Dad: Son, so, Bitcoin is open-source? What does this mean exactly?
Son: Hi Dad,
The term open source refers to something anyone can independently review, modify and share because its design is publicly accessible.
Dad: So, everything is public and there are no secrets, except your own?
Son: Your private keys are private, of course.
Everything else is public and auditable. In this beautiful asymmetry lies the true power of Bitcoin.
#Bitcoin
Son: Hi Dad,
If you want to know the truth:
- Don't ask a banker about Bitcoin.
- Don't ask a taxi driver about Uber.
- Don't ask a hotel owner about Airbnb.
Dad: Son, you're right, I'll keep that in mind. ;)
#Bitcoin
Son: Dad, Bitcoin is my Ikigai.
Dad: Son, okay, but tell me, what is an "Ikigai"?
Son: "Ikigai" is a Japanese concept referring to something that gives a person a sense of purpose, a reason for being.
Dad: Sounds spiritual... Maybe that is the reason why Bitcoin is changing many positively.
#Bitcoin
Dad: Son, I met my banker and asked him about Bitcoin. He is not convinced and said it will go to zero.
Son: Hi Dad,
Did you know that banks could soon become redundant? Certainly, he does. These "wealth managers" are funny people.
One day, they inform you that the price will go higher than USD $300,000 and the next day they warn you that you could lose all your money.
Dad: Son, thanks to negative interest rates, even a one-tenth of a percent increase in value would outperform the bank's value proposition.
Son: I wonder why banks still exist. Nowadays, people walk around "with a Swiss bank in their pocket".
#Bitcoin
Dad: Son, how is your trade going?
Son: Dad, is it you?
#Bitcoin
Dad: Son, since the Bitcoin price is tied to the collapsing fiat system, what would the value of Bitcoin look like after the collapse?
Being decentralized and all, who would assign the value?
Son: Hi Dad,
Some use gold as metric.
I prefer 1 BTC = 100,000,000 sats.
Just focus on how many sats you can buy.
Bitcoin prices are determined by the market in real time. Goods and services will soon be denominated in bitcoin or sats.
#Bitcoin
Son: Dad, I recently finished "How Innovation Works" by "Matt Ridley". Highly recommending it.
Dad: Son, interesting topic.
Why do you recommend it?
Son: Reading this book helped me not only understand how innovation works and why, in retrospect, Bitcoin was inevitable, but how the world works.
Dad: Okay, son, I added it to my Amazon wish list.
#Bitcoin
Dad: Son, how long does it take to pay using Lightning?
Son: Hi Dad,
A LN payment takes only a fraction of a second.
Dad: Wrong!
Although payments take only a couple of seconds, you usually need at least two minutes to discuss with the counterparty how fucking awesome the Lightning Network is.
Budget your time accordingly, son!
Son: LOL. Thanks for your advice, Dad. :-D
#Bitcoin
Son: Dad, there will come a point in time when you have to look very closely at your BLOCKCLOCK to see the difference between block height and exchange rate.
Dad: Son, and when will we see Dollar block / height parity in Bitcoin?
Son: I don't know. Let's make a bet, Dad. ;-)
#Bitcoin
Son: Dad, get your coins off exchange!
Dad: Son, I did that already.
Son: Get more and get those coins off exchange.
#Bitcoin
Son: Dad, are you prepared?
#Bitcoin
Dad: Son, the market capitalization of gold is huge.
Son: Hi Dad,
Yes, but Bitcoin will surpass the market cap of gold and eat all its monetary value very soon.
Dad: Maybe.
But it will take a generation or two before Bitcoin will make gold irrelevant.
Son: A generation or two of new Bitcoiners, yes.
What if Bitcoin will make gold irrelevant within 5 years or so???
#Bitcoin
Dad: Son, what is "Coin Control" and what is it for?
Son: Hi Dad,
In Bitcoin, not every UTXO is the same, even if the amount is exactly the same.
Dad: An "UTXO" is a coin or note in my wallet, right?
Son: Yes. With coin control, you can choose which coin or note you want to spend.
It like choosing a note by its serial number.
Coin control is crucial for maintaining privacy.
Make sure to use it.
#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
Dad: Son, what do you think about __________?
Son: Hi Dad,
Nah. I wouldn't recommend __________.
I'm just interested in Bitcoin. But in the end, everyone has to decide for themselves...
#Bitcoin
Dad: Son, when will all 21 million BTC be mined?
Son: Hi Dad,
All 21M bitcoins will be mined by 2140, but more than 98% will be mined by 2030.
Act accordingly and stack some sats today, tomorrow and the day after.
#Bitcoin
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
Son: Dad, lots of people contribute to make Bitcoin a success.
Dad: Son, I am doing my part.
Son: This is out of question.
#Bitcoin
Dad: Son, what does "Few." mean?
Son: Hi Dad,
Few?
Dad: Yes, few.
Son: Few understand this.
#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