Don McAllister

Bits and sats. Just knocked up a simple one page website to illustrate how bits and sats work together to remove unit bias, and make bitcoin more familiar to newbies. Complete with live price data and an interactive exchange simulator Check it out https://bit-price-tracker-donmc1231.replit.app

Some significant updates to https://yourbitcoinjourney.com including the first video tutorial for onboarding to Strike in the UK and navigating the horrendous FCA rigmarole. Please check it out and send the link to anyone you think might find it useful.

I've updated https://YourBitcoinJourney.com with some extra information. It's intended to be a Primer for anyone who knows nothing about Bitcoin. It's a work in progress, Any feedback would be welcome

Decided to put together a simple bitcoin primer for friends asking me about bitcoin. Check it out. Any feedback appreciated. I really need to make a few videos especially for my friends in the UK where it’s really difficult to get started. https://yourbitcoinjourney.com

Strategic Bitcoin Reserve announced. Bitcoiners around the globe https://images.app.goo.gl/TQvNVxeLLF6UFAGN6

We are so early. Just come across a post in. Facebook group asking a genuine question about bitcoin. It’s one of those “self help” finance related groups who “advise” on investments, etc. The comments were 70% hostile - gambling, speculation, FUD, etc but the rest were perfectly reasonable comments from people who obviously got it. 87 comments within an hour and some good information being disseminated and then bang. The post was deleted by the moderators. So, so early.

So it does look like Ross will be freed today. SBR not so much. It still might happen. What would be the impact of Ross being freed? Does that make the SBR more likely? Would it move the price? Are there really people/institutions waiting to see if Ross is freed before buying BTC? So many questions.

So at what point does he start signing all of these Executive Orders?

Smash bought £1k at the ATH. Will check back in 4 years on progress. 0.01101763.

You know when in Close Encounters, they all freak out when the small ships arrive, and think that’s it and then the mothership arrives. Similar vibes.

Formulating some approaches when orange piling people. Initially I would suggest that people acquire a small amount of bitcoin to start playing with. But how can they play with it? As it stands, there are still relatively few places that will accept bitcoin/lightning either online or in real life. In order to promote adoption, we need to push the use of bitcoin as a medium of exchange. The majority people people will not invest in significant amounts of bitcoin as most people don't have significant amounts to invest. Hence they will start with small amounts. There is little advantage in acquiring small amounts of bitcoin, as the returns over the short to medium timescales will not move the needle. There needs to be a reason to purchase small amounts of bitcoin. Organisations need to start accepting bitcoin as a means of payment, but with an incentive to offer discounted prices when paying with bitcoin, or premium pricing when paying with Fiat. The reduced costs of processing bitcoin/lightning payments needs to be passed onto the customer. Once it can be seen that it's cheaper to use Bitcoin over time, in conjunction with the value of bitcoin increasing over the medium to long term, should encourage and enable people to start to adopt bitcoin more widely. Thoughts?

Happy New Year!

Will start posting more on Nostr in 2025 although it does feel like I'm talking to myself most of the time.

What has bitcoin given me? I think the main thing is hope. I can't imagine how scary the world must seem to pre-coiners.

Pondering what amazing announcements people are holding onto until the New Year?

In response to the recent BIP proposal to rename sats as Bitcoin. This is supposed to address the unit bias issue, now that a single BTC is $100k. This proposal will not work for many reasons, primarily as it breaks the narrative that there will never be more than 21 million Bitcoin. This will cause confusion, and give ammunition to those that are against bitcoin, who will say (incorrectly) that the supply has been inflated. To address unit bias, we need to reduce the displayed cost of bitcoin to allow normal people to feel that it is affordable and within reach, whilst still keeping the only 21 million bitcoin supply factually true. It would also be advantageous for people new to bitcoin to be comfortable with the way it is denominated. We need to move away from eight decimal places, and using the weird naming convention of thousands of Satoshis. The simplest way to do this is to keep BTC and sats, but start representing Bitcoin in a decimalised format. The majority of the worlds population already use decimalised currency, for example: United States: $1.00 is 100 cents UK: £1.00 is 100 pence Europe: €1.00 is 100 euro cents For bitcoin, there already exists a unit called a 'bit'. A bit is equal to 100 sats. A bit of a bitcoin seems to be an ideal way to refer to a smaller amount of a bitcoin. We should also start using the ₿ symbol to represent bits. So Global Bitcoin: ₿1.00 is 100 sats 1 whole bitcoin (BTC) is still 100,000,000 sats, but is also ₿1,000,000 bits. Exchanges could start using a USDBIT pair where at today's prices, USDBIT=$0.10 So you could go to an exchange and buy ₿1000.00 bits for $100.11 No need to change the number of bitcoin, no need to rename sats, just move the decimal place and start using bits to denominate bitcoin. I'm sure newbies would be more comfortable saying 1 bit 25 rather than 125 satoshis, in the same way they are used to saying 1 dollar 25 or 1 pound 25. It would also make it so much simpler to explain. 1 whole bitcoin is $100,000 but you can bits of a bitcoin. You can buy ₿1000 for just $100. Simple.

Very sad news. A huge influence in the prog rock space. RIP Peter Sinfield https://www.dgmlive.com/news/peter-sinfield-has-died

I forgot I had a @Bitkey wallet on my iPhone that I just wiped and replaced. Just restored the wallet in seconds on my new iPhone - simples!

Found this joke on Quora. Thought it was appropriate for Bitcoiners 😉 The world's richest man is dying. He's made peace with that. But what bothers him is no one in the afterlife will even know it. Here he's a self-made man who created this huge fortune from scratch, but he can't take it with him. Not that he could spend it,of course, but just to SHOW everyone what a great success the poor boy had become. He broods over this so that his guardian angel is worried. One night the angel flies to Heaven to consult Jesus. Jesus says “Well, you know earthly wealth has no place here" The angel replies “I know Lord, but he's been such a good man. Did a lot for charity, ran his business honestly. He's only human. He can't help having this little quirk. Isn't there something we can do to ease his mind? Jesus thinks a moment. “”All right. Let's look him up in the Book of Life" The Book is like a film of this man's life and seeing his struggles, Jesus is moved. He tells the guardian angel “Wake him and tell him I will allow him to bring one suitcase-only one, mind you. And he can fill it with whatever wealth he chooses. At the moment he of his death it will be brought to heaven with him.” The angel goes down and gives the message .The guy is happy but what should he bring? Our money would mean nothing to people from another time, jewels could be faked, stocks and bonds could not be traded so they'd be so much paper. Finally it dawn's on him. Gold. Gold has been valued throughout history. He sends out for the biggest suitcase he can find, fills it with gold bars, and sets it beside his bed. Now he can die in peace, and he does. True to the promise he arrives at the Pearly Gates, suitcase in hand. St. Peter greets him warmly and says “All right. Let's see what was so important to you that eternal life and bliss wasn't enough" The man proudly opens the suitcase, stuffed with row after row of little gold bars. St. Peter stares at it, puzzled, and says “You brought pavement?”