https://video.nostr.build/382a70a4d14f40539d1a29e58043143cf767d50994f1bf9b9a619e29347716df.mp4#m=video%2Fmp4&dim=960x544&blurhash=iBDS%5D-to0K%25L-%3Dx%5DM%7Bxq-%3A%25%25%25gt6xuxuxvWBV%5Bt703of-%3BWXR%25ahofRkM%7BImWCRjM_RkjZR%25W9WB%250RkITRPjvM%7BRioIs%3A&x=691faf81926967de4a2bb00cbc48daf82ee84667741ab6d142948eb92c9e3e86

Pure joy all the way through with nostr:npub14f26g7dddy6dpltc70da3pg4e5w2p4apzzqjuugnsr2ema6e3y6s2xv7lu crew after a perfect Bitcoin Freedom Festival! nostr:npub1ynwvvmrjver3rn2j5663k0ge8022kuq9d5a3gq9ze3554z09tacshe797m nostr:npub18ams6ewn5aj2n3wt2qawzglx9mr4nzksxhvrdc4gzrecw7n5tvjqctp424 nostr:npub177sswc2cwq3wswajldvsfqude82du7l8a3wu8stfnfxxj8sv93wstuqyve

The last time nostr:npub1jrcfyw8n298jf83txvlxzx0w7jtfwqs0j4ha0dnn9ns33hgm209sqejdcc took pics of me at a conference you all had fun turning them into memes. Here's your next opportunity.

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Appreciate it bro! It sure is! Love blending in tracks from vinyl in my sets https://video.nostr.build/320e1d5c10f9eba1a0a4763151e31195c11c2a06d8cda14301b66a8bb90063b1.mp4

https://bitcointalk.org/index.php?topic=2500.msg34211#msg34211

So any statement about "Not your keys not your coins" has to be paired with an alternative solution, or a spectrum of alternatives. What if someone can't fit into the one of the only tens of millions of on-chain transactions per month? What if $35 fees is high for the $200 in bitcoin they want to save?

Is holding your bitcoin on an 11-of-15 multisig (Liquid) okay, in exchange for lower fees, faster block times, better privacy, and some additional features? Depending on the amount, I would say yes. It has trade-offs, though, which have to be made clear.

What about a Chaumian mint? What if an app lets a community in South Africa set up a 5-of-9 multisig run by well-known people in the community who would face consequences if they break trust? And the same app can let a smaller community in Guatemala set up a 4-of-7 multisig? And a bigger multi-country 6-of-11 multisig can be set up as well? It's private, interacts with Lightning as seamlessly as Wallet of Satoshi, and can make in-person payments even when the internet is out briefly. Plus, it can be customized via open source add-on modules by the community running the specific mint so that it can also store private data for users, monitor reserves, monitor health of the multisig keys, run applications like Chat GPT payable in bitcoin per usage, run private DMs and group chats, run apps that show you local merchants that accept bitcoin, etc. And what if a user could, within the same app, seamlessly spread their funds out among a handful of different mints that they know pretty well to avoid having all of their eggs in one basket, and then pull into self-custody when above a certain amount?

Maybe there will be more softforks in the future. More flexible scripting to allow more share-ability of UTXOs, for example. But those require consensus, and they tend to come with some trade-offs or code risks, and so they take time.

Bitcoin is an engineering marvel. But it's not magic. It has limitations, and it has a spectrum of solutions for those limitations at any given time. The best solutions solve multiple problems at once: they add scalability, they add speed, they reduce fees, they add privacy, and they add flexibility/programmability all at once, while still being more distributed than trusting some centralized KYC entity.

Bitcoin is peer-to-peer open source money. But it's not infinitely scalable on the base chain. If it were greatly scaled up on the base chain to fit everyone, then only institutions would be able to run nodes and it would be greatly centralized and thus useless. So the solution, known from the start of the Bitcoin Talk forums, is to build additional peer-to-peer open source layers on top of it, allowing for a range of transaction sizes, a range of speeds, a range of privacy, and a range of programmability, all to serve different users' needs, and without compromising the decentralization and security of the base chain. That's the type of statement that needs to be provided along with "not your keys not your coins" for the full context to make sense.