Dad: Son, Mum and I are wondering how the kids are doing. The time goes by so fast ;-)
Son: Hi Dad,
The boys are stronger than yesterday.
They know more than yesterday.
They hold more sats than yesterday.
Dad: Like father, like son.
#Bitcoin
Son: Dad,
Bitcoin has died more often than Kenny from South Park.
Dad: Son, who is Kenny?
#Bitcoin
Dad: Son, why is relaying unconfirmed transactions from one Bitcoin node to others necessary?
Son: Hi Dad,
Nodes relay unconfirmed transactions they hear about to one another, and every node has its own, more or less synchronized, mempool.
If there was no mempool, there would be no way for miners to learn about unconfirmed transactions to include in blocks to begin with.
Dad: Why not send directly to the miners?
Son: It's important to think about each party's incentives and needs. Relaying transactions is not a waste, even if a node is not mining. Learning about unconfirmed transactions has value, for example while waiting for a payment.
#Bitcoin
Dad: Son, is it possible to send funds from a Bitcoin address to itself, I mean to the same address?
Son: Hi Dad,
Yes, "address reuse" is possible, but should be avoided as it unnecessarily reveals common authorship of transactions.
Repeat after me: "Address reuse is privacy abuse."
#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, this Bitcoin thing is just a passing fad. Back in my day, we trusted banks and cash! Cash was king.
Son: Hi Boomer Dad,
Times are changing. Bitcoin offers decentralized, permissionless and secure transactions that are final. It's the future!
Dad: I don't understand it, and I don't trust it.
Son: Don't be afraid, Dad.
You might be surprised by the benefits it brings.
#Bitcoin
Dad: Son, what do you mean by "stacking sats" exactly?
Son: Hi Dad,
To me, "stacking sats" is the act of converting an inferior asset into a superior one, namely bitcoin.
Because stacking sats is done often and mostly on a regular basis, this result is a fraction of a bitcoin, measured in "sats".
One bitcoin can be divided into 100,000,000 Satoshis, or "sats" for short.
Dad: Son, let us stack some sats together!
#Bitcoin
Dad: Son, wait until the people who just want to be left alone get involved.
Son: Hi Dad,
What do you mean?
#Bitcoin
Son: Dad, FUD (Fear, Uncertainty and Doubt) does not help on your Bitcoin HODL journey.
99.99 percent of the news is irrelevant and makes you feel bad at the end of the day.
Yet, you watch it anyway, Dad. Every single day.
Dad: Son, you are not going to sell your sats and watch the BTC price anyway. Every single hour, 100 times a day.
Son: Touché.
#Bitcoin
Dad: Son, imagine being hahahahahahahahaahahahahahahahahahahahahahahahahahahaahaha hahahahahahahahahahahahahahahahahaahaha haaaahahahahahahahahahahahahahahaha haha.
Son: Dad?
Dad: Hahahahahahahahahahahahahahahahahaahaha
Hahahahahahahahahahahahahahahahahaahaha
Son: Dad?!
Dad: Imagine being invested in treasury bonds!
Son: Hahahahahahaha.... I'm laughing my head off.
#Bitcoin
Son: Dad, I just bought bitcoin. AMA.
#Bitcoin
Dad: Son, do you have a list of decentralized altcoins to invest in?
Son: Hi Dad,
Sure, these are the top 3 decentralized shitcoins:
1. _______________________________
2. _______________________________
3. _______________________________
Dad: Son, okay, I got it... No altcoins.
Bitcoin has become so expensive.
Son: Dad, get some sats instead.
#Bitcoin
Dad: Son, if you are feeling down, text mum.
Son: Dad, yes, I would – and buy some bitcoin.
#Bitcoin
Dad: Son, why do you not use numbers based the word’s indexed number in the BIP39 list instead of the first 4 letters of the recovery word?
Son: Hi Dad,
That's a good question. Let's quote the BIP39 creators to answer it.
"A mnemonic code or sentence is superior for human interaction compared to the handling of raw binary or hexadecimal representations of a wallet seed. The sentence could be written on paper or spoken over the telephone"
I think it is wrong to use numbers when the creators intentionally designed the standard so that we use words.
Dad: Ok, makes sense. Thanks.
#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, buying things one cannot afford is the height of unreasonableness.
Son: Yes, Dad.
Fiat did this.
#Bitcoin
Dad: Son, queston arr you a bitcorn millionaire??
Son: Hi Dad,
Hell no, I wish.. BUT NO!! You're drunk Dad?
Dad: Nooo. Just havin a few drinks with olf friends
Doing some moooon math and fooling around..
Son: Take care of yourself and respect OPSEC rules!
Don't be a loudmouth and protect our privacy!
Enjoy the fact that you understood it early on.
Dad: You ar right, son. I am sooorry. :-(
#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, a man who does not take care of his family cannot be rich.
Take care of your family.
Son: Hi Dad,
I truly agree.
Generational wealth is my final goal.
Dad: Good, but do not ruin your health along the way.
#Bitcoin
Son: Dad, someone who loves Bitcoin podcasts is a sign of a cool person who hasn't let me down yet.
Dad: Son, why that conclusion?
Son: First, this person likes to learn and,
Second, this person loves Bitcoin.
That's why this person must be pretty cool. :-)
Dad: However, do you have a podcast recommendation?
#Bitcoin