Son: Dad, to secure your bitcoin, self custody is crucial and delaying it can be more costly than taking action now.
Dad: Son, well, I know self custody is important, but I just don't have the time to figure it out right now.
Son: Dad, delaying it can be more costly than taking action now. Just do it.
I can help you out.
#Bitcoin
Dad: Son, what is the difference between a Bitcoin address and a Bitcoin public key?
Son: Hi Dad,
That's a good question! An address represents a hash of a public key of an asymmetric key pair.
The owner of the key pair can use the private key to sign transactions or messages.
Dad: Why sign a message?
Son: For example, to prove ownership of an address.
Only by using the correct private key a valid signature may be created, which then anyone can verify as valid by using the associated address which, again, represents the public key.
#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, whatever happens in the world.
Bitcoin does its thing.
Dad: Son, and what should that be?
Son: A new block – every 10 minutes on average.
#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 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
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 does "GMI" mean?
Son: Hi Dad,
GMI: Gonna make it.
NGMI: not gonna make it.
WAGMI: we all GMI.
Dad: WAGMI
Son: Yes, Dad.
#Bitcoin
Dad: Son, do you have a good Bitcoin investment strategy you would like to share?
Son: Hi Dad,
Sure. Don't trade, don't sell – that's the strategy.
Holding bitcoin is savings, not investing.
People with a high time preference will invest their fiat money seeking for fiat gains.
#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 mempool?
Son: Hi Dad,
A mempool, also known as "memory pool", is the queue of pending and unconfirmed transactions for a Bitcoin network node.
Dad: And who controls the mempool?
Son: There is no one global mempool: every node on the network maintains its own mempool, so different nodes may hold different transactions in their mempools.
#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, what is "Hyperbitcoinization"?
Son: Hi Dad,
"Hyperbitcoinization is a voluntary transition from an inferior currency to a superior one, and its adoption is a series of individual acts of entrepreneurship rather than a single monopolist that games the system."
It's from the "Hyperbitcoinization" article written by Daniel Krawisz back in 2014. You can read it in full length and for free on the "Satoshi Nakamoto Institute" website.
Dad: Thank you, will add it to my reading list.
Son: The "Satoshi Nakamoto Institute" has published numerous other articles. Here is the link, https://nakamotoinstitute.org.
#Bitcoin
Son: Dad, don't wait for a three-digit-sats-per-dollar-value to start stacking sats.
Dad: Son, I am already stacking sats with Relai.
Son: That is a relai good idea, Dad.
#Bitcoin
Dad: Son, in addition to Bitcoin, you should invest in emergency supply. Buy water and stockpile food.
Get a hand crank radio.
You never know....
Son: Yes, Dad.
#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
Son: Dad, Bitcoin is hope.
Dad: Seems so, son.
#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, 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, when will you stop buying Bitcoin?
.. at 75K, 100K, 250K, ..?
Son: Hi Dad,
I'll be buying into bitcoin at 75K, 100K, 250K, 500K and onwards until any or all of the following occur:
a) Hyperbitcoinization
b) I run out of cash
Dad: Son, let us see what happens first.
Son: You will see, there is no alternative to bitcoin.
#Bitcoin