Every time a currency has collapsed in the past there has been an alternative ready and waiting for people to adopt it. When people think the USD is going to collapse like Zimbabwe, it’s important to ask the question: and switch to what? Gold fails ever time it’s tried and Bitcoin’s price isn’t anywhere near high enough…so I posit this: USD can’t collapse until Bitcoin price is high enough that blocks could contain enough value transacted to substitute for however interbank settlement happens today. Rest easy doomers. We’ve got time.

I think I’m gonna have to write my own Bitcoin wallet software because no wallet out there lets me do what I want with time locks…bitcoin has complicated absolute and relative time locks available for both transactions themselves and as conditions on spending outputs. I want a wallet that lets me make a signed multisig transaction that becomes valid in 2 years. And another at 3 years. And another at 4 years. And I want my UTXO’s spendable by a recovery key (or lower threshold multisig) in 5 years. This way I can delete the seed used to make my set of “will someday become valid transactions” and can keep the recovery seed physically safe but of zero value to steal. This also wipes out business models where middlemen profit off of helping you safeguard your money. Maybe I’ll quit my job to write this software. Probably not now but maybe in 5 years.

If you want something to stop, you tax it. Maybe to stop inflation banks should be taxed for creating dollars?

Unpopular opinion: if not this cycle, then next cycle, Bitcoin’s expected crash will cause so much “financial turmoil” the then in power democrats will try to abolish or confiscate Bitcoin from Americans. At which time I will quit America.

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Bitcoin Well (@bitcoinwell) on X

Well, how about that. We were just putting the final touches on this. Guess we're all seeing the same things.

Love the AI videos

Hypothesis: taxation determines rate of return…but not in the sense you may think. Maybe , just maybe, they want interest rate on bonds to be high because interest is taxed at a higher grate than long term capital gains…capital gains are taxed at 20-28% for the money that matters (lower AGIs pay 10-20% for cap gains), but interest and dividends are taxed at 37% for high income earners (0-37% for lower income earners). Maybe they want to have high interest rates to boost taxation…until unrealized capital gains taxes become a thing, this is the only way to steal money other than inflation: propping up yield.

Unpopular opinion: recent bitcoin transaction spam that stuffs data in non-provably unspendable outputs will require bitcoin software to partition UTXO set in to probably spendable stuff stored in memory and probably not spendable stored on disk. In short, bitcoin can’t keep using RAM as a disk cache for entire UTXO set and eventually code will be forced to reflect real world constraints.

I’m not sure one can really truly believe the moon landing didn’t happen. Or did happen. Why? Because nobody has a means to express their belief. There is no consequence to choosing to believe or not, so what can prove one’s belief? Nothing… If you say the moon landing didn’t happen, and I say I don’t believe you, how could you prove me wrong?

If “normal” atmospheric carbon dioxide levels are roughly 200 ppm, and current levels are 417 ppm, what do you think the optimal CO2 level would be for growing plants?

Before we stop putting plant food into the air, shouldn’t we ask the plants about their feelings on the subject?

Fantastic podcast View quoted note →