Dr. Bitcoin, MD

I’m old enough in bitcoin years to remember people being mad at nostr:npub1lh273a4wpkup00stw8dzqjvvrqrfdrv2v3v4t8pynuezlfe5vjnsnaa9nk for spamming the chain with non-financial data inclusion…people were really against prayer, out of proportion to the minimal resource consumption of the way he embedded the data (compared to inscriptions hack, for example). I’m not so concerned about op_return when the real problem lies elsewhere. The real question is whether or not the real problem can be fixed and at what cost. This is a technical question that requires plebs to learn a great deal before forming opinions, something few are prone to do…but many form firm opinions without understanding based on their feelings of what bitcoin is or should be.

Imagine owning gold since 1980…you were right but 43 years too early. You saw your savings collapse to roughly ⅓ your initial investment before going up 5x …but that 5x took an investment about 1 investing lifetime ago…seriously, who lives long enough to invest more that 40 years? In short, you got more than completely _FUCKED_…you got roughly 3.8% return per year for 43 years. Way to go, jack ass. If you bought bitcoin in the last two years, you would be at 2x your initial investment. Thats about 40% per year for 2 years. You got 40% of the return for 1/21st the amount of time the 1980 investor did. That said, bitcoin crushed you over all but the most recent time periods. Gold has a very very important role, but it’s not what you think!

Bitcoin is on sale!

Here’s an idea: a 2 of 2 multisig that becomes a 1 of 1 multisig for just one key if and only if a pre image to a stored hash is presented. I figure this could be used to transfer ownership of sats in the case of a bitcoin collateralized loan…as taxes become due upon transfer of ownership, the main point is to never transfer ownership unless collateral must be sold…but to get best rate, lenders need guarantees they can take ownership of collateral. Lenders could trigger such collateral seizure by revealing the pre image and signing with their key…thereby proclaiming their actions not to be theft but rather that the collateral must be seized to cover loan…if lender is wrong, it’s stealing. If they aren’t wrong, it is a taxable event for borrower. Best of both worlds for borrower and lender.