Terminology microdose: Bitcoin (capital B) refers to the network through which the asset is created and moved around bitcoin (lowercase b) refers to the asset which is the unit of currency of the #Bitcoin network

Scarce things: #bitcoin Block space Time with a #Bitcoin consultant

Been a while. Time for some updates Finney21 is a 21 person team of hardcore Wealth Consultants Wealth = Health & #Bitcoin Each team member has a unique specialty Each team member is a guardian in our Fedimint We gather every week on a 60 minute call to discuss a topic We each contribute to and curate a world class resource library We honour the legacy of Satoshi Nakamoto and Hal Finney by working together to accelerate the transition to scarce money

P01 - shopify opportunity: raw notes2_unsorted [11.7.23 - block 815,736] Insights from conversation with Santosh — Intuitive merchant experience is essential. 1 click merchant wallet activation with 10,000 sats Opportunity for Shopify: become the LSP that routes all merchant bitcoin payments Brand image boost by helping merchants protect themselves from the monetary debasement The first interaction is what matters. Goal is to get a second interaction Success = continuing to have interactions with Shopify Approach Shopify through fiat lens, not through Bitcoin lens Emphasize benefit to Shopify shareholders Consideration: how will the market perceive this decision? What could be the consequences on Shopify share price Visa’s pitch: data, data, data Bitcoin’s pitch: convenience, global acceptance, reduction of barriers Customers no longer need a bank account to purchase from Shopify merchants (this is huge) Someone from rural Africa without a bank account that has an internet connection can make a purchase from a shopify merchant in Argentina Merchant in Argentina can protect themselves from inflation and trade with customer in Africa who doesn’t have a bank account This is the power of Bitcoin - the digitally native money built for the global internet economy Consider consequences on current payment methods First interaction: think big, tone down the Bitcoin and turn up the benefits to shareholders and merchants Next step: big brain consultant call. Collaborate on drafting an open letter One page open letter to Shopify. Handwrite the letter? Print on nice paper? From Satoshi? Orange envelope with a ₿ stamped/painted on it Stakeholders: Shareholders, company (brand image), customers (merchants) Define stakeholders, explain how Bitcoin benefits each stakeholder #Bitcoin integration with Strike: How was it perceived? What’s the internal company impression of Bitcoin? There could already be a Shopify team already researching or implementing a bitcoin payments project Understand Shopify’s pain points Bitcoin unlocks payments without barriers (1.4 billion unbanked people) Keep the letter simple, playful, to the point Paint a picture of what Shopify could look like in 2033 with bitcoin payments enabled Someone with an internet connection in rural Africa buys something from a merchant in Argentina Merchant subscriptions could be paid in bitcoin Project objective: Educate and train a Shopify Bitcoin team Challenge: selling Shopify on a solution to a problem they may not even know they have Step 1: bring awareness to the problem

P01 - shopify opportunity: raw notes_unsorted [11.6.23 - block 815,615] Building on #Bitcoin 21st century ecommerce on top of a digitally native, global, decentralized, open monetary protocol called #Bitcoin — Write an open letter to Toby and Shopify board of directors Also send letter to VPs of engineering Encourage everyone to study the Bitcoin Whitepaper. It’s a miraculous innovation in computer science The 21st century digital economy is built on a global, decentralized monetary protocol called Bitcoin Shopify can supercharge their e-commerce platform by integrating lightning payments and merchant wallets 7 person team: wallet software engineer, lightning software engineer, Ux designer for merchant wallet and payments, lightning architect, educator, comms/fixer, leader to nurture key relationships 1 month of planning, 6 month execution to ship merchant wallet (60 days) and turnkey lightning implementation for merchants Do everything open source and in alignment with Bitcoin Educate Shopify staff. Empower them with Bitcoin. Pay them their first 21,000 sats to learn about Bitcoin Educate Shopify merchants. Empower them with Bitcoin so they can protect themselves from currency debasement that is threatening their business Merchant benefit: a new cohort of customers who want to spend Bitcoin, lower transaction fees (0.5% routing fees to shopify) Bitcoin protects merchants from central banks who are debasing currencies and devastating their businesses Building on Bitcoin is good for the world, good for Shopify’s merchants, and good for Shopify’s shareholders Shopify has an opportunity to pioneer the 21st century digital economy built on a digitally native monetary protocol called Bitcoin Big events to announce the integrations when they are ready. Pilot and beta test everything in house within shopify To cover in open letter (unpacked for presentation): 1. Why does Bitcoin (not crypto) matter? 2. How can Shopify benefit from integrating Bitcoin? 3. How can Shopify merchants benefit from Bitcoin? 4. What business opportunities are available to shopify? 5. What does the execution look like for integrating Bitcoin? 6. Read the whitepaper Revenue generator: Shopify becomes the LSP for 1.75 million merchants Merchant Ux: Bitcoin dashboard, merchant wallet, non custodial mobile companion wallet Customer Ux: Bitcoin payment checkout (lightning) Bitcoin is a superior payment network for the global digital economy. The protocol is open, global, decentralized, and digitally native 21st century digital money for 21st century digital merchants Merchant benefits: lower transaction fees, instant settlement, no chargebacks, new customer base of people who want to spend bitcoin Activate your shopify merchant wallet. We send you your first 21 satoshis when you do that. Education video, 1 click activation Companion mobile wallet for merchants to track their store wallet balance and take self custody of satoshis

P01 presentation notes [11.1.23 - block 814,886] #Bitcoin is not a hedge by Parker Lewis [34min] — Bitcoin isn’t a hedge to inflation, it’s the solution to inflation Bitcoin only. Not crypto There will only ever be 21 million bitcoin Bitcoin is a form of money that cannot be printed Economic systems converge on a single form of money. We only need a single form of money People cannot flee to the safety of something they do not understand Less than 1% of people currently understand and have material exposure to bitcoin Adoption occurs as knowledge distributes Why is Bitcoin valuable? 21 million fixed supply, censorship resistant, trustless What problem does Bitcoin solve? Money printing (which creates inflation) World events demonstrate the reason Bitcoin exists. Canadian freedom convoy, 2023 bank failures Knowledge distributes as a function of time People move from trading bitcoin to get more dollars to accumulating bitcoin because it is replacing the dollar “If you understand bitcoin, there’s no way you only own 1%” - Michael Saylor Every fundamental of Bitcoin is currently very strong Nearly 70% of bitcoin has not moved in over a year The Halving is the most important market event in Bitcoin Bitcoin becomes more scarce every year especially during halving years 92.9% of all bitcoin that will ever be created has already been issued as of today Injection of new dollars induces the expansion of credit Without printing more money, the debt system collapses “bitcoin is the only large tradeable asset in the world that has a known fixed maximum supply” - Paul Tudor Jones (May 2020) Only a better form of money can fix a broken money The fiat system becomes more fragile when exposed to stress. Bitcoin gains strength when exposed to stress Bitcoin functions best in a world without bailouts Bitcoin is the greatest asymmetry to ever exist Most asymmetrical events are low probability. Adoption of Bitcoin is an asymmetrical event that is highly probable If they printed $5 trillion last time, they will need to print much more the next time (which seems to be getting very close) There is no top to global adoption of bitcoin as money Bitcoin’s scarcity is not valuable without education and security

2023 Whitepaper Event Hosted by @Cari₿ou with @Student of Bitcoin @Luke Broyles and Dan Ostermayer sharing their wisdom and insights on the #Bitcoin Whitepaper and Self Custody Listen to the podcast:

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Canadian Orange Podcast • Bitcoin Whitepaper Event [10.31.23] • Listen on Fountain

This event is sponsored by Finney21 (www.finney21.com) to commemorate, honour and celebrate the 15th anniversary of Satoshi unveiling the Bitcoin W...

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P01 study notes [10.30.23 - block 814,552] Topic: Bitcoin collateralized loans [subtopic: bitcoin as pristine collateral] — Anything can act as collateral but several objective properties can be used to evaluate the quality of collateral Poor collateral: currency deposits, machinery, inventory Good collateral: real estate, stocks, treasuries Pristine collateral: bitcoin Properties that determine quality of collateral: Market liquidity: How quickly and easily an asset can be sold Settlement: The ease and speed of achieving final transfer of ownership Security: Ability to secure an asset bitcoin is pristine collateral because it trades 24/7 365 days a year on a global market (highly liquid), can be settled globally within 60 minutes in any amount for a relatively low fee, and can easily be secured with digital encryption instead of being physically secured Compared to bitcoin, real estate an inferior form of collateral because it is relatively illiquid, has rigorous and costly settlement (verification of title, transfer of ownership), and is limited to a local market because the asset cannot be moved globally Implications: With treasuries and currencies collapsing, the quality of any collateral denominated in currency is eroding bitcoin is quickly becoming the apex form of collateral globally and eventually become the preferred form of collateral for banks to hold on their balance sheets #bitcoin is the reserve asset of the internet economy and the most pristine form of collateral humanity has ever seen!!

P01 proof of study Notes session 10.27.23 [814084] Topic: Bitcoin collateralized loans [subtopic: rehypothecation] — Hypothecation is a process where a lender receives an asset offered as collateral security Rehypothecation is the process where a lender reuses collateral provided by their clients (the borrower) to earn income or secure further borrowing When a lender rehypothecates borrower collateral, it significantly increase exposure to counterparty risk While lenders who rehypothecate often offer lower interest rates on collateralized loans, the tradeoffs is borrower collateral being put at increased risk Before sending bitcoin to a lender, a borrower should first make an assessment of the credit risk of the lender With rehypothecation, the credit risk of borrowers to which the lender is lending the rehypothecated collateral to must also be assessed We recommend clients only initiate bitcoin collateralized loans with lenders who do not rehypothecate collateral in order to eliminate the added risk created by rehypothecation How your collateral is stored should also be considered. Multiparty collaborative custody and the ability to monitor funds on chain by holding 1 of n keys is the gold standard This enables borrowers to cryptographically verify that their bitcoin collateral remains in a dedicated address and has not been rehypothecated Rates on bitcoin collateralized loans must be adjusted for risk. Lenders who employ transparent custody practices and do not rehypothecate will charge a higher interest rate With bitcoin poised to become the future reserve currency of the world, we feel it makes little sense to accept higher risk of loss for a slightly lower interest rate on loans Unchained capital currently offers what we consider to be the gold standard product when it comes to bitcoin backed loans Unchained does not rehypothecate client collateral and use a transparent multiparty multisig custody strategy whereby lenders hold 1 of 3 keys and verify their bitcoin on chain -- 21min

#Bitcoin Consulting Network Call #1: October 2023

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Canadian Orange Podcast • BCN call #1 (10.21.23) • Listen on Fountain

block 813189. Objective: discuss why we do this work, why a network of Bitcoin consultants is valuable, and share ideas on how we collaborate.

Just wrapped up an awesome call with 17 badass #Bitcoin consultants from around the world Thanks to everyone who participated Audio of the call will be posted within 24 hours to the Bitcoin Stoa podcast 🧡 Next call: November 21,2023 Topics: - The art of asking good questions - The business of Bitcoin consulting

GM nostr ☀️ Freedom tech is winning Freedom money is winning #Bitcoin is reshaping the world Love to you all 🧡

We are a team of 21 hardcore professional #Bitcoin consultants We share our study notes We gather monthly to share knowledge and learn together We each bring a unique speciality to the team We collaborate to serve our clients We can handle jobs of any scale We live in alignment with Bitcoin We honour the legend of Hal Finney

P01 - proof of study Notes session 10.16.23 [812460] Research topic: #Bitcoin collateralized loans — Bitcoin is the reserve asset of the internet economy The internet economy is an aggregate economy of the entire world and is larger than any single nation economy Bitcoin is pristine digital collateral for lending Pristine meaning: Not spoiled, corrupted or polluted Collateral: something pledged as security for repayment of a loan, to be forfeited in the event of a default Collateral is something provided to a lender as a guarantee of repayment. It is used to secure a loan Collateral reduces risk for lenders because if a borrower defaults on the loan, the lender can seize and liquidate the collateral People who own Bitcoin will have access to the best interest rates Bitcoin is the apex collateral in a digital world (largely because to it’s unmatched liquidity) Bitcoin is replacing treasuries as the apex reserve collateral Why is a Bitcoin collateralized loan a useful product? It is a tool to help individuals or companies avoid ever selling their Bitcoin By borrowing against your Bitcoin instead of selling it, you: - Eliminate capital gains taxes (Bitcoin is considered property, therefore a taxable event is created everytime you sell or exchange it) - Continue to benefit from the price appreciation of bitcoin - Can write off the interest expense of the loan Areas to research: - Dynamically refinanced loans (monthly) - Counterparty risk of different bitcoin backed loan products - Rehypothecation considerations Loan-to-value ratio (LTV): The maximum amount of a secured loan based on the market value of the asset pledged as collateral A low LTV (conservative) provides protection from liquidation in case the underlying asset has a significant drawdown in price Bitcoin backed loan products to review: LEDN, SALT lending, Unchained capital, Coinbase Factors to consider: custody risk, rehypothecation, insurance, origination fees, interest rate, Loan to value (LTV), collateral to principal (CTP), prepayment penalties, tax implications, loan maturity options - 21 min

Why do we do this work? Because we believe every human has a right to save the fruits of their labour in incorruptible money backed by energy, governed by the laws of the universe and immune to the foolishness and greed of man Team mission: accelerate the transition to scarce money #Bitcoin

P01 - proof of study notes session 10.13.23 [812036] Report: #Bitcoin First Revisited by Fidelity Digital -- The primary value driver of bitcoin tokens is scarcity and a reliable supply cap of 21 million units Based on this scarcity, bitcoin is uniquely positioned to be the primary monetary good and another digital asset is not likely to supersede bitcoin in this role While Bitcoin is not the most scalable, it is currently the most secure and decentralized network at the base layer A centralized blockchain is simply a database and these have existed for decades The decentralized blockchain employed by Bitcoin is the radical innovation and offers the important qualities of immutability, seizure resistance, censorship resistance and trustless design Bitcoin is a global open-source protocol for value transmission In contrast to TCP/IP, ownership of the base layer is possible via purchasing bitcoin tokens Each bitcoin token is divisible into 100 million smaller fractions called Satoshis Every application built on Bitcoin increases the value of the network and therefore also increases the value of ownership tokens for the network which are called bitcoins (lowercase b for the asset, capital B for the network) Lightning is a layer two application built on top of the Bitcoin base layer Lightning is a decentralized network that allows off-chain transactions between persons with the ability to make final settlement on the base layer Lightning increases Bitcoin’s scalability while maintaining Bitcoin’s security with the option to settle any time on the base layer It is beneficial for investors seeking to better understand digital assets to separate Bitcoin and all other digital assets into separate categories bitcoin is the scarcest monetary asset in human history and deserves to be considered separately from all other experimental tokens in the digital asset space that are separate from Bitcoin While nation state attacks and protocol bugs remain risks to Bitcoin, those risks continue to diminish each day as the network grows stronger with more users, miners and infrastructure being built — 21min pgs 15-19

Finney fact: In January 2009, Hal Finney was the Bitcoin network's first transaction recipient

"The computer can be used as a tool to liberate and protect people, rather than to control them" - Hal Finney [November 1992]

P01 - proof of study notes session 10.12.23 [811869] Report: #Bitcoin First Revisited by Fidelity Digital -- Lindy Effect: the longer a non-perishable thing survives, the more likely it is to survive in future Antifragility: when something becomes stronger with each attack or stressor it faces Bitcoin is antifragile and every second, minute, day, month it survives increases the likelihood it will continue to survive Most people underestimate the volume and intensity of negative events Bitcoin has already endured Due to network effects, it is likely that one digital monetary good will dominate the global market It is unlikely that another digital asset will supersede Bitcoin as a monetary good Blockchain trilemma: a decentralized database can only deliver on two of three guarantees at one time: decentralization, security, or scalability Security: likelihood of the network being attacked or compromised As the Bitcoin network grows with more nodes and miners distributed across the world, it becomes harder and more expensive to attack Bitcoin Bitcoin is by far the most secure digital asset when measured by hash rate securing the network Decentralization: how much control any one person, entity or group has on a system or network The opposite of a decentralized network is a conpletely centralized network where a signle intermediary controls all aspects of the network Decentralization = lower network throughput (lower scalability) but higher security Bitcoin is the most decentralized digital asset and continues to show increasing decentralization over time Scalability: how well a network can handle growth of number of users and volume of transactions Bitcoin optimizes for decentralization and security and as a result has a slower transaction throughput capability Bitcoin scales in layers built on top of the base layer, not on the base layer itself Bitcoin is currently the most secure and decentralized monetary network The transaction throughput of Bitcoin is limited by the time between each block (approx 10min) and the block size (just over 1mb) which limits the number of txs that can fit into each block Blocksize war: a battle to increase block size which would decrease decentralization over time (because running a node would be more expensive over time with bigger blocks creating more data to store) This war resulted in a hard fork which created a code change that was not backward compatible All hard forks from Bitcoin to date have either failed completely or struggled to gain any kind of market dominance This signals that the market values a highly secure and decentralized store of value more than another payment network Bitcoin's revolutionary invention was solving the problem of digital scarcity and creating a digital store of value, not making an incremental improvement to a payment system - 21min pgs 8-14

P01 notes session 10.11.23 Hardware wallet review: Jade by Blockstream -- - Fully open source hardware and software. Gold standard that is rarely met in the HWW industry - Affordable compared to alternative products. Uses commodity hardware - Simple to use, great support, compatible with Blockstream Green, Sparrow, Nunchuk, Specter - QR scan, BIP85, duress pin - Fully air gapped. Enables sending bitcoin without connecting to the internet - Immune to physical key extraction from device alone (virtual secure element with 3 secrets - Jade secret on device, pin, remote blind oracle) - DIY-able (firmware can be installed on inexpensive, off the shelf hardware - Can be used as a 2FA device - Can mine bitcoin (cool but not profitable)