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BitcoinMike
npub1aq72...p3gg
@BitcoinMike23 on Twitter
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BitcoinMike 1 month ago
I need to write a bitcoin book, I have way too much on my mind about it all.
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BitcoinMike 2 months ago
This is the thing I can’t get passed and why I personally lean toward core. Everyone has this idea of what they think bitcoin should be, it’s literally designed in a way to combat this. In doing filtering (if it even works) you basically censor the chain and invite all sorts of legal issues. Monetary use is whatever the market says. Eventually the incentives wipe out the use of the spam. As fees rise why would any idiot waste their time putting this nonsense on the chain. I think of lot of cores thoughts are getting lost in translation because people just label them as pro spam, it’s way deeper than that. I don’t think anyone in core nor @npub1wqlz...rnrp is pro spam. Before all this half the bitcoin world believed Back was Satoshi. It almost feels like it’s as simple as either bitcoin is censorship resistant money or it isn’t. All of that said, I still know so little about this myself and always willing to change my mind with more information and continue to listen to both sides with no anger or vitriol toward anyone. I
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BitcoinMike 2 months ago
I constantly hear about quantum computing and how it may crack Bitcoin. While I believe Bitcoin will adjust, I want to throw another take out there. When quantum computers reach the level it takes to crack Sha-256, I want people to grasp what sort of science breakthroughs, energy breakthroughs , and overall society breakthroughs come from a computer being able to live in a state of 1 and 0 at the same time for an extended period of time. It’s very possible you may not even need Bitcoin in that world. For me it’s very possible Bitcoin is the bridge to a world where we won’t need money.
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BitcoinMike 2 months ago
As a bitcoiner, I feel weird every time I go to the bank now.
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BitcoinMike 3 months ago
Lots of legit influencers running knots, people I respect, however their idealism reminds me of the cobra problem. Be careful. This makes me want to run core. It almost seems like the knots side wants to keep bitcoin censorship resistant money by censoring it. Personally I believe in satoshis game theory and the incentive structure plays out accordingly. For reference The “cobra problem” in India is a classic story about perverse incentives—a situation where a well-intended policy actually makes the problem worse. Here’s the background: • During British colonial rule in India, cobras were a major danger, especially in urban areas like Delhi. • To reduce the population, the government offered a bounty for every dead cobra. At first, this worked—people hunted cobras and turned them in for payment. But then an unintended consequence emerged: • People began breeding cobras just to kill them and collect the bounty. • When the government discovered this and ended the program, breeders released their now-worthless cobras into the wild. • The end result: the cobra population actually increased, making the situation worse than before. This is where the term “cobra effect” comes from—used in economics, public policy, and business to describe when an attempted solution to a problem ends up exacerbating it because of misaligned incentives. I would rather listen to @calle @npub1wqlz...rnrp and others, than people’s emotional idealism.
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BitcoinMike 3 months ago
@nat brunell watching you navigate Dave Collum, impressive. Funny how guys like him, Brent Johnson, Keith Weiner, & Peter Schiff don’t understand the non-cooperative game theory of bitcoin. Not sure if you read Nash and the Bitcoin equilibrium yet.
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BitcoinMike 5 months ago
Someone said to me that bitcoin is the 8th wonder of the world to which i replied, its more like the 1st wonder of the new world.
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BitcoinMike 7 months ago
Here’s something I’m not grasping about bitcoin. If we move into hyperbitcoin world and bitcoin constantly improves in purchasing power, wouldn’t humans be incentivized to not use it as currency and trade every other thing before the bitcoin. In some ways it feels like the incentive pushes more toward store of value. Perhaps the privacy layer becomes the key incentive for medium of exchange. Understand I do believe in @Jeff Booth thesis that if it fails as a medium of exchange than it fails as a store of value.
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BitcoinMike 7 months ago
I have a friend that works at Madison Square Garden and he sent me this screenshot of ticket prices. I keep thinking that currency falling apart and this so similar to bread and circuses. I feel like I want to do what @jack mallers is doing and have a credit card I can pay off in bitcoin. Does anyone know where I can get a credit card like this? Not one where I earn rewards, already have that. Just one I can pay off in sats. image
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BitcoinMike 7 months ago
Thanks @Danny Knowles Felt like I heard both sides of debate. What I’ve learned more than anything is I need to run a node and try to have informed opinions about matters I don’t understand. Appreciate it
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BitcoinMike 7 months ago
Lots of crickets from podcasters about the bitcoin core issue. It’s kind of your duty as bitcoiners to stop shilling nation state adoption and start talking about this
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BitcoinMike 8 months ago
Time to wake up Bitcoiners. This has me thinking a great deal.