mykopikid

Here are a few scenarios and assumptions. 1. Eight billion people (and growing) having self-custody and transacting on the Bitcoin Main Chain. Not possible without major changes on the bitcoin rules and consensus. And making the change to accommodate the objectives is very likely to introduce network breaking bugs and exploits. No one can be certain how things can go wrong. And more realistically, we most likely will never get majority consensus to make such changes. 2. Most people WILL NOT want to self-custody. If most people WILL NOT want to self-custody, taking the endeavour to change bitcoin consensus and protocols infrastructures and risking network breaking event is totally unjustify. Can bitcoin still work without everyone taking self-custody and transacting on the main chain? I would argue, yes. Current adoption rate is low. No one have problems making on-chain txs and Lightning Network is NOT remotely near to congestions. Thereby, the problem is obviously not now. What if adoption is high? We posit a scenario where majority of the world is on the bitcoin standard or moving towards the bitcoin standard. There will be thousands if not hundreds of thousands of bitcoin banks running their own Lightning Node, something like Wallet of Satoshi. Where there are many of these LN banks, they cannot really put a wall around it. LN can inter-operate. No one will use one that they cannot go in and out as they wish. Is it possible someone doing fractional reserve? Yes, but they can easily be found out and go out of business. Unlike traditional banks, an LN bank like WOS must have unrestricted in/out with every LN banks, else they will not survive. Countries will be running their own LN network. Private corporation will be running their own network and individuals will be running their own network, all inter-operable. Liquid Bitcoin while have element of trust will still be there. There will always be element of trust but because Layer 2 is running on Bitcoin Layer 1, users can easily choose who to trust. Unlike now, if you are in any country, you have no choice but to trust the local nation state govt and their currencies. Because we have no choice and cannot opt out easily, that's where abuse, corruption and debasement cannot be mitigated. Lot's of privacy tech is avail with different trust model. Ecash on Lightning can work in local communities and even global communities with very high privacy. Imagine, in 20 years time, I cannot or will not self-custody, and I have 100,000,000 sats. I can literally spread them out to 1000 different entities of LN banks, Liquid and ecash banks, all inter-operable and all can easily move around fast and cheap. My wallet automatically manages the funds in the 1000 entities according to my preset percentages, risk of being rug-pulled or frozen by any entities are very low. That's because the 1000s of entities need to compete with each other. The moment any one entity attempt to cheat and being found out, they will go out of business. The above possibilities are based on the assumption that functioning governments of any kind are in operation. If not, it doesn't matter the protocol changes, you may not have internet access. If functioning governments are competing with each other, and many of them holds bitcoin and therefore incentivised not to destroyed their own value, I think even the current structure of bitcoin layer 2 of Lightning, Liquid and Ecash can go very far. We have not even consider more Layer 2 infrastructure that will be designed. All these without messing with the Bitcoin Main Chain.

Yes, bitcoin is almost "perfect" money... Not 💯% perfect but compared to everything thing available, it is perfect. It's perfect as a store of value as well as for medium of exchange. It is not used as a medium of exchange, for now. That's because almost no one has an "moe" problem. We have a store of value problem.

Good thoughts from Javier Milei who got it from Milton Friedman: The 4 ways people spends money: 1. You spend your money on yourself. You know what you want and you do it carefully. 2. You spend your money on others, a gift. You spend it to look good with as little as possible. 3. You spend others money on yourself. You spend carelessly and wastefully on whatever you like. 4. You spend others money on other people. The worst. You don't care and will never be efficient.

AI is getting smarter. Smarter in the sense they can call upon tonnes of data and collate them based on the experience of millions of people and their thoughts. AI does not have wisdom and their smartness is an appearance of intelligence. But many people are getting dumber by assigning their critical thinking and evaluation to AI. Imagine these people asking AI who won a debate of 2 parties... Vance or Walts? Rafizi Ramli vs Lim Sian See? People have lost their collective minds. The reason for important issues be debated is so that you... yes you, can use your own mind to evaluate the position, rationale and coherence of arguments of both parties.

A new milestone from our small community of Bitcoiner Malaysia. Had a great meetup with Saifedean and Stephan to grace our event. Lots of fresh new insight into the world of bitcoin and what the future holds. All the signal, no noise and no shitcoining.

Looking back 15 years ago to ponder the future.

One of the bad normalization as a civilization happening to us is allowing groups of people to redefine long standing meaning of words. Eg: Marriage is a committed union between a man and woman. Thereby there is no such thing as same sex marriage unless we allow people to redefine words. (this is not a commentary about how people chose to love anyone they wished or draw up contracts to govern their lives). I would implore everyone NOT to call people subscribing to regressive value as Progressives. Let's call people who are regressive as Regressives. We can debate if a particular view is indeed regressive or not. But please, stop calling regressive behavior as progressives.

Free range eggs, 2 ways.. add cottage cheese, butter and salt.. https://video.nostr.build/fafad4f17a2a68cc6ed5f477e24addc5f886419f7605c4cbe11b3cdfa5e0a51d.mp4

Anyone here knows how to use Payment code in Blue Wallet? Cannot get it to work even fron Blue wallet to blue wallet. Unable to add the payment code to the contact list on 2 different phones.

The beauty of art and science in coffee. https://video.nostr.build/b8ffd3b37eb860204e405cfbf80bffec668cc7edeb8c2f49ba6a2f91ac147b35.mp4

In the most basic level, you can view bitcoin as merely a system where one can update a set of information constrained to 2.1 quardrillion units in a way that the updates are true, certain and immutable. Incredibly, such a system requirements, all the most advanced nations and big tech corporations are unable to execute. That's the power of bitcoin. #bitcoin

I'm beginning to think I will be a Triple Issues voter. I will NOT vote for any party that proposed the following: 1. attempt to ban bitcoin economy 2. attempt to implement CBDC 3. attempt to ban, censor or control speech and social media.

what is intrinsic value? Does bitcoin has any Intrinsic value. https://youtu.be/pRh57Ot62FQ?si=IxOlwrBNoUJncmJS

Other than the Islamic worldview and the Jewish worldview in a narrow manner, I don't know of any worldview or society that consider Riba or Usury or Interest on money lending/borrowing a sin. But almost everyone agree that secretly stealing other people's value and money via money printing is evil. Note that even in a world where money printing is impossible, interest on loans can still be applied.

Drink Coffe,e Learn Bitcoin https://m.primal.net/JirH.mp4

Is bitcoin the Peer-to-peer electronic cash system it was designed to be? Some thinks that it must be able to facilitate buying coffee in order to be cash system. Wrong. Even if you make the block size 100GB, you cannot use it to pay for coffee if the wait time is 10 min. The block size have nothing to do with making immediate payment with full settlement. Peer-to-peer electronic cash... its important to understand the meaning of the word "cash". Cash does not mean fast and immediate (even though it can be in different circumstances). It meant once it change hands, the custody is on the other side, thereby traditionally it is physical cash. Why it does not necessarily meant it will be fast and cheap? If you have $10 or $10mil in cash, if you want to buy anything that is not within hand-reached, it will be slow and costly. If you want to send physical cash of $10 or $10mil to someone 100km away, it will be expensive and slow. So, bitcoin with it's 10 min confirmation and if you wanna wait even 6 confirmation, an hour for final, permissionless settlement, where custody is transferred to the receipient in finality, bitcoin is peer-to-peer electronic cash system.