Dad: Son, in my humble opinion, prepping and training should be tax deductible.
Son: Hi Dad,
Yes, true, and this should apply to stacking too.
But, this is not what they want you to do. ;-)
#Bitcoin
Son: Dad, don't trust everything you see.
Even salt looks like sugar.
Dad: Son, what do you want to tell me?
Son: Use your Umbrel node to verify if your bitcoin is real bitcoin – or you will be salty in the end.
#Bitcoin
Dad: Son, I want one of those 21M Bitcoin so bad!!!
Son: Hi Dad,
I can understand this desire! One thing you should know: There will never be 21M BTC.
Dad: Why not 21M Bitcoin? Was I lied to?
Son: No, no one was lied to. Here is why: The block 501726 was generated without reward (-12.5 BTC), and block 526591 with half a reward (-6.25 BTC)
Also, the 50 BTC in the Genesis Block can't be spent, even if Satoshi comes back.
On top of that, ~4 million BTC have been lost. Well, those coins existed, but were lost. Maybe one or the other Satoshi will find its way back into circulation. However, keep stacking sats.
#Bitcoin
Dad: Son, when will the last bitcoin be mined?
Son: Hi Dad,
The last fraction of a bitcoin is estimated to be mined in 2140, when the block reward will drop below 0.00000001 bitcoin, which is 1 Satoshi.
Dad: This is in 120 years. What will happen by then?
Son: We are going to make sats the standard!By that, I mean Satoshi Dollars parity. ;-)
Dad: 1 bitcoin would be worth 100 million US Dollars!!
Son: Yeah, and in the Lightning Network we can even split a Satoshi into millisatoshi if smaller denominations are needed.
#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
Son: Dad, I just bought bitcoin. AMA.
#Bitcoin
Dad: Son, what about "paper wallets"?
Son: Hi Dad,
Don't use them nowadays. These paper wallets are considered unsafe for various reasons.
Dad: What should I use instead? Any suggestions?
Son: "Opendimes" are today's paper wallets.
This is a very safe and effective way to generate a uncompromised private key.
Dad: And then I load the private key into BlueWallet?
Son: If you want to move your funds, then yes.
#Bitcoin
Dad: Son, who created Bitcoin?
Son: Dad, no one actually knows...
Dad: What? No one knows who created Bitcoin?!
Son: I doubt anyone knows who created Bitcoin. It seems to be one of the best kept secrets of modern times. But we do have a name: "Satoshi Nakamoto". This may be a person or a group of persons.
Dad: But Bitcoin has to come from somewhere, right?
Son: Yes, Bitcoin did have a prehistory. There are eight references listed at the end of the Bitcoin white paper. Would you like to take a look?
#Bitcoin
Dad: Son, what does m/44'|48'|84'/0'/0' mean?
Son: Hi Dad,
It's a "derivation path" and it describes how your Hierarchical Deterministic (HD) wallet derive a specific key within a tree of keys.
For example, if you want to get the next address from a wallet, it just increases the last number by one.
Dad: So this means that all receiving addresses are already known when the wallet is created?
Son: All receiving addresses, all change addresses, all accounts and much more are known from the beginning. Everything is derived from your 12 or 24 seed words using a derivation path.
#Bitcoin
Dad: Son, why do your siblings still have no Bitcoin position?
Son: Hi Dad,
Good question....
I talked to them again and again and again about it, last time at the latest all-time high.
I will do it again, at the next all-time high, every all-time high until they get some sats.
Dad: Let us hope that the next all-time high will not be long in coming.
#Bitcoin
Dad: Son, how to avoid losing money trading bitcoin?
Son: Hi Dad,
Best would be not to trade at all.
Dad: The trend is upwards. Why not trading it?!
Son: Bitcoin is like digital gold.
It's harder, stronger, faster and smarter than any money that has preceded it. Bitcoin is far too valuable to bet on it.
Dad: Valuable – that's exactly why I want more of it.
Son: Greed will cause pain. ;-)
#Bitcoin
Son: Dad, how do you explain bitcoin to your boomer friends? Asking for a friend.
Dad: Son, behave yourself!
Son: This was just a question, Dad. :)
Dad: Bitcoin is "Cloud Money". You can upload it, store it and download it. Simple, right? :-)
Son: .. and with "Lightning" you can even stream money.
Dad: Lightning?
Son: The "Layer 2 instant payment system" thing, that settles withing a fraction of a second.
#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
Son: Dad, if you're like me, more sats are better.
Dad: The same goes for ammunition, son.
#Bitcoin
Son: Dad, sell those dollars.
Dad: Son, and what should I buy with it?
Son: Buy bitcoin
Dad: Buy bitcoin, bye Dollar.
#Bitcoin
Son: Dad, did you know that Bitcoin will take care of you, if you take care of your bitcoin?
Dad: Son, no, I did not know that.
Son: It's true, Dad. You should take care of your bitcoin.
Dad: What is the easiest way to do this?
Son: Start simple and improve on the go.
- Go off exchange and use a hardware wallet
- Secure your seed words in a Cryptosteel Capsule
- Test your setup and backups regularly
#Bitcoin
Dad: Son, there are less expensive bourbons.
Son: Hi Dad,
There are also thinner steaks and smaller cars.
Many ways to stack more sats.
#Bitcoin
Son: Dad, did you back up your 24 words in steel?
Dad: Son, no, not yet.
Son: Without your 24 recovery words, there is no way to access your funds. I can't stress this enough.
Get a "Cryptosteel Capsule". These solid metal devices are cheap, easy to use and super reliable.
Dad, are you using a passphrase?
Dad: Yes, you suggested using one.
Son: Yeah, that's great. However, you have to secure the passphrase as well. In that case, get a "Capsule Duo", one for the recovery seed words and one for the passphrase.
#Bitcoin
Son: Dad, Bitcoin will improve the standard of living around the world within a generation or two.
Dad: Son, and how is this to happen?
Son: Let's quote "The Bitcoin Standard" here:
“The better the money is at holding its value, the more it incentivizes people to delay consumption and instead dedicate resources for production in the future, leading to capital accumulation and improvement of living standards”
#Bitcoin
Dad: Son, I am reading the "Bitcoin white paper" right now and try getting my head around this:
"The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work."
Son: Hi Dad,
A "hash" is like a "digital fingerprint" of any collection of data. Each new fingerprint builds on a previous one and adds a chain link segment.
Dad: Bitcoin seems to be a very sophisticated system.
Son: Dad, that's just the tip of the iceberg.
#Bitcoin