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SovereignLife
e8541da6f0332957cb2a09bf01da12ae3e71cdb2b8c0fb9d766e3314972db059
Into Bitcoin since July 2011. Into Nostr since February 2023. Influenced by the works of Ayn Rand, Murray Rothbard, Ludwig von Mises, Andrew Galambos - and thought-provoking books including: The Sovereign Individual, How I Found Freedom in an Unfree World, The Path of Least Resistance, PT - The Perpetual Traveler. Professional drummer in my earlier life, digital nomad in my later life, and jazz lover most my life. We won't achieve meaningful freedom until four key "separations from the state" are done and dusted: Separation of church and state (mostly done), separation of money and state (in progress), separation of communication networks and state (early encouraging signs), separation of education and state (a long way to go).

Yes, that was funny. I actually intended to post your handle into the search field so I could find your profile but put it in the post field by mistake. 😎

Now I can't "unsee" it!

I wonder whether Elon Musk has taken a look at Nostr, seen all the zapping taking place, and thought to himself - "Would this work on Twitter?"

I got into Bitcoin in 2011. Why? Because since the 70s I had understood that debt-based money was the cause of most trouble in the world and the ultimate driver of servitude.

A couple of decades later, and many books read, I was intellectually and philosophically primed for Bitcoin when it arrived. I actually first heard of it in 2010, but was unable to mine it (wrong computer) so had to wait until the first exchanges appeared.

Fact is, at the time I had no idea whether Bitcoin would or could succeed or not, I just wanted to be part of it because it was a beacon of freedom. Since then, seeing its monetary value rise is proof it is succeeding in its mission.

So I'm definitely in it for the freedom, and it's monetary value is a metric to measure its progress towards its ultimate goal.

In the greater scheme of things Bitcoin's monetary value is important for freedom. Why? Because its rising value is a representation of its rising significance and acceptance - both of which are necessary for Bitcoin to succeed in bringing more freedom to the world.

And the Lightning network is the key - the ability to send microtransactions for 'next to nothing' fees. Imagine how main-chain bitcoin would work with Nostr. It could, but not in the way zappers would prefer, or be able to afford.

Replying to Avatar calle

Ecash for Bitcoin shouldn't be compared to altcoins, the comparison is not productive in my view. On an abstract level, ecash is a method to replace old, transparent ledger-based systems in custodial scenarios with a blinded signature scheme. Sure it hurts shitcoins because every Bitcoin innovation hurts shitcoins but it's not a replacement for them.

Think of these use cases where you'd probably prefer ecash:

- You top up your balance for your VPN provider with Bitcoin and pay per MB used.

- You pay per minute that you watch on Netflix.

- You have a phone plan subscription.

- You have a balance on an exchange.

- You earn mining rewards in a pool.

- You want to pay a nostr relay for each message you send.

- Voting up posts on stacker news without them knowing what you do.

- You want to sell general access to API endpoints without identifying your users.

- You have a custodial wallet like Wallet of Satoshi.

Let's be real for a second: Not even Lightning itself (which I'm extremely fond of), let alone blockchain based tokens, are ideal for some of these cases because it is not 100% reliable, fees are too high for micro transactions, running a node sucks for UX, and it's not private enough.

So here is my take: In cases where a shitcoin was used *only because* it offers better privacy than Bitcoin, ecash could maybe replace it in some places, sure. In trustless cases, it won't. There are just too many different dimensions for a productive comparison because ecash and blockchain-based cryptos are just too different. It's better to think of it as a complementary tool in our toolchain, or one additional way of expressing Bitcoin usage in the real world.

Whatever it is, I'm certain of one thing: You won't find as many motivated people in shitcoin land as in Bitcoin who are eager to build ecosystems around it so we can upgrade the entire financial stack of the world.

I played around with Cashu and Nutstash for a couple of hours yesterday, moving eCash between the two different accounts, funding and withdrawing via Lightning etc. It was fun and fascinating. Still thinking about how I could use this personally, but I'm always in awe of what people come up with in this "permissionless innovation" space.

Just to update. I have just watched BTC Sessions video tutorial on eCash and have successfully done test transactions. The steps he outlines are different than the ones I took previously - and it works!

If interested, I can recommend the video:

https://youtu.be/riTRD0BdMDI

To avoid car accidents, treat every other driver as an idiot who's about to do something stupid at any time.

Yup, sure does. I read that when it was first published - 1996 from memory. Made a big impression.