Son: Dad, two years from now you're going to regret that you didn't stack today.
#Bitcoin
Dad: Son, what happens if I lose access to my Bitcoin?
Can anybody help me to recover the coins?
Son: Hi Dad,
No one can help. If you lose your 12/24 recovery seed words and/or your passphrase, your funds are inaccessible and considered lost forever.
That would be bad for you and for your bitcoin, but would make everybody else's a bit more valuable.
Dad: Why does it make other coins more valuable?
Son: Bitcoin is already super scarce and would become even more scarce. 4M coins are already lost forever. Satoshi once said: "Think of it as a donation to everyone."
#Bitcoin
Dad: Son, why not keep my Bitcoin on an exchange? They are like banks, and you can use two-factor auth.
Son: Hi Dad,
Exchanges are on-ramps and off-ramps. They are not destinations. Use them as they have been designed, as routes to self-custody and not as banks.
Dad: Even though every withdraw costs a hefty fee?
Son: Yes. Freedom and sovereignty has its price. I don't want anything or anyone to come between me and my bitcoin. For me, there is no such thing as "too complicated", "too cumbersome" or "too expensive" when it comes to self-custody.
#Bitcoin
Dad: Son, criminals use Bitcoin for various purposes like laundering dirty money, scamming victims, monetizing ransomware, or buying illicit goods.
Son: Hi Dad,
Yes, of course they do.
Bitcoin is the best and hardest money ever.
However, the percentage of bitcoins used for crime is small compared to US dollars.
Dad: Hmm... Your counterargument makes these "facts" seem like an attack on Bitcoin.
Son: Bitcoin is black market money. Few.
#Bitcoin
Dad: Son, what is the difference between altcoins and Bitcoin?
Son: Hi Dad,
Bitcoin would be here without shitcoins. in contrast, shitcoins wouldn't be here without Bitcoin.
Dad: And further, maybe more technical or long-term?
Son: Bitcoin is relevant, the rest isn't.
Dad: Son, so you do not see any investment opportunities in altcoins?
Son: No, not at all. Dad, don't waste your money and time on irrelevant thing. There is just Bitcoin.
#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: 56bbd862e7e4bfe4da5a10d0e80e1da13dd3a2ed15eee8b9a0a322b8a4ca3e3d
Dad: Son, what is this again?
Son: Dad, this is just a random, 256-bit hexadecimal number. A bitcoin private key.
A private key is used to spend bitcoin and as the source of its public key. The public key is required to receive bitcoin.
Dad: Are public keys the same thing as addresses?
Son: No. Bitcoin addresses are derived from a public key using a one-way function. Or in other words:
A bitcoin address is a hashed version of a public key. It’s shorter than the original public key.
#Bitcoin
Dad: Son, why did Satoshi Nakamoto choose a decentralized system, and why did he always choose to remain anonymous?
Son: Hi Dad,
"Governments are good at cutting off the heads of a centrally controlled networks like Napster, but pure P2P networks like Gnutella and Tor seem to be holding their own." ––Satoshi Nakamoto
Dad: Oh! Okay, that makes perfect sense.
Son: "Satoshi's genius was the removal of all heads, including his own." ––dergigi
Dad: I really like those quotes.
#Bitcoin
Dad: Son, too bad I am late for Bitcoin.
Son: Hi Dad,
You're not late.
Whenever you find yourself thinking you're late to a new technological trend, remember that Walt Disney thought he was late to animation in 1923.
#Bitcoin
Son: Dad, one day, my kids will say: "I'm old enough to remember when you could buy bitcoin with fiat currency."
Dad: Son, should it not read "I'm old enough to remember when you could stack sats with fiat currency."?
Son: Yeah. Anyway. I'm still surprised by that.
#Bitcoin
Dad: Son, when the music stops, better have a seat.
Son: Hi Dad,
When the music stops, better be sitting on bitcoin.
#Bitcoin
Son: Dad, two things:
1. Nobody has enough bitcoin.
2. Nobody understands Bitcoin completely.
Dad: True things.
#Bitcoin
Dad: Son, now that the cost of goods across all domains are increasing rapidly, I am curious if inflation ends in hyperinflation and what effect this will have on Bitcoin adoption and its price.
Son: Hi Dad,
Hyperinflation makes all sorts of goods and services essentially unaffordable for the majority of people, but I'm not speaking about bitcoin. ;) Hyperinflation will lead to Hyperbitcoinization. This is why:
Because bitcoin is the hardest money in the world, people will upgrade their "store of value" and just use bitcoin.For me, Hyperbitcoinization is here when prices are expressed in bitcoin, uhm, when prices are expressed in sats.
Dad: Son, in such a scenario, it would be impossible to measure bitcoin's value in dollars anyway.
#Bitcoin
#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, how many coins copied Bitcoin?
Son: Hi Dad,
Way too much!! Most of those coins are exact copies of Bitcoin's source code.
Bcash, for example, is a fork of Bitcoin with a few things taken out.
Litecoin is also a fork of Bitcoin with the block time and mining algorithm changed.
Dad: What are the most interesting coins to invest?
Son: None of them are interesting in any way. I'm interested exclusively in bitcoin, everything else is a shitcoin. Do not fall for it, Dad.
#Bitcoin
Dad: Son, owning a fraction of a Bitcoin is life-changing.
Son: Hi Dad,
I am not sure if your 200 bucks worth of bitcoin will be life-changing one day. ;-) But yes.
Dad: It is life-changing. I am reading more today and question the mainstream media more than ever.
Son: I truly agree, Dad. Many more things will change when you fall deeper down the rabbit hole.
Dad: Son, what changed for you?
Son: Everything – from steak to stacking SATs.
#Bitcoin
Son: Dad, get your OPSEC in order.
Dad: Son, Operations Security is for military.
Son: OPSEC is military jargon, but the concept is not limited to the Army, Navy, Space Force, Air Force, Marine Corps, or Coast Guard.
Any bitcoiner can use the principles of OPSEC to protect its interests.
#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 an excellent teacher.
Dad: Very few students.
#Bitcoin