Son: Dad, when it comes to internet money, you should never use, generate or input private keys online.
Dad: Son, you have already mentioned that.
#Bitcoin
Dad: Son, I am looking for a Bitcoin documentary. Do you have any recommendations?
Son: Hi Dad,
Sure. I would watch these in the given order:
1. Banking On Bitcoin
2. Bitcoin — Shape The Future
3. The Rise And Rise Of Bitcoin
4. Bitcoin: The End of Money as We Know It
5. Bitcoin: Beyond the Bubble
Dad: Got my popcorn ready for documentary night! Thanks for your recommendations, son.
#Bitcoin
Dad: Son, inflation is coming. Brace yourself.
Son: Hi Dad,
Buy bitcoin, or your savings will be gone soon.
#Bitcoin
Dad: Son, what does SHA256 hashing do?
Son: Hi Dad,
Let's assume a want to hash this message. The hash would be 64 characters long, always, no matter how long the message is.
The hash is always the same if I hash the same message, and there is no way to get back to the original message based on the hash.
Dad: So, hashing is a one-way transformation of information and the information is not the information itself. The information for me and others is that the given information is "true".
Son: Yes, Dad, you can understand it that way.
#Bitcoin
Son: Dad, these are the top 5 things I learned about money while in school.
1. _________________________________
2. _________________________________
3. _________________________________
4. _________________________________
5. _________________________________
Dad: Son, it is a shame...
I am certain that the "health" list will not look any better.
#Bitcoin
Son: Dad, you can spend a fraction of a bitcoin.
Dad: Son, no, thank you. That is out of question.
Son: The question is: What is your unit of account.
#Bitcoin
Son: Dad, there is no such thing as overproduction in Bitcoin. Bitcoin always paces itself.
Everything works as designed and everything is in perfect order every 10 minutes on average.
Dad: Son, it seems to me that Bitcoin runs as accurately and precisely as a Swiss watch.
Son: Bitcoin is indeed a great timekeeper.
#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
Dad: Son, dollar gains from stocks, bonds and ETFs have distracted me from how powerful Bitcoin is.
Then I was distracted about the increasing dollar value of my sats.
It took me a while...
Son: Hi Dad,
This happens to most people.
As long as you don't fall into the shitcoin trap, you're already one step ahead of many.
#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,
Passphrases are easy to use.
Dad: Son, that is why everybody should use it. Right?
Son: Passphrases are easy to lose.
Dad: Uhm, that is bad. What do you suggest?
Son: That's why everybody should use a Cryptosteel.
Dad: It is not easy to do everything right.
Son: Get a "Capsule Duo". Use one for the recovery seed words and one for the passphrase. Store both Capsules on different locations. That's it.
#Bitcoin
Dad: Son, when will today's buyers sell?
Son: Hi Dad,
Most coins bought today will never be sold again.
Dad: Who buys these Bitcoins? Companies?
Son: Today's buyers are individuals and professionals with long-term vision and staying power.
These bitcoins disappear into deep cold storage.
Dad: Son, what are your plans?
Son: Always buy, never sell. It would be so simple, Dad.
#Bitcoin
Dad: Son, I just found free Satoshis in my wallet!
Son: Hi Dad,
There are no free sats. This is called a "dust attack".
Dad: Is this dust dangerous? What should I do now?
Son: If you spend the dust-tainted coin you will break the privacy of your transactions and the attacker probably will de-anonymize your identity.
Dad: Oh, my goodness! Son, what should I do now??
Son: Use "coin-control" in your wallet to freeze the coin. Never spend the dust. Problem solved.
#Bitcoin
Dad: Son, what are you going to do when Bitcoin wins?
Son: Hi Dad,
Bitcoin has already won.
Many just don't know it yet.
#Bitcoin
Dad: Son, I just bought a bitcoin.
Son: Ahh..
the beginning of a deep friendship!
#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
Son: Hi Dad,
"Not stacked sats are not realized wishes."
People don't quite understand how immoral that is if they already heard of Bitcoin.
Dad: Son, something like the lack of self-care?
Son: Yes, you can look at it that way too.
Or in other words: If you don't stack these Satoshis, you're stealing from your future.
#Bitcoin
Son: Dad, did you know that Bitcoin transactions are recorded in blocks on a chain called the blockchain?
Dad: Son, I have heard the term "blockchain" before.
How does it prevent double-spending?
Son: Each bitcoin can only exist in one block at a time, so it can't be in two separate blocks simultaneously. What we call "bitcoin" or "coin" refers to an unspent transaction output, alternatively identified as "UTXO".
Dad: Ah, got it. That ensures the integrity of the transactions then.
Son: Exactly, Dad! It's one of the reasons why Bitcoin is considered secure and trustworthy.
#Bitcoin
Dad: Son, what do you actually do all day besides your family, your work and Bitcoin?
Son: Hi Dad,
I'm a sats collector, a volunteer UTXO curator and a lifelong learner.
Oh, and did I mention I'm on Twitter a lot? ;)
#Bitcoin
Son: Dad, Bitcoin is hope.
Dad: Seems so, son.
#Bitcoin