Dad: Son, why do your siblings still have no Bitcoin position?
Son: Hi Dad,
Good question....
I talked to them again and again and again about it, last time at the latest all-time high.
I will do it again, at the next all-time high, every all-time high until they get some sats.
Dad: Let us hope that the next all-time high will not be long in coming.
#Bitcoin
TEACH ME BITCOIN, SON.
teachin_bitcoin@www.teach-me-bitcoin-son.com
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We share daily father-son dialogues explaining Bitcoin on Twitter and here on nostr. On Mondays, we send out a recap newsletter with the coolest things Dad has learned during the past week. If you are new to Bitcoin, this will help you get started. If you are already on your journey, this will help you stay up to date, keep away from scams, and avoid the common pitfalls. Our DM is open for your Bitcoin related questions.
Dad: Son, why do your siblings still have no Bitcoin position?
Son: Hi Dad,
Good question....
I talked to them again and again and again about it, last time at the latest all-time high.
I will do it again, at the next all-time high, every all-time high until they get some sats.
Dad: Let us hope that the next all-time high will not be long in coming.
#Bitcoin
Dad: Son, why is Bitcoin so hard to understand at first?
Son: Hi Dad,
Lina Seiche once said on a podcast: "The hardest part when learning about Bitcoin is to first unlearn the fiat economics you’ve been taught to believe in. Once you do, Bitcoin becomes the obvious choice."
Dad: Son, it doesn't make it any easier that you are then one of the few.
Son: Yeah, Dad, that's true. Oh, almost forgot, there is a quote from Satoshi Nakamoto himself on this.
"Sorry to be a wet blanket. Writing a description for this thing for general audiences is bloody hard. There’s nothing to relate it to."
#Bitcoin
Dad: Son, on a scale from 1 to 100,000,000 how satisfied is a bitcoin?
Son: Hilarious, Dad.
#Bitcoin
Dad: Son, how do you know Bitcoin has a hard cap of 21M BTC?
Son: Hi Dad,
It's defined in Bitcoin's source code.
Dad: The question is: How do you know that hard cap will stay 21M?
Son: The answer is: Because of game theory.
Who would want to join a Bitcoin chain with modified hard cap?
That would no longer be Bitcoin.
#Bitcoin
Dad: Son, I just bought a bitcoin.
Son: Ahh..
the beginning of a deep friendship!
#Bitcoin
Dad: Son, who works actually on Bitcoin to make it better and would "doing nothing" make it worse?
Son: Hi Dad,
Everybody can help to make Bitcoin better.
Nobody can make Bitcoin worse.
#Bitcoin
Dad: Son, a man who does not take care of his family cannot be rich.
Take care of your family.
Son: Hi Dad,
I truly agree.
Generational wealth is my final goal.
Dad: Good, but do not ruin your health along the way.
#Bitcoin
Dad: Son, is the Bitcoin price artificially suppressed?
One Bitcoin should already be worth many times more, as rare as Bitcoins are.
Son: Hi Dad,
Yeah, buy as much as possible of the artificially low-cost asset, and move it off the exchange into cold storage.
They may be able to delay the death of the dollar, but Bitcoin's settlement properties make this type of attack impossible to win.
The question is not "if", but "when".
Dad: At the same time, one Bitcoin is already so expensive that it will be impossible for most to own a whole coin.
#Bitcoin
Dad: Son, Bitcoin seems to waste a lot of energy.
Will there be a protocol upgrade to change that?
Son: Hi Dad,
If you still think Bitcoin wastes energy, you should sell it.
In fact, you should sell your fridge, your drier, washing machine, TV, stove, car and Christmas lights too.
Alternatively, you could "do your homework" and read the book I gave you lately.
Dad: Which book?
Son: THE BITCOIN STANDARD.
#Bitcoin
Son: Dad, dying young is not a retirement plan.
Get some bitcoin.
Dad: Nah.
Son: You can buy a fraction of a bitcoin.
Dad: Son, hell, no!! Uhm, I meant yes.
No, on the retirement thing.
Yes, get some bitcoin.
#Bitcoin
Son: Dad, two years from now you're going to regret that you didn't stack today.
#Bitcoin
Dad: Son, how do you generate these 24 seed words?
Do you pick random words from your head?
Son: Hi Dad,
This doesn't work that way. First, these words are special words, taken from the "BIP39 Word List". Second, picking words from your head is not random and therefore a bad idea.
I don't always generate a new seed, but when I do, I use dices.
Dad: Why dices? How does this even work?
Son: Dice rolls provide entropy. You could also flip a coin as a source for randomness. The process is simple and is available in BlueWallet (advanced mode), SeedSigner and in every Coldcard.
#Bitcoin
Dad: Son, I am reading the "Bitcoin white paper" right now and try getting my head around this:
"The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work."
Son: Hi Dad,
A "hash" is like a "digital fingerprint" of any collection of data. Each new fingerprint builds on a previous one and adds a chain link segment.
Dad: Bitcoin seems to be a very sophisticated system.
Son: Dad, that's just the tip of the iceberg.
#Bitcoin
Son: Dad, we just got the new car. :-)
Dad: Son, I am glad for you and I wish you many safe trips with it. However, you should have some spare diesel, blankets, food and water in that car. Always.
Son: Yeah, always have backups and a plan B.
#Bitcoin
Son: Dad, sell those dollars.
Dad: Son, and what should I buy with it?
Son: Buy bitcoin
Dad: Buy bitcoin, bye Dollar.
#Bitcoin
Son: Dad, did you know that from 2100 to 2140, only two bitcoin will be mined! Think about it!!
40 years = two coins!
Dad: Son, these coins will be exorbitantly expensive.
Son: Exorbitantly expensive, yes, but measured against what?! Real Estate? Gold? Dollars?
#Bitcoin
Dad: Son, buying things one cannot afford is the height of unreasonableness.
Son: Yes, Dad.
Fiat did this.
#Bitcoin
Dad: Son, I had to ask my bank to approve a payment.
This was incredibly annoying, and I wasn't even conscious of it before. Bitcoin frees people.
Son: Hi Dad,
Fuck banks... I know this oppressive feeling well.
It's not only payment freedom — there are no borders, no bank holidays, no bureaucracy and no bull shit in Bitcoin.
Bitcoin allows you to be in control of your own money.
Dad: If everyone knew that, everyone would already be using Bitcoin.
#Bitcoin
Son: Dad, did you know there are 241 valid seed phrases that contain only the same BIP39 word?
Dad: Son, it must have taken hours to test them all.
Son: LOL, no Dad, I used a little Python script for that.
Interestingly, the longer the seed (12, 15, 18 vs. 24 words), the fewer valid combinations there are. Of course, these seeds are for fun and testing ONLY!
Dad: Interesting! 24x bacon is my personal favorite. :-)
Son: Damn, I was just going to use that seed. ;-)
#Bitcoin
Dad: Son, why not load the seed words into another wallet and spend all the Bitcoins twice?
Son: Hi Dad,
That's not how it works.
Bitcoins cannot be double spent.
Bill Gates once said: “Bitcoin is a technological tour de force.”
Think about it... Bitcoins are purely digital and at the same time something that cannot be copied.
Dad: That is indeed very impressive, son.
#Bitcoin