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
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
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, 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
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, 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
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, you often mention the term "BIP". What is a "BIP" and what is it good for?
Son: Hi Dad,
"BIP" stands for "Bitcoin Improvement Proposal". It's a design document to introduce new features or information to Bitcoin.
Dad: Can everyone participate and submit a BIP?
Son: Basically, yes. See BIP-2 for the full process.
Dad: Son, next time I have an idea, I will write a BIP. ;-)
Son: Everyone is invited to contribute to make Bitcoin better. It's a voluntary system, and we are all Satoshi (except for Craig Wright), so, why not??
#Bitcoin
Dad: Son, had a bad day today... I am still thinking about the huge investment I made at all-time high.
Son: Hi Dad,
I'm sorry to hear that.
Here's the pep talk you might just need to hear:
Think of all those who did the same and sold in panic with a double-digit loss.
Understanding Bitcoin is your best protection.
Confidence in the Bitcoin revolution is key.
Dad: Exactly what I needed to hear. Thank you, son!
#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, I do not know what is going on with people these days........
Son: Dad, what's going on?!
Dad: "trust the science" is the most anti science statement ever made.
Questioning science is how we did science!
Son: Gotcha. However, the following "trust related" Bitcoin mantras work perfectly for me.
"In numbers we trust."
"In math we trust."
"Don't trust, verify."
#Bitcoin
Son: Dad, the Tor project is instrumental to true freedom on the internet.
Its main offering, the Tor browser, is a web browser that lets users stay anonymous online and protects them from being tracked by hackers, internet service providers, and even corporations and governments.
For Bitcoin, Tor is such a vitally important piece of infrastructure.
Dad: Son, what do you want to tell me?
Son: The Tor Project is only kept alive by few sponsors and contributors.
They need funds to build and maintain the onion service. Let's donate some bucks.https://donate.torproject.org/
#Bitcoin
Dad: Son, why taproot?
Son: Hi Dad,
Taproot hides non-default multisignature script paths in the collaborative case, it improves Bitcoin Lightning Network privacy and block space efficiency, makes Bitcoin fungible.
Dad: Oh, and what do a taproot addresses look like?
Son: bc1p...
#Bitcoin
Son: Hello there
How’s your trading going?
Dad: Son?
#Bitcoin
Son: Hi Dad,
Men lie, women lie, but code and numbers don't.
Dad: Son, you are speaking the truth.
#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, Bitcoin is like water.
Son: Hi Dad,
Yes, but also...
Bitcoin is like a sponge that soaks up value over time, only to release it when needed.
Dad: Okay, let's agree on "Bitcoin is."
#Bitcoin
Son: Dad, did you get your coins off exchange?
#Bitcoin
Dad: Son, now I have two wallets and too many passphrases. What do you suggest?
Son: Hi Dad,
Get one more and go multisig.
#Bitcoin