output, also known as "UTXO" or coin.
#Bitcoin
Son: Dad, there's no friend as loyal as a bitcoin.
Dad: Son, "as a book".
Ernest Hemingway said, "There is no friend as loyal as a book."
#Bitcoin
Son: Dad,
Bitcoin does not over-promise nor under-deliver.
Bitcoin simply does its thing.
Everyone knows the rules, and you must follow them if you want to use Bitcoin.
Dad: Son, and you can count on these rules!
This is a wonderful and powerful thing.
Son: Bitcoin is "Rules without Rulers".
#Bitcoin
Dad: Son, Andrew S. Tanenbaum once said:
"Never underestimate the bandwidth of a station wagon full of tapes hurtling down the highway."
Then this bitcoin stick came to my mind again. I cannot remember the name.
Son: Hi Dad,
You're talking about the "Opendime", I assume. A cheap, private and fast transaction medium, especially when fees go up.
Dad: Yes! Never underestimate an Opendime.
#Bitcoin
Dad: Son, what is the best application for lightning?
Son: Hi Dad,
Bitcoin payments and killing shitcoins.
#Bitcoin
Dad: Son, how much have you lost trying to trade?
Be honest.
Son: Hi Dad,
I leverage traded once, and again.
I got liquidated and many sats changed hands.
For me, trading is gambling. Never again.
After many blocks, I still can feel the pain.
Dad: Everybody wants more sats, as it seems.
Son: That's true, Dad. Lessons learned.
#Bitcoin
Dad: Son, I had a dream last night...
A Dream about a big pile of gold. Unfortunately, I could not bring it back to reality. :-)))
Son: Hi Peter Schiff, uhm, Dad,
Know what? If it were bitcoin, you could have brought it out of dreamland and into reality.
#Bitcoin
Dad: Son, I feel embarrassed asking this question, but what is the difference between a full node and a miner?
How do I get my full node to mine?
Son: Hi Dad,
A full node verifies blocks.
A miner creates blocks.
A full node on a Raspberry Pi is not made for mining. You need specialized equipment to mine.
Dad: Son, that is a pity. I was hoping to make some sats.
#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
Son: Thanks __________________ for Bitcoin.
Dad: Son, who is going to fill the blanks?
#Bitcoin