Nostr Web Client

I prefer the word trade over buy.

The US will trade their goods and services for more Bitcoin. has a better ring to it. Cha ching

Hear me out, bitcoin tariffs.

Replying to

Norman

The US federal government not purchasing Bitcoin to fund the strategic reserve is the best possible scenario for bitcoins continued distribution globally.

It would be nice if they demanded payment in bitcoin for the coming tariffs

https://m.primal.net/PWZs.mov

Not exactly the Nixon/Trump shock I was hoping for, but whatever

https://m.primal.net/PWYV.mov

The Prime Minister of Bhutan is smart.

Replying to

FRANCIS - BULLBITCOIN.COM

Bull Bitcoin becomes the first mobile Bitcoin wallet that allows users to send and receive asynchronous Payjoin transactions without needing to run their own server, using BIP77!

I am very excited about this new and bleeding-edge feature, because it has been a long-standing ambition of Bull Bitcoin to become the first Bitcoin exchange to process Bitcoin withdrawals via Payjoin (Pay-to-Endpoint) transactions.

However, it was hard to justify Bull Bitcoin investing time into building this feature since there were no commercially available end-user Bitcoin wallets that were able to receive Payjoin payments.

Indeed, in order to receive Payjoin payments (BIP78), a Bitcoin wallet needed to be connected to a full node server and be online at the moment the payment is made. This means in practice that only merchants, professional service providers and advanced full node users had the capacity to receive Payjoin payments. This is, we believe, one of the major reasons why Payjoin had failed to gain significant traction among Bitcoin users.

For this reason, the Payjoin V2 protocol (BIP77) was conceived and developed by Dan Gould, as part of the Payjoin Dev Kit project, to outsource the receiver's requirement to run his own server to an untrusted third-party server called the Payjoin Directory. In order to prevent the server from spying on users, the information is encrypted and relayed to the Payjoin Directory via an Oblivious HTTP server.

Bull Bitcoin’s Payjoin ambitions had been put on hold since 2020, until there was more adoption of Payjoin receiving capabilities among end-user Bitcoin wallets…

But it turns out that in the meanwhile, Bull Bitcoin developed its own mobile Bitcoin wallet. And it also turns out that the open-source Bitcoin development firm Let There Be Lightning, which we had collaborated with in the past, had itself collaborated with Dan to build a software library for Payjoin that was compatible with and relatively straightforward to integrate into our own wallet software. All that was missing was to put the pieces together into a finished product.

Thanks to the collaborative open source effort of the Payjoin Dev Kit team, Let There Be Lightning team and the Bull Bitcoin team, the Bull Bitcoin wallet has now become the first commercially available end-user mobile wallet on the Google Play store to implement the BIP 77 Payjoin V2 protocol.

Moreover, the Bull Bitcoin wallet has also implemented asynchronous Payjoin payments, which means that a Payjoin transaction can be “paused” until the receiver or the sender come back online. This way, the receiver's mobile phone can be “turned off” when the sender makes the payment. As soon as the recipient’s phone is turned back on, the Payjoin session will resume and the recipient will receive the payment. This is a major breakthrough in the mobile Payjoin user experience.

We would like to thank the Human Rights Foundation for allocating a generous bounty for the development of a Serverless Payjoin protocol and its implementation in a mobile Bitcoin wallet, as well as OpenSats and Spiral for supporting the work of Payjoin Dev Kit, which made this all possible.

Why does this matter?

Payjoin, also known as Pay-to-endpoint, is a protocol which allows the Bitcoin wallet of a payments receiver and the Bitcoin wallet a payments sender to communicate with each other for the purpose of collaborating on creating a Bitcoin transaction.

I first heard about Payjoin (then called Pay-to-endpoint) in 2018 and it completely blew my mind. What I liked most about it was that it was not a protocol change to Bitcoin, but rather it was an application-layer protocol that allows wallets to communicate in order to create smarter and more efficient Bitcoin transactions.

Whereas in a normal Bitcoin payment the transaction is created by the sender, and all the inputs of that transaction belong to the sender, in a Payjoin payment both the sender and the receiver contribute coins as inputs.

In the Bitcoin whitepaper, Satoshi wrote:

"some linking is still unavoidable with multi-input transactions, which necessarily reveal that their inputs were owned by the same owner"

With Payjoin, this assumption is no longer true. With Payjoin, we have fixed one of Bitcoin’s most fundamental privacy problems... without changing the Bitcoin protocol!

In a Payjoin transaction, the output amounts visible on the blockchain does not necessarily reflect the value of the payment that was actually exchanged. In other words, you can’t easily tell how much money one wallet sent to the other. This is great for users that are concerned a malicious third party may be attempting to obtain sensitive information about their finances without their consent. This does not however pose an accounting problem for the Bitcoin wallets involved in that transaction: since both wallets are aware of which coins they used as inputs and outputs, they are independently able to calculate the "actual" value of the payment that was sent even if the payment on the blockchain appears to be a of a different amount.

Payjoin breaks the common input ownership heuristic, an assumption used by hackers and fraudsters to track ownership of addresses on the blockchain. The neat thing about this property of Payjoin is that it benefits everyone on the network, not just the Payjoin users themselves.

It allows the receiver of a payment to opportunistically consolidate his utxos when he is receiving funds, in a way which does not necessarily appear to be a consolidation transaction on the blockchain. Depending on the configuration of a payment transaction, it can also make a regular payment look like a consolidation.

In addition to these benefits, the introduction of collaborative peer-to-peer transaction protocols opens up exciting opportunities for the creation of Lightning Network channels, as well as efficiencies for transaction batching.

How to use Payjoin in the Bull Bitcoin wallet:

It’s so seamless, you may not even realize you are using it!

To receive via Payjoin, simply navigate to the “Receive tab” using the network “Bitcoin” and you will see a Payjoin invoice. When you want to get paid, send this invoice to the payer, or show them the QR code. If the sender’s wallet is compatible with Payjoin, it will be up to the sender to decide whether or not they want to use Payjoin.

To send via Payjoin, simply paste the receiver's Payjoin invoice, or scan the associated QR code, in the Bull Bitcoin wallet. If you decide that you don’t want to pay with Payjoin, simply turn off the Payjoin toggle.

Original post: https://www.bullbitcoin.com/blog/bull-bitcoin-wallet-payjoin

Download the wallet: https://play.google.com/store/apps/details?id=com.bullbitcoin.mobile&hl=en-IN

Good work Francis. The wallet is amazing

Everybody wan go Zapathon, nobody wan meet Zappa.

No one deserves the power to create money for free that another man has to work for.

Governments have abused this privilege to benefit the few at the expense of the masses.

Bitcoin fixes this.

It's time to separate

money and state.

This is the way.

The Opposite of Fu*k up the Money, Fu*k up the World is:

Fix the Money Fix the World.

https://www.youtube.com/watch?v=sIE84LWvqU8

All wars are bankers wars.

User

what is the difference between fiduciary and custodial

ChatGPT

Fiduciary and custodial are two different terms used in the context of financial management, particularly when it comes to managing assets on behalf of someone else. Here's an explanation of the key differences between the two:

Fiduciary:

Legal Responsibility: A fiduciary is a person or entity that has a legal obligation to act in the best interests of another party, known as the beneficiary or client. This duty is often referred to as a "fiduciary duty."

Decision-Making: Fiduciaries are typically responsible for making financial decisions on behalf of the beneficiary. These decisions should prioritize the beneficiary's best interests and not the fiduciary's personal gain.

Types of Fiduciaries: Examples of fiduciaries include financial advisors, investment managers, trustees, and executors of wills. These individuals or entities manage investments, estates, or assets on behalf of others and are held to high ethical and legal standards.

Custodial:

Safekeeping of Assets: A custodian is an entity, such as a bank or financial institution, responsible for the safekeeping and administration of assets, but they don't make investment decisions on behalf of the client.

Asset Protection: Custodians hold and safeguard assets, such as stocks, bonds, or cash, on behalf of clients, ensuring that the assets are protected and accounted for. They may also process transactions and settlements.

Limited Decision-Making: Custodians don't typically have discretion over how the assets are invested or managed. They follow the instructions of the client or their appointed fiduciary.

In summary, the main difference between fiduciary and custodial roles is that fiduciaries have the legal responsibility to act in the best interests of their clients and make investment decisions, while custodians are primarily responsible for the safekeeping and administration of assets, following the instructions of the client or fiduciary. Often, these roles can overlap, with a fiduciary hiring a custodian to handle the safekeeping and administrative aspects of managing a client's assets.

User

which one of these has more resposibility to the client and why

ChatGPT

In terms of responsibility to the client, a fiduciary typically has a higher level of responsibility compared to a custodian. This heightened responsibility is due to the fiduciary duty, which is a legal and ethical obligation to act in the best interests of the client. Here's why fiduciaries have more responsibility:

Fiduciary Duty: Fiduciaries are legally bound to put the client's best interests first. This duty is often described as the highest standard of care in the financial industry. Fiduciaries must make decisions that are solely for the benefit of the client, even if it means forgoing personal gain.

Decision-Making Authority: Fiduciaries are typically granted decision-making authority over the client's investments and financial matters. They are expected to make informed and prudent decisions that align with the client's financial goals and risk tolerance.

Ongoing Monitoring: Fiduciaries are responsible for continuously monitoring the client's financial situation and adjusting their strategies as necessary to adapt to changing circumstances.

Full Disclosure: Fiduciaries are also required to provide full transparency regarding fees, conflicts of interest, and any potential risks associated with their recommendations.

Custodians, on the other hand, are responsible for the safekeeping and administrative aspects of managing a client's assets but do not make investment decisions. Their responsibility is primarily focused on asset protection, record-keeping, and executing transactions based on the client's or fiduciary's instructions. While custodians play a crucial role in ensuring the security and accuracy of financial assets, their primary duty is not to make investment decisions or provide personalized financial advice.

Overall, the fiduciary's responsibility to the client is greater because they have a legal and ethical obligation to act in the client's best interests and make decisions that align with the client's financial goals. This heightened responsibility is intended to ensure that clients receive the highest standard of care and protection for their financial well-being.

User

so what you're saying is that people that use a fiduciary are more likely to be irresposible and think it's better for them to trust someone else with there financess rather take self custody of there own money.

ChatGPT

No, that's not what I'm saying. The choice between using a fiduciary or managing your finances independently is a personal decision that depends on various factors, including your level of financial expertise, time availability, and individual preferences. Here are a few points to consider:

Expertise: If you have a high level of expertise in financial matters, you may feel comfortable managing your own finances. On the other hand, if you lack financial knowledge, a fiduciary can provide valuable guidance.

Time and Interest: Some individuals have the time and interest to manage their own finances and investments. Others may prefer to delegate these responsibilities to a professional, freeing up their time for other pursuits.

Complexity: The complexity of your financial situation plays a role. Simple financial situations can often be managed independently, while more complex ones, involving investments, tax planning, and estate planning, may benefit from professional assistance.

Fiduciary Trust: Working with a fiduciary doesn't mean you're irresponsible. It's a way to ensure that the person or entity managing your finances has a legal obligation to act in your best interests. Many people choose fiduciaries to have peace of mind and professional guidance.

Diversification: A fiduciary can help you diversify your investments and make well-informed decisions, potentially reducing risks and enhancing returns.

It's essential to make the choice that aligns with your financial goals and your comfort level with managing your finances. Some people choose to handle their finances independently, while others prefer to work with a fiduciary or financial advisor to benefit from their expertise and to have someone they can trust to act in their best interests.

The key is to be informed, whether you choose self-custody or work with a financial professional, and to ensure that your financial decisions align with your objectives and risk tolerance. There's no one-size-fits-all answer, as it varies from person to person.

User

By putting someone else in charge of my money wheather it is Fiduciary or Custodial am I not risking losing my money by putting trust in someone else.

ChatGPT

When you entrust someone else, whether it's a fiduciary or custodian, with the management of your money or assets, there are inherent risks involved. However, these risks can be managed and minimized through careful selection, due diligence, and ongoing oversight. Here are some key considerations:

Risk of Mismanagement: There is a risk that the person or entity managing your finances may make decisions that result in financial losses. To mitigate this risk, it's crucial to choose a reputable and competent professional or institution with a track record of sound financial management.

Conflict of Interest: Conflicts of interest can arise, especially if the advisor or custodian benefits from certain financial products or services. Fiduciaries are legally obligated to put your interests first, but it's essential to be aware of any potential conflicts and address them.

Fraud and Misconduct: In rare cases, individuals or entities entrusted with your money can engage in fraudulent activities. It's important to perform background checks and verify the credentials and reputation of your financial professionals or institutions.

Diversification: Regardless of whether you manage your finances independently or use a professional, it's important to diversify your investments to spread risk. Diversification helps reduce the impact of a poor decision by a single manager.

Ongoing Monitoring: Regularly monitor your investments or assets and stay informed about the decisions made on your behalf. Maintain open communication with your fiduciary or custodian and ensure you understand the strategies being employed.

Legal Protections: Make sure your money is protected by appropriate legal and regulatory safeguards. For example, custodians should have insurance in place to protect your assets.

Insurance and Contracts: Consider using insurance products or contracts that protect your investments or assets in case of unexpected events.

It's important to strike a balance between trust and prudence. While there are risks associated with entrusting your finances to someone else, working with a reputable fiduciary or custodian can provide expertise, professional guidance, and peace of mind. It's essential to do your due diligence, maintain open communication, and be actively involved in overseeing your financial affairs, regardless of whether you choose to manage them yourself or with professional assistance.

https://youtu.be/1ee-cHbCI0s

XRP is the Feds Ecoin

Replying to

ODELL

Elon's pitch to the feds.

https://video.twimg.com/ext_tw_video/1676803309296861185/pu/vid/1280x720/dBRRlF2BrsIo627A.mp4?tag=12

nostr:note1jjveh5dzaxz00zgqdata3qhadwue8eprsu0g3glrkak6tg3c5vnq7gc09r Eloncoin

Bitcoin. That's it.

Hey Nostr

Here's a friendly reminder to live life to the fullest, to persist in the pursuit of dreams, and to maintain hope even in the darkest of times.