kcbitcoin

The idea of Nostr is the best among all social apps. I own my account and profile, and bring it anywhere I want. I can use it to unlock apps, not vice versa

nostr:nprofile1qqstnem9g6aqv3tw6vqaneftcj06frns56lj9q470gdww228vysz8hqpp4mhxue69uhkummn9ekx7mqprpmhxue69uhhyetvv9ujumt0d4hhxarj9ecxjmntycksq8 great episode on the op_return war back in 2014. Good to know and hear the history and refresh my memory and thoughts. Though I disagree the conclusion and leans on Core right now, I appreciate Guy’s digging into the history and bring up an intellectual discussion https://fountain.fm/episode/EmNtdDbOkzkFy0G2aZe8

Every time I re-read nostr:nprofile1qqsxu35yyt0mwjjh8pcz4zprhxegz69t4wr9t74vk6zne58wzh0waycpg3mhxw309aukcursw35nwercdd3hzatxv56xkvnhx3cxxvnkxvmhwanr0pehvefhdfhkc7nwd9chzcmy095hvutsw9kx2vmvd9jzummwd9hkutcpzamhxue69uhkzarvv9ejumn0wd68ytnvv9hxgtcwszrsq “Bitcoin is Time”, I understand more about Bitcoin and admire its beauty more. This time, after listening to the 7-hour plus podcast by nostr:nprofile1qqs9qp2dql3vmuetzq6hw77eeaeej2j2ughers22wch0m2jm7c05w4gpr4mhxue69uhkummnw3ez6ur4vgh8wetvd3hhyer9wghxuet5qyg8wumn8ghj7mn0wd68ytnvv9hxgudhm38 on Kaspa interview relating to proof of work, the beauty of proof of work is simply astonishing. PoW is superior to PoS because: 1. No matter how powerful anyone is, everything is reset after each round of game in PoW. Powerful players still have edge in each round, but it is not on an accumulated basis over time. In PoS, power accumulates over time, same as what tradfi is doing right. Capital begets more capital. What kind of new system do we get in PoS? 2. Time is the most precious thing we have as human. If you want something valuable, use your most precious asset (i.e. time) to exchange. Can’t be more fair to anyone, and this is what ensures bitcoin’s moneyness. Bitcoin is locked in time.

I was attracted to bitcoin because of its cypherpunk ideals, censorship resistance, , decentralised, immutability , non-custodial, permissionless, peer-to-peer without any intermediary. However, with more tradfi and mass adoption, it seems that these ideals are secondary to its moneyness or as a means of store of value. It is indisputable that higher price, acceptance of tradfi institutions and normal people in the street is a vindication of Bitcoin and what most (if not all) people in Nostr has believed and fought for. Unfortunately, Bitcoin has not forced tradfi/ normies to adopt any of the ideals. Exactly the opposite, tradfi is more successful in injecting their values into Bitcoin, with the rise of ETF and DAT (custody with intermediaries), and adoption of the KYC (permissioned and can be censored). It seems we get the result right, but the path wrong. On a more optimistic tone, we are still early. Numbers going up, breaking into mainstream are only the 1st steps. Once people know about the utility and moneyness of the Bitcoin, they will naturally go deeper and understand the ideals. Similar to mining, incentives are necessary to solve the cold-start problem. Higher price is incentive for people to go deeper into the rabbit hole. Let me review this in 5 years time and see what happens by then. In Bitcoin (and its values) we trust!