@ bf47c19e:c3d2573b

Originalni tekst na bitcoin-balkan.com.

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Pregled sadržaja

1. Šta je Bitcoin?
2. Šta Bitcoin može da učini za vas?
3. Zašto ljudi kupuju Bitcoin?
4. Da li je vaš novac siguran u dolarima, kućama, akcijama ili zlatu?
5. Šta je bolje za štednju od dolara, kuća i akcija?
6. Po čemu se Bitcoin razlikuje od ostalih valuta?
7. kako Bitcoin spašava svet?
8. Kako mogu da saznam više o Bitcoin-u?

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Bitcoin čini da štednja novca bude kul – i praktična – ponovo. Ovaj članak objašnjava kako i zašto.

Šta je Bitcoin?

Bitcoin se naziva digitalno zlato, mašina za istinu, blockchain, peer to peer mreža čvorova, energetski ponor i još mnogo toga. Bitcoin je, u stvari, sve ovo. Međutim, ova objašnjenja su često toliko tehnička i suvoparna, da bi većina ljudi radije gledala kako trava raste. Što je najvažnije, ova objašnjenja ne pokazuju kako Bitcoin ima bilo kakve koristi za vas.

iPod nije postao kulturološka senzacija jer ga je Apple nazvao „prenosnim digitalnim medijskim uređajem“. Postao je senzacija jer su ga zvali “1,000 pesama u vašem džepu.”

Ne zanima vas šta je Bitcoin. Vas zanima šta on može da učini za vas.

Baš kao i Internet, vaš auto, vaš telefon, kao i mnogi drugi uređaji i sistemi koje svakodnevno koristite, vi ne treba da znate šta je Bitcoin ili kako to funkcioniše da biste razumeli šta on može da učini za vas.

Šta Bitcoin može da učini za vas?

Bitcoin može da sačuva vaš teško zarađeni novac.

Bitcoin je stekao veliku pažnju u 2017. i 2018. godini zbog svoje spekulativne upotrebe. Mnogi ljudi su ga kupili nadajući se da će se obogatiti. Cena je naglo porasla, a zatim se srušila. Ovo nije bio prvi put da je Bitcoin uradio to. Međutim, niko nikada nije izgubio novac držeći bitcoin duže od 3,5 godine – ćak i ako je kupio na apsolutnim vrhovima.

Zašto Bitcoin konstantno raste? Ljudi počinju da shvataju koliko je Bitcoin moćan, kao način uštede novca u svetu u kojem je ’novac’ poput dolara, eura i drugih nacionalnih valuta dizajniran da gubi vrednost.

Ovo čini Bitcoin odličnom opcijom za štednju novca na nekoliko godina ili više. Bitcoin je bolji od štednje novca u dolarima, akcijama, nekretninama, pa čak i u zlatu.

Zato pokušajte da zaboravite na trenutak na razumevanje blockchaina, digitalne valute, kriptografije, seed fraza, novčanika, rudarstva i svih ostalih nerazumljivih termina. Za sada, razgovarajmo o tome zašto ljudi kupuju Bitcoin: razlog je prostiji nego što vi mislite.

Zašto ljudi kupuju Bitcoin?

Naravno, svako ima svoj razlog za kupovinu Bitcoin-a. Jedan od razloga, koji verovatno često čujete, je taj što mu vrednost raste. Ljudi žele da se obogate. Uskoče kao spekulanti, krenu u vožnju i najverovatnije ih prodaju ubrzo nakon kupovine.

Međutim, čak i kada cena krene naglo prema gore i strmoglavo padne nazad, mnogi ljudi ostanu i nakon tog pada. Otkud mi to znamo? Broj aktivnih novčanika dnevno, koji je otprilike sličan broju korisnika Bitcoin-a, nastavlja da raste. Takođe, nakon svakog balona u istoriji Bitcoin-a, cena se nikada ne vraća na svoju cenu pre balona. Uvek ostane malo višlja. Bitcoin se penje, a svaka masovna spekulativna serija dovodi sve više i više ljudi.

Broj aktivnih Bitcoin novčanika neprekidno raste

„Aktivna adresa“ znači da je neko tog dana poslao Bitcoin transakciju. Donji grafikon je na logaritamskoj skali.

Izvor: Glassnode

Cena Bitcoina se neprestano penje

Kroz istoriju Bitcoin-a možemo videti divlje kolebanje cena, ali nakon svakog balona, cena se ostaje višlja nego pre. Ovo je cena Bitcoin-a na logaritamskoj skali.

Izvor: Glassnode

To pokazuje da se ljudi zadržavaju: potražnja za Bitcoin-om se povećava. Da je svaki masovni rast cena bio samo balon koji su iscenirali prevaranti koji žele brzo da se obogate, cena bi se vratila na nivo pre balona. To se dogodilo sa lalama, ali ne i sa Bitcoin-om.

I zašto se onda cena Bitcoin-a stalno povećava? Sve veći broj ljudi čuva Bitcoin dugoročno – oni razumeju šta Bitcoin može učiniti za njihovu štednju.

Zašto ljudi štede svoj novac u Bitcoin-u umesto na štednim računima, kućama, deonicama ili zlatu? Hajde da pogledajmo sve te metode štednje, i zatim da ih uporedimo sa Bitcoin-om.

Da li je vaš novac siguran u dolarima, kućama, akcijama ili zlatu?

Tokom mnogo godina, to su bile pristojne opcije za štednju. Međutim, sistem koji podržava vrednost svega ovoga je u krizi.

Dolari, Euri, Dinari

Dolari i sve ostale „tradicionalne“ valute koje proizvode vlade, stvorene su da izgube vrednost kroz inflaciju. Banke i tradicionalni monetarni sistem uzrokuju inflaciju stalnim stvaranjem i distribucijom novog novca. Kada Američke Federalne Rezerve objave ciljanu stopu od 2% inflacije, to znači da žele da vaš novac svake godine izgubi 2% od svoje vrednosti. Čak i sa inflacijom od samo 2%, vaša štednja u dolarima izgubiće polovinu vrednosti tokom 40-godišnjeg radnog veka.

Izveštena inflacija se danas opasno povečava, uprkos rastućem „buretu sa barutom“ koji bi mogao da explodira i dovede do masivne hiperinflacije. Što je više valute u opticaju, to je više baruta u buretu.

Naše vlade su ekonomiju napunile valutama da bankarski sistem ne bi propao nakon finansijske krize koja se dogodila 2008. godine. Od tada je većina glavnih centralnih banaka postavila vrlo niske kamatne stope, što pojedincima i korporacijama omogućava dobijanje jeftinijih kredita. To znači da mnogi pojedinci i korporacije podižu ogromne kredite i koriste ih za kupovinu druge imovine poput deonica, umetničkih dela i nekretnina. Sve ovo pozajmljivanje znači da stvaramo tone novog novca i stavljamo ga u opticaj.

Računi za podsticaje (stimulus bills) COVID-19 za 2020. godinu unose trilione u sistem. Ovoliko stvaranje valuta na kraju dovodi do inflacije – velikog gubitka u vrednosti valute.

Količina američkog dolara u opticaju gotovo se udvostručila od marta 2020. godine. Izvor

Računi za podsticaje su bez presedana, toliko da je neko izmislio meme da opiše ovu situaciju.

Resurs koji vlade mogu da naprave u većem broju da bi platile svoje račune? Ne zvuči kao dobro mesto za štednju novca.

Kuće

Kuće su tokom prošlog veka bile pristojan način štednje novca. Međutim, pad cena nekretnina 2007. godine doveo je do toga da su mnogi vlasnici kuća izgubili svu ušteđevinu.

Danas su kuće gotovo nepristupačne za prosečnog čoveka. Jedan od načina da se ovo izmeri je koliko godišnjih zarada treba prosečnom čoveku da zaradi ekvivalent vrednosti prosečne kuće. Prema CityLab-u, publikaciji Bloomberg-a koja pokriva gradove, porodica može da priuštiti određenu kuću ako košta manje od 2,6 godišnjih prihoda domaćinstva te porodice.

Međutim, prema RZS (Republički zavod za statistiku) prosečan prihod porodičnog domaćinstva u Srbiji iznosi oko 570 EUR mesečno ili otprilike 7.000 EUR godišnje. Nažalost, samo najjeftinija područja van gradova imaju srednje cene kuća od oko 2,6 prosečnih godišnjih prihoda domaćinstva. U većim gradovima poput Beograda i Novog Sada srednja cena kuće je veća od 10 prosečnih godišnjih prihoda jednog domaćinstva.

Ako nekako možete sebi da priuštite kuću, ona bi mogla biti pristojna zaliha vrednosti. Dokle god ne doživimo još jedan krah i izvršitelji zaplene ovu imovinu mnogim vlasnicima kuća.

Akcije

Berza je u prošlosti takođe dobro poslovala. Međutim, sporo i stabilno povećanje tržišta događa se u dosadnom, predvidljivom svetu. Svakog dana vidimo sve manje toga. Nakon ubrzanja korona virusa, videli smo smo najbrži pad američke berze u istoriji od 25% – brži od Velike depresije.

Neki se odlučuju za ulaganje u obveznice i drugu finansijsku imovinu, ali ’prinosi’ za tu imovinu – procenat kamate zarađene na imovinu iz godine u godinu – stalno opada. Sve veći broj odredjenih imovina ima čak i negativne prinose, što znači da posedovanje te imovine košta! Ovo je veliki problem za sve koji se oslanjaju na penziju. Plus, s obzirom na to da su akcije denominovane u tradicionalnim valutama poput dolara i evra, inflacija pojede prinos koji investitor dobije.

Najgore od svega je to što ti isti ekonomski krahovi koji uzrokuju masovna otpuštanja i teško tržište rada takođe znače i nagli pad cena akcija. Čuvanje ušteđevine u akcijama može značiti i gubitak štednje i gubitak posla zbog recesije. Teška vremena mogu da vas prisile da svoje akcije prodate po vrlo malim cenama samo da biste platili svoje račune.

A to nije baš siguran način štednje novca.

Zlato

Vrednost zlata neprekidno se povećavala tokom 5000 godina, obično padajući onda kada berza obećava jače prinose.

Cena zlata

Evidencija vrednosti zlata je solidna. Međutim, zlato nosi i druge rizike. Većina ljudi poseduje zlato na papiru. Oni fizički ne poseduju zlato, već ga njihova banka čuva za njih. Zbog toga je zlato veoma podložno konfiskaciji od strane vlade.

Zašto bi vlada konfiskovala nečije zlato, a kamoli u demokratskoj zemlji u „slobodnom svetu“? Ali to se dešavalo i ranije. 1933. godine Izvršnom Naredbom 6102, predsednik Roosevelt naredio je svim Amerikancima da prodaju svoje zlato vladi u zamenu za papirne dolare. Vlada je iskoristila pretnju zatvorom za prikupljanje zlata u fizičkom obliku. Znali su da se zlato više poštuje kao zaliha vrednosti širom sveta od papirnih dolara.

Ako posedujete svoje zlato na nekoj od aplikacija za trgovanje akcijama, možete se kladiti da će vam ga država oduzeti ako joj zatreba. Čak i ako posedujete fizičko zlato, onda ga izlažete mogućnosti krađe – od strane kriminalca ili vaše vlade.

Vaša uštedjevina nije bezbedna.

Rast cena svih gore navedenih sredstava zavisi od našeg trenutnog političkog i ekonomskog sistema koji se nastavlja kao i tokom proteklih 100 godina. Međutim, danas vidimo ogromne pukotine u ovom sistemu.

Sistem ne funkcioniše dobro za većinu ljudi.

Od 1971. plate većine američkih radnika nisu rasle. S druge strane, bogatstvo koje imaju najbogatiji u društvu nalazi se na nivoima koji nisu viđeni više od 80 godina. U međuvremenu, ljudi sve manje i manje veruju institucijama poput banaka i vlada.

EPI Plate VS Produktivnost

CBPP Nejednakost Bogatstva Tokom Vremena

Edelman Studija Poverenja

Širom sveta možemo videti dokaze o slamanju sistema kroz politički ekstremizam: izbor Trampa i drugih ekstremističkih desničarskih kandidata, Bregzit, pokret Occupy, popularizacija koncepta univerzalnog osnovnog dohotka, povratak pojma „socijalizam“ nazad u modu. Ljudi na svim delovima političkog i društvenog spektra osećaju problematična vremena i posežu za sve radikalnijim rešenjima.

Šta je bolje za štednju od dolara, kuća i akcija?

Pa kako ljudi mogu da štede novac u ovim teškim vremenima? Ili ne koriste tradicionalne valute, ili kupuju sredstva koja će zadržati vrednost u teškim vremenima.

Bitcoin ima najviše potencijala da zadrži vrednost kroz politička i ekonomska previranja od bilo koje druge imovine. Na tom putu će biti rupa na kojima će se rušiti ili pumpati, međutim, njegova svojstva čine ga takvim da će verovatno preživeti previranja kada druga imovina ne bude to mogla.

Šta Bitcoin čini drugačijim?

Bitcoini su retki.

Proces ‘rudarenja’ bitcoin-a, proizvodnju bitcoin-a čini veoma skupom, a Bitcoin protokol ograničava ukupan broj bitcoin-a na 21 milion novčića. To čini Bitcoin imunim na nagle poraste ponude. Ovo se veoma razlikuje od tradicionalnih valuta, koje vlade mogu da štampaju sve više kad god one to požele. Zapamtite, povećanje ponude vrši veliki pritisak na vrednost valute.

Bitcoini nemaju drugu ugovornu stranu.

Bitcoin se takođe razlikuje od imovine kao što su obveznice, akcije i kuće, jer mu nedostaje druga ugovorna strana. Druge ugovorne strane su drugi subjekti uključeni u vrednost sredstva, koji to sredstvo mogu obezvrediti ili vam ga uzeti. Ako imate hipoteku na svojoj kući, banka je druga ugovorna strana. Kada sledeći put dođe do velikog finansijskog kraha, banka vam može oduzeti kuću. Kompanije su kvazi-ugovorne strane akcijama i obveznicama, jer mogu da počnu da donose loše odluke koje utiču na njihovu cenu akcija ili na „neizvršenje“ duga (da ga ne vraćaju vama ili drugim poveriocima). Bitcoin nema ovih problema.

Bitcoin je pristupačan.

Svako sa 5 eura i mobilnim telefonom može da kupi i poseduje mali deo bitcoin-a. Važno je da znate da ne morate da kupite ceo bitcoin. Bitcoin-i su deljivi do 100-milionite jedinice, tako da možete da kupite Bitcoin u vrednosti od samo nekoliko eura. Neuporedivo lakše nego kupovina kuće, zlata ili akcija!

Bitcoin se ne može konfiskovati.

Banke drže većinu vaših eura, zlata i akcija za vas. Većina ljudi u razvijenom svetu veruje bankama, jer većina ljudi koji žive u današnje vreme nikada nije doživela konfiskaciju imovine ili ’šišanje’ od strane banaka ili vlada. Nažalost, postoji presedan za konfiskaciju imovine čak i u demokratskim zemljama sa snažnom vladavinom prava.

Kada vlada konfiskuje imovinu, ona obično ubedi javnost da će je menjati za imovinu jednake vrednosti. U SAD-u 1930-ih, vlada je davala dolare vlasnicima zlata. Vlada je znala da uvek može da odštampa još više dolara, ali da ne može da napravi više zlata. Na Kipru 2012. godine, jedna propala banka je svojim klijentima dala deonice banke da pokrije dolare klijenata koje je banka trebala da ima. I dolari i deonice su strmoglavo opali u odnosu na imovinu koja je uzeta od ovih ljudi.

Doći do bitcoin-a koji ljudi poseduju, biće mnogo teže jer se bitcoin-i mogu čuvati u novčaniku koji ne poseduje neka treća strana, a vi možete čak i da zapamtite privatne ključeve do vašeg bitcoin-a u glavi.

Bitcoin je za štednju.

Bitcoin se polako pokazuje kao najbolja opcija za dugoročnu štednju novca, posebno s obzirom na današnju ekonomsku klimu. Posedovanje čak i malog dela, je polisa osiguranja koja se isplati ako svet i dalje nastavi da ludi. Cena Bitcoin-a u dolarima može divlje da varira u roku od godinu ili dve, ali tokom 3+ godine skoro svi vide slične ili više cene od trenutka kada su ga kupili. U stvari, doslovno niko nije izgubio novac čuvajući Bitcoin duže od 3,5 godine – čak i ako je kupio BTC na apsolutnim vrhovima tržišta.

Imajte na umu da nakon ove tačke ti ljudi više nikada nisu videli rizik od gubitka. Cena se nikada nije smanjila niže od najviše cene u prethodnom ciklusu.

Po čemu se Bitcoin razlikuje od ostalih valuta?

Bitcoin funkcioniše tako dobro kao način štednje zbog svog neobičnog dizajna, koji ga čini drugačijim od bilo kog drugog oblika novca koji je postojao pre njega. Bitcoin je digitalna valuta, prvi i verovatno jedini primer valute koja ima ograničenu ponudu dok radi na otvorenom, decentralizovanom sistemu. Vlade strogo kontrolišu valute koje danas koristimo, poput dolara i eura, i proizvode ih za finansiranje ratova i dugova. Korisnici Bitcoin-a – poput vas – kontrolišu Bitcoin protokol.

Evo šta Bitcoin razlikuje od dolara, eura i drugih valuta:

Bitcoin je otvoren sistem.

Svako može da odluči da se pridruži Bitcoin mreži i primeni pravila softverskog protokola, što je dovelo do vrlo decentralizovanog sistema u kojem nijedan pojedinac ili entitet ne može da blokira transakciju, zamrzne sredstva ili da ukrade od druge osobe.Današnji savremeni bankarski sistem se uveliko razlikuje. Nekoliko banaka je dobilo poverenje da gotovo sve valute, akcije i druge vredne predmete čuvaju na “sigurnom” za svoje klijente. Da biste postali banka, potrebni su vam milioni dolara i neverovatne količine političkog uticaja. Da biste pokrenuli Bitcoin čvor i postali „svoja banka“, potrebno vam je nekoliko stotina dolara i jedno slobodno popodne.

Tako izgleda Bitcoin čvor – Node MyNode čvor vam omogućava da postanete svoja banka za samo nekoliko minuta.

Bitcoin ima ograničenu ponudu.

Softverski protokol otvorenog koda koji upravlja Bitcoin sistemom ograničava broj novih bitcoin-a koji se mogu stvoriti tokom vremena, sa ograničenjem od ukupno 21.000.000 bitcoin-a. S druge strane, valute koje danas koristimo imaju neograničenu ponudu. Istorija i sadašnje odluke centralnih banaka govore nam da će vlade uvek štampati sve više i više valuta, sve dok valuta ne bude bezvredna. Sve ovo štampanje uzrokuje inflaciju, što pravi štetu običnim radnim ljudima i štedišama.

Tradicionalne valute su dizajnirane tako da opadaju vremenom. Svaki put kada centralna banka kaže da cilja određenu stopu inflacije, oni ustvari kažu da žele da vaš novac svake godine izgubi određeni procenat svoje vrednosti.

Bitcoin-ova ograničena ponuda znači da je on tako dizajniran da raste vremenom kako se potražnja za njim povećava.

Bitcoin putuje oko sveta za nekoliko minuta.

Svako može da pošalje bitcoin-e za nekoliko minuta širom sveta, bez obzira na granice, banke i vlade. Potrebno je manje od minuta da se transakcija pojavi na novčaniku primaoca i oko 60 minuta da se transakcija u potpunosti „obračuna“, tako da primaoc može da bude siguran da su primljeni bitcoin-i sada njegovi (6 konfirmacija bloka). Slanje drugih valuta širom sveta traje danima ili čak mesecima ako se šalju milionski iznosi, a podrazumeva i visoke naknade.

Neke vlade i novinari tvrde da ova sloboda putovanja koju pruža Bitcoin pomaže kriminalcima i teroristima. Međutim, transakciju Bitcoin-a je lakše pratiti nego većinu transakcija u dolarima ili eurima.

Bitcoin se može čuvati na “USB-u”.

Dizajn Bitcoin-a je takav da vam treba samo da čuvate privatni ključ do svojih ‘bitcoin’ adresa (poput lozinke do bankovnih računa) da biste pristupili svojim bitcoin-ima odakle god poželite. Ovaj privatni ključ možete da sačuvate na disku ili na papiru u obliku 12 ili 24 reči na engleskom jeziku. Kao rezultat toga, možete da držite Bitcoin-e vredne milione dolara u svojoj šaci.

Sve ostale valute danas možete ili da strpate u svoj dušek ili da ih poverite banci na čuvanje. Za većinu ljudi koji žive u razvijenom svetu, i koji ne osporavaju autoritet i poverenje u banku, ovo deluje sasvim dobro. Međutim, oni kojima je potrebno da pobegnu od ugnjetavačke vlade ili koji naljute pogrešne ljude, ne mogu verovati bankama. Za njih je sposobnost da nose svoju ušteđevinu bez potrebe za ogromnim koferom neprocenjiva. Čak i ako ne živite na mestu poput ovog, cena Bitcoin-a se i dalje povećava kada ih neko kome oni trebaju kupi.

Kako Bitcoin spašava svet?

Bitcoin, kao ultimativni način štednje, je cakum pakum, ali da li on pomaže u poboljšanju sveta u celini?

Kao što ćete početi da shvatate, ulazeći sve dublje i u druge sadržaje na ovoj stranici, mnogi temeljni delovi našeg današnjeg monetarnog sistema i ekonomije su duboko slomljeni. Međutim, oni koji upravljaju imaju korist od ovakvih sistema, pa se on verovatno neće promeniti bez revolucije ili mirnog svrgavanja od strane naroda. Bitcoin predstavlja novi sistem, sa nekoliko glavnih prednosti:

• Bitcoin popravlja novac, koji je milenijumima služio kao važan alat za rast i poboljšanje društva.
• Bitcoin vraća zdrav razum pozajmljivanju, uklanjanjem apsurdnih situacija poput negativnih kamatnih stopa (gde zajmitelj plaća da bi se zadužio).
• Bitcoin pokreće ulaganja u obnovljive izvore energije i poboljšava energetsku efikasnost u mreži, služeći kao „krajnji kupac“ za sve vrste energije.

Kako mogu da saznam više o Bitcoin-u?

Ovaj članak vam je dao osnovno razumevanje zašto biste trebali razmišljati o Bitcoin-u. Ako želite da saznate više, preporučujem ove resurse:

• Film "Bitcoin: Kraj Novca Kakav Poznajemo"
• Još uvek je rano za Bitcoin
• Zasto baš Bitcoin?
• Šta je to Bitcoin?
• The Bitcoin Whitepaper ← objavljen 2008. godine, ovo je izložio dizajn za Bitcoin.

@ 21335073:a244b1ad

The other day, I had the privilege of sitting down with one of my favorite living artists. Our conversation was so captivating that I felt compelled to share it. I’m leaving his name out for privacy.

Since our last meeting, I’d watched a documentary about his life, one he’d helped create. I told him how much I admired his openness in it. There’s something strange about knowing intimate details of someone’s life when they know so little about yours—it’s almost like I knew him too well for the kind of relationship we have.

He paused, then said quietly, with a shy grin, that watching the documentary made him realize how “odd and eccentric” he is. I laughed and told him he’s probably the sanest person I know. Because he’s lived fully, chasing love, passion, and purpose with hardly any regrets. He’s truly lived.

Today, I turn 44, and I’ll admit I’m a bit eccentric myself. I think I came into the world this way. I’ve made mistakes along the way, but I carry few regrets. Every misstep taught me something. And as I age, I’m not interested in blending in with the world—I’ll probably just lean further into my own brand of “weird.” I want to live life to the brim. The older I get, the more I see that the “normal” folks often seem less grounded than the eccentric artists who dare to live boldly. Life’s too short to just exist, actually live.

I’m not saying to be strange just for the sake of it. But I’ve seen what the crowd celebrates, and I’m not impressed. Forge your own path, even if it feels lonely or unpopular at times.

It’s easy to scroll through the news and feel discouraged. But actually, this is one of the most incredible times to be alive! I wake up every day grateful to be here, now. The future is bursting with possibility—I can feel it.

So, to my fellow weirdos on nostr: stay bold. Keep dreaming, keep pushing, no matter what’s trending. Stay wild enough to believe in a free internet for all. Freedom is radical—hold it tight. Live with the soul of an artist and the grit of a fighter. Thanks for inspiring me and so many others to keep hoping. Thank you all for making the last year of my life so special.

@ 51bbb15e:b77a2290

Yeah, I’m sure everything in the file is legit. 👍 Let’s review the guard witness testimony…Oh wait, they weren’t at their posts despite 24/7 survellience instructions after another Epstein “suicide” attempt two weeks earlier. Well, at least the video of the suicide is in the file? Oh wait, a techical glitch. Damn those coincidences!

At this point, the Trump administration has zero credibility with me on anything related to the Epstein case and his clients. I still suspect the administration is using the Epstein files as leverage to keep a lot of RINOs in line, whereas they’d be sabotaging his agenda at every turn otherwise. However, I just don’t believe in ends-justify-the-means thinking. It’s led almost all of DC to toss out every bit of the values they might once have had.

@ c9badfea:610f861a

1. Install Sky Map (it's free and open source)
2. Launch the app and tap Accept, then tap OK
3. When asked to access the device's location, tap While Using The App
4. Tap somewhere on the screen to activate the menu, then tap ⁝ and select Settings
5. Disable Send Usage Statistics
6. Return to the main screen and enjoy stargazing!

ℹ️ Use the 🔍 icon in the upper toolbar to search for a specific celestial body, or tap the 👁️ icon to activate night mode

@ 04c915da:3dfbecc9

This piece is the first in a series that will focus on things I think are a priority if your focus is similar to mine: building a strong family and safeguarding their future.

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Choosing the ideal place to raise a family is one of the most significant decisions you will ever make. For simplicity sake I will break down my thought process into key factors: strong property rights, the ability to grow your own food, access to fresh water, the freedom to own and train with guns, and a dependable community.

A Jurisdiction with Strong Property Rights

Strong property rights are essential and allow you to build on a solid foundation that is less likely to break underneath you. Regions with a history of limited government and clear legal protections for landowners are ideal. Personally I think the US is the single best option globally, but within the US there is a wide difference between which state you choose. Choose carefully and thoughtfully, think long term. Obviously if you are not American this is not a realistic option for you, there are other solid options available especially if your family has mobility. I understand many do not have this capability to easily move, consider that your first priority, making movement and jurisdiction choice possible in the first place.

Abundant Access to Fresh Water

Water is life. I cannot overstate the importance of living somewhere with reliable, clean, and abundant freshwater. Some regions face water scarcity or heavy regulations on usage, so prioritizing a place where water is plentiful and your rights to it are protected is critical. Ideally you should have well access so you are not tied to municipal water supplies. In times of crisis or chaos well water cannot be easily shutoff or disrupted. If you live in an area that is drought prone, you are one drought away from societal chaos. Not enough people appreciate this simple fact.

Grow Your Own Food

A location with fertile soil, a favorable climate, and enough space for a small homestead or at the very least a garden is key. In stable times, a small homestead provides good food and important education for your family. In times of chaos your family being able to grow and raise healthy food provides a level of self sufficiency that many others will lack. Look for areas with minimal restrictions, good weather, and a culture that supports local farming.

Guns

The ability to defend your family is fundamental. A location where you can legally and easily own guns is a must. Look for places with a strong gun culture and a political history of protecting those rights. Owning one or two guns is not enough and without proper training they will be a liability rather than a benefit. Get comfortable and proficient. Never stop improving your skills. If the time comes that you must use a gun to defend your family, the skills must be instinct. Practice. Practice. Practice.

A Strong Community You Can Depend On

No one thrives alone. A ride or die community that rallies together in tough times is invaluable. Seek out a place where people know their neighbors, share similar values, and are quick to lend a hand. Lead by example and become a good neighbor, people will naturally respond in kind. Small towns are ideal, if possible, but living outside of a major city can be a solid balance in terms of work opportunities and family security.

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Let me know if you found this helpful. My plan is to break down how I think about these five key subjects in future posts.

@ bf47c19e:c3d2573b

Originalni tekst na bitcoin-balkan.com.

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Pregled sadržaja

1. Šta uzrokuje Inflaciju?
2. Da li nam je infacija potrebna?
3. Kako se meri inflacija?
4. Da li inflacija pokreće ekonomski rast?
5. Da li inflacija pokreće ili umanjuje nejednakost bogatstva?
6. Gde se danas javlja inflacija?
7. Šta je deflacija?
8. Kakav uticaj inflacija ima na društvo?

Inflacija može da bude uznemirujuća tema, jer uključuje amorfni koncept novca. Međutim, inflacija je zapravo jednostavna tema koja je napravljena da bude složena razdvajanjem novca i drugih dobara. U ovom članku razlažemo inflaciju i njene uzroke.

Najjednostavnija definicija inflacije je rast cena dobara i usluga. Kada cene rastu, to takođe znači da vrednost jedinice novca – poput dolara – opada. Uzmimo primer McDonald’s hamburgera: 1955. ovaj skromni hamburger se prodavao za samo 15 centi. U 2018. godini se prodavao za 1,09 USD. U 2021. godini prodaje se za 2,49 USD – ogroman rast cene od 1650%.

To znači da je dolar izgubio dosta svoje vrednosti. 1955. godine mogli ste da kupite gotovo 7 hamburgera za novčanicu od jednog dolara. 2021. godine taj dolar vam ne bi kupio ni jedan hamburger. Zašto se čini da cene uvek rastu tokom vremena? I šta možete da učinite povodom toga? Ovaj članak ima za cilj da odgovori na ta pitanja.

Ekonomisti pokušavaju da sumiraju rast cena mnogih dobara i usluga kao jedan prosečan broj. Ovaj broj predstavlja promenu ukupnih troškova u godišnjim troškovima prosečnog potrošača, kao što su stanarina, hrana i gorivo.

U Sjedinjenim Državama ovaj broj je poznat kao Indeks Potrošačkih Cena, eng. Consumer Price Index (CPI). Kada se CPI poveća tokom određenog vremenskog perioda, ekonomisti kažu da imamo inflaciju. Kada se smanji, to se naziva deflacija.

Šta uzrokuje Inflaciju?

Mnogi izvori kažu da je stalna inflacija koju danas doživljavamo ili uzrokovana povećanjem potražnje (eng. demand-pull) ili smanjenjem ponude usled povećanih proizvodnih troškova (eng. cost-push).

Ovi razlozi nisu tačni – hajde da pogledamo zašto.

Da bismo razumeli pravi razlog inflacije, moramo da sagledamo dve vrste inflacije:

1. Inflacija Cena: Cene vremenom rastu.
2. Monetarna Inflacija: Količina valute u opticaju raste sa vremenom.

Prva, inflacija cena, retko se javlja tokom dužih perioda (decenije, vekovi) zbog povećane potražnje ili povećanih troškova. Zašto? Tržišta teže da se uravnoteže. Tokom istorije smo više puta videli da povećana potražnja za dobrom povećava njegovu cenu, što podstiče proizvođače da proizvode više tog dobra. Kada se ponuda poveća, cene se smanjuju.

Ovaj ciklus može da potraje nekoliko godina, i javlja se kod gotovo svake robe i „konačnog dobra“ (automobili, televizori, hrana itd.) na Zemlji. Izuzetak su retki metali poput zlata i srebra. Dokazi o tome su prikazani u nastavku.

Kada se poveća trošak za proizvodnju dobra, cena tog dobra često raste da bi pokrila te troškove. Ovaj rast cene dovodi do toga da potrošači tog dobra traže alternativu ili smanjuju potrošnju tog dobra, što dovodi do pada cena na prethodni nivo.

Tržište se prirodno uravnotežava, a cene se smanjuju ili povećanjem ponude ili smanjenjem potražnje.

Da li imamo dokaze da tržišta vremenom uravnotežuju ponudu i potražnju?

Podaci o cenama robe tokom vremena mogu nam dati bolje razumevanje da li tržišta zaista efikasno uravnotežuju ponudu i potražnju. Međutim, cene ne možemo da posmatramo u smislu nacionalnih valuta, jer naše vlade uvek štampaju više svojih nacionalnih valuta.

Oni sprovode monetarnu inflaciju, koja može da izazove inflaciju cena. Posmatranje tržišnih cena u smislu nacionalnih valuta, poput američkog dolara, je poput merenja visine lenjirom koji se neprestano smanjuje. Vaša visina u broju biće sve veća i veća, ali stvarna visina se ne menja.

Mi možemo da znamo da li tržišta uravnotežuju ponudu i potražnju gledajući cene dobara u smislu monetarnog dobra koje ima vrlo konzistentnu ponudu tokom vremena.

Vremenom se pokazalo da zlato ima najmanju monetarnu inflaciju od svih postojećih valuta i dobara. To čini zlato odličnim ‘lenjirom’ za merenje da li tržišta vremenom uravnotežuju ponudu i potražnju. Da bismo bolje razumeli inflaciju cena tokom vremena, pitaćemo koliko unci zlata nešto košta tokom vremena.

Cene u zlatu pokazuju nam da se tržišta vremenom uravnotežuju

Ako cene dobara posmatramo u obliku zlata, vidimo da cene robe prate srednje tačke tokom dužih vremenskih perioda.

Nafta, na primer, je vrlo nestabilna, ali ima tendenciju da se kreće oko 2,5 grama zlata po barelu.

WTI Sirova Nafta u gramima Zlata po Barelu

Cena nafte je promenljiva, ali tokom decenija ima tendenciju da se kreće po strani.

Cene kuća tokom proteklih 10 godina takođe su prilično stabilne, iako imamo fiksnu količinu zemlje na planeti. Vidimo da cene kuća u pogledu zlata imaju tendenciju da variraju oko indeksne cene od oko 80, prikazane na grafikonu.

Shiller-ov US indeks cena kuća u USD i zlatu

Ovaj grafikon je na logaritamskoj skali, što nam omogućava da vizualizujemo zapanjujuća povećanja u zelenoj liniji, koja predstavlja domove u dolarima.

Grafički izražene u američkim dolarima, cene ovih dobara uvek rastu – baš kao i McDonald’s hamburger. Da su povećana potražnja ili povećani troškovi odgovorni za konstantnu inflaciju cena, takođe bismo videli kako se cena ove robe povećava u smislu zlata. Podaci iznad pokazuju da su cene konstantne.

Moraju da postoje i drugi razlozi za upornu inflaciju cena koju smo videli u dolarskim iznosima tokom proteklog veka.

Evo šta znamo o tome šta dugoročno utiče na cene, kao u periodu od 1955. do 2018. godine:

1. Rast produktivnosti uzrokovan inovacijama, što dovodi do pada cena tokom vremena
2. Monetarna inflacija – štampanje velikih količina valute – koja uzrokuje porast cena denominovanih u toj valuti tokom vremena

Znamo da cene izražene u dolarima, eurima i ostalim valutama neprestano rastu. Ako ne mislimo da naša produktivnost kao društva ide unazad, postoji samo jedan jednostavan razlog za inflaciju cena: štampanje većih količina valute, iliti monetarna inflacija.

Naše vlade i banke su zapravo prilično iskrene u pogledu zapanjujućih količina valute koje štampaju. Oni nam svakodnevno govore da oni uzrokuju monetarnu inflaciju.

Da li nam je infacija potrebna?

Bez uporne monetarne inflacije (koja uzrokuje inflaciju cena), naša celokupna savremena ekonomija bi se srušila.

The Guardian

Dozvolite da vam objasnim. Sledeći odeljak može da bude šokantan, i ohrabrujem vas da i sami istražite ukoliko mislite da nisam u pravu.

Kada centralne banke i komercijalne banke daju zajmove, one stvaraju novu valutu.

Kada centralne banke daju zajmove vladama “kupujući državni dug”, one stvaraju novu valutu kada to urade. To omogućava vladama da vode budžetski deficit trošeći više nego što uzimaju od poreza. U tom procesu državni dug se nagomilava.

Komercijalne banke stvaraju novu valutu kada daju zajmove fizičkim licima i preduzećima. Jedino ograničenje koliko novog novca mogu da stvore je zakonski zahtev da banka ima na raspolaganju određeni procenat od ukupnog iznosa novca koji su ljudi deponovali. Zbog toga je naš bankarski sistem poznat kao delimična rezerva – banke pri ruci moraju da imaju samo deo vašeg novca.

Stvaranje valute je neophodno da bi održalo sistem u životu

Budući da se svi zajmovi uglavnom sastoje od novostvorene valute, mora se stvoriti još više valute da bi se taj dug otplatio. A evo i zašto:

Recimo da su prošle godine sve svetske kreditne aktivnosti dovele do stvaranja 100 milijardi dolara. Svih tih 100 milijardi dolara je novostvoreno, i one se duguju bankama sa nekom dodatnom vrednošću za kamate. Odakle dolazi ova dodatna valuta za plaćanje kamata? Budući da ovde govorimo o celokupnoj svetskoj ekonomiji, to plaćanje kamata mora da dodje iz nove količine novostvorene valute.

Sve jedinice današnjih valuta nastale su pozajmljivanjem, a isplata kamate na te zajmove znači da moramo stalno da stvaramo još više nove valute. To dovodi do beskrajne monetarne inflacije. Kada nova valuta cirkuliše kroz ekonomiju, to dovodi do porasta cena: inflacije cena.

Previše monetarne inflacije može dovesti do hiperinflacije cena. U Venecueli je krajem 2018. godine piletina koštala preko 14 miliona Bolivara. Izvor: NBC News

Monetarni sistem se raspada ako se ova monetarna inflacija zaustavi, jer bi to značilo da veliki broj onih koji su uzeli zajam širom sveta ne bi mogao da vrati novac koji su pozajmili – oni ne bi izmirili svoje dugove.

Banke ili zajmodavci koji drže dug tada bi imali bezvrednu imovinu. Budući da vrednost duga podupire vrednost valute, vrednost valute bi strmoglavo padala zajedno sa dugom.

Kada ljudi izgube poverenje u ’tradicionalnu’ valutu, ona brzo postane bezvredna. To se dogodilo u Nemačkoj nakon Prvog svetskog rata, u Peruu devedesetih, Jugoslaviji 1994. ,Zimbabveu, Venecueli i sa još bezbroj drugih tradicionalnih valuta. Da bi odložile ovaj neizbežni ishod dokle god mogu, centralne banke jačaju poverenje u sistem nastavljajući da štampaju valutu stabilnim kursom.

Ovo osigurava da većina ljudi koju su uzeli zajam ima valutu za otplatu svojih kredita. Upravo to se dešava kada vlada izvrši „spas“ kao 2008. ili 2020. – oni osiguravaju da svi imaju dovoljno novca za plaćanje dugova, tako da laž može da se nastavi.

Inflacija ne dolazi iz povećanja potražnje

Sa više valute u opticaju, monetarna inflacija može da izgleda kao povećanje potražnje. Međutim, ekonomisti koji kažu da povećana potražnja pokreće stabilnu inflaciju tokom decenija propuštaju suptilnu poentu: iako monetarna inflacija može da prouzrokuje veću potrošnju, to nije zato što su ljudi zaista bogatiji, već zato što veruju da su bogatiji.

Kada se puno novca ubrizga u ekonomiju, cene jednostavno rastu jer više valute pokriva istu količinu robe. Rast cena znači pad vrednosti valute, tako da nema realnog povećanja stvarnog bogatstva, iako ljudi možda “troše više” u nominalnom iznosu valute.

Uzmimo ovaj primer: vi mesečno zarađujete 1.500 EUR, i prema svom trenutnom načinu života vi mesečno trošite oko 1.500 EUR. Dolazi vlada i počinje da vam daje dodatnih 500 EUR svakog meseca – vi se osećate poprilično dobro, zar ne? Sada možete da izlazite češće u restoran.

Međutim, vlada daje svima po 500 EUR mesečno, i svi ostali takođe troše taj novac. Ekonomista u vladinoj kancelariji, vidi da sada svi troše tih dodatnih 500 EUR mesečno i zaključuje da je vlada ‘stimulisala ekonomiju’.

Ipak, kako sav taj dodatni novac kruži ekonomijom, cene prirodno rastu. Sada vam je potrebno 2.000 EUR da biste održali svoj trenutni način života.

Da li si nešto bogatiji?

Vi možda imate više eura na vašem bankovnom računu, ali svaki od njih vam kupuje manje. Sada trošite 2.000 EUR mesečno da biste živeli životnim stilom koji vas je nekada koštao samo 1.500 EUR mesečno.

Ovo je ono što monetarna inflacija radi, i zašto je toliko pametnih ekonomista zavarano da misle da povećana potražnja, radije nego štampanje novca, pokreće trajnu inflaciju cena.

Da li smo uvek imali inflaciju?

Stalna inflacija cena relativno je nedavna pojava u modernim ekonomijama i započela je u vreme kada su Sjedinjene Države počele da konstantno štampaju valutu. Ako bi promene ponude i potražnje zaista dugoročno uzrokovale inflaciju cena, videli bismo inflaciju cena tokom istorije. Podaci govore drugačiju priču.

Indeks potrošačkih cena, koji se povećava kada imamo inflaciju cena, bio je prilično konstantan pre početka našeg trenutnog tradicionalnog ’fiat’ monetarnog sistema.

Taj sistem je započeo Bretton Woods-ovim sporazumom iz 1945. godine, a ubrzao se kada je Nixon 1971. okončao svetski zlatni standard.

Indeks potrošačkih cena, Sjedinjene Države, 1790-2015

Kako se meri inflacija?

Inflacija cena se često prikazuje kao promena indeksa potrošačkih cena (CPI). CPI je prosek cena raznih dobara koje ljudi kupuju u svakodnevnom životu: hrane, goriva, stanovanja itd. U Sjedinjenim Državama, vladin odsek pod nazivom Biro za statistiku rada (BLS) meri promene cena. To rade tako što posećuju maloprodajne radnje, beleže cene, računaju prosek i izveštavaju godišnju inflaciju kao promenu u odnosu na prošlu godinu.

Stopa inflacije koja se izveštava, je važna svima jer se koristi za određivanje povećanja troškova života i socijalnih davanja, poput plaćanja socijalnog osiguranja. Kada se CPI prilagodi naniže, isplate zarada i naknada su manje nego što bi trebalo da budu.

Efekti su se vremenom sjedinili: osoba koja u svojoj prvoj godini rada zaradi 40.000 USD zarađivaće samo 52.000 USD u svojoj desetoj godini staža, sa povećanim troškovima života od 3% da bi se plata podudarala sa inflacijom. Ako bi vlada umesto toga prijavila inflaciju od 6%, ta osoba bi u svojoj desetoj godini zarađivala 67.500 USD – tj. oko 30% više. Način na koji izračunavamo i prijavljujemo inflaciju ima ogroman uticaj na zaradu većine zaposlenih i građana.

Ovo je inflacija (procentualna promena u CPI) izmerena u poslednjih 20 godina u Sjedinjenim Državama:

Prvobitno je BLS jednostavno beležio cenu korpe robe široke potrošnje svake godine. Međutim, istraživanje Boskinove Komisije 1996. godine dovelo je do novih alata koji Birou za statistiku rada omogućavaju prilagođavanje cena u CPI. Dva najvažnija alata su geometrijsko ponderisanje i hedonika.

Geometrijsko Ponderisanje

Geometrijsko ponderisanje znači da kupovne navike sada mogu da utiču na to koliko promena cene pojedinog dobra utiče na CPI. Ako potrošači kupe manje robe, ona ima manju težinu kada se ubaci u presek indeksa potrošačkih cena. Boskinova Komisija je tvrdila da bi ova promena pomogla da se promene sklonosti potrošača. Međutim, ne postoji način da se utvrdi da li ljudi menjaju svoje kupovne navike jer zapravo žele da kupuju različite stvari. Vrlo je moguće da ljudi kupuju manje određenog dobra jer ono raste u ceni. Stoga geometrijsko ponderisanje uzrokuje da roba sa velikim rastom cena ima manje uticaja na CPI, što dovodi do niže prijavljene inflacije.

Hedonika

Hedonika omogućava Birou za statistiku rada da menja cenu dobra na osnovu njegovog opaženog povećanja ‘korisnosti’ tokom vremena. Evo primera: recimo da se televizor sa rezolucijom od 720p 2009. godine prodavao za 200 USD. U 2010. godini isti model televizora sada ima rezoluciju od 1080p i prodaje se po istoj ceni: 200 USD. Međutim, pošto se tehnologija u televizoru poboljšala, zaposleni u Birou za statistiku rada mogu da izmisle ‘korisni’ broj i pomoću njega oduzmu deo vrednosti od cene televizora. Kao rezultat, BLS može da kaže da TV košta 180 USD u 2010. godini – iako je njegova cena 200 USD. Ovo dovodi do pada prijavljene inflacije.

Oba ova prilagođavanja smanjuju prijavljenu stopu inflacije, što smanjuje povećanje troškova života i isplate naknada za socijalno osiguranje. Koliko ta prilagođavanja inflacije pogađaju radničku klasu i penzionere? Neke procene, poput procena ekonomiste John Williams-a, sa koledža u Darmouthu, stavljaju stvarnu inflaciju u SAD na u proseku 3% – 6% više nego što je izveštavano od strane Bira za statistiku rada. To bi inflaciju u 2020 dovelo do 5% – 8%, umesto na prijavljenih 2%.

U 2021. godini prijavljena inflacija je 5.4%, u prvom kvartalu.

Da li inflacija pokreće ekonomski rast?

Mnogi ljudi veruju da stabilna inflacija pokreće ekonomski rast podstičući investicije i potrošnju umesto štednje. Međutim, osnovni ekonomski podaci pobijaju ovu uobičajenu tvrdnju.

Ako za primer uzmemo Sjedinjene Države, nacija je imala samo kratke periode inflacije od 1775. do oko 1950. godine, kao što pokazuje indeks potrošačkih cena koji je ostao nepromenjen. Inflacija dobija zamah tek nakon 1971. godine, pa bi bilo za očekivati da će i stopa rasta bruto domaćeg proizvoda (BDP) Sjedinjenih Država porasti nakon 1971. godine.

Indeks potrošačkih cena, Sjedinjene Države, 1790-2015

Međutim, vidimo da se bruto domaći proizvod (BDP) po stanovniku u Sjedinjenim Državama, uobičajena mera ekonomske snage, neprekidno povećavao od 1820. godine do danas po stopi od oko 1,85% godišnje. Ne postoji porast oko 1971. godine, uprkos rastućoj inflaciji koja je započela u to vreme.

Ovo je logaritamski grafikon, koji nam omogućava da bolje vizualizujemo rast tokom vremena: što više logaritamski grafikon podseća na pravu liniju, to je stopa promene konzistentnija. Za više detalja, ovde pogledajte naslov: Rast na tehnološkoj granici i rast dostizanja.

To pokazuje da inflacija ne pokreće ekonomski rast.

Nažalost, imamo dokaze da inflacija ima i druge neželjene posledice, poput nejednakosti bogatstva. Koncentracija bogatstva u top 1%, počela je da raste krajem 1970-ih, nekoliko godina nakon što su Sjedinjene Države skinule svet sa zlatnog standarda i pretvorile se u monetarni sistem zasnovan na dugovima koji zahteva monetarnu inflaciju, a time i inflaciju cena, da bi preživeo.

Za potpunu istoriju tranzicije novca sa robnog sistema na dužni sistem, pročitajte naš članak o novcu.

Da li inflacija pokreće ili umanjuje nejednakost bogatstva?

Veza između inflacije i nejednakosti bogatstva postaje jasna kada pogledamo kako novostvorena valuta ulazi u ekonomiju. Vlade, komercijalne banke, velike korporacije i bogati često koriste kredite da bi iskoristili prednosti svojih moći. Kada podignu kredite, oni novonastalu valutu dobijaju ranije od svih ostalih. Oni imaju koristi od inflacije trošenjem nove valute pre nego što cene počnu da rastu kao rezultat te nove valute koja kruži u ekonomiji. Veliki i bogati subjekti često mogu da dobiju kredite po nižim troškovima od prosečnog građanina ili malog preduzeća. To znači da mogu da povećaju svoje poslovanje i bogatstvo brže od manjih firmi.

Bogati mogu da dobiju jeftine zajmove, zahvaljujući Federalnim Rezervama koje zadržavaju niske kamatne stope. To im omogućava da koriste ovo prednost za ostvarivanje ogromne dobiti.

Inflacija pogadja one koji rade za platu i ne mogu da ulože veći deo svog prihoda. Zarade se polako menjaju, ponekad se uskladjuju samo jednom godišnje. Kao rezultat, cene osnovnih dobara i usluga često rastu mnogo pre nego što zarade porastu. Cena potrošačke korpe takođe se smanjuje sa manipulacijama indeksom potrošačkih cena (CPI) koji skriva rast inflacije.

Gde se danas javlja inflacija?

Rekordno visoka inflacija javlja se u zemljama kao što su Venecuela, Zimbabve, Turska, Iran, Kuba, Južna Afrika i Argentina. To dovodi do sloma trgovine i političke nestabilnosti.

U razvijenom svetu vlade izveštavaju o niskoj inflaciji cena. Međutim, globalni bankarski sistem stvara nove valute u tonama – u toku je velika monetarna inflacija. Centralne banke dovode do sve većeg stvaranja valuta snižavanjem kamatnih stopa. To dovodi do toga da korporacije i pojedinci mogu da uzimaju jeftinije kredite, a svaki kredit znači stvaranje nove valute. Od 2008. godine, gotovo sve glavne centralne banke postavile su kamatne stope blizu nule.

Mnoge centralne banke takođe su pozajmljivale ogromne iznose vladama i bankama koje su propale nakon finansijske krize 2008. godine. Za samo nekoliko meseci, ovo je udvostručilo (ponekad utrostručilo ili učetvorostručilo) novčanu masu mnogih nacija. Oni su ovo nazvali „kvantitativno ublažavanje“.

Ako banke koriste toliku monetarnu inflaciju, zašto onda mi ne vidimo inflaciju cena?

Jednostavno rečeno, većina nove valute nije dospela u ruke običnih ljudi. Kada obični ljudi budu mogli da potroše novoštampanu valutu na svoje svakodnevne potrebe, tada ćemo videti rast CPI i inflacije.

Danas većina valuta ulazi u svet putem bankarskih zajmova, pa banke igraju veliku ulogu u tome gde se dešava inflacija. Banke prvenstveno pozajmljuju vrlo ‘sigurnim’ klijentima poput bogatih pojedinaca, vlada i velikih korporacija. Ovi subjekti kupuju luksuznu robu, umetnička dela, finansijsku imovinu i državne obveznice.

Cene ovih vrsta imovine nisu uključene u CPI, tako da je prijavljena inflacija niska. Kao rezultat, povećanje plata i isplate socijalnog osiguranja su takođe na niskom nivou.

Bogati su uživali u periodu od 2008. do 2021. godine, kada je njihova imovina upumpavana sa velikom količinom novog novca proizvedenog od bankarskih kredita!

Šta se dešava kada nova valuta dodje u ruke običnih ljudi?

Nažalost, jednog dana će sva ova nova valuta da uđe u normalnu ekonomiju i time će se povećati cene svakodnevne robe. To je poćelo da se dešava 2021. godine kao rezultat stimulativnih programa COVID-19 u Sjedinjenim Državama, koji su ljudima distribuirali trilione dolara. Iako je ovo zasigurno poželjnije od spašavanja korporacija, svaka vrsta spašavanja koja uključuje štampanje novca ima gadne dugoročne efekte.

Ovo što sada doživljavamo dogodilo se u Nemačkoj tokom i posle Prvog svetskog rata. Cene u Nemačkoj su zapravo pale tokom Prvog svetskog rata uprkos velikom stvaranju valute od strane Nemačke centralne banke. Nisko poverenje u ekonomiju sprečavalo je nemački narod da troši novac. Međutim, kad se rat završio i kada su ljudi ponovo počeli da ga troše, cene su vrlo naglo skočile i valuta je postala bezvredna. To bi moglo da se dogodi 2020-ih u Sjedinjenim Državama, sa obzirom na predložene programe podsticaja.

Politike poput Univerzalnog Osnovnog Dohotka, eng. Universal Basic Income (UBI), koje izgledaju pogodne za njihova obećanja da će “spasiti ljude”, takođe mogu da pokrenu hiperinflaciju. Obični ljudi bi se osećali imućnije, trošili bi svoju novoštampanu valutu i doveli do brzog rasta cena. Ovo bi u suštini poništilo pozitivan uticaj građana koji dobijaju “besplatan novac” svakog meseca.

Pa kako onda vi možete da zaštitite svoju ušteđevinu od inflacije? Kupujte imovinu koja je retka, potcenjena i koju vlade teško mogu da prigrabe. Ova imovina su plemeniti metali poput zlata, i Bitcoin.

Šta je deflacija?

Deflacija znači pad cena tokom vremena. Mnogi ekonomisti kažu da će ovo dovesti do toga da ljudi gomilaju valutu i da će dovesti do ekonomskog kolapsa, jer ljudi prestaju da kupuju robu i ulažu u preduzeća. To jednostavno nije tačno, jer ljudi uvek imaju potrebe i želje zbog kojih kupuju odredjenu robu. Stalni pad cena tokom vremena jednostavno bi promenio psihologiju potrošačke kulture u kojoj živimo.

Potrošačka kultura potiče od inflacije

Kako je to istina? Pogledajmo na sledećem primeru. Recimo da želite novi auto i da imate dovoljno novca da ga kupite. Poznato je da u našem svetu zbog stalne inflacije vaš novac vremenom postaje sve manje i manje vredan. U paralelnom svemiru u kojem se javlja stalna deflacija, vaš novac vremenom postaje sve vredniji.

• Uz konstantnu inflaciju, auto će koštati nešto više sledeće godine, i nešto više naredne godine. Niste sigurni gde da uložite novac da biste sa vremenom sigurno očuvali njegovu kupovnu moć. Ako niste sigurni da li ćete da kupite auto, ima više finansijskog smisla da ga kupite odmah, da biste dobili najbolju ponudu.
• Uz konstantnu deflaciju, auto će koštati nešto manje sledeće, i još manje naredne godine. Ako samo čuvate vaš novac, sledeće godine ćete dobiti bolju ponudu za auto. Ako niste sigurni da li ćete da kupite auto, ima više finansijskog smisla da sačekate malo duže da biste dobili bolju ponudu.

Sada razmislite o ta dva scenarija, pomnožena bilionima ljudi i proizvoda. Uz konstantnu inflaciju, svako ima malo više razloga da kupuje stvari upravo sada. Uz konstantnu deflaciju, svi sada imaju malo manje razloga da kupuju. Upravo na taj način inflacija je u osnovi naše materijalističke, potrošačke kulture. Deflacija bi mogla da bude lek.

Inflacija uzrokuje loše investicije

Vaš novac godišnje gubi “2%” svoje vrednosti zbog inflacije. Sada, recimo da vas Stefan pita da investirate u njegov Fast food. Nakon uvida u brojeve, verujete da ćete ovom investicijom izgubiti 1% od vrednosti svog novca. Gubitak od 1% u Stefanovom poslu bolji je od gubitka od 2% zbog inflacije, pa se vi odlučujete da uložite. Ovo je loša investicija, eng. malinvestment – investirajući vi ćete da izgubite deo vrednosti. Međutim, čuvanje valute je još gore, zato ulažete.

Mnogi investitori, poput penzijskih fondova, danas su prisiljeni da investiraju u neprofitabilne biznise zbog investicionih mandata i same veličine njihove ‘imovine pod upravljanjem’.

Pristalice konstantno niske inflacije veruju da bi deflacija smanjila investicije. Međutim, to bi samo smanjilo ulaganje u preduzeća sa negativnim očekivanim prinosom poput Stefanovog Fast food-a. Na primer, recimo da je deflacija u proseku oko 2% godišnje. Na ovom tržištu investitori bi jednostavno prestali da ulažu u projekte za koje misle da će im zaraditi manje od 2% godišnjeg povrata ulaganja.

Neznatno deflaciona valuta obeshrabriće ulaganja u lažna i loša preduzeća i podstaći ulaganje u solidna preduzeća koja svetu dodaju vrednost.

Kakav uticaj inflacija ima na društvo?

Inflacija pokreće povećanu potrošnju, smanjenu štednju i povećani dug. Sve ove stvari dovode do toga da većina ljudi mora da radi više sati i duže u starosti. Iako inflacija kažnjava one koji rade za platu, ona obogaćuje vlasnike bilo koje imovine koja dobija na ceni kada nova valuta uđe u sistem. Ova imovina uključuje akcije, umetnička dela, nekretnine i drugu imovinu koju bogataši koriste za čuvanje svog bogatstva.

Vremenom ljudi i firme izmišljaju nove načine za jeftinije stvaranje dobara i usluga višeg kvaliteta. Ovo je poznato kao ‘rast produktivnosti’ i trebalo bi da uzrokuje da cene tokom vremena konstantno padaju, a ne da rastu. Samo konstantno stvaranje valute koje je neophodno zbog monetarnog sistema zasnovanog na dugu naše vlade uzrokuje stalnu inflaciju i njene loše efekte.

Ako vam se sviđa moj rad, molim vas da ga podelite sa svojim prijateljima i porodicom. Cilj mi je da svima pružim pogled u ekonomiju i na to kako ona utiče na njihov život.

@ 04c915da:3dfbecc9

Here’s a revised timeline of macro-level events from The Mandibles: A Family, 2029–2047 by Lionel Shriver, reimagined in a world where Bitcoin is adopted as a widely accepted form of money, altering the original narrative’s assumptions about currency collapse and economic control. In Shriver’s original story, the failure of Bitcoin is assumed amid the dominance of the bancor and the dollar’s collapse. Here, Bitcoin’s success reshapes the economic and societal trajectory, decentralizing power and challenging state-driven outcomes.

Part One: 2029–2032

• 2029 (Early Year)\ The United States faces economic strain as the dollar weakens against global shifts. However, Bitcoin, having gained traction emerges as a viable alternative. Unlike the original timeline, the bancor—a supranational currency backed by a coalition of nations—struggles to gain footing as Bitcoin’s decentralized adoption grows among individuals and businesses worldwide, undermining both the dollar and the bancor.

• 2029 (Mid-Year: The Great Renunciation)\ Treasury bonds lose value, and the government bans Bitcoin, labeling it a threat to sovereignty (mirroring the original bancor ban). However, a Bitcoin ban proves unenforceable—its decentralized nature thwarts confiscation efforts, unlike gold in the original story. Hyperinflation hits the dollar as the U.S. prints money, but Bitcoin’s fixed supply shields adopters from currency devaluation, creating a dual-economy split: dollar users suffer, while Bitcoin users thrive.

• 2029 (Late Year)\ Dollar-based inflation soars, emptying stores of goods priced in fiat currency. Meanwhile, Bitcoin transactions flourish in underground and online markets, stabilizing trade for those plugged into the bitcoin ecosystem. Traditional supply chains falter, but peer-to-peer Bitcoin networks enable local and international exchange, reducing scarcity for early adopters. The government’s gold confiscation fails to bolster the dollar, as Bitcoin’s rise renders gold less relevant.

• 2030–2031\ Crime spikes in dollar-dependent urban areas, but Bitcoin-friendly regions see less chaos, as digital wallets and smart contracts facilitate secure trade. The U.S. government doubles down on surveillance to crack down on bitcoin use. A cultural divide deepens: centralized authority weakens in Bitcoin-adopting communities, while dollar zones descend into lawlessness.

• 2032\ By this point, Bitcoin is de facto legal tender in parts of the U.S. and globally, especially in tech-savvy or libertarian-leaning regions. The federal government’s grip slips as tax collection in dollars plummets—Bitcoin’s traceability is low, and citizens evade fiat-based levies. Rural and urban Bitcoin hubs emerge, while the dollar economy remains fractured.

Time Jump: 2032–2047

• Over 15 years, Bitcoin solidifies as a global reserve currency, eroding centralized control. The U.S. government adapts, grudgingly integrating bitcoin into policy, though regional autonomy grows as Bitcoin empowers local economies.

Part Two: 2047

• 2047 (Early Year)\ The U.S. is a hybrid state: Bitcoin is legal tender alongside a diminished dollar. Taxes are lower, collected in BTC, reducing federal overreach. Bitcoin’s adoption has decentralized power nationwide. The bancor has faded, unable to compete with Bitcoin’s grassroots momentum.

• 2047 (Mid-Year)\ Travel and trade flow freely in Bitcoin zones, with no restrictive checkpoints. The dollar economy lingers in poorer areas, marked by decay, but Bitcoin’s dominance lifts overall prosperity, as its deflationary nature incentivizes saving and investment over consumption. Global supply chains rebound, powered by bitcoin enabled efficiency.

• 2047 (Late Year)\ The U.S. is a patchwork of semi-autonomous zones, united by Bitcoin’s universal acceptance rather than federal control. Resource scarcity persists due to past disruptions, but economic stability is higher than in Shriver’s original dystopia—Bitcoin’s success prevents the authoritarian slide, fostering a freer, if imperfect, society.

Key Differences

• Currency Dynamics: Bitcoin’s triumph prevents the bancor’s dominance and mitigates hyperinflation’s worst effects, offering a lifeline outside state control.
• Government Power: Centralized authority weakens as Bitcoin evades bans and taxation, shifting power to individuals and communities.
• Societal Outcome: Instead of a surveillance state, 2047 sees a decentralized, bitcoin driven world—less oppressive, though still stratified between Bitcoin haves and have-nots.

This reimagining assumes Bitcoin overcomes Shriver’s implied skepticism to become a robust, adopted currency by 2029, fundamentally altering the novel’s bleak trajectory.

@ 5ea46480:450da5bd

Decentralization refers to control/power, and relates to censorship resistance. That is it, it is not more complicated then that. Resilience is a function of redundancy; a centralized censored system can have a redundant set-up and therefor be resilient.

Take Bitcoin; the blockchain is a central database, it is resilient because it has many redundant copies among a lot of different nodes. The message (txs and blocks) propagation is decentralized due to existence of a p2p network among these nodes, making the data distribution censorship resistant (hello op_return debate). But onchain transactions themselves are NOT p2p, they require a middlemen (a miner) because it is a central database, as opposed to something like lightning which is p2p. Peer to Peer says something about relative architectural hierarchical position/relation. P2P provides censorship resistance because it entails equal power relations, provided becoming a peer is permissionless. What makes onchain transactions censorship resistant is that mining is permissionless, and involves this open power struggle/game where competition results in a power distribution among players, meaning (hopefully) decentralization. The fact users rely on these middlemen is mitigated by this decentralization on the one hand, and temper-proofing via cryptographic signatures on the other, resulting in what we call trustlessness (or trust minimization for the autists in the room); we only rely on a miner to perform a job (including your tx into a block), but we don’t trust the miner to perform the job correctly, this we can verify ourselves.

This leads us to Nostr, because that last part is exactly what Nostr does as well. It uses cryptography to get tamper-proof messaging, which then allows you to use middle-men in a trust minimized way. The result is decentralization because in general terms, any middle man is as good as any other (same as with miners), and becoming such a middleman is permissionless(somewhat, mostly); which in turn leads to censorship resistance. It also allows for resilience because you are free to make things as redundant as you'd like.

Ergo, the crux is putting the cryptography central, making it the starting point of the system; decentralization then becomes an option due to trust minimization. The difference between Bitcoin an Nostr, is that Bitcoin maintains a global state/central ledger and needs this PoW/Nakamoto consensus fanfare; Nostr rests itself with local perspectives on 'the network'.

The problem with the Fediverse, is that it does not provide trust minimization in relation to the middlemen. Sure, there are a lot different servers, but you rely on a particular one (and the idea you could switch never really seemed to have materialized in a meaningful way). It also fails in permisionlessness because you rely on the association between servers, i.e. federation, to have meaningful access to the rest of the network. In other words, it is more a requirement of association than freedom of association; you have the freedom to be excommunicated.

The problem with ATproto is that is basically does not solve this dynamic; it only complicates it by pulling apart the components; identity and data, distribution and perspective are now separated, and supposedly you don’t rely on any particular one of these sub-component providers in the stack; but you do rely on all these different sub-component providers in the stack to play nice with each other. And this ‘playing nice’ is just the same old ‘requirement of association’ and ‘freedom of excommunication’ that looms at the horizon.

Yes, splitting up the responsibilities of identity, hosting and indexing is what is required to safe us from the platform hellscape which at this stage takes care of all three. But as it turns out, it was not a matter cutting those up into various (on paper) interchangeable middlemen. All that is required is putting cryptographic keys in the hands of the user; the tamperproofing takes care of the rest, simply by trust minimizing the middlemen we use. All the sudden it does not matter which middlemen we use, and no one is required to play nice; we lost the requirement of association, and gained freedom of association, which was the purpose of censorship resistance and therefor decentralization, to begin with.

@ b83a28b7:35919450

This article was originally part of the sermon of Plebchain Radio Episode 111 (May 2, 2025) that nostr:nprofile1qyxhwumn8ghj7mn0wvhxcmmvqyg8wumn8ghj7mn0wd68ytnvv9hxgqpqtvqc82mv8cezhax5r34n4muc2c4pgjz8kaye2smj032nngg52clq7fgefr and I did with nostr:nprofile1qythwumn8ghj7ct5d3shxtnwdaehgu3wd3skuep0qyt8wumn8ghj7ct4w35zumn0wd68yvfwvdhk6tcqyzx4h2fv3n9r6hrnjtcrjw43t0g0cmmrgvjmg525rc8hexkxc0kd2rhtk62 and nostr:nprofile1qyxhwumn8ghj7mn0wvhxcmmvqyg8wumn8ghj7mn0wd68ytnvv9hxgqpq4wxtsrj7g2jugh70pfkzjln43vgn4p7655pgky9j9w9d75u465pqahkzd0 of the nostr:nprofile1qythwumn8ghj7ct5d3shxtnwdaehgu3wd3skuep0qyt8wumn8ghj7etyv4hzumn0wd68ytnvv9hxgtcqyqwfvwrccp4j2xsuuvkwg0y6a20637t6f4cc5zzjkx030dkztt7t5hydajn

Listen to the full episode here:

<<https://fountain.fm/episode/Ln9Ej0zCZ5dEwfo8w2Ho>>

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Bitcoin has always been a narrative revolution disguised as code. White paper, cypherpunk lore, pizza‑day legends - every block is a paragraph in the world’s most relentless epic. But code alone rarely converts the skeptic; it’s the camp‑fire myth that slips past the prefrontal cortex and shakes hands with the limbic system. People don’t adopt protocols first - they fall in love with protagonists.

Early adopters heard the white‑paper hymn, but most folks need characters first: a pizza‑day dreamer; a mother in a small country, crushed by the cost of remittance; a Warsaw street vendor swapping złoty for sats. When their arcs land, the brain releases a neurochemical OP_RETURN which says, “I belong in this plot.” That’s the sly roundabout orange pill: conviction smuggled inside catharsis.

That’s why, from 22–25 May in Warsaw’s Kinoteka, the Bitcoin Film Fest is loading its reels with rebellion. Each documentary, drama, and animated rabbit‑hole is a stealth wallet, zipping conviction straight into the feels of anyone still clasped within the cold claw of fiat. You come for the plot, you leave checking block heights.

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Here's the clip of the sermon from the episode:

nostr:nevent1qvzqqqqqqypzpwp69zm7fewjp0vkp306adnzt7249ytxhz7mq3w5yc629u6er9zsqqsy43fwz8es2wnn65rh0udc05tumdnx5xagvzd88ptncspmesdqhygcrvpf2

@ 04c915da:3dfbecc9

Bitcoin has always been rooted in freedom and resistance to authority. I get that many of you are conflicted about the US Government stacking but by design we cannot stop anyone from using bitcoin. Many have asked me for my thoughts on the matter, so let’s rip it.

Concern

One of the most glaring issues with the strategic bitcoin reserve is its foundation, built on stolen bitcoin. For those of us who value private property this is an obvious betrayal of our core principles. Rather than proof of work, the bitcoin that seeds this reserve has been taken by force. The US Government should return the bitcoin stolen from Bitfinex and the Silk Road.

Using stolen bitcoin for the reserve creates a perverse incentive. If governments see bitcoin as a valuable asset, they will ramp up efforts to confiscate more bitcoin. The precedent is a major concern, and I stand strongly against it, but it should be also noted that governments were already seizing coin before the reserve so this is not really a change in policy.

Ideally all seized bitcoin should be burned, by law. This would align incentives properly and make it less likely for the government to actively increase coin seizures. Due to the truly scarce properties of bitcoin, all burned bitcoin helps existing holders through increased purchasing power regardless. This change would be unlikely but those of us in policy circles should push for it regardless. It would be best case scenario for American bitcoiners and would create a strong foundation for the next century of American leadership.

Optimism

The entire point of bitcoin is that we can spend or save it without permission. That said, it is a massive benefit to not have one of the strongest governments in human history actively trying to ruin our lives.

Since the beginning, bitcoiners have faced horrible regulatory trends. KYC, surveillance, and legal cases have made using bitcoin and building bitcoin businesses incredibly difficult. It is incredibly important to note that over the past year that trend has reversed for the first time in a decade. A strategic bitcoin reserve is a key driver of this shift. By holding bitcoin, the strongest government in the world has signaled that it is not just a fringe technology but rather truly valuable, legitimate, and worth stacking.

This alignment of incentives changes everything. The US Government stacking proves bitcoin’s worth. The resulting purchasing power appreciation helps all of us who are holding coin and as bitcoin succeeds our government receives direct benefit. A beautiful positive feedback loop.

Realism

We are trending in the right direction. A strategic bitcoin reserve is a sign that the state sees bitcoin as an asset worth embracing rather than destroying. That said, there is a lot of work left to be done. We cannot be lulled into complacency, the time to push forward is now, and we cannot take our foot off the gas. We have a seat at the table for the first time ever. Let's make it worth it.

We must protect the right to free usage of bitcoin and other digital technologies. Freedom in the digital age must be taken and defended, through both technical and political avenues. Multiple privacy focused developers are facing long jail sentences for building tools that protect our freedom. These cases are not just legal battles. They are attacks on the soul of bitcoin. We need to rally behind them, fight for their freedom, and ensure the ethos of bitcoin survives this new era of government interest. The strategic reserve is a step in the right direction, but it is up to us to hold the line and shape the future.

@ 3f770d65:7a745b24

I’m Derek Ross, and I’m all-in on Nostr.

I started the Grow Nostr Initiative to help more people discover what makes Nostr so powerful: ✅ You own your identity ✅ You choose your social graph and algorithms ✅ You aren't locked into any single app or platform ✅ You can post, stream, chat, and build, all without gatekeepers

What we’re doing with Grow Nostr Initiative: 🌱 Hosting local meetups and mini-conferences to onboard people face-to-face 📚 Creating educational materials and guides to demystify how Nostr works 🧩 Helping businesses and creators understand how they can plug into Nostr (running media servers, relays, and using key management tools)

I believe Nostr is the foundation of a more open internet. It’s still early, but we’re already seeing incredible apps for social, blogging, podcasting, livestreaming, and more. And the best part is that they're all interoperable, censorship-resistant, and built on open standards. Nostr is the world's largest bitcoin economy by transaction volume and I truly believe that the purple pill helps the orange pill go down. Meaning, growing Nostr will also grow Bitcoin adoption.

If you’ve been curious about Nostr or are building something on it, or let’s talk. Whether you're just getting started or you're already deep in the ecosystem, I'm here to answer questions, share what I’ve learned, and hear your ideas. Check out https://nostrapps.com to find your next social decentralized experience.

Ask Me Anything about GNI, Nostr, Bitcoin, the upcoming #NosVegas event at the Bitcoin Conference next week, etc.!

– Derek Ross 🌐 https://grownostr.org npub18ams6ewn5aj2n3wt2qawzglx9mr4nzksxhvrdc4gzrecw7n5tvjqctp424

https://stacker.news/items/984689

@ bf47c19e:c3d2573b

Originalni tekst na bitcoin-balkan.com.

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Pregled sadržaja

1. Definisanje novca
2. Šta je sredstvo razmene?
3. Šta je obračunska jedinica?
4. Šta je zaliha vrednosti?
5. Zašto su važne funkcije novca?
6. Novac Gubi Funkciju: Alhemičar iz Njutonije
7. Eksploatacija pomoću Novca: Agri Perle
8. Novac Gubi Funkciju 2. Deo: Kejnslandski Bankar
9. Da li nas novac danas eksploatiše?
10. Šta je novac, i zašto trebate da brinete?
11. Efikasnija Ušteda Novca
12. Zasluge
13. Molim vas da šerujete!

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Google izveštava o stalnom povećanju interesa u svetu za pitanje „Šta je novac?“ koji se postavlja iz godine u godinu, od 2004. do 2021., a sa naglim porastom nakon finansijske krize 2008. godine.

I izgleda se da niko nema dobar odgovor za to.

Godišnji proseci mesečnih interesa za pretragu. 100 predstavlja najveći interes za pretragu tokom čitavog perioda, koji se dogodio u decembru 2019. Podaci sa Google Trends-a.

Međutim, odgovaranje na ovo naizgled jednostavno pitanje pomoći će vam da razjasnite ulogu novca u vašem životu. Jednom kada shvatite kako novac funkcioniše, tačno ćete videti i zašto svet danas ludi – i šta učiniti povodom toga. Zato hajde da se udubimo u to.

Na pitanje šta je novac, većina ljudi otvori svoje novčanike i pokaže nekoliko novčanica – “evo, ovo je novac!”

Ali po čemu se ove novčanice razlikuju od stranica vaše omiljene knjige? Pa, naravno, zavod za izradu novčanica te zemlje je odštampao te novčanice iz vašeg novčanika kako bi se oduprla falsifikovanju, i svi ih koriste da bi kupili odredjene stvari.

Međutim, Nemačka Marka imala je sva ova svojstva u prošlosti – ali preduzeća danas ne prihvataju te novčanice. Zapravo, građani Nemačke su početkom dvadesetih godina prošlog veka spaljivali papirne Marke kako bi grejali svoje domove. Marka je imala veću vrednost kao papir za potpalu nego kao novac!

1923. nemačka valuta poznata kao Marka bila je jeftinija od uglja i drveta!

Pa šta to čini novac, novcem?

Ispostavilo se da ovo nije pitanje na koje je lako dati odgovor.

Definisanje novca

Novac nije fizička stvar poput novčanice dolara. Novac je društveni sistem koji koristimo da bismo olakšali trgovinu robom i uslugama. Međutim, tokom istorije fizička monetarna dobra igrala su ključnu ulogu u društvenom sistemu novca, često kao znakovi koji predstavljaju vrednost u monetarnom sistemu. Ovaj sistem ima tri funkcije: 1) Sredstvo Razmene, 2) Obračunsku Jedinicu i 3) Zalihu Vrednosti.

Odakle dolaze ove funkcije, i zašto su one vredne?

Šta je sredstvo razmene?

Sredstvo razmene je neko dobro koje se obično razmenjuje za drugo dobro. Najčešće objašnjenje za to kako su se pojavila sredstva razmene glasi otprilike ovako: Boris ima ječam i želeo bi da kupi ovcu od Marka. Marko ima ovce, ali želi samo piliće. Ana ima piliće, ali ona ne želi ječam ili ovce.

To se naziva problem sticaja potreba: dve strane moraju da žele ono što druga ima da bi mogle da trguju. Ako se želje dve osobe ne podudaraju, oni moraju da pronađu druge ljude sa kojima će trgovati dok svi ne pronađu dobro koje žele.

Ljudi koji trguju robom i uslugama moraju da imaju potrebe koje se podudaraju.

Vremenom, veoma je verovatno da će se određena vrsta robe, poput pšenice, pojaviti kao sredstvo razmene jer su je mnogi ljudi želeli. Uzimajući pšenicu kao primer: pšenica je rešila “sticaje potreba” u mnogim zanatima, jer čak i ako onaj koji prima pšenicu a nije želeo da je koristi za sebe, znao je da će je neko drugi želeti.

Ovo nazivamo prodajnost imovine.

Pšenica je dobar primer dobra za prodaju jer svi moraju da jedu, a od pšenice se pravi hleb. Pšenica ima vrednost kao sastojak hleba i kao dobro koje olakšava trgovinu rešavanjem problema „sticaja potreba“.

Razmislite o svojoj želji da dobijete više novčanica u eurima ili drugoj valuti. Ne možete da jedete novčanice da biste preživeli, a i ne bi vam bile od velike koristi ako poželite da ih koristite kao građevinski materijal za vašu kuću. Međutim, znate da sa tim novčanicama možete da kupite hranu i kuću.

Stvarne fizičke novčanice su beskorisne za vas. Novčanice su vam dragocene samo zato što će ih drugi prihvatiti za stvari koje su vama korisne.

Tokom dugog perioda istorije, novac je evoluirao do te mere da monetarno dobro može imati vrednost, a da to dobro ne služi za bilo koju drugu ‘suštinsku’ upotrebu, poput hrane ili energije. Umesto toga, njegova upotreba je zaliha vrednosti i jednostavna zamena za drugu robu u bilo kom trenutku koji poželite.

Šta jedno dobro čini poželjnijim i prodajnijim od drugog dobra?

Deljivost

Definicija: Sposobnost podele dobra na manje količine.

Loš Primer: Dijamante je teško podeliti na manje komade. Za zajednicu od hiljada ljudi koji dnevno izvrše milione transakcija, dijamanti čine loše sredstvo razmene. Previše su retki i nedeljivi da bi se koristili za mnoge transakcije.

Ujednačenost

Definicija: Sličnost pojedinačnih jedinica odredjenog dobra.

Loš Primer: Krave nisu ujednačene – neke su veće, neke manje, neke bolesne, neke zdrave. Sa druge strane, unca čistog zlata je jednolična – jedna unca je potpuno ista kao sledeća. Ovo svojstvo se takođe često naziva zamenljivost.

Prenosivost

Definicija: Lakoća transporta dobra.

Loš Primer: Krava nije baš prenosiva. Zlatnici su prilično prenosivi. Papirne novčanice su još prenošljivije. Knjiga u kojoj se jednostavno beleži vlasništvo nad tim vrednostima (poput Rai kamenog sistema ili digitalnog bankovnog računa) je neverovatno prenosiva, jer nema fizičkog dobra koje treba nositi sa sobom za kupovinu. Postoji samo sistem za evidentiranje vlasništva nad tim vrednostima u nematerijalnom obliku.

Kako dobro postaje sredstvo razmene?

Dobra postaju, i ostaju sredstva razmene zbog svoje univerzalne potražnje, takođe poznate kao njihova prodajnost, čemu pomažu svojstva koja su gore nabrojana.

Mnogo različitih dobara mogu u različitoj meri delovati kao sredstva razmene u ekonomiji. Danas, naša globalna ekonomija koristi valute koje izdaju države, zlato, pa čak i robu poput nafte kao sredstvo razmene.

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Šta je obračunska jedinica?

Stvari se komplikuju kada u ekonomiji postoji mnogo robe koja se prodaje. Čak i sa samo 5 dobara, postoji 10 “kurseva razmene” između svake robe kojih svi u ekonomiji moraju da se sete: 1 svinja se menja za 15 pilića, 1 pile se menja za 15 litara mleka, desetak jaja se menja za 15 litara mleka, i tako dalje. Ako ekonomija ima 50 dobara, među njima postoji 1.225 “kurseva razmene”!

Sredstvo za merenje vrednosti

Zamislite obračunsku jedinicu kao sredstvo za merenje vrednosti. Umesto da se sećamo vrednosti svakog dobra u poredjenju sa drugim dobrima, mi samo treba da se setimo vrednosti svakog dobra u poredjenju sa jednim dobrom – obračunskom jedinicom.

Umesto da se setimo 1.225 kurseva razmene kada imamo 50 proizvoda na tržištu, mi treba da zapamtimo samo 50 cena.

Na primer, ne treba da se sećamo da litar mleka vredi 1/15 piletine ili desetak jaja, možemo da se samo setimo da litar mleka košta 1USD.

Poređenje dobara je lakše sa obračunskom jedinicom

Obračunska jedinica takođe olakšava upoređivanje vrednosti i donošenje odluka. Zamislite da pokušavate da kupite par Nike Air Jordan patika kada ih jedan prodavac prodaje za jedno pile, a drugi za 50 klipova kukuruza.

Šta je zaliha vrednosti?

Do sada smo gledali samo primere transakcija koje se odvijaju u određenom trenutku u vremenu.

Međutim, ljudi vrše transakcije tokom vremena – oni štede novac i troše ga kasnije. Da bi odredjeno dobro moglo da funkcioniše pravilno kao monetarno dobro, ono treba da održi vrednost tokom vremena.

Novac koji vremenom dobro drži vrednost daje njegovom imaocu više izbora kada će taj novac da potroši.

To znači da prodajnost dobra uključuje njegovu sposobnost da održi vrednost tokom vremena.

Šta jedno dobro čini boljom zalihom vrednosti od drugog dobra?

Trajnost

Definicija: Sposobnost dobra da vremenom zadrži svoj oblik.

Loš Primer: Jagode čine lošu zalihu vrednosti jer se lako oštete i brzo trunu.

Odluka je daleko lakša ako jedan prodavac naplaćuje 150 USD, a drugi 200 USD – odmah je očigledno koja je bolja ponuda jer su vrednosti izražene u istoj jedinici.

Teške za Proizvodnju

Definicija: Teškoće koje ljudi imaju u proizvodnji veće količine dobra.

Loš Primer: Papirne novčanice predstavljaju lošu zalihu vrednosti jer banke i vlade mogu jeftino da ih naprave.

Sa zlatom je suprotno – u ponudi se nalazi ograničena količina uprkos velikoj potražnji za njim, jednostavno zato što ga je vrlo teško iskopati iz zemlje. Ova ograničena ponuda osigurava da svaka jedinica zlata održi vrednost tokom vremena.

Kako dobra postaju zalihe vrednosti?

Dobro postaje zaliha vrednosti ako se vremenom pokaže trajnim i teškim za proizvodnju.

Samo će vreme pokazati da li je neko dobro zaista trajno i da li ga je teško proizvesti. Zbog toga neki oblici novca su postojali vekovima pre nego što je neko otkrio način da ih proizvede više, i na kraju se to dobro više nije koristilo kao novac.

Ovo je priča o školjkama, Rai kamenju i mnogim drugim oblicima novca tokom istorije.

Zlato je primer dobra koje je hiljadama godina služilo kao dobra zaliha vrednosti. Zlato se ne razgrađuje tokom vremena i još uvek ga je teško proizvesti. Hiljadama godina alhemičari su bezuspešno pokušavali da sintetišu zlato iz jeftinih materijala.

Čak i sa današnjim naprednim rudarskim tehnikama, svake godine svi svetski rudnici zlata zajedno mogu da proizvedu samo 2% od ukupne ponude zlata u prometu.

Teškoće u proizvodnji zlata daju izuzetno visok odnos “zaliha i protoka”: zaliha je broj postojećih jedinica, a protok su nove jedinice stvorene tokom određenog vremenskog perioda. Svake godine se stvori vrlo malo novih jedinica zlata, iako je potražnja za zlatom obično vrlo velika.

Kombinujući ovo sa deljivošću, ujednačenošću i prenosivošću zlata, nije ni čudo što je zlato čovečanstvu služilo kao monetarno dobro tokom poslednjih 5.000 godina. Pošto je zlato teško proizvesti, možemo ga nazvati teškim novcem (hard money).

Kao rezultat toga, svoju vrednost je u velikoj meri zadržao kroz milenijume. Cena većine dobara i usluga u pogledu zlata zapravo se vremenom smanjivala kao rezultat tehnoloških inovacija, koje sve proizvode čine jeftinijim.

Uzmimo na primer cene hrane prema praćenju Kancelarije za hranu i poljoprivredu UN-a: sa obzirom na skokove u poljoprivrednoj tehnologiji tokom poslednjih 60 godina, cene hrane drastično su pale kada se procenjuju u zlatu. To čak i važi uprkos činjenici da obični ljudi retko koriste zlato za kupovinu stvari.

Cene hrane su padale u pogledu zlata tokom proteklih 60 godina, i mnogo pre toga (FAO Indeks Cena Hrane u Zlatu)

Zaliha vrednosti omogućava ljudima da uštede novac kako bi mogli da ga ulažu u pokretanje preduzeća i obrazovanje, povećavajući produktivnost društva.

Monetarna dobra koja dobro čuvaju vrednost takođe podstiču dugoročniji pogled na život, ili kratke vremenske preference. Pojedinac može da radi 10 godina, uštedi odredjeno monetarno dobro koje je dobra zaliha vrednosti, i nema potrebe da se plaši da će njegova ušteđevina biti izbrisana krahom tržišta ili povećanjem ponude tog dobra.

Zašto su važne funkcije novca?

Kada neki oblik novca izgubi bilo koju od svojih važnih funkcija kao što su sredstvo razmene, obračunska jedinica i zaliha vrednosti, celokupna ekonomija i društvo mogu da se rastrgnu.

Tokom istorije često vidimo grupe ljudi koje eksploatišu druge iskorišćavajući nesporazume o novcu i važnosti njegovih funkcija.

Sledeće, proći ću kroz istoriju novca, prvo hipotetički da bih ilustrovao poentu, a zatim ću preći na stvarne istorijske primere. Kroz ove primere videćemo štetne efekte na društva u slučajevima kada se izgubi samo jedna od tih ključnih funkcija novca.

Novac Gubi Funkciju: Alhemičar iz Njutonije

Kroz istoriju, mnoga dobra su dolazila i odlazila kao oblici novca. Na žalost, kada se neki oblik novca ukine, ponekad postoji grupa ljudi koja eksploatiše drugi oblik manipulišući tim novcem.

Hajde da pogledamo hipotetičko selo zvano Njutonija da bismo razumeli kako dolazi do ove eksploatacije.

Zelene perle postaju Novac

Tokom stotina godina ribolova u obližnjoj reci, stanovnici Njutonije sakupljali su zelene perle iz vode. Zrnca su mala, lagana, izdržljiva, jednolična i retko se pojavljuju u reci. Ljudi prvo priželjkuju perle zbog svoje lepote. Na kraju, seljani shvataju da svi drugi žele perle – one se vrlo lako mogu prodati. Zrnca uskoro postaju sredstvo razmene i obračunska jedinica u selu: pile je 5 zrna, vreća jabuka 2 zrna, krava 80 zrna.

Ukupna ponuda perli je prilično konstantna i cene se vremenom ne menjaju mnogo. Seoski starešina je uveren da može da se opustiti u poslednjim danima živeći od svoje velike zalihe perli.

Alhemičar stvara više perli

Seoski alhemičar je poželeo da bude bogat čovek, ali nije voleo da vredno radi na tome. Umesto da traži perle u reci ili da prodaje vrednu robu drugim seljanima, on sedeo je u svojoj laboratoriji. Na kraju je otkrio kako da lako stvori stotine perli sa malo peska i vatre.

Seljani koji su tragali za perlama u reci bili su srećni ako bi svaki dan pronašli po 1 zrno. Alhemičar je mogao da proizvede stotine uz malo napora.

Alhemičar troši svoje perle

Budući da je bio prilično zao, alhemičar nije svoj metod pravljenja zrna delio ni sa kim drugim. Stvorio je sebi još više perli i počeo da ih troši za dobra na tržištu u Njutoniji. Tokom sledećih meseci, alhemičar je kupio farmu pilića, nekoliko krava, finu svilu, posteljine i ogromno imanje. On je imao priliku da kupi ova dobra po normalnim cenama na tržištu.

Alhemičarevo trošenje ostavljalo je seljanima mnogo perli, ali malo njihove vredne robe.

Svi seljani su se osećali bogatima – imali su tone perli! Međutim, polako su primetili da i svi ostali takodje imaju tone.

Cene počinju da rastu

Uzgajivač pilića primetio je da sva roba koju je trebalo da kupi na pijaci poskupela. Džak jabuka sada se prodaje za 100 perli – 50 puta više od njihove cene pre nekoliko meseci!

Iako je sada imao hiljade perli, uskoro bi mogao da ostane bez njih zbog ovih cena. Pitao se – da li zaista može sebi da priušti da prodaje svoje piliće za samo 5 perli po komadu? Morao je i on da podigne svoje cene.

Jednostavno rečeno, kao rezultat alhemičarevog trošenja njegovih novostvorenih perli, bilo je previše perli koje su jurile premalo dobara – pa su cene porasle.

Kupci robe bili su spremni da potroše više perli da bi kupili potrebna dobra. Prodavci robe su trebali da naplate više da bi bili sigurni da su zaradili dovoljno da kupe potrebna dobra za sebe.

Budući da su cene svih dobara porasle, možemo reći da se vrednost svake perle smanjila.

Nejednakost bogatstva raste

Seoski starešina, koji je vredno radio da sačuva hiljade perli, sada se našao osiromašenim i gladnim. U međuvremenu, alhemičar je udobno sedeo na svom velikom imanju sa kravama, pilićima i slugama koji su se brinuli za svaki njegov hir.

Alhemičar je efikasno ukrao bogatstvo celog sela, tako što je jeftino proizvodio perle i koristio ih za kupovinu vredne robe.

Ono što je najvažnije, kupio je robu pre nego što je tržište shvatilo da je više perli u opticaju i da ima manje robe, što je dovelo do rasta cena. Ova dodatna proizvodnja perli nije dodala korisnu robu ili usluge selu.

Eksploatacija pomoću Novca: Agri Perle

Nažalost, priča o alhemičaru iz Njutonije nije u potpunosti hipotetička. Ovaj prenos bogatstva kroz stvaranje novca ima istorijske i moderne presedane.

Na primer, afrička plemena su nekada koristila staklene perle, poznate kao “agri perle”, kao sredstvo razmene. U to vreme plemenskim ljudima je bilo veoma teško da prave staklene perle, i one su predstavljale težak novac unutar njihovog plemenskog društva.

Niko nije mogao jeftino da proizvede perle i koristiti ih za kupovinu skupe, vredne robe poput kuća, hrane i odeće.

Sve se promenilo kada su stigli Evropljani, i primetili upotrebu staklenih perli kao novca.

U to vreme, Evropljani su mogli jeftino da stvaraju staklo u velikim količinama. Kao rezultat toga, Evropljani su počeli tajno da uvoze perle i koriste ih za kupovinu dobara, usluga i robova od Afrikanaca.

Vremenom se iz Afrike izvlačila vredna roba i ljudi, dok je plemenima ostajalo mnogo perli i malo robe.

Perle su izgubile veći deo vrednosti zbog inflacije uzrokovane snabdevanjem od strane Evropljana.

Rezultat je bio osiromašenje afričkih plemena i bogaćenje Evropljana, kako to ovde objašnjava monetarni istoričar Bezant Denier.

Dragocena roba je kupljena jeftino proizvedenim monetarnim dobrom.

Profitiranje na proizvodnji novca: Emisiona dobit

Ova priča ilustruje kako se bogatstvo prenosi kada jedna grupa može jeftino da proizvodi monetarno dobro.

Razlika između troškova proizvodnje monetarnog dobra i vrednosti tog monetarnog dobra poznata je kao emisiona dobit, eng. seignorage.

Kada je monetarno dobro mnogo vrednije od troškova proizvodnje, ljudi će proizvesti više od monetarnog dobra da bi uhvatili profit od emisione dobiti.

Na kraju će ova povećana ponuda dovesti do pada vrednosti monetarnog dobra. To je zbog zakona ponude i potražnje: kada se ponuda povećava, cena (poznata i kao vrednost) dobra opada.

Novac Gubi Funkciju 2. Deo: Kejnslandski Bankar

U priči o Njutoniji, alhemičar je otkrio način da se od malo peska jeftino stvori više zelenih perli. To se u stvarnosti odigralo kroz trgovinu između Evropljana i Afrikanaca, pričom o agri perlama. Međutim, ove priče su pomalo zastarele – mi više ne trgujemo robom za perle.

Da bismo nas doveli do modernog doba, hajde da promenimo neka imena u našoj priči:

1. Selo Njutonija postaje država koja se zove Kejnsland
2. Alhemičar postaje bankar
3. Seoski starešina postaje penzioner
4. Zelene perle postaju zlato, koje niko ne može jeftinije da stvori – čak ni bankar.

Bankar Menja Papirne Novčanice za Zlato

Kao i u stvarnosti, bankar u ovoj priči nema formulu ili trik da stvori više zlata. Međutim, bankar bezbedno čuva zlato u vlasništvu svakog građanina Kejnslanda. Bankar daje svakom građaninu po jednu potvrdu za svaku uncu zlata koje ima u svom trezoru.

Te potvrde se mogu iskoristiti u bilo koje vreme za stvarno zlato. Papirne potvrde ili novčanice su mnogo pogodnije za plaćanje nego nošenje zlata kroz supermarket.

Građani su srećni – oni imaju prikladno sredstvo plaćanja u vidu bankarevih novčanica, i znaju da niko ne može da ukrade njihovo bogatstvo falsifikujući više zlata.

Građani na kraju počinju da plaćaju u potpunosti papirnim novčanicama, ne trudeći se nikad da zamene svoje novčanice za zlato. Na kraju, novčanice postaju “dobre kao i zlato” – svaka predstavlja fiksnu količinu zlata u bankarevom trezoru.

Ukupno kruži 1.000.000 novčanica, od kojih je svaka otkupljiva za jednu uncu zlata. 1.000.000 unci zlata sedi u bankarevom trezoru. Svaka novčanica je u potpunosti podržana u zlatu.

Starešina koji je sačuvao sve svoje perle u priči o Njutoniji sada je penzioner u Kejnslandu, koji svoje zlato drži u banci i planira da ugodno živi od novčanica koje je dobio zauzvrat.

Hajde da u ovu priču dodamo i novi lik: premijera Kejnslanda. Premijer naplaćuje porez od građana i koristi ga za plaćanje javnih usluga poput policije i vojske. Premijer takođe drži vladino zlato kod bankara.

Bankar Menja Papirne Novčanice za Dug

Premijer želi da osigura da nacionalno zlato ostane na sigurnom, pa banku štiti policijom. Bankar i premijer se zbog toga zbližavaju, pa premijer traži uslugu. Traži od bankara da kreira 200.000 novčanica za premijera, uz obećanje da će mu premijer vratiti za pet godina. Premijeru su novčanice potrebne za finansiranje rata. Građani Kejnslanda borili su se protiv većih poreza zbog finansiranja rata, pa je morao da se obrati bankaru.

Bankar se slaže da izradi novčanice, ali pod jednim uslovom: bankar uzima deo od 10.000 novčanica za sebe. Premijer prihvata posao kojim bankar ’kupuje državni dug’. Sada je u opticaju 1.200.000 novčanica, potpomognutih kombinacijom 1.000.000 unci zlata i ugovorom o dugu sa vladom za 200.000 novčanica.

Premijer troši svoje nove novčanice na bombe kupujući ih od dobavljača iz domaće vojne industrije, a bankar sebi kupuje veliki luksuzni stan.

Dobavljač iz vojne industrije koristi sve nove novčanice koje je dobio od premijera da kupi amonijum nitrat (đubrivo koje se koristi u bombama) za proizvodnju bombi. Sve njegove kupovine povećavaju cenu đubriva za uzgajivače pšenice u Kejnslandu, pa oni podižu cenu pšenice.

Kao uzrok toga, pekar koji kupuje pšenicu treba da podigne cenu svog hleba da bi ostao u poslu. Na taj način cene u Kejnslandu počinju da rastu, baš kao što su to činile u Njutoniji kada su nove perle ušle u opticaj.

Papirne Novčanice Više Ne Predstavljaju Zlato

Penzioner nailazi na finansijski časopis u kojem se pominje premijerov dogovor da se zaduži za finansiranje rata. Obzirom da je mudar, on zna da bombe loše vraćaju ulaganje i sumnja da će premijer ikada da vrati svoj dug.

Ako on ‘podmiri’ svoj dug, to bi ostavilo 1.200.000 novčanica u opticaju sa samo 1.000.000 unci zlata da bi ih podržalo, obezvređujući njegovu ušteđevinu. Već oseća stisak u džepu zbog porasta cena, i on odlučuje da se uputi u lokalnu banku i preda svoje novčanice i zameni ih za zlato, koje niko ne može da napravi u većoj količini.

Kada penzioner stigne u banku, on zatiče i mnoge druge okupljene oko banke. Svi oni se nadaju da će uzeti zlato koje predstavljaju njihove novčanice. Građani Kejnslanda sa pravom se plaše da njihove novčanice gube na vrednosti – oni to već osećaju zbog porasta cena.

Vrata su zaključana, sa obaveštenjem bankara na njima:

Po nalogu premijera, onom koji se plaši za stabilnost ove bankarske institucije, ova banka više neće podržavati konvertibilnost papirnih novčanica u zlato. Hvala vam!

Gomila se razilazi, ostavljena sa jednim izborom: da zadrže svoje novčanice, koje sada vrede manje od 1 unce zlata. Građani sa dovoljno finansijske stabilnosti odlučuju da ulože svoje novčanice u kupovinu akcija banke i kompanija vojne industrije, koje dobro posluju jer mogu da kupuju stvari pre nego što se povećaju tržišne cene.

Mnogi ljudi nisu u mogućnosti da investiraju – oni moraju da gledaju kako njihove zarade stagniraju i kako njihova ušteđevina polako ali sigurno gubi vrednost.

Penzioner, koji se nadao da će živeti od novčanica koje je zaradio tokom svojih 40 radnih godina, sada 40 sati nedeljno provodi iza kase u lokalnoj prodavnici, pitajući se gde je sve pošlo po zlu.

Dug Nikada Nije Otplaćen

Prošlo je nekoliko godina, a premijerov dug prema banci dolazi na naplatu. Budući da je potrošio svih 200.000 novčanica na bombe, koje nemaju baš dobar povraćaj ulaganja, on nema novčanice koje može da vrati banci. Plus, premijer želi da kupi još bombi za svoj rat.

Bankar uverava premijera da je sve u redu. Bankar će napraviti novi ugovor o dugu za 600.000 novčanica, koji bi trebao da stigne na naplatu u narednih 5 godina. Premijer može da iskoristi 200.000 od tih novih 600.000 novčanica da vrati svoj prvobitni dug prema banci, zadrži još 300.000 da kupi još bombi i da 100.000 bankaru da bi mu platio njegove usluge.

To nastavlja da se dešava – svaki put kada dug dospeva na naplatu, bankar stvara više novčanica za vraćanje starijih dugova i daje premijeru još više novca za trošenje. Ovaj ciklus se nastavlja.

Šta se dešava u Kejnslandu?

• Oni koji prvi dobiju nove novčanice, gledaju kako se njihovo bogatstvo povećava
• To uključuje bankara, premijera, vladu i sve one koji mogu da pristupe mogućnostima za investiranje u preduzeća koja prva dobiju nove novčanice (finansijske, vojne itd.).
• Cene roba rastu
• Cene se ne povećavaju ravnomerno – one se povećavaju gde god nove novčanice prvo uđu u ekonomiju i od tog trenutka imaju efekat talasa na tržišta. U našem primeru prvo raste cena amonijum nitrata, zatim cena pšenice, pa cena hleba. A tek na kraju zarade običnih ljudi.
• Štednja i životni standard opšte populacije se smanjuju
• Najviše pate oni koji žive od plate do plate i ne mogu da ulažu. Čak i oni koji su u mogućnosti da investiraju podložni su hirovima tržišta. Mnogi su prisiljeni da prodaju svoje investicije po niskim cenama tokom pada tržišta samo da bi platili svoje dnevne potrebe.
• Razlika u prihodima i bogatstvu između bogatih i siromašnih se povećava
• Bogatstvo opšte populacije se smanjuje, dok se bogatstvo onih koji su blizu mesta gde se troše nove novčanice povećava. Rezultat je disparitet koji se vremenom samo proširuje.

Da li nas novac danas eksploatiše?

Priča o Njutoniji i stvarna priča o agri perlama u Africi deluju pomalo zastarelo. Priča o Kejnslandu, međutim, deluje neobično poznato. U našem svetu cene robe uvek rastu, i vidimo rekordne nivoe nejednakosti u bogatstvu.

U poslednjem odeljku ovog našeg članka Šta je novac, proći ću kroz nastanak bankarstva i korake koji su bili potrebni da se dođe do današnjeg sistema, gde banke i vlade sarađuju u kontroli ekonomije i samog novca.

Šta su banke, i odakle su one došle?

Pojava bankarstva verovatno se dogodila da bi olakšala poljoprivrednu trgovinu i da bi povećala pogodnosti. Iako su se mnoga društva na kraju konvergirala ka upotrebi zlata i srebra kao novca, ovi metali su bili teški i opasni za nošenje kao tovar. Međutim, u mnogim slučajevima ih nije ni trebalo prevoziti. Uzmite ovaj primer:

Grad treba da plati poljoprivrednicima na selu za žito, a poljoprivrednici gradskoj vojsci za zaštitu od varvara. U ovom dogovoru zlato se kreće u oba smera: prema poljoprivrednicima u selu kako bi im se platilo žito, i nazad u grad da bi se platila vojska. Da bi olakšali ove transakcije, preduzetnici su stvorili koncept banke. Banka je zlato čuvala u sigurnom trezoru i izdavala novčanice od papira. Svaka priznanica je predstavljala potvrdu da njen imaoc poseduje određenu količinu zlata u banci. Imaoc novčanice je u svako doba mogao da uzme svoje zlato nazad vraćanjem te novčanice banci.

Korisnici banke mogli su lakše da trguju sa novčanicama od papira, i onaj koji poseduje novčanice mogao je da preuzme njihovo fizičko zlato u bilo kom trenutku. To je te novčanice učinilo “dobrim kao i zlato”.

Banke su izdržavale svoje poslovanje naplaćujući od kupaca naknadu za skladištenje zlata ili pozajmljivanjem dela zlata i zaračunavanjem kamata na njega. Trgovina na ovaj način je mogla da se odvija sa laganim novčanicama od papira umesto sa teškim vrećama zlatnika.

Ovakva praksa sa transakcijama, korišćenjem papirne valute potpomognute monetarnim dobrima, verovatno je započela u Kini u 7. veku.

Na kraju se proširila Evropom 1600-ih, a svoj zalet dobila je u Holandiji sa bankama poput Amsterdamske Wisselbanke. Novčanice Wisselbank-e često su vredele više od zlata koje ih je podržavalo, zbog dodane vrednosti njihovih pogodnosti.

Uspon nacionalnih ‘centralnih banaka’

Tokom vekova, zlato je počelo da se sakuplja u trezorima banaka, jer su ljudi više voleli pogodnosti transakcija sa novčanicama.

Na kraju, nacionalne banke u vlasništvu vlada preuzele su ulogu čuvanja zlata od privatnih banaka koje su započeli preduzetnici.

Nacionalne papirne valute potpomognute zlatnim rezervama u nacionalnim bankama zamenile su novčanice iz privatnih banaka. Sve nacionalne valute bile su jednostavno potvrde za zlato koje se nalazilo u trezoru nacionalne banke.

Ovaj sistem je poznat kao zlatni standard – sve valute su jednostavno predstavljale različite težine zlata.

U gornjem levom uglu novčanice možete videti da piše da je novčanica “zamenljiva za zlato”. Savremeni dolari nemaju ovaj natpis, ali inače izgledaju vrlo slično. Izvor

Zlatni sistem je postojao veći deo vremena, sve do Prvog svetskog rata. Vladama je bilo teško da prikupe novac za ovaj rat putem poreza, pa su morale da budu kreativne.

Kada vlade troše više nego što zarađuju na porezima, to se naziva deficitna potrošnja.

Kako vlade mogu ovo da urade? Vlade to rade tako što pozajmljuju novac prodavajući svoj dug.

Tokom Prvog svetskog rata, vlade su građanima i preduzećima prodavale vrstu duga koja se naziva ratna obveznica. Kada građanin kupi ratnu obveznicu, on preda svoj novac vladi i dobije papir u kojem je stajalo vladino obećanje da će vlasniku obveznice vratiti novac, plus kamate, za nekoliko godina.

Plakat koji obaveštava građane, tražeći od njih da kupe ratne obveznice – što predstavlja zajam vladi. Izvor

Centralne banke ‘monetizuju’ državni dug

Međutim, građani i preduzeća nisu bili voljni da kupe dovoljno ratnih obveznica za finansiranje Prvog svetskog rata.

Vlade se nisu predale – pa su zatražile od svojih nacionalnih ‘centralnih banaka’ da one kupe ove obveznice. Centralne banke su otkupile obveznice, ali ih nisu platile valutom potpomognutom postojećim zlatnim rezervama, kao što su to činili građani i banke prilikom kupovine obveznica.

Centralne banke su umesto toga davale vladi novu, sveže štampanu papirnu valutu potpomognutu samo obveznicom. Ovu valutu podržalo je samo obećanje da će im vlada vratiti dugove. Ovo je poznato kao monetizacija duga.

Budući da su ratne obveznice i valuta samo komadi papira, one su lake i jeftine za proizvodnju i mogu se napraviti u ogromnim količinama. Ono što ograničava proizvodnju i jednog i drugog je poverenje.

Ima smisla da se neko rastane od svog teško stečenog novca da kupi državnu obveznicu, samo ako veruje da će vlada da vrati svoj dug, plus kamate. Centralna banka je “krajnji kupac”, što znači da će ona da kupi državne obveznice kada to niko drugi neće da uradi.

Zapamtite, centralnu banku gotovo da ništa ne košta da kupi državne obveznice, jer oni sami štampaju valutu da bi ih kupili.

Zamislite da pridjete najskupljem automobilu u autosalonu – koji košta 100.000 USD. Mislite da je automobil lep, ali taj novac biste radije potrošili na lepši stan – tako da ste spremni da platite samo 40.000 USD za taj auto.

Sada, hajde da zamislimo da imate štampač za novac i da vas košta samo 50 USD za mastilo i papir da bi ištampali 1.000.000 USD. Vi biste odmah kupili auto, čak i ako biste morali da se cenkate sa drugim čovekom, i da ga na kraju platite 150.000 USD!

Ista stvar se dešava kada centralna banka kupuje obveznice (dugove) od vlade. Centralna banka može da stvori valutu toliko jeftino, da su spremni da plate i više nego što bi drugi platili ove obveznice i nastaviće da ih kupuju čak i kada niko drugi ne bude želeo.

Monetizacija duga uzrokuje inflaciju

Kada centralne banke monetizuju državni dug, funkcija novca kao zalihe vrednosti počinje da se nagriza. Vlada troši novi novac koji je dobila od svoje centralne banke na ratnu robu, obroke i još mnogo toga.

Cene roba rastu od ove novoštampane valute koja kruži kroz ekonomiju. Kada se cene povećavaju, to znači da se vrednost svake jedinice valute smanjuje. Svi koji drže valutu sada imaju manje vrednosti. Danas to nazivamo sporim gubitkom funkcije zalihe vrednosti u novčanoj inflaciji.

Za Nemačku nakon Prvog svetskog rata monetizacija duga izazvala je totalni slom Nemačke ekonomije i stvorila uslove za rast fašizma.

Kao deo sporazuma o prekidu vatre koji je okončao Prvi svetski rat, Nemačka je pobednicima morala da plati ogroman novac. Nemačkoj vladi je bio preko potreban novac, pa su prodale obveznice (dug) Rajhsbanci, nemačkoj centralnoj banci.

Ovaj postupak doveo je do toga da je vlada štampala toliko maraka (tadašnja nemačka valuta) da je tempo inflacije u Nemačkoj ubrzan u hiperinflaciju početkom 1920-ih. Cena vekne hleba za samo 4 godine popela se sa 1,2 marke na 428 biliona maraka.

Tokom i posle Prvog svetskog rata, SAD, Britanija, Francuska i mnoge druge vlade pratile su Nemačku u štampanju valute potpomognute državnim dugom.

To je dovelo do toga da su građani želeli da svoju papirnu valutu zamene za zlato, baš kao i penzioner iz priče o Kejnslandu.

Međutim, mnoge vlade su suspendovale konvertibilnost svojih valuta u zlato. Ovim potezom vlade su primorale svoje građane da drže nacionalnu papirnu valutu i gledaju kako se njihova ušteda smanjuje u vrednosti.

Da bi mogle da nastave da štampaju novac i da bi ga trošile na nepopularne programe za koje nisu mogle da skupljaju poreze za finansiranje – poput ratova.

Bretton Woods: Novi monetarni sistem

Nakon razaranja koja su donela dva svetska rata, vlade su uspostavile novi globalni monetarni sistem prema Bretton Woods-ovom sporazumu iz 1944. godine.

Prema ovom sporazumu, valuta svake države konvertovala se po fiksnom kursu sa američkim dolarom. Američki dolar je zauzvrat predstavljao zlato po stopi od 35 USD za jednu trojsku uncu zlata*.

Sve globalne valute su stoga još uvek bile jednostavna reprezentacija zlata, putem američkih dolara kao posrednika. Redovni građani više nisu mogli da otkupljuju svoje valute za zlato iz Sjedinjenih Država. Međutim, strane centralne banke mogle bi da dođu u Sjedinjene Države da bi zamenile dolare za zlato po stopi od 35 USD za jednu uncu zlata.

Međutim, vlada Sjedinjenih Država nije uvek držala dovoljno zlata da podrži sve dolare u opticaju. Američka vlada nastavila je da finansira proširene socijalne i vojne programe prodajom državnog duga svojoj centralnoj banci, Federalnim rezervama, koja je povećala ponudu dolara bez povećanja ponude zlata koja podupire te dolare.

*Trojna unca je standardna mera čistog zlata i ima malo veću težinu od normalne unce.

Propast Bretton Woods-a

Tokom 1970-ih, sve veći troškovi rata u Vijetnamu i stranih vlada koje su otkupljivale svoje dolare za zlato, stvorili su pritisak na Trezor Sjedinjenih Država.

Ponuda dolara je porasla, dok je zlato u posedu Sjedinjenih Država opalo. Od 1950. pa do početka 1970-ih, rezerve zlata koje je držala vlada Sjedinjenih Država smanjile su se za više od 50%, sa 20 metričkih tona na samo 8 metričkih tona.

Godine 1970. država je imala zlata u vrednosti od samo 12 biliona dolara po zvaničnom kursu od 35 dolara za trojsku uncu zlata. Tokom ovog istog vremenskog perioda, ukupna ponuda američkih dolara otišla je sa oko 32 biliona USD na skoro 70 biliona USD.

Zvanične rezerve zlata u SAD-u su naglo padale od 1950. do 1970. godine, dok su se dolari u opticaju povećavali. Izvor: Wikipedia, DollarDaze.org

Američka vlada nije bila u stanju da potkrepi dolare zlatom od 35 dolara po trojnoj unci, što dovelo do rizika za čitav globalni monetarni sistem.

Početkom sedamdesetih godina, trojna unca zlata trebala je da vredi 200 USD da bi u potpunosti podržala sve američke dolare u opticaju. Rečeno na drugi način, Sjedinjene Države su pokušavale da kažu svetu da jedan dolar vredi 1/35 trojne unce zlata, ali u stvarnosti dolar je vredeo samo 1/200 trojne unce.

Kad su strane vlade trebale da pribave dolare za međunarodnu trgovinu i rezerve, bile su opelješene. Francuska vlada je to shvatila šezdesetih godina prošlog veka i počela je da prodaje svoje američke dolare za zlato po zvaničnom kursu od 35 dolara za trojsku uncu zlata.

Zemlje su počinjale da se bude iz šeme američke vlade. SAD su krale bogatstvo putem emisione dobiti, prodajući dolare za 1/35 trojne unce zlata, kada su vredeli samo 1/200 trojske unce.

Nixonov Šok ulazi u ’tradicionalni’ novac

Da bi kuća od karata mogla da ostane na mestu, predsednik Nixon je 1971. najavio da će američka vlada privremeno da obustavi konvertibilnost dolara u zlato.

Strane vlade više nisu mogle da polažu pravo na zlato svojim papirnim dolarima, a dolar više nije bio “poduprt” zlatom. Nixon je tvrdio da će ovo stabilizovati dolar.

50 godina kasnije, kristalno je jasno da je ovo samo pomoglo dolaru da izgubi vrednost i da ovaj “privremeni” program još uvek traje.

Pre 1971. godine, sve globalne valute bile su vezane za američki dolar putem Bretton Woods-ovog sporazuma. Kada je Nixon promenio američki dolar iz dolara podržanog u zlatu u dolar podržan dugom, ovim je promenio i svaku drugu valutu na Zemlji.

Sam je učinio da se celokupna svetska ekonomija zasniva na dugovima. Valute više nisu predstavljale zlato, već su predstavljale vrednost državnog duga.

Zlatni Standard se nikada nije vratio

Konvertibilnost američkih dolara u zlato – zlatni standard – nikada se nije vratio.

Od 1971. godine, čitav globalni monetarni sistem pokreće se tradicionalnim “fiat” valutama: poverenjem u vladine institucije da održavaju valutni sistem.

Većina valuta podržana je kombinacijom duga njihove vlade i drugih tradicionalnih valuta poput dolara i evra. Papirne valute više nisu podržane zlatom, imovinom koja je više od 5000 godina služila kao težak novac.

Danas vas vlade prisiljavaju da plaćate porez u njihovoj valuti i manipulišu saznanjima oko novca kako bi osigurale da potražnja za njihovom valutom ostane velika.

To im omogućava da neprestano štampaju više valuta, da bi je potrošili na vladine projekte, uzrokujući inflaciju cena koja jede i smanjuje bogatstvo i plate.

Američka vlada sada prodaje državne obveznice (dugove), poznate kao obveznice Trezora SAD, eng. US Treasuries, komercijalnim bankama u zamenu za američke dolare.

Vlada koristi te dolare za finansiranje svog budžetskog deficita. Komercijalne banke prodaju mnoge obveznice Trezora SAD, koje su kupile, američkoj centralnoj banci, Federalnim Rezervama.

Federalne rezerve plaćaju komercijalnim bankama sveže štampanim novcem “pomoću računara i upisivanjem količine na račun”, kako je rekao bivši predsednik Fed-a Ben Bernanke.

Ove komercijalne banke često zarađuju samo kupujući obveznice Trezora SAD od države i prodajući ih centralnoj banci. Kupujte nisko, prodajte visoko.

Centralne banke ovaj proces kupovine državnog duga – odnosno pozajmljivanja novca državi – nazivaju operacijama otvorenog tržišta.

Kada centralna banka odjednom kupi velike iznose duga, oni to nazivaju kvantitativnim ublažavanjem. Centralne banke javno najavljuju kupovinu državnog duga, ali vrlo malo ljudi razume šta to zapravo znači.

Euro, jen i svaka druga valuta koja se danas koristi funkcionišu slično kao američki dolar.

Da li će SAD ikada vratiti svoj nacionalni dug? Neobična stvar u vezi sa državnim dugom SAD-a je ta što vlada poseduje štampariju potrebnu za njegovu otplatu.

Kao rezultat toga, kada vlada duguje novac, oni samo pozajme još više novca da bi otplatile taj dug, povećavajući nacionalni dug.

Ako vam ovo zvuči kao Ponzijeva piramidalna šema, to je zato što ona to i jeste – najveća Ponzijeva šema u istoriji. Kao i svaka Ponzijeva šema, nastaviće se sve dok su ljudi koji kupuju Ponzijevu šemu budu uvereni da će im biti plaćeno nazad.

Ako ljudi i nacije prestanu da se zadužuju i koriste američke dolare jer nemaju poverenja u američku vladu ili vide da cena robe raste (tj. dolar postaje sve manje vredan), potražnja za dolarom će opadati, što će izazvati začaranu spiralu.

Ova spirala često završi u hiperinflaciji, kao što smo videli u novijoj istoriji sa Jugoslavijom, Venecuelom, Argentinom, Zimbabveom i mnogim drugim državama.

Ovo je način kako funkcioniše novac na vašem bankovnom računu. Novac svake nacije na svetu pati od istih problema kao i perle i novčanice u pričama o Njutoniji i Kejnslandu.

Kako banke i vlade kradu tvoj novac?

Tokom vekova, stigli smo do monetarnog sistema u kojem banke i vlade mogu da štampaju novu valutu za finansiranje svojih operacija i svojih prijatelja u zločinu, dok kradu bogatstvo svojih građana.

Šta će se desiti sa svetom kada novac bude mogao da štampa svaki narod na planeti?

• Bogatstvo onih koji su blizu pravljenja nove valute se povećava
• Vlada i politički povlašćena klasa ljudi, imaju pristup novoštampanom novcu pre svih ostalih, pa mogu da ga potroše pre nego što cene porastu. Na ovaj efekat pokazao je ekonomista Richard Cantillon sredinom 1700-ih i poznat je kao Cantillonov Efekat.
• Cena robe raste (poznato kao inflacija
• Ne raste sve roba istovremeno u ceni. Roba blizu mesta gde se proizvodi nova valuta – finansijski sektor i vlada – prva raste, i odatle uzrokuje efekt talasa na cene.
• Inflacija se često predstavlja kao promena cene potrošačke korpe, poznata kao Indeks Potrošačkih Cena, eng. Consumer Price Index (CPI). Vlada ima alate za manipulisanje ovim brojem kako bi osigurala da se ona čini niskom i stabilnom, kao što je objašnjeno u našem članku o inflaciji.
• Finansijska imovina često primećuje ogromnu inflaciju, ali bankari to ne nazivaju inflacijom – oni kažu da naša ekonomija cveta! Nakon što su američke Federalne rezerve učetvorostručile ponudu američkih dolara u šest godina nakon finansijske krize 2008. godine, banke koje su dobile te nove dolare, kupile su akcije i obveznice, stvarajući ogroman balon u cenama ove imovine.
• Štednja i životni standard stanovništva se smanjuju
• Plate su jedna od poslednjih “cena” u ekonomiji koja se prilagođava, jer se često povećavaju samo jednom godišnje. U međuvremenu, cene dnevnih potrepština te osobe koja zaradjuje platu neprestano rastu kako novi novac kruži ekonomijom.
• Najviše su pogođeni oni koji žive od plate do plate – a to je 70% Amerikanaca.
• Razlike u prihodima između bogatih i siromašnih se povećavaju, kao što se vidi na grafikonu ispod.

*Koncentracija dohotka na vrhu naglo je porasla od 1970-ih

Zašto i dalje imamo isti monetarni sistem?

Ako ovaj sistem bogate još više obogaćuje, a siromašne još više osiromašuje, dovodeći do političke nestabilnosti, zašto ga onda ne bismo promenili?

Najveći razlog zašto se ništa ne menja je verovatno to što puno toga ne znamo o samom sistemu. Svi svakodnevno koristimo valute svojih vlada, ali većina nas ne razume kako sistem funkcioniše i šta on čini našim društvima.

Obrazovni sistem, mediji i finansijski stručnjaci neprestano nam govore da je monetarni sistem previše komplikovan da bi ga normalni ljudi razumeli. Mnogi od nas se zato i ne trude da pokušaju.

Još nekoliko razloga zašto ovaj sistem nastavlja da opstaje:

• Mnogo je ljudi koji imaju direktnu korist od štampanja novog novca.
• Ti ljudi ne žele nikakve promene i bore se da zadrže tu moć.
• Nacionalne valute su često pogodne
• Kreditne kartice, online bankarstvo i još mnogo toga čine upravljanje nacionalnim valutama i njihovo trošenje lakim i jednostavnim.
• Građani moraju da plaćaju porez u svojoj nacionalnoj valuti
• To stvara potražnju za tom valutom od svih građana, povećavajući njenu vrednost.
• Glavna međunarodna tržišta, poput nafte, denominirana su u dolarima.
• Nafta je potrebna svakoj zemlji na planeti, ali pošto mnogi ne mogu da je proizvode, moraju da je kupuju na međunarodnim berzama. Od 1970-ih na ovim berzama gotovo sva nafta se prodaje za dolare, što stvara potražnju za dolarima. Da bi se odmaknule od ovog sistema, zemlje bi trebale da pronađu novu valutu ili robu za trgovinu naftom, što zahteva vreme i rizike.
• Nije postojala dobra alternativa
• Uz globalnu ekonomiju u realnom vremenu, naš sistem digitalnog bankarstva koji koristi nacionalne valute je pogodan. Transakcija u tvrdom novcu poput zlata bila bi previše nezgrapna za današnji svet. Digitalna valuta pod nazivom Bitcoin, predstavljena 2009. godine, je rastuća alternativa koja nudi čvrst novac koji se kreće brzinom interneta.

Šta je novac, i zašto trebate da brinete?

Novac je alat koji olakšava razmenu dobara. Kao i svako drugo dobro, novac se pridržava zakona ponude i potražnje – povećanje potražnje povećaće njegovu vrednost, a povećanje ponude smanjiće njegovu vrednost.

Na ovaj način novac se ne razlikuje od kuće ili piletine. Međutim, velika prodajnost novca znači da je potražnja za njim uvek velika. Kao rezultat, novac mora biti težak za proizvodnju (a samim tim i ograničen u ponudi) ili će ga onaj ko ga može napraviti, stvoriti toliko, da vremenom više neće služiti kao zaliha vrednosti. Uskoro će izgubiti svoje funkcije kao sredstvo razmene i obračunske jedinice.

Najbolji novac u datoj ekonomiji je onaj koji se najslobodnije kreće – svi ga žele, lako je obaviti transakcije sa njim i koji sa vremenom dobro drži svoju vrednost. Nijedan novac nije savršen u svemu ovome, a neki ističu jednu funkciju novca na štetu drugih.

Iako se istorija ne ponavlja, ona se rimuje, a usponi i padovi monetarnih sistema imaju jasne ritmove. Uspon i pad monetarnog sistema često sledi opšti obrazac koji smo videli u pričama o agri perlama i Kejnslandu: pojavljuje se odredjenji oblik novca koji pomaže ljudima da efikasnije trguju i štede, ali na kraju gubi na vrednosti kada neko shvati kako da ga jeftino stvori u velikoj količini. Međutim, tokom dugog perioda vremena, monetarni sistemi su se poboljšali u sve tri funkcije novca.

Na primer, zlato je tokom vremena dobro služilo kao zaliha vrednosti. Međutim, naša međusobno povezana ekonomija ne bi mogla efikasno da funkcioniše ako bi trebalo da fizičko zlato zamenimo robom i uslugama. Mnogo je lakše kretati se na papirnom i digitalnom novcu, ali istorija nam govori da su vlade i bankari iskoristili ove oblike novca za krađu bogatstva putem inflacije.

Današnji globalni monetarni sistem je vrlo zgodan, a digitalna plaćanja i kreditne kartice olakšavaju trošenje novca. Ovo skriva stalnu inflaciju koja nagriza vrednost svake jedinice novca i dovodi do sve većeg jaza u bogatstvu.

Nadam se da je ovaj članak proširio vaše razumevanje novca i njegove uloge u društvu. Ovo je samo početak svega što treba istražiti o novcu: za kasnije su sačuvane teme o inflaciji, kamatnim stopama, pozajmljivanju, poslovnim ciklusima i još mnogo toga.

Efikasnija Ušteda Novca

Možda se pitate kako zaštititi svoju štednju kada svaki oblik često korišćenog novca i investicija pati od inflacije ponude – koja umanjuje vrednost i prenosi bogatstvo onima koji mogu da stvore novac ili investiciju. Možda se čini da se ništa na planeti danas ne može kvalifikovati kao ‘težak’ novac, ali dve stvari ipak ostaju: zlato i njegov noviji rođak Bitcoin. Obe ove stvari je neverovatno teško proizvesti, a jedna od njih se kreće brzinom interneta i može se čuvati u vašem mozgu.

Ako želite da saznate više o Bitcoin-u kao sredstvu za zaštitu vaše ušteđevine, pročitajte ovde. Ako ste već spremni za kupovinu Bitcoin-a, pogledajte moj vodič za kupovinu Bitcoin-a. Možete početi sa investiranjem sa samo 5 ili 10 €.

Zasluge

Hvala svima koji su pomogli u izradi i uređivanju ove serije o novcu: @ck_SNARKS, @CryptoRothbard, Neil Woodfine, Emil Sandstedt, Taylor Pearson, Parker Lewis, Jason Choi, mojoj porodici i mnogim drugima.

Hvala svima koji su ovo inspirisali i razvili ključne ideje koje su ovde primenjene: Friedrich Hayek, Carl Menger, Ludwig Von Mises, Murray Rothbard, Saifedean Ammous, Dan Held, Pierre Rochard, Stephan Livera, Michael Goldstein, i mnogi drugi.

Molim vas da šerujete! Ako vam je ovaj članak otvorio oči o tome kako funkcioniše naš novac i finansijski sistem, kontaktirajte me ili ostavite komentar!

Ako vam se sviđa moj rad, molim vas da ga podelite sa svojim prijateljima i porodicom. Cilj mi je da svima pružim pogled u ekonomiju i na to kako ona utiče na njihov život.

@ 0e9491aa:ef2adadf

@matt_odell don't you even dare not ask about nostr!

— Kukks (Andrew Camilleri) (@MrKukks) May 18, 2021

Nostr first hit my radar spring 2021: created by fellow bitcoiner and friend, fiatjaf, and released to the world as free open source software. I was fortunate to be able to host a conversation with him on Citadel Dispatch in those early days, capturing that moment in history forever. Since then, the protocol has seen explosive viral organic growth as individuals around the world have contributed their time and energy to build out the protocol and the surrounding ecosystem due to the clear need for better communication tools.

nostr is to twitter as bitcoin is to paypal

As an intro to nostr, let us start with a metaphor:

twitter is paypal - a centralized platform plagued by censorship but has the benefit of established network effects

nostr is bitcoin - an open protocol that is censorship resistant and robust but requires an organic adoption phase

Nostr is an open communication protocol that can be used to send messages across a distributed set of relays in a censorship resistant and robust way.
 - Anyone can run a relay.
 - Anyone can interact with the protocol.
 - Relays can choose which messages they want to relay.
 - Users are identified by a simple public private key pair that they can generate themselves.

Nostr is often compared to twitter since there are nostr clients that emulate twitter functionality and user interface but that is merely one application of the protocol. Nostr is so much more than a mere twitter competitor. Nostr clients and relays can transmit a wide variety of data and clients can choose how to display that information to users. The result is a revolution in communication with implications that are difficult for any of us to truly comprehend.

Similar to bitcoin, nostr is an open and permissionless protocol. No person, company, or government controls it. Anyone can iterate and build on top of nostr without permission. Together, bitcoin and nostr are incredibly complementary freedom tech tools: censorship resistant, permissionless, robust, and interoperable - money and speech protected by code and incentives, not laws.

As censorship throughout the world continues to escalate, freedom tech provides hope for individuals around the world who refuse to accept the status quo. This movement will succeed on the shoulders of those who choose to stand up and contribute. We will build our own path. A brighter path.

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My Nostr Public Key: npub1qny3tkh0acurzla8x3zy4nhrjz5zd8l9sy9jys09umwng00manysew95gx

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If you found this post helpful support my work with bitcoin.

@ 04c915da:3dfbecc9

Recently we have seen a wave of high profile X accounts hacked. These attacks have exposed the fragility of the status quo security model used by modern social media platforms like X. Many users have asked if nostr fixes this, so lets dive in. How do these types of attacks translate into the world of nostr apps? For clarity, I will use X’s security model as representative of most big tech social platforms and compare it to nostr.

The Status Quo

On X, you never have full control of your account. Ultimately to use it requires permission from the company. They can suspend your account or limit your distribution. Theoretically they can even post from your account at will. An X account is tied to an email and password. Users can also opt into two factor authentication, which adds an extra layer of protection, a login code generated by an app. In theory, this setup works well, but it places a heavy burden on users. You need to create a strong, unique password and safeguard it. You also need to ensure your email account and phone number remain secure, as attackers can exploit these to reset your credentials and take over your account. Even if you do everything responsibly, there is another weak link in X infrastructure itself. The platform’s infrastructure allows accounts to be reset through its backend. This could happen maliciously by an employee or through an external attacker who compromises X’s backend. When an account is compromised, the legitimate user often gets locked out, unable to post or regain control without contacting X’s support team. That process can be slow, frustrating, and sometimes fruitless if support denies the request or cannot verify your identity. Often times support will require users to provide identification info in order to regain access, which represents a privacy risk. The centralized nature of X means you are ultimately at the mercy of the company’s systems and staff.

Nostr Requires Responsibility

Nostr flips this model radically. Users do not need permission from a company to access their account, they can generate as many accounts as they want, and cannot be easily censored. The key tradeoff here is that users have to take complete responsibility for their security. Instead of relying on a username, password, and corporate servers, nostr uses a private key as the sole credential for your account. Users generate this key and it is their responsibility to keep it safe. As long as you have your key, you can post. If someone else gets it, they can post too. It is that simple. This design has strong implications. Unlike X, there is no backend reset option. If your key is compromised or lost, there is no customer support to call. In a compromise scenario, both you and the attacker can post from the account simultaneously. Neither can lock the other out, since nostr relays simply accept whatever is signed with a valid key.

The benefit? No reliance on proprietary corporate infrastructure.. The negative? Security rests entirely on how well you protect your key.

Future Nostr Security Improvements

For many users, nostr’s standard security model, storing a private key on a phone with an encrypted cloud backup, will likely be sufficient. It is simple and reasonably secure. That said, nostr’s strength lies in its flexibility as an open protocol. Users will be able to choose between a range of security models, balancing convenience and protection based on need.

One promising option is a web of trust model for key rotation. Imagine pre-selecting a group of trusted friends. If your account is compromised, these people could collectively sign an event announcing the compromise to the network and designate a new key as your legitimate one. Apps could handle this process seamlessly in the background, notifying followers of the switch without much user interaction. This could become a popular choice for average users, but it is not without tradeoffs. It requires trust in your chosen web of trust, which might not suit power users or large organizations. It also has the issue that some apps may not recognize the key rotation properly and followers might get confused about which account is “real.”

For those needing higher security, there is the option of multisig using FROST (Flexible Round-Optimized Schnorr Threshold). In this setup, multiple keys must sign off on every action, including posting and updating a profile. A hacker with just one key could not do anything. This is likely overkill for most users due to complexity and inconvenience, but it could be a game changer for large organizations, companies, and governments. Imagine the White House nostr account requiring signatures from multiple people before a post goes live, that would be much more secure than the status quo big tech model.

Another option are hardware signers, similar to bitcoin hardware wallets. Private keys are kept on secure, offline devices, separate from the internet connected phone or computer you use to broadcast events. This drastically reduces the risk of remote hacks, as private keys never touches the internet. It can be used in combination with multisig setups for extra protection. This setup is much less convenient and probably overkill for most but could be ideal for governments, companies, or other high profile accounts.

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Nostr’s security model is not perfect but is robust and versatile. Ultimately users are in control and security is their responsibility. Apps will give users multiple options to choose from and users will choose what best fits their need.

@ 04c915da:3dfbecc9

In much of the world, it is incredibly difficult to access U.S. dollars. Local currencies are often poorly managed and riddled with corruption. Billions of people demand a more reliable alternative. While the dollar has its own issues of corruption and mismanagement, it is widely regarded as superior to the fiat currencies it competes with globally. As a result, Tether has found massive success providing low cost, low friction access to dollars. Tether claims 400 million total users, is on track to add 200 million more this year, processes 8.1 million transactions daily, and facilitates $29 billion in daily transfers. Furthermore, their estimates suggest nearly 40% of users rely on it as a savings tool rather than just a transactional currency.

Tether’s rise has made the company a financial juggernaut. Last year alone, Tether raked in over $13 billion in profit, with a lean team of less than 100 employees. Their business model is elegantly simple: hold U.S. Treasuries and collect the interest. With over $113 billion in Treasuries, Tether has turned a straightforward concept into a profit machine.

Tether’s success has resulted in many competitors eager to claim a piece of the pie. This has triggered a massive venture capital grift cycle in USD tokens, with countless projects vying to dethrone Tether. Due to Tether’s entrenched network effect, these challengers face an uphill battle with little realistic chance of success. Most educated participants in the space likely recognize this reality but seem content to perpetuate the grift, hoping to cash out by dumping their equity positions on unsuspecting buyers before they realize the reality of the situation.

Historically, Tether’s greatest vulnerability has been U.S. government intervention. For over a decade, the company operated offshore with few allies in the U.S. establishment, making it a major target for regulatory action. That dynamic has shifted recently and Tether has seized the opportunity. By actively courting U.S. government support, Tether has fortified their position. This strategic move will likely cement their status as the dominant USD token for years to come.

While undeniably a great tool for the millions of users that rely on it, Tether is not without flaws. As a centralized, trusted third party, it holds the power to freeze or seize funds at its discretion. Corporate mismanagement or deliberate malpractice could also lead to massive losses at scale. In their goal of mitigating regulatory risk, Tether has deepened ties with law enforcement, mirroring some of the concerns of potential central bank digital currencies. In practice, Tether operates as a corporate CBDC alternative, collaborating with authorities to surveil and seize funds. The company proudly touts partnerships with leading surveillance firms and its own data reveals cooperation in over 1,000 law enforcement cases, with more than $2.5 billion in funds frozen.

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The global demand for Tether is undeniable and the company’s profitability reflects its unrivaled success. Tether is owned and operated by bitcoiners and will likely continue to push forward strategic goals that help the movement as a whole. Recent efforts to mitigate the threat of U.S. government enforcement will likely solidify their network effect and stifle meaningful adoption of rival USD tokens or CBDCs. Yet, for all their achievements, Tether is simply a worse form of money than bitcoin. Tether requires trust in a centralized entity, while bitcoin can be saved or spent without permission. Furthermore, Tether is tied to the value of the US Dollar which is designed to lose purchasing power over time, while bitcoin, as a truly scarce asset, is designed to increase in purchasing power with adoption. As people awaken to the risks of Tether’s control, and the benefits bitcoin provides, bitcoin adoption will likely surpass it.

@ 3f770d65:7a745b24

🏌️ Monday, May 26 – Bitcoin Golf Championship & Kickoff Party

Location: Las Vegas, Nevada\ Event: 2nd Annual Bitcoin Golf Championship & Kick Off Party"\ Where: Bali Hai Golf Clubhouse, 5160 S Las Vegas Blvd, Las Vegas, NV 89119\ 🎟️ Get Tickets!

Details:

• The week tees off in style with the Bitcoin Golf Championship. Swing clubs by day and swing to music by night.

• Live performances from Nostr-powered acts courtesy of Tunestr, including Ainsley Costello and others.

• Stop by the Purple Pill Booth hosted by Derek and Tanja, who will be on-boarding golfers and attendees to the decentralized social future with Nostr.

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💬 May 27–29 – Bitcoin 2025 Conference at the Las Vegas Convention Center

Location: The Venetian Resort\ Main Attraction for Nostr Fans: The Nostr Lounge\ When: All day, Tuesday through Thursday\ Where: Right outside the Open Source Stage\ 🎟️ Get Tickets!

Come chill at the Nostr Lounge, your home base for all things decentralized social. With seating for \~50, comfy couches, high-tops, and good vibes, it’s the perfect space to meet developers, community leaders, and curious newcomers building the future of censorship-resistant communication.

Bonus: Right across the aisle, you’ll find Shopstr, a decentralized marketplace app built on Nostr. Stop by their booth to explore how peer-to-peer commerce works in a truly open ecosystem.

Daily Highlights at the Lounge:

• ☕️ Hang out casually or sit down for a deeper conversation about the Nostr protocol

• 🔧 1:1 demos from app teams

• 🛍️ Merch available onsite

• 🧠 Impromptu lightning talks

• 🎤 Scheduled Meetups (details below)

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🎯 Nostr Lounge Meetups

Wednesday, May 28 @ 1:00 PM

• Damus Meetup: Come meet the team behind Damus, the OG Nostr app for iOS that helped kickstart the social revolution. They'll also be showcasing their new cross-platform app, Notedeck, designed for a more unified Nostr experience across devices. Grab some merch, get a demo, and connect directly with the developers.

Thursday, May 29 @ 1:00 PM

• Primal Meetup: Dive into Primal, the slickest Nostr experience available on web, Android, and iOS. With a built-in wallet, zapping your favorite creators and friends has never been easier. The team will be on-site for hands-on demos, Q\&A, merch giveaways, and deeper discussions on building the social layer of Bitcoin.

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🎙️ Nostr Talks at Bitcoin 2025

If you want to hear from the minds building decentralized social, make sure you attend these two official conference sessions:

1. FROSTR Workshop: Multisig Nostr Signing

• 🕚 Time: 11:30 AM – 12:00 PM

• 📅 Date: Wednesday, May 28

• 📍 Location: Developer Zone

• 🎤 Speaker: nostr:nprofile1qy2hwumn8ghj7etyv4hzumn0wd68ytnvv9hxgqgdwaehxw309ahx7uewd3hkcqpqs9etjgzjglwlaxdhsveq0qksxyh6xpdpn8ajh69ruetrug957r3qf4ggfm (Austin Kelsay) @ Voltage\ A deep-dive into FROST-based multisig key management for Nostr. Geared toward devs and power users interested in key security.

2. Panel: Decentralizing Social Media

• 🕑 Time: 2:00 PM – 2:30 PM

• 📅 Date: Thursday, May 29

• 📍 Location: Genesis Stage

• 🎙️ Moderator: nostr:nprofile1qyxhwumn8ghj7mn0wvhxcmmvqy08wumn8ghj7mn0wd68yttjv4kxz7fwv3jhyettwfhhxuewd4jsqgxnqajr23msx5malhhcz8paa2t0r70gfjpyncsqx56ztyj2nyyvlq00heps - Bitcoin Strategy @ Roxom TV

• 👥 Speakers:

• nostr:nprofile1qyt8wumn8ghj7etyv4hzumn0wd68ytnvv9hxgtcppemhxue69uhkummn9ekx7mp0qqsy2ga7trfetvd3j65m3jptqw9k39wtq2mg85xz2w542p5dhg06e5qmhlpep – Early Bitcoin dev, CEO @ Sirius Business Ltd

• nostr:nprofile1qy2hwumn8ghj7mn0wd68ytndv9kxjm3wdahxcqg5waehxw309ahx7um5wfekzarkvyhxuet5qqsw4v882mfjhq9u63j08kzyhqzqxqc8tgf740p4nxnk9jdv02u37ncdhu7e3 – Analyst & Partner @ Ego Death Capital

Get the big-picture perspective on why decentralized social matters and how Nostr fits into the future of digital communication.

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🌃 NOS VEGAS Meetup & Afterparty

Date: Wednesday, May 28\ Time: 7:00 PM – 1:00 AM\ Location: We All Scream Nightclub, 517 Fremont St., Las Vegas, NV 89101\ 🎟️ Get Tickets!

What to Expect:

• 🎶 Live Music Stage – Featuring Ainsley Costello, Sara Jade, Able James, Martin Groom, Bobby Shell, Jessie Lark, and other V4V artists

• 🪩 DJ Party Deck – With sets by nostr:nprofile1qy0hwumn8ghj7cmgdae82uewd45kketyd9kxwetj9e3k7mf6xs6rgqgcwaehxw309ahx7um5wgh85mm694ek2unk9ehhyecqyq7hpmq75krx2zsywntgtpz5yzwjyg2c7sreardcqmcp0m67xrnkwylzzk4 , nostr:nprofile1qy2hwumn8ghj7etyv4hzumn0wd68ytnvv9hxgqgkwaehxw309anx2etywvhxummnw3ezucnpdejqqg967faye3x6fxgnul77ej23l5aew8yj0x2e4a3tq2mkrgzrcvecfsk8xlu3 , and more DJs throwing down

• 🛰️ Live-streamed via Tunestr

• 🧠 Nostr Education – Talks by nostr:nprofile1qy88wumn8ghj7mn0wvhxcmmv9uq37amnwvaz7tmwdaehgu3dwfjkccte9ejx2un9ddex7umn9ekk2tcqyqlhwrt96wnkf2w9edgr4cfruchvwkv26q6asdhz4qg08pm6w3djg3c8m4j , nostr:nprofile1qy2hwumn8ghj7etyv4hzumn0wd68ytnvv9hxgqg7waehxw309anx2etywvhxummnw3ezucnpdejz7ur0wp6kcctjqqspywh6ulgc0w3k6mwum97m7jkvtxh0lcjr77p9jtlc7f0d27wlxpslwvhau , nostr:nprofile1qy88wumn8ghj7mn0wvhxcmmv9uq3vamnwvaz7tmwdaehgu3wd33xgetk9en82m30qqsgqke57uygxl0m8elstq26c4mq2erz3dvdtgxwswwvhdh0xcs04sc4u9p7d , nostr:nprofile1q9z8wumn8ghj7erzx3jkvmmzw4eny6tvw368wdt8da4kxamrdvek76mrwg6rwdngw94k67t3v36k77tev3kx7vn2xa5kjem9dp4hjepwd3hkxctvqyg8wumn8ghj7mn0wd68ytnhd9hx2qpqyaul8k059377u9lsu67de7y637w4jtgeuwcmh5n7788l6xnlnrgssuy4zk , nostr:nprofile1qy28wue69uhnzvpwxqhrqt33xgmn5dfsx5cqz9thwden5te0v4jx2m3wdehhxarj9ekxzmnyqqswavgevxe9gs43vwylumr7h656mu9vxmw4j6qkafc3nefphzpph8ssvcgf8 , and more.

• 🧾 Vendors & Project Booths – Explore new tools and services

• 🔐 Onboarding Stations – Learn how to use Nostr hands-on

• 🐦 Nostrich Flocking – Meet your favorite nyms IRL

• 🍸 Three Full Bars – Two floors of socializing overlooking vibrant Fremont Street

| | | | | ----------- | -------------------- | ------------------- | | Time | Name | Topic | | 7:30-7:50 | Derek | Nostr for Beginners | | 8:00-8:20 | Mark & Paul | Primal | | 8:30-8:50 | Terry | Damus | | 9:00-9:20 | OpenMike and Ainsley | V4V | | 09:30-09:50 | The Space | Space |

This is the after-party of the year for those who love freedom technology and decentralized social community. Don’t miss it.

---

Final Thoughts

Whether you're there to learn, network, party, or build, Bitcoin 2025 in Las Vegas has a packed week of Nostr-friendly programming. Be sure to catch all the events, visit the Nostr Lounge, and experience the growing decentralized social revolution.

🟣 Find us. Flock with us. Purple pill someone.

@ 04c915da:3dfbecc9

One of the most common criticisms leveled against nostr is the perceived lack of assurance when it comes to data storage. Critics argue that without a centralized authority guaranteeing that all data is preserved, important information will be lost. They also claim that running a relay will become prohibitively expensive. While there is truth to these concerns, they miss the mark. The genius of nostr lies in its flexibility, resilience, and the way it harnesses human incentives to ensure data availability in practice.

A nostr relay is simply a server that holds cryptographically verifiable signed data and makes it available to others. Relays are simple, flexible, open, and require no permission to run. Critics are right that operating a relay attempting to store all nostr data will be costly. What they miss is that most will not run all encompassing archive relays. Nostr does not rely on massive archive relays. Instead, anyone can run a relay and choose to store whatever subset of data they want. This keeps costs low and operations flexible, making relay operation accessible to all sorts of individuals and entities with varying use cases.

Critics are correct that there is no ironclad guarantee that every piece of data will always be available. Unlike bitcoin where data permanence is baked into the system at a steep cost, nostr does not promise that every random note or meme will be preserved forever. That said, in practice, any data perceived as valuable by someone will likely be stored and distributed by multiple entities. If something matters to someone, they will keep a signed copy.

Nostr is the Streisand Effect in protocol form. The Streisand effect is when an attempt to suppress information backfires, causing it to spread even further. With nostr, anyone can broadcast signed data, anyone can store it, and anyone can distribute it. Try to censor something important? Good luck. The moment it catches attention, it will be stored on relays across the globe, copied, and shared by those who find it worth keeping. Data deemed important will be replicated across servers by individuals acting in their own interest.

Nostr’s distributed nature ensures that the system does not rely on a single point of failure or a corporate overlord. Instead, it leans on the collective will of its users. The result is a network where costs stay manageable, participation is open to all, and valuable verifiable data is stored and distributed forever.

@ 21335073:a244b1ad

Someone asked for my thoughts, so I’ll share them thoughtfully. I’m not here to dictate how to promote Nostr—I’m still learning about it myself. While I’m not new to Nostr, freedom tech is a newer space for me. I’m skilled at advocating for topics I deeply understand, but freedom tech isn’t my expertise, so take my words with a grain of salt. Nothing I say is set in stone.

Those who need Nostr the most are the ones most vulnerable to censorship on other platforms right now. Reaching them requires real-time awareness of global issues and the dynamic relationships between governments and tech providers, which can shift suddenly. Effective Nostr promoters must grasp this and adapt quickly.

The best messengers are people from or closely tied to these at-risk regions—those who truly understand the local political and cultural dynamics. They can connect with those in need when tensions rise. Ideal promoters are rational, trustworthy, passionate about Nostr, but above all, dedicated to amplifying people’s voices when it matters most.

Forget influencers, corporate-backed figures, or traditional online PR—it comes off as inauthentic, corny, desperate and forced. Nostr’s promotion should be grassroots and organic, driven by a few passionate individuals who believe in Nostr and the communities they serve.

The idea that “people won’t join Nostr due to lack of reach” is nonsense. Everyone knows X’s “reach” is mostly with bots. If humans want real conversations, Nostr is the place. X is great for propaganda, but Nostr is for the authentic voices of the people.

Those spreading Nostr must be so passionate they’re willing to onboard others, which is time-consuming but rewarding for the right person. They’ll need to make Nostr and onboarding a core part of who they are. I see no issue with that level of dedication. I’ve been known to get that way myself at times. It’s fun for some folks.

With love, I suggest not adding Bitcoin promotion with Nostr outreach. Zaps already integrate that element naturally. (Still promote within the Bitcoin ecosystem, but this is about reaching vulnerable voices who needed Nostr yesterday.)

To promote Nostr, forget conventional strategies. “Influencers” aren’t the answer. “Influencers” are not the future. A trusted local community member has real influence—reach them. Connect with people seeking Nostr’s benefits but lacking the technical language to express it. This means some in the Nostr community might need to step outside of the Bitcoin bubble, which is uncomfortable but necessary. Thank you in advance to those who are willing to do that.

I don’t know who is paid to promote Nostr, if anyone. This piece isn’t shade. But it’s exhausting to see innocent voices globally silenced on corporate platforms like X while Nostr exists. Last night, I wondered: how many more voices must be censored before the Nostr community gets uncomfortable and thinks creatively to reach the vulnerable?

A warning: the global need for censorship-resistant social media is undeniable. If Nostr doesn’t make itself known, something else will fill that void. Let’s start this conversation.

@ 21335073:a244b1ad

Please respect Virginia Giuffre’s memory by refraining from asking about the circumstances or theories surrounding her passing.

Since Virginia Giuffre’s death, I’ve reflected on what she would want me to say or do. This piece is my attempt to honor her legacy.

When I first spoke with Virginia, I was struck by her unshakable hope. I had grown cynical after years in the anti-human trafficking movement, worn down by a broken system and a government that often seemed complicit. But Virginia’s passion, creativity, and belief that survivors could be heard reignited something in me. She reminded me of my younger, more hopeful self. Instead of warning her about the challenges ahead, I let her dream big, unburdened by my own disillusionment. That conversation changed me for the better, and following her lead led to meaningful progress.

Virginia was one of the bravest people I’ve ever known. As a survivor of Epstein, Maxwell, and their co-conspirators, she risked everything to speak out, taking on some of the world’s most powerful figures.

She loved when I said, “Epstein isn’t the only Epstein.” This wasn’t just about one man—it was a call to hold all abusers accountable and to ensure survivors find hope and healing.

The Epstein case often gets reduced to sensational details about the elite, but that misses the bigger picture. Yes, we should be holding all of the co-conspirators accountable, we must listen to the survivors’ stories. Their experiences reveal how predators exploit vulnerabilities, offering lessons to prevent future victims.

You’re not powerless in this fight. Educate yourself about trafficking and abuse—online and offline—and take steps to protect those around you. Supporting survivors starts with small, meaningful actions. Free online resources can guide you in being a safe, supportive presence.

When high-profile accusations arise, resist snap judgments. Instead of dismissing survivors as “crazy,” pause to consider the trauma they may be navigating. Speaking out or coping with abuse is never easy. You don’t have to believe every claim, but you can refrain from attacking accusers online.

Society also fails at providing aftercare for survivors. The government, often part of the problem, won’t solve this. It’s up to us. Prevention is critical, but when abuse occurs, step up for your loved ones and community. Protect the vulnerable. it’s a challenging but a rewarding journey.

If you’re contributing to Nostr, you’re helping build a censorship resistant platform where survivors can share their stories freely, no matter how powerful their abusers are. Their voices can endure here, offering strength and hope to others. This gives me great hope for the future.

Virginia Giuffre’s courage was a gift to the world. It was an honor to know and serve her. She will be deeply missed. My hope is that her story inspires others to take on the powerful.

@ 52b4a076:e7fad8bd

I have been recently building NFDB, a new relay DB. This post is meant as a short overview.

Regular relays have challenges

Current relay software have significant challenges, which I have experienced when hosting Nostr.land: - Scalability is only supported by adding full replicas, which does not scale to large relays. - Most relays use slow databases and are not optimized for large scale usage. - Search is near-impossible to implement on standard relays. - Privacy features such as NIP-42 are lacking. - Regular DB maintenance tasks on normal relays require extended downtime. - Fault-tolerance is implemented, if any, using a load balancer, which is limited. - Personalization and advanced filtering is not possible. - Local caching is not supported.

NFDB: A scalable database for large relays

NFDB is a new database meant for medium-large scale relays, built on FoundationDB that provides: - Near-unlimited scalability - Extended fault tolerance - Instant loading - Better search - Better personalization - and more.

Search

NFDB has extended search capabilities including: - Semantic search: Search for meaning, not words. - Interest-based search: Highlight content you care about. - Multi-faceted queries: Easily filter by topic, author group, keywords, and more at the same time. - Wide support for event kinds, including users, articles, etc.

Personalization

NFDB allows significant personalization: - Customized algorithms: Be your own algorithm. - Spam filtering: Filter content to your WoT, and use advanced spam filters. - Topic mutes: Mute topics, not keywords. - Media filtering: With Nostr.build, you will be able to filter NSFW and other content - Low data mode: Block notes that use high amounts of cellular data. - and more

Other

NFDB has support for many other features such as: - NIP-42: Protect your privacy with private drafts and DMs - Microrelays: Easily deploy your own personal microrelay - Containers: Dedicated, fast storage for discoverability events such as relay lists

Calcite: A local microrelay database

Calcite is a lightweight, local version of NFDB that is meant for microrelays and caching, meant for thousands of personal microrelays.

Calcite HA is an additional layer that allows live migration and relay failover in under 30 seconds, providing higher availability compared to current relays with greater simplicity. Calcite HA is enabled in all Calcite deployments.

For zero-downtime, NFDB is recommended.

Noswhere SmartCache

Relays are fixed in one location, but users can be anywhere.

Noswhere SmartCache is a CDN for relays that dynamically caches data on edge servers closest to you, allowing: - Multiple regions around the world - Improved throughput and performance - Faster loading times

routerd

routerd is a custom load-balancer optimized for Nostr relays, integrated with SmartCache.

routerd is specifically integrated with NFDB and Calcite HA to provide fast failover and high performance.

Ending notes

NFDB is planned to be deployed to Nostr.land in the coming weeks.

A lot more is to come. 👀️️️️️️

@ e3ba5e1a:5e433365

Prelude

I wrote this post differently than any of my others. It started with a discussion with AI on an OPSec-inspired review of separation of powers, and evolved into quite an exciting debate! I asked Grok to write up a summary in my overall writing style, which it got pretty well. I've decided to post it exactly as-is. Ultimately, I think there are two solid ideas driving my stance here:

1. Perfect is the enemy of the good
2. Failure is the crucible of success

Beyond that, just some hard-core belief in freedom, separation of powers, and operating from self-interest.

Intro

Alright, buckle up. I’ve been chewing on this idea for a while, and it’s time to spit it out. Let’s look at the U.S. government like I’d look at a codebase under a cybersecurity audit—OPSEC style, no fluff. Forget the endless debates about what politicians should do. That’s noise. I want to talk about what they can do, the raw powers baked into the system, and why we should stop pretending those powers are sacred. If there’s a hole, either patch it or exploit it. No half-measures. And yeah, I’m okay if the whole thing crashes a bit—failure’s a feature, not a bug.

The Filibuster: A Security Rule with No Teeth

You ever see a firewall rule that’s more theater than protection? That’s the Senate filibuster. Everyone acts like it’s this untouchable guardian of democracy, but here’s the deal: a simple majority can torch it any day. It’s not a law; it’s a Senate preference, like choosing tabs over spaces. When people call killing it the “nuclear option,” I roll my eyes. Nuclear? It’s a button labeled “press me.” If a party wants it gone, they’ll do it. So why the dance?

I say stop playing games. Get rid of the filibuster. If you’re one of those folks who thinks it’s the only thing saving us from tyranny, fine—push for a constitutional amendment to lock it in. That’s a real patch, not a Post-it note. Until then, it’s just a vulnerability begging to be exploited. Every time a party threatens to nuke it, they’re admitting it’s not essential. So let’s stop pretending and move on.

Supreme Court Packing: Because Nine’s Just a Number

Here’s another fun one: the Supreme Court. Nine justices, right? Sounds official. Except it’s not. The Constitution doesn’t say nine—it’s silent on the number. Congress could pass a law tomorrow to make it 15, 20, or 42 (hitchhiker’s reference, anyone?). Packing the court is always on the table, and both sides know it. It’s like a root exploit just sitting there, waiting for someone to log in.

So why not call the bluff? If you’re in power—say, Trump’s back in the game—say, “I’m packing the court unless we amend the Constitution to fix it at nine.” Force the issue. No more shadowboxing. And honestly? The court’s got way too much power anyway. It’s not supposed to be a super-legislature, but here we are, with justices’ ideologies driving the bus. That’s a bug, not a feature. If the court weren’t such a kingmaker, packing it wouldn’t even matter. Maybe we should be talking about clipping its wings instead of just its size.

The Executive Should Go Full Klingon

Let’s talk presidents. I’m not saying they should wear Klingon armor and start shouting “Qapla’!”—though, let’s be real, that’d be awesome. I’m saying the executive should use every scrap of power the Constitution hands them. Enforce the laws you agree with, sideline the ones you don’t. If Congress doesn’t like it, they’ve got tools: pass new laws, override vetoes, or—here’s the big one—cut the budget. That’s not chaos; that’s the system working as designed.

Right now, the real problem isn’t the president overreaching; it’s the bureaucracy. It’s like a daemon running in the background, eating CPU and ignoring the user. The president’s supposed to be the one steering, but the administrative state’s got its own agenda. Let the executive flex, push the limits, and force Congress to check it. Norms? Pfft. The Constitution’s the spec sheet—stick to it.

Let the System Crash

Here’s where I get a little spicy: I’m totally fine if the government grinds to a halt. Deadlock isn’t a disaster; it’s a feature. If the branches can’t agree, let the president veto, let Congress starve the budget, let enforcement stall. Don’t tell me about “essential services.” Nothing’s so critical it can’t take a breather. Shutdowns force everyone to the table—debate, compromise, or expose who’s dropping the ball. If the public loses trust? Good. They’ll vote out the clowns or live with the circus they elected.

Think of it like a server crash. Sometimes you need a hard reboot to clear the cruft. If voters keep picking the same bad admins, well, the country gets what it deserves. Failure’s the best teacher—way better than limping along on autopilot.

States Are the Real MVPs

If the feds fumble, states step up. Right now, states act like junior devs waiting for the lead engineer to sign off. Why? Federal money. It’s a leash, and it’s tight. Cut that cash, and states will remember they’re autonomous. Some will shine, others will tank—looking at you, California. And I’m okay with that. Let people flee to better-run states. No bailouts, no excuses. States are like competing startups: the good ones thrive, the bad ones pivot or die.

Could it get uneven? Sure. Some states might turn into sci-fi utopias while others look like a post-apocalyptic vidya game. That’s the point—competition sorts it out. Citizens can move, markets adjust, and failure’s a signal to fix your act.

Chaos Isn’t the Enemy

Yeah, this sounds messy. States ignoring federal law, external threats poking at our seams, maybe even a constitutional crisis. I’m not scared. The Supreme Court’s there to referee interstate fights, and Congress sets the rules for state-to-state play. But if it all falls apart? Still cool. States can sort it without a babysitter—it’ll be ugly, but freedom’s worth it. External enemies? They’ll either unify us or break us. If we can’t rally, we don’t deserve the win.

Centralizing power to avoid this is like rewriting your app in a single thread to prevent race conditions—sure, it’s simpler, but you’re begging for a deadlock. Decentralized chaos lets states experiment, lets people escape, lets markets breathe. States competing to cut regulations to attract businesses? That’s a race to the bottom for red tape, but a race to the top for innovation—workers might gripe, but they’ll push back, and the tension’s healthy. Bring it—let the cage match play out. The Constitution’s checks are enough if we stop coddling the system.

Why This Matters

I’m not pitching a utopia. I’m pitching a stress test. The U.S. isn’t a fragile porcelain doll; it’s a rugged piece of hardware built to take some hits. Let it fail a little—filibuster, court, feds, whatever. Patch the holes with amendments if you want, or lean into the grind. Either way, stop fearing the crash. It’s how we debug the republic.

So, what’s your take? Ready to let the system rumble, or got a better way to secure the code? Hit me up—I’m all ears.

@ bc6ccd13:f53098e4

It wasn’t so long ago that the mainstream conversation around population was exclusively focused on the dangers of overpopulation. The fatal flaws in the Malthusian theory had yet to be disproven clearly and obviously by observable demographic trends. That’s been gradually changing, and while it’s hardly a mainstream consensus, concerns about falling birthrates and the risk of population collapse have taken over the population conversion on the political right, and sometimes beyond.

There’s no questioning the data at this point. Fertility rates over most of the world have been in precipitous decline, and if the current trajectory continues, global population will peak very soon and fall rather dramatically. And even the falling population itself is much less of a threat than the aging population that will inevitably precede it. Having a large cohort of older and retired people and a small cohort of young workers is an existential threat to the modern welfare state, and to the entire credit-based fiat monetary system that supports it. But that’s a subject for another day.

There are a multitude of different theories that attempt to explain why this is happening. I’ll name some of the most common ones:

• Increased education and employment opportunities for women

• Urbanization

• Economic factors

• Access to contraception

• Changing social and cultural norms

• Delayed marriage

• Improvements in infant mortality rates

• Government policies

• Environmental concerns

• Pornography

• Feminism

• Endocrine disrupting chemicals

• Dating apps

Most rational thinkers agree there must be multiple factors playing a role. But the fact that the problem is so wide-spread, and populations that seem to be resisting the trend are so rare, shows that the strongest underlying factors are cross-culturally powerful and not easily resisted or reversed with marginal cultural differences and standard public policy efforts.

While populations that resist the trend are rare, they are not quite non-existent. A few groups stand out for their persistently high fertility rates. On a geographic basis, sub-Saharan Africa is the only major region still maintaining above-replacement fertility rates. For various reasons, I don’t think Africa is the most useful place to look for answers on what’s causing the decline elsewhere or how it could be reversed. One reason is that Africa seems to be following the global pattern, just with a lag. In another few decades the data may look very different, just like it does for South America today compared to 20 years ago.

In my opinion, a more useful place to look for data is in smaller population sub-groups within a geographic area that have fertility rates significantly higher than the general population levels. Rural populations in general have higher fertility rates than urban populations, but the difference isn’t really enough to consider it significant. The groups that fit this category well seem to be exclusively religious. These include certain Christian denominations in the traditional Anabaptist category including the Amish, Mennonites, and Hutterites, Muslims in some areas, and Jews, particularly the most orthodox sects. Mormons recently fell out of the high-fertility religious group category, which would also make for some interesting research.

It would be fascinating to compare these groups and see what they have in common outside just being religious in nature. I don’t have the knowledge to make that comparison. Instead, I’m going to focus on the group that’s often referenced and analyzed by people without much personal knowledge, the Amish.

I have read numerous articles and comments that reference the Amish to support this or that theory on the cause of falling fertility. One thing I notice is an obvious lack of understanding of the Amish culture, which leads to faulty arguments that don’t reflect reality. This isn’t surprising, given the insular and poorly-understood nature of the culture, the plethora of ridiculously incorrect “Amish” reality TV shows and pop culture myths, and the fact that the number of people with firsthand knowledge of Amish culture from an insider perspective who also write about demographic trends on any public platform is probably zero.

Well, was zero. I’m about to make that one.

My Qualifications

Since I’m claiming to have this knowledge, it’s only fair to give a little background as to how I got it. I choose to stay anonymous on the internet, and given that this is personal information that could make it significantly easier to dox me, I’ll be deliberately vague.

My parents were both born in Amish families. They didn’t stay, opting to leave the Amish church and culture before getting married and starting their family. My grandparents were all Amish, and all my cousins and most of my extended family remain Amish to this day. My parents didn’t move out of the Amish community, staying in the area and joining a conservative Mennonite church that was about the closest thing to being Amish without actually being Amish. The Mennonite community has a generally good relationship with and a lot of respect for the Amish community, given their deep similarities and shared history and cultural background.

I grew up interacting regularly with Amish relatives, neighbors and community members, speaking the Pennsylvania Dutch my parents taught us and used exclusively at home. I’m very certain that a real deep understanding of Amish culture is almost impossible without speaking their language, just like many other cultures around the world. The Amish speak English as their second language, but there are aspects of their culture that aren’t spoken about in English.

This lifelong proximity to and interaction with the Amish community has, I believe, given me some unique insights into the factors supporting their high fertility rates that no amount of academic research will ever uncover.

Who are the Amish?

First, some basics.

The Amish are a traditionalist Christian denomination. The way to understand the Amish is as a religious denomination first, and a culture second. Getting the two mixed up makes it impossible to understand why the Amish live the way they do.

Sure, their unique lifestyles makes them noteworthy as a group. But that lifestyle is based on and maintained by their religious beliefs and convictions.

Fundamentally, the Amish attempt to live out the Gospel as Jesus taught in the Sermon on the Mount. They believe their church has done so historically, and that the best way to make sure they keep doing so in the future is to view any changes to their traditional lifestyle with extreme skepticism and resistance.

The two primary doctrines that separate them from the mainstream Protestant Reformation, which is their group’s origin, are the doctrines of nonconformity and nonresistance. They apply the doctrine of nonconformity, the command to “be not conformed to this world: but be ye transformed by the renewing of your mind, that ye may prove what is that good, and acceptable, and perfect, will of God” in both a spiritual and a practical sense. They believe that Christians are to be radically different from non-Christians, both in their beliefs and attitudes, and in their lifestyle and appearance. And they apply the command to “resist not evil”, nonresistance, to mean that it’s a sin to use physical force or violence against another person for any reason whatsoever. They don’t make any exception for military service of any type, which they object to as a matter of conscience, or for self-defense, which they refuse to engage in even if it means death for themselves or their family.

The Amish do not practice infant baptism. Their young people must choose to be baptized and formally become members of the church, usually in their late teens or early twenties. As part of the baptism ceremony, they make a vow to remain faithful to God and the church until death. The Amish, as a church, interpret this vow to mean that the new church member will remain a member of the Amish church for life. Leaving the Amish church after making this vow and being baptized is viewed as breaking the vow, and is the justification for their practice of shunning, or the ban. Those who do so are cut off from contact with the community in various ways. Typically they won’t eat a meal with a shunned person, ride in a car a shunned person is driving, or do business with a shunned person. That includes immediate family. Failure to enforce this shunning against someone, even your own child, can result in running afoul of the church leadership and also being excommunicated and shunned.

This punishment, however, only applies to people who leave the church after baptism. Those young people who choose not to be baptized and leave the church instead are free to be treated just like any other non-Amish person, although their family essentially disown them and treat them like a shunned person anyway, if they’re especially strict and upset about the betrayal of Amish values.

Most Amish people don’t believe that the Amish are the only true church, or that only Amish people are true Christians. Most are accepting of other conservative Anabaptist denominations, and respect their values and practices as a different but valid way to be Christian. Church teaching strongly suggests that those who fall under the ban are living in sin and won’t make it to heaven. Most individuals, though, probably wouldn’t agree with that in every case if they were free to give their true opinion on the issue.

The Amish maintain a fertility rate of around 6 to 7 children per woman. Some recent research suggests this may be starting to fall somewhat, but the data isn’t extensive enough to make a solid judgement yet.

There are a wide variety of different “flavors” of Amish in different areas of the US, a fact they’re very aware of. The data strongly indicates that the most conservative and technologically primitive communities have slightly higher fertility rates and significantly higher retention rates of young people.

Why do the Amish Maintain High Fertility Rates?

Okay, enough background. Time to dive into the reasons I believe the Amish maintain their historically high fertility rate despite living in a developed, modern economy surrounded by people with dramatically sub-replacement fertility rates.

I thought long and hard about the best way to approach this. Going through a list of factors topically seemed like the obvious one. But the more I thought it through, the less I liked it. For one, how do you arrange the factors? Order of importance? How do you decide that? Also, the factors are so inter-related that they’ll be very tough to separate and understand individually. Finally, it seems dry and boring. Nobody needs that.

So I’m going to try something different. I’m going to approach it from a narrative angle. I’ll try to describe the life of a typical Amish person, from birth to death, in a chronological way. That’s the best approach to present it in a way that makes the culture relatable, while also tying the different factors together logically.

I’ll describe the experience for both men and women as best I can, and try to present the various factors encouraging high fertility as I see them at the appropriate part of the story.

This will likely be an article that gets revised later to address any questions that come up, so don’t consider it the final word on the subject.

Alright, time to get started.

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First off, this might seem obvious, but the typical Amish baby is born into a large family. On average, they’ll have 5 or 6 siblings, and more is not at all uncommon. Families of 10 won’t raise an eyebrow, and 12-16 children aren’t unheard of, especially in the past when mortality was higher and second marriages were more common among younger widowers who went on to have children with their second wife. Humans are social creatures, and the environment and people we grow up surrounded by have a strong influence on our frame of reference. Studies have shown that women are very unlikely to have more children than their mother had. The number of siblings in your family, and in families you observe and interact with, doesn’t determine the number of children you will have, but it does strongly influence the number of children you feel is a “normal” amount. That makes it a kind of ratchet effect, where it’s very unlikely that a generation raised in homes with one or two children will go on to have larger families of their own collectively.

This cultural norm of large families establishes a kind of inertia that normalizes high fertility right from birth. Amish children grow up surrounded by siblings, observing, and as they get older, helping with the care and maintenance of a large family. All their relatives, cousins and extended family are also likely to belong to large families. The average Amish child grows up with dozens of first cousins, and sometimes hundreds of more distant cousins, many of whom they likely know well and socialize with regularly. This experience establishes a mental framework where a large family is assumed to be the default. And there is no stronger human tendency than the urge to fit in with the people around you.

Amish children grow up with strong gender norms taught from a very young age. The Amish culture follows strict and conservative gender roles. Boys and men do male things, girls and women do female things, and there is little effort or desire to create any overlapping space.

Boys grow up doing traditionally masculine things. They play outside, do chores on the farm, help their dad with his work, probably get a BB gun before age 10, go hunting and fishing, play sports, and generally prepare for a lifetime of physical labor and providing for a wife and family.

Girls grow up doing traditionally feminine things. They help care for younger siblings, help with housework, play with dolls, learn to cook and preserve food, learn to sew, and generally prepare for a lifetime of caring for and raising children and maintaining a large household.

It’s a common misconception that the Amish are mostly farmers who live off the land, subsistence style. That’s not at all accurate. While there are still Amish who make their living farming, at least in some areas, that has become the exception. The large scale of modern agriculture means it takes a lot of acres and a lot of machinery to run a profitable commercial farming operation. The Amish reject the use of most modern agricultural machinery, which makes them uncompetitive in commercial agriculture outside more niche markets like dairy, produce, or greenhouses. And the fact that they live in small geographic communities with large families means they quickly buy up all available farmland in an area until they price themselves out of the market. Prime farmland in heavy Amish farming communities like Lancaster, Pennsylvania routinely sells for over $25,000 per acre, which is more than a commercial crop farming operation might bring in over a lifetime.

So the Amish have moved away from a primarily agriculture based economy to various other occupations. In some areas they work in RV factories. Most work in trades, primarily construction. Many are masons, carpenters, cabinet builders, mechanics, welders, etc.

But they reject the ownership of cars, so they still use their characteristic horses and buggies for transportation. In reality, they use cars for most of their transportation needs. But they don’t own cars or have driver’s licenses, so they rely on “Amish taxi drivers” to chauffer them around. The men hire a driver to take them to and from work, if they work in construction or some other job outside the home. The women hire a driver take them to town for their shopping or for other errands. The exception is church. They’re still required to drive to church in a horse and buggy, so every family must keep a horse for that reason, as a bare minimum. In many cases that’s the only time they ever use a horse and buggy, and if it weren’t for that requirement they wouldn’t own one at all.

But that requirement means every Amish family must own enough land to keep a horse, which takes a few acres and a small barn at minimum. This forces them to live in rural areas and raise their families in a somewhat agricultural environment, even if their occupation wouldn’t require that at all. So there are always chores for the children, animals to care for, and space to play outside with their siblings.

Amish children grow up with very limited exposure to mainstream cultural pressures. Their mothers inevitably raise them at home until they start school. They don’t have TV or cell phones, so they aren’t exposed to any mainstream culture on a daily basis.

The Amish have their own schools, typically small one room schools within walking distance of all the families who attend. The teachers are often young single people, always Amish. They primarily teach basic academics: reading, writing, arithmetic, geography, history, etc. While the Amish speak both English and Pennsylvania Dutch, many Amish children are first exposed to English on a daily basis when they start school. School is taught in English, although there is limited teaching of the High German the Amish use in their church services.

Amish children attend school until 8th grade. The schools run the minimum number of days required by the state, usually 160. There is no higher education beyond grade 8. No Amish attend college.

Amish children are taught from little up that they are not like other people. The differences between their culture and mainstream culture are emphasized, and Amish culture is praised as the ideal, at a religious level. They're taught that the way to do what’s right is to do what the church asks, and those who don’t do what the church asks are in the wrong.

The Amish rate and describe everyone on a scale from “high” to “low”. A person who isn’t Amish, who isn’t a Christian, is a “high” person, or an “English” person. To go from being Amish to being “English” is the worst, most damning, failure imaginable. The Amish are “low” people. The more strict and traditional an Amish sect, the “lower” they are. Being “low” is seen as a virtue. Other conservative Christian denominations, particularly other Anabaptist groups, are also considered “low” people and generally viewed favorably, but they aren’t as “low” as the Amish.

Amish boys grow up expecting to start work full time at age 14, and to work at some type of trade or physical labor. There are no white-collar career tracks, essentially. Entrepreneurship is encouraged, and many young Amish men start their own construction crew or home business in their 20s or 30s after a few years of experience working for someone else. Often Amish boys start off working for and with their dad, in whatever trade or business he operates. But if they’re not interested in that particular occupation, they’re free to find another. Amish businesses and tradesmen are always willing to hire young Amish boys and train them in a craft. A good work ethic is considered a virtue, and Amish are known for their skilled craftsmanship and willingness to work harder than the competition. These traits are taught and encouraged from little on up.

Amish men as a whole do very well financially. For one, they start working and developing skills and work ethic a decade earlier than the typical college graduate. The trades pay well, and of course anyone could take advantage of that, but the mainstream narrative discourages men from pursuing a trade career by labeling it low status and keeping them in education until their prime years to gain a work ethic are past. It’s not uncommon for young Amish men just out of 8th grade to land a job on a carpentry crew for $25-30 an hour. With bonuses, some of them are bringing in $90k/year before age 20. Another advantage young Amish men have is lower expenses. They can certainly find places to spend their money, typically hobbies like hunting and fishing, but things like expensive designer clothes and accessories or overpriced car payments aren’t really an option. They also benefit from the Amish exemption to Social Security taxes. The Amish don’t pay into or collect Social Security. More on that later, but it helps immensely to keep more of your paycheck in your early prime working years.

Amish girls grow up expecting to get married at a young age and raise a large family as a traditional housewife. Amish girls aren’t encouraged to have a “career”, and the idea would be silly to them. They are expected to work, but the work is either helping their mom with the household, working on the family farm or business, or doing something like teaching school or working at an Amish farmer’s market to pass the time between leaving school and marriage. It’s never viewed as a permanent occupation, because marriage and motherhood is the default aspirational lifestyle. A common job for young Amish girls is working as a “maid” to help a new mother with housework at the end of pregnancy and for the first few months after childbirth. All new mothers can get this type of help if they want, and it will usually be a younger sister, cousin, or niece of appropriate age. Otherwise the community will find a suitable girl who’s available for the job. A “maid” will sometimes travel to a different Amish community for this reason, given how large extended families are and how frequently Amish families move across the country to a different community. This is often an opportunity for them to attract the attention of a young man outside their local community, and is one of the only ways for a long-distance relationship and marriage to begin.

Amish young people are expected to live with their parents until marriage, with very few exceptions. They’re also typically expected to work for their dad in the family business for no pay, and to give any earnings they make at a day job outside the home to their parents. This is typically expected until age 21, or until they get married, whichever comes first. More recently, with the rising cost of land and housing, it’s becoming more common to make age 18 the cutoff. And when a young couple is engaged, the parents typically allow them to start saving their income for their future household. This practice helps parents offset some of the expenses of raising such large families, along with the fact that no money is spent on higher education. It also provides one strong incentive to marry as early as possible.

Amish culture revolves around family and the community. Extended families are large, and people are expected to know and interact with their family. Conversation with a stranger at a social event invariably starts by asking their name, then asking who their parents, grandparents, and other relatives are until some distant family connection or a mutual acquaintance is found. Since the Amish community has a small pool of family names, and tends to heavily favor certain Biblical first names, enough people end up with the same name to make things really confusing. People are often identified by two or three generations of their family, for example “Sam Yoder’s John’s Amos” for an Amos Yoder who’s father was John Yoder and grandfather Sam Yoder.

Social activities are either family events or church events, or both. Weddings and funerals are the main social functions other than church services, and people are expected to attend as many as possible among their family and extended family, regardless of the distance. Given the large family sizes, most Amish have dozens of first cousins and many more distant cousins. Weddings and funerals can be almost weekly events. These are church events as well, so much of the local Amish community will usually attend. It will be an all day event, with the women and girls preparing a lunch and dinner for everyone. After the meal, the women and girls will wash the dishes and clean up, while the men sit around and talk. No cell phones, remember. Talking is the main form of social interaction. Topics typically include work, family news, hunting and fishing stories (Amish men hunt and fish with the same enthusiasm typical American men watch sports), horses, and interesting or funny stories about family and friends. Those with a knack for entertaining oratory are well respected and appreciated in the Amish community.

Of course the women do their fair share of talking as well, in the kitchen while cleaning up after the meal, and later in the living room where they join the men after the domestic work is done. The main topics of conversation always revolve around family, immediate and extended. News travels through the Amish community faster than any social media platform, because nothing builds Amish female status more than being the first to call with the news that great uncle so-and-so was injured in a farming accident or nephew so-and-so has a new baby, along with all the pertinent details about the name, size, and health of the baby and how the mother is doing and how many grandchildren that makes in total for the lucky grandparents.

While the adults are talking, the children are free to play either inside or preferably outside. Trampolines, climbing trees, playing in the hayloft, tag, volleyball, and softball are favorite activities at various ages. The younger boys and girls typically play together, but as they get older the girls spend more time visiting while the boys prefer more structured sports. Softball is a game for boys, but volleyball is popular with mixed teams of boys and girls at any age.

Visiting relatives or other community families is also a popular social activity, especially on “in-between Sunday”. The Amish have church every other week, and the week without church is often an opportunity to visit another family. Invitations are not expected or required, and anyone stopping by will be expected to stay for dinner and into the evening. At these type of events, the older children are often expected to sit and visit with the adults. Sitting still and being quiet are mandatory skills, since church services are 2 hours or longer and held in barns or sheds without air conditioning filled with backless wooden benches. Self-discipline is not an optional virtue, because the alternative is physical discipline.

As Amish young people enter their mid teen years, they go from childhood to youth. At a certain age, usually around 15 or 16, they officially become youth and enter the stage everyone is familiar with, “rumspringa”. That’s a Pennsylvania Dutch word that translates to “running around”. The Amish use it more as a verb, but pop culture has adopted it as a noun based on some wildly inaccurate reality TV shows and depictions.

The reality is, rumspringa varies widely from community to community, mostly based on what the parents and church leaders tolerate. Remember that Amish church membership is a fully voluntary decision, and Amish young people are free to join or not, as they decide. Late teens is the typical age for that decision. In the meantime, they are free to make their own decisions, subject to their parents’ rules. Breaking the rules can mean that at some point, they won’t be welcome to live in their parents’ household any more. That’s a fairly strong deterrent to the most extreme infractions.

At this stage, young Amish men will be buying their own horse and buggy, and both boys and girls will be permitted to attend the Sunday night “singing”. This is a social activity held at someone's house on Sunday evening, involving all the youth in the community coming together for dinner, playing volleyball, and singing German hymns together. The purpose is to provide a somewhat controlled social environment for young men and women to interact and hopefully meet their future spouse. Dating couples can attend together, and dates are permitted after the formal activities, with the young men often driving their date home late at night before finally heading home themselves.

Depending on the tolerance of the community, the informal activities can be a bit more permissive than singing hymns and playing volleyball. Often the buggies will become a typical teenage party scene, with alcohol, smoking, a radio, illicit smartphones and DVD players, and some less-than-reserved interaction between boys and girls. The punishment for getting caught can be severe, but in many cases the adults tend to turn a blind eye to what’s happening, and let the young people do as they please.

A lot more could be said about the dynamics of this cultural practice, but specifics vary so much between communities that I don’t think there’s much value in doing so. The point I think is relevant to this discussion is the question of sex.

There’s no reason to go off into the weeds on how much, if any, sex occurs. Premarital sex is absolutely forbidden. Does it happen anyway? Humans being human, certainly. How much? Probably very little in most cases. Getting pregnant, or getting someone pregnant, is the one transgression with inevitable life-changing consequences. The “shotgun wedding” is alive and well among the Amish, and getting a girl pregnant means marrying her or being expelled from the Amish community permanently, no exceptions. Besides that, getting pregnant outside of marriage is the most disgraceful and shameful thing a girl could do. It happens very very rarely, put it that way.

So casual sex within the community is basically off the table. What about casual sex with “English” people? This is where the Amish cultural practices play a big role. The Amish dress very distinctly. They can’t go anywhere in their traditional clothes without being instantly recognized. They also don’t drive cars, so going somewhere means getting a ride with someone. And their parents will usually keep an eye on their plans and whereabouts. So let’s imagine how an Amish teenager might go about finding a casual sexual encounter.

First off, getting ahold of a cell phone would be essential. They need some way to communicate with the outside world, and coordinate with their “partner in crime.” A lot of Amish teenagers do this, often with the help of slightly older people who have left the Amish, but keep ties with the community, maybe an older sibling or cousin. These are often the same people who buy alcohol for Amish teens.

Then, they need to get some non-Amish clothes. Remember, every trip away from home will take a willing driver, a plausible excuse in a community where everyone knows everyone, and the guarantee of being immediately recognized if seen in public. And the Amish parents know who the “bad kids” are, the ones who left but are willing to help their younger relatives and friends break the rules. Getting caught hanging around with them will probably mean a lot less trust and a lot less freedom in the future.

For the girls, a change of “English” clothes and a new hairstyle will let them blend in quite well. Of course, they can’t be caught leaving or coming home in those clothes, or have the clothes found at home. Lots of logistical hurdles everywhere. For the boys, they have a very distinctive haircut. A new change of clothes won’t fix that. There’s really no way for them to hide the fact that they’re Amish, even if the accent and the lack of a driver’s license don’t give them away.

Assuming they manage all that, and sneak away from home undetected, how will they find someone to hook up with? They’re very insulated from popular culture, and probably not at all comfortable in typical social situations. For the girls, there’s the added risk that an accidental pregnancy, or even just getting caught, would ruin their reputation and any chance of marriage and a family in the Amish community. So they’re unlikely to even try, unless they’re already fully intending to leave the Amish for good. That only really happens if they have a guy ready to marry them outside the Amish community, for reasons I’ll get into more later. Briefly, the Amish culture and schooling leaves women poorly prepared to support themselves outside that culture.

For the boys, there’s the typical difficulty men face in finding casual sexual partners. Multiply that by the difficulty of not having a car or driver’s license, not being experienced in mainstream social norms, plus that obvious and undisguisable Amish haircut. And all that ignores the lifelong teaching that casual sex is sinful and wrong, and those who engage in it are going against the teachings of God and the church. The entire culture is specifically designed to discourage casual sex as strongly as possible, and it does an excellent job at that.

Why does that matter? Well, humans are all very much the same, with the same desires and instincts. And sex is one of the strongest of those desires. The Amish are certainly no different.

So the Amish religious practice and culture offers a very simple choice. You can choose sex outside of marriage, which will be difficult or impossible, occasional at best, and if you get caught will mean expulsion from the community your life is rooted in, and even if you don’t get caught will mean you’re committing a mortal sin that will keep you out of heaven if you don’t repent and change. Or, you can get married and have all the sex you want, and be respected and rewarded for it.

That’s really all it takes to sell the idea of marriage to most men.

When a couple does decide to get engaged, of course with permission from the girl’s father, the wedding happens within a reasonably short time, in acknowledgement of the temptation young people face in that situation.

So let’s take a little closer look at the gender differences between the choice to stay single or to marry. It’s helpful to lay out the different life paths available, and how they play out over time.

There are very few Amish who remain single throughout their life, and almost all of them are women. So let’s look at it through a man’s perspective first. What kind of life can a single Amish man expect?

First off, a lifetime of celibacy. There’s hardly any need to go further, that’s a deal breaker for most men. If they choose to stay single for some reason, most will leave the Amish completely rather than accept those terms.

So maybe it’s more useful to look at incentives for early marriage, which is the norm. I’m a strong believer that incentives create outcomes, so I’ll be taking a hard look at incentives throughout this article.

Young people are expected to live with their parents until marriage, in most cases. Remember, no going off to college either. So from age 14 on, they’re stuck living with Mom and Dad, working full time, and not even keeping their own income. That gets old fast. Getting married, moving out, and starting a family looks better every day. Besides that, Amish women do a lot to improve the lives of their men. The Amish are well known for their delicious food. Well, that’s because the Amish women cook and bake. As a single guy, moving out of Mom’s house means not getting delicious home-cooked food every day. And they don’t have an iPhone to order DoorDash either, so it’s pizza delivery, hiring a driver to go to a restaurant, or whatever you can cook yourself. And Amish boys don’t grow up learning how to cook, that’s women’s work. Same with making clothes. Amish mothers and wives sew clothes for their families, since they’re forbidden to wear commercially available clothes in general. So a single guy is dependent on his mom for new clothes as well. Same with washing clothes. Most Amish have fairly modern clothes washing machines, although they don’t use dryers. But washing and folding clothes isn’t a job most boys grow up doing, so they’re pretty lost if they have to try it.

All in all, there aren’t a lot of upsides to staying single longer than absolutely necessary. There are plenty of benefits to marriage, though. For one, marriage is seen as a necessary step to full maturity as a man. It’s even expressed as a visible marker. Single young men typically stay clean-shaven. Once they get married, shaving is completely forbidden, and they are required to grow out a full beard. So the difference between married and single men is obvious at first glance, and is acknowledged as a marker of full maturity.

Then of course there’s the sexual access. No explanation needed.

Then there are all the benefits of an improved lifestyle a stay-at-home wife provides. That includes cooking, cleaning, washing clothes, caring for a garden, preserving food, helping with farm work or chores, and helping with his business. Many Amish wives are very involved in their husband’s career or business, whether that’s managing the bookkeeping, working in the greenhouses, or helping with daily chores on the farm. While most Amish communities use quite modern household appliances, powered with batteries, kerosene, or air pressure, the work of maintaining a household is still much more involved than for the typical American household. Especially when it comes to sewing, which very few American women do at all, but which took a large percentage of women’s time only a few generations ago. Among the Amish it still does.

I’m only focusing on the incentives for marriage right now, because that’s the first step. Of course, most married couples today don’t have 5-8 children, so there’s more to the story. But universal marriage, particularly early marriage, is an essential part of the puzzle.

Shifting focus to the women, here the picture is even more clear. Almost all lifelong single Amish people are women, and that’s not by choice. The Amish still maintain the “old maid” category that used to be part of mainstream culture. Single Amish women are almost invariably single because no man offered to marry them. Here’s why.

If single life is unappealing for Amish men, it’s positively bleak for women. Marriage and family life is the aspirational goal they’re taught from little up. And for good reason.

With their eighth-grade education, and without a driver’s license and car, their income earning potential is very limited. Most young women who aren’t busy on the farm or with the family business work as schoolteachers, housecleaners, babysitters, or cooks and servers at Amish restaurants or farmers’ markets. None of these jobs pay well. Enough to buy a few personal items, but not enough to buy a house or support even one person. And while it might be acceptable for a single Amish man to eventually buy a house and move out, at some point in his late 20s or early 30s, it’s really not acceptable at any age for an Amish old maid. Those old maids typically end up living with their parents, caring for them in old age, working the same type of jobs young girls do, and probably hoping that at some point an older widower with a family will show up and propose.

Marriage has massive lifestyle benefits for women, even more so than for men. Amish men typically do well financially, and often work in construction as well, or have friends and relatives who do. Amish houses are very nice and well constructed to say the least, and the wife gets the house she wants, the way she wants it. Being stingy with a house for your wife isn’t part of an Amish man’s mentality. Amish women are well rewarded for all their hard work keeping house, with a house they’ll be happy keeping. And of course a nice farm or at least some acreage, with space for a big garden, a barn for any animals, and space for greenhouses or whatever she needs for any home business ambitions she might have.

Along with that, Amish women have a lot of flexibility when it comes to spending money. Many Amish women handle most of the family finances. And the money her husband earns is family money, not his money. While the husband has final say in financial decisions, most Amish men don’t say no to their wives’ purchase requests often. Married Amish women have access to all the creature comforts the church allows to make their lives as pleasant as possible.

When it comes to status, the benefits are just as clear. Amish life revolves around family, and nothing is higher status than a thriving family of your own. The Amish version of posting exotic vacation pictures on Instagram is showing up to a social function with your new baby. It’s the automatic center of attention for weeks, until a newer baby show up in the community. And the default topic of conversation is always a woman’s children and their growth and development. Young girls grow up dreaming of the day they can join those conversations, and old maids are always outsiders in a certain sense, pitied by everyone else for their misfortune.

Being an old maid means being poor, low status, pitied by other women, and destined to live with your parents until they pass, with your only bitter-sweet consolation being the role of aunt to your dozens of nieces and nephews and maid to your sisters and sisters-in-law through their many pregnancies. Getting married means access to a man’s income, a nice new house just the way you want it, a farm, and an automatic status boost as a mother and eventually grandmother who always has lots to contribute to the conversation at social events.

As you can imagine, the incentives strongly favor marriage from both directions. Men benefit through improved lifestyle, status, and access to sex. Women benefit through improved lifestyle, economic opportunity, and status in the social hierarchy.

Given that the selection pool for potential partners is limited, mostly to the local Amish community, or occasionally another Amish community if there’s some interaction through family ties or social events, assortative mating is the norm. Young people can be choosy, sure. But they already know most of the people in their potential mating pool, and have probably known those people for most of their lives. They have a pretty good idea how desirable they are to potential partners, and the girls especially have to think long and hard about turning down a suitor. Men are always the initiators of a relationship, and the risk of turning down an eligible man and then never getting another offer, ending up as a dreaded old maid, is always lurking in the back of their minds.

Besides that, both men and women have multiple ways to improve their spouse’s life. Women are much more than just sexual objects. Their domestic role actually raises their husband’s standard of living significantly, in a way he can’t access as a single man. And men are all valuable to women, both for resources and for status as a wife and mother. Even a very average husband or wife is a massive lifestyle boost over remaining single.

By now it should be pretty clear why marriage is almost universal among the Amish, and marriage at what most would consider a young age (19-23) is more common than not. And I haven’t even mentioned any religious teaching, because frankly I don’t think that’s a major force on an individual level. The religious beliefs shape the social and material landscape, and that landscape provides the practical incentives that cause people to make the choices they do. The fact that an Amish interpretation of the Bible encourages marriage and children is one layer removed from the reasons individual 20-year-old Amish men and women choose to get married.

I pointed out earlier that getting married and having a high birthrate, or even getting married young and having a high birthrate, are not exactly the same thing. Plenty of married couples today have one, two, or even no children, even if they got married young enough to have ten if they chose to do so. So why are the Amish different?

There’s the too-obvious answer: they don’t allow the use of contraceptives. Occam’s razor and all, but it deserves a bit more explanation. After all, the Catholic Church doesn’t allow the use of contraceptives either, and look how well that’s working out for them. Of course the enforcement mechanism doesn’t have the teeth among Catholics that it has among the Amish, but that’s not the whole story. If they were motivated enough, there’d be a way to space the children out more, maybe end up without quite so many, without anyone knowing. That doesn’t happen, because the contraceptive ban is a dead letter when couples want to have as many children as possible, which the Amish typically do.

Again, I’ll go back to incentives. What are the incentives to have children specifically, as many as possible, and not just get married and “plan for a family one day”?

For one, status. For both men and women, a large family is a marker of high status. Parents are respected and honored for doing a good job of raising well-adjusted children.

Children are also less of a financial burden for the Amish. Their children are raised well, but not in a financially intensive way that’s become expected today. They don’t have to buy a new car or SUV to fit the family, they don’t buy every child a boatload of expensive electronic gadgets every birthday and Christmas, they don’t have to pay for frequent vacations or college tuition, and they don’t have to eat out or pay for takeout or pay for childcare or a house cleaner since the wife is handling all those domestic roles herself. And the Amish don’t practice helicopter parenting, so children are much more free to play and amuse themselves without constant supervision from their parents. They don’t have to be driven to 17 different weekly structured activities. They have a farm to play on and shelves full of books to read and some toys to play with if the weather is bad, and that’s about it. And of course as the family grows, the older siblings do a large percentage of the housework and help with the younger children.

The older teenagers that are working outside the home typically give their earnings to their parents, but this basically offsets the cost of raising them, so it isn’t really an incentive to have larger families, just the removal of a disincentive.

The strongest real incentive, other than increased status and cultural inertia, that I observe for large families is that the children are the parents’ retirement plan. The Amish don’t work at jobs that offer pensions or benefits. They are exempt from paying into, but also ineligible to receive, Social Security benefits. The Social Security exemption was granted on the basis that the Amish don’t need government payments to support them in old age, because the family and community will do that. And they do.

How does this work out in practice? First, the Amish don’t practice “retirement” the way most people think of it. They teach that work is honorable and every able-bodied man should work to support his family and to help those in need. So as long as a man is physically able to work, he’ll be employed and supporting himself and his wife. And Amish women move directly from the role of mother to the role of grandmother. It’s not at all uncommon, in fact, for a woman’s first grandchild to be born before her last child is born. So plenty of Amish children are an aunt or uncle at birth, and have a niece or nephew older than they are. Grandmothers are extremely involved in helping their daughters and daughters-in-law with childcare, so they don’t often have a big stretch of free time after their children grow up and move out. And besides that, there are still the significant household responsibilities to attend to.

As a couple gets older and perhaps less able to handle everything on their own, they often move to the home of one of their grown children. Typically not into the home directly, but into what’s called a “dody haus” (grandpa house) which might be a small detached house on the same property, or a separate wing of the larger house, like an in-law suite. Here they’re able to live independently, help care for the grandchildren next door, and still be nearby so their children and grandchildren can give any care they may need in old age. If the couple has an unmarried “old maid” daughter, she’ll typically still be living with them and will be the primary caregiver.

If someone doesn’t have children to care for them, the Amish community will find a way to care for them. Some more distant relative or maybe surviving siblings will step in to help. But the expectation and the rule is that your children and grandchildren will care for you after you’re no longer able to care for yourself. Finding yourself growing old without family is an unfortunate and unpleasant situation, regardless how much the community may try to fill that role. Just as throughout earlier stages of life, social functions and social status revolve around children and family, and anyone without them will be incomplete as a person, something of an inevitable outsider to the joys of life. The best insurance against a lonely and uncomfortable old age is a large family, among which there are certain to be sufficient resources to care for you. Many elderly Amish people die with well over a hundred grandchildren and great-grandchildren, and spend their later years constantly surrounded by children and young people who deeply appreciate and respect them. Being taught and shown that respect toward their own grandparents from a young age is a strong incentive to aspire to the same status one day.

I’m not sure exactly where this fits, but I should point out somewhere that the Amish have an absolutely zero tolerance policy toward divorce. There are no legitimate grounds for divorce whatsoever, and anyone who initiates a divorce will be excommunicated from the church and shunned. If an Amish person’s spouse initiates divorce proceedings, they won’t cooperate with those proceedings in any way. If the divorce happens through the legal system without their consent anyway, they can remain a church member in good standing only by staying celibate as long as their spouse remains alive. The only acceptable second marriage is in the case of the death of a spouse. In those cases, a quick remarriage is the rule among widows and widowers with young children, since raising a family is seen as a job for a married couple, not a single person.

It’s hard to say exactly how this stance against divorce influences marriage and fertility. But it certainly limits exposure to the idea of divorce as a “solution” to marriage difficulties, and incentivizes couples to work things out for their own life satisfaction. And it dramatically reduces the financial risks men face in the modern marriage system, where the potential to lose not only their family, but also a significant portion of their material wealth, raises strong disincentives to marriage. The physical realities of married life versus single life in a more low-tech environment probably discourage divorce, but the added threat of complete social and familial ostracization eliminate it almost entirely.

Conclusion

This article is my attempt to provide some insight into the Amish culture that might help us understand the factors causing their unusually high fertility rate. I’ve titled it as part one, because I plan to follow up with some of my personal opinions on how these insights relate to the broader society. I think a lot of the proposed causes of and solutions to the global demographic collapse are completely incorrect, and my opinion is based heavily on my observation of Amish culture. That will be the focus of part two of this article.

Feel free to comment and post questions. My biggest challenge in writing this article is the fact that I take my familiarity with Amish culture for granted to some degree, so I struggled to choose which points are relevant to understanding the culture for an outsider. I’m sure I skipped over plenty of important details that may leave readers feeling confused, so I’ll do my best to answer any questions you post, and update the article with pertinent information I missed.

@ 5d4b6c8d:8a1c1ee3

I was just updating our potential points, now that we know who won MVP, who made All NBA 1st team, and which teams are still alive for the title, and it turns out that no matter who wins the title @gnilma will win this contest.

Congratulations, @gnilma!

This is just further proof that @gnilma is our NBA Guru.

Let me know where you want your 7k in winnings sent.

https://stacker.news/items/988245

@ c066aac5:6a41a034

I’m drawn to extremities in art. The louder, the bolder, the more outrageous, the better. Bold art takes me out of the mundane into a whole new world where anything and everything is possible. Having grown up in the safety of the suburban midwest, I was a bit of a rebellious soul in search of the satiation that only came from the consumption of the outrageous. My inclination to find bold art draws me to NOSTR, because I believe NOSTR can be the place where the next generation of artistic pioneers go to express themselves. I also believe that as much as we are able, were should invite them to come create here.

My Background: A Small Side Story

My father was a professional gamer in the 80s, back when there was no money or glory in the avocation. He did get a bit of spotlight though after the fact: in the mid 2000’s there were a few parties making documentaries about that era of gaming as well as current arcade events (namely 2007’sChasing GhostsandThe King of Kong: A Fistful of Quarters). As a result of these documentaries, there was a revival in the arcade gaming scene. My family attended events related to the documentaries or arcade gaming and I became exposed to a lot of things I wouldn’t have been able to find. The producer ofThe King of Kong: A Fistful of Quarters had previously made a documentary calledNew York Dollwhich was centered around the life of bassist Arthur Kane. My 12 year old mind was blown: The New York Dolls were a glam-punk sensation dressed in drag. The music was from another planet. Johnny Thunders’ guitar playing was like Chuck Berry with more distortion and less filter. Later on I got to meet the Galaga record holder at the time, Phil Day, in Ottumwa Iowa. Phil is an Australian man of high intellect and good taste. He exposed me to great creators such as Nick Cave & The Bad Seeds, Shakespeare, Lou Reed, artists who created things that I had previously found inconceivable.

I believe this time period informed my current tastes and interests, but regrettably I think it also put coals on the fire of rebellion within. I stopped taking my parents and siblings seriously, the Christian faith of my family (which I now hold dearly to) seemed like a mundane sham, and I felt I couldn’t fit in with most people because of my avant-garde tastes. So I write this with the caveat that there should be a way to encourage these tastes in children without letting them walk down the wrong path. There is nothing inherently wrong with bold art, but I’d advise parents to carefully find ways to cultivate their children’s tastes without completely shutting them down and pushing them away as a result. My parents were very loving and patient during this time; I thank God for that.

With that out of the way, lets dive in to some bold artists:

Nicolas Cage: Actor

There is an excellent video by Wisecrack on Nicolas Cage that explains him better than I will, which I will linkhere. Nicolas Cage rejects the idea that good acting is tied to mere realism; all of his larger than life acting decisions are deliberate choices. When that clicked for me, I immediately realized the man is a genius. He borrows from Kabuki and German Expressionism, art forms that rely on exaggeration to get the message across. He has even created his own acting style, which he calls Nouveau Shamanic. He augments his imagination to go from acting to being. Rather than using the old hat of method acting, he transports himself to a new world mentally. The projects he chooses to partake in are based on his own interests or what he considers would be a challenge (making a bad script good for example). Thus it doesn’t matter how the end result comes out; he has already achieved his goal as an artist. Because of this and because certain directors don’t know how to use his talents, he has a noticeable amount of duds in his filmography. Dig around the duds, you’ll find some pure gold. I’d personally recommend the filmsPig, Joe, Renfield, and his Christmas film The Family Man.

Nick Cave: Songwriter

What a wild career this man has had! From the apocalyptic mayhem of his band The Birthday Party to the pensive atmosphere of his albumGhosteen, it seems like Nick Cave has tried everything. I think his secret sauce is that he’s always working. He maintains an excellent newsletter calledThe Red Hand Files, he has written screenplays such asLawless, he has written books, he has made great film scores such asThe Assassination of Jesse James by the Coward Robert Ford, the man is religiously prolific. I believe that one of the reasons he is prolific is that he’s not afraid to experiment. If he has an idea, he follows it through to completion. From the albumMurder Ballads(which is comprised of what the title suggests) to his rejected sequel toGladiator(Gladiator: Christ Killer), he doesn’t seem to be afraid to take anything on. This has led to some over the top works as well as some deeply personal works. Albums likeSkeleton TreeandGhosteenwere journeys through the grief of his son’s death. The Boatman’s Callis arguably a better break-up album than anything Taylor Swift has put out. He’s not afraid to be outrageous, he’s not afraid to offend, but most importantly he’s not afraid to be himself. Works I’d recommend include The Birthday Party’sLive 1981-82, Nick Cave & The Bad Seeds’The Boatman’s Call, and the filmLawless.

Jim Jarmusch: Director

I consider Jim’s films to be bold almost in an ironic sense: his works are bold in that they are, for the most part, anti-sensational. He has a rule that if his screenplays are criticized for a lack of action, he makes them even less eventful. Even with sensational settings his films feel very close to reality, and they demonstrate the beauty of everyday life. That's what is bold about his art to me: making the sensational grounded in reality while making everyday reality all the more special. Ghost Dog: The Way of the Samurai is about a modern-day African-American hitman who strictly follows the rules of the ancient Samurai, yet one can resonate with the humanity of a seemingly absurd character. Only Lovers Left Aliveis a vampire love story, but in the middle of a vampire romance one can see their their own relationships in a new deeply human light. Jim’s work reminds me that art reflects life, and that there is sacred beauty in seemingly mundane everyday life. I personally recommend his filmsPaterson,Down by Law, andCoffee and Cigarettes.

NOSTR: We Need Bold Art

NOSTR is in my opinion a path to a better future. In a world creeping slowly towards everything apps, I hope that the protocol where the individual owns their data wins over everything else. I love freedom and sovereignty. If NOSTR is going to win the race of everything apps, we need more than Bitcoin content. We need more than shirtless bros paying for bananas in foreign countries and exercising with girls who have seductive accents. Common people cannot see themselves in such a world. NOSTR needs to catch the attention of everyday people. I don’t believe that this can be accomplished merely by introducing more broadly relevant content; people are searching for content that speaks to them. I believe that NOSTR can and should attract artists of all kinds because NOSTR is one of the few places on the internet where artists can express themselves fearlessly. Getting zaps from NOSTR’s value-for-value ecosystem has far less friction than crowdfunding a creative project or pitching investors that will irreversibly modify an artist’s vision. Having a place where one can post their works without fear of censorship should be extremely enticing. Having a place where one can connect with fellow humans directly as opposed to a sea of bots should seem like the obvious solution. If NOSTR can become a safe haven for artists to express themselves and spread their work, I believe that everyday people will follow. The banker whose stressful job weighs on them will suddenly find joy with an original meme made by a great visual comedian. The programmer for a healthcare company who is drowning in hopeless mundanity could suddenly find a new lust for life by hearing the song of a musician who isn’t afraid to crowdfund their their next project by putting their lighting address on the streets of the internet. The excel guru who loves independent film may find that NOSTR is the best way to support non corporate movies. My closing statement: continue to encourage the artists in your life as I’m sure you have been, but while you’re at it give them the purple pill. You may very well be a part of building a better future.

@ 04c915da:3dfbecc9

Capitalism is the most effective system for scaling innovation. The pursuit of profit is an incredibly powerful human incentive. Most major improvements to human society and quality of life have resulted from this base incentive. Market competition often results in the best outcomes for all.

That said, some projects can never be monetized. They are open in nature and a business model would centralize control. Open protocols like bitcoin and nostr are not owned by anyone and if they were it would destroy the key value propositions they provide. No single entity can or should control their use. Anyone can build on them without permission.

As a result, open protocols must depend on donation based grant funding from the people and organizations that rely on them. This model works but it is slow and uncertain, a grind where sustainability is never fully reached but rather constantly sought. As someone who has been incredibly active in the open source grant funding space, I do not think people truly appreciate how difficult it is to raise charitable money and deploy it efficiently.

Projects that can be monetized should be. Profitability is a super power. When a business can generate revenue, it taps into a self sustaining cycle. Profit fuels growth and development while providing projects independence and agency. This flywheel effect is why companies like Google, Amazon, and Apple have scaled to global dominance. The profit incentive aligns human effort with efficiency. Businesses must innovate, cut waste, and deliver value to survive.

Contrast this with non monetized projects. Without profit, they lean on external support, which can dry up or shift with donor priorities. A profit driven model, on the other hand, is inherently leaner and more adaptable. It is not charity but survival. When survival is tied to delivering what people want, scale follows naturally.

The real magic happens when profitable, sustainable businesses are built on top of open protocols and software. Consider the many startups building on open source software stacks, such as Start9, Mempool, and Primal, offering premium services on top of the open source software they build out and maintain. Think of companies like Block or Strike, which leverage bitcoin’s open protocol to offer their services on top. These businesses amplify the open software and protocols they build on, driving adoption and improvement at a pace donations alone could never match.

When you combine open software and protocols with profit driven business the result are lean, sustainable companies that grow faster and serve more people than either could alone. Bitcoin’s network, for instance, benefits from businesses that profit off its existence, while nostr will expand as developers monetize apps built on the protocol.

Capitalism scales best because competition results in efficiency. Donation funded protocols and software lay the groundwork, while market driven businesses build on top. The profit incentive acts as a filter, ensuring resources flow to what works, while open systems keep the playing field accessible, empowering users and builders. Together, they create a flywheel of innovation, growth, and global benefit.

@ 8671a6e5:f88194d1

Even bitcoiners don’t value hard money enough (yet)

Bitcoiners love to talk about hard money and how bitcoin will change the world. They even claim to fix the world, by fixing “the money”.Yet many talk the talk, but don’t make the efforts, nor sacrifices.Walking the walk, is usually no further than the nearest bitcoin meetup, or the occasional trip to a tax-haven.Other than that. They’re chained to their fiat-past. Their kids, their house, their hobbies, their spouse and job.They serve the local bank branch (beg them to have a bit of their own money like everyone else), they watch TV, hold bitcoin and have this mindset where they truly think that bitcoin will grow, despite them doing jack all. They think they can reap the benefits in silence, while others do the heavy lifting, they smirk.They delude themselves however, thinking their sly passive stance is a risk-free act of brilliance.However, they’re scared, and have bitcoin in a fiat cage.Their existence is just a wallet waiting to be drained by force or pressure. By the same monstrous forces that keep our heads down.Whether discussing its digital scarcity or its fiat price, the focus invariably circles back to Bitcoin as a driver for a product or service.Do you want bitcoin, do you like bitcoin? Want to work with bitcoin? Here’s a service or wallet you can buy for a few hundred dollars, here’s my link. Want to participate in the network?Buy our pre-made and plug-and-play “solution”? Want to know more, or do you know wealthy people that want in” “Call me…”They’re selling.Don’t get me wrong,I also believe bitcoin is changing that world right now.And earning a living is good, be it with art, writing, selling a service or moving a box from A to B.But they don’t get it. Because it’s damned near impossible to escape the cage

Disproof Escapism

The bitcoin genie is out of the bottle. We DO have digitally scarce, hard money!

The core of the message most bitcoiners promote (including the author of this article) revolves around the prevalent “debt-and-war” fiat system and the harm it inflicts on society in general. Bitcoiners explain how it enslaves us, impoverishes us, and fosters a short-term perspective, empty consumerism, and a disregard for skills, all while leaving entire generations in debt and modern forms of servitude.

That reality alone will change many mechanisms within society. That should be the core of bitcoiners and their way of living. Not promoting a referral link to get a few sats or putting a sticker on a bathroom wall at a bar. We discuss open source theories and personality traits, not how to win the race. We don’t scheme, infiltrate or sabotage; we step onto the stage humbly, like nervous kids reciting poetry for a king. We only face our own audiences. Not the audience of followers of the monsters. We might as well do a leaflet campaign in the desert while we’re at it.We often hear terms like "sound money" and the assertion "there's no second best," with some even calling it "digital gold." This latter term is particularly misleading. Gold, despite its past significance, was subject to confiscation, serving the ambitions of nations and the wealthy. Bitcoin, in contrast, is not simply a digital iteration of gold; that label is a fiat construct that fails to capture its distinct nature.

However, the question remains: why is it that, when push comes to shove, we as Bitcoiners don’t truly live, think, and breathe this “thing” called Bitcoin as the hardest money in existence? Because we don’t. I’ve visited a fair share of meetups and conferences (though not many, as conferences are largely a sham anyway) to observe the ethos in practice. And it’s not always a pretty sight.

Assholes and grifters remain assholes and grifters, regardless of whether they hold BTC or not.

Thinking in fiat terms is still rampant (including for myself, by the way, to some extent). We were born into fiat, shaped by fiat, and have worked, traded, saved, and lost within its confines.

The fiat mindset, I dare say, is even more detrimental when Bitcoiners adopt it, as it amplifies the negative consequences even beyond those of the fiat world itself.

After all, at the very least, those within the fiat system are all equally screwed in their flawed monetary reality by a system that is a true circus Maximus of greed and debt. Consider those burdened by immense student loan debt, individuals with unrecognized talent, and others denied opportunities because less skilled people from higher financial echelons secure “proof of stake” jobs. Even if they lack the necessary abilities. There are fiat denizens sent to war, subjected to bombings, and relentlessly exploited for profit throughout their lives to sustain a parasitic, rent-seeking system… all under the false promise of security in their later years… when in reality, they are chewed up and spit out.When these fiat slaves wield a fiat mentality toward one another, it’s considered normal; no one can bat an eye if one fiat rent-seeker bleeds another dry, then tosses them aside for a new victim once the yield or short-term gain is realized. That’s simply how the fiat hamster wheel has been turning generations on end, while the proof-of-stake lords benefit across multiple generations.

The exploitation, the focus on short-term gains, the inherent stupidity of the system—it’s ingrained in the people themselves. Their greed and fiat/shitcoin mentality is "the norm." Some even dare to call it "capitalism" or democracy.

They can’t be offended by anyone screwing them over or getting ahead to gain a few fiat tokens, be it dollars or the Euro Mickey Mouse coin. They just carry on, shrug their shoulders, and crawl over each other like the basket full of crabs they inhabit day to day. Being among the few crabs that can touch the rim of the basket before being pulled down again by the other crabs, is what’s called success.

However, witnessing such behaviors and ways of living among individuals who identify as Bitcoiners evokes not only profound ethical sadness but also reveals consequences far more damaging to Bitcoin than if those same individuals had remained solely within the fiat system. Therefore, a fiat mentality within the Bitcoin space is even more repugnant than the mindset of some shitcoiners. At least with shitcoiners, you understand they are peddling a token, coin, or some fabricated service to offload onto unsuspecting individuals to make ends meet (and fund their cheap hotel rooms in exotic looking places while projecting an image of success (and the Modern Ottoman beard look) on Instagram). Consider a scenario: if someone at a vegetable market (assuming such places still exist in the fiat world) suggests to another vendor a way to conduct more business off the books, it’s met with indifference. That’s considered normal.But when a Bitcoiner at a meetup — an event where for three years you've been trying to dissociate Bitcoin from the tired narrative of it being solely "for fraudsters and criminals" — and you overhear "Bitcoiners" discussing methods for laundering illicit funds, then it becomes a significant problem. As if they can’t make ends meet without doing “the fiat thing”. Such individuals, as a Bitcoiner, disgust me. They clearly "don't get it." They fail to grasp the fundamental values of Bitcoin. They resemble the stereotypical used car salesmen who prioritize nothing beyond their immediate needs, like avoiding having to have a cheap dinner of dog food and tomato sauce that evening if they bag another customer by whatever lies they’ll have to tell. I would go so far as to assert that Bitcoiners with a fiat mentality are more detrimental to Bitcoin's growth than both those enslaved by the fiat system and shitcoiners themselves. A fiat drone will simply save, invest, and adhere to the established rules of banks and central banks.

They don’t question these norms; it’s their accepted reality. They’re labeled “normies” for a reason—they find satisfaction in conforming, believing the deception and theft, even perceiving it as beneficial because that’s what they’ve been told on television. They place their trust in numbers and statistics while diligently paying off their mortgages and investing in whatever financial products the TV shows spoon-feed them. Shitcoiners (closely related to fiat slaves) will merely promote their scams and worthless projects to generate short-term gains (in fiat, naturally) to sustain their shallow lifestyles of loneliness, prostitutes, and grocery bills paid with bank cards from the Seychelles.

But Bitcoiners with a fiat mentality? They actively undermine Bitcoin. They are toxic, and the sooner they revert to pure fiat, the better for the Bitcoin ecosystem. They offer no positive contribution whatsoever to Bitcoin’s progress.

More bitcoiners need to grow a spine

I've started to label these individuals as “cosplay bitcoiners.” They are typically nothing more than bitcoin holders (definitely not HODLers). These are people who act as though Bitcoin is merely another speculative asset (alongside a plethora of garbage coins and scams) instead of the monetary revolution it truly embodies. Most bitcoiners engage in this cosplay, reciting the talking points without actually changing their lives. Or… they view it simply as a means to generate income by uttering the right phrases and selling various items and merchandise. If Bitcoin were to cease to exist (a highly improbable scenario), they would likely be selling counterfeit Pokémon merchandise, fake Rolexes, or working as box movers in retail (sporting a perm). This might upset some who have dedicated significant portions of their lives to the Bitcoin ecosystem. However, what should be far more infuriating is the realization that your dreams, hope, and hard work are ultimately benefiting these cosplayers.

These individuals also say things like “You could consider moving to Solana for a while…” or “I have a referral link for insert flavor-of-the-week scam.” This genuine effort to cultivate a Bitcoin ethos is often undermined by people lacking activism, backbone, or conviction. Typically, these are the same individuals who inquire about price action during minor dips in Bitcoin's fiat value. They exhibit “scared money” behavior, just like in the fiat world. Consider that: they are scared (of) money. That’s right,… people that lived, and were raised in fiat are in fact scared… of money. This ingrained perspective, though varying in its impact, can act as a distraction or even a negative influence on Bitcoin's overall growth. I know the genuine contributors are out there. Rest assured, I am acutely aware of what it means to dedicate your time and energy to the betterment of Bitcoin; I've done it before and continue to do so years later. I respect that immensely. But the moment you recognize your efforts are primarily benefiting these parasites, you should immediately cease and let them wither.

They are not there for Bitcoin at all. I believe a fundamental aspect of being a Bitcoiner is calling out such behavior — to embody a form of activism, a vetting process aimed at fostering greater freedom. This might seem paradoxical, but it’s not; it’s akin to broadcasting a double-spent transaction onto mempool and having it rejected by the nodes. In my opinion, Bitcoin's primary essence is freedom. This freedom is underpinned by consensus and proof of work. However, this doesn't imply that we should be a universally accommodating resource for individuals who merely hold Bitcoin and seek to profit off our efforts while contributing nothing of substance to the space beyond their own marketing nonsense. They say the lines, but don’t save lives.

But why not?

If Bitcoin is truly the hardest money, the scarcest asset humanity has ever encountered, then why would we willingly trade it for a demonstrably inferior, inflationary, and state-controlled currency? This holds true even if that fiat is disguised as a modern "coin" or a cheap imitation of Bitcoin.

The uncomfortable truth is that many Bitcoiners, whether consciously or subconsciously, remain tethered to the legacy financial system. We espouse the principle of "don't trust, verify," yet we often evaluate Bitcoin through the distorted lens of its fiat exchange rate. Furthermore, many local meetups are infiltrated by individuals whose motives, schemes, and outright nonsense we fail to scrutinize or verify.

We neglect even the most fundamental forms of verification (such as accepting a function purported to be around 40 KB in data size when it's bundled within a > 50 MB software program). We profess belief in absolute scarcity, yet we shy away from adopting Bitcoin as our genuine unit of account, nor do we accurately measure our purchasing power (as devising a truly precise method might necessitate an invention worthy of a Nobel Prize in Economics).

Armed with the hardest money, ample liquidity, and considerable intellect, we still find ourselves waiting for Presidents, Philosophers, and various Personalities to artificially inflate Bitcoin's price, behaving like apprehensive investors in a newly listed startup.

“But with bitcoin”

These Philosophers, Personalities, and Presidents (PPPs) often represent a mere "follow-the-leader" phenomenon among many who identify as Bitcoiners. Philosophers delve into the intricacies of Bitcoin: its support for local social structures, its international applications, the underlying mathematics, the time-based mechanisms… It's all incredibly fascinating and has been explained countless times in various tones and for diverse audiences. Yet, much like in Bitcoin software development, there's often a lack of curation or editing; people simply produce without rigorous testing or questioning the necessity or widespread adoption of their contributions. Some even mistakenly believe these philosophers will somehow influence the "price." However, their role is primarily to explain, analyze, and provide understanding. That, of course, is valuable as it stimulates thought (even this very writing serves that purpose). However, Bitcoiners deeply entrenched in the philosophical aspects can often be blind to their own contradictory circumstances.

It can be jarring, even alienating, to listen to a podcast dissecting the profound intricacies of time and Bitcoin's blockchain while simultaneously enduring the mundane reality of your fiat job, with a coworker loudly handling customer calls nearby. The core issue is that this mentality increasingly mirrors the practices of the fiat (and shitcoin) world: passively holding onto "your bag" or "your stake" and promoting that position while vaguely advising others that "education is important" or "spreading the word is good." Ultimately, many of those dispensing this advice do little more than appear on their YouTube channels, take the stage at their own conferences, or write (or commission) their paid newsletters. Some diligently court wealthy individuals to explain Bitcoin, aiming to earn a few dollars, but they might as well be selling Tupperware if it paid the bills. Genuine care is often absent; it's their Bitcoin-flavored version of a fiat job. They are simply holding onto sats, much like one would hold onto ETFs or stocks in the traditional financial world. Michael Saylor, at a conference in Madeira, once stated: “You are here because Bitcoin needs you… and when you leave, I sincerely hope you will go out there and do good for Bitcoin.”

That's a commendable call to action. However, it also inadvertently highlights a form of servitude, a call that, regrettably, many have not heeded. Right now, Bitcoin's treated more like digital real estate than actual cash – something to hodl and hope it moons, while others do the promoting. Activism, at least here in Belgium, is a ghost town.

Elsewhere, it's often just small-time stuff, easily corrupted by book-writers, shitcoin promoters, ego-trippers, or even creeps hitting on vulnerable women in new-age scenes. This passive vibe has helped a bit, sure, but it shows we're still scared to call Bitcoin real money. It's the hardest money ever, yet we act like fiat's the boss, when Bitcoin's the true store of value. The circular economy crawls along. Instead of waiting for "hyperbitcoinization," we need to act like it's already here: support Bitcoin-only businesses, demand salaries in sats, and actually think in sats, not fiat. But become organized, more to the point: set up systems so you can build and rely on one another.To make Bitcoin truly hard money, we gotta stop pricing it and thinking in fiat, actually use it to pay and get paid, teach people it's a monetary system not just an investment, and directly challenge fiat by building Bitcoin-native economies, not just begging institutions to buy in. The more we act like Bitcoin is money, the faster the world will have to agree.

Bitcoin’s success is not inevitable.

Because it is maintained by people, and people are inherently flawed. However, it is also governed by mathematics, a perfect framework that categorizes chaos into order and back into incomprehensible chaos. There, within the crucible of math, language, cryptography, and time, lies Bitcoin: our creation, our potential salvation, and perhaps our sole remaining hope.

It demands action from Bitcoiners. If we genuinely believe in Bitcoin as the hardest money, we must begin to utilize it as such, rather than posturing on stages like immature, attention-seeking individuals vying for personal recognition and petty power struggles.

The future is not forged by those idly waiting for a magical price point; it is built by those who actively transact, develop, work, and live on Bitcoin today. Hard money transcends mere scarcity; it embodies utility, intrinsic value, and the tangible construction of liberty. Bitcoin's purpose is not simply to replace the existing decay of fiat with a superficial rebranding of the same fundamental rot. Bitcoin is not intended to supplant the old fiat corruption with an identical corruption merely bearing a Bitcoin label or logo.

The divergence is stark: one grey-colored path leads us to a state of ambiguity and ineffectiveness, the other to a vibrant, focused purpose. This ambiguity manifests as excessive accommodation, an unwarranted stubbornness where adaptability is needed. We tend towards being overly compliant and even subservient, exhibiting exaggerated politeness and empathy, even as our advancements inevitably dismantle the obsolete systems. That path has a Dixie orange color.

This is because many Bitcoiners now crave external validation, leading to inconsistent and muddled messaging, belonging authentically to neither the stagnant grey nor the purposeful orange.

We, and our true Bitcoiners—our intellectual offspring—represent an inherently incompatible lineage, incapable of either peaceful coexistence ("protest") or productive integration ("procreate") with these outdated methodologies and their swarm of futile endeavors. The cosplay bitcoiners and their lukewarm followers and creations aspire to be part of a fintech reality that is not their own, and a fiat world that has relegated them to the roles of insignificant footnotes and background commentators.

Despite our core differences, we persist in engaging with the stake-people, the frail-minded powerhouses that let us participate in their arenas, gathering under the harsh glare of moral decay and corruption. We mine Bitcoin from the future, but it’s tethered to the present. They hamper our progress with outdated tools and (re)distribution systems rooted in the 18th century.We can invent so much better systems, bulldoze the old and rebuild our cities and reclaim our value.

It’s time…

The moment has arrived to begin valuing Bitcoin for what it has always been destined to be and will forever remain: hard money. Let us consign the parasites to their rightful place – the gutter of fiat. Reader, dear reader, you who have invested the time and effort to cease scrolling through the endless torrent of filth, garbage, and attention-seeking displays on your phone, do you grasp the unique historical opportunity presented to your vulnerable digital soul to reclaim your life, to transcend mere survival and truly flourish? Do you comprehend this? Do you even realize that digitally scarce, digitally verifiable hard money awaits your mining, purchase, holding, and personal safekeeping? Or do you still cling to the illusions projected onto the wall of Plato's cave, telling you every lie under the sun for their short gains and diatribes? Do you live in the corridor of greyness? Probably.

Observing the vapid semantic debates onstage, the performative security measures, and the blatant power struggles, I am reminded of the early Christian disciples and the challenges they must have faced in spreading the word of their Lord, relying solely on their individual conviction while constantly encountering those driven purely by the pursuit of power. Bitcoiners are no different, despite never having known their own guiding figures. The distinction lies in our approach: we do not expel the transgressors and the disreputable from the market; nor do we seek to cure the afflicted or nourish the starving. We are not torn apart by lions, for we operate in the shadows, our influence primarily through written works, lacking the support that stems from personal charisma. Fiat bleeds people dry, fueling the vile machinery of passive rent-seeking yield and perpetual servitude.

In Bitcoin, we possess the potential to be their undoing, but only if we can match their ruthlessness, their multi-generational cunning, and their inherent malice. That’s not in our nature, so we’ll need to change and adapt. To truly prevail, we must outmaneuver their evil, win their long-term game. To win, we must out-evil evil. Win their multi-generational ongoing long-term game.That’s not easy, because you’re being poisoned day in day out.

So… here goes.

You must choose your path: gray or orange.

Decide how you’ll navigate the clutter: hardware wallets you don’t need, unscalable orange-pilling that’s more about ego than Bitcoin, books that hardly anyone reads, redundant artwork you’ll never buy, searching for a place in the unreachable oasis of bitcoin jobs, the mirage of funding,the naïveté of Value4Value, the Saylor-worshipping instinct, stickers slapped on poles, rushed and untested software, apps that repel users, conference circuses filled with grifters, posers and some half-gods, The pump-my-bags philosophers. The fork in the road lies ahead

Will you keep micro-dosing the corruption of the fiat world, day by day? Or will you don your armor and sacrifice for future generations?\ You ‘ll be part of an army of cyber Jesuït knights, or part of a gang of ad hoc grifters smelling like patchouli and fear.

npub1sec6degc3ae7warveuxaz6dlffnc2sutwtqjr7pmll7sf7ypjngsd4p0l7

Let centuries of hate and destruction be channeled like unbreakable equations, their tax collecting vultures, their redistribution to the weak.We can be in harnesses, economically cause their bellies gorged on our produce, sliced virtually apart, ending their predatory exploitation and theater politics. Let that hate flow block by block, so our wait for a revolution, promised peace, and security, finally ends. We don’t need to wait, We have all we need - right - friggin - now! All we need is here to start as the first generation of the ones that turn the table. We can strike from here onwards.

You can’t do that just by standing there, we need to rally behind something. So … we need to…

## Slay the Monsters ( A Bitcoin manifesto )

The race against fiat’s totalitarian grip isn’t coming — it’s already here.

And we’re late.

We’re not facing some bureaucratic mess or sleepy institution. We’re facing monsters. Real monsters. The kind that don’t blink, don’t break, and don’t stop.

These creatures don’t rule from parliaments. They rule from shadows. From bloodlines. From vaults built on centuries of power—and centuries of control.

And while we argue over memes, While we nitpick sound quality on a free podcast, While we debate how orange our sunglasses should be— They’re already building the next cage.

You want to know the core of the battle?

It’s this: They built a system designed to enslave you. And it works. Because it’s not just code or money—it’s a mindset. And they’ve trained you for generations to stay small. Stay busy. Stay broke.

They don’t care about trending topics, the fashion they make you wear, the rent seeking and mind numbing media garbage. They don’t care about today’s startup scene. They don’t need to. They freeze technology until their factories are ready. They script the narrative until their puppet politicians can sell it. They control enough markets to play with your life like a cat with a mouse.

And no, they’re not thinking in 5-year business plans. They’re thinking in bloodlines. They’re thinking in centuries.

They are bloodsuckers.

They take the rights of the gifted, Take the skills of the builders and make them into jesters They crush the dreams of the brave, weaken strong sons, and turn bright daughters into obedient servants.They make you lose time;Steal your effortSlap a price on anyone.

But here’s the good news:

We are Bitcoiners. We don’t need their permission. We don’t need to play their game. We hold a sword they can’t lift — an indestructible blockchain. And we have “forever coins”. We have the heaviest hammer

We can build faster. Stack hard money. Deliver proof of work and become the worst multi-generational pests they’ve ever seen. And take everything from them in about four generations:

One generation to build and adapt. One or two to take over, and One glorious one to finish the job and chop their virtual heads off to end the corruptionTheir heads on a stake, is the only proof-of-stake’ism that will be universally liked.

Because in their world, people are the fuel — drained for passive yield. But in our world?

We, the Bitcoin people who underwrite its value, represent the negative yield on fiat. We ARE your negative yield in human form \ We are their weakness — if we become as relentless and evil as they are.We can be methodical and calculated, generations of poison for their systemWe infiltrate, poison, outpace them.Like they did centuries ago with the commons, the tribes and kings. As focused. As strategic. As ruthless.

Then—only then—can we clean ourselves.

Only then, with the deed done, can we rebuild humanity. Burn the bloodlines that buried us.The old bloodlines—those leeches—will be caged, stripped, and left to wither in poverty, and as history proves… they never survive poverty\ While we’ve been bathing in it by choice.

From their ashes, we’ll purge our own darkness and thrive through innovation, not tyranny We will work, We will thrive through innovation, not colonization. Through consensus, not decree. Through quality not administrative control. And talent and skills will rise on merit, not aristocratic last names. We verify without grandeur.

In that world, our temples will exalt beauty — not control.In that world, Their goons and servants will be our jesters, dancing like harlots, their princesses will be sobbing on dirt, they’ll all eat their own industrial drab

The power is already ours; we don’t need to pray, we don’t need hope nor luck. We need raw, unrelenting will.

We need power.

And evil, focused, unshakable determination.

You can’t slay monsters with flyers. You don’t take down empires with stickers. You don’t bring bloodlines to their knees with polite debates on their stages.You slay monsters with the sharpest sword in history — Bitcoin.

They’re gutted with the sharpest blade—our blockchain—plunged into their stone cold hearts, until their black blood flows over the marble floors of their castles and their next of kin. Then, we feast and build anew on the ruins of their depravity.

Their next of kin witnessing our determination while their funding falls dry in promises of continuity they hide or perish.

Then we slay the rest.We drink their blood, their wine, their milkshake. We burn their paper promises and their repeating cycles of social unrest and greed.

We build something new. Something real. On the ruins of everything they corrupted.Bitcoiners need to be more than politeBe more evil, to do more good.Show monsters no mercy nor empathy. Don’t give them hard money, but wreck their legacy, faceless organizations and companies.

We are the debt collectors of last resort. We are the negative yield that spins and twists.We are the final rotation of the hamster wheel of pointless energy.We save ourselves with math..

Bitcoiners,Do thy proof of work, or become a whore for their next generation of silver spoon fed monster kids...\ You’ll have to be polite doing the deeds if you doOr take the smile off their face.Sacrifice.WorkDefy

Slay monsters like a knight building a legacy, freeing the world.

Or serve the monsters like the bitch you are.

Our consensus and your choice.

By AVB

If you like my writings: tip me here

@ 9ca447d2:fbf5a36d

Adam O’Brien, Founder and CEO of Bitcoin Well, discovered Bitcoin in 2013 during its early days as what he describes as “hilarious internet money.”

Today, he leads a publicly traded Canadian company that’s redefining how people interact with this magic internet money, all while navigating a financial system that has personally debanked him and even his uninvolved loved ones.

“I had a terrible experience trying to buy bitcoin in 2013,” O’Brien explains. “Now of course today there are platforms like Bitcoin Well and many others that allow you to buy bitcoin with ease online, but in 2013 that wasn’t the case.”

This frustrating experience sparked the entrepreneurial question that would shape his future: “There must be a better way.”

With a background in restaurant management and customer service, O’Brien started small, meeting people locally in Edmonton, Canada to sell them bitcoin.

Soon after, he purchased and deployed Alberta’s first bitcoin ATM. The business grew organically, with a second machine following, then a third. Before long, Bitcoin Well had become one of Canada’s largest bitcoin ATM operators.

Today, Bitcoin Well operates approximately 160 bitcoin ATMs across Canada. While they’re no longer deploying new machines, these ATMs provide a crucial service that O’Brien is particularly proud of:

“In Canada, you can actually buy bitcoin up to $1,000 without giving your identity to Bitcoin Well. We’re the only platform in the country that is able to offer that service, which is fully legal, fully above board.”

Bitcoin Well has a fleet of over 170 bitcoin ATMs across Canada

The Pivot to Freedom

In 2020, O’Brien’s vision for the company evolved. What began as a mission for Bitcoin accessibility transformed into something deeper: a quest for financial freedom.

“I’m debanked across Canada. I don’t have my bank, even my wife has lost her bank accounts because of my work,” O’Brien revealed. “She’s not involved with the business at all. She’s a stay-at-home mother to our four kids, and she’s unbanked from the majority of the banks in Canada.”

This personal experience crystallized a troubling reality: “It became very clear to me that my money in the banking system was always going to be subject to how much I play by the rules.”

For someone self-described as “freedom-focused” and “freedom-minded,” this realization prompted a strategic shift. Bitcoin Well began developing its online platform, the Bitcoin portal, allowing users to buy, sell, and actually use bitcoin to replace traditional banking functions. O’Brien explains:

“The goal here is that we can be a conduit between the legacy financial system you know, and how you pay your bills, your rent, your power, credit card and phone bills and all that stuff  without having to have money in what I would call a captured fiat account.”

He summarizes the company’s North Star simply: “Allow people to replace their bank with bitcoin in self-custody.”

Living the Mission

O’Brien doesn’t just preach Bitcoin independence, he lives it. Debanked across Canada, he relies on Bitcoin Well’s services for his daily financial needs.

“I’ve got a normal American Express, but I pay that off with Bitcoin at the end of the month,” he shares. “In Canada, we’ve got the equivalent of Venmo, it’s called Interac e-Transfer. I can send an Interac e-Transfer to anyone in the country from bitcoin in self-custody.”

This allows him to navigate everyday situations where merchants don’t accept bitcoin directly.

“It’s spring right now. I’ve got a little property. The guy comes and picks up our rakes and trims the trees and all this stuff, and I pay him. He doesn’t want to accept bitcoin, but I’m able to pay in bitcoin, and he gets the money that he wants.”

In the U.S., Bitcoin Well customers can have their paychecks deposited with a designated portion automatically converted to sats and sent directly to self-custody, allowing clients to stack sats sovereignly without having to think much about it.

With Bitcoin Well you can set up automatic DCA

Building the Right Team

The journey hasn’t been without challenges. O’Brien candidly describes how rapid growth in 2021 led to hiring missteps.

“We scaled so fast I kind of lost control of hiring practice and culture, and we ended up with people that I felt like we had to almost convince of the mission,” he admits.

“Some of them weren’t convinced…they were just there because of the job, or they didn’t really understand the need for the freedom that I speak about every single day.”

After scaling back from that hiring spree, the company refocused on building a team aligned with its core values, emphasizing “hiring Bitcoiners really.”

The result has been transformative: “It’s so much fun having a team that is mission-focused and aligned on our mission to enable independence. Having everyone aligned and kind of running towards that mission is pretty special.”

This alignment creates a powerful filter for decision-making: “When we have a decision to make, it’s like, well, which one enables more independence? And usually there’s a pretty obvious answer. So we’re able to make very fast decisions that help the business and help the mission.”

Raising the Next Generation

Beyond building Bitcoin Well, O’Brien and his wife are raising four children with intention. The family is transitioning to homeschooling next year, allowing them to travel to Bitcoin conferences together while teaching their children to question everything.

“If you don’t indoctrinate your kids, the state will do it for you,” O’Brien states firmly. It’s a fair point, as indoctrination usually comes with a negative connotation, but it should not, since everyone gets indoctrinated with something.

It’s up to parents to decide what their kids are going to be indoctrinated with, and as parents, the O’Briens have chosen to actively shape their children’s worldview rather than defaulting to institutional influences.

Their approach combines Bitcoin principles with biblical values, with a heavy emphasis on lowering time preference. Something O’Brien notes is “10, 20, 30, 50 times more important” with children, though admittedly “way harder.”

“I think Bitcoiners more than anyone understand the need for generational thinking,” he observes.

“I’m so bullish on the amount of Bitcoiners that have more kids or that want to have more kids and that are actually excited to have kids compared to some of my fiat friends that are like, ‘Oh, it’s too expensive and I want to party.’ It’s like, man, you’re just missing the point.”

A Call to Support Bitcoin-Only Businesses

One of O’Brien’s most passionate messages is a call to action for fellow Bitcoiners: support businesses that align with your values.

“I want to call people to support businesses that are actually making steps towards the change they want to see in the world,” he urges. “If I hear one more Bitcoin maxi tell me that they’re using Kraken or Coinbase because it’s cheaper — why do you support the casinos?”

He expresses concern about the future if Bitcoin-only companies struggle to survive: “It would be very sad if all the Bitcoin-only and non-custodial businesses went out of business. That would make it very hard for me to feel comfortable onboarding my no-coiner friends.”

His message to Bitcoiners is clear: “A call out to all my fellow Bitcoiners to support and use the platform that they want to see their kids use.”

Bitcoin Well (TSX.V: BTCW, OTCQB: BCNWF) continues to build infrastructure for those who want to use Bitcoin daily while maintaining self-custody. For O’Brien, the mission is simple but powerful: enable independence and give people the freedom to control their own financial destiny.

@ 21335073:a244b1ad

I want to see Nostr succeed. If you can think of a way I can help make that happen, I’m open to it. I’d like your suggestions.

My schedule’s shifting soon, and I could volunteer a few hours a week to a Nostr project. I won’t have more total time, but how I use it will change.

Why help? I care about freedom. Nostr’s one of the most powerful freedom tools I’ve seen in my lifetime. If I believe that, I should act on it.

I don’t care about money or sats. I’m not rich, I don’t have extra cash. That doesn’t drive me—freedom does. I’m volunteering, not asking for pay.

I’m not here for clout. I’ve had enough spotlight in my life; it doesn’t move me. If I wanted clout, I’d be on Twitter dropping basic takes. Clout’s easy. Freedom’s hard. I’d rather help anonymously. No speaking at events—small meetups are cool for the vibe, but big conferences? Not my thing. I’ll never hit a huge Bitcoin conference. It’s just not my scene.

That said, I could be convinced to step up if it’d really boost Nostr—as long as it’s legal and gets results.

In this space, I’d watch for social engineering. I watch out for it. I’m not here to make friends, just to help. No shade—you all seem great—but I’ve got a full life and awesome friends irl. I don’t need your crew or to be online cool. Connect anonymously if you want; I’d encourage it.

I’m sick of watching other social media alternatives grow while Nostr kinda stalls. I could trash-talk, but I’d rather do something useful.

Skills? I’m good at spotting social media problems and finding possible solutions. I won’t overhype myself—that’s weird—but if you’re responding, you probably see something in me. Perhaps you see something that I don’t see in myself.

If you need help now or later with Nostr projects, reach out. Nostr only—nothing else. Anonymous contact’s fine. Even just a suggestion on how I can pitch in, no project attached, works too. 💜

Creeps or harassment will get blocked or I’ll nuke my simplex code if it becomes a problem.

https://simplex.chat/contact#/?v=2-4&smp=smp%3A%2F%2FSkIkI6EPd2D63F4xFKfHk7I1UGZVNn6k1QWZ5rcyr6w%3D%40smp9.simplex.im%2FbI99B3KuYduH8jDr9ZwyhcSxm2UuR7j0%23%2F%3Fv%3D1-2%26dh%3DMCowBQYDK2VuAyEAS9C-zPzqW41PKySfPCEizcXb1QCus6AyDkTTjfyMIRM%253D%26srv%3Djssqzccmrcws6bhmn77vgmhfjmhwlyr3u7puw4erkyoosywgl67slqqd.onion

@ b8851a06:9b120ba1

The global financial system is creaking under its own weight. The IMF is urging banks to shore up capital, cut risk, and brace for impact. Basel III is their answer, a last-ditch effort to reinforce a brittle foundation.

But behind the scenes, a quieter revolution is under way.

Bitcoin, the world’s first stateless digital asset, is no longer on the sidelines. It’s entering the Basel conversation: not by invitation, but by inevitability.

Basel III: The System’s Self-Diagnosis

Basel III is more than a technical rulebook. It’s a confession: an admission that the global banking system is vulnerable. Created in the aftermath of 2008, it calls for: • Stronger capital reserves: So banks can survive losses. • Lower leverage: To reduce the domino effect of overexposure. • Liquidity buffers: To weather short-term shocks without collapsing.

But here’s the kicker: these rules are hostile to anything outside the fiat system. Bitcoin gets hit with a punitive 1,250% risk weight. That means for every $1 of exposure, banks must hold $1 in capital. The message from regulators? “You can hold Bitcoin, but you’ll pay for it.”

Yet that fear: based framing misses a bigger truth: Bitcoin doesn’t just survive in this environment. It thrives in it.

Bitcoin: A Parallel System, Built on Hard Rules

Where Basel III imposes “fiat discipline” from the top down, Bitcoin enforces it from the bottom up: with code, math, and transparency.

Bitcoin is not just a hedge. It’s a structural antidote to systemic fragility.

Volatility: A Strategic Asset

Yes, Bitcoin is volatile. But in a system that devalues fiat on a schedule, volatility is simply the cost of freedom. Under Basel III, banks are expected to build capital buffers during economic expansions.

What asset allows you to build those buffers faster than Bitcoin in a bull market?

When the cycle turns, those reserves act as shock absorbers: converting volatility into resilience. It’s anti-fragility in motion.

Liquidity: Real, Deep, and Global

Bitcoin settled over $19 trillion in transactions in 2024. That’s not hypothetical liquidity. it’s real, measurable flow. Unlike traditional high-quality liquid assets (HQLAs), Bitcoin is: • Available 24/7 • Borderless • Not dependent on central banks

By traditional definitions, Bitcoin is rapidly qualifying for HQLA status. Even if regulators aren’t ready to admit it.

Diversification: Breaking the Fiat Dependency

Basel III is designed to pull banks back into the fiat matrix. But Bitcoin offers an escape hatch. Strategic Bitcoin reserves are not about speculation, they’re insurance. For family offices, institutions, and sovereign funds, Bitcoin is the lifeboat when the fiat ship starts taking on water.

Regulatory Realignment: The System Reacts

The Basel Committee’s new rules on crypto exposures went live in January 2025. Around the world, regulators are scrambling to define their stance. Every new restriction placed on Bitcoin only strengthens its legitimacy, as more institutions ask: Why so much resistance, if it’s not a threat?

Bitcoin doesn’t need permission. It’s already being adopted by over 150 public companies, forward-looking states, and a new class of self-sovereign individuals.

Conclusion: The Real Question

This isn’t just about Bitcoin fitting into Basel III.

The real question is: How long can Basel III remain relevant in a world where Bitcoin exists?

Bitcoin is not the risk. It’s the reality check. And it might just be the strongest capital buffer the system has ever seen.

Gradually then suddenly.

@ 95cbd62b:a5270126

Trong thời đại công nghệ số phát triển mạnh mẽ, nhu cầu tìm kiếm một nền tảng tích hợp đầy đủ tiện ích, an toàn và thân thiện với người dùng ngày càng tăng cao. OK22 đã chứng minh vị thế của mình không chỉ là một nền tảng giải trí trực tuyến, mà còn là một công cụ công nghệ thông minh phục vụ mọi nhu cầu trong đời sống số. Với thiết kế giao diện 100% tiếng Việt và khả năng tương thích trên mọi thiết bị từ máy tính đến điện thoại, OK22 mang đến cho người dùng trải nghiệm mượt mà, dễ sử dụng và hoàn toàn bảo mật. Được phát triển trên nền tảng công nghệ hiện đại, OK22 hỗ trợ người dùng quản lý thông tin cá nhân, thực hiện giao dịch nhanh chóng, lưu trữ dữ liệu an toàn và tiếp cận các tiện ích công nghệ tiên tiến một cách dễ dàng, kể cả với người mới sử dụng.

Một trong những điểm mạnh nổi bật của OK22 chính là khả năng tự động hóa trong xử lý tác vụ, giúp tiết kiệm thời gian và tối ưu hóa hiệu suất làm việc. Nền tảng được trang bị hệ thống bảo mật cao cấp, bảo vệ tối đa quyền riêng tư và tài sản số của người dùng. OK22 còn cung cấp hệ thống hỗ trợ trực tuyến 24/7, giúp người dùng giải quyết mọi vấn đề nhanh chóng mà không bị gián đoạn. Dù là một cá nhân đang tìm kiếm công cụ quản lý tài chính cá nhân, một doanh nghiệp nhỏ cần nền tảng để xử lý đơn hàng và thanh toán, hay một nhóm cộng đồng cần không gian kết nối số – OK22 đều có thể đáp ứng linh hoạt và hiệu quả. Không những vậy, nhờ tích hợp nhiều tính năng như thông báo tự động, đồng bộ dữ liệu đám mây, và tích hợp API mở, OK22 còn dễ dàng kết nối với các nền tảng khác trong hệ sinh thái số, giúp người dùng tạo nên một môi trường làm việc và sinh hoạt thông minh.

Không dừng lại ở đó, OK22 đang ngày càng mở rộng hợp tác với các đối tác lớn trong nhiều lĩnh vực như giáo dục trực tuyến, thương mại điện tử, chăm sóc sức khỏe và tài chính cá nhân. Nền tảng không ngừng cập nhật những công nghệ tiên tiến như AI, blockchain và dữ liệu lớn (Big Data) nhằm mang lại trải nghiệm người dùng tối ưu và đáp ứng nhu cầu ngày càng đa dạng của cộng đồng Việt. Với tốc độ xử lý nhanh, giao diện trực quan và độ tin cậy cao, OK22 không chỉ đơn thuần là một ứng dụng công nghệ – mà còn là người bạn đồng hành tin cậy trong hành trình số hóa của người Việt. Trong tương lai gần, OK22 hứa hẹn sẽ trở thành nền tảng công nghệ không thể thiếu trong mỗi gia đình, tổ chức và doanh nghiệp, đóng vai trò then chốt trong việc thúc đẩy chuyển đổi số toàn diện và phát triển bền vững.

@ 0e9491aa:ef2adadf

Influencers would have you believe there is an ongoing binance bank run but bitcoin wallet data says otherwise.

- binance wallets are near all time highs
- bitfinex wallets are also trending up
- gemini and coinbase are being hit with massive withdrawals though

You should not trust custodians, they can rug you without warning. It is incredibly important you learn how to hold bitcoin yourself, but also consider not blindly trusting influencers with a ref link to shill you.

---

If you found this post helpful support my work with bitcoin.

@ bc575705:dba3ed39

In our hyper-connected age, the concept of "Know Your Customer" (KYC) has morphed from a regulatory necessity into a pervasive surveillance apparatus, subtly eroding our fundamental liberties. While purported to combat financial crime, KYC has become a tool for mass surveillance, data exploitation, and the gradual dismantling of personal privacy. Let’s embark on a comprehensive exploration of this system, exposing its inherent flaws and advocating for a paradigm shift towards decentralized financial sovereignty.

Beyond the Surface: The Intricate Web of KYC Data Collection

KYC transcends mere identity verification; it's a deep dive into the minutiae of our lives. Consider the breadth and depth of data extracted:

Geographic Surveillance: Proof of address requirements delve into historical residency, creating granular maps of our movements. Combined with location data from mobile devices and online activity, this paints a comprehensive picture of our physical presence.

Financial Autopsy: KYC dissects our financial lives with surgical precision. Income sources, asset declarations, and transaction histories are meticulously cataloged. Algorithmic analysis reveals spending habits, investment strategies, and even potential political affiliations.

Behavioral Predictive Modeling: AI algorithms analyze our financial behavior, predicting future actions and preferences. This data is invaluable for targeted advertising, but also for social engineering and political manipulation.

Biometric Invasiveness: Facial recognition, iris scans, and voice analysis create permanent, immutable records of our physical selves. These biometrics are highly sensitive and vulnerable to breaches, potentially leading to identity theft and even physical harm.

Social Network Mapping: KYC extends beyond individuals, mapping our social and professional networks. Institutions analyze our connections, identifying potential risks based on our associations. This has a chilling effect on free association and dissent, as individuals become hesitant to associate with those deemed "risky."

Psychometric Profiling: With the increase of online tests, and the collection of online data, companies and states can build psychometric profiles. These profiles can be used to predict actions, and even manipulate populations.

The Fallacy of Security: KYC's Ineffectiveness and the Rise of the Surveillance State

Despite its claims, KYC fails to effectively combat sophisticated financial crime. Instead, it creates a system of mass surveillance that disproportionately targets law-abiding citizens.

The Scourge of False Positives: Automated KYC systems frequently generate false positives, flagging innocent individuals as potential criminals. This can lead to financial exclusion, reputational damage, and even legal persecution.

A Ticking Time Bomb: Centralized KYC databases are prime targets for hackers, putting vast amounts of sensitive personal information at risk. Data breaches can lead to identity theft, financial fraud, and even physical harm.

The State's Panopticon: KYC empowers governments to monitor the financial activities of their citizens, creating a powerful tool for surveillance and control. This can be used to suppress dissent, target political opponents, and enforce conformity.

The Criminals Advantage: Sophisticated criminals easily bypass KYC using shell companies, money laundering, and other techniques. This makes KYC a system that punishes the innocent, and gives the criminals a false sense of security for the data collected.

Decentralized Alternatives: Reclaiming Financial Sovereignty and Privacy

In the face of this encroaching surveillance state, decentralized technologies offer a path to financial freedom and privacy.

Cryptocurrency | A Bastion of Financial Freedom: Bitcoin and other cryptocurrencies provide censorship-resistant alternatives to traditional financial systems. They empower individuals to transact freely, without the need for intermediaries or government oversight.

Decentralized Finance (DeFi) | Democratizing Finance: DeFi platforms offer a range of financial services, including lending, borrowing, and trading, without the need for traditional banks. These platforms are built on blockchain technology, ensuring transparency, security, and accessibility.

Self-Sovereign Identity (SSI) | Empowering Individuals: SSI solutions enable individuals to control their own digital identities, without relying on centralized authorities. This allows for secure and private verification of identity, without the need to share sensitive personal information with every service provider.

Privacy-Enhancing Technologies (PETs) | Shielding Your Data: Technologies like zero-knowledge proofs, homomorphic encryption, and secure multi-party computation can be used to protect personal data while still allowing for necessary verification.

Decentralized Autonomous Organizations (DAOs) | Creating new forms of governance: DAOs provide new ways for groups to organize, and make decisions. They provide a transparent way to pool resources, and make decisions.

A Call to Action: Defending Our Digital Rights and Building a Decentralized Future

We cannot passively accept the erosion of our fundamental freedoms. We must actively defend our digital rights and demand a more just and equitable financial system.

Advocate for Robust Privacy Laws: Demand stronger regulations that limit the collection and use of personal data.

Champion Decentralized Technologies: Support the development and adoption of cryptocurrencies, DeFi platforms, and other decentralized solutions.

Educate and Empower: Raise awareness about the dangers of KYC and state surveillance.

Cultivate Critical Thinking: Question the narratives presented by governments and corporations.

Build Decentralized Communities: Join and support decentralized communities that are working to build a more free and open financial system.

Demand transparency from all data collection: Insist that all data collection is open, and that there are strong penalties for those that misuse data.

The fight for financial freedom is a fight for human freedom. Let us stand together and reclaim our digital sovereignty.

@ 8671a6e5:f88194d1

For whoever has, will be given more, and they will have an abundance. Whoever does not have, even what they have will be taken from them.

Matthew 25:29, The Parable of the Talents (New Testament)For whoever has, will be given more,\ and they will have an abundance.\ Whoever does not have, even what\ they have will be taken from them.\ \ Matthew 25:29,\ The Parable of the Talents (New Testament)

How the Pump-my-bags mentality slows Bitcoin adoption

The parable of “thy Bitcoins” (loosely based on Matthew 25:29)

A man, embarking on a journey, entrusted his wealth to his servants. To one he gave five Bitcoin, to another two Bitcoin, and to another one Bitcoin, each according to his ability. Then he departed.

The servant with five Bitcoin buried his master’s wealth, dreaming of its rising price. The servant with two Bitcoin hid his, guarding its value. But the servant with one Bitcoin acted with vision. He spent 0.5 Bitcoin to unite Bitcoiners, teaching them to use the network and building tools to expand its reach. His efforts grew Bitcoin’s power, though his investment left him with only 0.5 Bitcoin.

Years later, the master returned to settle accounts. The servant with five Bitcoin said, “Master, you gave me five Bitcoin. I buried them, and their price has soared. Here is yours.”

The master replied, “Faithless servant! My wealth was meant to sow freedom. You kept your Bitcoin but buried your potential to strengthen its network. Your wealth is great, but your impact is none!”

The servant with two Bitcoin said, “Master, you gave me two Bitcoin. I hid them, and their value has risen. Here is yours.”

The master replied, “You, too, have been idle! You clung to wealth but failed to spread Bitcoin’s truth. Your Bitcoin endures, but your reach is empty!”

Then the servant with one Bitcoin stepped forward. “Master, you gave me one Bitcoin. I spent 0.5 Bitcoin to teach and build with Bitcoiners. My call inspired many to join the network, though I have only 0.5 Bitcoin left.”

The master said, “Well done, faithful servant! You sparked a movement that grew my network, enriching lives. Though your stack is small, your vision is vast. Share my joy!”

When many use their gifts to build Bitcoin’s future, their sacrifices grow the network and enrich lives. Those who “bury” their Bitcoin and do nothing else keep wealth but miss the greater reward of a thriving in a Bitcoin world.

This parable reflects a timeless truth: between playing it safe and building, resides the choice to take risk. Bitcoin’s power lies not in hoarding wealth (although it’s part of it), but mainly in using it to build a freer world. To free people from their confines. Yet a mentality has taken hold — one that runs counter to that spirit.

PMB betrays the Bitcoin ethos

“Pump my bags” (PMB) stems from the altcoin world, where scammers pump pre-mined coins to dump on naive buyers. In Bitcoin, PMB isn’t about dumping but about hoarding—stacking sats without lifting a finger. These Bitcoiners, from small holders to whales, sit back, eyeing fiat profits, not Bitcoin’s mission. They’re not so different from altcoin grifters. Both chase profit, not glory. They dream of fiat-richness and crappy real estate in Portugal or Chile — not a Bitcoin standard. One holds hard money by chance, the other a fad coin. Neither moves the world forward.

In Bitcoin, the pump-my-bags mindset is more about laziness; everyone looking out for themselves, stacking without ever lifting a finger. There’s a big difference in the way an altcoin promotor would operate and market yet another proof-of-stake pre-mined trashcoin, and how PMB bitcoiners hoard and wait.

They’re much alike however. The belief level might be slightly different, and not everyone has the same ability.

I’ve been in Bitcoin’s trenches since its cypherpunk days, when it was a rebellion against fiat’s centralized control. Bitcoin is a race against the totalitarian fiat system’s grip. Early adopters saw it as a tool to dismantle gatekeepers and empower individuals. But PMB has turned Bitcoin into a get-rich scheme, abandoning the collective effort needed to overthrow fiat’s centuries-long cycles.

Trust is a currency’s core. Hoarding Bitcoin shows trust in its future value, but it’s a shallow trust that seals it away from the world. Real trust comes from admiring Bitcoin’s math, building businesses around it, or spreading its use. PMB Bitcoiners sit on their stacks, expecting others to build trust for them. Newcomers see branding, ego, and grifters, not the low-tech prosperity Bitcoin can offer. PMB Bitcoiners live without spending a sat, happy to hodl. Fine, but they’re furniture in fiat’s ruins, not builders of Bitcoin’s future.

Hoarding hollow victories Hoarding works for those chasing fiat wealth. Bitcoin is even there for them. The lazy, the non-believers, the ones that sold very early, the ones that just started.

By 2021, 75% of Bitcoin sat dormant, driving scarcity and prices up. But it strangles transactions, weakening Bitcoin as a living economy. Reddit calls hoarding “Bitcoin’s most dangerous problem,” choking adoption for profit. Pioneers like Roger Ver built tech companies (where you could buy electronics for bitcoin), Mark Karpelès ran an exchange (Mt. Gox) and Charlie Shrem processed 30% of Bitcoin transactions in 2013. They poured stacks into adoption, people like them (even people you’ve never heard of) more than not, went broke doing the building while hoarders sat back. The irony stings: Bitcoin’s founders are often poorer than PMB hodlers who buried their talents and just sat there passively. Over the years, the critique from these sideline people became more prevalent. They show up here and there, to read the room. But that’s all they do.

The last couple of years, they even became more vocal with social media posts. Everything needs to be perfect, high-quality, not made by them, not funded by them, for free, without ads, and with no effort whatsoever, unless it’s NOT pumping their bags, then it needs to be burned down as fast as possible.

Today’s PMB Bitcoiners want the rewards without the risk. They stack sats, demand perfect content made by others for free, and cheer short-term price pumps. But when asked to build, code, or fund anything real, they disappear. At this point, such Bitcoiners have as much spine as a pack of Frankfurter sausages. This behavior has hollowed out Bitcoin’s activist core.

Activism’s disappointment

Bitcoin’s activist roots—cypherpunks coding, evangelists spreading the word—have been replaced by influencers and silent PMB conference-goers who say nothing but “I hold Bitcoin.” Centralized exchanges like Binance and Coinbase handle 70% of trades by 2025, mocking our decentralized vision. Custodial wallets proliferate as users hand over keys. The Lightning Network has 23,000+ nodes, and privacy tech like CoinJoin exists, yet adoption lags. Regulation creeps in—the U.S. Digital Asset Anti-Money Laundering Act of 2023 and Europe’s MiCa laws threaten KYC on every wallet. Our failure to advance faster gives governments leverage. Our failure would be their victory. Their cycles endlessly repeated.

Activism is a shadow of its potential. The Human Rights Foundation pushes Bitcoin for dissidents, but it’s a drop in the bucket. We could replace supply chains, build Bitcoin-only companies, or claim territories, yet we can’t even convince bars to accept

Bitcoin. We’re distracted by laser-eye memes and altcoin hopium, not building at farmer’s markets, festivals, or local scenes. PMB Bitcoiners demand perfection—free, ad-free, high-quality content—while contributing nothing.

The best way to shut them up, is asking them to do something. ”I would like to see a live counter on that page, so I can see what customers got new products” ”Why don’t YOU write code?” … and they’re gone.

”I would change a few items in your presentation man, it was good, but I would change the diagram on page 7” ”The presentation is open source and online, open for contributions. Do you want to give the presentation next time?” ”… “ and they’re gone.

”We need to have a network of these antennas to communicate with each other and send sats” ”I’ve ordered a few devices like that.. want to help out and search for new network participants?” ” … “ They’re off to some other thing, that’s more entertaining.

If you don’t understand you’re in a very unique fork in the road, a historic shift in society, much so that you’re more busy with picking the right shoes, car, phone, instead of pushing things in the right direction. And guess what? Usually these two lifestyles can even be combines. Knights in old England could fight and defend their king, while still having a decent meal and participate in festivities. These knight (compared to some bitcoiners) didn’t sit back at a fancy dinner and told the others: “yeah man, you should totally put on a harness, get a sword made and fight,… here I’ll give you a carrot for your horse.” To disappear into their castles waiting for the fight to be over a few months later. No, they put on the harness themselves, and ordered a sword to be made, because they knew their own future and that of their next of kin was at stake.

Hardly any of them show you that Bitcoin can be fairly simple and even low-tech solutions for achieving remedies for the world’s biggest problems (having individuals have real ownership for example). It can include some genuine building of prosperity and belief in one’s own talents and skills. You mostly don’t need middlemen. They buy stuff they don’t need, to feel like they’re participants.

And there’s so, enormously much work to be done.

On the other hand. Some bitcoiners can live their whole life without spending any considerable amount of bitcoin, and be perfectly happy. They mind as well could have had no bitcoin at all, but changed their mindset towards a lot of things in life. That’s cool, I know bitcoiners that don’t have any bitcoin anymore. They still “get it” though. Everyone’s life is different. These people are really cool, and they’re usually the silent builders as well. They know.

And yet, people will say they’ve “missed out”. They surely missed out on buying a lot of nice “stuff” … maybe. There are always new luxury items for sale in the burning ruins of fiat. There are always people that want to temporarily like or love you (long time) for fiat, as well as for bitcoin. You’re still an empty shell if your do. Just like the fiat slaves. A crypto bro will always stay the same sell out, even if he holds bitcoin by any chance.

You know why? Because bitcoiners don’t think like “they” do. The fiat masters that screwed this world up, think and work over multi generations. (Remember that for later, in piece twelve of this series.)

The only path forward

Solo heroics can’t beat the market or drive adoption anymore. Collective action is key. The Lightning Network grows from thousands of small nodes for example. Bitcoin Core thrives on shared grit. Profit isn’t sportcars — it’s a thriving network freeing people. If 10,000 people spend 0.05 BTC to fund wallets, educate merchants or build tools, we’d see more users and transactions. Adoption drives demand. Sacrifice now, impact later. Don’t work for PMB orders — they’re fiat victims, not Bitcoin builders.

Act together, thrive together

To kill PMB, rediscover your potential, even if it costs you:

Educate wide: Teach Bitcoin’s truth—how it works, why it matters. Every convert strengthens us.

Build together: Run nodes, fund Lightning hubs, support devs. Small contributions add up.

Use Bitcoin: Spend it, gift it, make it move. Transactions are the network’s heartbeat.

Value the mission: Chase freedom, not fiat. Your legacy is impact, not your stack.

A call to build The parable of Bitcoin is clear: hoard and get rich, but leave nothing behind; act together, sacrifice wealth, and build a thriving Bitcoin world. Hoarding risks a deflationary spiral while Wall Street grabs another 100,000 BTC every few weeks and sits on it for other fund managers to buy the stake (pun intended).

PMB Bitcoiners will cash out, thinking they’re smart, trading our future for fiat luxury. Bitcoin’s value lies in trust, scarcity, and a network grown by those who see beyond their wallets. Bury your Bitcoin or build with it.

If someone slyly nudges you to pump their bags, call them faithless leeches who ignore the call for a better world. They’re quiet, polite, and vanish when it’s time to fund or build. They tally fiat gains while you grind through life’s rot. They sling insults if you educate, risk, or create. They’re all take, no give — enemies, even if they hold Bitcoin.

Bitcoiners route around problems. Certainly if that problem is other bitcoiners. Because we know how they think, we know their buried talents, we know why they do it. It’s in our DNA to know. They don’t know why we keep building however, the worse of them don’t understand.

Bitcoin’s value isn’t in scarcity alone — it’s in the combination of trust, scarcity and the network, grown by those who see beyond their wallets and small gains.

Whether you’ve got 0.01 BTC or 10,000 BTC, your choice matters. Will you bury your Bitcoin, or build with it? I can hope we choose the latter.

If someone, directly or slyly, nudges you to pump their bags, call them out as faithless servants who wouldn’t even hear the calling of a better world. These types are often quiet, polite, and ask few questions, but when it’s time to step up, they vanish — nowhere to be found for funding, working, or doing anything real, big or small. They’re obsessed with “pump my bags,” tallying their fiat gains while you grind, sweat, and ache through life’s rotten misery. Usually they’re well off, because fiat mentality breeds more fiat.

They won’t lift you up or support you, because they’re all about the “take” and take and take more, giving nice sounding incentives to keep you pumping and grinding. They smell work, but never participate. They’re lovely and nice as long as you go along and pump.

Pump-My-Bags bitcoiners are temporary custodians, financial Frankfurter sausages hunting for a bun to flop into. We have the mustard. We know how to make it, package it and pour it over them. We’re the preservers of hard money. We build, think and try.

They get eaten. They’re fiat-born and when the real builders rise (they’re already a few years old), history won’t remember these people’s stacks and irrelevant comments — only our sacrifices.

by: AVB

@ 5a261a61:2ebd4480

What a day yesterday!

I had a really big backlog of both work and non-work things to clean up. But I was getting a little frisky because my health finally gave me some energy to be in the mood for intimacy after the illness-filled week had forced libido debt on me. I decided to cheat it out and just take care of myself quickly. Horny thoughts won over, and I got at least e-stim induced ass slaps to make it more enjoyable. Quick clean up and everything seemed ok...until it wasn't.

The rest of the morning passed uneventfully as I worked through my backlog, but things took a turn in the early afternoon. I had to go pickup kids, and I just missed Her between the doors, only managed to get a fast kiss. A little bummed from the work issues and failed expectations of having a few minutes together, I got on my way.

Then it hit me—the most serious case of blue balls I had in a long time. First came panic. I was getting to the age when unusual symptoms raise concerns—cancer comes first to mind, as insufficient release wasn't my typical problem. So I called Her. I explained what was happening and expressed hope for some alone time. Unfortunately, that seemed impossible with our evening schedule: kids at home, Her online meeting, and my standing gamenight with the boys. These game sessions are our sacred ritual—a preserved piece of pre-kids sanity that we all protect in our calendars. Not something I wanted to disturb.

Her reassurance was brief but unusualy promising: "Don't worry, I get this."

Evening came, and just as I predicted, there was ZERO time for shenanigans while we took care of the kids. But once we put them to bed (I drew straw for early sleeper), with parental duties complete, I headed downstairs to prepare for my gaming session. Headset on, I greeted my fellows and started playing.

Not five minutes later, She opened the door with lube in one hand, fleshlight in the other, and an expecting smile on Her face. Definitely unexpected. I excused myself from the game, muted mic, but She stopped me.

"There will be nothing if you won't play," She said. She just motioned me to take my pants off. And off to play I was. Not an easy feat considering I twisted my body sideways so She could access anything She wanted while I still reached keyboard and mouse.

She slowly started touching me and observing my reactions, but quickly changed to using Her mouth. Getting a blowjob while semihard was always so strange. The semi part didn't last long though...

As things intensified, She was satisfied with my erection and got the fleshlight ready. It was a new toy for us, and it was Her first time using it on me all by Herself (usually She prefers watching me use toys). She applied an abundance of lube that lasted the entire encounter and beyond.

Shifting into a rhythm, She started pumping slowly but clearly enjoyed my reactions when She unexpectedly sped up, forcing me to mute the mic. I knew I wouldn't last long. When She needed to fix Her hair, I gentlemanly offered to hold the fleshlight, having one hand still available for gaming. She misunderstood, thinking I was taking over completely, which initially disappointed me.

To my surprise, She began taking Her shirt off the shoulders, offering me a pornhub-esque view. To clearly indicate that finish time had arrived, She moved Her lubed hand teasingly toward my anal. She understood precisely my contradictory preferences—my desire to be thoroughly clean before such play versus my complete inability to resist Her when aroused. That final move did it—I muted the mic just in time to vocally express how good She made me feel.

Quick clean up, kiss on the forehead, and a wish for me to have a good game session followed. The urge to abandon the game and cuddle with Her was powerful, but She stopped me. She had more work to complete on Her todo list than just me.

Had a glass, had a blast; overall, a night well spent I would say.

@ 21335073:a244b1ad

Before I saw those X right-wing political “influencers” parading their Epstein binders in that PR stunt, I’d already posted this on Nostr, an open protocol. 

“Today, the world’s attention will likely fixate on Epstein, governmental failures in addressing horrific abuse cases, and the influential figures who perpetrate such acts—yet few will center the victims and survivors in the conversation. The survivors of Epstein went to law enforcement and very little happened. The survivors tried to speak to the corporate press and the corporate press knowingly covered for him. In situations like these social media can serve as one of the only ways for a survivor’s voice to be heard. 

It’s becoming increasingly evident that the line between centralized corporate social media and the state is razor-thin, if it exists at all. Time and again, the state shields powerful abusers when it’s politically expedient to do so. In this climate, a survivor attempting to expose someone like Epstein on a corporate tech platform faces an uphill battle—there’s no assurance their voice would even break through. Their story wouldn’t truly belong to them; it’d be at the mercy of the platform, subject to deletion at a whim. Nostr, though, offers a lifeline—a censorship-resistant space where survivors can share their truths, no matter how untouchable the abuser might seem. A survivor could remain anonymous here if they took enough steps. 

Nostr holds real promise for amplifying survivor voices. And if you’re here daily, tossing out memes, take heart: you’re helping build a foundation for those who desperately need to be heard.“

That post is untouchable—no CEO, company, employee, or government can delete it. Even if I wanted to, I couldn’t take it down myself. The post will outlive me on the protocol. 

The cozy alliance between the state and corporate social media hit me hard during that right-wing X “influencer” PR stunt. Elon owns X. Elon’s a special government employee. X pays those influencers to post. We don’t know who else pays them to post. Those influencers are spurred on by both the government and X to manage the Epstein case narrative. It wasn’t survivors standing there, grinning for photos—it was paid influencers, gatekeepers orchestrating yet another chance to re-exploit the already exploited.

The bond between the state and corporate social media is tight. If the other Epsteins out there are ever to be unmasked, I wouldn’t bet on a survivor’s story staying safe with a corporate tech platform, the government, any social media influencer, or mainstream journalist. Right now, only a protocol can hand survivors the power to truly own their narrative.

I don’t have anything against Elon—I’ve actually been a big supporter. I’m just stating it as I see it. X isn’t censorship resistant and they have an algorithm that they choose not the user. Corporate tech platforms like X can be a better fit for some survivors. X has safety tools and content moderation, making it a solid option for certain individuals. Grok can be a big help for survivors looking for resources or support! As a survivor, you know what works best for you, and safety should always come first—keep that front and center.

That said, a protocol is a game-changer for cases where the powerful are likely to censor. During China's # MeToo movement, survivors faced heavy censorship on social media platforms like Weibo and WeChat, where posts about sexual harassment were quickly removed, and hashtags like # MeToo or "woyeshi" were blocked by government and platform filters. To bypass this, activists turned to blockchain technology encoding their stories—like Yue Xin’s open letter about a Peking University case—into transaction metadata. This made the information tamper-proof and publicly accessible, resisting censorship since blockchain data can’t be easily altered or deleted.

I posted this on X 2/28/25. I wanted to try my first long post on a nostr client. The Epstein cover up is ongoing so it’s still relevant, unfortunately.

If you are a survivor or loved one who is reading this and needs support please reach out to: National Sexual Assault Hotline 24/7 https://rainn.org/

Hours: Available 24 hours

@ c9badfea:610f861a

Before you post a message or article online, let the LLM check if you are leaking any personal information using this prompt:

Analyze the following text to identify any Personally Identifiable Information (PII): <Your Message>

Replace <Your Message> with your text

If no PII is found, continue by modifying your message to detach it from your personality. You can use any of the following prompts (and further modify it if necessary).

Prompt № 1 - Reddit-Style

Convert the message into a casual, Reddit-style post without losing meaning. Split the message into shorter statements with the same overall meaning. Here is the message: <Your Message>

Prompt № 2 - Advanced Modifications

``` Apply the following modifications to the message: - Rewrite it in lowercase - Use "u" instead of "you" - Use "akchoaly" instead of "actually" - Use "hav" instead of "have" - Use "tgat" instead of "that" - Use comma instead of period - Use British English grammar

Here is the message: ```

Prompt № 3 - Neutral Tone

Rewrite the message to correct grammar errors, and ensure the tone is neutral and free of emotional language: <Your Message>

Prompt № 4 - Cross Translation Technique

Translate the message into Chinese, then translate the resulting Chinese text back into English. Provide only the final English translation. Here is the message: <Your Message>

Check the modified message and send it.

ℹ️ You can use dialects to obfuscate your language further. For example, if you are from the US, you can tell the LLM to use British grammar and vice versa.

⚠️ Always verify the results. Don't fully trust an LLM.

@ 8bf578f4:b6303c41

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test svg

https://r2a.primal.net/uploads2/5/b8/22/5b822faaf675e75f49c0129d1f0800762287d04fa3a7a7ce98dddfd017aaf823.svg

@ 04c915da:3dfbecc9

There is something quietly rebellious about stacking sats. In a world obsessed with instant gratification, choosing to patiently accumulate Bitcoin, one sat at a time, feels like a middle finger to the hype machine. But to do it right, you have got to stay humble. Stack too hard with your head in the clouds, and you will trip over your own ego before the next halving even hits.

Small Wins

Stacking sats is not glamorous. Discipline. Stacking every day, week, or month, no matter the price, and letting time do the heavy lifting. Humility lives in that consistency. You are not trying to outsmart the market or prove you are the next "crypto" prophet. Just a regular person, betting on a system you believe in, one humble stack at a time. Folks get rekt chasing the highs. They ape into some shitcoin pump, shout about it online, then go silent when they inevitably get rekt. The ones who last? They stack. Just keep showing up. Consistency. Humility in action. Know the game is long, and you are not bigger than it.

Ego is Volatile

Bitcoin’s swings can mess with your head. One day you are up 20%, feeling like a genius and the next down 30%, questioning everything. Ego will have you panic selling at the bottom or over leveraging the top. Staying humble means patience, a true bitcoin zen. Do not try to "beat” Bitcoin. Ride it. Stack what you can afford, live your life, and let compounding work its magic.

Simplicity

There is a beauty in how stacking sats forces you to rethink value. A sat is worth less than a penny today, but every time you grab a few thousand, you plant a seed. It is not about flaunting wealth but rather building it, quietly, without fanfare. That mindset spills over. Cut out the noise: the overpriced coffee, fancy watches, the status games that drain your wallet. Humility is good for your soul and your stack. I have a buddy who has been stacking since 2015. Never talks about it unless you ask. Lives in a decent place, drives an old truck, and just keeps stacking. He is not chasing clout, he is chasing freedom. That is the vibe: less ego, more sats, all grounded in life.

The Big Picture

Stack those sats. Do it quietly, do it consistently, and do not let the green days puff you up or the red days break you down. Humility is the secret sauce, it keeps you grounded while the world spins wild. In a decade, when you look back and smile, it will not be because you shouted the loudest. It will be because you stayed the course, one sat at a time. \ \ Stay Humble and Stack Sats. 🫡

@ 90c656ff:9383fd4e

Since its creation, Bitcoin has marked a turning point in the digital money revolution—but its evolution didn’t stop at the original concept of decentralized transactions. Over the years, new technological solutions have been developed to expand its capabilities, making it more efficient and versatile. Among these innovations, smart contracts and the Lightning Network stand out, enabling increased functionality and scalability of the network, and ensuring a faster, cheaper, and more accessible system.

Smart contracts on Bitcoin

Smart contracts are programs that automatically execute certain actions when predefined conditions are met. Although the concept is more commonly associated with other networks, Bitcoin also supports smart contracts, especially through upgrades like Taproot.

• Smart contracts on Bitcoin enable functionalities such as:

01 - Conditional payments: Transactions that are only completed if certain rules are met, such as multi-signatures or specific time conditions.

02 - Advanced fund management: Use of multi-signature wallets, where different parties must approve a transaction before it is processed.

03 - Enhanced privacy: With the Taproot upgrade, smart contracts can be more efficient and indistinguishable from regular transactions, improving privacy across the network.

Although smart contracts on Bitcoin are simpler than those on other platforms, this simplicity is a strength—it preserves the network's security and robustness by avoiding complex vulnerabilities.

Lightning Network: scalability and instant transactions

One of the biggest challenges Bitcoin faces is scalability. Since the original network was designed to prioritize security and decentralization, transaction speed can be limited during periods of high demand. To address this issue, the Lightning Network was created—a second-layer solution that enables near-instant transactions with extremely low fees.

The Lightning Network works by creating payment channels between users, allowing them to conduct multiple transactions off-chain and recording only the final balance on the main Bitcoin blockchain or timechain. Key advantages include:

01 - Speed: Transactions are completed in milliseconds, making Bitcoin more suitable for daily payments.

02 - Low fees: Since transactions occur off-chain, fees are minimal, allowing for viable microtransactions.

03 - Network decongestion: By moving many transactions to the Lightning Network, Bitcoin’s main chain becomes more efficient and less congested.

In summary, Bitcoin continues to evolve technologically to meet the demands of a global financial system. Smart contracts increase its functionality, offering greater flexibility and security in transactions. The Lightning Network improves scalability, making Bitcoin faster and more practical for everyday use. With these innovations, Bitcoin remains at the forefront of the financial revolution, proving that despite its initial limitations, it continues to adapt and grow as a truly decentralized and global monetary system.

Thank you very much for reading this far. I hope everything is well with you, and sending a big hug from your favorite Bitcoiner maximalist from Madeira. Long live freedom!

@ 90c656ff:9383fd4e

Throughout history, money has always been under the control of central authorities, such as governments and banks. These intermediaries have set the rules of the financial system, controlled the issuance of currency, and overseen transactions. However, with the emergence of Bitcoin, a new paradigm began to take shape: decentralized money. This transformation represents a profound shift in how people store and transfer value, challenging the traditional financial model.

• The traditional model: centralized money

01 - Dependence on intermediaries: To carry out transactions, people rely on banks, governments, and other regulatory entities.

02 - Inflation and devaluation: Central banks can print money endlessly, often leading to a loss in purchasing power.

03 - Censorship and restrictions: Access to money can be denied for political, bureaucratic, or institutional reasons, limiting individuals’ financial freedom.

Despite being the dominant model for centuries, the centralized system has shown its vulnerabilities through numerous economic and political crises. It was in this context that Bitcoin emerged as an innovative alternative.

• The revolution of decentralized money

01 - Elimination of intermediaries: Transactions can be made directly between users, without the need for banks or financial companies.

02 - Limited and predictable supply: Bitcoin has a fixed cap of 21 million units, preventing the inflation caused by excessive money printing.

03 - Censorship resistance: No entity can block or prevent transactions, ensuring full financial freedom.

04 - Self-custody: Each user can hold their own funds without relying on a bank or any other institution.

This paradigm shift has a significant impact not only on the financial system but also on how people interact with money and protect their wealth.

Challenges and opposition to financial decentralization

The transition to a decentralized financial system faces several challenges, the main one being resistance from traditional institutions. Banks and governments see Bitcoin as a threat to their control over money and seek to regulate or limit its adoption.

There are also technical and educational barriers. Many people still do not fully understand how Bitcoin works, which can hinder its adoption. However, as more people become aware of the benefits of decentralized money, its use is likely to grow.

In summary, the shift from a centralized financial system to a decentralized one represents one of the most significant transformations of the digital era. Bitcoin leads this movement by offering a censorship-resistant, transparent, and accessible alternative. Despite opposition from the traditional system, the decentralization of money continues to gain momentum, providing greater autonomy and financial freedom to people around the world. This revolution is not just technological, but also social and economic—redefining the way the world understands and uses money.

Thank you very much for reading this far. I hope everything is well with you, and sending a big hug from your favorite Bitcoiner maximalist from Madeira. Long live freedom!

@ 6389be64:ef439d32

GA, plebs. The latest episode of Bitcoin And is out, and, as always, the chicanery is running rampant. Let’s break down the biggest topics I covered, and if you want the full, unfiltered rant, make sure to listen to the episode linked below.

House Democrats’ MEME Act: A Bad Joke?

House Democrats are proposing a bill to ban presidential meme coins, clearly aimed at Trump’s and Melania’s ill-advised token launches. While grifters launching meme coins is bad, this bill is just as ridiculous. If this legislation moves forward, expect a retaliatory strike exposing how politicians like Pelosi and Warren mysteriously amassed their fortunes. Will it pass? Doubtful. But it’s another sign of the government’s obsession with regulating everything except itself.

Senate Banking’s First Digital Asset Hearing: The Real Target Is You

Cynthia Lummis chaired the first digital asset hearing, and—surprise!—it was all about control. The discussion centered on stablecoins, AML, and KYC regulations, with witnesses suggesting Orwellian measures like freezing stablecoin transactions unless pre-approved by authorities. What was barely mentioned? Bitcoin. They want full oversight of stablecoins, which is really about controlling financial freedom. Expect more nonsense targeting self-custody wallets under the guise of stopping “bad actors.”

Bank of America and PayPal Want In on Stablecoins

Bank of America’s CEO openly stated they’ll launch a stablecoin as soon as regulation allows. Meanwhile, PayPal’s CEO paid for a hat using Bitcoin—not their own stablecoin, Pi USD. Why wouldn’t he use his own product? Maybe he knows stablecoins aren’t what they’re hyped up to be. Either way, the legacy financial system is gearing up to flood the market with stablecoins, not because they love crypto, but because it’s a tool to extend U.S. dollar dominance.

MetaPlanet Buys the Dip

Japan’s MetaPlanet issued $13.4M in bonds to buy more Bitcoin, proving once again that institutions see the writing on the wall. Unlike U.S. regulators who obsess over stablecoins, some companies are actually stacking sats.

UK Expands Crypto Seizure Powers

Across the pond, the UK government is pushing legislation to make it easier to seize and destroy crypto linked to criminal activity. While they frame it as going after the bad guys, it’s another move toward centralized control and financial surveillance.

Bitcoin Tools & Tech: Arc, SatoChip, and Nunchuk

Some bullish Bitcoin developments: ARC v0.5 is making Bitcoin’s second layer more efficient, SatoChip now supports Taproot and Nostr, and Nunchuk launched a group wallet with chat, making multisig collaboration easier.

The Bottom Line

The state is coming for financial privacy and control, and stablecoins are their weapon of choice. Bitcoiners need to stay focused, keep their coins in self-custody, and build out parallel systems. Expect more regulatory attacks, but don’t let them distract you—just keep stacking and transacting in ways they can’t control.

🎧 Listen to the full episode here: https://fountain.fm/episode/PYITCo18AJnsEkKLz2Ks

💰 Support the show by boosting sats on Podcasting 2.0! and I will see you on the other side.

@ 8671a6e5:f88194d1

intro

Full disclosure : I bought multiple bitcoin art items to support artists

Bitcoin has absorbed old tropes from finance, tech, and economics, fundamentally reshaping how we think about money. But Bitcoin art? It should be a companion on the journey to a Bitcoin standard. Yet it doesn’t even seem to be trying. Every artistic movement worth its salt needs something to push against—to rebel, to spark thought, to provoke, or at the very least, to represent a technical or methodological leap forward in its field.

Pointillism comes to mind as an example in painting.

In this piece, I take a brief stroll into the subjective realm of art, specifically exploring art in the Bitcoin space—if such a thing truly exists. Some people might not like it, but as someone who has created modern art myself, I can confidently say that artists will emerge stronger from this transitional phase of Bitcoin art, whatever this era may be called later.

The art corner You know the drill. You visit any Bitcoin conference and there’s the obligatory “art corner” or gallery. Funny, wasn’t it just a few years back that a single decent artwork was a rarity needing a proper place for being shown tot he public? Now, every conference (small or big) needs this curated space, crammed with artists all vying for a sliver of attention.

And what do you usually find? A collection of the utterly predictable, the profoundly uninspired, the tiresomely repetitive, and anything but artistically groundbreaking amidst some exceptional pieces that will be snatched up almost immediately.

The themes are often so worn out, they’re practically a self-parody version of bitcoin art:

Animals holding signs (with of course… bitcoin logos)

Whales, dolphins, and the aquatic crew: The go-to, utterly drained metaphor for Bitcoin wealth, rendered in every conceivable medium with sea creatures.

Majestic vistas with bitcoin slogans: Think inspirational landscapes defaced with inscriptions or cryptic (not really) messages.

Women cradling blocks: Because apparently, nothing screams "Bitcoin" like a woman clutching a perfectly geometric cube. Bonus points if there are more painted women on a canvas, than actual women at the event.

Coins, coins, and more coins: Gold, silver, pixelated, abstract – just in case anyone forgot Bitcoin isn't a physical trinket.

Collages of Bitcoin celebs and memes: Why bother with originality when you can just mash up some social posts?

Reheated classics with an orange filter: Slap some orange highlights and a Bitcoin logo on a famous painting, and voilà! “Bitcoin art.” Bitcoin Pop-art, Bitcoin punk, Bitcoin collages…

It’s like the whole Bitcoin art scene is endlessly regurgitating the same tired ideas, and pouring a lot of time and effort in being just a fancy washing machine of orange t-shirts.

Most of it—not all, mind you, as there are people with exceptional thought and even more exceptional work—is no more than Bitcoin-themed art. By "theme," I mean the color orange or a “B,” much like you’d see M&M’s-themed coffee mugs, M&M’s t-shirts, or M&M’s-themed playing cards.

Now, let’s be clear: this isn’t about slagging off the artists themselves. I know how hard it is to thrive in this space, and I also learned about the time and effort put in to any work (the perception of the artwork has nothing to do with this at all!)

The dedication and passion within the bitcoin art scene are undeniable. Making art in a niche like Bitcoin is a tough gig (and often a thankless one, given the whole value-4-value thing seems perpetually broken). They deserve respect for putting themselves out there, doing the work and trying to make their passion work.

Many genuinely believe in what they’re creating, even if not everyone is convinced or will like a work of art. However, a lot of them are chasing a mirage, much like those hoping for an oasis of Bitcoin jobs in the desert. Many artists dream of turning their art into a business or a career move, and some even try to make a full-time living from it. That’s admirable, but I’m convinced it’s often a ruse, where your money, time, and effort dress up someone else’s business ideas and sense of branding. In my opinion, the real art movement in Bitcoin has yet to take off. It will need people with great ideas, motivation, know-how, and effort, for sure!

So I repeat the issue isn’t the individuals, the artists; it’s the collective creative stagnation that comes from clamoring to the general interest of this perceived “bitcoiner” as an audience.

Target < B > Audience

Only, this audience is usually not the target audience for the artworks itself. Art needs to have room to inspire, be free and relay an idea (even if that idea challenges another idea). That can’t be done to a target audience that just wants to sell their stuff to each other at a conference (see my piece on Bitcoin conferences for that) neither can it be a target audience that even is too cheap to buy a ticket and freeloads themselves into an conference.

Bitcoin is supposed to be revolutionary, yet so much of its art (or perceived art) feels like a tacked-on commercial necessity or, worse, a desperate attempt at self-validation. Most of it is just a perpetual branding motion from a non-existing marketing team.

The target audience is usually even worse. Not knowing what they’re looking at, out of their element and knowing they should and could support the artists and their work. A lot is depending on why this audience is wandering through a conference gallery in the first place.

If most people at a conference are the usuals, the sellers, the company people, then they're used to seeing these artists and their art pieces. No one is amazed anymore. Which is in fact a sad thing to happen.

I can't imagine how incredibly hard it must be to try to sell something as bitcoin art to this kind of audience, while trying to believe that a B-logo on an excerpt of the whitepaper is worth the effort. (I don’t think it is, but tastes differ, some people prefer a Whopper over a nice steak dinner)

Signaling “membership” in the bitcoin community is important to some, and they do that through hats, t-shirts, pins and hoodies, not buying a bitcoin artwork.

Art is inherently subjective, fluid, and deeply personal.

I love Kusama’s polka dots, someone else might be into Herman Brood’s chaotic paintings, and someone else might get all nostalgic over an Anton Pieck candy store drawings.

The contradiction Bitcoin: The hardest money ever created. Objectively verifiable. Math-based. Impersonal. Code.

The clash is between feeling and finance, between cold emotionless, hard numbers and warm, beating hearts.

That’s why it's always a bit surreal to see people that sit in a conference room, go from a deep dive into Lightning Network scalability or Bitcoin’s code ossification; and see them wandering through an “art gallery” filled with pieces that are the polar opposite of anything remotely code-related. The cold hearts walk amongst the works of warmth. The trustless math calculates their steps and starts to look at something that’s exposed to a public of that’s not there for the art, but the mimicking of such a think in their setting makes them have their own élan, grandeur. It feels forced. And to me, it feels even wrong to see people walk out of a conference room, right into the art gallery… where they’re usually stroll around out of boredom or just as a form of a break. It’s almost disrespectful, and I feel art needs its own place, the right setting. And that setting is definitely not a bitcoin conference.

You see tech and finance folks just standing there, at these art corners looking at the art pieces like cows watching a drone show.

You feel this subtle pressure to act like it’s profound, even though it rarely is. But you’re there, so you play along with the charade as well. It’s miserable to see. Certainly when some people are more interested in buying the piece of mind of the artist, the way of life or a glimmer of independence they’re missing themselves.

I believe bitcoin art is rarely bought for anything else than capturing the reality and authenticity of the artists. Artists know that. And they sell that authenticity (out) to eat, drink, sleep and pay their rent. Authenticity can be double spent, unlike the hard money asset where it’s supposedly all about. Artists have very big blocks.

It’s a bit like that hyped-up restaurant that turns out to be serving dressed-up bar food, but you’re with friends, so you pretend that $35 hors d'oeuvre doesn’t taste suspiciously like steamed shoe laces. Theaters are sometimes food bars or galleries. Proof of fart Then there’s the awkward issue of selling this stuff. How do you, as an artist, “comment on” or “complete” an asset in an artistic way, while that asset appreciates by an average of 40 to 70% a year?

Buying traditional art as an investment is one thing, driven by aesthetics or emotional connection. But buying Bitcoin art with Bitcoin? That’s a financial decision triggering regret (almost for sure). Think about it: 0.1 BTC spent on a canvas today, isn’t just a fixed one-time cost; it’s a future opportunity cost.

That same Bitcoin could be worth significantly more in a few years. The artwork, not so much, not even a Picasso painting or a Hokusai manages that kind of annual return. So, unless you’re head-over-heels for the piece (or the artist), buying Bitcoin art with Bitcoin is almost certainly a bad trade financially – though, so is buying that fancy coffee machine you'll use twice or getting a diamond ring for you loved one.

Of course, this isn't a definitive argument against it (it's subjective, remember). But it's a factor, just one element. People who buy art to lock it away into a vault aren't the same folks milling around a Bitcoin conference, presumably. But still.

Purpose

Historically, in the West at least, art served many purposes: glorifying churches, telling stories to the illiterate, and expressing the full spectrum of human emotion (pain, regret, doubt, madness, etc.). There was always a demand, whether from religious institutions, the populace, or a desire for education and status. The demand rarely came from onlookers or passive walk-ins. You can only walk in after the demand has been met. The real commanding force in Bitcoin art isn’t the financial types in suits or the grifter with a few stickers who got into the conference for free and smells like weed. The demand comes from people who love to cultivate the branding to propel themselves forward.

In Bitcoin? None of that. There’s little genuine demand, I’d argue. The demand seems mostly driven by the artists themselves wanting to participate. Which, in itself, makes the act of creation worthwhile for them. But the audience demand feels… manufactured. Nobody wakes up thinking: “.. I sure hope there’s a Bitcoin art gallery at this conference...”

This low-to-nonexistent demand, however, presents a massive opportunity to actually impress. Low expectations mean impact is easier to achieve in a lasting way. But that impact evaporates fast if all the visitors get is the same old themes with some orange varnish or a monkey holding a sign.

"Proof of work" isn’t enough here; we already have that in the bitcoin network. Bitcoin art need "proof of thought". Sure, Bitcoin artists put in the hours. Their work is literally proof of effort. But effort alone doesn’t equal value – originality does. Copying Warhol, Mondrian, or Van Gogh and slapping a Bitcoin twist on it isn’t the high level of creativity that can pull art lovers in (and even make them bitcoiners); on the contrary it’s opportunism. And in a space that seems to thrive on recycling successful (or at least visible or temporary cool) ideas, genuine artistic innovation is a rare beast.

Bitcoin art could be so much more. And yes that’s subjective, but at the same time, … walk around at any art gallery and be honest with yourself as a person and buy what you really like, support the artists and the scene, and at the same time realize you’re playing dress up.

There should be so much more, as a separate art movement. It could delve into the philosophy of decentralization, the tension between digital scarcity and creativity, the profound societal shifts Bitcoin is triggering. Instead, we’re mostly drowning in kitsch and thinly veiled cash grabs. The Bitcoin art world doesn’t need more bodies; it needs better minds. We don’t need bigger blocks, we don’t need blocks at all!

The uncomfortable truth is that many Bitcoin artists are here chasing opportunities, just like the rest of us. But spotting an opportunity doesn’t magically transform you into an artist.

I could “find the opportunity” to be a star in the hypothetical Bitcoin basketball league, being one of the first to join. But compared to the global pool of professional basketball talent, I’d likely be laughably bad. I’m not even tall enough to reach most pro players’ armpits, let alone dunk. Yet, in òur tiny Bitcoin league WBBF (World Bitcoin Basketball Federation), I’d be a legend, an OG, demanding respect for my early participation and best-dunk-champion. Just like some Bitcoin artists seem to expect accolades for a weak, orange-tinted imitation of 1960s pop art.

I wouldn’t cut it in any real basketball club, probably not even the lowest amateur league, considering my limited knowledge of the rules. Do you have to run back to the center? Can you tackle other players? Is snatching the ball mid-dribble legal? No clue.

But I could hang around the basketball scene a bit, soak up the jargon, maybe buy a sports drink for a better player to glean some knowledge, and then clumsily mimic their moves while still being terrible at dribbling. I’de buy the right shoes as well. To fit in. Just like bitcoiners buy the right t-shirts.

The same principle applies to some Bitcoin musicians and other creatives. Being the only one doing something – be it Bitcoin-themed sculptures, paintings, sci-fi, or whale graffiti murals – doesn’t automatically make you a leading figure. It just makes you… the only one. Being the sole sci-fi filmmaker in Bangladesh makes you the top of your national field, sure, but it doesn’t make you the next Kubrick. Likewise, airbrushing an orange “B” on a canvas doesn’t turn you into the next Georgia O’Keeffe.

The Bitcoin world thrives on competition and proof of work. Perhaps it’s high time Bitcoin art did the same. We need a battle of ideas, experiments, and genuine insights, not just more orange paint, paragraphs of the white paper and some copper wires.

The genuinely sad part is the sheer effort many of the artists pour into their work! But there’s a limit to how much you can make people want to buy an art piece simply because it has a Bitcoin theme. Go beyond that.

Get real

Real Bitcoin art, in whatever form it takes, will command a high valuation because it will be scarce, original, and have Bitcoin not just as a subject, but woven into its very fabric. That form (and there will be many), in my opinion, is still waiting to be discovered. And I’m fairly certain it won’t be found in a conference gallery, where bored artists sit next to their work, politely nodding at every bloke who wants to sound knowledgeable about art for five minutes or tries to make himself look like a big shot. Because let’s face it, I’ve yet to meet a Bitcoiner with a genuine understanding of art history or a truly discerning eye.

Some starting points, perhaps (just my two cents) :

Art that embodies decentralization itself, inviting audience participation and co-creation, mirroring Bitcoin’s ethos but yet to be fully realized in the art world. Including consensus.

Art that incorporates distributed consensus or a rotating "proof of work" concept in its creation or presentation.

Purely mathematical art forms that resonate with Bitcoin’s underlying principles.

The possibilities are vast. Or maybe, just maybe, Bitcoin itself is our art, and we don’t need all this orange-tinged stuff cluttering up galleries nobody asked for.

And why not paint blocks holding women, instead of women holding blocks? Or why not have inflation-resistant art? Or math-based art that isn’t even possible to show on a canvas?

On that subject, the author of this piece enjoys making art as well and conducted a small experiment. I've performed a "life performance" approximately three times now, which I consider pure Bitcoin art. This was an action, not a physical object. It demonstrated work I personally delivered as “a miner” (function in this art piece), and during the process, people could verify it and even received my block subsidy (effort). So far, only one person has recognized this art form; the rest were unaware. Since it's an action, not an object, it's intangible unless you witnessed it. This is my way of saying, "you are the artist." According to the bitcoin ethos.

Interestingly enough, other people, even those involved in Bitcoin art themselves (!), didn't see it. This amused me because, much like the early weeks of Bitcoin's network growth, many initially failed to recognize its potential. Perhaps this parallel should be enough for us all to understand the true nature of Bitcoin art.

The Artistic Dare:

Here’s a challenge, not to your wallet, but to your creative soul: conceive and execute a piece of art that embodies the spirit and principles of Bitcoin in a way that is genuinely original, thought-provoking, and resonates beyond the immediate Bitcoin echo chamber. Forget the predictable iconography. Dig deeper.

If you can create something truly compelling, something that makes us see Bitcoin – or art – in a new light, then you’ve truly created Bitcoin art. And then comes the extra real challenge: finding someone who can and would pay for it, and at the same time “gets it”.

The main challenge is creating real art—a path, a genre—where a standalone Bitcoin art gallery can thrive outside the conferences and the small echo chamber of the “what do you sell?” crowd.

Don’t sell your dreams and authenticity to bored traders or bitcoin consultants. It’s like serving the finest wine to a bunch of alcoholics in a bar at 4 am.

Playing it safe with themes and artworks that can’t cross into the real art scene (even the underground art scene, let alone the corporate art) will not be as long-lived as bitcoin itself. Trying to spark interest from art lovers in general, will be the killer app, and will make bitcoin art into a movement. And that’s what we all need to make it art,… the pieces can’t exist without the movement. I hope someone will get the right spark, idea and fire going.

But until then we’ll be stuck with people painting a chimpanzee holding a glittering Bitcoin logo and chatting with any dude that wants to feel like someone at a conference.

Good luck.

AVB

@ 94a6a78a:0ddf320e

Nostr is a revolutionary protocol that enables decentralized, censorship-resistant communication. Unlike traditional social networks controlled by corporations, Nostr operates without central servers or gatekeepers. This openness makes it incredibly powerful—but also means its success depends entirely on users, developers, and relay operators.

If you believe in free speech, decentralization, and an open internet, there are many ways to support and strengthen the Nostr ecosystem. Whether you're a casual user, a developer, or someone looking to contribute financially, every effort helps build a more robust network.

Here’s how you can get involved and make a difference.

---

1️⃣ Use Nostr Daily

The simplest and most effective way to contribute to Nostr is by using it regularly. The more active users, the stronger and more valuable the network becomes.

✅ Post, comment, and zap (send micro-payments via Bitcoin’s Lightning Network) to keep conversations flowing.\ ✅ Engage with new users and help them understand how Nostr works.\ ✅ Try different Nostr clients like Damus, Amethyst, Snort, or Primal and provide feedback to improve the experience.

Your activity keeps the network alive and helps encourage more developers and relay operators to invest in the ecosystem.

---

2️⃣ Run Your Own Nostr Relay

Relays are the backbone of Nostr, responsible for distributing messages across the network. The more independent relays exist, the stronger and more censorship-resistant Nostr becomes.

✅ Set up your own relay to help decentralize the network further.\ ✅ Experiment with relay configurations and different performance optimizations.\ ✅ Offer public or private relay services to users looking for high-quality infrastructure.

If you're not technical, you can still support relay operators by subscribing to a paid relay or donating to open-source relay projects.

---

3️⃣ Support Paid Relays & Infrastructure

Free relays have helped Nostr grow, but they struggle with spam, slow speeds, and sustainability issues. Paid relays help fund better infrastructure, faster message delivery, and a more reliable experience.

✅ Subscribe to a paid relay to help keep it running.\ ✅ Use premium services like media hosting (e.g., Azzamo Blossom) to decentralize content storage.\ ✅ Donate to relay operators who invest in long-term infrastructure.

By funding Nostr’s decentralized backbone, you help ensure its longevity and reliability.

---

4️⃣ Zap Developers, Creators & Builders

Many people contribute to Nostr without direct financial compensation—developers who build clients, relay operators, educators, and content creators. You can support them with zaps! ⚡

✅ Find developers working on Nostr projects and send them a zap.\ ✅ Support content creators and educators who spread awareness about Nostr.\ ✅ Encourage builders by donating to open-source projects.

Micro-payments via the Lightning Network make it easy to directly support the people who make Nostr better.

---

5️⃣ Develop New Nostr Apps & Tools

If you're a developer, you can build on Nostr’s open protocol to create new apps, bots, or tools. Nostr is permissionless, meaning anyone can develop for it.

✅ Create new Nostr clients with unique features and user experiences.\ ✅ Build bots or automation tools that improve engagement and usability.\ ✅ Experiment with decentralized identity, authentication, and encryption to make Nostr even stronger.

With no corporate gatekeepers, your projects can help shape the future of decentralized social media.

---

6️⃣ Promote & Educate Others About Nostr

Adoption grows when more people understand and use Nostr. You can help by spreading awareness and creating educational content.

✅ Write blogs, guides, and tutorials explaining how to use Nostr.\ ✅ Make videos or social media posts introducing new users to the protocol.\ ✅ Host discussions, Twitter Spaces, or workshops to onboard more people.

The more people understand and trust Nostr, the stronger the ecosystem becomes.

---

7️⃣ Support Open-Source Nostr Projects

Many Nostr tools and clients are built by volunteers, and open-source projects thrive on community support.

✅ Contribute code to existing Nostr projects on GitHub.\ ✅ Report bugs and suggest features to improve Nostr clients.\ ✅ Donate to developers who keep Nostr free and open for everyone.

If you're not a developer, you can still help with testing, translations, and documentation to make projects more accessible.

---

🚀 Every Contribution Strengthens Nostr

Whether you:

✔️ Post and engage daily\ ✔️ Zap creators and developers\ ✔️ Run or support relays\ ✔️ Build new apps and tools\ ✔️ Educate and onboard new users

Every action helps make Nostr more resilient, decentralized, and unstoppable.

Nostr isn’t just another social network—it’s a movement toward a free and open internet. If you believe in digital freedom, privacy, and decentralization, now is the time to get involved.

@ 9ca447d2:fbf5a36d

Ed Suman, a 67-year-old retired artist who helped create large sculptures like Jeff Koons’ Balloon Dog, reportedly lost his entire life savings — over $2M in digital assets — in a sophisticated scam.

The incident is believed to be tied to the major data breach at Coinbase, one of the world’s largest digital asset exchanges.

Suman’s story is part of a bigger wave of attacks on digital asset holders using stolen personal info, and has triggered lawsuits, regulatory concerns and questions about digital security in the Bitcoin space.

In March 2025, Suman got a text message about suspicious activity on his Coinbase account. After Suman reported he was unaware of any unauthorized activity regarding his account, he got a call from a man who introduced himself as Brett Miller from Coinbase Security.

The guy sounded legit — he knew Suman’s setup, including that he used a Trezor Model One hardware wallet, a device meant to keep bitcoin and other digital assets offline and safe.

Suman told Bloomberg the guy knew everything, including the exact amount of digital assets he had.

The attacker persuaded Suman that his Trezor One hardware wallet and its funds were at risk and walked him through a “security procedure” that involved entering his seed phrase into a website that looked exactly like Coinbase, in order to “link his wallet to Coinbase”.

Nine days later, another guy called and repeated the process, saying the first one didn’t work.

And then, all of Suman’s digital assets — 17.5 bitcoin and 225 ether — were gone. At the time, bitcoin was around $103,000 and ether around $2,500, so the stolen stash was worth over $2 million.

Suman turned to digital assets after retiring from a decades-long art career. He stored his assets in cold storage to avoid the risks of online exchanges. He thought he did everything right.

Suman’s attackers didn’t pick his name out of a hat.

It looks like his personal info may have been leaked in the major breach at Coinbase. The company confirmed on May 15 that some of its customer service reps in India were bribed to access internal systems and steal customer data.

The stolen data included names, phone numbers, email addresses, balances and partial Social Security numbers.

According to Coinbase’s filing with the U.S. Securities and Exchange Commission, the breach may have started as early as January and affected nearly 1% of the company’s active monthly users — tens of thousands of people.

Hackers demanded $20M from Coinbase to keep the breach quiet but the company refused to pay. Coinbase says it fired the compromised agents and is setting aside $180M to $400M to reimburse affected users.

But so far, Suman hasn’t been told if he’ll be reimbursed.

Since the breach was disclosed, Coinbase has been hit with at least six lawsuits.

The lawsuits claim the company failed to protect user data and handled the aftermath poorly. One lawsuit filed in New York federal court on May 16 says Coinbase’s response was “inadequate, fragmented, and delayed.”

“Users were not promptly or fully informed of the compromise,” the complaint states, “and Coinbase did not immediately take meaningful steps to mitigate further harm.”

Some lawsuits are seeking damages, others are asking Coinbase to purge user data and improve its security. Coinbase has not commented on the lawsuits but pointed reporters to a blog post about its response.

Suman’s case is a cautionary tale across the Bitcoin world. He used a hardware wallet (considered the gold standard of Bitcoin security) and was still tricked through social engineering. Even the strongest security is useless if you don’t understand how Bitcoin works.

It’s never too early for Bitcoiners to start learning more about Bitcoin, especially on how to keep their stash safe. And the first lesson is “never ever share your seed phrase with anyone”.

Related: Bitcoin Hardware Wallet Hacks: What You Need to Know

@ 9e69e420:d12360c2

President Trump has intensified immigration enforcement, likening it to a wartime effort. Despite pouring resources into the U.S. Immigration and Customs Enforcement (ICE), arrest numbers are declining and falling short of goals. ICE fell from about 800 daily arrests in late January to fewer than 600 in early February.

Critics argue the administration is merely showcasing efforts with ineffectiveness, while Trump seeks billions more in funding to support his deportation agenda. Increased involvement from various federal agencies is intended to assist ICE, but many lack specific immigration training.

Challenges persist, as fewer immigrants are available for quick deportation due to a decline in illegal crossings. Local sheriffs are also pressured by rising demands to accommodate immigrants, which may strain resources further.

@ 8671a6e5:f88194d1

\~ The person came up to me from behind his merchandise stand and saw my Noderunners pin on my black t-shirt, then looked me dead in the eye and asked : “So… what do you sell?”

This is the eighth long-read in a series of twelve “food for thought” writings on Bitcoin. It was originally meant to be a few chapters in a book, but life’s too short for that.

Define

Let me start by saying there’s no single way to define or explain a “Bitcoin conference.” The experience can vary depending on a few factors: who’s organizing it (a long-time Bitcoiner or someone from traditional finance trying to grasp Bitcoin), where it’s being held (a sunny paradise like Madeira or a gloomy northern French town), and who’s speaking (technical experts or charismatic entertainers or people with little substance).

Despite these differences, there’s a shared culture that ties these conferences together: a mix of excitement, frustrations, and inevitable evolution. That’s what I explore.

This is just my take, based on what I’ve personally witnessed and what I hear from my surroundings. It’s not meant to be a blanket critique of all Bitcoin conferences as there are plenty I haven’t attended, though I hear about most of them. Even the good ones will evolve into something else over time. So, plan accordingly.

A bit of background on my perspective: at some point in my life, I hit a bump in the road that kept me tied to where I live — a bleak corner of Belgium, surrounded by fiat slaves, shitcoiners, and people who spend six hours a day consuming brain-numbing garbage television. Traveling is an exception for me, but for many Bitcoin conference attendees, it’s a ritual, a must-do event.

So, I view these events with a mix of fascination and grounded skepticism — something I’ve found lacking in many Bitcoiners. I’ve never been to a Bitcoin conference before 2023, despite receiving plenty of invites over the years. From what I heard and saw in photos from friends who attended (even the real early ones) these events seemed eerily similar to the dull hotel conference rooms I once endured in tech and telecom. I’ve had my fill of lukewarm, watery coffee and lifeless speakers droning on about firewalls. So I skipped that particular honor.

Up until around 2018, Bitcoin conferences were a soulless sea of chairs lined up under fluorescent tube lights, draining the life out of attendees—one telecom acronym at a time. Not exactly inviting. Yet, looking back from the perspective of 2025, those were the “pure” days. Back then, people like Roger Ver (before he pivoted to Bitcoin Cash), Andreas Antonopoulos, and encryption specialists spoke to small audiences, explaining Bitcoin in its raw form.

But, like any Bitcoiner, I try to improve myself. So, I made the effort to travel, visit other Bitcoiners, and attend Bitcoin conferences. The conferences I attended in 2023/2024 made me a bit wiser ; not necessarily from what was said on stage (with a few lucky exceptions who still try to bring original thoughts). Most of what I learned came from the long queues, the drama, and watching grifters operate in real time and the good characters floating around.

So, here’s what I’ve learned.

Chain of ticket

I quickly discovered that many Bitcoin conferences have their own “quest for tickets” dynamic, almost like an industry with its own inner circle. It’s a waterfall system: tickets start at lower prices to fill up the venue (usually right after the previous edition). That’s standard practice, both inside and outside of Bitcoin. But what’s strange is seeing organizations that only pop up when a conference needs promotion—somehow securing tickets for themselves and their friends (or for *making* friends) while shilling referral links for small discounts to their followers.

The real free tickets, though, are a hot topic in many local communities and make all the difference for some attendees. What’s particularly interesting is that most ticket prices can be paid in Bitcoin, adding a layer of calculation to the process.

If you paid 230500 sats for your ticket and later see the dollar price fluctuate, say from $180 to $270, or the other way around, by the time the conference starts, you realize you either bought too late or too early.\ It’s better to not have bought at all.

Some ticket holders end up paying less (in dollar terms) than others, making it a gamble. As the event date approaches, ticket prices tend to rise—unless you wait until the last minute, when they haven’t sold out, or just pay at the door. It’s a strange feeling knowing that not everyone paid the same amount (and as mentioned, a significant number get in for free) depending on their timing.

Many organizations and local community representatives show up primarily to be present; securing free tickets, which function more as a badge of recognition than a necessity.\ It’s similar to how a rock groupie sees backstage access: a status symbol, whether for an autograph or something more. Being seen standing next to big names is a huge deal for some, as they derive their own status from proximity.\ This also reinforces the “rockstar status” that conferences create around certain figures, once they come out to take a selfie with some nice people and young fans, then to quickly disappear back to the ‘whale room’ or backstage.

There’s often an entire insider network determining who gets these free tickets. In some cases, it’s naturally tied to the local community, but in others, the professionalism is laughably low. At certain events, you could probably just walk up to the entrance (if there’s even someone checking) and say, “I’m with the organization” to get in for free.

It gets even more absurd.\ At a conference near the French-Swiss border, I was probably one of the very few who actually paid for entry. The real spectacle wasn’t in the talk rooms — which remained eerily empty — but in the dining area, where half the town seemed to have shown up just for the free food. Around 200 people queued for a free lunch, while the presentation halls were at best one-third full throughout the day.

And beyond the ticket games, there are plenty of ways to slip in unnoticed. Carrying a random piece of equipment and mumbling\ “I need to put this crate in the back” can get you past security. Or you can just wait for the one security guard to get distracted by chatting up a girl or stepping out for a smoke, and you’re in. At one event, I walked in alongside someone carrying crates of wine for the VIP lounge. I blended in perfectly (I paid afterward).

So, to sum up: at nearly every conference I’ve been to, a big portion of attendees either walk in for free or hold compensation tickets they got through some connection. Sometimes that connection is uncomfortably close to the organizers. Other times, they just slap an “industry” label on themselves when, in reality, they’re nothing more than a social media bio with a few followers.

Local representatives of a podcast, community, influencer network, or fake marketing club also get in for free. And you? The regular guest, you and I are paying for them. There’s no real vetting process; with some organizers, anyone wearing a Bitcoin t-shirt and saying the magic words “I do community building” or “I know the local Bitcoin meetups” gets a free pass.

The ones who actually want to learn about Bitcoin — the ones who click the link and pay full price — are the ones covering the costs for everyone else and ultimately making these conferences profitable (or at least break even). The problem? They’re the ones left wondering: “Was it really worth my time and money?” only to never return again most of the time.

Because many of the people at these conferences aren’t there to learn. They’re part of the circus. And others? They’re the ones paying for the circus boss, the clowns, and the trapeze artists.

At that one conference with the massive free-lunch crowd, I saw one interesting talk. And I had plenty of valuable conversations and observations — conversations I could have just as easily had by visiting that place outside of a conference setting.

In the end, I realized the main reason I was there was to support a fellow Bitcoiner giving a presentation. And after that? They disappeared from my life. Because, just like in the fiat world, you’re only as good as your last few hours of usefulness to most people.

Which brings me to the next element of Bitcoin conferences...friends

Bitcoin “frens”

This might be the hardest lesson of all: you meet fellow Bitcoiners at these conferences. And some of them? They’re truly special characters. A few even made such a deep connection with not-so-well-traveled-me that I would’ve gladly traveled a full travel day just to spend time working and doing something meaningful together (which I actually did).

But most of these connections? They last only a moment. Few survive beyond the conference, mainly because of the vast distances— both in kilometers (or miles) and in the way we live our everyday lives. The Bitcoiners you meet at these events are, for the most part, just regular people trying to make ends meet in the fiat world while saving in Bitcoin. Or they’re chasing the Bitcoin dream or even find a job in the fata morgana of bitcoin jobs. They act like they belong, like a clown acting like he’s going to climb the trapeze.

I respect that. But over time, I realized that many of them operate in Bitcoin mode; a kind of facade. Behind that front, that mask, most are just testing the waters to see if they can make it. And most don’t.\ Treating Bitcoin as a lifestyle movement, a career shortcut, or an identity, has its limits. Eventually, the real person breaks through. And you have to face your own instincts and personality.\ I’ve tried to be an acrobat, and ride the lion, make the audience laugh, but I’m still the seal who’s brought back to the cage after he balanced a ball on his nose. The quote “I’m Jack’s wasted life.” came to mind often when standing somewhere at a conference space.

Self-doubting people stay self-doubting, owning Bitcoin or not. Emotional wrecks remain emotional wrecks — just with Bitcoin now. And when these masks slip off, you’ll see everything: the greed, the overconfidence, the longing for drama, the addictions, the narcissism, the energy-draining personalities, sleaziness usually with the ones who always say the right oneliners or wear the right Bitcoin merch to blend in.

And you can love people for that. Everyone has flaws. Everyone has a price as well.

But these Bitcoin “frens” can also hurt you badly. Because as Bitcoiners, we carry hopes. And hopes are like ants on a sidewalk, they’ll eventually get crushed.\ We long to meet people who see the same truth, the same vision of Bitcoin as we do. Some will act like they actually understand and do, they talk the talk for a while, as if they’re parroting a podcast.

If you stay in the shadows - like I did for years - you won’t have to deal with these things. If you never try, you’ll never be let down. But you still stay in the imaginary basement, letting yourself down. That’s not the bitcoin style. We router around problems. Even if we stand amidst the problems (like a conference).

But if you do? There’s a hefty price to pay — beyond just the money spent. It’s a cost paid in energy, emotions, and social interactions and above all: time.

And once in a while, you’ll meet a friend for life.

Just be prepared:

Bitcoin is a journey that few people you encounter at a conference can take for longer than four years, or even four hours of conversation actually.

And then, after navigating the social maze of Bitcoin conferences —the connections, the masks, the fleeting friendships, the smell of weed and regret — you find yourself facing an even greater challenge: the queue at a coffee stall.

## \ The Soviet LN Queue

It’s one of the most fascinating and frustrating aspects of every conference: the insanely long lines. Whether it’s for the toilets, a coffee booth, or some niche merchandise stall, you’ll see Bitcoiners waiting like it’s 1963 after a Soviet state bakery just got fresh deliveries.

waiting for coffee Seriously, aren’t we supposed to be the pinnacle of free-market efficiency? Instead, we’ve somehow perfected the art of the long food lines. I remember people waiting in line for like 35 minutes to order a cappuccino!

The usual culprit? A mix of payment chaos and the Bitcoin Orangepill mental issues in action.

A large portion insists on using Lightning (as in "their preferred lighting wallet"), which would be fine except they’re fumbling with some exotic, half-working wallet because using something that’s actually fast might get them sneered at for being “custodial.”

On top of that, vendors are juggling card payments, cash, various Lightning POS systems, and even the occasional cutting edge dudes trying to pay with an Apple Watch or worse, some newly released Lightning-enabled gadget that doesn’t work yet. And when it does work, it requires so much attention and Instagram footage that it takes five minutes just to hand someone a coffee while the guy pays with a lighting NFC ring on his finger, something you can't use ànywhere else ever. It’s cool. But not to anyone else than you.

So, here’s a tip for the regular people, the rats that pay for all of this : sneak out.

Then you find a small, locally owned café outside the conference, pay them in cash, and actually enjoy your food in a few seconds or minutes.

If (and only if) they accept Bitcoin, great! Tip them well. Otherwise, just relax and have a conversation with a local, all the while inside the conference venue there are Bitcoiners filming each other struggling to make a payment with the latest Lightning-enabled NFC card or making the staff uneasy.

Meanwhile, some poor 22-year-old café worker is trapped in an unsolicited podcast participation:

“Wait, you accept tips in Wallet of Satoshi? Who told you that? I’ll explain it to you!”

Or worse:

“Hold on, I just need to do a quick swap… It’s an on-chain transaction, the last block was 19 minutes ago, can’t be long now… wait… umm… do you take VISA?”

At this point, ordering a simple drink at a Bitcoin conference has become an unnecessarily complex, ego-driven performance. With long queues as a direct result. And don’t get me started on the story when 30+ bitcoiners walked in to a Portuguese restaurant without a reservation, and they all wanted to pay with different payment methods. It was like the Vietnam war.

Solution:

A tip for conference organizers and their catering : pick one Bitcoin point of sales system, set clear guidelines, and make everyone stick to them. Instruct people to adhere to the following :

Pay with a (bank) card, cash, or Lightning and PLEASE decide beforehand which method you’re using before ordering your stuff! We prefer lighting.

If you’re using Lightning, have enough balance on you wallet or get lost.

Use a compatible wallet. (Provide a tested “approved” list and train staff properly. Users who use other stuff get their order “cancelled” at the first sign of trouble. Your app‘s not scanning, or not compatible, or it has some technical mumbo-jumbo going on to your vpn LN node at home 2000 km away? Please get real and pay with a bank card or something.

No filming, duck-facing (like it's 2017) or stupid selfies with your payment. It’s been done a thousand times by now. There are people in line, waiting behind you, they want to order as well, while you have your little ego trip or marketing moment. Move on please!

“Our staff knows how bitcoin payments work, you don’t need to #orangesplain it to anyone.” We don’t care about your 200th LN app or the latest “but… this one is faster” thingy. Order your drinks, pay and get out of the way please.

Bitcoin fixes many things. But it hasn’t quite fixed this yet.

The bitcoin conference axiom

Going to a conference, versus keeping your bitcoin in your wallet is a tough choice for many.

If you pay nothing for tickets and lodging, while enjoying free meals and cocktails, your opportunity cost drops close to zero —yet your networking and social impact are maximized while you can also do business. That’s ideal. At least, for you. In such case, Bitcoin may only "win" over an extended timeline, but for you, it's essentially a free ride. You incur no real opportunity costs. You drink their milkshake.

On the other hand, if you’re a regular attendee, you pay full price: the ticket, overpriced drinks and food from the stands (losing even more if you generously pay for coffee in sats), plus extras like t-shirts and books (which you’ll never read). Your milkshake gets taken—at least half of it.

If you’re lucky, you might spend an evening in town with the event’s "stars"—those occasional luminaries who briefly grace the normies with their presence for a drink. Some can’t even hold their liquor. Year after year, the same 10 to 15 speakers or panelists appear, funded by your dime, traveling the world and enjoying the perks—some even cultivating fan bases and hosting exclusive parties.

The real opportunity cost hits hardest for regular attendees who come to learn, shelling out significant money while accumulating their fourth hardware wallet or yet another orange-themed t-shirt. They might even squeeze in a selfie with a former sportswear model turned Bitcoiner. For normies (as they’re often called), the financial and social scales rarely tip in their favor.

Calculating the conference opportunity cost

To determine the opportunity cost of attending a conference instead of investing in Bitcoin, over time follow these steps:

1. Calculate your total conference expenses, including tickets, travel, food, drinks, and lodging (merchandise and donations).

2. Estimate Bitcoin’s percentage gain over the conference period and the following year(s). (in order to not make you cry, I suggest nog going over 5 years)

3. Multiply your total conference cost by this percentage to determine the potential Bitcoin profit you forgo.

4. Assign a dollar value to the networking or business opportunities you expect to gain from the conference (if you’re not just in it for the laughs, meeting high-class consultants, friendships, self-proclaimed social media Bitcoiners, or the occasional gyrating on one of the musicians/artists/food stall staff members).

5. Subtract this “networking” value from the missed Bitcoin profit to find your net opportunity cost (this is rather personal,… with me it’s zero, but for someone selling t-shirts it’s probably much more).

If the result is negative over the chosen timeframe, the conference was financially worthwhile for you. If positive, holding or buying Bitcoin was the smarter move.

Unless you’re a recognized speaker in this traveling circus, your opportunity cost will likely be positive — meaning all the others lose hard money, while fumbling with your Lightning wallet.

The Conference Opportunity Cost Formula

Let:

CT = Total conference ticket & entrance cost (in dollars)

CR = Total related conference costs (travel, lodging, food, etc.)

C = CT + CR (Total cost)

G = Bitcoin’s % gain per year (as a decimal, e.g., 5% = 0.05)

N = Estimated fiat value of networking/business opportunities and knowledge gained.

OC = (C × G) − N

Where:

OC (Opportunity Cost) < 0 → The conference was worth attending.

OC (Opportunity Cost) > 0 → Holding/buying Bitcoin was the better move.

Some example calculations (I've left out examples before 2020, I don't want people crying or waking up at night thinking "Why did I go to Amsterdam in 2014?!")

example : Conference in April 2024 Entrance: $200 Lodging, t-shirt, and travel: $900 Bitcoin's estimated gain: 23% (0.23) No business / knowledge value gained OC = (200 + 900) × 0.23 - 0

• $253 OC (Bitcoin would have been the better choice.)

Conference in April 2020 (adjusted for historical Bitcoin growth) Entrance: $175 Lodging and travel: $700 Bitcoin's estimated gain: 1089% (10.89) No business / knowledge value gained OC = (175 + 700) × 10.89 - 0 OC = +$9,529 (Massive missed gains — Bitcoin was the clear winner.

--

So the first lesson in bitcoin should be: Only attend conferences if you get paid to do so and get a free ticket and free lodging, which kind of would kill that whole industry to begin with.

Energizing

At first, it’s energizing to meet like-minded bitcoiners, but after a while, you realize that a big chunk of them are just trying to sell you something or aren’t really bitcoin-focused at all. And some of them are just looking for their next way to kill time and boredom.

The drama that comes with attending these conference and the personal interaction can get pretty intense at times, since expectations often don’t match the personalities. Before you know, you’re walking around at night through some bad part of a town, while crying your eyes out because you thought you found your soulmate.

Future pure industry conferences will suffer less from this drama, because everyone there has the same goal — pushing their company or product— while the “other” grassroots conferences are more of a meeting spot for bitcoiners of all types and perspectives, bringing the usual drama and mess that comes with human interactions. Current conferences are a mix of both usually.

I think the current era of bitcoin conferences is coming to an end. Soon, probably by the end of 2025, we’ll see a clear split between industry-driven and human-driven (grassroots) smaller conferences, and it’ll be really important to keep these two separate.

I even had the idea to launch a sort of conference where there wouldn’t be any industry speakers or companies present. Just bitcoiners gathering at a certain place at a specific week and having a good time. I called it “club Sat” And you could just go there, and meet other bitcoiners, while acting there was a big venue and speakers,… but there aren’t any. Would be refreshing. No struggle for tickets, no backstage stuff, no boring talks and presentation,… just the surroundings and the drama lever you want and probably like.

On stage

The podium is usually left for the known names. Not every conference is like that, but most of them need these names, badly. These names know each other, they encounter one another in VIP rooms and “the industry” a lot of times anyway.

The same people you see in the bitcoin news, the same people having a cult following, and the very same people traveling, staying and drinking for free while spreading the same bitcoin wisdoms will be invited over and over again.

Or… they go rock around as they’re usually so bored they had to start a rock band to entertain themselves. Which is rather entertaining if you’re following up on who does what, but in the end it’s largely just for their own amusement and it shows. I get that. I would do the same. It’s fun and all.

It’s just a bit sad that there are only a small group of top-layer speakers, and then the sub-top that usually has more to say, or gets little opportunity. The reason for that is simple: the “normies” who pay in full for tickets, come there for the “big” names. They don’t know that much about bitcoin usually, so they’re not waiting on some unknown dude explaining something about an obscure niche subject. A debate can help remedie this, to mix it in with some lesser known names, but I have the feeling the current “line-up” of bitcoin conferences feels like a rock festival in 2025 putting the Stone temple pilots or Creed on the card.

Yes, they’ll attract an audience and do their playset well,… but it’s not exactly the pinnacle of the music industry at the moment, neither is Madonna by the way :)

Promoting anything

The people organizing these events usually aren’t Bitcoiners either — they’re promoters (few exceptions though).

They don’t care if they organize a symposium about a newly discovered STD, A three-day cheese tasting event, a Star Trek convention, or a Lucha Libre wrestling tournament featuring El HODLador, as long as they can sell tickets and make money from merchandise they're good. The last thing on the mind with some of them will be helping bitcoin adoption. There will be a time (soon) where people that know bitcoin, known bitcoiners and know how to organize events get their act together. It will be different than the early days, and it will be different than the boring going-through-the-motions conferences we have now. There shall be fun, social gatherings, life, excitement and culture, and not the “what do you sell?” atmosphere, neither the “this old dude on stage again”?

That’s why they’ll slap any semi-famous name on the poster to pull in a crowd - could be a washed-up Mexican wrestling star with strange legal issues, the cheese-tasting equivalent of Usain Bolt, or your neighborhood Bitcoin old-timer with a beard and a "best selling author" label.

It’s also why most of these conferences end up being more about shitcoins than anything else. And even if they're for the most part about bitcoin, the venue is usually infested with marketing budgets, useless organizations that wanted complimentary tickets (some of them do only one thing: popping up when a conference is nearby and then they’re gone again) ... along with some hawking consultant types you never see anywhere else.

They'll occasionally pay people but usually in fiat, or if you're a bigger name, you might get other deals. For artists or staff, it's all in fiat from what I heard.

Pure Bitcoin conferences, also rely on these big names. Whether it’s a well-known Bitcoiner, a CEO, president, or someone with real reveling knowledge to share with the audience (though that last type is getting rare).

Looking for love in all the wrong places

\ Let’s also address the fair share of “orange diggers” at Bitcoin conferences—because yes, they exist. And no, let’s not single out one particular gender here.

Some people treat a Bitcoin conference like a live-action dating app mixed with a financial vetting process for potential partners. It’s essentially an opportunity to inspect and assess the grab bag of fintech, crypto, and Bitcoin folks in real life.

And if you think this is exaggerated, just attend a few conferences—three is enough. You’ll start noticing the same people popping up, seemingly without any real Bitcoin knowledge, but with a very strong interest in dining, chatting, and generally being around—as long as you look and play the part. I can only imagine how dialed-up this effect must be at a shitcoin conference — probably like flies on a cowpie.

The trick is, in Bitcoin, these people try to blend in. Some even tag along with real Bitcoiners, while others just crash the party and try to get noticed. Their actual interest in Bitcoin? Close to zero. Their main target? Your wallet, or some fantasy thing about getting to know someone out of the ordinary.

And that’s a shame for the people who genuinely care about Bitcoin, who want to network, or who simply are looking for like-minded people. They often find themselves competing for attention with those who’ve turned “being noticed” into a sport, while the rest just wander around, lost in the shuffle. Talk to the quiet ones. Certainly if they look like they belong in a antiques shop.

My advice: Talk to people and be genuine. If you don’t know much about Bitcoin, that’s fine - nobody expects you to be a walking whitepaper and on top of that, most people you'll encounter don't know that much either. It’s bitcoin: we’re all rather average people that hold an extraordinary asset.

Just don’t be "that orange digger" looking for a partner with a loaded bag of bitcoin.

Because in the end, what’s the prize you win? You don’t know who’s under the mask. You don’t even know who’s under your own mask.

Finding a man or woman at a place where half the people are laser-focused on financial sovereignty, and the other half are busy arguing about seed phrase storage, UTXO management, and why your Lightning wallet sucks? But good luck with that. The judge of character usually comes when they find the next shiny object or ditched you standing in the rain at the entrance of a restaurant while dealing with a lightning watchtower or a funny cigarette or whatever.

If you’re truly looking for love, maybe stick to going to a normal bar. If you’re here to learn, connect, and be part of something of a grassroots movement, then be real yourself.

I've seen some rather nasty examples of people at Bitcoin conferences—of all kinds. And I've also seen some really cool examples of truly awesome people. This led me to believe that Bitcoin conferences simply let you meet… people, just dialed up a bit.

Future If you encounter rotten people, they’ll usually be even more rotten than in the fiat world. If you meet really cool people, they’ll be even more awesome than the cool people in the fiat world.

Our volatility is our freedom. So, I guess it’s normal. Doesn’t make it any easier, though.

Bitcoin sees through bullshit, and so do Bitcoiners (even if it takes 21,000 blocks)

Pretty soon, I reckon we’ll see conferences fork into two camps: grass roots, and the “industry” level ones. (human / corporate) I guess I’ll only attend the human part, for sure, but I can’t help but booking myself a single room in a hotel in a nice area in that case, so I don’t have to deal with class of 2022 hippies sharing referral links to their middleman service while asking me for a lighter 3 times in a row. The chances for me of meeting cool bitcoiners in a nearby cocktail bar are a lot higher.

In the meanwhile, I’ll look forward and see how the bitcoin conferences will evolve, fork in two “styles”. One corporate and one underground. Maybe there will be one more genre just for the fun of it.

I’ll stay away, as I don’t like this current mix of industry gigs and having the insiders and “the rest” of us all mingled together clamoring for tickets, attention and coffee. The game is rigged. Staying at home is the better option (for now).

written by AVB

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@ 9ca447d2:fbf5a36d

Singapore, May 14, 2025 — NEUTRON, the leading Lightning Network infrastructure provider in Asia, is announcing a new partnership with Cobo, a globally trusted digital asset custody platform.

Through this collaboration, Cobo will integrate Neutron’s Lightning Network API, enabling real-time, cost-effective Bitcoin transactions across its services.

Neutron’s mission is to make the Lightning Network the financial backbone for modern Bitcoin use, bridging traditional finance with Bitcoin’s borderless, decentralized economy.

“We’re thrilled to partner with Cobo, a trusted leader in custodial services, to further accelerate Bitcoin infrastructure across Asia,” said Albert Buu, CEO of Neutron. 

“At Neutron, we are committed to providing enterprise businesses with easy and efficient integration into the Lightning Network, enabling next-generation global real-time settlement solutions.

“This partnership will not only drive innovation but also empower businesses across Asia with the fast, secure, and cost-effective benefits of Bitcoin payments.”

Neutron: The Lightning Engine for Bitcoin Adoption

Neutron provides a comprehensive API suite that allows businesses to instantly access the power of the Lightning Network, Bitcoin’s second-layer protocol designed for high-speed, scalable, and low-fee payments.

The integration is part of Neutron’s broader vision to equip forward-thinking institutions with the tools needed to participate in the next generation of Bitcoin utility.

Lightning-Powered Custody for the Next Era of Finance

Cobo’s integration of Neutron’s API gives institutional clients an additional option for BTC settlement, making Lightning Network access more programmable and easier to integrate within their existing systems.

“At Cobo, we’ve built our custody platform to combine uncompromising security with the scalability institutions need to grow,” said Dr. Changhao Jiang, CTO and Co-Founder of Cobo.

“Integrating Neutron’s Lightning Network API allows us to offer real-time, low-cost Bitcoin settlement at scale without compromising on trust or performance. Together, we’re laying the groundwork for faster, more efficient Bitcoin infrastructure across Asia.”

About Neutron

Neutron is Asia’s leading Bitcoin infrastructure company, helping businesses and individuals unlock the power of the Lightning Network, specializing in Lightning-as-a-Service.

nThrough its scalable API platform, mobile app, and lending product, Neutron empowers businesses and individuals to send, receive, save, and build with Bitcoin.
Want to bring Lightning into your product or platform? Reach out to our team at sales@neutron.me or visit us at www.neutron.me

About Cobo

Cobo is a trusted leader in digital asset custody and wallet infrastructure, providing an all-in-one platform for organizations and developers to easily build, automate, and scale their digital asset businesses securely.

Founded in 2017 by blockchain pioneers and headquartered in Singapore, Cobo is trusted by more than 500 leading digital asset businesses globally, safeguarding billions of dollars in assets.

Today, Cobo offers the industry’s only unified wallet platform that integrates all four digital asset wallet technologies – Custodial Wallets, MPC Wallets, Smart Contract Wallets, and Exchange Wallets.

Committed to the highest security standards and regulatory compliance, Cobo has a zero-incident track record and holds ISO 27001, SOC2 (Type 1 and Type 2) certifications, as well as licenses in multiple jurisdictions.

Recognized for its industry-leading innovations, Cobo has received accolades from prestigious entities such as Hedgeweek and Global Custodian. For more information, please visit www.cobo.com

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Marty's Bent

It's been a hell of a week in Austin, Texas. The Texas Energy & Mining Summit was held at Bitcoin Park Austin on Tuesday and yesterday. Around 200 people from across the energy sector and the mining sector convened to discuss the current state of bitcoin mining, how it integrates with energy systems, and where things are going in the near to medium term. Representatives from ERCOT, Halliburton, and some of the largest mining companies in the world were in attendence. Across town, Bitcoin++ is holding their conference on mempools, which is fitting considering there is currently an ongoing debate about mempool policy and whether or not Bitcoin Core should eliminate the data limit on OP_RETURN.

I've had the pleasure of participating in both events. At the Texas Energy & Mining Summit I opened up the two-day event with the opening panel on why Texas is perfectly suited not only for bitcoin mining but for the bitcoin industry in general. Texas is a state that highly values private property rights, low taxes, and free market competition. It's become clear to me over the four years that I've lived in Texas that it is an incredible place to start a bitcoin business. The energy down here (pun intended) is palpable.

I also hosted the ending panel with Nick Gates from Priority Power, Will Cole from Zaprite and Jay Beddict from Foundry about what we have to look forward to through the rest of the year. I think the consensus was pretty clear on the panel, there's never been a more bullish setup for bitcoin historically. The political support we're getting here in the United States, the institutional adoption that we're seeing, and the fervor around protocol level development are all pointing in the right direction. Even though the discussions around protocol development can be contentious at times, it's a signal that people really care about this open source monetary protocol that we're all building on. We all agreed that Bitcoin has never been more de-risked than it is today. That is not to say that there aren't any risk.

We also discussed the problem with mining pool centralization and the FPPS payout scheme and why people need to be paying attention to it. But I think overall, things are looking pretty good right now.

Yesterday I also had the pleasure of running the live desk at Bitcoin++ speaking with many of the developers building out the protocol layer and layers above bitcoin. It's always extremely humbling to sit down and speak with the developers because they are so damn smart. Brilliant people who really care deeply about bitcoin. Even though many of them have very different views about the state of bitcoin and how to build it out moving forward. I view my role on the live desk is simply to try to get everybody's perspective. Not only on the OP_RETURN discussion, but on the future of bitcoin and how the protocol progresses from a technical perspective.

I had many conversations. The first with Average Gary and VNPRC, who are working on hashpools, which are attempting to solve the mining pool centralization and privacy problems that exists by using ecash. Hashpool gives miners the ability to exchange hash shares for ehash tokens. that are immediately liquid and exchangeable for bitcoin over the lightning network. Solving the consistent payout and liquidity problem that miners are always trying to solve. Currently FPPS payout schemes are the way they solve these problems. I'm incredibly optimistic about the hashpools project.

I also had the pleasure of speaking with SuperTestNet and Dusty Daemon, who are both focused on making bitcoin more inherently private at the protocol layer and on the lightning network. I think Dusty's work on splicing is very underappreciated right now and is something that you should all look into. Dusty also explained an idea he has that would make CoinJoin coordination much easier by creating a standardized coordination protocol. I'm going to butcher the explanation here, But I think the general idea is to create a way for people to combine inputs by monitoring the lightning network and looking for individual actors who are looking to rebalance channels and opportunistically set up a collaborative transaction with them. This is something I think everyone should look into and champion because I think it would be incredibly beneficial to on-chain privacy. As Bitcoin scales and gets adopted by millions and billions of people over the next few decades.

I also had the pleasure of speaking with Andrew Poelstra and Boerst about cryptography and block templates. For those of you who are unaware, Andrew Poelstra the Head of Research at Blockstream and on the cutting edge of the cryptography that bitcoin uses and may implement in the future. We had a wide ranging discussion about OP_RETURN, FROST, Musig2, Miniscript, quantum. resistant cryptographic libraries, and how Bitcoin Core actually works as a development project.

I also spoke with Liam Egan from Alpen Labs. He's working on ZK rollups on Bitcoin. Admittedly, this is an area I haven't explored too deeply, so it was awesome to sit down with Liam and get his perspective. Alpen Labs is leveraging BitVM to enable their rollups.

I highly recommend if and when you get the time to check out the YouTube stream of the Live Desk. A lot of very deep, technical conversations, but if you're really interested to learn how bitcoin actually works and some of the ideas that are out there to make it better, this is an incredible piece of content to watch. I'm about to head over for day two of Bitcoin++ to run the Live Desk again. So if you get this email before we go live make sure you subscribe to the YouTube channel and tune in for the day.

One thing I will say. Last night, there was a debate about OP_RETURN and I think it's important to note that despite how vitriolic people may get on Twitter, it's always interesting to see people with diametrically opposed views get together and have civil debates. It's obvious that everyone involved cares deeply about bitcoin. Having these tough conversations in person is very important. Particularly, civil conversations. I certainly think yesterday's debate was civil. Though, I will say I think that as bitcoiners, we should hold ourselves to a higher standard of decorum when debates like this are had.

Tyler Campbell from Unchained mentioned that it is insane that there was such a small group of people attending this particular debate about the future of a two trillion dollar protocol. Bitcoin is approaching $100,000 again as I type and no one in big tech, no one in big finance outside of people looking for bitcoin treasury plays is really paying attention to what's happening at the protocol level. This is simply funny to observe and probably a good thing in the long run. But, Meta, Stripe, Apple, Visa, Mastercard and the Teslas of the world are all asleep at the wheel as we build out the future of money.

The $1 Trillion Basis Trade Time Bomb

The massive basis trade currently looming over financial markets represents a systemic risk that dwarfs previous crises. As James Lavish warned during our conversation, approximately $1 trillion in leveraged positions exist within this trade - ten times larger than those held by Long-Term Capital Management before its 1998 collapse. These trades employ staggering leverage ratios between 20x to 100x just to make minuscule basis point differences profitable. The Brookings Institution, which Lavish describes as a "tacit research arm of the Fed," has published a paper explicitly warning about this trade's dangers.

"The Brookings Institution came out with a solution... instead of printing money this time, the Fed will just take the whole trade off of the hedge funds books. Absolutely, utterly maniacal. The thought of the Fed becoming a hedge fund... it's nuts." - James Lavish

What makes this situation particularly alarming is how an unwind could trigger cascading margin calls throughout interconnected financial markets. As Lavish explained, when positions begin unwinding, prices move dramatically, triggering more margin calls that force more selling. This "powder keg behind the scenes" is being closely monitored by sophisticated investors who understand its destructive potential. Unlike a controlled demolition, this unwinding could quickly become chaotic, potentially forcing unprecedented Fed intervention.

Check out the full podcast here for more on Bitcoin's role as the neutral reserve asset, nation-state mining strategies, and the repeal of SAB 121's impact on banking adoption.

Headlines of the Day

Panama City Signs Deal for Bitcoin Municipal Payments - via X

U.S. Economy Polls Show Falling Confidence in Trump Leadership - via CNBC

Jack Mallers's Bitcoin Bank Targets $500 Trillion Market - via X

Bitcoin Decouples From Markets With 10% Gain Amid Asset Slump - via X

---

Looking for the perfect video _to push the smartest person you know from zero to one on bitcoin? Bitcoin, Not Crypto is a three-part master class from Parker Lewis and Dhruv Bansal that cuts through the noise—covering why 2

@ fd208ee8:0fd927c1

E-cash are coupons or tokens for Bitcoin, or Bitcoin debt notes that the mint issues. The e-cash states, essentially, "IoU 2900 sats".

They're redeemable for Bitcoin on Lightning (hard money), and therefore can be used as cash (softer money), so long as the mint has a good reputation. That means that they're less fungible than Lightning because the e-cash from one mint can be more or less valuable than the e-cash from another. If a mint is buggy, offline, or disappears, then the e-cash is unreedemable.

It also means that e-cash is more anonymous than Lightning, and that the sender and receiver's wallets don't need to be online, to transact. Nutzaps now add the possibility of parking transactions one level farther out, on a relay. The same relays that cannot keep npub profiles and follow lists consistent will now do monetary transactions.

What we then have is * a transaction on a relay that triggers * a transaction on a mint that triggers * a transaction on Lightning that triggers * a transaction on Bitcoin.

Which means that every relay that stores the nuts is part of a wildcat banking system. Which is fine, but relay operators should consider whether they wish to carry the associated risks and liabilities. They should also be aware that they should implement the appropriate features in their relay, such as expiration tags (nuts rot after 2 weeks), and to make sure that only expired nuts are deleted.

There will be plenty of specialized relays for this, so don't feel pressured to join in, and research the topic carefully, for yourself.

https://github.com/nostr-protocol/nips/blob/master/60.md

@ e3ba5e1a:5e433365

My favorite line in any Marvel movie ever is in “Captain America.” After Captain America launches seemingly a hopeless assault on Red Skull’s base and is captured, we get this line:

“Arrogance may not be a uniquely American trait, but I must say, you do it better than anyone.”

Yesterday, I came across a comment on the song Devil Went Down to Georgia that had a very similar feel to it:

America has seemingly always been arrogant, in a uniquely American way. Manifest Destiny, for instance. The rest of the world is aware of this arrogance, and mocks Americans for it. A central point in modern US politics is the deriding of racist, nationalist, supremacist Americans.

That’s not what I see. I see American Arrogance as not only a beautiful statement about what it means to be American. I see it as an ode to the greatness of humanity in its purest form.

For most countries, saying “our nation is the greatest” is, in fact, twinged with some level of racism. I still don’t have a problem with it. Every group of people should be allowed to feel pride in their accomplishments. The destruction of the human spirit since the end of World War 2, where greatness has become a sin and weakness a virtue, has crushed the ability of people worldwide to strive for excellence.

But I digress. The fears of racism and nationalism at least have a grain of truth when applied to other nations on the planet. But not to America.

That’s because the definition of America, and the prototype of an American, has nothing to do with race. The definition of Americanism is freedom. The founding of America is based purely on liberty. On the God-given rights of every person to live life the way they see fit.

American Arrogance is not a statement of racial superiority. It’s barely a statement of national superiority (though it absolutely is). To me, when an American comments on the greatness of America, it’s a statement about freedom. Freedom will always unlock the greatness inherent in any group of people. Americans are definitionally better than everyone else, because Americans are freer than everyone else. (Or, at least, that’s how it should be.)

In Devil Went Down to Georgia, Johnny is approached by the devil himself. He is challenged to a ridiculously lopsided bet: a golden fiddle versus his immortal soul. He acknowledges the sin in accepting such a proposal. And yet he says, “God, I know you told me not to do this. But I can’t stand the affront to my honor. I am the greatest. The devil has nothing on me. So God, I’m gonna sin, but I’m also gonna win.”

Libertas magnitudo est

@ 8671a6e5:f88194d1

As old people tend to say:\ \ *nasal voice* “Back in my day…” … Bitcoin was this wild, beautiful thing, new. It was something technical that came alive before our very eyes after running a node (just a .exe running on a windows machine in my case).\ Even when you started to painstakingly mined bitcoin on a GPU, in a pool, you felt like growing a network of like minded people, or at least people who thought there was something there. Even if we couldn’t comprehend what it all would lead to (or what fiat value it could reach).\ Then came the first paper wallets, the first good software wallets and attempts at hardware wallets, the first buzz of owning your own value — it was motivating and rewarding. The look on the face of other people you explained bitcoin to, when they’ve seen their first transaction pop up after validation. Awesome.\ \ Back then, it wasn’t about fiat gains or slick marketing campaigns; it was about a distributed network “generating” numbers, keeping a distribute ledger “in synchronization”, at the same time it was a middle finger to the system, representing freedom to transact in value we valued ourselves because of the underlying network of people, nodes and miners.\ \ It was this sort of secret handshake between tech minded people, anti-globalists, anarchists, nerds and rebels who saw the fiat scam for what it was.\ Orange-pilling wasn’t even a term; it was just what you did.\ You'd walk people through the setup of bitcoin core, and the white paper, told them why central banks are a trick that functions as a legalized Ponzi scheme and you showed them bitcoin’s workings without middlemen.\ You played around with bitcoin, person to person, no bullshit, no subscriptions, no suits, no posing like a big shot, no referral links.\ Those were the fun times — pre-Saylor, pre-nation-state hype, pre-every Laura, Luigi, and self-proclaimed “OG” thinking they’re going to conquer the world.\ I miss that.

But times change.

\ The good ol' days are dead

It’s not the first instance in our lifetime that we see things pop-up, being invented, and where some good new idea becomes a reality and then that very good idea becomes an institution (there’s an obscure 1990s movie reference for you).\ We live and learn, just like the first technical people setting up their own point of presence internet servers, we all have to learn how to grow and adapt.

Early Bitcoiners didn’t have referral links or corporate sponsors — they had a mission, and the spirit came from within themselves and from the math and tech they’ve seen at work in practice. And yes, educating about it was important, as was looking for ways to improve bitcoin (the early years weren't exactly main-stream material for example).

From that learning yourself about Bitcoin and feeling the need to share and convince others around you, came the need to talk and learn together with others.

You’d talk your buddy into installing a wallet over a coffee, maybe show your uncle how to buy a few bitcoin, and it felt like planting seeds for something real.

Even if they didn’t get it—“So this number goes from my address to your address?”—you kept explaining and showing.

Then the suits rolled in. Bigger companies wer started, like Blockstream, Trezor, Coinbase and Binance.

Wall Street, Saylor with his infinite buy tweets, El Salvador and its volcano bonds, the US ETF approval — and the game changed, everyone heard about it one way or another. That’s damned important! You’re NOT the bringer of news.\ \ Suddenly, it wasn’t grassroots anymore; it was headlines, hype and game-theory. As predicted by so many in the space.\ Fine, whatever, it's progress or something else, but we as bitcoiners need to adapt to that reality.\ Some adaptations will also cause us to put energy elsewhere than before.\ What worked in 2012 or 2016, might not work anymore after 2024.\ ”We bitcoiners route around problems.” Right?

You didn’t need new people to create an account, or be part of a ‘squad’ or team, you certainly didn’t need them to sell merchandise. You just showed them bitcoin’s inner workings.\ \ Bitcoin was the marketing, the engine, the product and the goal. Bitcoin was the core. Just like digital communication was the core of the earliest internet enthusiasts. The magic of sending a text into the network, and through clever routing, someone thousands of miles away could read it almost immediately, that was the magic, the core.

Sending value with bitcoin has that same magical way, immutable, uncensored, unconfiscatable, with proven digital scarcity and forced honesty.

Nowadays we have so-called orange-pillers.\ They’re trying to spread those values. Or so they should..

They didn’t get the memo on Bitcoin becoming more commonly known apparently, and if they did, their lust for dopamine has long replaced that with their urge to get people to install a lightning wallet. It’s sometimes rather disturbing to see this Orange Pill’ing play out.

They’re out there, like they’re stuck in 2013. But they’re usually not from 2013 at all, more like class of 2020’ish. Not that it matters, they’re still living in the illusion that there are people out there that didn’t hear of bitcoin and that THEY and THEY alone can save these poor souls.\ After 2018 it’s safe to say that that’s not the case.\ I’ll repeat that for the die-hard orange-piller: they do not need you to hear about bitcoin.

These Orange Pillers have another kind of magic happen:

While they’re winning over new souls into bitcoin, one barber, taxi driver and babysitter at a time, they get the small electric charge in their brain that tells them their wealth, their (and their holding's) value will go up somehow. They’re also desperate to make some kind of connection with other bitcoiners, and while they lack that connection, they try to find (or make) new bitcoiners around them.\ This approach might have worked in the past, but things are different now. You’re usually talking to people who you try to convince of something they’ve already rejected (often harshly rejected) or never will care about .\ Most people, do not give a damn about inflation or how that came to be. Certainly when they’re doing their job.\ \ It’s like someone shoving the book of a cult under your nose and trying to convince you it’s going to save your life. You’re not open to it, neither are most of the Orange pill targets to your bitcoin gospel.\ Orange Pillers don’t see how the very people they try to convince today weren’t “in it” for a variety of (good for them) reasons. Unlike in the old days, where people’s natural state was “not heard of bitcoin”; since it was new, and people genuinely didn’t learn about it or read into it.\ That’s however, not the case today. That taxi driver? He heard about bitcoin. Be sure.

Such new people today, are almost non-existing, they either bought some long ago, got rekt trading shitcoins and stayed away.\ That, or they found it all a bit too “iffy” (thank you mainstream media) and will politely hold back from not yelling to your face, “I don’t care about that Bitcoin stuff!”.\ They know it’s some form of money or value, they know it exists. Which makes orange pillers the bringers of old news to the bottom of the barral.\ They might get a “hit” now and then of course. But even then, your impact is neglectable in a world that rewards cowardice and short term greed. You’re too late. You don’t scale. And it doesn’t matter.

Since 2020, it has shifted from genuinely introducing people to bitcoin to just "spreading it for the sake of spreading it."\ It looks more and more like an old lion, pacing back and forth in a cramped cage at an old ZOO, restless and frustrated.\ There’s just empty repetition.

The mental breakdown of orange-pilling

\ Let’s look a little further into the act of orange pilling.\ \ It's not like a 1990s hacker type showing a brand new Hayes -compatible modem to his buddy and trying to get a connection going to a local Point of Presence to get internet access.\ \ It’s more like showing your holiday pictures to an uninterested family member. All to get the dopamine hit, the ‘aha moment’ out of someone is now your own ‘aha got someone new’ moment. Like an addict looking for that next high.\ \ You want them to get the app, get some sats and feel the same feeling you have. While they’re worrying about cleaning a table for example, or getting your bill.\ \ This “badge of honor” of Orange Pilling someone is that little shot of dopamine many people need (especially in group) to feel validated.\ The real feeling has everything to do with social conformity1 and the involved brain areas that get stimulus shots and increased activity.2\ \ Above that, for the sake of the mental reward, some people go further down the social boundaries. That’s why orange pilling, often comes across as pushy, unnatural and/or annoying.\ It’s because it’s basically an activity with all the neuro stimulus of an addiction, or done as an ego boost.

Math based

On top of all of that. If you do the math on it the whole action becomes even more ludicrous.\ \ The math in the early days of bitcoin was simple: there was exponential expansion of the number of bitcoiners.\ Purely for bitcoin, the growth in numbers is still going strong, but the percentage has now naturally been flattened out because of media coverage, scams that trick people into other stuff and the close to impossible way to scale the onboarding from a person to person level to larger scales (there are apps doing a good job however, but even then it spread under former bitcoin users or people already in the know on some level, like former shitcoiners).\ \ So even at the rate of trying to orange-pill let’s say 10 people per week (many bitcoiners don’t even tàlk to 10 people a week, let alone convince them to use bitcoin).\ \ When hypothetically 50% of these people (not unusual with word of mouth recommendations) actually install the app you recommended, and we take also a high percentage of 10% actually do a regular buy of bitcoin after installing any of these apps (Strike or Blink or any other).\ \ Given that hypothetical high rate of 10 people a day plus the conversion rate, it would take approximately 200 weeks, close to four years (pun intended) to reach 2000 people as a critical mass that actually installed and used the bitcoin app.\ \ If these 2000 people all buy for about 1000$ worth of bitcoin each, they’ll be good for about 2 million dollars in bitcoin buys over a four year period.\ Even if you take very, very optimistic statistics this, you’ll get a close to zero impact, safe for the occasional big shot you might encounter and converts into a mini-Saylor, or the occasional person you might have saved a few thousand dollars (because they all keep thinking in fiat terms anyway).\ \ But on the other side, people with +100 million dollars to spend will surely have advisors and in-house knowledge, to not having to to rely on your sorry ass explaining bitcoin or installing Wallet of Satoshi on their phone or something.\ \ That’s all peanuts. It’s futile. And you’re fighting an honorable battle from 11 years ago.

### \ Why

I can't grasp why so many people keep doing this the way they do.

Orange-pilling mostly works when the price is going up anyway, unfortunately.

However, when BTC’s up 15% in a week, everyone’s a genius and your coworker suddenly can be all ears about “sound money” and future price gains.

When it’s crashing or flat? Good luck, nobody cares among the normies, unless the “orange-pillee” (the target) has their own ulterior motives for listening (like getting someone to at least give them some attention in any form).

And by the way, to come back to these taxi drivers you try to convince… many taxi drivers already had their share of die hard bitcoiners in their car, and got the explanation. Some of them even act like total noobs probably to get some sats out of your orange pilling wallet. They’re good at playing dumb, trust me.\ \ Do you really think a taxi driver in let’s say Lugano, Amsterdam or Prague didn’t already know bitcoin before you tried to convince him to accept it? You’re not the first. At all.

Most of all, you interact with people while they’re doing their job. You’re actually interfering with their work. When a waiter in a fully booked restaurant has to halt his word and listen to you explaining how to install a lightning wallet on their old iphone that’s almost out of battery, you’re losing anyway.\ They might listen, they might even be pestered to the point they’ll install the damned app. And what do you win or achieve?\ A sparkle in your brain that says “you’re such a cool bitcoiner”?\ Then… after what’s usually a painful few minutes going through a horrible counter-intuitive interface, you get them 5000 sats or whatever over to them.

Oh and adding things like “Hey man, keep these sats for at least 4 years, it will go up in price” is just rotten as well. Just give the people a decent tip and leave. You’re not doing anyone a favor.

When the moment’s there ànd some people are clearly open to it, thèn you might add some info. Point them to an easy to use non KYC app (if there is such a thing).\ But even then, just letting someone know you want to pay in bitcoin, should be enough, WHISPER bitcoin.\ They don’t need your pushy sales pitch on top of the daily struggles they face in hospitality and retail jobs.\ \ The squads

An example,... I saw this crew, let’s name them the “Re-play” squad, they’re all wearing blue hats and have a few flyers with them from a marketing company which managed to put them to some good use at a very low expense rate.

This image is still stuck in my head, some random European country during late summer time — local Bitcoiners, along with some counterparts from other countries. The real “we’re the future” types.

Sitting on the floor at a Bitcoin party, rolling “funny cigarettes” passing a lighter, chatting and laughing about how they orange-pilled some dude in a bar.

“Yeah, man, I showed him how to set up a Lightning wallet in a few minutes, he’s in!”. Then taking a big puff.\ Except here’s the punchline: the guy wasn’t “in” he was probably just some horny schmuck trying to get into the pants of a woman Bitcoiner in the group, who’d flashed her … QR code at him.

They’re all proud, they’re all high, they all belong to a group now … and they’re convinced they’re conquering the world one wallet at a time (they don’t do the math on that, neither should they,… ignorance is bliss).

Doing good for bitcoin has been transcended into an egotrip, and the short-lived kick in the orbitofrontal cortex3 for “doing something”, it’s the filling of a lingering emptiness.\ \ The same people move around like they’re an anthill, reminiscent of the hippie communes, until they’ve returned to their misery at home, knee deep in sorrows of the fiat world. As is the orange pilled person by they way, who’s life won’t be helped by a few sats and yet a new app on their phone. An app they’ll hardly use, unless they start to bond with the other bitcoiners in the area.

These people you target already have had all chances in the world to learn about bitcoin but are too far gone to care.\ Podcasts, books, family members that are into bitcoin, or whatever blog or online service… even the biggest shitcoin casino’s only have rather decent guides and basic explanations. There are excellent educational apps like yzer.io4 as well as the excellent lopp.net5 website by Jameson Lopp.

Convincing people one-by-one doesn’t work anymore—it’s inefficient and outdated since the price surges, media coverage, and ETF launches. Even if some are open to it, it’s a futile, unscalable solution of dread, working indirectly for the benefit of the Wall street types or some shitcoin casinos (where most “new coiners” end up).

Orange pillers, also never can “read the room”. The crew in a busy restaurant or bar isn’t waiting for any explanation about UTXOs or custodians from you!

Even if you'll hit machine-like numbers of onboarding twenty people a day (By then, you’ll need to avoid being labeled the local bitcoin village fool in your community) and assume they're all pure bitcoiners afterwards.\ Which won’t happen either as any incentive of the orange pilled people is clearly nòt long-term thinking; otherwise they would have onboarded you some 8 years ago!\ \ People are extremely lazy, and the general public usually has an attention span of about 8 seconds at best6.\ Back in the early days, you could sit people down and show another tech person for hours on end how to work with bitcoin, now more than a decade later, you have about 5 to 60 seconds tops. (most lightning wallet’s onboarding sequence easily takes 2 tot 5 minutes)

To further convince yourself how pointless Orange Pilling is today: go out and watch people on a public transport vehicle: they scroll and swipe through TikTok and Instagram. You’ll notice they’re swipe-apes, there’s no substance or reliable source of bitcoin buying power there, no bitcoin innovation will come from them, and no philosophical insights will ever be ignited in their buy-the-next-cool-sneakers-now brain. They’re not a target audience. They’re the all singing and all dancing crap of the world. They’re not convinced, Inconvincible and inconvertible.

Meanwhile, no substantial steps have been made for bitcoin, even if you get them to install that app you so desperately want them to have. Neither can you expect the no-coiners or pre-coiners (god I hate that word, it sounds kinky somehow) to do anything for bitcoin, as the gap between them and the actual positive impact they could have is too wide.\ It costs time, studying and experimenting. While these people excel at thing like: shopping, watching dime-a-dozen garbage series on Netflix, watching social media posts that don’t challenge them, and eating take-out food while score some drugs.\ \ So… to conclude the story about that dude in the bar which was so carefully orange pilled by our “Re play” squad members, he probably traded his sats for a beer by now (although that demands some form of effort in finding a recipient that has beer and wants to trade it for sats, which is unlikely) , more likely he forgot about the app altogether or he’s trading shitcoins to “make more money as greed that sets in. And he probably got that woman’s telephone number, to “talk about those bitcoins” later on at his crappy rental apartment right above a shoarma restaurant.\ \ The phrase “everyone’s a scammer” includes people who pretend to care about bitcoin just to get something out of it. Even a complete newbie or shitcoin fan will fake interest in bitcoin to seem legit. I’ve watched it happen.

Orange-pilling: the good, the bad, and the ugly

\ So onboarding devolved into this whole subculture of failure, and started to manifest itself over time as a empty motion, a series of must-do things.\ \ The Pavlovian response whenever someone is a walking opportunity for accepting bitcoin (certainly in any bar, restaurant or hotel), results in the foaming at the mouth to get them onboarded on some app or wallet.\ It’s so pointless I actually feel ashamed when I’m in a group that starts to hawk and push their lightning wallets onto unsuspecting people who just want to do their job.\ (and Lightning Wallets are so crappy to onboard people with, it’s mind numbingly stupid)\ \ To my amazement, there are actually a lot of bitcoin holders, or people that claim to be into bitcoin (especially in a bull market) who still pester random people with this kind of behavior.\ \ Some of these are trying to get them to click a referral link from a venture capital firm, in return for a few bucks (incentives these days are needed to get the groundswell going apparently), or worse even, make them install some non-custodial wallet and run into the brick wall of initial on-chain setup fees and then run away like a complete loser because they’re too cheap to fork that initial on-chain fee out for the people they’ve tried to onboard. “Yeah, like, you can buy these 100.000 sats online later if you like and thèn you can have this wallet, but at least it’s not custodial eh.. uh … My buddies are over there, I’ll see you later”.\ \ When you start to observe these people in the wild, it’s like watching a gaze of raccoons going through some neighborhood’s trash cans at night (without the playful conviction).\ Fascinating, if you’re into low-budget wildlife documentaries.

Gaze of raccoons looking for a QR code

IF you still want to onboard someone, point them to the right info at the right time (when thèy ask you).\ I call it “Bitcoin whispering”. #BitcoinWhispering

### \ \ Let’s quickly look at the three sort of Orange Pillers:

The pushy ideologists: The most annoying of the bunch, but at the same time the ones who mean really well. I sometimes feel sorry for them.\ No one’s safe from them. Hairdresser? “You should accept Bitcoin, man.” Bartender? “Credit cards are no goog, why not use Lightning?” Taxi driver? “Ever heard of Lightning? I can tip you in Bitcoin, man.” They’re not educating; they’re feeding their ego and their need to spread the word.

The referral grifters: More damaging to Bitcoin than shitcoiners in my opinion. They don’t care about Bitcoin’s properties; it’s just a slot machine for them. And if they understand, their short term greed and social circle dependency makes them go for spreading the word of a middleman company.\ “Sign up with my link, bro, stack those sats!”\ Their goal? A kickback and the next pat on the back from their miserable squad members.

The show-offs: The worst. They don’t know anything themselves but love the spotlight. “Yeah, I got my barber stacking sats!” Yet when it’s time to actually help onboard a business, they’re nowhere to be found. All talk, no substance. They achieve a small social circle of noob bitcoiners surrounding them, with most of them going through the shitcoin-phase shortly after or swapping off-the book gains. They’re not good for bitcoin and usually don’t stay that long anyway.\ \ The world doesn’t need your savior complex.

After the second half of 2024 if someone wanted in, they’ll find a way. And if they ask a Bitcoiner for help? Sure, we’ll point them in the right direction — most of us will help when asked (gladly so).\ But this idea that you, oh mighty orange-piller, need to swoop in and “save” people is more about you than about bitcoin.

Create a good, nice, safe (protected from scams!) environment or way to get people to the info and the other way around.\ Be there when people can ask questions, lead by example, make it work and show it. If an app is easy to use, makes sense and has no friction, then people will come. If you’re pestering people and hounding them into liking something that’s so far removed from their reality (fiat-world), they’ll be scared away and not return.

### \ Conclusion

Although I miss the old days, I also realize they ain’t coming back — when orange-pilling was just sharing a crazy new idea with someone who was open to it.

The Orange pilling space is now too keen for a large part to shove their bitcoin app in someone’s face, be it in dollars, a few sats or a discount on their next transaction fee at some multi level marketing middleman.\ This onboarding is also strangely in parallel with what shitcoiners or the most vile fiat companies do, OP’ers are too desperate for relevance so they often don’t look at the value proposition of bitcoin anymore. Filling their void got the upper hand.\ Their shot of feelgood moments needs to be filled.\ While there’s close to no impact to gain anymore on one-one-one convincing.\ The lesson to save in bitcoin, is usually lost on the people anyway, which was the last reason left to do it.\ \ Be there when people ask for help on bitcoin, build stuff, but stop the aggressive orange-pilling, it serves no purpose anymore other than your dopamine hit and a token feeling for “doing something”, and it’s a sad addiction.

Therefore in 2025, orange-pilling has become of a full-blown mental issue.

by AVB

if you like my writings : tip here

12 Food for Thought

\ Footnotes:

1

https://journal.psych.ac.cn/xlkxjz/EN/Y2015/V23/I11/1956

2

https://www.frontiersin.org/journals/behavioral-neuroscience/articles/10.3389/fnbeh.2019.00160/full

3

https://en.wikipedia.org/wiki/Orbitofrontal_cortex

4

https://yzer.io/

5

https://lopp.net

6

https://theweek.com/health-and-wellness/1025836/tiktok-brain-and-attention-spans

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@ 8671a6e5:f88194d1

glue for the mind

\ You’ve seen them, these garish orange Bitcoin stickers slapped on lampposts, laptops, windows and the occasional rust-bucket Honda. They’re sometimes in some areas a sort of graffiti plague on the landscape, certainly when a meetup or bitcoin conference was held in the area (especially then the city or town can fork out some extra budget to clean things up and scrape the stickers from statues of famous folk heroes or the door to the headquarters of a local bank branche).\ \ At first glance, it might seem like enthusiasm Bitcoiners desperate to scream their obsession from the rooftops. Both for the fun of it, and to get rid of the pack of stickers they’ve got at a local meetup.\ \ But let’s cut to the chase: covering half a town in stickers isn’t clever. It’s lazy, counterproductive, and has nothing to do with what Bitcoin actually stands for.\ Worse, it reeks of the brain-dead low grade (cheap) marketing tactics you’d expect from shitcoiners or the follow up of some half-baked flyer campaign by a local communist clique.\ Proof? Bitcoin stickers are literally covering up — or being covered up themselves, usually by - communist stickers in a pointless competition for use of real-world ad space.\ \ Maybe, bitcoiners should just create a sticker where Karl Marx ànd the bitcoin logo appear in the same sticker, so both groups can enjoy it’s uselessness, and call it quits to get this stupidity over with once and for all.\ A sticker with a shiny B might look cool at first. But what does it actually do?

Communist and Bitcoin logo sticker

Spamming stickers doesn’t make “frens”

There’s a psychology behind these stickers of course: people slap them up to feel part of a rebel tribe, flipping off central banks or feeling part of the crew.\ This crude, omnipresent approach to marketing echoes the late 1960s— an era of peak fiat, not Bitcoin’s time.\ Mimicking those tactics today, as if Bitcoin were some hip underground record store trying to spread its brand name, is utterly irrelevant.\ Sure, people love signaling affiliations with an easy and cheap identity flex — like a bumper sticker yelling: “Look at me I’m special!”\ \ But plaster a town with Bitcoin logos, and it stops being edgy and it was never funny; it becomes an eyesore and puts bitcoiners in the same category as the social justice warriors and political youth movements or brands of local energy drinks doing some weird campaign.\ \ Advertising psychology shows overexposure breeds resentment, not interest. Flood a street with stickers, and you’re not lighting a spark. You’re making people uninterested, gag, associating Bitcoin with spam or worse: get totally blended into the background along all the other noise from the street marketeers.\ \ The "mere exposure effect" (Zajonc, 1968)1 claims familiarity breeds liking, even from annoyance. Since the 1960s however, a lot has changed, as we’ll see… and above all, yet, after years of Bitcoin stickers in many areas, they’ve just turned into meaningless wallpaper. It has usually no strong message, no slogan, no conversation starter other than “buy bitcoin”, it’s disassociated from reality for many people, as the reaction show us. It’s also happening in a vacuum, where “normies” and no-coiners pass by and don’t even recognize such stickers for anything else than background colors.

It’s Lazy Man’s Work

Let’s talk effort — or the lack of it - for these kind of campaigns and stickers. Invented in the 1920s, stickers began expressing political opinions in the 1970s during student, peace, and anti-nuclear campaigns. It’s easy, cheap and also quick to distribute.\ \ These stickers aren’t masterful designs from an artistic genius (safe some clever exceptions). They’re usually ripped off from somewhere else, tweaked for five minutes, and bulk-ordered online. It’s the “IKEA effect” gone wrong: a tiny bit of customization, and suddenly people think they’re visionaries. But it’s a low-effort form of activism at best. Compare that to coding a Bitcoin tool or patiently explaining its value to a normie or organizing a meetup or conference, starting a company.\ Not that low-level or guerrilla marketing can’t work, I just don’t see it happen with stickers. Why not go out there and try to convince a whole series of fruit and vegetable market owners to accept bitcoin instead of using very expensive bank Point-of-sale systems?\ Why not direct mailing? Why not… do more than just putting a sticker on a signpost and walk away like a sneaky student promoting his 4 person political group?\ \ Stickers are the “Save the whales (pun intended)” magnet on your fridge: lazy-ass advocacy that screams intellectual deficiency. They’re a shortcut to feeling involved, not a strategy for real impact.

imaginary Save-the-Whales bitcoin sticker

Strategy territory signaling

Here’s the kicker: Bitcoin’s strength lies in its tech and value properties — decentralized, borderless value transfer that eliminates middlemen and has provable digital scarcity.\ Stickers? They’re just physical garbage. Sure, they might feel like a way to make an abstract idea tangible, tapping into “embodied cognition.” But they explain nothing about Bitcoin’s purpose or how it revolutionizes finance.\ They’re a dopamine hit for the people sticking them anywhere — a pathetic “I did something” moment — while everyone else walks by without a glance.\ Bitcoin is about innovation, not old-school social groups with low-budget marketing tactics.

\ The psychology of Bitcoin stickers

Why bother? Stickers are simple and loud—easy for the brain to process, a cheap thrill of rebellion. The person who spends an afternoon covering a city in them thinks they’re spreading the gospel. In reality, they’re just littering. Real advocacy takes effort, discussion, and substance — not a pack of adhesive stickers ordered with the click of a button.\ It’s the same reason nobody turns communist from a hammer-and-sickle sticker on a pole. It’s dead air.\ \ The proof of their uselessness? In 2 years, not one person I know has bought, researched, or even asked about Bitcoin because of a sticker in the neighborhood bar. A bar near me has had one on the wall for years — zero requests to pay with Bitcoin.

A sticker sitting on a bar wall for five years without impact isn’t “subtle marketing”—it’s a neon sign of failure. And the people cleaning those stickers off street signs, or the local communist student activists constantly covering them with their own, are locked in an endless, mindless sticker war.\ \ Other areas are even having a tsunami of bitcoin stickers, and hardly any places where they actually accept bitcoin for goods.\ More so, places where they do accept bitcoin readily, usually only need one sticker: the one at the door of a business saying “bitcoin accepted here”. And that’s about it.

What the little amount of research says

Studies shows stickers work for movements claiming public space and resisting dominant narratives — when done on a massive scale, targeting a specific audience have a visual and emotional effect when combined with other forms of resistance in social movements.\ "Stickin' it to the Man: The Geographies of Protest Stickers" 2\ \ For Bitcoin, a global monetary network meant for everyone, that localized, niche-based campaign makes little sense.\ Unlike sports teams or clothing brands, Bitcoiners can’t pinpoint a target area. A random sticker on a busy street claims nothing—no momentum, atmosphere, or intrigue. Political campaigns and underground youth movements concentrate stickers in student neighborhoods, universities, or subcultures where the message resonates. But Bitcoin isn’t a corporation, company, or fashion brand—it’s a Wall Street-embraced asset by now, with activists not really situated in the sticker-guerrilla kind of persons.

When was the last time you saw a "Buy Gold!" sticker? A "Get Your Microsoft Stock Options Now!" sticker? Or a "Crude Oil—Yeah, Baby!" sticker? Never. Serious assets don’t need guerrilla marketing.

The overload on stickers is also becoming an issue (especially in some areas with higher concentration of bitcoiners).

Bitcoin stickers fall flat

Invented in the 1920s, stickers began expressing political opinions in the 1970s during student, peace, and anti-nuclear campaigns. Protest stickers massively appear after protest rallies or campaigns with multi-level plans to reach audiences.\ As significant, overlooked tools of resistance and debate, their effect remains under-studied, with no data on “recruitment.”\ \ If Bitcoin stickers (which don’t provoke debate ever, other than people being angry about having to clean them up) in a bar are any clue—after one full year, not a single person asked why it was there or if Bitcoin was accepted—they’re just decor, lost among the clutter.

Bitcoiners still think slapping a shiny "B" logo on a street sign without explanation or slogan will spark momentum. But that requires a massive, organized campaign with thousands of people and a clear audience while you claim certain well aimed areas of public space — that something that’s not happening in bitcoin. There’s no plan, no campaign, just someone sticking a bitcoin logo at the supermarkt trolley or the backside of a street sign.\ And even if we did reach a higher number of stickers, it would annoy the f out of people.

"Study: Ad Overload Could Pose Steeper Risk to Brands Than Messages Near Inappropriate Content" (GWI & WARC, 2021) 3\ \ There’s also the effect of high ad exposure. When a whole street is covered in bitcoin stickers, it’s having the opposite effect. Or still… no one cares.

"Coping with High Advertising Exposure: A Source-Monitoring Perspective" (Bell et al., 2022)4

No synergy, no consensus

The synergy between offline sticker placement and online sharing? Absent. Bitcoiners online might be called “cyber hornets”, but this swarm is notoriously bad at sharing content. Post a Bitcoin sticker photo, and at best 1-2% will share it — no momentum, no discussion, no engagement.\ \ Non-Bitcoiners have zero reason to care. When was the last time you, as a Bitcoiner, shared a soccer team’s sticker? A political campaign sticker? Never. That’s normal, as you’re not in their bubble, so for us, it’s irrelevant. We won’t share the soccer team’s sticker (unless it’s Real Bedford FC probably).\ \ It's just a layer of plastic with adhesive glued to a surfase where someone will sooner or later either have to clean it up, or where the bitcoin sticker will be covered over by another person wasting his or her time by claiming that “sticker real-estate space” for their cause or brand-awareness.

And so, the red sticker calling all students and workers to vote for a Leninist party (with 10 members) is stickered over by a bright orange Bitcoin logo, and that one, in turn, will be over-stickered by a local fitness company's new logo, and so forth. It’s all a pointless rush for giggles and dopamine. And it’s time to recognize it for what it really is: retardation.

Bitcoin deserves better than this 70s guerrilla marketing ploy, from a time when activism was more than sitting behind a computer ordering stickers and (mostly not) clicking a link. Leave the sticker wars to students searching for an ideological dopamine rush and soccer fans claiming a neighborhood as "their territory."\ \ As Bitcoiners, we can do something more useful. For example: ask yourself how many businesses in your area accept Bitcoin, or what coworker you can save from investing in blatant scams, or… invent something nice, start a meetup, podcast, or learn to code, convince, build.

Bitcoin deserves better.

by AVB / tips go here

@avbpodcast - allesvoorbitcoin.be - 12 Bitcoin Food for Thought

1

https://typeset.io/papers/attitudinal-effects-of-mere-exposure-12e5gwrysc

2

https://www.research.ed.ac.uk/en/publications/stickin-it-to-the-man-the-geographies-of-protest-stickers

3

https://www.warc.com/content/article/warc-datapoints-gwi/too-many-ads-is-the-most-damaging-factor-for-brands/en-gb/136530

4

https://pmc.ncbi.nlm.nih.gov/articles/PMC9444107/

@ 3c506452:fef9202b

Kia ora ra!

I thought I'd look into the claim made by Tim Ferriss and see if these sentence patterns are able to give a brief overview of te reo and it's structure.

I initially struggled to stick with a single sentence as it didn't accurately reflect how the reo is actually spoken so I have included what I feel are the most "normal" sounding structures that one will probably encounter.

Here is the full list:

1. The apple is red.

E whero te tae o te aporo / E whero te aporo.\ He whero te tae o te aporo / He whero te aporo.\ Ko te aporo e whero nei te tae / Ko te aporo e whero nei tona tae.\ E whero ana te tae o te aporo.\ He aporo whero / Ko te aporo whero.

2. It is John's apple.

Ma John te aporo / Na John te aporo.\ He aporo ma John / He aporo na John.\ Ko te aporo a John / Ko ta John aporo.

3. I give John the apple.

Mahaku te aporo e hoatu ma John.\ E hoatu ana te aporo ki a John.\ Ko te aporo e hoatu nei e au ki a John.\ E hoatu ana mahana.

4. We give him the apple.

Ma ma[ua/tou] te aporo e hoatu ma John.\ E hoatu ana te aporo ki a John.\ Ko te aporo e hoatu nei e ma[ua/tou] ki a John.\ E hoatu ana mahana.

5. He gives it to John.

Mahana e hoatu ma John / Nahana i hoatu ma John.\ E hoatu ana ki a John.\ E hoatu ana mahana.

6. She gives it to him.

Mahana e hoatu mahana / Nahana i hoatu mahana.\ Mahana e hoatu / Nahana i hoatu.\ E hoatu ana ki a ia.\ E hoatu ana mahana.

7. Is the apple red?

E whero te tae o te aporo? / E whero te aporo?\ He whero te tae o te aporo?/ He whero te aporo?\ Ko te aporo e whero nei te tae? / Ko te aporo e whero nei tona tae?\ E whero ana te tae o te aporo?\ He aporo whero? / Ko te aporo whero?

8. The apples are red.

E whero te tae o nga aporo / E whero nga aporo.\ He whero te tae o nga aporo / He whero nga aporo.\ Ko nga aporo e whero nei te tae / Ko nga aporo e whero nei ona tae.\ E whero ana te tae o nga aporo.\ He aporo whero / Ko nga aporo whero.

9. I must give it to him.

Hoatu e au te mea ki a ia.\ Hoatu e au mahana.\ Mahaku e hoatu mahana.\ Me hoatu ki a ia.\ E hoatu ai mahana.

10. I want to give it to her.

Mahaku noa e hoatu.\ Waiho mahaku e hoatu.

1. I'm going to know tomorrow. Apopo ka mohio ai / Aoake te ra ka mohio ai.\ Ka mohio au apopo / Ka mohio au a aoake te ra.

12. I can't eat the apple.

Ehara i te mea mahaku te aporo te kai.

13. I have eaten the apple.

Kua kai ke au i te aporo.\ Kua pau te aporo te kai i au.\ Nahaku te aporo i kai.\ Ko te aporo nahaku nei i kai ai.\ He mea kai e au te aporo.

@ 1d7ff02a:d042b5be

ຄົນສ່ວນຫຼາຍມັກຈະມອງເຫັນ Bitcoin ເປັນສິນຊັບທີ່ມີຄວາມສ່ຽງສູງ ເນື່ອງຈາກມີອັດຕາການປ່ຽນແປງລາຄາທີ່ຮຸນແຮງແລະກວ້າງຂວາງໃນໄລຍະສັ້ນໆ. ແຕ່ຄວາມຈິງແລ້ວ ຄວາມຜັນຜວນຂອງ Bitcoin ແມ່ນຄຸນລັກສະນະພິເສດທີ່ສຳຄັນຂອງມັນ ບໍ່ແມ່ນຂໍ້ບົກພ່ອງ.

ລາຄາແມ່ນຫຍັງ?

ເພື່ອເຂົ້າໃຈເລື້ອງນີ້ດີຂຶ້ນ ເຮົາຕ້ອງເຂົ້າໃຈກ່ອນວ່າລາຄາໝາຍເຖິງຫຍັງ. ລາຄາແມ່ນການສະທ້ອນຄວາມຄິດເຫັນແລະການປະເມີນມູນຄ່າຂອງຜູ້ຊື້ແລະຜູ້ຂາຍໃນເວລາໃດໜຶ່ງ. ການຕັດສິນໃຈຊື້ຫຼືຂາຍໃນລາຄາໃດໜຶ່ງ ກໍແມ່ນການສື່ສານກັບຕະຫຼາດ ແລະກົນໄກຂອງຕະຫຼາດຈະຄ້ົນຫາແລະກໍານົດລາຄາທີ່ແທ້ຈິງຂອງສິນຊັບນັ້ນ.

ເປັນຫຍັງ Bitcoin ຈຶ່ງຜັນຜວນ?

Bitcoin ຖືກສ້າງຂຶ້ນບົນພື້ນຖານອິນເຕີເນັດ ເຮັດໃຫ້ການສື່ສານຄວາມຄິດເຫັນຂອງຜູ້ຄົນສາມາດເຮັດໄດ້ຢ່າງໄວວາ. ຍິ່ງໄປກວ່ານັ້ນ Bitcoin ມີລັກສະນະກະຈາຍສູນ (decentralized) ແລະບໍ່ມີຜູ້ຄວບຄຸມສູນກາງ ຈຶ່ງເຮັດໃຫ້ຄົນສາມາດຕັດສິນໃຈຊື້ຂາຍໄດ້ຢ່າງໄວວາ.

ສິ່ງນີ້ເຮັດໃຫ້ລາຄາຂອງ Bitcoin ສາມາດສະທ້ອນຄວາມຄິດເຫັນຂອງຄົນໄດ້ແບບເວລາຈິງ (real-time). ແລະເນື່ອງຈາກມະນຸດເຮົາມີຄວາມຄິດທີ່ບໍ່ແນ່ນອນ ມີການປ່ຽນແປງ ລາຄາຂອງ Bitcoin ຈຶ່ງປ່ຽນແປງໄປຕາມຄວາມຄິດເຫັນລວມຂອງຜູ້ຄົນແບບທັນທີ.

ປັດໄຈທີ່ເພີ່ມຄວາມຜັນຜວນ:

ຂະໜາດຕະຫຼາດທີ່ຍັງນ້ອຍ: ເມື່ອປຽບທຽບກັບຕະຫຼາດການເງິນແບບດັ້ງເດີມ ຕະຫຼາດ Bitcoin ຍັງມີຂະໜາດນ້ອຍ ເຮັດໃຫ້ການຊື້ຂາຍຈຳນວນໃຫຍ່ສາມາດສົ່ງຜົນກະທົບຕໍ່ລາຄາໄດ້ຫຼາຍ.

ການຄ້າຂາຍຕະຫຼອດ 24/7: ບໍ່ເຫມືອນກັບຕະຫຼາດຫຼັກຊັບທີ່ມີເວລາເປີດປິດ Bitcoin ສາມາດຊື້ຂາຍໄດ້ຕະຫຼອດເວລາ ເຮັດໃຫ້ການປ່ຽນແປງລາຄາສາມາດເກີດຂຶ້ນໄດ້ທຸກເວລາ.

ການປຽບທຽບກັບສິນຊັບອື່ນ

ເມື່ອປຽບທຽບກັບສິນຊັບອື່ນທີ່ມີການຄວບຄຸມ ເຊັ່ນ ສະກຸນເງິນທ້ອງຖິ່ນຫຼືທອງຄຳ ທີ່ເບິ່ງຄືວ່າມີຄວາມຜັນຜວນໜ້ອຍກວ່າ Bitcoin ນັ້ນ ບໍ່ແມ່ນຫມາຍຄວາມວ່າພວກມັນບໍ່ມີຄວາມຜັນຜວນ. ແຕ່ເປັນເພາະມີການຄວບຄຸມຈາກອົງການສູນກາງ ເຮັດໃຫ້ການສື່ສານຄວາມຄິດເຫັນຂອງຄົນໄປຮອດຕະຫຼາດບໍ່ແບບເວລາຈິງ.

ດັ່ງນັ້ນ ສິ່ງທີ່ເຮົາເຫັນແມ່ນການຊັກຊ້າ (delay) ໃນການສະແດງຄວາມຄິດເຫັນທີ່ແທ້ຈິງອອກມາເທົ່ານັ້ນ ບໍ່ແມ່ນຄວາມໝັ້ນຄົງຂອງມູນຄ່າ.

ກົນໄກການຄວບຄຸມແລະຜົນກະທົບ:

ສະກຸນເງິນ: ທະນາຄານກາງສາມາດພິມເງິນ ປັບອັດຕາດອກເບີ້ຍ ແລະແຊກແຊງຕະຫຼາດ ເຮັດໃຫ້ລາຄາບໍ່ສະທ້ອນມູນຄ່າທີ່ແທ້ຈິງໃນທັນທີ.

ຫຼັກຊັບ: ມີລະບຽບການຫຼາຍຢ່າງ ເຊັ່ນ ການຢຸດການຊື້ຂາຍເມື່ອລາຄາປ່ຽນແປງຫຼາຍເກີນໄປ (circuit breakers) ທີ່ຂັດຂວາງການສະແດງຄວາມຄິດເຫັນທີ່ແທ້ຈິງ.

ທອງຄຳ: ຖຶງແມ່ນຈະເປັນສິນຊັບທີ່ບໍ່ມີການຄວບຄຸມ ແຕ່ຕະຫຼາດທອງຄຳມີຂະໜາດໃຫຍ່ກວ່າ Bitcoin ຫຼາຍ ແລະມີການຄ້າແບບດັ້ງເດີມທີ່ຊ້າກວ່າ.

ບົດສະຫຼຸບ

ການປຽບທຽບຄວາມຜັນຜວນລະຫວ່າງ Bitcoin ແລະສິນຊັບອື່ນໆ ໂດຍໃຊ້ໄລຍະເວລາສັ້ນນັ້ນ ບໍ່ມີຄວາມສົມເຫດສົມຜົນປານໃດ ເພາະວ່າປັດໄຈເລື້ອງການຊັກຊ້າໃນການສະແດງຄວາມຄິດເຫັນນີ້ແມ່ນສິ່ງສຳຄັນທີ່ສົ່ງຜົນຕໍ່ລາຄາທີ່ແທ້ຈິງ.

ສິ່ງທີ່ຄວນເຮັດແທ້ໆແມ່ນການນຳເອົາກອບເວລາທີ່ກວ້າງຂວາງກວ່າມາວິເຄາະ ເຊັ່ນ ເປັນປີຫຼືຫຼາຍປີ ແລ້ວຈຶ່ງປຽບທຽບ. ດ້ວຍວິທີນີ້ ເຮົາຈຶ່ງຈະເຫັນປະສິດທິຜົນແລະການດຳເນີນງານທີ່ແທ້ຈິງຂອງ Bitcoin ໄດ້ຢ່າງຈະແຈ້ງ

@ 9ca447d2:fbf5a36d

Bitcoin-focused investment firm Twenty One Capital has made headlines after buying 4,812 BTC worth $458.7 million, making it the third-largest corporate holder of the scarce digital asset.

The move is a big and public one towards becoming the “ultimate Bitcoin investment vehicle” according to its leadership, and is turning heads in both bitcoin and tradfi world.

Tether, the issuer of the world’s largest stablecoin, bought the bitcoin on behalf of Twenty One Capital.

According to a filing with the U.S. Securities and Exchange Commission (SEC) on May 13, Tether acquired the bitcoin on May 9 at an average price of $95,319 per coin.

Twenty One Capital was launched in April 2025 through a SPAC merger with Cantor Equity Partners, a Cayman Islands-based firm affiliated with Wall Street giant Cantor Fitzgerald. The company is backed by Tether, Bitfinex exchange and Japanese investment giant SoftBank.

Related: Cantor Fitzgerald, Tether and SoftBank Launch $3B Bitcoin Venture

The firm is led by Jack Mallers, founder of the bitcoin payments app Strike, who has been vocal about bitcoin business models.

“We want to be the ultimate vehicle for the capital markets to participate in Bitcoin… building on top of Bitcoin,” said Mallers in an interview. “So we are a Bitcoin business at our core.”

At launch, Twenty One Capital had 31,500 bitcoin on the balance sheet with plans to get to at least 42,000 BTC.

The breakdown of that initial allocation was 23,950 BTC from Tether, 10,500 BTC from SoftBank and about 7,000 BTC from Bitfinex—all to be converted into equity at $10 per share.

The company is openly modeling its strategy after what Bitcoiners call “Saylorization”—a term coined after Michael Saylor, executive chairman of Strategy, who started large-scale bitcoin accumulation by corporations in 2020.

“Twenty One Capital isn’t just stacking sats,” said Bitcoin advocate Max Keiser, “It’s leading a generational shift in corporate capital allocation … Jack Mallers is taking the Saylor playbook and turning it into an arms race.”

The strategy is simple: use bitcoin per share as a metric instead of earnings per share, prioritize bitcoin accumulation over short-term profits, and use the capital markets to fund purchases. Mallers said:

“We do intend to raise as much capital as we possibly can to acquire bitcoin. We will never have bitcoin per share negative… Our intent is to make sure when you are a shareholder of Twenty One that you are getting wealthier in Bitcoin terms.”

The bitcoin purchase was made at a time of growing market momentum.

On May 14, bitcoin hit $105,000 briefly before settling at around $104,000—a 7.5% gain in the past week. Retail buying has also picked up, with purchases under $10,000 up 3.4% over two weeks, suggesting continued bullishness.

@ 94a6a78a:0ddf320e

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@ daa41bed:88f54153

There has been a good bit of discussion on Nostr over the past few days about the merits of zaps as a method of engaging with notes, so after writing a rather lengthy article on the pros of a strategic Bitcoin reserve, I wanted to take some time to chime in on the much more fun topic of digital engagement.

Let's begin by defining a couple of things:

Nostr is a decentralized, censorship-resistance protocol whose current biggest use case is social media (think Twitter/X). Instead of relying on company servers, it relies on relays that anyone can spin up and own their own content. Its use cases are much bigger, though, and this article is hosted on my own relay, using my own Nostr relay as an example.

Zap is a tip or donation denominated in sats (small units of Bitcoin) sent from one user to another. This is generally done directly over the Lightning Network but is increasingly using Cashu tokens. For the sake of this discussion, how you transmit/receive zaps will be irrelevant, so don't worry if you don't know what Lightning or Cashu are.

If we look at how users engage with posts and follows/followers on platforms like Twitter, Facebook, etc., it becomes evident that traditional social media thrives on engagement farming. The more outrageous a post, the more likely it will get a reaction. We see a version of this on more visual social platforms like YouTube and TikTok that use carefully crafted thumbnail images to grab the user's attention to click the video. If you'd like to dive deep into the psychology and science behind social media engagement, let me know, and I'd be happy to follow up with another article.

In this user engagement model, a user is given the option to comment or like the original post, or share it among their followers to increase its signal. They receive no value from engaging with the content aside from the dopamine hit of the original experience or having their comment liked back by whatever influencer they provide value to. Ad revenue flows to the content creator. Clout flows to the content creator. Sales revenue from merch and content placement flows to the content creator. We call this a linear economy -- the idea that resources get created, used up, then thrown away. Users create content and farm as much engagement as possible, then the content is forgotten within a few hours as they move on to the next piece of content to be farmed.

What if there were a simple way to give value back to those who engage with your content? By implementing some value-for-value model -- a circular economy. Enter zaps.

Unlike traditional social media platforms, Nostr does not actively use algorithms to determine what content is popular, nor does it push content created for active user engagement to the top of a user's timeline. Yes, there are "trending" and "most zapped" timelines that users can choose to use as their default, but these use relatively straightforward engagement metrics to rank posts for these timelines.

That is not to say that we may not see clients actively seeking to refine timeline algorithms for specific metrics. Still, the beauty of having an open protocol with media that is controlled solely by its users is that users who begin to see their timeline gamed towards specific algorithms can choose to move to another client, and for those who are more tech-savvy, they can opt to run their own relays or create their own clients with personalized algorithms and web of trust scoring systems.

Zaps enable the means to create a new type of social media economy in which creators can earn for creating content and users can earn by actively engaging with it. Like and reposting content is relatively frictionless and costs nothing but a simple button tap. Zaps provide active engagement because they signal to your followers and those of the content creator that this post has genuine value, quite literally in the form of money—sats.

I have seen some comments on Nostr claiming that removing likes and reactions is for wealthy people who can afford to send zaps and that the majority of people in the US and around the world do not have the time or money to zap because they have better things to spend their money like feeding their families and paying their bills. While at face value, these may seem like valid arguments, they, unfortunately, represent the brainwashed, defeatist attitude that our current economic (and, by extension, social media) systems aim to instill in all of us to continue extracting value from our lives.

Imagine now, if those people dedicating their own time (time = money) to mine pity points on social media would instead spend that time with genuine value creation by posting content that is meaningful to cultural discussions. Imagine if, instead of complaining that their posts get no zaps and going on a tirade about how much of a victim they are, they would empower themselves to take control of their content and give value back to the world; where would that leave us? How much value could be created on a nascent platform such as Nostr, and how quickly could it overtake other platforms?

Other users argue about user experience and that additional friction (i.e., zaps) leads to lower engagement, as proven by decades of studies on user interaction. While the added friction may turn some users away, does that necessarily provide less value? I argue quite the opposite. You haven't made a few sats from zaps with your content? Can't afford to send some sats to a wallet for zapping? How about using the most excellent available resource and spending 10 seconds of your time to leave a comment? Likes and reactions are valueless transactions. Social media's real value derives from providing monetary compensation and actively engaging in a conversation with posts you find interesting or thought-provoking. Remember when humans thrived on conversation and discussion for entertainment instead of simply being an onlooker of someone else's life?

If you've made it this far, my only request is this: try only zapping and commenting as a method of engagement for two weeks. Sure, you may end up liking a post here and there, but be more mindful of how you interact with the world and break yourself from blind instinct. You'll thank me later.

@ e3ba5e1a:5e433365

I got into a friendly discussion on X regarding health insurance. The specific question was how to deal with health insurance companies (presumably unfairly) denying claims? My answer, as usual: get government out of it!

The US healthcare system is essentially the worst of both worlds:

• Unlike full single payer, individuals incur high costs
• Unlike a true free market, regulation causes increases in costs and decreases competition among insurers

I'm firmly on the side of moving towards the free market. (And I say that as someone living under a single payer system now.) Here's what I would do:

• Get rid of tax incentives that make health insurance tied to your employer, giving individuals back proper freedom of choice.
• Reduce regulations significantly.

• In the short term, some people will still get rejected claims and other obnoxious behavior from insurance companies. We address that in two ways:

  1. Due to reduced regulations, new insurance companies will be able to enter the market offering more reliable coverage and better rates, and people will flock to them because they have the freedom to make their own choices.
  2. Sue the asses off of companies that reject claims unfairly. And ideally, as one of the few legitimate roles of government in all this, institute new laws that limit the ability of fine print to allow insurers to escape their responsibilities. (I'm hesitant that the latter will happen due to the incestuous relationship between Congress/regulators and insurers, but I can hope.)

Will this magically fix everything overnight like politicians normally promise? No. But it will allow the market to return to a healthy state. And I don't think it will take long (order of magnitude: 5-10 years) for it to come together, but that's just speculation.

And since there's a high correlation between those who believe government can fix problems by taking more control and demanding that only credentialed experts weigh in on a topic (both points I strongly disagree with BTW): I'm a trained actuary and worked in the insurance industry, and have directly seen how government regulation reduces competition, raises prices, and harms consumers.

And my final point: I don't think any prior art would be a good comparison for deregulation in the US, it's such a different market than any other country in the world for so many reasons that lessons wouldn't really translate. Nonetheless, I asked Grok for some empirical data on this, and at best the results of deregulation could be called "mixed," but likely more accurately "uncertain, confused, and subject to whatever interpretation anyone wants to apply."

https://x.com/i/grok/share/Zc8yOdrN8lS275hXJ92uwq98M

@ 8671a6e5:f88194d1

Like so many people, I see ads for hardware wallets all the time in my X feed, or even when listening to podcasts you get the occasional promotion for one of these devices. Hardware wallet manufacturers and brands are a part of bitcoin life and culture. They’re sponsors, and they of course like to sell their devices.

As a long-time bitcoiner, I can say that I’ve given out more money (bitcoin) buying hardware wallets than what’s good for me. I supported projects and even had one of the prototypes of the Case wallet (fingerprint sensor, international sim-card and a camera!) in 2015/16, a thing I could hardly use, since it was bitcoin in your pocket, on-chain, before there was ANY need for that.

The point is, I love these devices. I love playing around with them. That’s fun when you’re a techie or someone who’s really onto bitcoin and wants to try the new Trezor, Ledger (yuk), Bitbox or cold card wallet… Unfortunately, except for this “obsession” with trying these devices out, and the occasional corporate/business needs,… the secure feeling of having one (or more) prevails over the real need. There’s a series of downsides to having a Hardware wallet, which are often overlooked.

The main downside is actually summed up as : “you don’t need it”

Let’s elaborate. For most people, I must say that I can’t recommend having one of these devices anymore. The market is saturated and the devices are often sold to people who are even unable to use them properly. Or customers that spent way more money buying them, than what’s eventually stored on it!

They’re of course handy “signing devices” for securely signing a transaction or message. They’re also a great way to do multi-signature and so on. That’s all neat.

But your average user,... most of the people don’t need it. There are several reasons for that.

Before the readers put me away as a fiat-slave dissing on bitcoin, or some dude trying to shill his own project: no … I don’t have my own “solution” I’m selling, I don’t go and ask you to click my referral link or ask for money here. I probably bought more hardware wallets in my life for a higher amount than most users hold in bitcoin right now. So no,... I supported this industry, I don’t hate it. I just want to voice my opinion her on the saturation of the market and the stupidity of holding your keys on a device that inherently can’t be trusted (in theory).

The reasons: 1

Bitcoin inverted effect on diminishing cash value : A bitcoin amount today buys you less than that same bitcoin amount in a few years. Let’s start with an obvious, but often forgotten reason to NOT invest in a hardware wallet. The price. The price is around 150 to 350 $ in fiat now in 2024. I even bought such devices at 600$ once (160000$ in today’s price;). Over time, most people that are into bitcoin less than 5 years, are better off buying bitcoin for the amount they would have bought the HW device for.

One can of course make the argument that it costs more to lose your keys altogether, but that’s also the case with a paper with your seed phrase or any other method.

Securing your keys is of course extremely important. No matter what you want to use. It doesn’t take away the fact that buying a Hardware wallet for fiat or for bitcoin isn’t economically wise, certainly not for beginners or people who have less bitcoin than the 20x cash value of the hardware wallet they want to buy. I have a simple formula here.

The Deadeye’s Hardware Wallet Law: which is a formula: Y < (X / 20) If you have 1 million sats today (660$ at time of writing) then it makes little sense to buy a hardware wallet for 179$ in my opinion. A good rule of thumb is: take the amount of bitcoin you want to secure, calculate the fiat price in dollar HW price = X Take the fiat price in dollar + shipping in fiat = Y If Y < (X / 20) that fiat price is less than a factor 20 of what you want to secure, then you might consider buying the HW wallet.

Example: Johnny wants to buy a new coldcard at 219$ + 41 $ shipping. He has 2,3 million sats (1524$) 260 < (1524 /20) So 260 < 76.2 … is not true , so he shouldn’t buy this and stack the sats instead on a cheaper solution (software wallet, or a self-generated seed phrase or even a reputable exchange in absolute last resort, if the tech-lever is very low)

2

Entropy - the entropy on a hardware device is delivered usually by “special chipsets” that generate a random (or close to random, as computers can’t be really random) seed phrase for you. Just like the old paper wallet generators only, they use some sort of scheme or algorithm to generate this. As a user you’ll have to trust that algo. And trust that it’s not broken by a hacker that finds the secret sauce and can generate more or less the same kind of entropy (even then, it would be extremely unlikely they would be able to re-generate your seed). But it’s a factor: the entropy a person can generate themselves (with play cards, dice, or a cat tapping a keyboard…) is always superior to some algorithm on a device Hardware itself can be fragile or downright sub-par. The hardware wallets of course exist because of the tech inside. Mainly the print board, the screen, the chipset and some even a battery(!). The hardware is NOT under your control. It’s made in a few big factories in Asia usually and even if you trust the building process completely, there’s no way for an average paranoid user to “trust” the unverifiable source of the chip design, chip manufacturing and the software that keeps the thing running.

The hardware itself is a blind trust you put into the image and reputation of a company. Some of these companies are dodgy at best from my personal perspective and opinion (nGrave, Ledger …) others have a more steady reputations and exude trustworthiness (Bitbox, …) Still… they are all just hardware, a sum of parts you don’t control and don’t verify.

When is the last time you checked the “military grade secure element chipset” in your super-duper hardware device? Where was it manufactured and who designed the chip lay-out?

3 Cycling through versions. HW wallets go through iterations and new version all the time. When you bought a coldcad Mark 1 back in the day, it’s now long obsolete. You can’t use some features and you’re even lucky if the hardware itself still functions after being in storage for +6 years. When I asked the manufacturer why they recommended outphasing the coldcard around two years ago, they said something like “it’s to keep up with security”. It even makes sense from their tech and product perspective, but in the end, it’s not really what people expect (realistic or not). Well… that’s like a subscription in my opinion? Every two years, you fork out something of 150 to 200$ for a new hardware device (plus shipping and customs) and the risk involved to put your funds on the new device by transferring to the new wallet’s addresses or put the old seed in that new device and so on… All this… to have the “right tool” for keeping 24 words “safe”? So, our formula in point 1, was adjusted to /20 to compensate for that “cycling” through versions at a rate of a few hundred dollars every 2-3 years at least. That’s a bit of the top in my opinion. A good bitcoin hardware device should at least be usable and up to par for 10 years at the very least. Words written down or secured anywhere, last forever.

4 Easy of use is still not ok: This might be very controversial with all the HW wallets claiming to be “easy to use”, but in fact: they’re not. Most users (and I take some family members and friends as an example here) can’t make heads or tails from how these things work. Give any non-tech user a coldcard, ledger of bitbox and they’ll not be on their way to use it as an everyday device. It might sound silly for the daily users of such a wallet, but a “noob” in my opinion is better off learning to familiarize themselves with software wallets first before even considering buying a HW wallet.

5 Buggy hardly tested apps The hardware wallets accompanied by an app (like Jade’s Green wallet to name one) are often introducing an extra layer of problems (both on the bugs and the risks). Who knows that this software will still be available in a few years time? We saw many things come and go over the years.

6 Alienation from the private keys: New users are better of learning the ropes with seed phrases and private keys by using Electrum, Sparrow and the likes (or even stack wallet duo) in order to learn what holding your own keys means.

People who start their journey with a hardware wallet often think about their bitcoin holding as something that tangible “inside the hardware wallet”, instead of looking at the key-perspective. I think a lot of people are alienated from the bitcoin concept of having your own keys by using HW wallets. (and yes, that’s not a strong argument, I know, but it is a factor to take into account)

7

You’ll have to securely store your seed phrase ANYWAY. The fact remains, that you bought a hardware wallet, and still have to safely secure your private keys, seed phrase at some point and do it securely. That’s something you need anyway. So… why not just use your paper with 24 words and use the wallet on occasion by using a secure “other way” (seed signer, an electrum wallet, sparrow,...) when you need to do a transaction?

I believe people will also do les on-chain pure bitcoin transactions when they need to do more work when not using a HW wallet: it’s an extra barrier to hold instead of paying. (if you like to do that of course)

8

Upgrade processes aren't always that clear on some HW wallets. I personally “bricked” a coldcard this way, by accidentally using a wrong upgrade file on a Mark 2 coldcard, and it was unrepairable after that.

The 12 or 24 words are the most important thing you have, … you don’t need a hardware device if you’re just starting, or just are a hodl’er.

9 Centralized software. Bugs and “new” features

Lots of bugs in the software also cause problems: For example; your 24 words from device A, can’t be imported to device B although they should “speak the same language” in theory (BIP39). One device accepts using two times the same word in a seed phrase, one doesn’t. There are other bugs: like random reboots, unlocking problems, strange implementations in the software (like Trezor trying out implementing the Swiss “travel rule” setting one day and pushing this upgrade to the users) and so on…. Without a HW wallet, you can just choose yourself what software / node or wallet to run anything on, and you’re not tied to the centralized, expensive and often untested way of hardware wallet manufacturer’s viewpoints and or “secret deals”.

1. And then there’s the privacy concern. We all know about Ledger’s famous “mishap” where they leaked all the home addresses of hardware wallet customers .. some of them actually had to move to other places to live as a result.

Conclusion:

In my opinion; hardware wallets are toys for bored bitcoiners. And I admit I was one myself for a long time. (I am one of these people yes)

The blockstream Jade was the last hardware wallet I’ve ever bought I guess.

I’m done with the crappy interfaces, the buggy software, the ‘subscription’ to endless upgrades new hardware and the strange feeling of unease when storing something on such devices while you depend on the “open source” nature of something made in China or wherever.

There are much cheaper, easier and more secure solutions.

Hence, most people don’t need hardware wallets.

deadeyes

@avbpodcast

imaginary Hardware wallet

Like so many people, I see ads for hardware wallets all the time in my X feed, or even when listening to podcasts you get the occasional promotion for one of these devices.\ Hardware wallet manufacturers and brands are a part of bitcoin life and culture. They’re sponsors, and they of course like to sell their devices.

As a long-time bitcoiner, I can say that I’ve given out more money (bitcoin) buying hardware wallets than what’s good for me.\ I supported projects and even had one of the prototypes of the Case wallet (fingerprint sensor, international sim-card and a camera!) in 2015/16, a thing I could hardly use, since it was bitcoin in your pocket, on-chain, before there was ANY need for that.

The point is, I love these devices.\ I love playing around with them.\ That’s fun when you’re a techie or someone who’s really onto bitcoin and wants to try the new Trezor, Ledger (yuk), Bitbox or cold card wallet… \ Unfortunately, except for this “obsession” with trying these devices out, and the occasional corporate/business needs,… the secure feeling of having one (or more) prevails over the real need.\ There’s a series of downsides to having a Hardware wallet, which are often overlooked.

The main downside is actually summed up as : “you don’t need it”

Let’s elaborate.

For most people, I must say that I can’t recommend having one of these devices anymore. The market is saturated and the devices are often sold to people who are even unable to use them properly. Or customers that spent way more money buying them, than what’s eventually stored on it!

They’re of course handy “signing devices” for securely signing a transaction or message. They’re also a great way to do multi-signature and so on. That’s all neat.

But your average user,... most of the people don’t need it.   There are several reasons for that.

Before the readers put me away as a fiat-slave dissing on bitcoin, or some dude trying to shill his own project: no …\ I don’t have my own “solution” I’m selling,\ I don’t go and ask you to click my referral link or ask for money here. I probably bought more hardware wallets in my life for a higher amount than most users hold in bitcoin right now. So no,... I supported this industry, I don’t hate it. I just want to voice my opinion her on the saturation of the market and the stupidity of holding your keys on a device that inherently can’t be trusted (in theory).

The reasons:

1

Bitcoin inverted effect on diminishing cash value :\ A bitcoin amount today buys you less than that same bitcoin amount in a few years. Let’s start with an obvious, but often forgotten reason to NOT invest in a hardware wallet. The price. The price is around 150 to 350 $ in fiat now in 2024. I even bought such devices at 600$ once (160000$ in today’s price;). Over time, most people that are into bitcoin less than 5 years, are better off buying bitcoin for the amount they would have bought the HW device for.

One can of course make the argument that it costs more to lose your keys altogether, but that’s also the case with a paper with your seed phrase or any other method.

Securing your keys is of course extremely important. No matter what you want to use. It doesn’t take away the fact that buying a Hardware wallet for fiat or for bitcoin isn’t economically wise, certainly not for beginners or people who have less bitcoin than the 20x cash value of the hardware wallet they want to buy. I have a simple formula here.

### The Deadeye’s Hardware Wallet Law:\ which is a formula:   Y <  (X / 20)

If you have 1 million sats today (660$ at time of writing) then it makes little sense to buy a hardware wallet for 179$ in my opinion.\ A good rule of thumb is: take the amount of bitcoin you want to secure, calculate the fiat price in dollar HW price = X\ Take the fiat price in dollar + shipping in fiat = Y\ If Y <  (X / 20)  that fiat price is less than a factor 20 of what you want to secure, then you might consider buying the HW wallet.\ \   Example: Johnny wants to buy a new coldcard at 219$ + 41 $ shipping.\ He has 2,3 million sats (1524$) 260 < (1524 /20) \ So 260 < 76.2  … is not true , so he shouldn’t buy this and stack the sats instead on a cheaper solution (software wallet, or a self-generated seed phrase or even a reputable exchange in absolute last resort,  if the tech-lever is very low)\ \ 2

Entropy - the entropy on a hardware device is delivered usually by “special chipsets” that generate a random (or close to random, as computers can’t be really random) seed phrase for you. Just like the old paper wallet generators only, they use some sort of scheme or algorithm to generate this. As a user you’ll have to trust that algo. And trust that it’s not broken by a hacker that finds the secret sauce and can generate more or less the same kind of entropy (even then, it would be extremely unlikely they would be able to re-generate your seed).\ But it’s a factor: the entropy a person can generate themselves (with play cards, dice, or a cat tapping a keyboard…) is always superior to some algorithm on a device Hardware itself can be fragile or downright sub-par.\ The hardware wallets of course exist because of the tech inside. Mainly the print board, the screen, the chipset and some even a battery(!).\ The hardware is NOT under your control. It’s made in a few big factories in Asia usually and even if you trust the building process completely, there’s no way for an average paranoid user to “trust” the unverifiable source of the chip design, chip manufacturing and the software that keeps the thing running.\ \ The hardware itself is a blind trust you put into the image and reputation of a company. Some of these companies are dodgy at best from my personal perspective and opinion  (nGrave, Ledger …) others have a more steady reputations and exude trustworthiness (Bitbox, …)  Still… they are all just hardware, a sum of parts you don’t control and don’t verify.\ \ When is the last time you checked the “military grade secure element chipset” in your super-duper hardware device? Where was it manufactured and who designed the chip lay-out? \ \ 3\ Cycling through versions.\ HW wallets go through iterations and new version all the time. When you bought a coldcad Mark 1 back in the day, it’s now long obsolete. You can’t use some features and you’re even lucky if the hardware itself still functions after being in storage for +6 years.\ When I asked the manufacturer why they recommended outphasing the coldcard around two years ago, they said something like “it’s to keep up with security”.\ It even makes sense from their tech and product perspective, but in the end, it’s not really what people expect (realistic or not). Well… that’s like a subscription in my opinion? Every two years, you fork out something of 150 to 200$ for a new hardware device (plus shipping and customs) and the risk involved to put your funds on the new device by transferring to the new wallet’s addresses or put the old seed in that new device and so on…\ All this… to have the “right tool” for keeping 24 words “safe”? So, our formula in point 1, was adjusted to /20 to compensate for that “cycling” through versions at a rate of a few hundred dollars every 2-3 years at least. That’s a bit of the top in my opinion.  A good bitcoin hardware device should at least be usable and up to par for 10 years at the very least. Words written down or secured anywhere, last forever.\ \ 4\ Easy of use is still not ok: This might be very controversial with all the HW wallets claiming to be “easy to use”, but in fact: they’re not. Most users (and I take some family members and friends as an example here) can’t make heads or tails from how these things work. Give any non-tech user a coldcard, ledger of bitbox and they’ll not be on their way to use it as an everyday device.\ It might sound silly for the daily users of such a wallet, but a “noob” in my opinion is better off learning to familiarize themselves with software wallets first before even considering buying a HW wallet.\ \ 5 Buggy hardly tested apps\ The hardware wallets accompanied by an app (like Jade’s Green wallet to name one) are often introducing an extra layer of problems (both on the bugs and the risks). Who knows that this software will still be available in a few years time? We saw many things come and go over the years. \ \ 6\ Alienation from the private keys: New users are better of learning the ropes with seed phrases and private keys by using Electrum, Sparrow and the likes (or even stack wallet duo) in order to learn what holding your own keys means.

People who start their journey with a hardware wallet often think about their bitcoin holding as something that tangible “inside the hardware wallet”, instead of looking at the key-perspective. I think a lot of people are alienated from the bitcoin concept of having your own keys by using HW wallets. (and yes, that’s not a strong argument, I know, but it is a factor to take into account)

7

You’ll have to securely store your seed phrase ANYWAY.\ The fact remains, that you bought a hardware wallet, and still have to safely secure your private keys, seed phrase at some point and do it securely.\ That’s something you need anyway. So… why not just use your paper with 24 words and use the wallet on occasion by using a secure “other way” (seed signer, an electrum wallet, sparrow,...) when you need to do a transaction?

I believe people will also do les on-chain pure bitcoin transactions when they need to do more work when not using a HW wallet: it’s an extra barrier to hold instead of paying. (if you like to do that of course)

8

Upgrade processes aren't always that clear on some HW wallets.\ I personally “bricked” a coldcard this way, by accidentally using a wrong upgrade file on a Mark 2 coldcard, and it was unrepairable after that.

The 12 or 24 words are the most important thing you have, … you don’t need a hardware device if you’re just starting, or just are a hodl’er. 

\ 9 Centralized software. Bugs and “new” features

Lots of bugs in the software also cause problems: For example; your 24 words from device A, can’t be imported to device B although they should “speak the same language” in theory (BIP39).\ One device accepts using two times the same word in a seed phrase, one doesn’t.\ There are other bugs: like random reboots, unlocking problems, strange implementations in the software (like Trezor trying out implementing the Swiss “travel rule” setting one day and pushing this upgrade to the users) and so on….\ Without a HW wallet, you can just choose yourself what software / node or wallet to run anything on, and you’re not tied to the centralized, expensive and often untested way of hardware wallet manufacturer’s viewpoints and or “secret deals”.

10) And then there’s the privacy concern. We all know about Ledger’s famous “mishap” where they leaked all the home addresses of hardware wallet customers .. some of them actually had to move to other places to live as a result.

Conclusion:

In my opinion; hardware wallets are toys for bored bitcoiners.\ And I admit I was one myself for a long time. (I am one of these people yes)

The blockstream Jade was the last hardware wallet I’ve ever bought I guess (and it broke about 4 months of operation, after the PIN code entry froze and the device stopped responding). \ \ On top of that: who needs to sign that much transactions a day (safe for shitcoiners?)

I’m done with the crappy interfaces, the buggy software, the ‘subscription’ to endless upgrades new hardware and the strange feeling of unease when storing something on such devices while you depend on the “open source” nature of something made in China or wherever.

\ There are much cheaper, easier and more secure solutions. 

\ Hence, most people don’t need hardware wallets. 

deadeyes

@avbpodcast 

@ b1ddb4d7:471244e7

In the heart of East Africa, where M-Pesa reigns supreme and innovation pulses through bustling markets, a quiet revolution is brewing—one that could redefine how millions interact with money.

Enter Bitika, the Kenyan startup turning bitcoin’s complexity into a three-step dance, merging the lightning speed of sats with the trusted rhythm of mobile money.

At the helm is a founder whose “aha” moment came not in a boardroom, but at his kitchen table, watching his father grapple with the gap between understanding bitcoin and actually using it.

Bitika was born from that friction—a bridge between M-Pesa’s ubiquity and bitcoin’s borderless promise, wrapped in a name as playful as the Swahili slang that inspired it.

But this isn’t just a story about simplifying transactions. It’s about liquidity battles, regulatory tightropes, and a vision to turn Bitika into the invisible rails powering Africa’s Bitcoin future.

Building on Bitcoin

• Tell us a bit about yourself and how you got into bitcoin/fintech, and what keeps you passionate about this space?

I first came across bitcoin in 2020, but like many at that time, I didn’t fully grasp what it really was. It sounded too complicated, probably with the heavy terminologies. Over time, I kept digging deeper and became more curious.

I started digging into finance and how money works and realised this was what I needed to understand bitcoin’s objectives. I realized that bitcoin wasn’t just a new type of money—it was a breakthrough in how we think about freedom, ownership, and global finance.

What keeps me passionate is how bitcoin can empower people—especially in Africa—to take control of their wealth, without relying on unstable systems or middlemen.

• What pivotal moment or experience inspired you to create Bitika? Was there a specific gap in Kenya’s financial ecosystem that sparked the idea?

Yes, this idea was actually born right in my own home. I’ve always been an advocate for bitcoin, sharing it with friends, family, and even strangers. My dad and I had countless conversations about it. Eventually, he understood the concept. But when he asked, “How do I even buy bitcoin?” or “Can you just buy it for me?” and after taking him through binance—that hit me.

If someone I’d educated still found the buying process difficult, how many others were feeling the same way? That was the lightbulb moment. I saw a clear gap: the process of buying bitcoin was too technical for the average Kenyan. That’s the problem Bitika set out to solve.

• How did you identify the synergy between bitcoin and M-Pesa as a solution for accessibility?

M-Pesa is at the center of daily life in Kenya. Everyone uses it—from buying groceries to paying rent. Instead of forcing people to learn new tools, I decided to meet them where they already are. That synergy between M-Pesa and bitcoin felt natural. It’s about bridging what people already trust with something powerful and new.

• Share the story behind the name “Bitika” – does it hold a cultural or symbolic meaning?

Funny enough, Bitika isn’t a deeply planned name. It came while I was thinking about bitcoin and the type of transformation it brings to individuals. In Swahili, we often add “-ka” to words for flair—like “bambika” from “bamba.”

So, I just coined Bitika as a playful and catchy way to reflect something bitcoin-related, but also uniquely local. I stuck with it because thinking of an ideal brand name is the toughest challenge for me.

• Walk us through the user journey – how does buying bitcoin via M-Pesa in “3 simple steps” work under the hood?

It’s beautifully simple.

1. The user enters the amount they want to spend in KES—starting from as little as 50 KES (about $0.30).

2. They input their Lightning wallet address.

3. They enter their M-Pesa number, which triggers an STK push (payment prompt) on their phone. Once confirmed—pap!—they receive bitcoin almost instantly.

Under the hood, we fetch the live BTC price, validate wallet addresses, check available liquidity, process the mobile payment, and send sats via the Lightning Network—all streamlined into a smooth experience for the user.

• Who’s Bitika’s primary audience? Are you focusing on unbanked populations, tech enthusiasts, or both?

Both. Bitika is designed for everyday people—especially the unbanked and underbanked who are excluded from traditional finance. But we also attract bitcoiners who just want a faster, easier way to buy sats. What unites them is the desire for a seamless and low-barrier bitcoin experience.

Community and Overcoming Challenges

• What challenges has Bitika faced navigating Kenya’s bitcoin regulations, and how do you build trust with regulators?

Regulation is still evolving here. Parliament has drafted bills, but none have been passed into law yet. We’re currently in a revision phase where policymakers are trying to strike a balance between encouraging innovation and protecting the public.

We focus on transparency and open dialogue—we believe that building trust with regulators starts with showing how bitcoin can serve the public good.

• What was the toughest obstacle in building Bitika, and how did you overcome it?

Liquidity. Since we don’t have deep capital reserves, we often run into situations where we have to pause operations often to manually restock our bitcoin supply. It’s frustrating—for us and for users. We’re working on automating this process and securing funding to maintain consistent liquidity so users can access bitcoin at any time, without disruption.

This remains our most critical issue—and the primary reason we’re seeking support.

• Are you eyeing new African markets? What’s next for Bitika’s product?

Absolutely. The long-term vision is to expand Bitika into other African countries facing similar financial challenges. But first, we want to turn Bitika into a developer-first tool—infrastructure that others can build on. Imagine local apps, savings products, or financial tools built using Bitika’s simple bitcoin rails. That’s where we’re heading. 

• What would you tell other African entrepreneurs aiming to disrupt traditional finance?

Disrupting finance sounds exciting—but the reality is messy. People fear what they don’t understand. That’s why simplicity is everything. Build tools that hide the complexity, and focus on making the user’s life easier. Most importantly, stay rooted in local context—solve problems people actually face.

What’s Next?

• What’s your message to Kenyans hesitant to try bitcoin, and to enthusiasts watching Bitika?

To my fellow Kenyans: bitcoin isn’t just an investment—it’s a sovereign tool. It’s money you truly own. Start small, learn, and ask questions.

To the bitcoin community: Bitika is proof that bitcoin is working in Africa. Let’s keep pushing. Let’s build tools that matter.

• How can the bitcoin community, both locally and globally, support Bitika’s mission?

We’re currently fundraising on Geyser. Support—whether it’s financial, technical, or simply sharing our story—goes a long way. Every sat you contribute helps us stay live, grow our liquidity, and continue building a tool that brings bitcoin closer to the everyday person in Africa.

Support here: https://geyser.fund/project/bitika

@ b1ddb4d7:471244e7

The upcoming Bitcoin 2025 conference, scheduled from May 27–29 at the Venetian Conference Center in Las Vegas, is set to make history with an official attempt to break the GUINNESS WORLD RECORDS® title for the most Bitcoin point-of-sale transactions in an eight-hour period.

Organized by BTC Inc, the event will showcase Bitcoin’s evolution from a digital capital asset to a practical medium of exchange, leveraging the latest advancements in payment technology.

Tap-to-Pay with Lightning-Ready Bolt Cards

To facilitate this record-setting attempt, 4,000 Lightning-ready Bolt Cards will be distributed to conference attendees.

pic.twitter.com/Iy7P361u6u

— Uncle Rockstar Developer (@r0ckstardev) May 15, 2025

These NFC-enabled cards allow users to make instant, contactless Bitcoin payments at vendor booths throughout the expo-no apps or QR codes required, just a simple tap. 

The cards are available in four collectible designs, each featuring a prominent figure in Bitcoin’s history: Senator Cynthia Lummis, Michael Saylor, Satoshi Nakamoto, and Jack Dorsey. 

Each attendee will receive a randomly assigned card, making them both functional and collectible souvenirs.

Senator Lummis: A Playful Provocation

Notably, one of the card designs features Senator Cynthia Lummis with laser eyes-a playful nod to her reputation as a leading Bitcoin advocate in US politics. 

While Lummis is known for her legislative efforts to promote Bitcoin integration, she has publicly stated she prefers to “spend dollars and save Bitcoin,” viewing BTC as a long-term store of value rather than a daily currency. 

The choice to feature her on the Bolt Card, could be suggested by Rockstar Dev of the BTC Pay Server Foundation, perhaps a lighthearted way to highlight the ongoing debate about Bitcoin’s role in everyday payments.

Nothing cracks me up quite like a senator that wants the US to buy millions of Bitcoin use dollars to buy a beer at a Bitcoin bar.

This is how unserious some of you are. pic.twitter.com/jftIEggmip

— Magoo PhD (@HodlMagoo) April 4, 2025

How Bolt Cards and the Lightning Network Work

Bolt Cards are physical cards equipped with NFC (Near Field Communication) technology, similar to contactless credit or debit cards. When linked to a compatible Lightning wallet, they enable users to make Bitcoin payments over the Lightning Network by simply tapping the card at a point-of-sale terminal. 

The Lightning Network is a second-layer protocol built on top of Bitcoin, designed to facilitate instant, low-cost transactions ideal for everyday purchases. 

This integration aims to make Bitcoin as easy to use as traditional payment methods, eliminating the need for QR code scanning or mobile apps.

A Showcase for Bitcoin’s Real-World Usability

With over 30,000 attendees, 300 exhibitors, and 500 speakers expected, the Bitcoin 2025 conference is poised to be the largest Bitcoin event of the year-and potentially the most transactional. 

The event will feature on-site activations such as the Official Bitcoin Magazine Store, where all merchandise will be available at a 21% discount for those paying with Bitcoin via the Lightning Network-a nod to Bitcoin’s 21 million coin supply limit.

By deeply integrating Lightning payments into the conference experience, organizers hope to demonstrate Bitcoin’s readiness for mainstream commerce and set a new benchmark for its practical use as a currency.

Conclusion

The Guinness World Record attempt at Bitcoin 2025 is more than a publicity stunt-it’s a bold demonstration of Bitcoin’s technological maturity and its potential to function as a modern, everyday payment method.

Whether or not the record is set, the event will serve as a milestone in the ongoing journey to make Bitcoin a truly global, user-friendly currency

@ b1ddb4d7:471244e7

Flash, an all-in-one Bitcoin payment platform, has announced the launch of Flash 2.0, the most intuitive and powerful Bitcoin payment solution to date.

With a completely redesigned interface, expanded e-commerce integrations, and a frictionless onboarding process, Flash 2.0 makes accepting Bitcoin easier than ever for businesses worldwide.

We did the unthinkable!

Website monetization used to be super complicated.

"Buy me a coffee" — But only if we both have a bank account.

WHAT IF WE DON'T?

Thanks to @paywflash and bitcoin, it's just 5 CLICKS – and no banks!

Start accepting donations on your website… pic.twitter.com/uwZUrvmEZ1

— Flash • The Bitcoin Payment Gateway (@paywflash) May 13, 2025

Accept Bitcoin in Three Minutes

Setting up Bitcoin payments has long been a challenge for merchants, requiring technical expertise, third-party processors, and lengthy verification procedures. Flash 2.0 eliminates these barriers, allowing any business to start accepting Bitcoin in just three minutes, with no technical set-up and full control over their funds.

The Bitcoin Payment Revolution

The world is witnessing a seismic shift in finance. Governments are backing Bitcoin funds, major companies are adding Bitcoin to their balance sheets, and political figures are embracing it as the future of money. Just as Stripe revolutionized internet payments, Flash is now doing the same for Bitcoin. Businesses that adapt today will gain a competitive edge in a rapidly evolving financial landscape.

With Bitcoin adoption accelerating, consumers are looking for places to spend it. Flash 2.0 ensures businesses of all sizes can seamlessly accept Bitcoin and position themselves at the forefront of this financial revolution.

All-in-One Monetization Platform

More than just a payment gateway, Flash 2.0 is a complete Bitcoin monetization suite, providing multiple ways for businesses to integrate Bitcoin into their operations. Merchants can accept payments online and in-store, content creators can monetize with donations and paywalls, and freelancers can send instant invoices via payment links.

For example, a jewelry designer selling products on WooCommerce can now integrate Flash for online payments, use Flash’s Point-of-Sale system at trade shows, enable Bitcoin donations for her digital artwork, and lock premium content behind Flash Paywalls. The possibilities are endless.

E-Commerce for Everyone

With built-in integrations for Shopify, WooCommerce, and soon Wix and OpenCart, Flash 2.0 enables Bitcoin payments on 95% of e-commerce stores worldwide. Businesses can now add Bitcoin as a payment option in just a few clicks—without needing developers or external payment processors.

And for those looking to start selling, Flash’s built-in e-commerce features allow users to create online stores, showcase products, and manage payments seamlessly.

No Middlemen, No Chargebacks, No Limits

Unlike traditional payment platforms, Flash does not hold or process funds. Businesses receive Bitcoin directly, instantly, and securely. There are no chargebacks, giving merchants full control over refunds and eliminating fraud. Flash also remains KYC-free, ensuring a seamless experience for businesses and customers alike.

A Completely Redesigned Experience

“The world is waking up to Bitcoin. Just like the internet revolutionized commerce, Bitcoin is reshaping finance. Businesses need solutions that are simple, efficient, and truly decentralized. Flash 2.0 is more than just a payment processor—it’s a gateway to the future of digital transactions, putting financial power back into the hands of businesses.”

— Pierre Corbin, CEO at Flash.

Flash 2.0 introduces a brand-new user interface, making it easier than ever to navigate, set up payments, and manage transactions. With an intuitive dashboard, streamlined checkout, and enhanced mobile compatibility, the platform is built for both new and experienced Bitcoin users.

About Flash

Flash is an all-in-one Bitcoin payment platform that empowers businesses, creators, and freelancers to accept, manage, and grow with Bitcoin. With a mission to make Bitcoin payments accessible to everyone, Flash eliminates complexity and gives users full control over their funds.

To learn more or get started, visit www.paywithflash.com.

Press Contact:

Julien Bouvier
Head of Marketing
+3360941039

@ b1ddb4d7:471244e7

Bitcoin FilmFest (BFF25) returns to Warsaw for its third edition, blending independent cinema—from feature films and commercials to AI-driven experimental visuals—with education and entertainment.

Hundreds of attendees from around the world will gather for three days of screenings, discussions, workshops, and networking at the iconic Kinoteka Cinema (PKiN), the same venue that hosted the festival’s first two editions in March 2023 and April 2024.

This year’s festival, themed “Beyond the Frame,” introduces new dimensions to its program, including an extra day on May 22 to celebrate Bitcoin Pizza Day, the first real-world bitcoin transaction, with what promises to be one of Europe’s largest commemorations of this milestone.

BFF25 bridges independent film, culture, and technology, with a bold focus on decentralized storytelling and creative expression. As a community-driven cultural experience with a slightly rebellious spirit, Bitcoin FilmFest goes beyond movies, yet cinema remains at its heart.

Here’s a sneak peek at the lineup, specially curated for movie buffs:

Generative Cinema –  A special slot with exclusive shorts and a thematic debate on the intersection of AI and filmmaking. Featured titles include, for example: BREAK FREE, SATOSHI: THE CREATION OF BITCOIN, STRANGE CURRENCIES, and BITCOIN IS THE MYCELIUM OF MONEY,  exploring financial independence, traps of the fiat system, and a better future built on sound money.

Upcoming Productions Preview – A bit over an hour-long block of unreleased pilots and works-in-progress. Attendees will get exclusive first looks at projects like FINDING HOME (a travel-meets-personal-journey series), PARALLEL SPACES (a story about alternative communities), and THE LEGEND OF LANDI (a mysterious narrative).

Freedom-Focused Ads & Campaigns – Unique screenings of video commercials, animations, and visual projects, culminating in “The PoWies” (Proof of Work-ies)—the first ever awards show honoring the best Bitcoin-only awareness campaigns.

To get an idea of what might come up at the event, here, you can preview 6 selected ads combined into two 2 videos:

• Unique Bitcoin-Video Ads: Part One
• Unique Bitcoin-Video Ads: Part Two

Open Pitch Competition – A chance for filmmakers to present fresh ideas and unfinished projects to an audience of a dedicated jury, movie fans and potential collaborators. This competitive block isn’t just entertaining—it’s a real opportunity for creators to secure funding and partnerships.

Golden Rabbit Awards: A lively gala honoring films from the festival’s Official Selection, with awards in categories like Best Feature, Best Story, Best Short, and Audience Choice.

BFF25 Main Screenings

Sample titles from BFF25’s Official Selection:

REVOLUCIÓN BITCOIN – A documentary by Juan Pablo, making its first screening outside the Spanish-speaking world in Warsaw this May. Three years of important work, 80 powerful minutes to experience. The film explores Bitcoin’s impact across Argentina, Colombia, Mexico, El Salvador, and Spain through around 40 diverse perspectives. Screening in Spanish with English subtitles, followed by a Q&A with the director.

UNBANKABLE – Luke Willms’ directorial debut, drawing from his multicultural roots and his father’s pioneering HIV/AIDS research. An investigative documentary based on Luke’s journeys through seven African countries, diving into financial experiments and innovations—from mobile money and digital lending to Bitcoin—raising smart questions and offering potential lessons for the West. Its May appearance at BFF25 marks its largest European event to date, following festival screenings and nominations across multiple continents over the past year.

HOTEL BITCOIN – A Spanish comedy directed by Manuel Sanabria and Carlos “Pocho” Villaverde. Four friends, 4,000 bitcoins , and one laptop spark a chaotic adventure of parties, love, crime, and a dash of madness. Exploring sound money, value, and relationships through a twisting plot. The film premiered at the Tarazona and Moncayo Comedy Film Festival in August 2024. Its Warsaw screening at BFF25 (in Spanish with English subtitles) marks its first public showing outside the Spanish-speaking world.

Check out trailers for this year’s BFF25 and past editions on YouTube.

Tickets & Info:

• Detailed program and tickets are available at bitcoinfilmfest.com/bff25.
• Stay updated via the festival’s official channels (links provided on the website).
• Use ‘LN-NEWS’ to get 10% of tickets

@ a296b972:e5a7a2e8

„Aaaach, was für ein herrlicher Tag!“

In Berlin geht man hochmotiviert an die Arbeit, in der tiefen Überzeugung stets die richtigen Entscheidungen zu treffen, die Steuern der Einzahler ausschließlich für wohlüberlegte, notwendige Investitionen auszugeben und Entscheidungen zu treffen, die im dem Umfeld, in dem man sich bewegt, als höchst sinnvoll erachtet werden. Zustimmung von allen Seiten, dann muss es ja richtig sein.

Man fährt im Dienstwagen ins Regierungsviertel, sieht die vielen geschäftigen Menschen, wie sie ebenfalls zur Arbeit eilen. Man freut sich darüber, dass alles so gut läuft, dank der überragenden Kompetenz, die man einbringen darf und die das alles ermöglicht.

In Gedanken klopft man sich auf die Schulter und sagt sich im Stillen: „Bist schon ein geiler Typ, der richtig was bewegen kann, bewegen kann.“

Man hat auch schon erkannt, dass die zunehmende Kriminalität, vorzugsweise mit einem unsachgemäß gebrauchten Messer, durch den schlechten Einfluss der sozialen Medien entstanden ist und schon entsprechende Maßnahmen auf den Weg gebracht, um das durch geleitete Meinungsäußerungen, selbstverständlich zum Wohle aller, zu unterbinden. Man ist ja nicht umsonst in diese verantwortungsvolle Position gelangt. „Endlich am Ziel!“

„Messerattacken sind unschön, unschön, aber man muss auch berücksichtigen, dass viele der Attentäter und Attentäterinnen in ihren Herkunftsländern Schlimmes erlebt haben und dadurch traumatisiert wurden. Den betroffenen Traumaopfern kann ja nichts Besseres passieren, als in eine deutsche Psychiatrie zu kommen, wo sie die allerbeste Therapie erfahren, um wieder glückliche Menschen der Gesellschaft zu werden.

** **

Und jeder, der nicht die große soziale Aufgabe erkennt, die wir uns gestellt haben und auch effizient umsetzen, muss es eben noch besser erklärt bekommen, erklärt bekommen. Daran müssen wir noch arbeiten. (Muss ich mir notieren, damit ich meinem Sekretär die Anweisung erteile, das in die Wege zu leiten). Und jeder, der sich dagegen sträubt, zeigt damit eindeutig, dass er zum rechten Rand gehört. Was denen nur einfällt? Da müssen klare Zeichen gesetzt werden, und das muss unter allen Umständen unterbunden werden, unterbunden werden.

** **

Sowas schadet der Demokratie, es delegitimiert sie“.

Zum Schutz der braven Bürger arbeitet man auch fleißig daran, Deutschland, in neuem Selbstbewusstsein, zur stärksten Kraft in Europa zu machen. Mit der Stationierung von deutschen Soldaten an der Ostfront, pardon, an der Ostflanke, zeigt man dem bösen, aggressiven Russen schon mal, was eine Harke ist. „Und das ist ja erst der Anfang, der Anfang. Warte nur ab!“

„Was noch? Ach ja, die Wirtschaft. Solange die nicht auf die Barrikaden geht, das sehe ich derzeit nicht, scheint es ja noch keinen akuten Handlungsbedarf zu geben. Darum kümmern wir uns später. Immerhin halten sich die Wirtschaftsprognosen in einem akzeptablen Rahmen und die Priorität (die kann auch nicht jeder richtig setzen) der Investitionen muss derzeit auf dem wichtigsten Bereich, der Aufrüstung liegen, Aufrüstung liegen. Schließlich werden wir bald angegriffen.

** **

Ich darf nicht vergessen, meinen Sekretär zu beauftragen, meine Bestellung im Feinkostladen abholen zu lassen, sonst gibt’s Zuhause Ärger. Ach ja, und die Anzüge und die Wäsche muss auch noch aus der Reinigung abgeholt werden. Darf ich nicht vergessen, nicht vergessen.

** **

Wie viele Reinigungen gäbe es nicht, wenn wir Politiker nicht wären, nicht wären. Viele sichere Arbeitsplätze, gut so!

** **

Was, schon da? Das ging aber heute schnell. Kein Stau. Ja, der Chauffeur ist schon ein Guter, der weiß, wo man lang muss, um Baustellen zu umfahren. Allerdings muss ich ihm bei nächster Gelegenheit noch einmal deutlich sagen, dass er bitte die Sitzheizung früher anzuschalten hat, anzuschalten hat! Dass der sich das immer noch nicht gemerkt hat, unmöglich!“

Wen wundert es, wenn in dieser Wonnewelt der Selbstüberschätzung von Unsererdemokratie gesprochen wird, so entrückt vom Alltag, in einem Raumschiff, dass völlig losgelöst von der Realität über allem schwebt.

„Ich müsste ja verrückt sein, wenn ich an diesen Zuständen etwas ändern wollte. Warum auch, es läuft doch und mir geht es doch gut. Ich habe ein gutes Einkommen, kann mir allerhand leisten, Haus ist bezahlt, Frau ist gut untergebracht, Kinder sind versorgt, wie die Zeit vergeht. Und wenn ich mal ausscheide, erhalte ich weiter meine Bezüge und muss nicht an mein Vermögen ran, man will ja auch den Kindern was hinterlassen. Schadet ja nicht, wenn ich mich etwas einschränke, und der eine oder andere Job wird schon an mich herangetragen werden, schließlich habe ich ja erstklassige Kontakte, die dem einen oder anderen sicher etwas wert sein werden.

** **

Na, dann woll’n wir mal wieder, woll’n wir mal wieder!“

Dieser Artikel wurde mit dem Pareto-Client geschrieben

* *

(Bild von pixabay)

@ e3ba5e1a:5e433365

President Trump has started rolling out his tariffs, something I blogged about in November. People are talking about these tariffs a lot right now, with many people (correctly) commenting on how consumers will end up with higher prices as a result of these tariffs. While that part is true, I’ve seen a lot of people taking it to the next, incorrect step: that consumers will pay the entirety of the tax. I put up a poll on X to see what people thought, and while the right answer got a lot of votes, it wasn't the winner.

For purposes of this blog post, our ultimate question will be the following:

• Suppose apples currently sell for $1 each in the entire United States.
• There are domestic sellers and foreign sellers of apples, all receiving the same price.
• There are no taxes or tariffs on the purchase of apples.
• The question is: if the US federal government puts a $0.50 import tariff per apple, what will be the change in the following:
• Number of apples bought in the US
• Price paid by buyers for apples in the US
• Post-tax price received by domestic apple producers
• Post-tax price received by foreign apple producers

Before we can answer that question, we need to ask an easier, first question: before instituting the tariff, why do apples cost $1?

And finally, before we dive into the details, let me provide you with the answers to the ultimate question. I recommend you try to guess these answers before reading this, and if you get it wrong, try to understand why:

1. The number of apples bought will go down
2. The buyers will pay more for each apple they buy, but not the full amount of the tariff
3. Domestic apple sellers will receive a higher price per apple
4. Foreign apple sellers will receive a lower price per apple, but not lowered by the full amount of the tariff

In other words, regardless of who sends the payment to the government, both taxed parties (domestic buyers and foreign sellers) will absorb some of the costs of the tariff, while domestic sellers will benefit from the protectionism provided by tariffs and be able to sell at a higher price per unit.

Marginal benefit

All of the numbers discussed below are part of a helper Google Sheet I put together for this analysis. Also, apologies about the jagged lines in the charts below, I hadn’t realized before starting on this that there are some difficulties with creating supply and demand charts in Google Sheets.

Let’s say I absolutely love apples, they’re my favorite food. How much would I be willing to pay for a single apple? You might say “$1, that’s the price in the supermarket,” and in many ways you’d be right. If I walk into supermarket A, see apples on sale for $50, and know that I can buy them at supermarket B for $1, I’ll almost certainly leave A and go buy at B.

But that’s not what I mean. What I mean is: how high would the price of apples have to go everywhere so that I’d no longer be willing to buy a single apple? This is a purely personal, subjective opinion. It’s impacted by how much money I have available, other expenses I need to cover, and how much I like apples. But let’s say the number is $5.

How much would I be willing to pay for another apple? Maybe another $5. But how much am I willing to pay for the 1,000th apple? 10,000th? At some point, I’ll get sick of apples, or run out of space to keep the apples, or not be able to eat, cook, and otherwise preserve all those apples before they rot.

The point being: I’ll be progressively willing to spend less and less money for each apple. This form of analysis is called marginal benefit: how much benefit (expressed as dollars I’m willing to spend) will I receive from each apple? This is a downward sloping function: for each additional apple I buy (quantity demanded), the price I’m willing to pay goes down. This is what gives my personal demand curve. And if we aggregate demand curves across all market participants (meaning: everyone interested in buying apples), we end up with something like this:

Assuming no changes in people’s behavior and other conditions in the market, this chart tells us how many apples will be purchased by our buyers at each price point between $0.50 and $5. And ceteris paribus (all else being equal), this will continue to be the demand curve for apples.

Marginal cost

Demand is half the story of economics. The other half is supply, or: how many apples will I sell at each price point? Supply curves are upward sloping: the higher the price, the more a person or company is willing and able to sell a product.

Let’s understand why. Suppose I have an apple orchard. It’s a large property right next to my house. With about 2 minutes of effort, I can walk out of my house, find the nearest tree, pick 5 apples off the tree, and call it a day. 5 apples for 2 minutes of effort is pretty good, right?

Yes, there was all the effort necessary to buy the land, and plant the trees, and water them… and a bunch more than I likely can’t even guess at. We’re going to ignore all of that for our analysis, because for short-term supply-and-demand movement, we can ignore these kinds of sunk costs. One other simplification: in reality, supply curves often start descending before ascending. This accounts for achieving efficiencies of scale after the first number of units purchased. But since both these topics are unneeded for understanding taxes, I won’t go any further.

Anyway, back to my apple orchard. If someone offers me $0.50 per apple, I can do 2 minutes of effort and get $2.50 in revenue, which equates to a $75/hour wage for me. I’m more than happy to pick apples at that price!

However, let’s say someone comes to buy 10,000 apples from me instead. I no longer just walk out to my nearest tree. I’m going to need to get in my truck, drive around, spend the day in the sun, pay for gas, take a day off of my day job (let’s say it pays me $70/hour). The costs go up significantly. Let’s say it takes 5 days to harvest all those apples myself, it costs me $100 in fuel and other expenses, and I lose out on my $70/hour job for 5 days. We end up with:

• Total expenditure: $100 + $70 * 8 hours a day * 5 days \== $2900
• Total revenue: $5000 (10,000 apples at $0.50 each)
• Total profit: $2100

So I’m still willing to sell the apples at this price, but it’s not as attractive as before. And as the number of apples purchased goes up, my costs keep increasing. I’ll need to spend more money on fuel to travel more of my property. At some point I won’t be able to do the work myself anymore, so I’ll need to pay others to work on the farm, and they’ll be slower at picking apples than me (less familiar with the property, less direct motivation, etc.). The point being: at some point, the number of apples can go high enough that the $0.50 price point no longer makes me any money.

This kind of analysis is called marginal cost. It refers to the additional amount of expenditure a seller has to spend in order to produce each additional unit of the good. Marginal costs go up as quantity sold goes up. And like demand curves, if you aggregate this data across all sellers, you get a supply curve like this:

Equilibrium price

We now know, for every price point, how many apples buyers will purchase, and how many apples sellers will sell. Now we find the equilibrium: where the supply and demand curves meet. This point represents where the marginal benefit a buyer would receive from the next buyer would be less than the cost it would take the next seller to make it. Let’s see it in a chart:

You’ll notice that these two graphs cross at the $1 price point, where 63 apples are both demanded (bought by consumers) and supplied (sold by producers). This is our equilibrium price. We also have a visualization of the surplus created by these trades. Everything to the left of the equilibrium point and between the supply and demand curves represents surplus: an area where someone is receiving something of more value than they give. For example:

• When I bought my first apple for $1, but I was willing to spend $5, I made $4 of consumer surplus. The consumer portion of the surplus is everything to the left of the equilibrium point, between the supply and demand curves, and above the equilibrium price point.
• When a seller sells his first apple for $1, but it only cost $0.50 to produce it, the seller made $0.50 of producer surplus. The producer portion of the surplus is everything to the left of the equilibrium point, between the supply and demand curves, and below the equilibrium price point.

Another way of thinking of surplus is “every time someone got a better price than they would have been willing to take.”

OK, with this in place, we now have enough information to figure out how to price in the tariff, which we’ll treat as a negative externality.

Modeling taxes

Alright, the government has now instituted a $0.50 tariff on every apple sold within the US by a foreign producer. We can generally model taxes by either increasing the marginal cost of each unit sold (shifting the supply curve up), or by decreasing the marginal benefit of each unit bought (shifting the demand curve down). In this case, since only some of the producers will pay the tax, it makes more sense to modify the supply curve.

First, let’s see what happens to the foreign seller-only supply curve when you add in the tariff:

With the tariff in place, for each quantity level, the price at which the seller will sell is $0.50 higher than before the tariff. That makes sense: if I was previously willing to sell my 82nd apple for $3, I would now need to charge $3.50 for that apple to cover the cost of the tariff. We see this as the tariff “pushing up” or “pushing left” the original supply curve.

We can add this new supply curve to our existing (unchanged) supply curve for domestic-only sellers, and we end up with a result like this:

The total supply curve adds up the individual foreign and domestic supply curves. At each price point, we add up the total quantity each group would be willing to sell to determine the total quantity supplied for each price point. Once we have that cumulative supply curve defined, we can produce an updated supply-and-demand chart including the tariff:

As we can see, the equilibrium has shifted:

• The equilibrium price paid by consumers has risen from $1 to $1.20.
• The total number of apples purchased has dropped from 63 apples to 60 apples.
• Consumers therefore received 3 less apples. They spent $72 for these 60 apples, whereas previously they spent $63 for 3 more apples, a definite decrease in consumer surplus.
• Foreign producers sold 36 of those apples (see the raw data in the linked Google Sheet), for a gross revenue of $43.20. However, they also need to pay the tariff to the US government, which accounts for $18, meaning they only receive $25.20 post-tariff. Previously, they sold 42 apples at $1 each with no tariff to be paid, meaning they took home $42.
• Domestic producers sold the remaining 24 apples at $1.20, giving them a revenue of $28.80. Since they don’t pay the tariff, they take home all of that money. By contrast, previously, they sold 21 apples at $1, for a take-home of $21.
• The government receives $0.50 for each of the 60 apples sold, or in other words receives $30 in revenue it wouldn’t have received otherwise.

We could be more specific about the surpluses, and calculate the actual areas for consumer surplus, producer surplus, inefficiency from the tariff, and government revenue from the tariff. But I won’t bother, as those calculations get slightly more involved. Instead, let’s just look at the aggregate outcomes:

• Consumers were unquestionably hurt. Their price paid went up by $0.20 per apple, and received less apples.
• Foreign producers were also hurt. Their price received went down from the original $1 to the new post-tariff price of $1.20, minus the $0.50 tariff. In other words: foreign producers only receive $0.70 per apple now. This hurt can be mitigated by shifting sales to other countries without a tariff, but the pain will exist regardless.
• Domestic producers scored. They can sell less apples and make more revenue doing it.
• And the government walked away with an extra $30.

Hopefully you now see the answer to the original questions. Importantly, while the government imposed a $0.50 tariff, neither side fully absorbed that cost. Consumers paid a bit more, foreign producers received a bit less. The exact details of how that tariff was split across the groups is mediated by the relevant supply and demand curves of each group. If you want to learn more about this, the relevant search term is “price elasticity,” or how much a group’s quantity supplied or demanded will change based on changes in the price.

Other taxes

Most taxes are some kind of a tax on trade. Tariffs on apples is an obvious one. But the same applies to income tax (taxing the worker for the trade of labor for money) or payroll tax (same thing, just taxing the employer instead). Interestingly, you can use the same model for analyzing things like tax incentives. For example, if the government decided to subsidize domestic apple production by giving the domestic producers a $0.50 bonus for each apple they sell, we would end up with a similar kind of analysis, except instead of the foreign supply curve shifting up, we’d see the domestic supply curve shifting down.

And generally speaking, this is what you’ll always see with government involvement in the economy. It will result in disrupting an existing equilibrium, letting the market readjust to a new equilibrium, and incentivization of some behavior, causing some people to benefit and others to lose out. We saw with the apple tariff, domestic producers and the government benefited while others lost.

You can see the reverse though with tax incentives. If I give a tax incentive of providing a deduction (not paying income tax) for preschool, we would end up with:

• Government needs to make up the difference in tax revenue, either by raising taxes on others or printing more money (leading to inflation). Either way, those paying the tax or those holding government debased currency will pay a price.
• Those people who don’t use the preschool deduction will receive no benefit, so they simply pay a cost.
• Those who do use the preschool deduction will end up paying less on tax+preschool than they would have otherwise.

This analysis is fully amoral. It’s not saying whether providing subsidized preschool is a good thing or not, it simply tells you where the costs will be felt, and points out that such government interference in free economic choice does result in inefficiencies in the system. Once you have that knowledge, you’re more well educated on making a decision about whether the costs of government intervention are worth the benefits.

@ 9e69e420:d12360c2

Federal employees must remove pronouns from email signatures by the end of the day. This directive comes from internal memos tied to two executive orders signed by Donald Trump. The orders target diversity and equity programs within the government.

CDC, Department of Transportation, and Department of Energy employees were affected. Staff were instructed to make changes in line with revised policy prohibiting certain language.

One CDC employee shared frustration, stating, “In my decade-plus years at CDC, I've never been told what I can and can't put in my email signature.” The directive is part of a broader effort to eliminate DEI initiatives from federal discourse.

@ 9e69e420:d12360c2

President Trump plans to withdraw 20,000 U.S. troops from Europe and expects European allies to contribute financially to the remaining military presence. Reported by ANSA, Trump aims to deliver this message to European leaders since taking office. A European diplomat noted, “the costs cannot be borne solely by American taxpayers.”

The Pentagon hasn't commented yet. Trump has previously sought lower troop levels in Europe and had ordered cuts during his first term. The U.S. currently maintains around 65,000 troops in Europe, with total forces reaching 100,000 since the Ukraine invasion. Trump's new approach may shift military focus to the Pacific amid growing concerns about China.

Sauce

@ 8671a6e5:f88194d1

I’ll have to use my best Tone Vays impersonation voice for saying this, “..but actually “Value for Value, is à scàm”.

We hear a lot about Value4Value in bitcoin. People giving some content, good or service, and then getting their proverbial hat out, to collect whatever it’s deemed worth to the audience.

Some examples:

• Jimmy makes a nice website for the community, and gets a donation from whoever likes the work he put in.

• Mathilda makes a nice series of travel videos about bitcoin places, and does a little dance, and people can donate sats.

• Jody makes a podcast about bitcoin philosophy and the local community and people can donate for every episode.

That’s all very nice in theory.

I keep thinking about a documentary maker who told his audience he slept on a kitchen table because he had no money for a bed. And he would stop doing things V4V because of it. I can understand that sentiment, and I fear he’s not alone in that feeling.

One of the other artists in attendance told me “then he should work harder and make better things or get some sponsors”. Which contradicts the V4V model, and is rather disparaging towards that filmmaker.

In the world of "Value for Value" (V4V), the system is rigged from the get-go because of dodgy fundamentals based on goodwill. It borders on a scam, be it a voluntary run scam from both sides.

Unfortunately, there are very, very low percentages of people (let alone bitcoiners) that have goodwill. At least in Europe (I don’t know how this exactly works out in the US or Asia).

A personal friend of mine ran a history podcast for many years, and got more kudos, and gifts than I ever had in bitcoin.

And no, it’s not about the money, the income. You can call me a sour person all you want for saying this. It’s mainly about feeling a slight appreciation for what you do

On top of that, the subject itself is a bit of a “no-no” to talk about. If you do, you’re often branded a complainer, a wanker, a negative Nancy. Well… that’s one of the signs you participate in a sort of scam. When you point out holes in the scheme, you’re branded a complainer or a negativist; you often also get ousted.

That’s the way we’re all supposed to go thumbs-up on everything while sleeping on a kitchen table, while doing “good for the community.

To clarify (some close to the reality numbers):

If you put in ± 10 hours in an episode in total in a history podcast, you got rewarded about 50€ (usually from people appreciating the story and effort, relating to the part in history).

If you put in ± 6 hours in two episodes in total (less research than a history podcast), in bitcoin in Belgium, you get rewarded with 2 likes (one from myself and one from another bitcoiner), and no re-shares and about 2000 sats per episode on a good day, and 0 on a bad day.

unknown bitcoin artist holding an orange cup New people in bitcoin who fall for this need to be aware of the loss of time they'll face (which some can stomach, others won't...). Maybe this blog post can help prevent people from turning sour or becoming blatantly against the community.

People who have a good "ethics" stance in bitcoin will probably start to do things in V4V, hoping they get a good return for their work. You dive into this for the love of the community, for proof-of-work in Bitcoin, and maybe to carve out a name for yourself, or so you believe. But over time, this passion isn't enough to outweigh the hours, effort, and the relentless critique from the community's armchair philosophers – and trust me, there's no shortage of those.

Soon, however, such goodwill people will start to be disgruntled or at least less happy about the V4V model's returns. Let's face it, Value4Value was a marketing term invented by Adam Curry, along with Dave Jones, to launch a concept as an anti-movement against Apple's hegemony. It was meant to preserve free speech (that, it succeeded in; they've put the "free" in free speech). For themselves, because they had the first-mover advantage, it worked out fine. And until like the end of 2015, it worked very well.

However, I never heard of anyone after the year 2015 who lived off a value4value scheme having enough income and being happy about the exchange of goods and services...

Many podcasters resolve this by asking a fee for their "full" private and ad-free stream. Others just quit or go full paid service. It's all good, as long as you pick your poison and don't rely too much on appreciation in this community.

I'll go even further; in my opinion, the value proposition of Value 4 Value has a negative influence on bitcoin adoption. Because so many people will start under this model, hoping to make a living or at least break even on their hobby project, they'll soon turn sour.

This negative impact is due to an over-supply of content, or the implication that you have to get sponsors. I regularly got that message from people like, “Why don’t you get a sponsor?” They act like I don’t know that working for free isn't paying the bills. I know. Trust me on that. I work for free out of passion and genuine interest. If that gets punished, then there's something really wrong with this community.

On sponsors: the problem with this approach is that you can't call your own sponsor's product "a toy-grade piece of unreliable garbage" on-air if you take their money. And if you do, it's probably not doing wonders for your income.

Not only are you sacrificing your independence, but you're also stripping away the very essence of why you started the podcast in the first place. On that subject, I can't bring myself to read ads about dog food or some insurance company's new scammy tactics to "protect" people. If I go that route, I would whore myself out to the extent that I might as well start a "banging hot crypto of the week" podcast and shill any NFT, meme-coin, and garbage scam token out there if they pay me. That's also not the "value" people tune in for, I guess (although some Belgians still make a career out of doing so).

Broken value

There's an element of guaranteed discontent in Value4Value that's profoundly broken.

So here's my breakdown:

In Value4Value, you have at least two elements in the equation: the maker of goods/services/content and the receiver of such content, who also turns into the giver.

The first one is the first giver, the second one is the second giver in the exchange.

The first giver, often a content creator, pours their heart, time, and energy into something, expecting nothing in return but hoping for recognition or a fair exchange. Instead, they're often left with scraps while others freely take, use, and even profit from their work without so much as a nod. Giving credit is passé as well... even people who blatantly steal stuff from others smile in your face and go on with their "business". Result: the first giver feels scammed out of their time.

Then there's the second giver, the one who actually decides to pay up and not be a bitch. They give away their hard-earned fiat or bitcoin for something they could've gotten for "free", hoping to keep the cycle of generosity alive. But as reality sets in, they realize they're the only ones p(l)aying this game, leaving them feeling cheated, especially when they hear about others enjoying the same benefits without contributing a sat. Result: the second giver feels scammed out of their money, but at least they got something out of it.

Both ends

In essence, V4V is a scam on both ends.

There's the dishonest way where you might earn a bit, but at the cost of your integrity (for example, praising a rotten hardware wallet like it's a revolutionary invention while collecting the kickbacks). Or there's the so-called honorable path where you gain nothing but scorn and perhaps a pat on the back before someone else capitalizes on your efforts. (Not talking about the people here even ridiculing you for doing something for free).

This leaves a bitter feeling for everyone involved. Those who dare to charge for their services face another kind of scam - the guilt of appearing to be in it for the money while potentially exploiting the naive under the guise of community spirit. And those who speak up about it, like that documentary maker and some artists alike, are all getting brutally laughed at. Because it's a taboo subject to "complain" about income.

But that's not the issue here; I never started a podcast to earn a living or make money. I would be mad doing so and thinking so, certainly not in this market and community. The deeper issue is less trivial, however: when value for value is not recognized, and there are hardly any widespread tools to really capitalize on it, then it's a negative point for bitcoin adoption.

(Just an example) People who run the podcast feed on their own website steal potential income from me by circumventing a good podcast 2.0 platform like the Fountain app. It's probably well meant, to spread the word, but in general, it's profiting from content in the most lazy way possible.

You can prevent that from happening by making the feed private, but then you need to pay a service fee, which you can't pay because 90% of the bitcoiners are too cheap to pay for it. So you pay it out of your own pocket, only to get the critique about your podcast being "behind a paywall". So... you either let yourself be ripped off even further and earn less every episode... Or you just give up, take everything offline, and go work at McDonald's (at least they pay you by the hour, and then you're in the fiat scam and you know it!).

The same goes for artists who get their designs, logos, and artwork copied or see some other artwork that's "heavily inspired" by their own creation popping up somewhere else.

And don't get me started on people copying tweets, ideas, parts of a blog post, and re-telling it to pass it off as their own idea in a book or their own content channels (even some pretty famous people in the bitcoin space do this on a regular basis; you have to get your content somewhere, I guess, after years of getting free tickets to any conference and enjoying life in our little bubble of misfits and backroom deals).

We route around problems

One of Bitcoin's amazing properties is that it isn't bringing you "yield" on itself. One bitcoin doesn't generate more bitcoin by printing more bitcoin, like in fiat. You can't just sit on your ass and get more diluted Mickey Mouse money.

So if you want to be active in the space, you have to either sell yourself (your soul maybe included), or sell a product you have total control over (your own brand of orange-themed cuddly toys for grown-up men, hoodies, umbrellas, paintings with the same themes everyone else does, 3D printed action figures of yourself, or whatever you can come up with that's not too embarrassing to show up with at a conference).

It's in fact no laughing matter. In bitcoin, we're used to routing around problems.

According to me, the broader adoption of bitcoin and its ethos (mind my words here) cannot grow and be successful if we don't solve this problem. The majority of content creators aren't the "big names" with their big middlemen sponsors (even a few got sponsored by FTX and Celsius Network back in the day, and currently a lot of them eat out the hands of some hardware wallet manufacturers and exchanges). These smaller names and new people, make content and art or the likes in order to grow their audience, have fun, learn and make a bit of money on the side if possible. Some of them even want to make a real career out of it. That's all fine.

As a community we need to learn to support people in a decent way.

Some initiatives I've seen were also utterly flawed, so we need to do better. The idea of a "bitcoin influencer" team, for example, was, as far as I could tell, an utter failure from the start, certainly if I saw some people in that group at a conference dry-humping a potential beneficiary (or the other way around; we all route around problems in our own special way :), then I somehow start to question their motives. But it might also be my imagination; the end result is the same; everyone still sleeps on their proverbial kitchen table while delivering free stuff.

We often claim that the fiat world drains us of our energy, time, and effort in order to reward us in 'melting' fiat currency. Well... at least they got a melting ice cube instead of the proverbial pat on the back on the black hoodie you wear in support of someone else's project.

If bitcoin ground-level pleb things, run by real people, need to be successful to grow bitcoin awareness, then we need to find a better solution for this problem. Otherwise, many people will be utterly turned off by the promising "peer-to-peer" world they've stepped into. It not only turns them into the fiat-slave mindset again but also discourages people from building and doing cool things. No one likes to be ripped off. No one likes to work for free. No one likes to be spit in the face and get dirty looks or eye-rolls when you enter the room.

And no, don’t invent things just for me; I’m fine.

I see donations and likes/shares as a real-life measuring stick for the quality and reach of my work. With an average of 3 retweets and shares per episode, it's a failure. And with 13,420 sats over 7 episodes, it's not a big deal, but it's something. Many people in the space would be happy to get such a gift for 18 hours of work.1

Like the famous monologue in the movie Trainspotting, we could also ask ourselves collectively, ... Choose Bitcoin. Choose Value4Value. Choose a scam. Choose life... which scam do you prefer?

Will you choose working for free for bitcoin? Or choose life?

thank you for reading,

by … Kim DV for @AVBpodcast :

no donation button here for obvious reasons

1 sarcasm, a beggar near the Brussels Central station makes more money just sitting on his ass with a Mc Donald’s cup in hand telling people “ s'il te plaît “I’ll have to use my best Tone Vays impersonation voice for saying this, “..but actually “Value for Value, is à scàm”.

We hear a lot about Value4Value in bitcoin. People giving some content, good or service, and then getting their proverbial hat out, to collect whatever it’s deemed worth to the audience.\ \ Some examples:\ \ - Jimmy makes a nice website for the community, and gets a donation from whoever likes the work he put in.\ \ - Mathilda makes a nice series of travel videos about bitcoin places, and does a little dance, and people can donate sats.\ \ - Jody makes a podcast about bitcoin philosophy and the local community and people can donate for every episode.

That’s all very nice in theory.\ \ I keep thinking about a documentary maker who told his audience he slept on a kitchen table because he had no money for a bed. And he would stop doing things V4V because of it. I can understand that sentiment, and I fear he’s not alone in that feeling.\ \ One of the other artists in attendance told me “then he should work harder and make better things or get some sponsors”. Which contradicts the V4V model, and is rather disparaging towards that filmmaker.\ \ In the world of "Value for Value" (V4V), the system is rigged from the get-go because of dodgy fundamentals based on goodwill. It borders on a scam, be it a voluntary run scam from both sides.\ \ Unfortunately, there are very, very low percentages of people (let alone bitcoiners) that have goodwill. At least in Europe (I don’t know how this exactly works out in the US or Asia).\ \ A personal friend of mine ran a history podcast for many years, and got more kudos, and gifts than I ever had in bitcoin.\ \ And no, it’s not about the money, the income. You can call me a sour person all you want for saying this. It’s mainly about feeling a slight appreciation for what you do\ \ On top of that, the subject itself is a bit of a “no-no” to talk about. If you do, you’re often branded a complainer, a wanker, a negative Nancy. Well… that’s one of the signs you participate in a sort of scam. When you point out holes in the scheme, you’re branded a complainer or a negativist; you often also get ousted.

That’s the way we’re all supposed to go thumbs-up on everything while sleeping on a kitchen table, while doing “good for the community.\ \ To clarify (some close to the reality numbers):\ \ If you put in ± 10 hours in an episode in total in a history podcast, you got rewarded about 50€ (usually from people appreciating the story and effort, relating to the part in history).\ \ If you put in ± 6 hours in two episodes in total (less research than a history podcast), in bitcoin in Belgium, you get rewarded with 2 likes (one from myself and one from another bitcoiner), and no re-shares and about 2000 sats per episode on a good day, and 0 on a bad day.

unknown bitcoin artist holding an orange cup

New people in bitcoin who fall for this need to be aware of the loss of time they'll face (which some can stomach, others won't...). Maybe this blog post can help prevent people from turning sour or becoming blatantly against the community.

People who have a good "ethics" stance in bitcoin will probably start to do things in V4V, hoping they get a good return for their work. You dive into this for the love of the community, for proof-of-work in Bitcoin, and maybe to carve out a name for yourself, or so you believe. But over time, this passion isn't enough to outweigh the hours, effort, and the relentless critique from the community's armchair philosophers – and trust me, there's no shortage of those.

Soon, however, such goodwill people will start to be disgruntled or at least less happy about the V4V model's returns. Let's face it, Value4Value was a marketing term invented by Adam Curry, along with Dave Jones, to launch a concept as an anti-movement against Apple's hegemony.\ It was meant to preserve free speech (that, it succeeded in; they've put the "free" in free speech).\ For themselves, because they had the first-mover advantage, it worked out fine. And until like the end of 2015, it worked very well.\ \ However, I never heard of anyone after the year 2015 who lived off a value4value scheme having enough income and being happy about the exchange of goods and services...\ \ Many podcasters resolve this by asking a fee for their "full" private and ad-free stream. Others just quit or go full paid service. It's all good, as long as you pick your poison and don't rely too much on appreciation in this community.

I'll go even further; in my opinion, the value proposition of Value 4 Value has a negative influence on bitcoin adoption. Because so many people will start under this model, hoping to make a living or at least break even on their hobby project, they'll soon turn sour.\ \ This negative impact is due to an over-supply of content, or the implication that you have to get sponsors. I regularly got that message from people like,\ “Why don’t you get a sponsor?”\ They act like I don’t know that working for free isn't paying the bills. I know. Trust me on that. I work for free out of passion and genuine interest. If that gets punished, then there's something really wrong with this community.\ \ On sponsors: the problem with this approach is that you can't call your own sponsor's product "a toy-grade piece of unreliable garbage" on-air if you take their money. And if you do, it's probably not doing wonders for your income.\ \ Not only are you sacrificing your independence, but you're also stripping away the very essence of why you started the podcast in the first place. On that subject, I can't bring myself to read ads about dog food or some insurance company's new scammy tactics to "protect" people.\ If I go that route, I would whore myself out to the extent that I might as well start a "banging hot crypto of the week" podcast and shill any NFT, meme-coin, and garbage scam token out there if they pay me.\ That's also not the "value" people tune in for, I guess (although some Belgians still make a career out of doing so).

Broken value

There's an element of guaranteed discontent in Value4Value that's profoundly broken.

So here's my breakdown:

In Value4Value, you have at least two elements in the equation: the maker of goods/services/content and the receiver of such content, who also turns into the giver.\ \ The first one is the first giver, the second one is the second giver in the exchange.\ \ The first giver, often a content creator, pours their heart, time, and energy into something, expecting nothing in return but hoping for recognition or a fair exchange. Instead, they're often left with scraps while others freely take, use, and even profit from their work without so much as a nod. Giving credit is passé as well... even people who blatantly steal stuff from others smile in your face and go on with their "business". Result: the first giver feels scammed out of their time.

Then there's the second giver, the one who actually decides to pay up and not be a bitch.\ They give away their hard-earned fiat or bitcoin for something they could've gotten for "free", hoping to keep the cycle of generosity alive.\ But as reality sets in, they realize they're the only ones p(l)aying this game, leaving them feeling cheated, especially when they hear about others enjoying the same benefits without contributing a sat.\ Result: the second giver feels scammed out of their money, but at least they got something out of it.

Both ends

In essence, V4V is a scam on both ends.

There's the dishonest way where you might earn a bit, but at the cost of your integrity (for example, praising a rotten hardware wallet like it's a revolutionary invention while collecting the kickbacks).\ Or there's the so-called honorable path where you gain nothing but scorn and perhaps a pat on the back before someone else capitalizes on your efforts. (Not talking about the people here even ridiculing you for doing something for free).

This leaves a bitter feeling for everyone involved. Those who dare to charge for their services face another kind of scam - the guilt of appearing to be in it for the money while potentially exploiting the naive under the guise of community spirit.\ And those who speak up about it, like that documentary maker and some artists alike, are all getting brutally laughed at. Because it's a taboo subject to "complain" about income.\ \ But that's not the issue here; I never started a podcast to earn a living or make money. I would be mad doing so and thinking so, certainly not in this market and community. The deeper issue is less trivial, however: when value for value is not recognized, and there are hardly any widespread tools to really capitalize on it, then it's a negative point for bitcoin adoption.

(Just an example) People who run the podcast feed on their own website steal potential income from me by circumventing a good podcast 2.0 platform like the Fountain app. It's probably well meant, to spread the word, but in general, it's profiting from content in the most lazy way possible.\ \ You can prevent that from happening by making the feed private, but then you need to pay a service fee, which you can't pay because 90% of the bitcoiners are too cheap to pay for it. So you pay it out of your own pocket, only to get the critique about your podcast being "behind a paywall".\ So... you either let yourself be ripped off even further and earn less every episode...\ Or you just give up, take everything offline, and go work at McDonald's (at least they pay you by the hour, and then you're in the fiat scam and you know it!).\ \ The same goes for artists who get their designs, logos, and artwork copied or see some other artwork that's "heavily inspired" by their own creation popping up somewhere else.\ \ And don't get me started on people copying tweets, ideas, parts of a blog post, and re-telling it to pass it off as their own idea in a book or their own content channels (even some pretty famous people in the bitcoin space do this on a regular basis; you have to get your content somewhere, I guess, after years of getting free tickets to any conference and enjoying life in our little bubble of misfits and backroom deals).

\ We route around problems\ \ One of Bitcoin's amazing properties is that it isn't bringing you "yield" on itself. One bitcoin doesn't generate more bitcoin by printing more bitcoin, like in fiat. You can't just sit on your ass and get more diluted Mickey Mouse money.

So if you want to be active in the space, you have to either sell yourself (your soul maybe included), or sell a product you have total control over (your own brand of orange-themed cuddly toys for grown-up men, hoodies, umbrellas, paintings with the same themes everyone else does, 3D printed action figures of yourself, or whatever you can come up with that's not too embarrassing to show up with at a conference).

It's in fact no laughing matter.\ In bitcoin, we're used to routing around problems.\ \ According to me, the broader adoption of bitcoin and its ethos (mind my words here) cannot grow and be successful if we don't solve this problem.\ The majority of content creators aren't the "big names" with their big middlemen sponsors (even a few got sponsored by FTX and Celsius Network back in the day, and currently a lot of them eat out the hands of some hardware wallet manufacturers and exchanges).\ These smaller names and new people, make content and art or the likes in order to grow their audience, have fun, learn and make a bit of money on the side if possible. Some of them even want to make a real career out of it. That's all fine.\ \ As a community we need to learn to support people in a decent way.\ \ Some initiatives I've seen were also utterly flawed, so we need to do better. The idea of a "bitcoin influencer" team, for example, was, as far as I could tell, an utter failure from the start, certainly if I saw some people in that group at a conference dry-humping a potential beneficiary (or the other way around; we all route around problems in our own special way :), then I somehow start to question their motives.\ But it might also be my imagination; the end result is the same; everyone still sleeps on their proverbial kitchen table while delivering free stuff.\ \ We often claim that the fiat world drains us of our energy, time, and effort in order to reward us in 'melting' fiat currency. Well... at least they got a melting ice cube instead of the proverbial pat on the back on the black hoodie you wear in support of someone else's project.\ \ If bitcoin ground-level pleb things, run by real people, need to be successful to grow bitcoin awareness, then we need to find a better solution for this problem. Otherwise, many people will be utterly turned off by the promising "peer-to-peer" world they've stepped into. It not only turns them into the fiat-slave mindset again but also discourages people from building and doing cool things. No one likes to be ripped off. No one likes to work for free. No one likes to be spit in the face and get dirty looks or eye-rolls when you enter the room.\ \ And no, don’t invent things just for me; I’m fine.\ \ I see donations and likes/shares as a real-life measuring stick for the quality and reach of my work.\ With an average of 3 retweets and shares per episode, it's a failure. And with 13,420 sats over 7 episodes, it's not a big deal, but it's something. Many people in the space would be happy to get such a gift for 18 hours of work.1

\ Like the famous monologue in the movie Trainspotting, we could also ask ourselves collectively, ...\ Choose Bitcoin.\ Choose Value4Value.\ Choose a scam.\ Choose life... which scam do you prefer?\ \ Will you choose working for free for bitcoin?\ Or choose life?

thank you for reading,

\ by … Kim DV for @AVBpodcast :

no donation button here for obvious reasons

1

sarcasm, a beggar near the Brussels Central station makes more money just sitting on his ass with a Mc Donald’s cup in hand telling people “ s'il te plaît “

@ 0e9491aa:ef2adadf

People forget Bear Stearns failed March 2008 - months of denial followed before the public realized how bad the situation was under the surface.

Similar happening now but much larger scale. They did not fix fundamental issues after 2008 - everything is more fragile.

The Fed preemptively bailed out every bank with their BTFP program and First Republic Bank still failed. The second largest bank failure in history.

There will be more failures. There will be more bailouts. Depositors will be "protected" by socializing losses across everyone.

Our President and mainstream financial pundits are currently pretending the banking crisis is over while most banks remain insolvent. There are going to be many more bank failures as this ponzi system unravels.

Unlike 2008, we have the ability to opt out of these broken and corrupt institutions by using bitcoin. Bitcoin held in self custody is unique in its lack of counterparty risk - you do not have to trust a bank or other centralized entity to hold it for you. Bitcoin is also incredibly difficult to change by design since it is not controlled by an individual, company, or government - the supply of dollars will inevitably be inflated to bailout these failing banks but bitcoin supply will remain unchanged. I do not need to convince you that bitcoin provides value - these next few years will convince millions.

---

If you found this post helpful support my work with bitcoin.

@ b1ddb4d7:471244e7

Starting January 1, 2026, the United Kingdom will impose some of the world’s most stringent reporting requirements on cryptocurrency firms.

All platforms operating in or serving UK customers-domestic and foreign alike-must collect and disclose extensive personal and transactional data for every user, including individuals, companies, trusts, and charities. 

This regulatory drive marks the UK’s formal adoption of the OECD’s Crypto-Asset Reporting Framework (CARF), a global initiative designed to bring crypto oversight in line with traditional banking and to curb tax evasion in the rapidly expanding digital asset sector.

What Will Be Reported?

Crypto firms must gather and submit the following for each transaction:

• User’s full legal name, home address, and taxpayer identification number
• Detailed data on every trade or transfer: type of cryptocurrency, amount, and nature of the transaction
• Identifying information for corporate, trust, and charitable clients

The obligation extends to all digital asset activities, including crypto-to-crypto and crypto-to-fiat trades, and applies to both UK residents and non-residents using UK-based platforms. The first annual reports covering 2026 activity are due by May 31, 2027.

Enforcement and Penalties

Non-compliance will carry stiff financial penalties, with fines of up to £300 per user account for inaccurate or missing data-a potentially enormous liability for large exchanges. The UK government has urged crypto firms to begin collecting this information immediately to ensure operational readiness.

Regulatory Context and Market Impact

This move is part of a broader UK strategy to position itself as a global fintech hub while clamping down on fraud and illicit finance. UK Chancellor Rachel Reeves has championed these measures, stating, “Britain is open for business – but closed to fraud, abuse, and instability”. The regulatory expansion comes amid a surge in crypto adoption: the UK’s Financial Conduct Authority reported that 12% of UK adults owned crypto in 2024, up from just 4% in 2021.

Enormous Risks for Consumers: Lessons from the Coinbase Data Breach

While the new framework aims to enhance transparency and protect consumers, it also dramatically increases the volume of sensitive personal data held by crypto firms-raising the stakes for cybersecurity.

The risks are underscored by the recent high-profile breach at Coinbase, one of the world’s largest exchanges.

In May 2025, Coinbase disclosed that cybercriminals, aided by bribed offshore contractors, accessed and exfiltrated customer data including names, addresses, government IDs, and partial bank details. 

The attackers then used this information for sophisticated phishing campaigns, successfully deceiving some customers into surrendering account credentials and funds.

“While private encryption keys remained secure, sufficient customer information was exposed to enable sophisticated phishing attacks by criminals posing as Coinbase personnel.”

Coinbase now faces up to $400 million in compensation costs and has pledged to reimburse affected users, but the incident highlights the systemic vulnerability created when large troves of personal data are centralized-even if passwords and private keys are not directly compromised. The breach also triggered a notable drop in Coinbase’s share price and prompted a $20 million bounty for information leading to the attackers’ capture.

The Bottom Line

The UK’s forthcoming crypto reporting regime represents a landmark in financial regulation, promising greater transparency and tax compliance. However, as the Coinbase episode demonstrates, the aggregation of sensitive user data at scale poses a significant cybersecurity risk.

As regulators push for more oversight, the challenge will be ensuring that consumer protection does not become a double-edged sword-exposing users to new threats even as it seeks to shield them from old ones.

@ 9e69e420:d12360c2

Oregano oil is a potent natural compound that offers numerous scientifically-supported health benefits.

Active Compounds

The oil's therapeutic properties stem from its key bioactive components: - Carvacrol and thymol (primary active compounds) - Polyphenols and other antioxidant

Antimicrobial Properties

Bacterial Protection The oil demonstrates powerful antibacterial effects, even against antibiotic-resistant strains like MRSA and other harmful bacteria. Studies show it effectively inactivates various pathogenic bacteria without developing resistance.

Antifungal Effects It effectively combats fungal infections, particularly Candida-related conditions like oral thrush, athlete's foot, and nail infections.

Digestive Health Benefits

Oregano oil supports digestive wellness by: - Promoting gastric juice secretion and enzyme production - Helping treat Small Intestinal Bacterial Overgrowth (SIBO) - Managing digestive discomfort, bloating, and IBS symptoms

Anti-inflammatory and Antioxidant Effects

The oil provides significant protective benefits through: - Powerful antioxidant activity that fights free radicals - Reduction of inflammatory markers in the body - Protection against oxidative stress-related conditions

Respiratory Support

It aids respiratory health by: - Loosening mucus and phlegm - Suppressing coughs and throat irritation - Supporting overall respiratory tract function

Additional Benefits

Skin Health - Improves conditions like psoriasis, acne, and eczema - Supports wound healing through antibacterial action - Provides anti-aging benefits through antioxidant properties

Cardiovascular Health Studies show oregano oil may help: - Reduce LDL (bad) cholesterol levels - Support overall heart health

Pain Management The oil demonstrates effectiveness in: - Reducing inflammation-related pain - Managing muscle discomfort - Providing topical pain relief

Safety Note

While oregano oil is generally safe, it's highly concentrated and should be properly diluted before use Consult a healthcare provider before starting supplementation, especially if taking other medications.

@ 6a6be47b:3e74e3e1

Hi, frens!

🥳 This is my first post over here, yaaay! I’m very excited to start this journey. I have lots of posts on my website https://samhainsam.art/ , but I decided to give you a short introduction to me and my artwork. Shall we?

But first, how’s your weekend going? Already dreading Monday, or just enjoying the moment? I hope it’s the latter, but if not, that’s okay too. Everything passes, and while that might not be the most comforting thought, knowing that it will eventually pass—and, most importantly, that we get to decide how to respond—makes a big difference. Either way, we’re all going to die, so take it as you wish! 😅

Anyway, I wanted to share a little something. If you’ve visited my shop on Ko-fi https://ko-fi.com/samhainsam/shop , you might have wondered why it seems a bit all over the place. Or maybe you haven’t noticed or don’t care—but either way, I thought I’d clarify.

🖼️ I’m a self-taught artist who loves everything related to religion, occultism, paganism, animals, and esotericism—and how all these themes intertwine in our lives. I paint and illustrate inspired by these ideas.

Most of my recent paintings come with a blog post explaining their background. Even before, I always researched the subjects I painted, but lately, I’ve been diving much deeper.

🎨 My “Wheel of the Year” series has completely fascinated me. I’ve been learning so many nuggets of wisdom, and discovering how Christianity borrowed or even erased many symbols and traditions to create new narratives. For example, Imbolc was rebranded as Candlemas, and my blog post about the Spanish Inquisition touches on some of these symbols and their impact on both past and present society.

🐦 I also have some paintings just about birds—I'm a bit of a sucker for them! Shoebills and cassowaries are among my favorites, and I might end up painting them again soon. But you get the picture! If not, why not take a peek at my blog? https://samhainsam.art/blog/

🖋️ You can read something fun and interesting while enjoying my artwork.

Come on over, and let’s have some cool and healthy fun.

Enjoy your weekend, my friends!

Godspeed ⚡

https://stacker.news/items/988069

@ b1ddb4d7:471244e7

This article was originally published on aier.org

Even after eleven years experience, and a per Bitcoin price of nearly $20,000, the incredulous are still with us. I understand why. Bitcoin is not like other traditional financial assets.

Even describing it as an asset is misleading. It is not the same as a stock, as a payment system, or a money. It has features of all these but it is not identical to them.

What Bitcoin is depends on its use as a means of storing and porting value, which in turn rests of secure titles to ownership of a scarce good. Those without experience in the sector look at all of this and get frustrated that understanding why it is valuable is not so easy to grasp. 

In this article, I’m updating an analysis I wrote six years ago. It still holds up. For those who don’t want to slog through the entire article, my thesis is that Bitcoin’s value obtains from its underlying technology, which is an open-source ledger that keeps track of ownership rights and permits the transfer of these rights. Bitcoin managed to bundle its unit of account with a payment system that lives on the ledger. That’s its innovation and why it obtained a value and that value continues to rise. 

Consider the criticism offered by traditional gold advocates, who have, for decades, pushed the idea that sound money must be backed by something real, hard, and independently valuable. Bitcoin doesn’t qualify, right? Maybe it does. 

Bitcoin first emerged as a possible competitor to national, government-managed money in 2009. Satoshi Nakamoto’s white paper was released October 31, 2008. The structure and language of this paper sent the message: This currency is for computer technicians, not economists nor political pundits. The paper’s circulation was limited; novices who read it were mystified. 

But the lack of interest didn’t stop history from moving forward. Two months later, those who were paying attention saw the emergence of the “Genesis Block,” the first group of bitcoins generated through Nakamoto’s concept of a distributed ledger that lived on any computer node in the world that wanted to host it.

Here we are all these years later and a single bitcoin trades at $18,500. The currency is held and accepted by many thousands of institutions, both online and offline. Its payment system is very popular in poor countries without vast banking infrastructures but also in developed countries. And major institutions—including the Federal Reserve, the OECD, the World Bank, and major investment houses—are paying respectful attention and weaving blockchain technology into their operations.

Enthusiasts, who are found in every country, say that its exchange value will soar even more in the future because its supply is strictly limited and it provides a system vastly superior to government money. Bitcoin is transferred between individuals without a third party. It is relatively low-cost to exchange. It has a predictable supply. It is durable, fungible, and divisible: all crucial features of money. It creates a monetary system that doesn’t depend on trust and identity, much less on central banks and government. It is a new system for the digital age.

Hard lessons for hard money

To those educated in the “hard money” tradition, the whole idea has been a serious challenge. Speaking for myself, I had been reading about bitcoin for two years before I came anywhere close to understanding it. There was just something about the whole idea that bugged me. You can’t make money out of nothing, much less out of computer code. Why does it have value then? There must be something amiss. This is not how we expected money to be reformed.

There’s the problem: our expectations. We should have been paying closer attention to Ludwig von Mises’ theory of money’s origins—not to what we think he wrote, but to what he actually did write. 

In 1912, Mises released The Theory of Money and Credit. It was a huge hit in Europe when it came out in German, and it was translated into English. While covering every aspect of money, his core contribution was in tracing the value and price of money—and not just money itself—to its origins. That is, he explained how money gets its price in terms of the goods and services it obtains. He later called this process the “regression theorem,” and as it turns out, bitcoin satisfies the conditions of the theorem.

Mises’ teacher, Carl Menger, demonstrated that money itself originates from the market—not from the State and not from social contract. It emerges gradually as monetary entrepreneurs seek out an ideal form of commodity for indirect exchange. Instead of merely bartering with each other, people acquire a good not to consume, but to trade. That good becomes money, the most marketable commodity.

But Mises added that the value of money traces backward in time to its value as a bartered commodity. Mises said that this is the only way money can have value.

The theory of the value of money as such can trace back the objective exchange value of money only to that point where it ceases to be the value of money and becomes merely the value of a commodity…. If in this way we continually go farther and farther back we must eventually arrive at a point where we no longer find any component in the objective exchange value of money that arises from valuations based on the function of money as a common medium of exchange; where the value of money is nothing other than the value of an object that is useful in some other way than as money…. Before it was usual to acquire goods in the market, not for personal consumption, but simply in order to exchange them again for the goods that were really wanted, each individual commodity was only accredited with that value given by the subjective valuations based on its direct utility.

Mises’ explanation solved a major problem that had long mystified economists. It is a narrative of conjectural history, and yet it makes perfect sense. Would salt have become money had it otherwise been completely useless? Would beaver pelts have obtained monetary value had they not been useful for clothing? Would silver or gold have had money value if they had no value as commodities first? The answer in all cases of monetary history is clearly no. The initial value of money, before it becomes widely traded as money, originates in its direct utility. It’s an explanation that is demonstrated through historical reconstruction. That’s Mises’ regression theorem.

Bitcoin’s Use Value

At first glance, bitcoin would seem to be an exception. You can’t use a bitcoin for anything other than money. It can’t be worn as jewelry. You can’t make a machine out of it. You can’t eat it or even decorate with it. Its value is only realized as a unit that facilitates indirect exchange. And yet, bitcoin already is money. It’s used every day. You can see the exchanges in real time. It’s not a myth. It’s the real deal.

It might seem like we have to choose. Is Mises wrong? Maybe we have to toss out his whole theory. Or maybe his point was purely historical and doesn’t apply in the future of a digital age. Or maybe his regression theorem is proof that bitcoin is just an empty mania with no staying power, because it can’t be reduced to its value as a useful commodity.

And yet, you don’t have to resort to complicated monetary theory in order to understand the sense of alarm surrounding bitcoin. Many people, as I did, just have a feeling of uneasiness about a money that has no basis in anything physical. Sure, you can print out a bitcoin on a piece of paper, but having a paper with a QR code or a public key is not enough to relieve that sense of unease.

How can we resolve this problem? In my own mind, I toyed with the issue for more than a year. It puzzled me. I wondered if Mises’ insight applied only in a pre-digital age. I followed the speculations online that the value of bitcoin would be zero but for the national currencies into which it is converted. Perhaps the demand for bitcoin overcame the demands of Mises’ scenario because of a desperate need for something other than the dollar.

As time passed—and I read the work of Konrad Graf, Peter Surda, and Daniel Krawisz—finally the resolution came. Bitcoin is both a payment system and a money. The payment system is the source of value, while the accounting unit merely expresses that value in terms of price. The unity of money and payment is its most unusual feature, and the one that most commentators have had trouble wrapping their heads around.

We are all used to thinking of currency as separate from payment systems. This thinking is a reflection of the technological limitations of history. There is the dollar and there are credit cards. There is the euro and there is PayPal. There is the yen and there are wire services. In each case, money transfer relies on third-party service providers. In order to use them, you need to establish what is called a “trust relationship” with them, which is to say that the institution arranging the deal has to believe that you are going to pay.

This wedge between money and payment has always been with us, except for the case of physical proximity.

If I give you a dollar for your pizza slice, there is no third party. But payment systems, third parties, and trust relationships become necessary once you leave geographic proximity. That’s when companies like Visa and institutions like banks become indispensable. They are the application that makes the monetary software do what you want it to do.

The hitch is that

@ b17fccdf:b7211155

The past 26 August, Tor introduced officially a proof-of-work (PoW) defense for onion services designed to prioritize verified network traffic as a deterrent against denial of service (DoS) attacks.

~ > This feature at the moment, is deactivate by default, so you need to follow these steps to activate this on a MiniBolt node:

• Make sure you have the latest version of Tor installed, at the time of writing this post, which is v0.4.8.6. Check your current version by typing

tor --version

Example of expected output:

Tor version 0.4.8.6. This build of Tor is covered by the GNU General Public License (https://www.gnu.org/licenses/gpl-3.0.en.html) Tor is running on Linux with Libevent 2.1.12-stable, OpenSSL 3.0.9, Zlib 1.2.13, Liblzma 5.4.1, Libzstd N/A and Glibc 2.36 as libc. Tor compiled with GCC version 12.2.0

~ > If you have v0.4.8.X, you are OK, if not, type sudo apt update && sudo apt upgrade and confirm to update.

• Basic PoW support can be checked by running this command:

tor --list-modules

Expected output:

relay: yes dirauth: yes dircache: yes pow: **yes**

~ > If you have pow: yes, you are OK

• Now go to the torrc file of your MiniBolt and add the parameter to enable PoW for each hidden service added

sudo nano /etc/tor/torrc

Example:

```

Hidden Service BTC RPC Explorer

HiddenServiceDir /var/lib/tor/hidden_service_btcrpcexplorer/ HiddenServiceVersion 3 HiddenServicePoWDefensesEnabled 1 HiddenServicePort 80 127.0.0.1:3002 ```

~ > Bitcoin Core and LND use the Tor control port to automatically create the hidden service, requiring no action from the user. We have submitted a feature request in the official GitHub repositories to explore the need for the integration of Tor's PoW defense into the automatic creation process of the hidden service. You can follow them at the following links:

• Bitcoin Core: https://github.com/lightningnetwork/lnd/issues/8002
• LND: https://github.com/bitcoin/bitcoin/issues/28499

---

More info:

• https://blog.torproject.org/introducing-proof-of-work-defense-for-onion-services/
• https://gitlab.torproject.org/tpo/onion-services/onion-support/-/wikis/Documentation/PoW-FAQ

---

Enjoy it MiniBolter! 💙

@ 3f770d65:7a745b24

The recent shutdown of TikTok in the United States due to a potential government ban serves as a stark reminder how fragile centralized platforms truly are under the surface. While these platforms offer convenience, a more polished user experience, and connectivity, they are ultimately beholden to governments, corporations, and other authorities. This makes them vulnerable to censorship, regulation, and outright bans. In contrast, Nostr represents a shift in how we approach online communication and content sharing. Built on the principles of decentralization and user choice, Nostr cannot be banned, because it is not a platform—it is a protocol.

PROTOCOLS, NOT PLATFORMS.

At the heart of Nostr's philosophy is user choice, a feature that fundamentally sets it apart from legacy platforms. In centralized systems, the user experience is dictated by a single person or governing entity. If the platform decides to filter, censor, or ban specific users or content, individuals are left with little action to rectify the situation. They must either accept the changes or abandon the platform entirely, often at the cost of losing their social connections, their data, and their identity.

What's happening with TikTok could never happen on Nostr. With Nostr, the dynamics are completely different. Because it is a protocol, not a platform, no single entity controls the ecosystem. Instead, the protocol enables a network of applications and relays that users can freely choose from. If a particular application or relay implements policies that a user disagrees with, such as censorship, filtering, or even government enforced banning, they are not trapped or abandoned. They have the freedom to move to another application or relay with minimal effort.

THIS IS POWERFUL.

Take, for example, the case of a relay that decides to censor specific content. On a legacy platform, this would result in frustration and a loss of access for users. On Nostr, however, users can simply connect to a different relay that does not impose such restrictions. Similarly, if an application introduces features or policies that users dislike, they can migrate to a different application that better suits their preferences, all while retaining their identity and social connections.

The same principles apply to government bans and censorship. A government can ban a specific application or even multiple applications, just as it can block one relay or several relays. China has implemented both tactics, yet Chinese users continue to exist and actively participate on Nostr, demonstrating Nostr's ability to resistant censorship.

How? Simply, it turns into a game of whack-a-mole. When one relay is censored, another quickly takes its place. When one application is banned, another emerges. Users can also bypass these obstacles by running their own relays and applications directly from their homes or personal devices, eliminating reliance on larger entities or organizations and ensuring continuous access.

AGAIN, THIS IS POWERUFL.

Nostr's open and decentralized design makes it resistant to the kinds of government intervention that led to TikTok's outages this weekend and potential future ban in the next 90 days. There is no central server to target, no company to regulate, and no single point of failure. (Insert your CEO jokes here). As long as there are individuals running relays and applications, users continue creating notes and sending zaps.

Platforms like TikTok can be silenced with the stroke of a pen, leaving millions of users disconnected and abandoned. Social communication should not be silenced so incredibly easily. No one should have that much power over social interactions.

Will we on-board a massive wave of TikTokers in the coming hours or days? I don't know.

TikTokers may not be ready for Nostr yet, and honestly, Nostr may not be ready for them either. The ecosystem still lacks the completely polished applications, tools, and services they’re accustomed to. This is where we say "we're still early". They may not be early adopters like the current Nostr user base. Until we bridge that gap, they’ll likely move to the next centralized platform, only to face another government ban or round of censorship in the future. But eventually, there will come a tipping point, a moment when they’ve had enough. When that time comes, I hope we’re prepared. If we’re not, we risk missing a tremendous opportunity to onboard people who genuinely need Nostr’s freedom.

Until then, to all of the Nostr developers out there, keep up the great work and keep building. Your hard work and determination is needed.

@ 9e69e420:d12360c2

A new report from the National Sports Shooting Foundation (NSSF) shows that civilian firearm possession exceeded 490 million in 2022. The total from 1990 to 2022 is estimated at 491.3 million firearms. In 2022, over ten million firearms were domestically produced, leading to a total of 16,045,911 firearms available in the U.S. market.

Of these, 9,873,136 were handguns, 4,195,192 were rifles, and 1,977,583 were shotguns. Handgun availability aligns with the concealed carry and self-defense market, as all states allow concealed carry, with 29 having constitutional carry laws.

@ b1ddb4d7:471244e7

Breez, a leader in Lightning Network infrastructure, and Spark, a bitcoin-native Layer 2 (L2) platform, today announced a groundbreaking collaboration to empower developers with tools to seamlessly integrate self-custodial bitcoin payments into everyday applications.

The partnership introduces a new implementation of the Breez SDK built on Spark’s bitcoin-native infrastructure, accelerating the evolution of bitcoin from “digital gold” to a global, permissionless currency.

The Breez SDK is expanding

We’re joining forces with @buildonspark to release a new nodeless implementation of the Breez SDK — giving developers the tools they need to bring Bitcoin payments to everyday apps.

→ https://t.co/iWjZhWRwsx

Bitcoin-Native
Powered by Spark’s…

— Breez (@Breez_Tech) May 22, 2025

A Bitcoin-Native Leap for Developers

The updated Breez SDK leverages Spark’s L2 architecture to deliver a frictionless, bitcoin-native experience for developers.

Key features include:

• Universal Compatibility: Bindings for all major programming languages and frameworks.
• LNURL & Lightning Address Support: Streamlined integration for peer-to-peer transactions.
• Real-Time Interaction: Instant mobile notifications for payment confirmations.
• No External Reliance: Built directly on bitcoin via Spark, eliminating bridges or third-party consensus.

This implementation unlocks use cases such as streaming content payments, social app monetization, in-game currencies, cross-border remittances, and AI micro-settlements—all powered by Bitcoin’s decentralized network.

Quotes from Leadership

Roy Sheinfeld, CEO of Breez:
“Developers are critical to bringing bitcoin into daily life. By building the Breez SDK on Spark’s revolutionary architecture, we’re giving builders a bitcoin-native toolkit to strengthen Lightning as the universal language of bitcoin payments.”

Kevin Hurley, Creator of Spark:
“This collaboration sets the standard for global peer-to-peer transactions. Fast, open, and embedded in everyday apps—this is bitcoin’s future. Together, we’re equipping developers to create next-generation payment experiences.”

David Marcus, Co-Founder and CEO of Lightspark:
“We’re thrilled to see developers harness Spark’s potential. This partnership marks an exciting milestone for the ecosystem.”

Collaboration Details
As part of the agreement, Breez will operate as a Spark Service Provider (SSP), joining Lightspark in facilitating payments and expanding Spark’s ecosystem. Technical specifications for the SDK will be released later this year, with the full implementation slated for launch in 2025.

About Breez
Breez pioneers Lightning Network solutions, enabling developers to embed self-custodial bitcoin payments into apps. Its SDK powers seamless, secure, and decentralized financial interactions.

About Spark
Spark is a bitcoin-native Layer 2 infrastructure designed for payments and settlement, allowing developers to build directly on Bitcoin’s base layer without compromises.

@ 1b9fc4cd:1d6d4902

Music in media is like audio umami, the perfect seasoning in a recipe. It has the ability to enhance flavor and provide depth. Daniel Siegel Alonso examines how music is indispensable in enchanting consumers, from the memorable jingles of television commercials to the emotionally charged earworms in viral videos. Its influence is ubiquitous, transforming ordinary content into unforgettable experiences, evoking emotions, and molding cultural trends.

Television Commercials: The Jingle Jungle

Siegel Alonso begins by considering the television commercial. Music is the secret weapon in advertising and marketing, where attention spans can be shorter than the length of a cat video on TikTok. With its catchy melody and simple lyrics, the classic jingle is a masterclass in auditory branding. Do you remember 1971's "I'd Like to Buy the World a Coke"? That was more than just a tune; it was a cultural touchstone.

Today, in modern advertising, music's role transcends nostalgic jingles. Brands now curate full-fledged soundtracks to build an emotional narrative. Take Apple's commercials, for example. They often spotlight indie artists whose songs capture the essence of innovation and simplicity. These choices aren't random; they align with the brand's identity and leave a lasting impression.

Music Videos: The Visual Symphony

Music videos are the perfect union of audio and visual storytelling and have revolutionized how people consume music. These clips are not merely promotional tools but are art forms. At its peak, music videos were cultural events. Nobody took advantage of the medium better than Madonna. Think of her "Justify My Love" video—a short film that was so subversive that MTV banned it. (Ever the businesswoman, The Material Girl decided to make the controversial video available commercially as a video single, marking the first time a musician released a single in this format in the United States.)

Daniel Siegel Alonso fast forwards to the current age of social media, with channels like YouTube and TikTok breathing new life into the music video. Artists can now connect directly with their audience, bypassing cautious publicists and conservative record company executives. This democratization has led to a surge in creativity. Think about Childish Gambino's cinematic "This is America." The music video sparked widespread discussion and analysis with its in-your-face imagery and complex themes. It wasn't just a song but a statement.

Social Media: The Viral Soundtrack

Music is the magical ingredient in social media that can instantly catapult content into viral fame. Platforms like TikTok have turned short, catchy music clips into a global phenomenon. A 15-second snippet can lead to myriad dance challenges, lip-sync clips, and memes, propelling relatively obscure singers to stardom overnight.

Daniel Siegel Alonso uses Lil Nas X's "Old Town Road" as a key example. With its genre-blending sound, the song became a sensation largely thanks to TikTok. Users created countless videos featuring the song, and the track's infectious energy spread like wildfire. The result was a record-breaking run on the Billboard Hot 100—and a Grammy win!

Even Instagram's Stories and Reels leverage songs to enrich their user experience. Whether it's a tearjerker ballad emphasizing heartfelt memories or an aggressive track fueling a workout video, music layers in emotional content that words and images can't achieve.

The Emotional Manipulator

Music's influence in media lies in its power to manipulate emotions—the invisible puppeteer tugs at the heartstrings, stirring nostalgia, joy, sadness, or excitement. Filmmakers and content creators understand this well. Imagine watching a horror flick without a creepy soundtrack.

In television shows, music often acts as an additional character on screen. Netflix's "Stranger Things" and HBO's "Game of Thrones" have iconic soundtracks that are instantly recognizable and have even revitalized musicians' careers (think Kate Bush and her iconic song "Running Up That Hill"). These scores aren't just background fodder; they are crucial to storytelling by creating tension and enhancing dramatic moments.

Cultural Shaper

Beyond its emotional impact, music in media also serves as a cultural shaper. It impacts everything from fashion to language and even social movements. Consider MTV's influence and reach at its height in the 1980s and 1990s. The cable channel didn't just air music videos; it created superstars and defined an era, influencing everything from hairdos to political views.

While MTV may not be the behemoth it once was, social media platforms continue the tradition today. Viral music trends can spark global discussions. For instance, the Black Lives Matter movement saw numerous musicians penning powerful anthems that became rallying cries, shared widely on social media. In this context, music transcends entertainment; it's a vehicle for evolution.

Conclusion

In the grand tapestry of media, Daniel Siegel Alonso asserts that music is the thread that weaves everything together. It turns commercials into cultural icons, music videos into visual feasts, and social media content into viral sensations. Its power to elicit emotion, contribute to culture, and tell unique stories makes it an invaluable tool for creators.

If there are stories to tell and products to sell, music will remain at the heart of media, striking the right chords and leaving an unforgettable mark on our collective psyche. Ultimately, it's not just about the notes and melodies; it's about the feelings and memories they arouse, making music the unsung hero in the ever-changing media landscape.

@ 0e9491aa:ef2adadf

Bank run on every crypto bank then bank run on every "real" bank.

— ODELL (@ODELL) December 14, 2022

Good morning.

It looks like PacWest will fail today. It will be both the fifth largest bank failure in US history and the sixth major bank to fail this year. It will likely get purchased by one of the big four banks in a government orchestrated sale.  

March 8th - Silvergate Bank
March 10th - Silicon Valley Bank
March 12th - Signature Bank
March 19th - Credit Suisse
May 1st - First Republic Bank
May 4th - PacWest Bank?

PacWest is the first of many small regional banks that will go under this year. Most will get bought by the big four in gov orchestrated sales. This has been the playbook since 2008. Follow the incentives. Massive consolidation across the banking industry. PacWest gonna be a drop in the bucket compared to what comes next.

First, a hastened government led bank consolidation, then a public/private partnership with the remaining large banks to launch a surveilled and controlled digital currency network. We will be told it is more convenient. We will be told it is safer. We will be told it will prevent future bank runs. All of that is marketing bullshit. The goal is greater control of money. The ability to choose how we spend it and how we save it. If you control the money - you control the people that use it.

---

If you found this post helpful support my work with bitcoin.

@ b1ddb4d7:471244e7

Asia has emerged as a powerhouse for bitcoin adoption, with diverse countries across the region embracing the world’s leading digital currency in unique ways.

From institutional investors in Singapore to grassroots movements in Indonesia, the Asian bitcoin ecosystem presents a fascinating tapestry of innovation, regulation, and community-driven initiatives.

We dive deep into the current state of bitcoin adoption across key Asian markets, providing investors with actionable insights into this dynamic region.

The Numbers: Asia’s Bitcoin Dominance

As of early 2025, over 500 million people worldwide hold some form of digital currency, with bitcoin remaining the most widely adopted digital asset. Asia stands at the forefront of this adoption wave, with the Central & Southern Asia and Oceania (CSAO) region leading the world in digital currency adoption according to Chainalysis’s 2024 Global Crypto Adoption Index.

The statistics paint a compelling picture:

• Seven of the top 20 countries in global crypto adoption are located in the CSAO region.
• India and China together comprise almost half of the world’s digital currency user base.
• Japan’s digital currency market is expected to reach 19.43 million users by the end of 2025, with a penetration rate of 15.93%.

Behind these impressive numbers lies a complex ecosystem shaped by diverse factors including regulatory environments, technological infrastructure, economic necessities, and vibrant community initiatives.

Photo Source: Chainalysis

Country-by-Country Analysis

India: The Grassroots Powerhouse

India ranks first in Chainalysis’s Global Crypto Adoption Index, with bitcoin adoption thriving particularly in tier-2 and tier-3 cities. This grassroots movement is driven primarily by:

• Financial inclusion: Bitcoin offers banking-like services to India’s large unbanked population.
• Remittance solutions: Lower fees for the significant Indian diaspora sending money home.
• Mobile wallet proliferation: India’s high smartphone penetration enables easy access to bitcoin services.

Japan: The Regulatory Pioneer

Japan has long played a significant role in bitcoin’s evolution, from hosting some of the earliest exchanges to pioneering regulatory clarity. In 2025, Japan finds itself at a fascinating crossroads:

• The Japan Financial Services Agency is considering reclassifying digital currency assets as financial products akin to stocks, potentially enhancing user protection.
• Major corporations like Metaplanet Inc. are expanding their bitcoin holdings, with plans to increase holdings by 470% to reach 10,000 BTC in 2025.
• The country boasts a thriving grassroots bitcoin community and a strong developer ecosystem.

Bitcoin adoption in Japan is uniquely balanced between institutional involvement and community enthusiasm, with initiatives like Blockstream’s Tokyo office working to promote layer-2 solutions, self-custody, and developer education.

Vietnam: The P2P Leader

Vietnam consistently ranks among the top countries for bitcoin adoption per capita. The country’s relationship with bitcoin is characterized by:

• Strong peer-to-peer (P2P) platform usage for daily transactions and remittances.
• High mobile wallet adoption driving grassroots usage.
• Bitcoin serving as a hedge against local currency fluctuations.
• Relatively favorable regulatory attitude compared to some neighboring countries.

Singapore: The Institutional Hub

Singapore has established itself as Asia’s premier institutional bitcoin destination through:

• Clear and forward-thinking regulatory frameworks, particularly the Payment Services Act.
• Growing presence of global digital currency firms including Gemini, OKX, and HashKey, which have received regulatory approvals.
• A robust financial infrastructure catering to high-net-worth individuals and institutional investors.

While Singapore’s consumer protection-focused framework restricts promotional activities and public advertising by digital currency service providers, the city-state remains a beacon for institutional bitcoin adoption in Asia.

South Korea: Retail Dominance Transitioning to Institutional

South Korea presents a fascinating case study of a market in transition:

• Retail investors currently dominate digital currency trading volume, while institutional participation significantly lags behind.
• Experts expect institutional involvement to increase, though a significant shift may not occur until around 2027.
• The local finance watchdog recently launched a crypto committee to assess permissions for corporate digital currency investors and ETFs.
• Users must access fiat-to-digital currency services through local exchanges with official banking partnerships, linking digital currency activities to legal identities.

Bitcoin Communities: The Grassroots Movements

What truly sets Asia apart in the global bitcoin landscape is the vibrant tapestry of community-driven initiatives across the region. These grassroots movements are instrumental in driving adoption from the ground up.

Bitcoin House Bali: A Community Hub

In Indonesia, the Bitcoin House Bali project exemplifies grassroots innovation. This initiative has transformed an old mining container into a vibrant hub for bitcoin education and community engagement.

Key features include:

• Free workshops (including “Bitcoin for Beginners” and “Bitcoin for Kids”).
• Developer programs including online classes, BitDevs Workshops, and Hackathons.
• A closed-loop economic system that turns bitcoin into community points.
• Merchant onboarding—from restaurants and drivers to scooter rentals and street vendors.

Bitcoin Seoul 2025: Bringing the Community Together

The upcoming Bitcoin Seoul 2025 conference (June 4-6, 2025) represents Asia’s largest bitcoin-focused gathering, bringing together global leaders, executives, and community members.

The event will feature:

• The Bitcoin Policy Summit: Seoul Edition, providing insights into regulatory trends.
• The Bitcoin Finance Forum, addressing institutional investment and treasury management.
• A Global Bitcoin Community Assembly for bitcoin grassroots and community leaders.
• Live Lightning Network payments demonstrations at the on-site Lightning Market.

This event underscores South Korea’s emerging role in the global Bitcoin ecosystem and highlights the growing institutional interest in the region.

Regulatory Landscapes: A Mixed Picture

The regulatory environment for bitcoin across Asia presents a complex and evolving picture that significantly impacts adoption patterns.

Japan’s Regulatory Evolution

Japan is considering tightening regulations on digital asset transactions by reclassifying them as financial products similar to stocks. If implemented, these changes would:

• Require issuers to disclose more detailed information on their corporate status.
• Potentially enhance user protection.
• Come into effect after June 2025, following policy direction outlines by the administration.

Current regulations in Japan are relatively digital currency-friendly, with bitcoin recognized as a legal form of payment under the Payment Services Act since 2016.

Singapore’s Balanced Approach

Singapore maintains a regulatory framework that emphasizes market stability and consumer protection, including:

• Restrictions on promoting digital services in public areas.
• The Payment Services Act that regulates digital currency exchanges.
• A general approach that supports institutional adoption while carefully managing retail exposure.

This balanced approach has helped establish Singapore as a trusted hub for bitcoin businesses and institutional investors.

South Korea’s Transitional Framework

South Korea’s regulatory landscape is in flux, with several developments impacting the bitcoin ecosystem:

• Corporate access to digital currenc

@ b1ddb4d7:471244e7

Global fintech leader Revolut has announced a landmark partnership with Lightspark, a pioneer in blockchain infrastructure solutions, to integrate bitcoin’s Lightning Network into its platform.

This collaboration, now live for Revolut users in the UK and select European Economic Area (EEA) countries, marks a transformative leap toward frictionless, real-time transactions—eliminating delays and exorbitant fees traditionally associated with digital asset transfers.

Major update: @RevolutApp is now partnering with @lightspark pic.twitter.com/OUblgrj6Xr

— Lightspark (@lightspark) May 7, 2025

Breaking Barriers in Digital Currency Usability

By adopting Lightspark’s cutting-edge technology, Revolut empowers its 40+ million customers to execute bitcoin transactions instantly at a fraction of current costs.

This integration addresses longstanding pain points in digital currency adoption, positioning bitcoin as a practical tool for everyday payments. Users can now seamlessly send, receive, and store bitcoin with the same ease as traditional fiat currencies, backed by Revolut’s secure platform.

The partnership also advances Revolut’s integration into the open Money Grid, a decentralized network enabling universal interoperability between financial platforms.

This move aligns Revolut with forward-thinking fintechs adopting next-gen solutions like Lightning transactions and Universal Money Addresses (UMA), which simplify cross-border payments by replacing complex wallet codes with human-readable addresses (e.g., $john.smith).

Why This Matters

The collaboration challenges conventional payment rails, which often incur delays of days and high fees for cross-border transfers. By contrast, Lightning Network transactions settle in seconds for minimal cost, revolutionizing peer-to-peer payments, remittances, and merchant settlements. For Revolut users, this means:

• Instant transactions: Send bitcoin globally in under three seconds.
• Near-zero fees: Dramatically reduce costs compared to traditional crypto transfers.
• Enhanced utility: Use bitcoin for daily spending, not just as a speculative asset.

The Road Ahead

Revolut plans to expand Lightning Network access to additional markets in 2025, with ambitions to integrate UMA support for seamless fiat and digital currency interactions. Lightspark will continue optimizing its infrastructure to support Revolut’s scaling efforts, further bridging the gap between blockchain innovation and mainstream finance.

About Revolut
Revolut is a global financial app serving over 40 million customers worldwide. Offering services ranging from currency exchange and stock trading to digital assets and insurance, Revolut is committed to building a borderless financial ecosystem.

About Lightspark
Founded by former PayPal and Meta executives, Lightspark develops enterprise-grade solutions for the Lightning Network. Its technology stack empowers institutions to harness bitcoin’s speed and efficiency while maintaining regulatory compliance.

@ 6389be64:ef439d32

Black Locust can grow up to 170 ft tall

Grows 3-4 ft. per year

Native to North America

Cold hardy in zones 3 to 8

Firewood

• BLT wood, on a pound for pound basis is roughly half that of Anthracite Coal
• Since its growth is fast, firewood can be plentiful

Timber

• Rot resistant due to a naturally produced robinin in the wood
  • 100 year life span in full soil contact! (better than cedar performance)
  • Fence posts
  • Outdoor furniture
  • Outdoor decking
• Sustainable due to its fast growth and spread
  • Can be coppiced (cut to the ground)
  • Can be pollarded (cut above ground)
• Its dense wood makes durable tool handles, boxes (tool), and furniture
  • The wood is tougher than hickory, which is tougher than hard maple, which is tougher than oak.
  • A very low rate of expansion and contraction
  • Hardwood flooring
  • The highest tensile beam strength of any American tree
• The wood is beautiful

Legume

• Nitrogen fixer
  • Fixes the same amount of nitrogen per acre as is needed for 200-bushel/acre corn
  • Black walnuts inter-planted with locust as “nurse” trees were shown to rapidly increase their growth [[Clark, Paul M., and Robert D. Williams. (1978) Black walnut growth increased when interplanted with nitrogen-fixing shrubs and trees. Proceedings of the Indiana Academy of Science, vol. 88, pp. 88-91.]]

Bees

• The edible flower clusters are also a top food source for honey bees

Shade Provider

• Its light, airy overstory provides dappled shade
  • Planted on the west side of a garden it provides relief during the hottest part of the day
  • (nitrogen provider)
  • Planted on the west side of a house, its quick growth soon shades that side from the sun

Wind-break

• Fast growth plus it's feathery foliage reduces wind for animals, crops, and shelters

Fodder

• Over 20% crude protein
• 4.1 kcal/g of energy
• Baertsche, S.R, M.T. Yokoyama, and J.W. Hanover (1986) Short rotation, hardwood tree biomass as potential ruminant feed-chemical composition, nylon bag ruminal degradation and ensilement of selected species. J. Animal Sci. 63 2028-2043

@ 8671a6e5:f88194d1

(original version: https://allesvoorbitcoin.substack.com/p/bitcoin-jobs-are-a-sham )\ The dream

For many people who learned to use, work with, understand and hold bitcoin, one goal consistently stands out: the dream to one day work in a bitcoin job. In my entourage, this was for a long time the main thing most tried to achieve.

The prospect of such job is to work in the bitcoin industry and it seems like a lofty goal: it combines innovation, technology and the opportunity to collaborate with like-minded individuals while earning bitcoin. It’s also “cool”.

It’s an industry (yes, it’s an industry now) that thrives on the promise of that ultimate payout: hard money, bitcoin. Who wouldn’t want that? Certainly if you word in a fiat job right now.

At the same time, this longing comes with certain expectations. People assume a bitcoin-related job will be exciting, rewarding, efficient, well-funded and will happen in a professional environment - that often is lacking in fiat jobs.

I hate to break it to you, fellow bitcoiners, but the oasis of bitcoin jobs you’re crawling toward through the scorching fiat desert is mostly a mirage. Once you arrive at what seems like a place of plenty, you’ll find just a few orange-colored rocks and maybe a lone palm tree with a single, withered coconut barely hanging on.

The main reason? The reality of bitcoin jobs isn’t as different from fiat jobs as you might expect—at least, not yet.

After all, bitcoiners should be “better” people, right? Unlike those fiat wage slaves who don’t realize that being paid in dirty fiat slowly makes them poorer, we like to think we’re ahead of the curve. We feel more vindicated, more enlightened—bitcoiners are the better, more evolved kind. Or so we tell ourselves.

The realization of how hard money actually shapes society has not yet fully matured. We’re all still in the discovery phase. Even with die hard bitcoiners and their respective job industry aren’t there yet. During this discovery phase, it’s important to not let ourselves be blinded by the sun in the desert. We need not to be blinded by the promises and the ideology to let ourselves be taken advantage of by fiat-minded people, even if they own a bitcoin company.

Hard money is the way forward. Bitcoin is the way forward. Most people and certainly their jobs and companies are lagging behind that reality.

Such a job is not (yet) going to bring you Valhalla (or its equivalent) in the form of a well-paid bitcoin job.

Let’s walk over the reasons as to why that is.

The Fiat (Brain) Drain We don’t need to spend much time summarizing how soul-crushing a fiat job can be. Countless books, blogs, and social media rants already detail how monotonous, pointless, and draining traditional employment is. And for those of you that need a crash course on that: The 1999 movie Office Space remains a masterpiece in this regard. By now, we’ve all worked for a version of “Bill Lumbergh” at one point or another.

Bill at INITECH Bill Lumbergh at Initech (Office Space) From a bitcoiner’s perspective, a fiat job is merely a temporary solution to the problem of liquidity for consumer tokens — tokens printed for free by an entity like a state system, which itself is a tax, deb-and-war engine. At the same time, there’s a good chance to get people out of their fiat jobs, purely on this promise, as I wrote in “the fiat brain drain“.

If you operate within that fiat world, you’re bound to these forces. On top of that, your purchasing power is continually siphoned away through inflation, and you get taxed out of any long-term wealth buildup. On the other hand, that same fiat system makes you dependent on their return in social safety and being regarded as “OK”.

Most bitcoiners want a bitcoin job, exactly to escape this pit of misery. To leave this Linkedin-vortex of fake, the loser mentality, its hierarchical nonsense and bureaucratic drudgery that will soon be rendered obsolete by automation and AI, compounding with the ongoing brain drain at the top of the innovation pyramid.

That’s a long-winded way of saying: a fiat job is financial quicksand. And you’re knee-deep in it.

The solution? “bitcoin jobs”

If a bitcoin job were truly the answer, the solution would be simple: launch a bitcoin company, hire bitcoiners willing to work for bitcoin and start building products and services that function in both the fiat and bitcoin worlds—emphasizing the transition to better money: bitcoin.

But without capital, you’re stuck, whether in fiat or bitcoin.

The framework may shift slightly, but the fundamental problem remains. Those with capital can secure real bitcoin jobs or start real bitcoin companies, just as those with financial backing in the fiat world can choose work, they enjoy without worrying about pay or job-hunting struggles.

That’s not to say someone with limited funds and no capital can’t start such a company, but they’ll quickly run into funding issues. bitcoin jobs require payment in bitcoin but also fiat funds to pay for real life goods at most suppliers and services. Unless you build your own office (if you need one anyway) you’ll be paying in fiat to rent some office space (pun intended).

If you lack capital (in bitcoin), you’ll hit a wall sooner rather than later. So, in comes “other capital” to save you.

Relying on larger entities, whether venture capital firms or industry-supporting companies, to cover expenses also comes at the cost of independence; if they even provide funding at all.

While there's no shortage of hype and excitement around bitcoin projects, actual funding for many of these ventures is speculative at best. When you want to help these projects out for free, there’s also no shortage of open arms, welcoming the free hours of work for a project you’re passionate about.

Numerous startups in the crypto space operate on shoestring budgets, relying on ICOs (Initial Coin Offerings) or venture capital more interested in hype than substance. This creates a precarious job environment where projects can disappear as quickly as they emerge, leaving employees stranded.

Sustainability, or lack thereof, is another major concern. Bitcoin jobs that promise longevity often come with a caveat: they're here today, but there's no guarantee they’ll last until next month. The market’s volatility means projects can lose funding or pivot dramatically within months of no technical challenges or a dry up for demand pops up. Finding a position with a horizon beyond a few months in the future is rare, making long-term career planning in this sector a gamble. Most of these jobs are not even bitcoin jobs, but are presented that way. They’re mostly a sham!1

Pay up

Then there's the pay.

Even if you secure a position, and it’s a bit more long-term, then the promise of "decent, livable pay" is often unfulfilled. While some roles offer competitive salaries, many pay in bitcoin, which fluctuates of course (by the way, that’s a good thing, volatility is our friend). The trustworthiness of some of these bitcoin jobs, mostly at smaller startups can get even worse, where you as an employee are at risk to not receive promised payments at all due to funding issues.

The bitcoin job market presents a paradox: it's full of opportunities, yet few meet the criteria for being well-funded, sustainable, and offering reliable compensation and protection. For those looking to build a career in this space, caution is key do your due diligence, don’t trust verify on potential employers and diversify your own skills can help mitigate the risks somewhat.

Until the industry matures and offers greater stability and accountability, the allure of bitcoin jobs may remain problematic.

The harsh reality is, that the carrot of a bitcoin job, that’s been dangling in front of most bitcoiners’ eyes for a long time, is tempting, but mostly just that: an unreachable goal, not because you can’t get that job, but more because that job was a mirage on itself. The dream that most of us have is to leave the rat-race with its unfulfilling fiat jobs, to work in a better way, a job that pays in hard money and builds a better world.

I’m afraid that dream is just that: a dream. These jobs are mostly reserved for the inner-circle of some venture capitalist’s entourage or revolve around making use (or misuse) of bitcoiner’s ideology and goals in life.

But there’s hope Many people want to be paid in bitcoin, but until we transition to a bitcoin standard, they still need to cover expenses in a fiat-dominated world.

Finding a good fiat job is exhausting. And once you’ve been fully orange-pilled, earning fiat starts to feel like an even bigger scam—arguably worse than the Value for Value model. In the end, you’ll either work for peanuts or turn into a peanut yourself — a very salty one at that.

Definition

Let’s clarify what a bitcoin job" actually is, since the term often gets misused for anything remotely fintech or crypto-related anyway.

A bitcoin job involves real, tangible work — simply holding a title isn’t enough. It provides income paid directly in bitcoin, not in stocks, tokens (or other cryptocurrencies other than bitcoin). It requires a significant commitment of time, making it distinct from minor side gigs like washing a neighbor’s car — unless that gig somehow becomes your primary source of income.

Owning a company doesn’t count as a job on its own; you must be actively working in it (for example as a real hands-on developer or COO/CEO).

The role must be tied to a legitimate organization — a company or corporation — not just a loosely organized WhatsApp group pretending to be a business. It should be official, meaning it’s on the books, taxable where applicable, and, in some cases (such as in the EU), may even come with social benefits and retirement benefit buildup.

The focus must remain bitcoin only. Companies dealing exclusively in altcoins, memecoins, hype-cycles and the likes don’t qualify. Multi-cryptocurrency businesses, like exchanges or DeFi platforms, are more fintech than pure bitcoin. For example, a job at a bitcoin-only hardware company fits the definition, whereas a position at a Solana based trading platform does not.

About that real work: A disorganized WhatsApp group isn’t a company but a hobby project.

If a job doesn’t meet these criteria above, it’s unlikely to be a true bitcoin job. Looking at listings on platforms like Bitvocation2 (link) or the job sections of bitcoin/crypto companies, many roles appear to be standard fiat economy positions but within a bitcoin (or altcoins) focused company. (by the way, the Bitvocation team runs an excellent service that has a direct reach from open vacancies towards possible employees,… I love it).

For example, an HR role at a bitcoin company is fundamentally the same as one at a traditional fiat company (except for the occasional ordering of extra black hoodies for employees). Choosing to be paid in bitcoin may qualify it as a “bitcoin job,” but the role itself would exist in any industry. These positions could be considered bitcoin jobs since they contribute to our ecosystem while being financially tied to it.

From personal experience and observations, smaller bitcoin startups face significant challenges in securing funding. What is puzzling about this, that all this difficult environment to get a projects/startups funded happens, despite bitcoin being a trillion-dollar asset and major holders like Strategy accumulating nearly 500,000 BTC.

Top bitcoin company holdings:

BlackRock IBIT: 587,050 BTC Strategy (MSTR): 478,740 BTC Coinbase (COIN): 1,051,650 BTC Binance: 765,072 BTC Bitfinex: 359,687 BTC

Beyond funding, these startups also struggle to attract talent for a longer period of time. Traditional finance, fintech and even the broader cryptocurrency industry usually offer higher salaries and more perceived prestige (not in the bitcoin space, but outside) along with the perks of having a half fiat / “crypto” job.

Employees who choose to work in bitcoin often do so for ideological reasons, willingly giving up the stability and structure of traditional industries. This is both a strength and a risk. While bitcoin startups operate in a highly innovative space, they also face volatility and uncertainty.

The survival rate of bitcoin startups is low—around 10% make it past three years (according to Seedtable data). Most crypto-related job openings come from DeFi projects and general crypto firms, while jobs focused solely on bitcoin are typically backed by venture capital.

For instance: Fedi (federated lightning “all-in one freedom tool”) is employing between 27 and 50 people according to publicly available data. It’s backed by ‘Ego Death Capital’.

Other key VC firms in the bitcoin space include:

Axiom BTC Bitcoin Opportunity Fund Bitcoiner Ventures Epoch VC Lightning Ventures Ten31 Timechain VC

These firms play a crucial role in sustaining bitcoin-only businesses, as traditional funding routes remain scarce. Once inside these companies, there’s often a push for maximum efficiency and lean operations — while working with hard money. This paradox is frequently overlooked. Hard money means a long term time horizon. While bitcoin jobs often offer the polar opposite.

Bitcoin jobs are highly competitive on a global scale as well. Much like remote fiat jobs, most bitcoin-related roles can be done from anywhere in the world, meaning candidates are competing with a vast international talent pool. This makes securing a position even more challenging (especially for Europeans) in an industry that operates in a fast-changing and often challenging technological landscape from a marketing and cost/benefits perspective.

For example, a company developing a bitcoin PoS (point-of-sale) system for cash registers and checkout online, needs traction to sell its product and grow its user base but needs fiat funds to acquire material and develop point of sale devices and software.

This requires sales people, developers and a substantial portion of marketing efforts. That’s something that cannot be sustained solely by grassroots initiatives on bitcoin alone, and can’t be achieved by a single developer working out of a small studio on his own. To scale, these companies often rely on seed funding, venture capital or grants from larger bitcoin-focused firms. Even then, working for such companies, even if you’re really motivated often doesn’t pay the (fiat) bills.

The same applies to teams building something on Lightning Network, projects developing on Liquid or companies attempting to establish bitcoin-native lending platforms and the likes. If (like me) you want to work for them, be prepared to do it either for free, off the books or for peanuts… or become a peanut yourself.

The realities of bitcoin Jobs

Based on my experience working in bitcoin-related roles—particularly within the EU (where taxation and regulations are more rigid and social security systems are extensive) several common challenges emerged:

High intensity: The work often demands significant time and effort due to the passion-driven nature of the industry. This is good, a fiat job is often draining, while a bitcoin job is more energetic and intense in nature. We’re building something good. It’s also good to remember that this energy is often used to make you do the work, without the reward.

Lower pay: At least in my experience; salaries tend to be lower compared to traditional tech or finance roles, and I’ve even seen bickering over the price like it was a flee market.

Funding struggles: Many bitcoin startups face ongoing financial uncertainty, troubles finding investors, or getting investors that cancel their deals or disappear entirely.

Constant involvement: There’s little room to “clock out” at 5 PM; engagement is often expected beyond regular hours (it comes with the territory).

Lack of benefits: Many bitcoin jobs offer no social security, no formal employment status, and often operate in a gray area, or completely “off the books”. For a company selling their product the whole world over for example, you would expect something else than back alley deals with whispered price agreements. The contracts however, are usually centered about keeping the employee in check and their knowledge protected.

Presence of “grifters”: Some individuals with strong reputations or connections manage to secure more lucrative positions, despite contributing little meaningful work. That’s human nature of course, and it seems to happen in in fiat, bitcoin or voluntary work alike.

bitcoin employee receiving his contract and first payment Some argue that receiving bitcoin as payment is, in itself, a form of financial (and social) security. However, this ignores the realities of daily life. In the absence of a global bitcoin standard, workers still depend on government regulations, taxation systems, and social security structures (in Europe).

For instance, if a bitcoiner falls ill for two weeks, they may lose their income entirely. Meanwhile, an employee at a tech firm, bank, or blue-chip company would typically receive paid sick leave or at least retain their job security. I know this is a fairly Euro-zone centered view, and the rest of the world has of course different ways to compensate for that. Either this happens through having lower taxation, or having more self-reliance on private savings and “buffers” to build up your own protection as an employee.

It all comes down to either getting paid more to have your expenses and social security covered by yourself, or getting paid less and leaving a cut for some state fiat system that will take care of your social benefits if they’re needed.

So far, from what I heard an experienced in a bitcoin job it’s the worst of both worlds: low(er) pay, more uncertainty and no security benefits. That’s something that can be fixed.

While social protections in the fiat system are funded through mechanisms like inflation and money printing, and a lot of taxation, their “benefits” are tangible (and expensive).

In contrast, many bitcoin jobs rely on ideological commitment, which can sometimes be exploited, where individuals are expected to work for little or no compensation - while forgoing the protections that traditional employment offers.

Even is we are more sovereign as bitcoiners you sooner or later get older, get sick, have a baby or have other phases in your life. For the companies themselves this is also a huge challenge: the hiring of people and paying them in hard money, means that their output and real life worth to the company needs to be higher in total over all employees than the holding of the same amount of bitcoin. Since bitcoin itself has the magnificent feature of not bearing yield (just holding 1 bitcoin doesn’t pay you 0.01 bitcoin dividend). Even more so, the employee is paid in bitcoin, and can thus be more free, have hard money that is inflation resistent over a longer time period. Retaining these employees for longer periods of time (if that’s your goal anyway as a bitcoin company) can be a real challenge. I don’t see how you can retain people doing an intense job while you pay them in the hardest money there is. I guess motivation is really the key here.

The fiat world has that covered (we know how of course and we know they do it though printing money and taxation).

The bitcoin world still needs to figure out how to deal with these situations. Just promising people some bitcoin is not enough.

Building a better future for bitcoin jobs One of the biggest obstacles according to me, is to a true bitcoin standard — aside from the challenge of using bitcoin for manufacturing and basic goods (which I’ll address later)— is the lack of meaningful job opportunities that provide both bitcoin salaries and financial security on a mid to longer time frame. Bitcoiners or no bitcoiners, people don’t want to hop from one job to another every few weeks.

I think sooner or later the bitcoin space will need a global bitcoin social security framework — one that reimagines financial protection for workers without simply replicating the state-run systems of the fiat world, and certainly doesn’t replicate the European systems that failed so miserably (my country for example imposes the highest tax in the world counted from employer to employee in order to pay for social benefits). If the employer pays 6000€, the taxation causes the employee to receive a mere 3440€.

Today, a bitcoin-only company is already rare. A bitcoin company that offers proper employment contracts, benefits, actually pays on time, has a future ànd has a minimal plan for some form of social protection is nearly nonexistent.

That’s why I argue: real bitcoin jobs are almost nonexistent.

What we have instead are:

• A bunch of hobby projects and side gigs in the v4v space.

• Startups that offer little to no worker protection and rely on goodwill or fantastic ideas with a lack of fundamental backing.

• A handful of legitimate companies that still depend on fiat-based social security and payment structures to operate and attract and keep talent.

The missing link: financial and social security for bitcoin jobs

We need more companies like Bitwage3 as well where bitcoin jobs and their administrative and payment handlings are taken care of (also in Europe), They must be entirely bitcoin-only or have a subsidiary that works exclusively on pure bitcoin jobs.

With a yet-to-be-invented social system which gives bitcoin employees a way to build up an securing their well-being in the long rung (bitcoiners don’t stay forever 21). That would increase this btc-job market and the legitimacy of its real life employment.

Without this, working in bitcoin will continue to feel unstable, informal, or even go “off-the-books” because of a lack of alternatives.

If bitcoin companies want to attract top talent, they need to offer more than just ideology and goodwill. There are countless people that had bad experiences with this.

Many skilled professionals currently enjoy secure fiat jobs with stable salaries, full benefits, and usually minimal effort. Yet, they want out. They know fiat jobs are a trip though quicksand.

Without a competitive alternative however, bitcoin businesses will continue to rely on those willing to struggle financially and living like a “value4value” ideologist (or even worse: grifters), others will be people that contribute real value but are underpaid and face difficulties using their bitcoin earnings for everyday expenses like rent, groceries and utilities (without resorting to questionable third-party services)

That last category of employees or possible employees is often overlooked. There’s a whole generation that doesn’t sit on a stash of bitcoin in order to fund their own “ideal job” or have ideology of an open-source encrypt everything and live on bitcoin only warrior. Some people have to pay their rent, buy food or at least know they’ll be still having a job tomorrow if they work hard.

In the oasis of a bitcoin job in 2025, you soon crawl to that one lousy coconut in that one palm tree in order to survive.

“Tick-tock next job”

Today, most so-called "bitcoin jobs" fall into one of two categories :

Not actually bitcoin-related – Corporate blockchain projects, scams, token-based schemes, memecoins, rugpull/defi/web3/NFT peddlers, and “anything on the blockchain” services without a proper oracle… and other type of distractions. These are sometimes presented as bitcoin jobs, yet they aren’t.

Paid in bitcoin but lacking real merit : Low or mediocre wages, no benefits and no worker protection, in an industry where your value lasts about as long as the average block time (pun intended).

Well-paid longer term real bitcoin jobs: Good pay, on the books, meaningful and well organized pure bitcoin job, for the happy few who have good connections.

If bitcoin employment is to be more than just a passion project where dedicated workers struggle while CEOs and media personalities live lavishly, we need a sustainable framework that provides real financial longevity, funding and real bitcoin jobs.

Without it, bitcoin will remain an industry with unstable or even sketchy niche job offerings, with neither long-term careers nor financial (let alone social) security. If people can’t build a future in bitcoin jobs, the right talent won’t be attracted in the first place. Which is amazing, come to thing of it, we’re probably the only industry that thrives on hard money, we should have the most quality jobs and most happy employees.

Passion alone isn’t enough. When everyone knows bitcoin jobs are short-term or unstable, motivation dwindles. The reality is that some people, myself included, would rather endure a dull fiat job, than waste their valuable time and money on an industry that fails to offer real career prospects and real support for their talent.

All the billions held by all these big companies and fund, is not put to use for their actual builders and talent it seems. I can’t explain the billions of holdings and on the other side, the total lack of funding happening on projects and startups.

More so, the vast majority of bitcoin jobs are nor jobs, nor bitcoin jobs or not anything that can be defined as such. And it shows.

That’s why a lot of products and services are currently in the lousy (lazy) state they’re in and that’s why almost all bitcoiners are either stuck in a fiat job or work within the bitcoin system for peanuts out of ideology or through good connections. Right now, other than the possible btc in your wallet, there’s little to no difference between bitcoin jobs and fiat jobs in that regard. No wonder choosing safety of a fiat job still wins, and I hope that will change one day. Until then, working for Bill Lumbergh has it’s perks.

by Kim De Vos for AVB tips: here

Disclaimer: To provide content more regularly, I occasionally write my posts with AI assistance. Rest assured, the core ideas and writing are always 100% my own creation and it’s edited by at least two humans!

Footnotes:

1 definition : The word "sham" refers to something that is theater or designed to deceive. It describes a situation, scheme, or entity that appears legitimate on the surface but lacks substance, authenticity, or real core values.

2 https://t.me/bitvocationfeed

3 https://bitwage.com/en-us/The dream

For many people who learned to use, work with, understand and hold bitcoin, one goal consistently stands out: the dream to one day work in a bitcoin job.\ In my entourage, this was for a long time the main thing most tried to achieve.

The prospect of such job is to work in the bitcoin industry and it seems like a lofty goal: it combines innovation, technology and the opportunity to collaborate with like-minded individuals while earning bitcoin. It’s also “cool”.\ \ It’s an industry (yes, it’s an industry now) that thrives on the promise of that ultimate payout: hard money, bitcoin.\ Who wouldn’t want that?\ Certainly if you word in a fiat job right now.

At the same time, this longing comes with certain expectations. People assume a bitcoin-related job will be exciting, rewarding, efficient, well-funded and will happen in a professional environment - that often is lacking in fiat jobs.

I hate to break it to you, fellow bitcoiners, but the oasis of bitcoin jobs you’re crawling toward through the scorching fiat desert is mostly a mirage. Once you arrive at what seems like a place of plenty, you’ll find just a few orange-colored rocks and maybe a lone palm tree with a single, withered coconut barely hanging on.

The main reason? The reality of bitcoin jobs isn’t as different from fiat jobs as you might expect—at least, not yet.\ \ After all, bitcoiners should be “better” people, right? Unlike those fiat wage slaves who don’t realize that being paid in dirty fiat slowly makes them poorer, we like to think we’re ahead of the curve. We feel more vindicated, more enlightened—bitcoiners are the better, more evolved kind. Or so we tell ourselves.\ \ The realization of how hard money actually shapes society has not yet fully matured. We’re all still in the discovery phase. Even with die hard bitcoiners and their respective job industry aren’t there yet. During this discovery phase, it’s important to not let ourselves be blinded by the sun in the desert. We need not to be blinded by the promises and the ideology to let ourselves be taken advantage of by fiat-minded people, even if they own a bitcoin company.\ \ Hard money is the way forward. Bitcoin is the way forward. Most people and certainly their jobs and companies are lagging behind that reality.

Such a job is not (yet) going to bring you Valhalla (or its equivalent) in the form of a well-paid bitcoin job.\ \ Let’s walk over the reasons as to why that is.

The Fiat (Brain) Drain

We don’t need to spend much time summarizing how soul-crushing a fiat job can be. Countless books, blogs, and social media rants already detail how monotonous, pointless, and draining traditional employment is. And for those of you that need a crash course on that: The 1999 movie Office Space remains a masterpiece in this regard. By now, we’ve all worked for a version of “Bill Lumbergh” at one point or another.

Bill Lumbergh at Initech (Office Space)

From a bitcoiner’s perspective, a fiat job is merely a temporary solution to the problem of liquidity for consumer tokens — tokens printed for free by an entity like a state system, which itself is a tax, deb-and-war engine. At the same time, there’s a good chance to get people out of their fiat jobs, purely on this promise, as I wrote in “the fiat brain drain“.\ \ If you operate within that fiat world, you’re bound to these forces. On top of that, your purchasing power is continually siphoned away through inflation, and you get taxed out of any long-term wealth buildup. On the other hand, that same fiat system makes you dependent on their return in social safety and being regarded as “OK”.

Most bitcoiners want a bitcoin job, exactly to escape this pit of misery. To leave this Linkedin-vortex of fake, the loser mentality, its hierarchical nonsense and bureaucratic drudgery that will soon be rendered obsolete by automation and AI, compounding with the ongoing brain drain at the top of the innovation pyramid.

That’s a long-winded way of saying: a fiat job is financial quicksand. And you’re knee-deep in it.

The solution? “bitcoin jobs”

\ If a bitcoin job were truly the answer, the solution would be simple: launch a bitcoin company, hire bitcoiners willing to work for bitcoin and start building products and services that function in both the fiat and bitcoin worlds—emphasizing the transition to better money: bitcoin.

But without capital, you’re stuck, whether in fiat or bitcoin.

The framework may shift slightly, but the fundamental problem remains. Those with capital can secure real bitcoin jobs or start real bitcoin companies, just as those with financial backing in the fiat world can choose work, they enjoy without worrying about pay or job-hunting struggles.

That’s not to say someone with limited funds and no capital can’t start such a company, but they’ll quickly run into funding issues. bitcoin jobs require payment in bitcoin but also fiat funds to pay for real life goods at most suppliers and services. Unless you build your own office (if you need one anyway) you’ll be paying in fiat to rent some office space (pun intended).

If you lack capital (in bitcoin), you’ll hit a wall sooner rather than later.\ So, in comes “other capital” to save you.

Relying on larger entities, whether venture capital firms or industry-supporting companies, to cover expenses also comes at the cost of independence; if they even provide funding at all.\ \ While there's no shortage of hype and excitement around bitcoin projects, actual funding for many of these ventures is speculative at best. When you want to help these projects out for free, there’s also no shortage of open arms, welcoming the free hours of work for a project you’re passionate about.

Numerous startups in the crypto space operate on shoestring budgets, relying on ICOs (Initial Coin Offerings) or venture capital more interested in hype than substance. This creates a precarious job environment where projects can disappear as quickly as they emerge, leaving employees stranded.

Sustainability, or lack thereof, is another major concern.\ Bitcoin jobs that promise longevity often come with a caveat: they're here today, but there's no guarantee they’ll last until next month.\ The market’s volatility means projects can lose funding or pivot dramatically within months of no technical challenges or a dry up for demand pops up.\ Finding a position with a horizon beyond a few months in the future is rare, making long-term career planning in this sector a gamble. Most of these jobs are not even bitcoin jobs, but are presented that way. They’re mostly a sham!1

\ Pay up

\ Then there's the pay.\ \ Even if you secure a position, and it’s a bit more long-term, then the promise of "decent, livable pay" is often unfulfilled.\ While some roles offer competitive salaries, many pay in bitcoin, which fluctuates of course (by the way, that’s a good thing, volatility is our friend).\ The trustworthiness of some of these bitcoin jobs, mostly at smaller startups can get even worse, where you as an employee are at risk to not receive promised payments at all due to funding issues.

The bitcoin job market presents a paradox: it's full of opportunities, yet few meet the criteria for being well-funded, sustainable, and offering reliable compensation and protection.\ For those looking to build a career in this space, caution is key do your due diligence, don’t trust verify on potential employers and diversify your own skills can help mitigate the risks somewhat.

Until the industry matures and offers greater stability and accountability, the allure of bitcoin jobs may remain problematic.

The harsh reality is, that the carrot of a bitcoin job, that’s been dangling in front of most bitcoiners’ eyes for a long time, is tempting, but mostly just that: an unreachable goal, not because you can’t get that job, but more because that job was a mirage on itself.\ The dream that most of us have is to leave the rat-race with its unfulfilling fiat jobs, to work in a better way, a job that pays in hard money and builds a better world.\ \ I’m afraid that dream is just that: a dream. These jobs are mostly reserved for the inner-circle of some venture capitalist’s entourage or revolve around making use (or misuse) of bitcoiner’s ideology and goals in life.

But there’s hope

Many people want to be paid in bitcoin, but until we transition to a bitcoin standard, they still need to cover expenses in a fiat-dominated world.

Finding a good fiat job is exhausting. And once you’ve been fully orange-pilled, earning fiat starts to feel like an even bigger scam—arguably worse than the Value for Value model.\ In the end, you’ll either work for peanuts or turn into a peanut yourself — a very salty one at that.

Definition

Let’s clarify what a bitcoin job" actually is, since the term often gets misused for anything remotely fintech or crypto-related anyway.

A bitcoin job involves real, tangible work — simply holding a title isn’t enough. It provides income paid directly in bitcoin, not in stocks, tokens (or other cryptocurrencies other than bitcoin).\ It requires a significant commitment of time, making it distinct from minor side gigs like washing a neighbor’s car — unless that gig somehow becomes your primary source of income.

Owning a company doesn’t count as a job on its own; you must be actively working in it (for example as a real hands-on developer or COO/CEO).\ \ The role must be tied to a legitimate organization — a company or corporation — not just a loosely organized WhatsApp group pretending to be a business. It should be official, meaning it’s on the books, taxable where applicable, and, in some cases (such as in the EU), may even come with social benefits and retirement benefit buildup.

The focus must remain bitcoin only. Companies dealing exclusively in altcoins, memecoins, hype-cycles and the likes don’t qualify. Multi-cryptocurrency businesses, like exchanges or DeFi platforms, are more fintech than pure bitcoin.\ For example, a job at a bitcoin-only hardware company fits the definition, whereas a position at a Solana based trading platform does not.\ \ About that real work: A disorganized WhatsApp group isn’t a company but a hobby project.

If a job doesn’t meet these criteria above, it’s unlikely to be a true bitcoin job. Looking at listings on platforms like Bitvocation2 (link) or the job sections of bitcoin/crypto companies, many roles appear to be standard fiat economy positions but within a bitcoin (or altcoins) focused company.\ (by the way, the Bitvocation team runs an excellent service that has a direct reach from open vacancies towards possible employees,… I love it).

For example, an HR role at a bitcoin company is fundamentally the same as one at a traditional fiat company (except for the occasional ordering of extra black hoodies for employees).\ Choosing to be paid in bitcoin may qualify it as a “bitcoin job,” but the role itself would exist in any industry. These positions could be considered bitcoin jobs since they contribute to our ecosystem while being financially tied to it.

From personal experience and observations, smaller bitcoin startups face significant challenges in securing funding.\ What is puzzling about this, that all this difficult environment to get a projects/startups funded happens, despite bitcoin being a trillion-dollar asset and major holders like Strategy accumulating nearly 500,000 BTC.

Top bitcoin company holdings:

BlackRock IBIT: 587,050 BTC\ Strategy (MSTR): 478,740 BTC\ Coinbase (COIN): 1,051,650 BTC\ Binance: 765,072 BTC\ Bitfinex: 359,687 BTC

Beyond funding, these startups also struggle to attract talent for a longer period of time. Traditional finance, fintech and even the broader cryptocurrency industry usually offer higher salaries and more perceived prestige (not in the bitcoin space, but outside) along with the perks of having a half fiat / “crypto” job.\ \ Employees who choose to work in bitcoin often do so for ideological reasons, willingly giving up the stability and structure of traditional industries. This is both a strength and a risk. While bitcoin startups operate in a highly innovative space, they also face volatility and uncertainty.

The survival rate of bitcoin startups is low—around 10% make it past three years (according to Seedtable data). Most crypto-related job openings come from DeFi projects and general crypto firms, while jobs focused solely on bitcoin are typically backed by venture capital.

For instance: Fedi (federated lightning “all-in one freedom tool”) is employing between 27 and 50 people according to publicly available data. It’s backed by ‘Ego Death Capital’.\ \ Other key VC firms in the bitcoin space include:

Axiom BTC\ Bitcoin Opportunity Fund\ Bitcoiner Ventures\ Epoch VC\ Lightning Ventures\ Ten31\ Timechain VC

These firms play a crucial role in sustaining bitcoin-only businesses, as traditional funding routes remain scarce.\ Once inside these companies, there’s often a push for maximum efficiency and lean operations — while working with hard money. This paradox is frequently overlooked. Hard money means a long term time horizon. While bitcoin jobs often offer the polar opposite.

Bitcoin jobs are highly competitive on a global scale as well. Much like remote fiat jobs, most bitcoin-related roles can be done from anywhere in the world, meaning candidates are competing with a vast international talent pool.\ This makes securing a position even more challenging (especially for Europeans) in an industry that operates in a fast-changing and often challenging technological landscape from a marketing and cost/benefits perspective.

For example, a company developing a bitcoin PoS (point-of-sale) system for cash registers and checkout online, needs traction to sell its product and grow its user base but needs fiat funds to acquire material and develop point of sale devices and software.\ \ This requires sales people, developers and a substantial portion of marketing efforts. That’s something that cannot be sustained solely by grassroots initiatives on bitcoin alone, and can’t be achieved by a single developer working out of a small studio on his own.\ To scale, these companies often rely on seed funding, venture capital or grants from larger bitcoin-focused firms. Even then, working for such companies, even if you’re really motivated often doesn’t pay the (fiat) bills.

The same applies to teams building something on Lightning Network, projects developing on Liquid or companies attempting to establish bitcoin-native lending platforms and the likes. If (like me) you want to work for them, be prepared to do it either for free, off the books or for peanuts… or become a peanut yourself.

The realities of bitcoin Jobs

\ Based on my experience working in bitcoin-related roles—particularly within the EU (where taxation and regulations are more rigid and social security systems are extensive) several common challenges emerged:

High intensity: The work often demands significant time and effort due to the passion-driven nature of the industry. This is good, a fiat job is often draining, while a bitcoin job is more energetic and intense in nature. We’re building something good. It’s also good to remember that this energy is often used to make you do the work, without the reward.

Lower pay: At least in my experience; salaries tend to be lower compared to traditional tech or finance roles, and I’ve even seen bickering over the price like it was a flee market.

Funding struggles: Many bitcoin startups face ongoing financial uncertainty, troubles finding investors, or getting investors that cancel their deals or disappear entirely.

Constant involvement: There’s little room to “clock out” at 5 PM; engagement is often expected beyond regular hours (it comes with the territory).

Lack of benefits: Many bitcoin jobs offer no social security, no formal employment status, and often operate in a gray area, or completely “off the books”.\ For a company selling their product the whole world over for example, you would expect something else than back alley deals with whispered price agreements. The contracts however, are usually centered about keeping the employee in check and their knowledge protected.

Presence of “grifters”: Some individuals with strong reputations or connections manage to secure more lucrative positions, despite contributing little meaningful work. That’s human nature of course, and it seems to happen in in fiat, bitcoin or voluntary work alike.

bitcoin employee receiving his contract and first payment

Some argue that receiving bitcoin as payment is, in itself, a form of financial (and social) security. However, this ignores the realities of daily life. In the absence of a global bitcoin standard, workers still depend on government regulations, taxation systems, and social security structures (in Europe).

For instance, if a bitcoiner falls ill for two weeks, they may lose their income entirely. Meanwhile, an employee at a tech firm, bank, or blue-chip company would typically receive paid sick leave or at least retain their job security.\ I know this is a fairly Euro-zone centered view, and the rest of the world has of course different ways to compensate for that. Either this happens through having lower taxation, or having more self-reliance on private savings and “buffers” to build up your own protection as an employee.\ \ It all comes down to either getting paid more to have your expenses and social security covered by yourself, or getting paid less and leaving a cut for some state fiat system that will take care of your social benefits if they’re needed.\ \ So far, from what I heard an experienced in a bitcoin job it’s the worst of both worlds: low(er) pay, more uncertainty and no security benefits. That’s something that can be fixed.

While social protections in the fiat system are funded through mechanisms like inflation and money printing, and a lot of taxation, their “benefits” are tangible (and expensive).\ \ In contrast, many bitcoin jobs rely on ideological commitment, which can sometimes be exploited, where individuals are expected to work for little or no compensation - while forgoing the protections that traditional employment offers.\ \ Even is we are more sovereign as bitcoiners you sooner or later get older, get sick, have a baby or have other phases in your life.\ For the companies themselves this is also a huge challenge: the hiring of people and paying them in hard money, means that their output and real life worth to the company needs to be higher in total over all employees than the holding of the same amount of bitcoin. Since bitcoin itself has the magnificent feature of not bearing yield (just holding 1 bitcoin doesn’t pay you 0.01 bitcoin dividend).\ Even more so, the employee is paid in bitcoin, and can thus be more free, have hard money that is inflation resistent over a longer time period. Retaining these employees for longer periods of time (if that’s your goal anyway as a bitcoin company) can be a real challenge. I don’t see how you can retain people doing an intense job while you pay them in the hardest money there is.\ I guess motivation is really the key here.\ \ The fiat world has that covered (we know how of course and we know they do it though printing money and taxation).\ \ The bitcoin world still needs to figure out how to deal with these situations. Just promising people some bitcoin is not enough.

Building a better future for bitcoin jobs

One of the biggest obstacles according to me, is to a true bitcoin standard — aside from the challenge of using bitcoin for manufacturing and basic goods (which I’ll address later)— is the lack of meaningful job opportunities that provide both bitcoin salaries and financial security on a mid to longer time frame.\ Bitcoiners or no bitcoiners, people don’t want to hop from one job to another every few weeks.

I think sooner or later the bitcoin space will need a global bitcoin social security framework — one that reimagines financial protection for workers without simply replicating the state-run systems of the fiat world, and certainly doesn’t replicate the European systems that failed so miserably (my country for example imposes the highest tax in the world counted from employer to employee in order to pay for social benefits).\ If the employer pays 6000€, the taxation causes the employee to receive a mere 3440€.\ \ Today, a bitcoin-only company is already rare.\ A bitcoin company that offers proper employment contracts, benefits, actually pays on time, has a future ànd has a minimal plan for some form of social protection is nearly nonexistent.

That’s why I argue: real bitcoin jobs are almost nonexistent.

What we have instead are:\ \ - A bunch of hobby projects and side gigs in the v4v space.

- Startups that offer little to no worker protection and rely on goodwill or fantastic ideas with a lack of fundamental backing.

- A handful of legitimate companies that still depend on fiat-based social security and payment structures to operate and attract and keep talent.

The missing link: financial and social security for bitcoin jobs

\ We need more companies like Bitwage3 as well where bitcoin jobs and their administrative and payment handlings are taken care of (also in Europe), They must be entirely bitcoin-only or have a subsidiary that works exclusively on pure bitcoin jobs.\ \ With a yet-to-be-invented social system which gives bitcoin employees a way to build up an securing their well-being in the long rung (bitcoiners don’t stay forever 21).\ That would increase this btc-job market and the legitimacy of its real life employment.\ \ Without this, working in bitcoin will continue to feel unstable, informal, or even go “off-the-books” because of a lack of alternatives.

If bitcoin companies want to attract top talent, they need to offer more than just ideology and goodwill.\ There are countless people that had bad experiences with this.\ \ Many skilled professionals currently enjoy secure fiat jobs with stable salaries, full benefits, and usually minimal effort. Yet, they want out. They know fiat jobs are a trip though quicksand.\ \ Without a competitive alternative however, bitcoin businesses will continue to rely on those willing to struggle financially and living like a “value4value” ideologist (or even worse: grifters), others will be people that contribute real value but are underpaid and face difficulties using their bitcoin earnings for everyday expenses like rent, groceries and utilities (without resorting to questionable third-party services)

That last category of employees or possible employees is often overlooked. There’s a whole generation that doesn’t sit on a stash of bitcoin in order to fund their own “ideal job” or have ideology of an open-source encrypt everything and live on bitcoin only warrior. Some people have to pay their rent, buy food or at least know they’ll be still having a job tomorrow if they work hard.\ \ In the oasis of a bitcoin job in 2025, you soon crawl to that one lousy coconut in that one palm tree in order to survive.

“Tick-tock next job”

\ Today, most so-called "bitcoin jobs" fall into one of two categories :

1. Not actually bitcoin-related – Corporate blockchain projects, scams, token-based schemes, memecoins, rugpull/defi/web3/NFT peddlers, and “anything on the blockchain” services without a proper oracle… and other type of distractions.\ These are sometimes presented as bitcoin jobs, yet they aren’t.

2. Paid in bitcoin but lacking real merit :\ Low or mediocre wages, no benefits and no worker protection, in an industry where your value lasts about as long as the average block time (pun intended).

3. Well-paid longer term real bitcoin jobs:\ Good pay, on the books, meaningful and well organized pure bitcoin job, for the happy few who have good connections.

If bitcoin employment is to be more than just a passion project where dedicated workers struggle while CEOs and media personalities live lavishly, we need a sustainable framework that provides real financial longevity, funding and real bitcoin jobs.

Without it, bitcoin will remain an industry with unstable or even sketchy niche job offerings, with neither long-term careers nor financial (let alone social) security.\ If people can’t build a future in bitcoin jobs, the right talent won’t be attracted in the first place. Which is amazing, come to thing of it, we’re probably the only industry that thrives on hard money, we should have the most quality jobs and most happy employees.

Passion alone isn’t enough.\ When everyone knows bitcoin jobs are short-term or unstable, motivation dwindles. The reality is that some people, myself included, would rather endure a dull fiat job, than waste their valuable time and money on an industry that fails to offer real career prospects and real support for their talent.\ \ All the billions held by all these big companies and fund, is not put to use for their actual builders and talent it seems. I can’t explain the billions of holdings and on the other side, the total lack of funding happening on projects and startups.\ \ More so, the vast majority of bitcoin jobs are nor jobs, nor bitcoin jobs or not anything that can be defined as such.\ And it shows.\ \ That’s why a lot of products and services are currently in the lousy (lazy) state they’re in and that’s why almost all bitcoiners are either stuck in a fiat job or work within the bitcoin system for peanuts out of ideology or through good connections.\ Right now, other than the possible btc in your wallet, there’s little to no difference between bitcoin jobs and fiat jobs in that regard.\ No wonder choosing safety of a fiat job still wins, and I hope that will change one day.\ Until then, working for Bill Lumbergh has it’s perks.

by Kim De Vos for AVB\ tips: here

Disclaimer: To provide content more regularly, I occasionally write my posts with AI assistance. Rest assured, the core ideas and writing are always 100% my own creation and it’s edited by at least two humans!

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Footnotes:

1

definition : The word "sham" refers to something that is theater or designed to deceive. It describes a situation, scheme, or entity that appears legitimate on the surface but lacks substance, authenticity, or real core values.

2

https://t.me/bitvocationfeed

3

https://bitwage.com/en-us/

@ 57d1a264:69f1fee1

Definition: when every single person in the chain responsible for shipping a product looks at objectively horrendous design decisions and goes: yup, this looks good to me, release this. Designers, developers, product managers, testers, quality assurance... everyone.

I nominate Peugeot as the first example in this category.

Continue reading at https://grumpy.website/1665

https://stacker.news/items/988044

@ 0461fcbe:35a474dd

Background

I will start with a disclaimer: I'm all-in on Nostr. But before that, I spent 4 years building on ActivityPub. Then in Feb 2023 I built a bridge between ActivityPub and Nostr, and in Dec 2024 I built another bridge between Nostr and Bluesky. Most of all I am committed to open source and the decentralized vision. Having experience with all 3 major protocols, I still think Nostr is the best, but Bluesky outshines it in some major areas. The main reason for this blog is to explore the things Bluesky does better than us, and to point out why I still think Nostr is the best solution.

This is a technical blog. For a more high level overview of decentralized protocols, see: https://soapbox.pub/blog/comparing-protocols/

Data Model

Nostr and Bluesky both allow users to store any type of data in a single, unified format. Nostr calls them events. Bluesky calls them records. They are mostly interchangeable ideas, but the way the data is stored and retrieved is very different.

It's worth noting that, like Nostr and ActivityPub, Bluesky is capable of doing anything under the sun. It's a misconception that it can't. You can build whatever Reddit, TikTok, or other stuff clone on Bluesky just fine. It's limited more by the huge knowledge gap you have to overcome than it is by anything about its data model.

NSIDs vs Kinds

Nostr events use a "kind" number, eg 1, to distinguish different type of events. Bluesky records use what they call an "NSID" (namespace identifier), eg app.bsky.feed.post, which is a reverse-DNS string notation.

Nostr's "kind": 1 is equivalent to Bluesky's "$type": app.bsky.feed.post.

I think Bluesky's system is better, because it allows developers to feel like what they built is "real" without having to get it merged into the NIPs repo, which is basically like an IANA of Nostr kind numbers. I believe this causes significant problems on Nostr, and makes people feel like they are being held back by others. That being said, the counter-argument is that kind numbers encourage interoperability for the very same reasons. The barriers to adding new kinds pushes people to work with what's already there.

Text Content Formatting

Kind 1 events ("plain text notes", ie "Tweets") on Nostr have developed in a haphazard way over time, by many people piling things onto it without taking a step back to assess a unified way to handle it. Some examples include:

• NIP-21 nostr: URIs
• imeta tags
• inline media embeds as URLs without imeta tags
• unspec'd Markdown rendering by some clients
• legacy specs such as positional mentions (eg, #[0], mostly gone now)

What we have now is quite a mess, and it's something Bluesky beats us on badly.

Bluesky has a plaintext content field that can be displayed as-is. In addition, it has a "facets" field, which is a structured JSON object, that adds rich-text information such as formatting (bold, italic, etc), links, mentions of users, and whatever else metadata about the text.

This is an extensible system that beats even options like Markdown, due to its ability to include native extension like mentions, and its ability to be parsed by any programming language or software environment.

Bluesky is the winner here.

Syncronization

Nostr and Bluesky are both thought to be descended from Scuttlebutt, an older decentralized protocol.

On Scuttlebutt, a user's whole post history needed to be available for them to make a new post. Scuttlebutt uses a linked list, so each new event would need to reference the one before it. Only linear paths are allowed, so if a "fork" occurred (intentionally or not), only one version would be kept, and the other discarded. This lead to occasional publishing issues, but it allowed readers to assemble a complete view.

Nostr strayed from this draconian approach, removing it entirely and allowing user data to be fragmented. Meanwhile Bluesky, instead of removing it entirely, made it work more like git so that branches could be merged.

Both approaches have tradeoffs. Bluesky's approach has much higher complexity. Also, it's sometimes considered an advantage for events to be fragmented (eg Nostr allows sending DMs to specialized relays for enhanced privacy).

But Bluesky has a true account "sync" mechanism, and Nostr does not. Nostr can send filters to relays to gather events, but it cannot know when to stop looking. Proposals like Negentropy in Nostr do not solve author syncing, and only make typical relay filtering more efficient.

I think it's important to think about Nostr's "outbox" problem as a syncronization problem, and for Nostr to approach syncronization with the goal of syncronizing authors specifically.

I think Bluesky "wins" this one, if only because they have solved a problem that we haven't. Instead of copying their solution, I think Nostr should try to learn from this to recharacterize the "outbox" problem as an author syncing problem, and see if we can come up with a better solution that works for Nostr.

Knowledge Gap

One of the biggest hurdles of Bluesky, and by extension one of the greates appeals of Nostr, is in how easy it is to learn and build on.

Nostr can be understood in a couple of hours. Mastering it is difficult, but limited only by your time and imagination. Hundreds of developers are building new projects on Nostr today. Based on my experience, it seems to me that the Nostr developer community is larger than that of both ActivityPub and Bluesky combined.

Bluesky on the other hand requires a Harvard degree in Blueskyology. I believe that ameteur coders feel a sense of superiority after spending six weeks learning how to commit a post. To learn Bluesky you will have to sift through thousands of technical documents about all kinds of abstractions, especially related to IPFS and IPLD. You will have to master unnecessary technologies like CBOR (which is basically just JSON except it's in binary and takes up the same amount of space). And you will be frequently pointed to academic topics such as "DAG" and "graph theory", all just to say "it's a fucking graph". I will never understand why people will take simple concepts such as a "tree", and then make it harder to understand on purpose by saying it's more than that.

While building on Bluesky, I began to question if the creators did this on purpose. I wondered if they tried to make it complex on purpose, as a sort of IQ test and protective measure to weed out the undeireables. In my view, a truly free and open network must be accessible to all, with the hope that even non-programmers could learn how it works.

Technical complexity is not just an issue of inclusion, but also security. ActivityPub software has been found to be littered with major security holes due to its inherently complex design, while Nostr's simple design makes its attack surface extremely minimal. Bluesky has already had a few mishaps, and it makes me wonder how Bluesky will fare in the long term.

Decentralization

I will keep this short. Bluesky is designed to be decentralized, but isn't. It reminds me of the communist idea about the "withering away of the state". The idea is that you're supposed to first sieze power and become the new state, and then under your rule the state will slowly disappear because you are doing all the right communist things. I think this is basically how Bluesky sees itself (whether they agree with the analogy or not).

Nostr is decentralized, but it is a loaded gun. You're more likely to kill yourself with a gun than someone else. This is on purpose, because it wholly embraces the consequnces of being truly decentralized.

In my view Nostr gets it right. Social media has been done to death by now, so I do not think it's worth the compromise to prioritize UX over decentralization. If that's the case we have not fixed anything. It's best to start with the purist idea and work backwards to UX, rather than start with UX and work backwards to decentralization. Many people have already written extensively about the decentralization of Bluesky, so I'll leave it at that.

@ 0e9491aa:ef2adadf

The newly proposed RESTRICT ACT - is being advertised as a TikTok Ban, but is much broader than that, carries a $1M Fine and up to 20 years in prison️! It is unconstitutional and would create massive legal restrictions on the open source movement and free speech throughout the internet.

The Bill was proposed by: Senator Warner, Senator Thune, Senator Baldwin, Senator Fischer, Senator Manchin, Senator Moran, Senator Bennet, Senator Sullivan, Senator Gillibrand, Senator Collins, Senator Heinrich, and Senator Romney. It has broad support across Senators of both parties.

Corrupt politicians will not protect us. They are part of the problem. We must build, support, and learn how to use censorship resistant tools in order to defend our natural rights.

The RESTRICT Act, introduced by Senators Warner and Thune, aims to block or disrupt transactions and financial holdings involving foreign adversaries that pose risks to national security. Although the primary targets of this legislation are companies like Tik-Tok, the language of the bill could potentially be used to block or disrupt cryptocurrency transactions and, in extreme cases, block Americans’ access to open source tools or protocols like Bitcoin.

The Act creates a redundant regime paralleling OFAC without clear justification, it significantly limits the ability for injured parties to challenge actions raising due process concerns, and unlike OFAC it lacks any carve-out for protected speech. COINCENTER ON THE RESTRICT ACT

Full Text of Bill

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If you found this post helpful support my work with bitcoin.

@ 6389be64:ef439d32

Bitcoin is more than money, more than an asset, and more than a store of value. Bitcoin is a Prime Mover, an enabler and it ignites imaginations. It certainly fueled an idea in my mind. The idea integrates sensors, computational prowess, actuated machinery, power conversion, and electronic communications to form an autonomous, machined creature roaming forests and harvesting the most widespread and least energy-dense fuel source available. I call it the Forest Walker and it eats wood, and mines Bitcoin.

I know what you're thinking. Why not just put Bitcoin mining rigs where they belong: in a hosted facility sporting electricity from energy-dense fuels like natural gas, climate-controlled with excellent data piping in and out? Why go to all the trouble building a robot that digests wood creating flammable gasses fueling an engine to run a generator powering Bitcoin miners? It's all about synergy.

Bitcoin mining enables the realization of multiple, seemingly unrelated, yet useful activities. Activities considered un-profitable if not for Bitcoin as the Prime Mover. This is much more than simply mining the greatest asset ever conceived by humankind. It’s about the power of synergy, which Bitcoin plays only one of many roles. The synergy created by this system can stabilize forests' fire ecology while generating multiple income streams. That’s the realistic goal here and requires a brief history of American Forest management before continuing.

Smokey The Bear

In 1944, the Smokey Bear Wildfire Prevention Campaign began in the United States. “Only YOU can prevent forest fires” remains the refrain of the Ad Council’s longest running campaign. The Ad Council is a U.S. non-profit set up by the American Association of Advertising Agencies and the Association of National Advertisers in 1942. It would seem that the U.S. Department of the Interior was concerned about pesky forest fires and wanted them to stop. So, alongside a national policy of extreme fire suppression they enlisted the entire U.S. population to get onboard via the Ad Council and it worked. Forest fires were almost obliterated and everyone was happy, right? Wrong.

Smokey is a fantastically successful bear so forest fires became so few for so long that the fuel load - dead wood - in forests has become very heavy. So heavy that when a fire happens (and they always happen) it destroys everything in its path because the more fuel there is the hotter that fire becomes. Trees, bushes, shrubs, and all other plant life cannot escape destruction (not to mention homes and businesses). The soil microbiology doesn’t escape either as it is burned away even in deeper soils. To add insult to injury, hydrophobic waxy residues condense on the soil surface, forcing water to travel over the ground rather than through it eroding forest soils. Good job, Smokey. Well done, Sir!

Most terrestrial ecologies are “fire ecologies”. Fire is a part of these systems’ fuel load and pest management. Before we pretended to “manage” millions of acres of forest, fires raged over the world, rarely damaging forests. The fuel load was always too light to generate fires hot enough to moonscape mountainsides. Fires simply burned off the minor amounts of fuel accumulated since the fire before. The lighter heat, smoke, and other combustion gasses suppressed pests, keeping them in check and the smoke condensed into a plant growth accelerant called wood vinegar, not a waxy cap on the soil. These fires also cleared out weak undergrowth, cycled minerals, and thinned the forest canopy, allowing sunlight to penetrate to the forest floor. Without a fire’s heat, many pine tree species can’t sow their seed. The heat is required to open the cones (the seed bearing structure) of Spruce, Cypress, Sequoia, Jack Pine, Lodgepole Pine and many more. Without fire forests can’t have babies. The idea was to protect the forests, and it isn't working.

So, in a world of fire, what does an ally look like and what does it do?

Meet The Forest Walker

For the Forest Walker to work as a mobile, autonomous unit, a solid platform that can carry several hundred pounds is required. It so happens this chassis already exists but shelved.

Introducing the Legged Squad Support System (LS3). A joint project between Boston Dynamics, DARPA, and the United States Marine Corps, the quadrupedal robot is the size of a cow, can carry 400 pounds (180 kg) of equipment, negotiate challenging terrain, and operate for 24 hours before needing to refuel. Yes, it had an engine. Abandoned in 2015, the thing was too noisy for military deployment and maintenance "under fire" is never a high-quality idea. However, we can rebuild it to act as a platform for the Forest Walker; albeit with serious alterations. It would need to be bigger, probably. Carry more weight? Definitely. Maybe replace structural metal with carbon fiber and redesign much as 3D printable parts for more effective maintenance.

The original system has a top operational speed of 8 miles per hour. For our purposes, it only needs to move about as fast as a grazing ruminant. Without the hammering vibrations of galloping into battle, shocks of exploding mortars, and drunken soldiers playing "Wrangler of Steel Machines", time between failures should be much longer and the overall energy consumption much lower. The LS3 is a solid platform to build upon. Now it just needs to be pulled out of the mothballs, and completely refitted with outboard equipment.

The Small Branch Chipper

When I say “Forest fuel load” I mean the dead, carbon containing litter on the forest floor. Duff (leaves), fine-woody debris (small branches), and coarse woody debris (logs) are the fuel that feeds forest fires. Walk through any forest in the United States today and you will see quite a lot of these materials. Too much, as I have described. Some of these fuel loads can be 8 tons per acre in pine and hardwood forests and up to 16 tons per acre at active logging sites. That’s some big wood and the more that collects, the more combustible danger to the forest it represents. It also provides a technically unlimited fuel supply for the Forest Walker system.

The problem is that this detritus has to be chewed into pieces that are easily ingestible by the system for the gasification process (we’ll get to that step in a minute). What we need is a wood chipper attached to the chassis (the LS3); its “mouth”.

A small wood chipper handling material up to 2.5 - 3.0 inches (6.3 - 7.6 cm) in diameter would eliminate a substantial amount of fuel. There is no reason for Forest Walker to remove fallen trees. It wouldn’t have to in order to make a real difference. It need only identify appropriately sized branches and grab them. Once loaded into the chipper’s intake hopper for further processing, the beast can immediately look for more “food”. This is essentially kindling that would help ignite larger logs. If it’s all consumed by Forest Walker, then it’s not present to promote an aggravated conflagration.

I have glossed over an obvious question: How does Forest Walker see and identify branches and such? LiDaR (Light Detection and Ranging) attached to Forest Walker images the local area and feed those data to onboard computers for processing. Maybe AI plays a role. Maybe simple machine learning can do the trick. One thing is for certain: being able to identify a stick and cause robotic appendages to pick it up is not impossible.

Great! We now have a quadrupedal robot autonomously identifying and “eating” dead branches and other light, combustible materials. Whilst strolling through the forest, depleting future fires of combustibles, Forest Walker has already performed a major function of this system: making the forest safer. It's time to convert this low-density fuel into a high-density fuel Forest Walker can leverage. Enter the gasification process.

The Gassifier

The gasifier is the heart of the entire system; it’s where low-density fuel becomes the high-density fuel that powers the entire system. Biochar and wood vinegar are process wastes and I’ll discuss why both are powerful soil amendments in a moment, but first, what’s gasification?

Reacting shredded carbonaceous material at high temperatures in a low or no oxygen environment converts the biomass into biochar, wood vinegar, heat, and Synthesis Gas (Syngas). Syngas consists primarily of hydrogen, carbon monoxide, and methane. All of which are extremely useful fuels in a gaseous state. Part of this gas is used to heat the input biomass and keep the reaction temperature constant while the internal combustion engine that drives the generator to produce electrical power consumes the rest.

Critically, this gasification process is “continuous feed”. Forest Walker must intake biomass from the chipper, process it to fuel, and dump the waste (CO2, heat, biochar, and wood vinegar) continuously. It cannot stop. Everything about this system depends upon this continual grazing, digestion, and excretion of wastes just as a ruminal does. And, like a ruminant, all waste products enhance the local environment.

When I first heard of gasification, I didn’t believe that it was real. Running an electric generator from burning wood seemed more akin to “conspiracy fantasy” than science. Not only is gasification real, it’s ancient technology. A man named Dean Clayton first started experiments on gasification in 1699 and in 1901 gasification was used to power a vehicle. By the end of World War II, there were 500,000 Syngas powered vehicles in Germany alone because of fossil fuel rationing during the war. The global gasification market was $480 billion in 2022 and projected to be as much as $700 billion by 2030 (Vantage Market Research). Gasification technology is the best choice to power the Forest Walker because it’s self-contained and we want its waste products.

Biochar: The Waste

Biochar (AKA agricultural charcoal) is fairly simple: it’s almost pure, solid carbon that resembles charcoal. Its porous nature packs large surface areas into small, 3 dimensional nuggets. Devoid of most other chemistry, like hydrocarbons (methane) and ash (minerals), biochar is extremely lightweight. Do not confuse it with the charcoal you buy for your grill. Biochar doesn’t make good grilling charcoal because it would burn too rapidly as it does not contain the multitude of flammable components that charcoal does. Biochar has several other good use cases. Water filtration, water retention, nutrient retention, providing habitat for microscopic soil organisms, and carbon sequestration are the main ones that we are concerned with here.

Carbon has an amazing ability to adsorb (substances stick to and accumulate on the surface of an object) manifold chemistries. Water, nutrients, and pollutants tightly bind to carbon in this format. So, biochar makes a respectable filter and acts as a “battery” of water and nutrients in soils. Biochar adsorbs and holds on to seven times its weight in water. Soil containing biochar is more drought resilient than soil without it. Adsorbed nutrients, tightly sequestered alongside water, get released only as plants need them. Plants must excrete protons (H+) from their roots to disgorge water or positively charged nutrients from the biochar's surface; it's an active process.

Biochar’s surface area (where adsorption happens) can be 500 square meters per gram or more. That is 10% larger than an official NBA basketball court for every gram of biochar. Biochar’s abundant surface area builds protective habitats for soil microbes like fungi and bacteria and many are critical for the health and productivity of the soil itself.

The “carbon sequestration” component of biochar comes into play where “carbon credits” are concerned. There is a financial market for carbon. Not leveraging that market for revenue is foolish. I am climate agnostic. All I care about is that once solid carbon is inside the soil, it will stay there for thousands of years, imparting drought resiliency, fertility collection, nutrient buffering, and release for that time span. I simply want as much solid carbon in the soil because of the undeniably positive effects it has, regardless of any climactic considerations.

Wood Vinegar: More Waste

Another by-product of the gasification process is wood vinegar (Pyroligneous acid). If you have ever seen Liquid Smoke in the grocery store, then you have seen wood vinegar. Principally composed of acetic acid, acetone, and methanol wood vinegar also contains ~200 other organic compounds. It would seem intuitive that condensed, liquefied wood smoke would at least be bad for the health of all living things if not downright carcinogenic. The counter intuition wins the day, however. Wood vinegar has been used by humans for a very long time to promote digestion, bowel, and liver health; combat diarrhea and vomiting; calm peptic ulcers and regulate cholesterol levels; and a host of other benefits.

For centuries humans have annually burned off hundreds of thousands of square miles of pasture, grassland, forest, and every other conceivable terrestrial ecosystem. Why is this done? After every burn, one thing becomes obvious: the almost supernatural growth these ecosystems exhibit after the burn. How? Wood vinegar is a component of this growth. Even in open burns, smoke condenses and infiltrates the soil. That is when wood vinegar shows its quality.

This stuff beefs up not only general plant growth but seed germination as well and possesses many other qualities that are beneficial to plants. It’s a pesticide, fungicide, promotes beneficial soil microorganisms, enhances nutrient uptake, and imparts disease resistance. I am barely touching a long list of attributes here, but you want wood vinegar in your soil (alongside biochar because it adsorbs wood vinegar as well).

The Internal Combustion Engine

Conversion of grazed forage to chemical, then mechanical, and then electrical energy completes the cycle. The ICE (Internal Combustion Engine) converts the gaseous fuel output from the gasifier to mechanical energy, heat, water vapor, and CO2. It’s the mechanical energy of a rotating drive shaft that we want. That rotation drives the electric generator, which is the heartbeat we need to bring this monster to life. Luckily for us, combined internal combustion engine and generator packages are ubiquitous, delivering a defined energy output given a constant fuel input. It’s the simplest part of the system.

The obvious question here is whether the amount of syngas provided by the gasification process will provide enough energy to generate enough electrons to run the entire system or not. While I have no doubt the energy produced will run Forest Walker's main systems the question is really about the electrons left over. Will it be enough to run the Bitcoin mining aspect of the system? Everything is a budget.

CO2 Production For Growth

Plants are lollipops. No matter if it’s a tree or a bush or a shrubbery, the entire thing is mostly sugar in various formats but mostly long chain carbohydrates like lignin and cellulose. Plants need three things to make sugar: CO2, H2O and light. In a forest, where tree densities can be quite high, CO2 availability becomes a limiting growth factor. It’d be in the forest interests to have more available CO2 providing for various sugar formation providing the organism with food and structure.

An odd thing about tree leaves, the openings that allow gasses like the ever searched for CO2 are on the bottom of the leaf (these are called stomata). Not many stomata are topside. This suggests that trees and bushes have evolved to find gasses like CO2 from below, not above and this further suggests CO2 might be in higher concentrations nearer the soil.

The soil life (bacterial, fungi etc.) is constantly producing enormous amounts of CO2 and it would stay in the soil forever (eventually killing the very soil life that produces it) if not for tidal forces. Water is everywhere and whether in pools, lakes, oceans or distributed in “moist” soils water moves towards to the moon. The water in the soil and also in the water tables below the soil rise toward the surface every day. When the water rises, it expels the accumulated gasses in the soil into the atmosphere and it’s mostly CO2. It’s a good bet on how leaves developed high populations of stomata on the underside of leaves. As the water relaxes (the tide goes out) it sucks oxygenated air back into the soil to continue the functions of soil life respiration. The soil “breathes” albeit slowly.

The gasses produced by the Forest Walker’s internal combustion engine consist primarily of CO2 and H2O. Combusting sugars produce the same gasses that are needed to construct the sugars because the universe is funny like that. The Forest Walker is constantly laying down these critical construction elements right where the trees need them: close to the ground to be gobbled up by the trees.

The Branch Drones

During the last ice age, giant mammals populated North America - forests and otherwise. Mastodons, woolly mammoths, rhinos, short-faced bears, steppe bison, caribou, musk ox, giant beavers, camels, gigantic ground-dwelling sloths, glyptodons, and dire wolves were everywhere. Many were ten to fifteen feet tall. As they crashed through forests, they would effectively cleave off dead side-branches of trees, halting the spread of a ground-based fire migrating into the tree crown ("laddering") which is a death knell for a forest.

These animals are all extinct now and forests no longer have any manner of pruning services. But, if we build drones fitted with cutting implements like saws and loppers, optical cameras and AI trained to discern dead branches from living ones, these drones could effectively take over pruning services by identifying, cutting, and dropping to the forest floor, dead branches. The dropped branches simply get collected by the Forest Walker as part of its continual mission.

The drones dock on the back of the Forest Walker to recharge their batteries when low. The whole scene would look like a grazing cow with some flies bothering it. This activity breaks the link between a relatively cool ground based fire and the tree crowns and is a vital element in forest fire control.

The Bitcoin Miner

Mining is one of four monetary incentive models, making this system a possibility for development. The other three are US Dept. of the Interior, township, county, and electrical utility company easement contracts for fuel load management, global carbon credits trading, and data set sales. All the above depends on obvious questions getting answered. I will list some obvious ones, but this is not an engineering document and is not the place for spreadsheets. How much Bitcoin one Forest Walker can mine depends on everything else. What amount of biomass can we process? Will that biomass flow enough Syngas to keep the lights on? Can the chassis support enough mining ASICs and supporting infrastructure? What does that weigh and will it affect field performance? How much power can the AC generator produce?

Other questions that are more philosophical persist. Even if a single Forest Walker can only mine scant amounts of BTC per day, that pales to how much fuel material it can process into biochar. We are talking about millions upon millions of forested acres in need of fuel load management. What can a single Forest Walker do? I am not thinking in singular terms. The Forest Walker must operate as a fleet. What could 50 do? 500?

What is it worth providing a service to the world by managing forest fuel loads? Providing proof of work to the global monetary system? Seeding soil with drought and nutrient resilience by the excretion, over time, of carbon by the ton? What did the last forest fire cost?

The Mesh Network

What could be better than one bitcoin mining, carbon sequestering, forest fire squelching, soil amending behemoth? Thousands of them, but then they would need to be able to talk to each other to coordinate position, data handling, etc. Fitted with a mesh networking device, like goTenna or Meshtastic LoRa equipment enables each Forest Walker to communicate with each other.

Now we have an interconnected fleet of Forest Walkers relaying data to each other and more importantly, aggregating all of that to the last link in the chain for uplink. Well, at least Bitcoin mining data. Since block data is lightweight, transmission of these data via mesh networking in fairly close quartered environs is more than doable. So, how does data transmit to the Bitcoin Network? How do the Forest Walkers get the previous block data necessary to execute on mining?

Back To The Chain

Getting Bitcoin block data to and from the network is the last puzzle piece. The standing presumption here is that wherever a Forest Walker fleet is operating, it is NOT within cell tower range. We further presume that the nearest Walmart Wi-Fi is hours away. Enter the Blockstream Satellite or something like it.

A separate, ground-based drone will have two jobs: To stay as close to the nearest Forest Walker as it can and to provide an antennae for either terrestrial or orbital data uplink. Bitcoin-centric data is transmitted to the "uplink drone" via the mesh networked transmitters and then sent on to the uplink and the whole flow goes in the opposite direction as well; many to one and one to many.

We cannot transmit data to the Blockstream satellite, and it will be up to Blockstream and companies like it to provide uplink capabilities in the future and I don't doubt they will. Starlink you say? What’s stopping that company from filtering out block data? Nothing because it’s Starlink’s system and they could decide to censor these data. It seems we may have a problem sending and receiving Bitcoin data in back country environs.

But, then again, the utility of this system in staunching the fuel load that creates forest fires is extremely useful around forested communities and many have fiber, Wi-Fi and cell towers. These communities could be a welcoming ground zero for first deployments of the Forest Walker system by the home and business owners seeking fire repression. In the best way, Bitcoin subsidizes the safety of the communities.

Sensor Packages

LiDaR

The benefit of having a Forest Walker fleet strolling through the forest is the never ending opportunity for data gathering. A plethora of deployable sensors gathering hyper-accurate data on everything from temperature to topography is yet another revenue generator. Data is valuable and the Forest Walker could generate data sales to various government entities and private concerns.

LiDaR (Light Detection and Ranging) can map topography, perform biomass assessment, comparative soil erosion analysis, etc. It so happens that the Forest Walker’s ability to “see,” to navigate about its surroundings, is LiDaR driven and since it’s already being used, we can get double duty by harvesting that data for later use. By using a laser to send out light pulses and measuring the time it takes for the reflection of those pulses to return, very detailed data sets incrementally build up. Eventually, as enough data about a certain area becomes available, the data becomes useful and valuable.

Forestry concerns, both private and public, often use LiDaR to build 3D models of tree stands to assess the amount of harvest-able lumber in entire sections of forest. Consulting companies offering these services charge anywhere from several hundred to several thousand dollars per square kilometer for such services. A Forest Walker generating such assessments on the fly while performing its other functions is a multi-disciplinary approach to revenue generation.

pH, Soil Moisture, and Cation Exchange Sensing

The Forest Walker is quadrupedal, so there are four contact points to the soil. Why not get a pH data point for every step it takes? We can also gather soil moisture data and cation exchange capacities at unheard of densities because of sampling occurring on the fly during commission of the system’s other duties. No one is going to build a machine to do pH testing of vast tracts of forest soils, but that doesn’t make the data collected from such an endeavor valueless. Since the Forest Walker serves many functions at once, a multitude of data products can add to the return on investment component.

Weather Data

Temperature, humidity, pressure, and even data like evapotranspiration gathered at high densities on broad acre scales have untold value and because the sensors are lightweight and don’t require large power budgets, they come along for the ride at little cost. But, just like the old mantra, “gas, grass, or ass, nobody rides for free”, these sensors provide potential revenue benefits just by them being present.

I’ve touched on just a few data genres here. In fact, the question for universities, governmental bodies, and other institutions becomes, “How much will you pay us to attach your sensor payload to the Forest Walker?”

Noise Suppression

Only you can prevent Metallica filling the surrounds with 120 dB of sound. Easy enough, just turn the car stereo off. But what of a fleet of 50 Forest Walkers operating in the backcountry or near a township? 500? 5000? Each one has a wood chipper, an internal combustion engine, hydraulic pumps, actuators, and more cooling fans than you can shake a stick at. It’s a walking, screaming fire-breathing dragon operating continuously, day and night, twenty-four hours a day, three hundred sixty-five days a year. The sound will negatively affect all living things and that impacts behaviors. Serious engineering consideration and prowess must deliver a silencing blow to the major issue of noise.

It would be foolish to think that a fleet of Forest Walkers could be silent, but if not a major design consideration, then the entire idea is dead on arrival. Townships would not allow them to operate even if they solved the problem of widespread fuel load and neither would governmental entities, and rightly so. Nothing, not man nor beast, would want to be subjected to an eternal, infernal scream even if it were to end within days as the fleet moved further away after consuming what it could. Noise and heat are the only real pollutants of this system; taking noise seriously from the beginning is paramount.

Fire Safety

A “fire-breathing dragon” is not the worst description of the Forest Walker. It eats wood, combusts it at very high temperatures and excretes carbon; and it does so in an extremely flammable environment. Bad mix for one Forest Walker, worse for many. One must take extreme pains to ensure that during normal operation, a Forest Walker could fall over, walk through tinder dry brush, or get pounded into the ground by a meteorite from Krypton and it wouldn’t destroy epic swaths of trees and baby deer. I envision an ultimate test of a prototype to include dowsing it in grain alcohol while it’s wrapped up in toilet paper like a pledge at a fraternity party. If it runs for 72 hours and doesn’t set everything on fire, then maybe outside entities won’t be fearful of something that walks around forests with a constant fire in its belly.

The Wrap

How we think about what can be done with and adjacent to Bitcoin is at least as important as Bitcoin’s economic standing itself. For those who will tell me that this entire idea is without merit, I say, “OK, fine. You can come up with something, too.” What can we plug Bitcoin into that, like a battery, makes something that does not work, work? That’s the lesson I get from this entire exercise. No one was ever going to hire teams of humans to go out and "clean the forest". There's no money in that. The data collection and sales from such an endeavor might provide revenues over the break-even point but investment demands Alpha in this day and age. But, plug Bitcoin into an almost viable system and, voilà! We tip the scales to achieve lift-off.

Let’s face it, we haven’t scratched the surface of Bitcoin’s forcing function on our minds. Not because it’s Bitcoin, but because of what that invention means. The question that pushes me to approach things this way is, “what can we create that one system’s waste is another system’s feedstock?” The Forest Walker system’s only real waste is the conversion of low entropy energy (wood and syngas) into high entropy energy (heat and noise). All other output is beneficial to humanity.

Bitcoin, I believe, is the first product of a new mode of human imagination. An imagination newly forged over the past few millennia of being lied to, stolen from, distracted and otherwise mis-allocated to a black hole of the nonsensical. We are waking up.

What I have presented is not science fiction. Everything I have described here is well within the realm of possibility. The question is one of viability, at least in terms of the detritus of the old world we find ourselves departing from. This system would take a non-trivial amount of time and resources to develop. I think the system would garner extensive long-term contracts from those who have the most to lose from wildfires, the most to gain from hyperaccurate data sets, and, of course, securing the most precious asset in the world. Many may not see it that way, for they seek Alpha and are therefore blind to other possibilities. Others will see only the possibilities; of thinking in a new way, of looking at things differently, and dreaming of what comes next.

@ 8671a6e5:f88194d1

Writing forever Laura

Bitcoin has revolutionized our understanding of money to say the least. But did the (non-fiction) follow as a tool for that? Not quite. It seems bitcoin books move in the opposite direction, towards a marketing tool for other things than bitcoin.

The ever-growing collection of Bitcoin ((Disclaimer: I’m only talking about non-fiction here!) literature suffers from a significant problem: repetition. Most Bitcoin books recycle the same arguments, metaphors, and historical comparisons, making the space feel both overcrowded and lacking in fresh perspectives. If there are some fresh perspectives, they get copied and repeated immediately.

While carefully adapting, editing, and writing a book myself, I came to realize things change constantly, rapidly and it’s extremely time-consuming to try to get a hold of yourself. On top of that, whenever you speak about something, an idea that’s coming to fruition, it gets taken, copied and before you know it you hear your own quote or idea in a podcast or read it in someone else’s blog. They don’t blatantly copy, but everyone is so hungry for an idea, something genuine that it’s scooped up and made “their own” in no time. Giving credit is also a lost art it seems.

So publishing a Bitcoin book is like freezing ideas in time. The more I wrote myself, the more I came to realize a book is not the ideal medium for teaching about Bitcoin or making your voice heard. Bitcoin isn’t a diary from someone in a war from a few centuries ago, or the origin story of an invention from the Industrial revolution — no it’s a living, evolving story! And a fast one at that. So, a book on or about Bitcoin becomes outdated in less than six months while the properties of bitcoin never change.

Stacking Bitcoin books

Yet, despite all of this, I see new Bitcoin book announcements all the time. Week after week, people churn out Bitcoin books like it’s a new Oreo flavor. Everyone want to tell their perspective. Vying for attention within their niche of the market. While bitcoin is mover further and further away as the decorum.

Some example: books about how to live your life ‘but as a bitcoiner’, Bitcoin’s historical aspects (these are usually mildly interesting at least), books on the social behavior “but with bitcoin”, books on fighting communist ideas, books on how rotten fiat really is, books on privacy and a whole bunch on "blockchain" and shitcoin projects. Some of them were written (or at least their name is appearing on the cover) by so-called Bitcoiners who conveniently appear at every bitcoin (or even shitcoin events if you wait long enough) event to promote their own projects or deliver speeches at a nice speaker rate. Their motives are not always that fresh and orange colored.

Just like in that damned fiat world we all try to replace (and despise) we have our own set of rules and culture set. This bitcoin publishing space is a bit of the same as in fiat world: where sometimes local publishers wanting to “fill the gap” for this niche market, taking anyone with a bitcoin logo on their t-shirt (or gets enough network clout) to write about bitcoin (and usually blockchain or worse: sh-tcoins).

By now, it seems like everyone and their mother (who’s also in Bitcoin of course) has written a “Bitcoin book”. You can hire them as an expert, or click their referral link. They’re probably very proud if finally make it in life and be an author. Or scrap that… best selling author.

The same stories told again and again

Bitcoin books tend to follow predictable patterns, rehashing the same worn-out narratives :

The orange-pilled hero’s journey – The protagonist starts as a fiat slave, discovers Bitcoin, and achieves financial enlightenment while repeating elements from “The Bitcoin Standard”. (This is often just a part of such books, and hopefully not the centerpiece). The hero is usually someone who was smart enough to discover bitcoin, and fills a few pages with a backstory like there’s a character on Orange is the new black (pun intended)

Fiat is the enemy – Inflation, slavery, central banking failures, debt, war and why fiat is doomed. Essential reading? Maybe. But how many more ways can we restate the same core message? How does this evolve, how can we document how bitcoin relates to this in the real world?

Bitcoin fixes this – Every societal problem, from government overreach over personal health to social issues, all somehow finds its solution in Bitcoin. With the authors looking for arguments in different degrees of knowledge (or grasping at straws in some cases).

The Austrian economics mantra – A retelling of Mises, Hayek, and Rothbard applied to Bitcoin. With some authors also trying to be the net Ayn Rand. Important foundations, but overused and often more in-depth than most readers want or can handle.

Time preference and low time horizons – The classic pitch for delaying gratification and adopting a long-term mindset through Bitcoin. While valuable, this concept has been stretched across too many books as well.

Instead of pushing new intellectual boundaries, many Bitcoin books simply rearrange the same talking points in a slightly different order, added some emphasis on either personal freedom (and the author’s pet peeves or projects) or philosophical insights.

Some dive into other aspects and admittedly new grounds or going very in-depth on deflation or technical aspects (or specific lifestyles). But overall, there’s little to be blown away by or learn. That’s not bad, or good, it’s the way it is. Then why write a book that’s going to be forgotten in six months, or repeats someone else’s story and throughts?

A market flooded with inbred ideas

At conferences, I’ve seen at least 30 different Bitcoin titles being promoted. At local meetups, the same books keep getting passed around, resold, and gifted within the same circles. The freedom to sell these books outside of a traditional bookstore also help the messages go further. (the potential bitcoiner doesn’t need to go to the online or offline bookstore, the books come to them).

There’s also a cycle of recycled books that aren’t necessarily reaching new audiences but instead circulate among the already converted. This echo chamber effect limits the reach and impact of Bitcoin literature, making it feel like an insiders-only conversation rather than an evolving movement. Again, criticism against these books is hardly found within the bitcoin space. If someone publishes a second or third title with the same insights, no one dares to say “it’s ok, leave it there”.

There are exceptions of course, where authors manage to capture many subjects and blend them together in a coherent useful book, … these books aren’t perfect or “our bible”, but they at least are useful. Notably, Broken Money and The Bitcoin Standard come to mind.Writing forever

Bitcoin has revolutionized our understanding of money to say the least. But did the (non-fiction) follow as a tool for that?\ Not quite.\ It seems bitcoin books move in the opposite direction, towards a marketing tool for other things than bitcoin.\ \ The ever-growing collection of Bitcoin ((Disclaimer: I’m only talking about non-fiction here!) literature suffers from a significant problem: repetition.\ Most Bitcoin books recycle the same arguments, metaphors, and historical comparisons, making the space feel both overcrowded and lacking in fresh perspectives. If there are some fresh perspectives, they get copied and repeated immediately.\ \ While carefully adapting, editing, and writing a book myself, I came to realize things change constantly, rapidly and it’s extremely time-consuming to try to get a hold of yourself.\ On top of that, whenever you speak about something, an idea that’s coming to fruition, it gets taken, copied and before you know it you hear your own quote or idea in a podcast or read it in someone else’s blog. They don’t blatantly copy, but everyone is so hungry for an idea, something genuine that it’s scooped up and made “their own” in no time. Giving credit is also a lost art it seems.\ \ So publishing a Bitcoin book is like freezing ideas in time.\ The more I wrote myself, the more I came to realize a book is not the ideal medium for teaching about Bitcoin or making your voice heard.\ Bitcoin isn’t a diary from someone in a war from a few centuries ago, or the origin story of an invention from the Industrial revolution — no it’s a living, evolving story! And a fast one at that.\ So, a book on or about Bitcoin becomes outdated in less than six months while the properties of bitcoin never change.

Stacking Bitcoin books

Yet, despite all of this, I see new Bitcoin book announcements all the time. Week after week, people churn out Bitcoin books like it’s a new Oreo flavor. Everyone want to tell their perspective.\ Vying for attention within their niche of the market.\ While bitcoin is mover further and further away as the decorum.\ \ Some example: books about how to live your life ‘but as a bitcoiner’, Bitcoin’s historical aspects (these are usually mildly interesting at least), books on the social behavior “but with bitcoin”, books on fighting communist ideas, books on how rotten fiat really is, books on privacy and a whole bunch on "blockchain" and shitcoin projects.\ Some of them were written (or at least their name is appearing on the cover) by so-called Bitcoiners who conveniently appear at every bitcoin (or even shitcoin events if you wait long enough) event to promote their own projects or deliver speeches at a nice speaker rate. Their motives are not always that fresh and orange colored.\ \ Just like in that damned fiat world we all try to replace (and despise) we have our own set of rules and culture set. This bitcoin publishing space is a bit of the same as in fiat world: where sometimes local publishers wanting to “fill the gap” for this niche market, taking anyone with a bitcoin logo on their t-shirt (or gets enough network clout) to write about bitcoin (and usually blockchain or worse: sh-tcoins).

By now, it seems like everyone and their mother (who’s also in Bitcoin of course) has written a “Bitcoin book”.\ You can hire them as an expert, or click their referral link.\ They’re probably very proud if finally make it in life and be an author.\ Or scrap that… best selling author.

\ The same stories told again and again

Bitcoin books tend to follow predictable patterns, rehashing the same worn-out narratives :

• The orange-pilled hero’s journey – The protagonist starts as a fiat slave, discovers Bitcoin, and achieves financial enlightenment while repeating elements from “The Bitcoin Standard”. (This is often just a part of such books, and hopefully not the centerpiece). The hero is usually someone who was smart enough to discover bitcoin, and fills a few pages with a backstory like there’s a character on Orange is the new black (pun intended)

• Fiat is the enemy – Inflation, slavery, central banking failures, debt, war and why fiat is doomed.\ Essential reading? Maybe. But how many more ways can we restate the same core message? How does this evolve, how can we document how bitcoin relates to this in the real world?

• Bitcoin fixes this – Every societal problem, from government overreach over personal health to social issues, all somehow finds its solution in Bitcoin.\ With the authors looking for arguments in different degrees of knowledge (or grasping at straws in some cases).

• The Austrian economics mantra – A retelling of Mises, Hayek, and Rothbard applied to Bitcoin. With some authors also trying to be the net Ayn Rand.\ Important foundations, but overused and often more in-depth than most readers want or can handle.

• Time preference and low time horizons – The classic pitch for delaying gratification and adopting a long-term mindset through Bitcoin. While valuable, this concept has been stretched across too many books as well.

Instead of pushing new intellectual boundaries, many Bitcoin books simply rearrange the same talking points in a slightly different order, added some emphasis on either personal freedom (and the author’s pet peeves or projects) or philosophical insights.\ \ Some dive into other aspects and admittedly new grounds or going very in-depth on deflation or technical aspects (or specific lifestyles).\ But overall, there’s little to be blown away by or learn. That’s not bad, or good, it’s the way it is. Then why write a book that’s going to be forgotten in six months, or repeats someone else’s story and throughts?

A market flooded with inbred ideas

At conferences, I’ve seen at least 30 different Bitcoin titles being promoted.\ At local meetups, the same books keep getting passed around, resold, and gifted within the same circles. The freedom to sell these books outside of a traditional bookstore also help the messages go further. (the potential bitcoiner doesn’t need to go to the online or offline bookstore, the books come to them).\ \ There’s also a cycle of recycled books that aren’t necessarily reaching new audiences but instead circulate among the already converted.\ This echo chamber effect limits the reach and impact of Bitcoin literature, making it feel like an insiders-only conversation rather than an evolving movement. Again, criticism against these books is hardly found within the bitcoin space. If someone publishes a second or third title with the same insights, no one dares to say “it’s ok, leave it there”.\ \ There are exceptions of course, where authors manage to capture many subjects and blend them together in a coherent useful book, … these books aren’t perfect or “our bible”, but they at least are useful.\ Notably, Broken Money and The Bitcoin Standard come to mind.

Writing for credibility, not for Bitcoin

A major factor in this oversupply is that many authors don’t write Bitcoin books to contribute meaningful knowledge. Instead, they see publishing as a way to legitimize themselves. In many industries, writing a book establishes authority, gains a following, or opens up career opportunities. Bitcoin is no different. The shore to go through to get a book published and distributed is often an investment for them.

For many, being a “published author” is a ticket to being taken seriously—whether for speaking gigs, consulting work, or simply boosting their reputation.

The book becomes less about Bitcoin itself and more about the author’s personal validation. As a result, the space is filled with books that feel more like branding exercises than genuine contributions. Especially books from publishers outside of the finance, economics and bitcoin space fail here miserably. The local markets of traditional publishers are riddled with garbage books written by someone filling up the gap in their portfolio in order to make a name for themselves without giving a damn about bitcoin! In one particular case I’ve found a “bitcoin” book written by someone who placed a giant bitcoin logo at the cover, but then promotes every shitcoin under the sun on his YouTube channel and calls it “thinking further than bitcoin”.

The "I’m an author" badge

No matter how weak a book’s content might be, publishing one gives the author a form of legitimacy in the eye of the public. Even if someone scrapes together two original thoughts and some “borrowed” ideas from others (again, giving credit is a rarity in this space even in a footnote in their own book, their ego can’t deal with admitting the idea or quote came from someone else), such a book itself often serves as a passive source of income, be it fiat or Bitcoin, but more importantly, it’s a way to gain credibility among new people. A lot of fiat-minded “normies” are still looking at a book as some big achievement, a validation by a publisher. This is often the case in literature, but not in the non-fiction genre. You can just pay to get published. You can hire a ghostwriter, you can easily “be an author” if you care more about getting your name on a cover than the content of what you publish.

Someone who truly understands Bitcoin but hasn’t written a book, will often attract fewer views and listeners on podcasts or conference panels, compared to someone who can say, “I’m the author of the best-selling blah blah blah.”

There are only second bests

I also want to raise awareness on how every Bitcoin book that’s referenced by such authors is a so-called “best-seller.”

Someone I know very well, who works in publishing, explained me how this is done: release timing for a book can be manipulated or even gamed to guarantee a top-10 or higher spot on some book charts. The categories also matter “best sold book” in a niche like “Financial freedom” or something is not that difficult to capture. If that category doesn’t fit, they’ll put it even under other categories like “broad economy” or “technical innovations". Even if you were on that top-10 spot for 1 afternoon… you’re a hit wonder.

In bitcoin it’s even easier, the smaller the market segment the better you can score. Certainly when there are hardly any big publishers out there. If you want , you can fork out about 1500$ to 6000$ and be the next best-selling bitcoin author.

The result? Everyone is (or can name themselves) a best-selling author, even if they carry five of their self-bought books in a backpack to a local bar in order to sell them under the table.

For some, the “I’m an author now” badge is the only credential they’ll ever have to stay relevant in this space. They can impress potential partners at a conference by saying things like “It’s really been hard work writing that book, I’m still working on the next one… maybe you can come over to my place and brainstorm about it”. For others it opens the doors to a bitcoin job they see dangling in front of their face like a juicy carrot. And other just feel the need (like myself) to write a book because apparently that’s what bitcoiners do after a few years. (I wonder if I will).

In rare cases, these self-proclaimed experts and authors start by explaining Bitcoin (and shitcoins) in their book, only to use their newfound “authority” to push scams, drawing people into their own schemes or promote their company/courses/project.

That’s not that bad, but it’s often given a coat of higher enlightenment in bitcoin, while it’s just a fiat game, like all the other publishers do as well with their authors. Your author-status, in other words, need to become a source of income or marketing. Like Stan Lee (the Marvell comic book legend) being wielded from convention to bookstores in order to make a buck for his handlers.

Authors of a poetry bundle are mostly chosen to be promoted if they’re entertaining enough for the specific niche audience they’re targeting as part of their portfolio, not to “advance poetry” in general.

Most of the latest Bitcoin books (after 2022) alike, are hardly there to “advance bitcoin”, but usually just a vehicle to get a name out there or to support a company’s goals (marketing).

Therefor the number of Bitcoin authors who have genuinely written high-quality books is surprisingly small.

Who reads these books anyway?

Ask yourself: “How many Bitcoin books have you bought, and how many have you actually read in full?” Now ask the same question for people you know who have bought Bitcoin books.

The numbers for most people are dismal, I can tell you.

There are plenty of titles out there, but most contain just two or three insightful paragraphs—the rest is filler you’ve heard a thousand times before.

No wonder most books appear on the scene, get promoted very briefly to then disappear from the discussion forever.

Meanwhile, the author rides their “best-selling expert” status for years. I recently saw a shitcoin podcaster (someone who call himself bitcoiner on a regular basis when the price is right), calling himself a “best-selling author”. While his book has no traction and never even showed up at the local market bookstores where it was published for the local markets. It’s all fake most of the time (yes, there are exceptions).

But that’s their ticket to get interviews or being taken serious. (Hint: In order to achieve this, they could also earn credibility by avoiding the promotion of rug pulls :)

The bitcoin book market gives diminishing returns this way. Content is key here. If you have something to add or explain, by all means do it (you can do so online, like in a substack post where you try to make bitcoin better by poking holes in shams). This space lives and evolves… just throw your writings and “book” out there. You’re not that important. Your name is not a marketing tool.

But it’s unhealthy for a cultural space to have this way of publishing going on. If every dog with a hat can name themselves best selling author, after a while everyone who runs a serious media operation, podcast or conference will know it as an unreliable status to use as a measuring stick, as will the readers, buyers and bitcoiners.

No curation, no quality control

Bitcoin publishing also lacks serious curation, vetting of authors, and skilled editors. The publishing industry already suffers from a lack of good editors, and in Bitcoin books, this problem is even worse. As a result, many books feel like second drafts—poorly structured ideas strung together with some data and self-referencing fluff. Even the top-selling books in this space often contain major flaws. There’s also the fact that you can just pay to be published, then in essence buying your legitimacy outright. (Or return the favor to the publisher in some other way, …).

Just like in the movies, every book needs a sequal, or worse: a prequal. The quality often lacks after a while, because just like in the classical publishing world, you need to write at least two books to get yourself a status and the “goose with the golden egg” income.

You can write for example on some imaginary subject I make up here on the spot like: “bitcoin and fruit” (In a near-future world where Bitcoin has transformed the global economy, "Bitcoin and Fruit" follows orchard owner Satoshi DS as he adapts to life on his family’s fruit farm after the collapse of traditional banking systems).

After publishing that book, you’ll have to come up with new stuff like “bitcoin and fruit salads” and a third title (to sell out completely) “Bitcoin and cheese” or whatever you come up with to keep your name out there. (Following the events of Bitcoin and Fruitsalads, "Bitcoin and Cheese" finds our favorite bitcoiner expanding his rural empire into cheesemaking, using Bitcoin to fund a new dairy operation on the family farm. There will be milk.)

Admittedly, most bitcoiners would buy this book anyway, and the follow-up as well. Because they apparently want to support anyone publishing anything to help bitcoin. But do you really help bitcoin by buying empty books from empty shells? Are you helping bitcoin with that? Maybe you help bitcoin as much with that, than buying the fluffy stuffed animal or a bitcoin poster or t-shirt.

The scarcity property doesn’t apply there apparently, unless it’s an amenia of ideas.

A bitcoin book should justify itself over time

At this point, any new Bitcoin book needs to answer a critical question:

Does this book add something meaningful to the bitcoin conversations? If the answer is no, then does it add something to the factual understanding (historically, economically, technically) of Bitcoin?

If both answers are “no”, then you’re probably reading something that can be categorized as bookshelf fillers. (they can be well-written en even entertaining, that being said, I enjoyed one such a book myself, but it’s forgettable).

If it’s just another retelling of Bitcoin’s history, another breakdown of the 21 million supply limit, or another inflation/central banking critique,... then what’s the point?

A book should either introduce new research, present a unique viewpoint, or challenge existing ideas. Otherwise, it’s just noise in an already oversaturated market where people fight for exposure and reach.

We see the first fatigue in this space appear on that front, but also the first signs of the absolute sellout of the bitcoin books as an entity (even people who came into bitcoin like last year are writing books now, without adding much more than “I want to write a book, look at me, pay me te speak at your conference please”.

Bitcoin literature needs to evolve

Bitcoin is still in its early stages in my opinion, and its impact on the world is far from complete, the story is being written right now. We can record this history in smaller, more and faster incremental parts. Books are not the ideal solution for that at all, unless we update them every 6 months.

"Things change so fast in bitcoin. A paper book needs constant updates. The second edition was a 50% rewrite." A. Antonopoulos - December 30, 2017,

There are still plenty of stories to tell, just not the ones we’ve already read a dozen times. Instead of repeating the same arguments, Bitcoin books should explore:

New societal implications – How will Bitcoin change work, governance, and social structures in ways we haven’t considered yet?

Counter Arguments and critiques – A strong Bitcoin book could acknowledge and engage with the best arguments against it, or come up with counter arguments itself to advance progress and identify problems, instead of just ignoring or dismissing them. (the author of this piece belongs in this camp)

Deep dives into underexplored areas – Mining, privacy, second-layer solutions, attack vectors, and cultural shifts all deserve deeper discussion.

Historical case studies – Instead of broad economic theory, what can history teach us about similar monetary transitions or finding historical parallels that are meaningful and proven to be relevant?

Bitcoin books don’t need to stop being written at all, they just need to start being better.

Final thought: Don’t publish just to publish

A book should be written because it needs to exist, not just because there’s demand for another Bitcoin title or the author want the “I’m an author” badge to make ends meet.

If publishing is just a way to capitalize on demand in a local market or build personal credibility, then what’s really being contributed?

Bitcoin thrives on proof of work and routing around problems.

Maybe it’s time Bitcoin book authors did the same, and start routing around the biggest problems:

The fact that bitcoin books are not representing the bitcoin revolution as it happens, that, and of course the dismal way of some individuals for feeding the craving for self-verification.

AVB

Tip me here: linkWriting for credibility, not for Bitcoin

A major factor in this oversupply is that many authors don’t write Bitcoin books to contribute meaningful knowledge.\ Instead, they see publishing as a way to legitimize themselves.\ In many industries, writing a book establishes authority, gains a following, or opens up career opportunities. Bitcoin is no different. The shore to go through to get a book published and distributed is often an investment for them.

For many, being a “published author” is a ticket to being taken seriously—whether for speaking gigs, consulting work, or simply boosting their reputation.\ \ The book becomes less about Bitcoin itself and more about the author’s personal validation. As a result, the space is filled with books that feel more like branding exercises than genuine contributions.\ Especially books from publishers outside of the finance, economics and bitcoin space fail here miserably.\ The local markets of traditional publishers are riddled with garbage books written by someone filling up the gap in their portfolio in order to make a name for themselves without giving a damn about bitcoin! In one particular case I’ve found a “bitcoin” book written by someone who placed a giant bitcoin logo at the cover, but then promotes every shitcoin under the sun on his YouTube channel and calls it “thinking further than bitcoin”.

The "I’m an author" badge

No matter how weak a book’s content might be, publishing one gives the author a form of legitimacy in the eye of the public.\ Even if someone scrapes together two original thoughts and some “borrowed” ideas from others (again, giving credit is a rarity in this space even in a footnote in their own book, their ego can’t deal with admitting the idea or quote came from someone else), such a book itself often serves as a passive source of income, be it fiat or Bitcoin, but more importantly, it’s a way to gain credibility among new people.\ A lot of fiat-minded “normies” are still looking at a book as some big achievement, a validation by a publisher. This is often the case in literature, but not in the non-fiction genre.\ You can just pay to get published. You can hire a ghostwriter, you can easily “be an author” if you care more about getting your name on a cover than the content of what you publish.

Someone who truly understands Bitcoin but hasn’t written a book, will often attract fewer views and listeners on podcasts or conference panels, compared to someone who can say, “I’m the author of the best-selling blah blah blah.”

There are only second bests

I also want to raise awareness on how every Bitcoin book that’s referenced by such authors is a so-called “best-seller.”

Someone I know very well, who works in publishing, explained me how this is done: release timing for a book can be manipulated or even gamed to guarantee a top-10 or higher spot on some book charts. The categories also matter “best sold book” in a niche like “Financial freedom” or something is not that difficult to capture. If that category doesn’t fit, they’ll put it even under other categories like “broad economy” or “technical innovations".\ Even if you were on that top-10 spot for 1 afternoon… you’re a hit wonder.\ \ In bitcoin it’s even easier, the smaller the market segment the better you can score. Certainly when there are hardly any big publishers out there.\ If you want , you can fork out about 1500$ to 6000$ and be the next best-selling bitcoin author.\ \ The result? Everyone is (or can name themselves) a best-selling author, even if they carry five of their self-bought books in a backpack to a local bar in order to sell them under the table.\ \ For some, the “I’m an author now” badge is the only credential they’ll ever have to stay relevant in this space. They can impress potential partners at a conference by saying things like “It’s really been hard work writing that book, I’m still working on the next one… maybe you can come over to my place and brainstorm about it”.\ For others it opens the doors to a bitcoin job they see dangling in front of their face like a juicy carrot.\ And other just feel the need (like myself) to write a book because apparently that’s what bitcoiners do after a few years. (I wonder if I will).

In rare cases, these self-proclaimed experts and authors start by explaining Bitcoin (and shitcoins) in their book, only to use their newfound “authority” to push scams, drawing people into their own schemes or promote their company/courses/project.\ \ That’s not that bad, but it’s often given a coat of higher enlightenment in bitcoin, while it’s just a fiat game, like all the other publishers do as well with their authors. Your author-status, in other words, need to become a source of income or marketing. Like Stan Lee (the Marvell comic book legend) being wielded from convention to bookstores in order to make a buck for his handlers.\ \ Authors of a poetry bundle are mostly chosen to be promoted if they’re entertaining enough for the specific niche audience they’re targeting as part of their portfolio, not to “advance poetry” in general.\ \ Most of the latest Bitcoin books (after 2022) alike, are hardly there to “advance bitcoin”, but usually just a vehicle to get a name out there or to support a company’s goals (marketing).\ \ Therefor the number of Bitcoin authors who have genuinely written high-quality books is surprisingly small.

Who reads these books anyway?

Ask yourself: “How many Bitcoin books have you bought, and how many have you actually read in full?”\ Now ask the same question for people you know who have bought Bitcoin books.

The numbers for most people are dismal, I can tell you.\ \ There are plenty of titles out there, but most contain just two or three insightful paragraphs—the rest is filler you’ve heard a thousand times before.

No wonder most books appear on the scene, get promoted very briefly to then disappear from the discussion forever.\ \ Meanwhile, the author rides their “best-selling expert” status for years. I recently saw a shitcoin podcaster (someone who call himself bitcoiner on a regular basis when the price is right), calling himself a “best-selling author”.\ While his book has no traction and never even showed up at the local market bookstores where it was published for the local markets. It’s all fake most of the time (yes, there are exceptions).\ \ But that’s their ticket to get interviews or being taken serious. (Hint: In order to achieve this, they could also earn credibility by avoiding the promotion of rug pulls :)\ \ The bitcoin book market gives diminishing returns this way.\ Content is key here. If you have something to add or explain, by all means do it (you can do so online, like in a substack post where you try to make bitcoin better by poking holes in shams).\ This space lives and evolves… just throw your writings and “book” out there. You’re not that important. Your name is not a marketing tool.\ \ But it’s unhealthy for a cultural space to have this way of publishing going on. If every dog with a hat can name themselves best selling author, after a while everyone who runs a serious media operation, podcast or conference will know it as an unreliable status to use as a measuring stick, as will the readers, buyers and bitcoiners.

No curation, no quality control

Bitcoin publishing also lacks serious curation, vetting of authors, and skilled editors.\ The publishing industry already suffers from a lack of good editors, and in Bitcoin books, this problem is even worse. As a result, many books feel like second drafts—poorly structured ideas strung together with some data and self-referencing fluff. Even the top-selling books in this space often contain major flaws.\ There’s also the fact that you can just pay to be published, then in essence buying your legitimacy outright. (Or return the favor to the publisher in some other way, …).\ \ Just like in the movies, every book needs a sequal, or worse: a prequal.\ The quality often lacks after a while, because just like in the classical publishing world, you need to write at least two books to get yourself a status and the “goose with the golden egg” income.\ \ You can write for example on some imaginary subject I make up here on the spot like: “bitcoin and fruit”\ (In a near-future world where Bitcoin has transformed the global economy, "Bitcoin and Fruit" follows orchard owner Satoshi DS as he adapts to life on his family’s fruit farm after the collapse of traditional banking systems).\ \ After publishing that book, you’ll have to come up with new stuff like “bitcoin and fruit salads” and a third title (to sell out completely) “Bitcoin and cheese” or whatever you come up with to keep your name out there.\ (Following the events of Bitcoin and Fruitsalads, "Bitcoin and Cheese" finds our favorite bitcoiner expanding his rural empire into cheesemaking, using Bitcoin to fund a new dairy operation on the family farm. There will be milk.)

Admittedly, most bitcoiners would buy this book anyway, and the follow-up as well.\ Because they apparently want to support anyone publishing anything to help bitcoin. But do you really help bitcoin by buying empty books from empty shells? Are you helping bitcoin with that?\ Maybe you help bitcoin as much with that, than buying the fluffy stuffed animal or a bitcoin poster or t-shirt.\ \ The scarcity property doesn’t apply there apparently, unless it’s an amenia of ideas.

A bitcoin book should justify itself over time

At this point, any new Bitcoin book needs to answer a critical question:\ \ *Does this book add something meaningful to the bitcoin conversations?\ If the answer is no, then does it add something to the factual understanding (historically, economically, technically) of Bitcoin?* \ If both answers are “no”, then you’re probably reading something that can be categorized as bookshelf fillers. (they can be well-written en even entertaining, that being said, I enjoyed one such a book myself, but it’s forgettable).

If it’s just another retelling of Bitcoin’s history, another breakdown of the 21 million supply limit, or another inflation/central banking critique,... then what’s the point?\ \ A book should either introduce new research, present a unique viewpoint, or challenge existing ideas.\ Otherwise, it’s just noise in an already oversaturated market where people fight for exposure and reach.\ \ We see the first fatigue in this space appear on that front, but also the first signs of the absolute sellout of the bitcoin books as an entity (even people who came into bitcoin like last year are writing books now, without adding much more than “I want to write a book, look at me, pay me te speak at your conference please”.

Bitcoin literature needs to evolve

Bitcoin is still in its early stages in my opinion, and its impact on the world is far from complete, the story is being written right now. We can record this history in smaller, more and faster incremental parts. Books are not the ideal solution for that at all, unless we update them every 6 months.

"Things change so fast in bitcoin. A paper book needs constant updates. The second edition was a 50% rewrite."\ A. Antonopoulos - December 30, 2017,**

\ There are still plenty of stories to tell, just not the ones we’ve already read a dozen times. Instead of repeating the same arguments, Bitcoin books should explore:

• New societal implications – How will Bitcoin change work, governance, and social structures in ways we haven’t considered yet?

• Counter Arguments and critiques – A strong Bitcoin book could acknowledge and engage with the best arguments against it, or come up with counter arguments itself to advance progress and identify problems, instead of just ignoring or dismissing them. (the author of this piece belongs in this camp)

• Deep dives into underexplored areas – Mining, privacy, second-layer solutions, attack vectors, and cultural shifts all deserve deeper discussion.

• Historical case studies – Instead of broad economic theory, what can history teach us about similar monetary transitions or finding historical parallels that are meaningful and proven to be relevant?

Bitcoin books don’t need to stop being written at all, they just need to start being better.

Final thought: Don’t publish just to publish

A book should be written because it needs to exist, not just because there’s demand for another Bitcoin title or the author want the “I’m an author” badge to make ends meet.\ \ If publishing is just a way to capitalize on demand in a local market or build personal credibility, then what’s really being contributed?

Bitcoin thrives on proof of work and routing around problems.\ \ Maybe it’s time Bitcoin book authors did the same, and start routing around the biggest problems:\ \ The fact that bitcoin books are not representing the bitcoin revolution as it happens, that, and of course the dismal way of some individuals for feeding the craving for self-verification.

AVB\ \ Tip me here: link

@ dfa02707:41ca50e3

Contribute to keep No Bullshit Bitcoin news going.

• The latest firmware updates for COLDCARD devices introduce two major features: COLDCARD Co-sign (CCC) and Key Teleport between two COLDCARD Q devices using QR codes and/or NFC with a website.

What's new

• COLDCARD Co-Sign: When CCC is enabled, a second seed called the Spending Policy Key (Key C) is added to the device. This seed works with the device's Main Seed and one or more additional XPUBs (Backup Keys) to form 2-of-N multisig wallets.
  • The spending policy functions like a hardware security module (HSM), enforcing rules such as magnitude and velocity limits, address whitelisting, and 2FA authentication to protect funds while maintaining flexibility and control, and is enforced each time the Spending Policy Key is used for signing.
  • When spending conditions are met, the COLDCARD signs the partially signed bitcoin transaction (PSBT) with the Main Seed and Spending Policy Key for fund access. Once configured, the Spending Policy Key is required to view or change the policy, and violations are denied without explanation.

"You can override the spending policy at any time by signing with either a Backup Key and the Main Seed or two Backup Keys, depending on the number of keys (N) in the multisig."

• A step-by-step guide for setting up CCC is available here.

• Key Teleport for Q devices allows users to securely transfer sensitive data such as seed phrases (words, xprv), secure notes and passwords, and PSBTs for multisig. It uses QR codes or NFC, along with a helper website, to ensure reliable transmission, keeping your sensitive data protected throughout the process.

  • For more technical details, see the protocol spec.

"After you sign a multisig PSBT, you have option to “Key Teleport” the PSBT file to any one of the other signers in the wallet. We already have a shared pubkey with them, so the process is simple and does not require any action on their part in advance. Plus, starting in this firmware release, COLDCARD can finalize multisig transactions, so the last signer can publish the signed transaction via PushTX (NFC tap) to get it on the blockchain directly."

• Multisig transactions are finalized when sufficiently signed. It streamlines the use of PushTX with multisig wallets.
• Signing artifacts re-export to various media. Users are now provided with the capability to export signing products, like transactions or PSBTs, to alternative media rather than the original source. For example, if a PSBT is received through a QR code, it can be signed and saved onto an SD card if needed.
• Multisig export files are signed now. Public keys are encoded as P2PKH address for all multisg signature exports. Learn more about it here.
• NFC export usability upgrade: NFC keeps exporting until CANCEL/X is pressed.
• Added Bitcoin Safe option to Export Wallet.
• 10% performance improvement in USB upload speed for large files.
• Q: Always choose the biggest possible display size for QR.

Fixes

• Do not allow change Main PIN to same value already used as Trick PIN, even if Trick PIN is hidden.
• Fix stuck progress bar under Receiving... after a USB communications failure.
• Showing derivation path in Address Explorer for root key (m) showed double slash (//).
• Can restore developer backup with custom password other than 12 words format.
• Virtual Disk auto mode ignores already signed PSBTs (with “-signed” in file name).
• Virtual Disk auto mode stuck on “Reading…” screen sometimes.
• Finalization of foreign inputs from partial signatures. Thanks Christian Uebber!
• Temporary seed from COLDCARD backup failed to load stored multisig wallets.
• Destroy Seed also removes all Trick PINs from SE2.
• Lock Down Seed requires pressing confirm key (4) to execute.
• Q only: Only BBQr is allowed to export Coldcard, Core, and pretty descriptor.

Blog Post / Archive
GitHub Repo
CCC Guide
Key Teleport site

@ e3ba5e1a:5e433365

My blog posts and reading material have both been on a decidedly economics-heavy slant recently. The topic today, incentives, squarely falls into the category of economics. However, when I say economics, I’m not talking about “analyzing supply and demand curves.” I’m talking about the true basis of economics: understanding how human beings make decisions in a world of scarcity.

A fair definition of incentive is “a reward or punishment that motivates behavior to achieve a desired outcome.” When most people think about economic incentives, they’re thinking of money. If I offer my son $5 if he washes the dishes, I’m incentivizing certain behavior. We can’t guarantee that he’ll do what I want him to do, but we can agree that the incentive structure itself will guide and ultimately determine what outcome will occur.

The great thing about monetary incentives is how easy they are to talk about and compare. “Would I rather make $5 washing the dishes or $10 cleaning the gutters?” But much of the world is incentivized in non-monetary ways too. For example, using the “punishment” half of the definition above, I might threaten my son with losing Nintendo Switch access if he doesn’t wash the dishes. No money is involved, but I’m still incentivizing behavior.

And there are plenty of incentives beyond our direct control! My son is also incentivized to not wash dishes because it’s boring, or because he has some friends over that he wants to hang out with, or dozens of other things. Ultimately, the conflicting array of different incentive structures placed on him will ultimately determine what actions he chooses to take.

Why incentives matter

A phrase I see often in discussions—whether they are political, parenting, economic, or business—is “if they could just do…” Each time I see that phrase, I cringe a bit internally. Usually, the underlying assumption of the statement is “if people would behave contrary to their incentivized behavior then things would be better.” For example:

• If my kids would just go to bed when I tell them, they wouldn’t be so cranky in the morning.
• If people would just use the recycling bin, we wouldn’t have such a landfill problem.
• If people would just stop being lazy, our team would deliver our project on time.

In all these cases, the speakers are seemingly flummoxed as to why the people in question don’t behave more rationally. The problem is: each group is behaving perfectly rationally.

• The kids have a high time preference, and care more about the joy of staying up now than the crankiness in the morning. Plus, they don’t really suffer the consequences of morning crankiness, their parents do.
• No individual suffers much from their individual contribution to a landfill. If they stopped growing the size of the landfill, it would make an insignificant difference versus the amount of effort they need to engage in to properly recycle.
• If a team doesn’t properly account for the productivity of individuals on a project, each individual receives less harm from their own inaction. Sure, the project may be delayed, company revenue may be down, and they may even risk losing their job when the company goes out of business. But their laziness individually won’t determine the entirety of that outcome. By contrast, they greatly benefit from being lazy by getting to relax at work, go on social media, read a book, or do whatever else they do when they’re supposed to be working.

My point here is that, as long as you ignore the reality of how incentives drive human behavior, you’ll fail at getting the outcomes you want.

If everything I wrote up until now made perfect sense, you understand the premise of this blog post. The rest of it will focus on a bunch of real-world examples to hammer home the point, and demonstrate how versatile this mental model is.

Running a company

Let’s say I run my own company, with myself as the only employee. My personal revenue will be 100% determined by my own actions. If I decide to take Tuesday afternoon off and go fishing, I’ve chosen to lose that afternoon’s revenue. Implicitly, I’ve decided that the enjoyment I get from an afternoon of fishing is greater than the potential revenue. You may think I’m being lazy, but it’s my decision to make. In this situation, the incentive–money–is perfectly aligned with my actions.

Compare this to a typical company/employee relationship. I might have a bank of Paid Time Off (PTO) days, in which case once again my incentives are relatively aligned. I know that I can take off 15 days throughout the year, and I’ve chosen to use half a day for the fishing trip. All is still good.

What about unlimited time off? Suddenly incentives are starting to misalign. I don’t directly pay a price for not showing up to work on Tuesday. Or Wednesday as well, for that matter. I might ultimately be fired for not doing my job, but that will take longer to work its way through the system than simply not making any money for the day taken off.

Compensation overall falls into this misaligned incentive structure. Let’s forget about taking time off. Instead, I work full time on a software project I’m assigned. But instead of using the normal toolchain we’re all used to at work, I play around with a new programming language. I get the fun and joy of playing with new technology, and potentially get to pad my resume a bit when I’m ready to look for a new job. But my current company gets slower results, less productivity, and is forced to subsidize my extracurricular learning.

When a CEO has a bonus structure based on profitability, he’ll do everything he can to make the company profitable. This might include things that actually benefit the company, like improving product quality, reducing internal red tape, or finding cheaper vendors. But it might also include destructive practices, like slashing the R\&D budget to show massive profits this year, in exchange for a catastrophe next year when the next version of the product fails to ship.

Or my favorite example. My parents owned a business when I was growing up. They had a back office where they ran operations like accounting. All of the furniture was old couches from our house. After all, any money they spent on furniture came right out of their paychecks! But in a large corporate environment, each department is generally given a budget for office furniture, a budget which doesn’t roll over year-to-year. The result? Executives make sure to spend the entire budget each year, often buying furniture far more expensive than they would choose if it was their own money.

There are plenty of details you can quibble with above. It’s in a company’s best interest to give people downtime so that they can come back recharged. Having good ergonomic furniture can in fact increase productivity in excess of the money spent on it. But overall, the picture is pretty clear: in large corporate structures, you’re guaranteed to have mismatches between the company’s goals and the incentive structure placed on individuals.

Using our model from above, we can lament how lazy, greedy, and unethical the employees are for doing what they’re incentivized to do instead of what’s right. But that’s simply ignoring the reality of human nature.

Moral hazard

Moral hazard is a situation where one party is incentivized to take on more risk because another party will bear the consequences. Suppose I tell my son when he turns 21 (or whatever legal gambling age is) that I’ll cover all his losses for a day at the casino, but he gets to keep all the winnings.

What do you think he’s going to do? The most logical course of action is to place the largest possible bets for as long as possible, asking me to cover each time he loses, and taking money off the table and into his bank account each time he wins.

But let’s look at a slightly more nuanced example. I go to a bathroom in the mall. As I’m leaving, I wash my hands. It will take me an extra 1 second to turn off the water when I’m done washing. That’s a trivial price to pay. If I don’t turn off the water, the mall will have to pay for many liters of wasted water, benefiting no one. But I won’t suffer any consequences at all.

This is also a moral hazard, but most people will still turn off the water. Why? Usually due to some combination of other reasons such as:

1. We’re so habituated to turning off the water that we don’t even consider not turning it off. Put differently, the mental effort needed to not turn off the water is more expensive than the 1 second of time to turn it off.
2. Many of us have been brought up with a deep guilt about wasting resources like water. We have an internal incentive structure that makes the 1 second to turn off the water much less costly than the mental anguish of the waste we created.
3. We’re afraid we’ll be caught by someone else and face some kind of social repercussions. (Or maybe more than social. Are you sure there isn’t a law against leaving the water tap on?)

Even with all that in place, you may notice that many public bathrooms use automatic water dispensers. Sure, there’s a sanitation reason for that, but it’s also to avoid this moral hazard.

A common denominator in both of these is that the person taking the action that causes the liability (either the gambling or leaving the water on) is not the person who bears the responsibility for that liability (the father or the mall owner). Generally speaking, the closer together the person making the decision and the person incurring the liability are, the smaller the moral hazard.

It’s easy to demonstrate that by extending the casino example a bit. I said it was the father who was covering the losses of the gambler. Many children (though not all) would want to avoid totally bankrupting their parents, or at least financially hurting them. Instead, imagine that someone from the IRS shows up at your door, hands you a credit card, and tells you you can use it at a casino all day, taking home all the chips you want. The money is coming from the government. How many people would put any restriction on how much they spend?

And since we’re talking about the government already…

Government moral hazards

As I was preparing to write this blog post, the California wildfires hit. The discussions around those wildfires gave a huge number of examples of moral hazards. I decided to cherry-pick a few for this post.

The first and most obvious one: California is asking for disaster relief funds from the federal government. That sounds wonderful. These fires were a natural disaster, so why shouldn’t the federal government pitch in and help take care of people?

The problem is, once again, a moral hazard. In the case of the wildfires, California and Los Angeles both had ample actions they could have taken to mitigate the destruction of this fire: better forest management, larger fire department, keeping the water reservoirs filled, and probably much more that hasn’t come to light yet.

If the federal government bails out California, it will be a clear message for the future: your mistakes will be fixed by others. You know what kind of behavior that incentivizes? More risky behavior! Why spend state funds on forest management and extra firefighters—activities that don’t win politicians a lot of votes in general—when you could instead spend it on a football stadium, higher unemployment payments, or anything else, and then let the feds cover the cost of screw-ups.

You may notice that this is virtually identical to the 2008 “too big to fail” bail-outs. Wall Street took insanely risky behavior, reaped huge profits for years, and when they eventually got caught with their pants down, the rest of us bailed them out. “Privatizing profits, socializing losses.”

And here’s the absolute best part of this: I can’t even truly blame either California or Wall Street. (I mean, I do blame them, I think their behavior is reprehensible, but you’ll see what I mean.) In a world where the rules of the game implicitly include the bail-out mentality, you would be harming your citizens/shareholders/investors if you didn’t engage in that risky behavior. Since everyone is on the hook for those socialized losses, your best bet is to maximize those privatized profits.

There’s a lot more to government and moral hazard, but I think these two cases demonstrate the crux pretty solidly. But let’s leave moral hazard behind for a bit and get to general incentivization discussions.

Non-monetary competition

At least 50% of the economics knowledge I have comes from the very first econ course I took in college. That professor was amazing, and had some very colorful stories. I can’t vouch for the veracity of the two I’m about to share, but they definitely drive the point home.

In the 1970s, the US had an oil shortage. To “fix” this problem, they instituted price caps on gasoline, which of course resulted in insufficient gasoline. To “fix” this problem, they instituted policies where, depending on your license plate number, you could only fill up gas on certain days of the week. (Irrelevant detail for our point here, but this just resulted in people filling up their tanks more often, no reduction in gas usage.)

Anyway, my professor’s wife had a friend. My professor described in great detail how attractive this woman was. I’ll skip those details here since this is a PG-rated blog. In any event, she never had any trouble filling up her gas tank any day of the week. She would drive up, be told she couldn’t fill up gas today, bat her eyes at the attendant, explain how helpless she was, and was always allowed to fill up gas.

This is a demonstration of non-monetary compensation. Most of the time in a free market, capitalist economy, people are compensated through money. When price caps come into play, there’s a limit to how much monetary compensation someone can receive. And in that case, people find other ways of competing. Like this woman’s case: through using flirtatious behavior to compensate the gas station workers to let her cheat the rules.

The other example was much more insidious. Santa Monica had a problem: it was predominantly wealthy and white. They wanted to fix this problem, and decided to put in place rent controls. After some time, they discovered that Santa Monica had become wealthier and whiter, the exact opposite of their desired outcome. Why would that happen?

Someone investigated, and ended up interviewing a landlady that demonstrated the reason. She was an older white woman, and admittedly racist. Prior to the rent controls, she would list her apartments in the newspaper, and would be legally obligated to rent to anyone who could afford it. Once rent controls were in place, she took a different tact. She knew that she would only get a certain amount for the apartment, and that the demand for apartments was higher than the supply. That meant she could be picky.

She ended up finding tenants through friends-of-friends. Since it wasn’t an official advertisement, she wasn’t legally required to rent it out if someone could afford to pay. Instead, she got to interview people individually and then make them an offer. Normally, that would have resulted in receiving a lower rental price, but not under rent controls.

So who did she choose? A young, unmarried, wealthy, white woman. It made perfect sense. Women were less intimidating and more likely to maintain the apartment better. Wealthy people, she determined, would be better tenants. (I have no idea if this is true in practice or not, I’m not a landlord myself.) Unmarried, because no kids running around meant less damage to the property. And, of course, white. Because she was racist, and her incentive structure made her prefer whites.

You can deride her for being racist, I won’t disagree with you. But it’s simply the reality. Under the non-rent-control scenario, her profit motive for money outweighed her racism motive. But under rent control, the monetary competition was removed, and she was free to play into her racist tendencies without facing any negative consequences.

Bureaucracy

These were the two examples I remember for that course. But non-monetary compensation pops up in many more places. One highly pertinent example is bureaucracies. Imagine you have a government office, or a large corporation’s acquisition department, or the team that apportions grants at a university. In all these cases, you have a group of people making decisions about handing out money that has no monetary impact on them. If they give to the best qualified recipients, they receive no raises. If they spend the money recklessly on frivolous projects, they face no consequences.

Under such an incentivization scheme, there’s little to encourage the bureaucrats to make intelligent funding decisions. Instead, they’ll be incentivized to spend the money where they recognize non-monetary benefits. This is why it’s so common to hear about expensive meals, gift bags at conferences, and even more inappropriate ways of trying to curry favor with those that hold the purse strings.

Compare that ever so briefly with the purchases made by a small mom-and-pop store like my parents owned. Could my dad take a bribe to buy from a vendor who’s ripping him off? Absolutely he could! But he’d lose more on the deal than he’d make on the bribe, since he’s directly incentivized by the deal itself. It would make much more sense for him to go with the better vendor, save $5,000 on the deal, and then treat himself to a lavish $400 meal to celebrate.

Government incentivized behavior

This post is getting longer in the tooth than I’d intended, so I’ll finish off with this section and make it a bit briefer. Beyond all the methods mentioned above, government has another mechanism for modifying behavior: through directly changing incentives via legislation, regulation, and monetary policy. Let’s see some examples:

• Artificial modification of interest rates encourages people to take on more debt than they would in a free capital market, leading to malinvestment and a consumer debt crisis, and causing the boom-bust cycle we all painfully experience.
• Going along with that, giving tax breaks on interest payments further artificially incentivizes people to take on debt that they wouldn’t otherwise.
• During COVID-19, at some points unemployment benefits were greater than minimum wage, incentivizing people to rather stay home and not work than get a job, leading to reduced overall productivity in the economy and more printed dollars for benefits. In other words, it was a perfect recipe for inflation.
• The tax code gives deductions to “help” people. That might be true, but the real impact is incentivizing people to make decisions they wouldn’t have otherwise. For example, giving out tax deductions on children encourages having more kids. Tax deductions on childcare and preschools incentivizes dual-income households. Whether or not you like the outcomes, it’s clear that it’s government that’s encouraging these outcomes to happen.
• Tax incentives cause people to engage in behavior they wouldn’t otherwise (daycare+working mother, for example).
• Inflation means that the value of your money goes down over time, which encourages people to spend more today, when their money has a larger impact. (Milton Friedman described this as high living.)

Conclusion

The idea here is simple, and fully encapsulated in the title: incentives determine outcomes. If you want to know how to get a certain outcome from others, incentivize them to want that to happen. If you want to understand why people act in seemingly irrational ways, check their incentives. If you’re confused why leaders (and especially politicians) seem to engage in destructive behavior, check their incentives.

We can bemoan these realities all we want, but they are realities. While there are some people who have a solid internal moral and ethical code, and that internal code incentivizes them to behave against their externally-incentivized interests, those people are rare. And frankly, those people are self-defeating. People should take advantage of the incentives around them. Because if they don’t, someone else will.

(If you want a literary example of that last comment, see the horse in Animal Farm.)

How do we improve the world under these conditions? Make sure the incentives align well with the overall goals of society. To me, it’s a simple formula:

• Focus on free trade, value for value, as the basis of a society. In that system, people are always incentivized to provide value to other people.
• Reduce the size of bureaucracies and large groups of all kinds. The larger an organization becomes, the farther the consequences of decisions are from those who make them.
• And since the nature of human beings will be to try and create areas where they can control the incentive systems to their own benefits, make that as difficult as possible. That comes in the form of strict limits on government power, for example.

And even if you don’t want to buy in to this conclusion, I hope the rest of the content was educational, and maybe a bit entertaining!

@ 3f770d65:7a745b24

I’ve been using Notedeck for several months, starting with its extremely early and experimental alpha versions, all the way to its current, more stable alpha releases. The journey has been fascinating, as I’ve had the privilege of watching it evolve from a concept into a functional and promising tool.

In its earliest stages, Notedeck was raw—offering glimpses of its potential but still far from practical for daily use. Even then, the vision behind it was clear: a platform designed to redefine how we interact with Nostr by offering flexibility and power for all users.

I'm very bullish on Notedeck. Why? Because Will Casarin is making it! Duh! 😂

Seriously though, if we’re reimagining the web and rebuilding portions of the Internet, it’s important to recognize the potential of Notedeck. If Nostr is reimagining the web, then Notedeck is reimagining the Nostr client.

Notedeck isn’t just another Nostr app—it’s more a Nostr browser that functions more like an operating system with micro-apps. How cool is that?

Much like how Google's Chrome evolved from being a web browser with a task manager into ChromeOS, a full blown operating system, Notedeck aims to transform how we interact with the Nostr. It goes beyond individual apps, offering a foundation for a fully integrated ecosystem built around Nostr.

As a Nostr evangelist, I love to scream INTEROPERABILITY and tout every application's integrations. Well, Notedeck has the potential to be one of the best platforms to showcase these integrations in entirely new and exciting ways.

Do you want an Olas feed of images? Add the media column.

Do you want a feed of live video events? Add the zap.stream column.

Do you want Nostr Nests or audio chats? Add that column to your Notedeck.

Git? Email? Books? Chat and DMs? It's all possible.

Not everyone wants a super app though, and that’s okay. As with most things in the Nostr ecosystem, flexibility is key. Notedeck gives users the freedom to choose how they engage with it—whether it’s simply following hashtags or managing straightforward feeds. You'll be able to tailor Notedeck to fit your needs, using it as extensively or minimally as you prefer.

Notedeck is designed with a local-first approach, utilizing Nostr content stored directly on your device via the local nostrdb. This will enable a plethora of advanced tools such as search and filtering, the creation of custom feeds, and the ability to develop personalized algorithms across multiple Notedeck micro-applications—all with unparalleled flexibility.

Notedeck also supports multicast. Let's geek out for a second. Multicast is a method of communication where data is sent from one source to multiple destinations simultaneously, but only to devices that wish to receive the data. Unlike broadcast, which sends data to all devices on a network, multicast targets specific receivers, reducing network traffic. This is commonly used for efficient data distribution in scenarios like streaming, conferencing, or large-scale data synchronization between devices.

In a local first world where each device holds local copies of your nostr nodes, and each device transparently syncs with each other on the local network, each node becomes a backup. Your data becomes antifragile automatically. When a node goes down it can resync and recover from other nodes. Even if not all nodes have a complete collection, negentropy can pull down only what is needed from each device. All this can be done without internet.

-Will Casarin

In the context of Notedeck, multicast would allow multiple devices to sync their Nostr nodes with each other over a local network without needing an internet connection. Wild.

Notedeck aims to offer full customization too, including the ability to design and share custom skins, much like Winamp. Users will also be able to create personalized columns and, in the future, share their setups with others. This opens the door for power users to craft tailored Nostr experiences, leveraging their expertise in the protocol and applications. By sharing these configurations as "Starter Decks," they can simplify onboarding and showcase the best of Nostr’s ecosystem.

Nostr’s “Other Stuff” can often be difficult to discover, use, or understand. Many users doesn't understand or know how to use web browser extensions to login to applications. Let's not even get started with nsecbunkers. Notedeck will address this challenge by providing a native experience that brings these lesser-known applications, tools, and content into a user-friendly and accessible interface, making exploration seamless. However, that doesn't mean Notedeck should disregard power users that want to use nsecbunkers though - hint hint.

For anyone interested in watching Nostr be developed live, right before your very eyes, Notedeck’s progress serves as a reminder of what’s possible when innovation meets dedication. The current alpha is already demonstrating its ability to handle complex use cases, and I’m excited to see how it continues to grow as it moves toward a full release later this year.

@ b1ddb4d7:471244e7

Custodial Lightning wallets allow users to transact without managing private keys or channel liquidity. The provider handles technical complexities, but this convenience comes with critical trade-offs:

• You don’t control your keys: The custodian holds your bitcoin.
• Centralized points of failure: Servers can be hacked or shut down.
• Surveillance risks: Providers track transaction metadata.

Key Risks of Custodial Lightning Wallets

*1. Hacks and Exit Scams*

Custodians centralize large amounts of bitcoin, attracting hackers:

• Nearly $2.2 billion worth of funds were stolen from hacks in 2024.
• Lightning custodians suffered breaches, losing user funds.

Unlike non-custodial wallets, victims have no recourse since they don’t hold keys.

*2. Censorship and Account Freezes*

Custodians comply with regulators, risking fund seizures:

• Strike (a custodial Lightning app) froze accounts of users in sanctioned regions.
• A U.K. court in 2020 ordered Bitfinex to freeze bitcoin worth $860,000 after the exchange and blockchain sleuthing firm Chainalysis traced the funds to a ransomware payment.

*3. Privacy Erosion*

Custodians log user activity, exposing sensitive data:

• Transaction amounts, receiver addresses, and IPs are recorded.

*4. Service Downtime*

Centralized infrastructure risks outages.

*5. Inflation of Lightning Network Centralization*

Custodians dominate liquidity, weakening network resilience:

• At the moment, 10% of the nodes on Lightning control 80% of the liquidity.
• This centralization contradicts bitcoin’s decentralized ethos.

How to Switch to Self-Custodial Lightning Wallets

Migrating from custodial services is straightforward:

*1. Choose a Non-Custodial Wallet*

Opt for wallets that let you control keys and channels:

• Flash: The self-custodial tool that lets you own your keys, control your coins, and transact instantly.
• Breez Wallet : Non-custodial, POS integrations.
• Core Lightning : Advanced, for self-hosted node operators.

*2. Transfer Funds Securely*

• Withdraw funds from your custodial wallet to a bitcoin on-chain address.
• Send bitcoin to your non-custodial Lightning wallet.

*3. Set Up Channel Backups*

Use tools like Static Channel Backups (SCB) to recover channels if needed.

*4. Best Practices*

• Enable Tor: Mask your IP (e.g., Breez’s built-in Tor support).
• Verify Receiving Addresses: Avoid phishing scams.
• Regularly Rebalance Channels: Use tools like Lightning Pool for liquidity.

Why Self-Custodial Lightning Matters

• Self-custody: Control your keys and funds.
• Censorship resistance: No third party can block transactions.
• Network health: Decentralized liquidity strengthens Lightning.

Self-custodial wallets now rival custodial ease.

Custodial Lightning wallets sacrifice security for convenience, putting users at risk of hacks, surveillance, and frozen funds. As bitcoin adoption grows, so does the urgency to embrace self-custodial solutions.

Take action today:

1. Withdraw custodial funds to a hardware wallet.
2. Migrate to a self-custodial Lightning wallet.
3. Educate others on the risks of custodial control.

The Lightning Network’s potential hinges on decentralization—don’t let custodians become its Achilles’ heel.

@ 8671a6e5:f88194d1

The ECB’s Tightrope Walk (2019–2025)

The European Central Bank (ECB) is caught between a rock and a hard place these past years (2019–2025). On one hand, it’s failing its core mission: keeping the Euro stable with a 2% inflation target. On the other, trust in the currency—and the EU itself—is crumbling fast. You can see it in the sinking European bond market and the growing crowd of voters backing anti-EU politicians.

As usual, the ECB sticks to its playbook: blending marketing with “innovations,” spicing it up with anti-crypto MiCA rulings on Bitcoin, and blaming everyone—Putin, Trump, Elon, China, the wind, the moon—for their woes. Since the financial crisis, it’s pumped 2.3 trillion euros into the economy, money conjured out of thin air for market purchases (quantitative easing). The result? Our wallets feel the pinch as purchasing power tanks, with inflation bouncing between 2.1% and 20%, depending on which figures you still trust. No shock there: for every euro circulating in 2002, there are now five.

Meanwhile, Europe’s scrambling to keep up appearances, led by a parliament of nitwits who treat error-riddled high school essays from the Dutch Central Bank as gospel—or print 1 trillion euros (!) to prop up their debt and war cycle. These politicians aren’t too dumb to spot the mistakes; they just care more about ramming through the “narrative,” shaky or not.

The Bitcoin Smokescreen Take the attack on Bitcoin, always nagging about its “energy use”—a standard they never apply elsewhere. Good thing, too; electricity isn’t “good” or “evil.” The real play? Clearing the path for a “digital euro,” cooked up by sly financial institutions hawking their “Aldi Bitcoin” via corporate blockchains.

Digital Euro: The Shiny Trap

Advantages I’ll grudgingly list a few perks, though they’re skin-deep: faster transactions than today’s sluggish bank transfers, digital payments (QR codes), and a unified standard across Europe. These tiny upgrades—great for marketing—don’t outweigh the massive downsides but do beat the current patchwork of payment systems. That’s the good news, and it ends here.

Disadvantages

The cons list is long, so I’ll hit the three worst:

Permission-Coin Nightmare You’ll need approval from some authority (or commercial bank) to receive, spend, or hold it. A 50€ note moves from A to B, no questions asked—cash has no name, needs no permission. Pocket money for your kid, a coin for a beggar, or paying for a used PlayStation: cash flows free. They want that gone. Bitcoin’s beauty mirrors cash but better—unconfiscatable, A to B, no permission needed, saint or crook. That’s the bedrock of a working social-economic system. Sorry, EU pious elite, but white, gray, and black economies will always exist—check your own subsidies; not everything’s clean. Worse, it threatens wage sanctity, potentially reviving forced spending schemes banned since 1887 (in Belgium, at least). Workers once got paid in cash and expiring factory vouchers—a disaster now illegal.

Programmable Tokens A digital euro (CBDC) turns money into controllable tokens, ripe for expiry dates, discounts, or restrictions. Big banks are testing this, aping Bitcoin’s gimmick but under total state control, endlessly minting “safe” tokens for their theft-driven consumer economy. Services like Corda are set to link your ID via eIDAS (Europe’s total-control digital identity surveillance) to these CBDC wallets. Your behavior won’t just be monitored—it’ll tie to fines or coin deductions. (link: https://r3.com/get-corda/ )

Total Control Coin Citizens lose on nearly all fronts. Recall the Belgian Franc-to-Euro shock (cheese sandwich: 40 francs to 1.2 euros, now 3+)? The digital euro rollout—likely hitting welfare recipients and civil servants (with little recourse) via a “gov-app” wallet around July 2025—will sting worse. You’ll get no real money, just controllable vouchers. The ECB won’t program the coins directly; they’ll let banks take the fall. If trust erodes (it will), they’ll blame “greedy banks” or “corrupt third parties.” Cash’s freedom—untraceable, unblockable—dies. The ECB gains tools: negative interest, forced loans, outright theft—all impossible with cash (unless they swap notes, which is slow and costly). Weaponized bank accounts already plague the EU; this makes them worse—shut down sans court order, targeting journalists, dissidents, anyone in the crosshairs.

This isn’t convenience—it’s power. And the ECB’s pushing it despite the euro’s instability. Fabio Panetta once said, “A digital euro would preserve the coexistence of safe central bank money and private money, ensuring sovereign money remains a monetary anchor” (Evolution or Revolution?, Feb 10, 2021). Stability’s key, yet they’re charging ahead anyway. (source)

Conclusion: The Great Heist The CBDC Digital Euro is the greatest theft in Europe since WWII. It’ll shred our freedom, warp market pricing, kill opposition, and chain us financially to the powerful—bank runs impossible. Citizens lose on 9/10 fronts… though payments will be quick. Trust in the Eurozone? It’ll erode faster, propped up only by nudging, marketing, and force.

Citizens will lose out on 9 out of 10 fronts… though, admittedly, payments will be quick.\ The loss in trust in the Eurozone even faster....

AVB\ \ tip if you like this

@ 57d1a264:69f1fee1

This talks highlights tools for product management, UX design, web development, and content creation to embed accessibility.

Organizations need scalability and consistency in their accessibility work, aligning people, policies, and processes to integrate it across roles. This session highlights tools for product management, UX design, web development, and content creation to embed accessibility. We will explore inclusive personas, design artifacts, design systems, and content strategies to support developers and creators, with real-world examples.

https://www.youtube.com/watch?v=-M2cMLDU4u4

https://stacker.news/items/988041

@ 1bda7e1f:bb97c4d9

Tldr

• Nostr is an open and interoperable protocol
• You can integrate it with workflow automation tools to augment your experience
• n8n is a great low/no-code workflow automation tool which you can host yourself
• Nostrobots allows you to integrate Nostr into n8n
• In this blog I create some workflow automations for Nostr
• A simple form to delegate posting notes
• Push notifications for mentions on multiple accounts
• Push notifications for your favourite accounts when they post a note
• All workflows are provided as open source with MIT license for you to use

Inter-op All The Things

Nostr is a new open social protocol for the internet. This open nature exciting because of the opportunities for interoperability with other technologies. In Using NFC Cards with Nostr I explored the nostr: URI to launch Nostr clients from a card tap.

The interoperability of Nostr doesn't stop there. The internet has many super-powers, and Nostr is open to all of them. Simply, there's no one to stop it. There is no one in charge, there are no permissioned APIs, and there are no risks of being de-platformed. If you can imagine technologies that would work well with Nostr, then any and all of them can ride on or alongside Nostr rails.

My mental model for why this is special is Google Wave ~2010. Google Wave was to be the next big platform. Lars was running it and had a big track record from Maps. I was excited for it. Then, Google pulled the plug. And, immediately all the time and capital invested in understanding and building on the platform was wasted.

This cannot happen to Nostr, as there is no one to pull the plug, and maybe even no plug to pull.

So long as users demand Nostr, Nostr will exist, and that is a pretty strong guarantee. It makes it worthwhile to invest in bringing Nostr into our other applications.

All we need are simple ways to plug things together.

Nostr and Workflow Automation

Workflow automation is about helping people to streamline their work. As a user, the most common way I achieve this is by connecting disparate systems together. By setting up one system to trigger another or to move data between systems, I can solve for many different problems and become way more effective.

n8n for workflow automation

Many workflow automation tools exist. My favourite is n8n. n8n is a low/no-code workflow automation platform which allows you to build all kinds of workflows. You can use it for free, you can self-host it, it has a user-friendly UI and useful API. Vs Zapier it can be far more elaborate. Vs Make.com I find it to be more intuitive in how it abstracts away the right parts of the code, but still allows you to code when you need to.

Most importantly you can plug anything into n8n: You have built-in nodes for specific applications. HTTP nodes for any other API-based service. And community nodes built by individual community members for any other purpose you can imagine.

Eating my own dogfood

It's very clear to me that there is a big design space here just demanding to be explored. If you could integrate Nostr with anything, what would you do?

In my view the best way for anyone to start anything is by solving their own problem first (aka "scratching your own itch" and "eating your own dogfood"). As I get deeper into Nostr I find myself controlling multiple Npubs – to date I have a personal Npub, a brand Npub for a community I am helping, an AI assistant Npub, and various testing Npubs. I need ways to delegate access to those Npubs without handing over the keys, ways to know if they're mentioned, and ways to know if they're posting.

I can build workflows with n8n to solve these issues for myself to start with, and keep expanding from there as new needs come up.

Running n8n with Nostrobots

I am mostly non-technical with a very helpful AI. To set up n8n to work with Nostr and operate these workflows should be possible for anyone with basic technology skills.

• I have a cheap VPS which currently runs my HAVEN Nostr Relay and Albyhub Lightning Node in Docker containers,
• My objective was to set up n8n to run alongside these in a separate Docker container on the same server, install the required nodes, and then build and host my workflows.

Installing n8n

Self-hosting n8n could not be easier. I followed n8n's Docker-Compose installation docs–

• Install Docker and Docker-Compose if you haven't already,
• Create your docker-compose.yml and .env files from the docs,
• Create your data folder sudo docker volume create n8n_data,
• Start your container with sudo docker compose up -d,
• Your n8n instance should be online at port 5678.

n8n is free to self-host but does require a license. Enter your credentials into n8n to get your free license key. You should now have access to the Workflow dashboard and can create and host any kind of workflows from there.

Installing Nostrobots

To integrate n8n nicely with Nostr, I used the Nostrobots community node by Ocknamo.

In n8n parlance a "node" enables certain functionality as a step in a workflow e.g. a "set" node sets a variable, a "send email" node sends an email. n8n comes with all kinds of "official" nodes installed by default, and Nostr is not amongst them. However, n8n also comes with a framework for community members to create their own "community" nodes, which is where Nostrobots comes in.

You can only use a community node in a self-hosted n8n instance (which is what you have if you are running in Docker on your own server, but this limitation does prevent you from using n8n's own hosted alternative).

To install a community node, see n8n community node docs. From your workflow dashboard–

• Click the "..." in the bottom left corner beside your username, and click "settings",
• Cilck "community nodes" left sidebar,
• Click "Install",
• Enter the "npm Package Name" which is n8n-nodes-nostrobots,
• Accept the risks and click "Install",
• Nostrobots is now added to your n8n instance.

Using Nostrobots

Nostrobots gives you nodes to help you build Nostr-integrated workflows–

• Nostr Write – for posting Notes to the Nostr network,
• Nostr Read – for reading Notes from the Nostr network, and
• Nostr Utils – for performing certain conversions you may need (e.g. from bech32 to hex).

Nostrobots has good documentation on each node which focuses on simple use cases.

Each node has a "convenience mode" by default. For example, the "Read" Node by default will fetch Kind 1 notes by a simple filter, in Nostrobots parlance a "Strategy". For example, with Strategy set to "Mention" the node will accept a pubkey and fetch all Kind 1 notes that Mention the pubkey within a time period. This is very good for quick use.

What wasn't clear to me initially (until Ocknamo helped me out) is that advanced use cases are also possible.

Each node also has an advanced mode. For example, the "Read" Node can have "Strategy" set to "RawFilter(advanced)". Now the node will accept json (anything you like that complies with NIP-01). You can use this to query Notes (Kind 1) as above, and also Profiles (Kind 0), Follow Lists (Kind 3), Reactions (Kind 7), Zaps (Kind 9734/9735), and anything else you can think of.

Creating and adding workflows

With n8n and Nostrobots installed, you can now create or add any kind of Nostr Workflow Automation.

• Click "Add workflow" to go to the workflow builder screen,
• If you would like to build your own workflow, you can start with adding any node. Click "+" and see what is available. Type "Nostr" to explore the Nostrobots nodes you have added,
• If you would like to add workflows that someone else has built, click "..." in the top right. Then click "import from URL" and paste in the URL of any workflow you would like to use (including the ones I share later in this article).

Nostr Workflow Automations

It's time to build some things!

A simple form to post a note to Nostr

I started very simply. I needed to delegate the ability to post to Npubs that I own in order that a (future) team can test things for me. I don't want to worry about managing or training those people on how to use keys, and I want to revoke access easily.

I needed a basic form with credentials that posted a Note.

For this I can use a very simple workflow–

• A n8n Form node – Creates a form for users to enter the note they wish to post. Allows for the form to be protected by a username and password. This node is the workflow "trigger" so that the workflow runs each time the form is submitted.
• A Set node – Allows me to set some variables, in this case I set the relays that I intend to use. I typically add a Set node immediately following the trigger node, and put all the variables I need in this. It helps to make the workflows easier to update and maintain.
• A Nostr Write node (from Nostrobots) – Writes a Kind-1 note to the Nostr network. It accepts Nostr credentials, the output of the Form node, and the relays from the Set node, and posts the Note to those relays.

Once the workflow is built, you can test it with the testing form URL, and set it to "Active" to use the production form URL. That's it. You can now give posting access to anyone for any Npub. To revoke access, simply change the credentials or set to workflow to "Inactive".

It may also be the world's simplest Nostr client.

You can find the Nostr Form to Post a Note workflow here.

Push notifications on mentions and new notes

One of the things Nostr is not very good at is push notifications. Furthermore I have some unique itches to scratch. I want–

• To make sure I never miss a note addressed to any of my Npubs – For this I want a push notification any time any Nostr user mentions any of my Npubs,
• To make sure I always see all notes from key accounts – For this I need a push notification any time any of my Npubs post any Notes to the network,
• To get these notifications on all of my devices – Not just my phone where my Nostr regular client lives, but also on each of my laptops to suit wherever I am working that day.

I needed to build a Nostr push notifications solution.

To build this workflow I had to string a few ideas together–

• Triggering the node on a schedule – Nostrobots does not include a trigger node. As every workflow starts with a trigger we needed a different method. I elected to run the workflow on a schedule of every 10-minutes. Frequent enough to see Notes while they are hot, but infrequent enough to not burden public relays or get rate-limited,
• Storing a list of Npubs in a Nostr list – I needed a way to store the list of Npubs that trigger my notifications. I initially used an array defined in the workflow, this worked fine. Then I decided to try Nostr lists (NIP-51, kind 30000). By defining my list of Npubs as a list published to Nostr I can control my list from within a Nostr client (e.g. Listr.lol or Nostrudel.ninja). Not only does this "just work", but because it's based on Nostr lists automagically Amethyst client allows me to browse that list as a Feed, and everyone I add gets notified in their Mentions,
• Using specific relays – I needed to query the right relays, including my own HAVEN relay inbox for notes addressed to me, and wss://purplepag.es for Nostr profile metadata,
• Querying Nostr events (with Nostrobots) – I needed to make use of many different Nostr queries and use quite a wide range of what Nostrobots can do–
  • I read the EventID of my Kind 30000 list, to return the desired pubkeys,
  • For notifications on mentions, I read all Kind 1 notes that mention that pubkey,
  • For notifications on new notes, I read all Kind 1 notes published by that pubkey,
  • Where there are notes, I read the Kind 0 profile metadata event of that pubkey to get the displayName of the relevant Npub,
  • I transform the EventID into a Nevent to help clients find it.
• Using the Nostr URI – As I did with my NFC card article, I created a link with the nostr: URI prefix so that my phone's native client opens the link by default,
• Push notifications solution – I needed a push notifications solution. I found many with n8n integrations and chose to go with Pushover which supports all my devices, has a free trial, and is unfairly cheap with a $5-per-device perpetual license.

Once the workflow was built, lists published, and Pushover installed on my phone, I was fully set up with push notifications on Nostr. I have used these workflows for several weeks now and made various tweaks as I went. They are feeling robust and I'd welcome you to give them a go.

You can find the Nostr Push Notification If Mentioned here and If Posts a Note here.

In speaking with other Nostr users while I was building this, there are all kind of other needs for push notifications too – like on replies to a certain bookmarked note, or when a followed Npub starts streaming on zap.stream. These are all possible.

Use my workflows

I have open sourced all my workflows at my Github with MIT license and tried to write complete docs, so that you can import them into your n8n and configure them for your own use.

To import any of my workflows–

• Click on the workflow of your choice, e.g. "Nostr_Push_Notify_If_Mentioned.json",
• Click on the "raw" button to view the raw JSON, ex any Github page layout,
• Copy that URL,
• Enter that URL in the "import from URL" dialog mentioned above.

To configure them–

• Prerequisites, credentials, and variables are all stated,
• In general any variables required are entered into a Set Node that follows the trigger node,
• Pushover has some extra setup but is very straightforward and documented in the workflow.

What next?

Over my first four blogs I explored creating a good Nostr setup with Vanity Npub, Lightning Payments, Nostr Addresses at Your Domain, and Personal Nostr Relay.

Then in my latest two blogs I explored different types of interoperability with NFC cards and now n8n Workflow Automation.

Thinking ahead n8n can power any kind of interoperability between Nostr and any other legacy technology solution. On my mind as I write this:

• Further enhancements to posting and delegating solutions and forms (enhanced UI or different note kinds),
• Automated or scheduled posting (such as auto-liking everything Lyn Alden posts),
• Further enhancements to push notifications, on new and different types of events (such as notifying me when I get a new follower, on replies to certain posts, or when a user starts streaming),
• All kinds of bridges, such as bridging notes to and from Telegram, Slack, or Campfire. Or bridging RSS or other event feeds to Nostr,
• All kinds of other automation (such as BlackCoffee controlling a coffee machine),
• All kinds of AI Assistants and Agents,

In fact I have already released an open source workflow for an AI Assistant, and will share more about that in my next blog.

Please be sure to let me know if you think there's another Nostr topic you'd like to see me tackle.

GM Nostr.

@ f6488c62:c929299d

คุณเคยจินตนาการถึงอนาคตที่ AI มีความฉลาดเทียบเท่ามนุษย์หรือไม่? นี่คือสิ่งที่ Sam Altman ซีอีโอของ OpenAI และทีมพันธมิตรอย่าง SoftBank, Oracle และ MGX กำลังผลักดันผ่าน โครงการ Stargate! โครงการนี้ไม่ใช่แค่เรื่องเทคโนโลยี แต่เป็นก้าวกระโดดครั้งใหญ่ของมนุษยชาติ! Stargate คืออะไร? Stargate เป็นโปรเจกต์สร้าง ศูนย์ข้อมูล AI ขนาดยักษ์ที่ใหญ่ที่สุดในประวัติศาสตร์ ด้วยเงินลงทุนเริ่มต้น 100,000 ล้านดอลลาร์ และอาจสูงถึง 500,000 ล้านดอลลาร์ ภายในปี 2029! เป้าหมายคือการพัฒนา Artificial General Intelligence (AGI) หรือ AI ที่ฉลาดเทียบเท่ามนุษย์ เพื่อให้สหรัฐฯ ครองความเป็นผู้นำด้าน AI และแข่งขันกับคู่แข่งอย่างจีน โครงการนี้เริ่มต้นที่เมือง Abilene รัฐเท็กซัส โดยจะสร้างศูนย์ข้อมูล 10 แห่ง และขยายไปยังญี่ปุ่น สหราชอาณาจักร และสหรัฐอาหรับเอมิเรตส์ ทำไม Stargate ถึงสำคัญ?
นวัตกรรมเปลี่ยนโลก: AI จาก Stargate จะช่วยพัฒนาวัคซีน mRNA รักษามะเร็งได้ใน 48 ชั่วโมง และยกระดับอุตสาหกรรมต่าง ๆ เช่น การแพทย์และความมั่นคงแห่งชาติ

สร้างงาน: คาดว่าจะสร้างงานกว่า 100,000 ตำแหน่ง ในสหรัฐฯ

พลังงานมหาศาล: ศูนย์ข้อมูลอาจใช้พลังงานถึง 1.2 กิกะวัตต์ เทียบเท่ากับเมืองขนาดใหญ่!

ใครอยู่เบื้องหลัง? Sam Altman ร่วมมือกับ Masayoshi Son จาก SoftBank และได้รับการสนับสนุนจาก Donald Trump ซึ่งผลักดันนโยบายให้ Stargate เป็นจริง การก่อสร้างดำเนินการโดย Oracle และพันธมิตรด้านพลังงานอย่าง Crusoe Energy Systems ความท้าทาย? ถึงจะยิ่งใหญ่ แต่ Stargate ก็เจออุปสรรค ทั้งปัญหาการระดมทุน ความกังวลเรื่องภาษีนำเข้าชิป และการแข่งขันจากคู่แข่งอย่าง DeepSeek ที่ใช้โครงสร้างพื้นฐานน้อยกว่า แถม Elon Musk ยังออกมาวิจารณ์ว่าโครงการนี้อาจ “ไม่สมจริง” แต่ Altman มั่นใจและเชิญ Musk ไปดูไซต์งานที่เท็กซัสเลยทีเดียว! อนาคตของ Stargate ศูนย์ข้อมูลแห่งแรกจะเริ่มใช้งานในปี 2026 และอาจเปลี่ยนโฉมวงการ AI ไปตลอดกาล นี่คือก้าวสำคัญสู่ยุคใหม่ของเทคโนโลยีที่อาจเปลี่ยนวิถีชีวิตของเรา! และไม่ใช่ประตูดวงดาวแบบในหนังนะ! ถึงชื่อ Stargate จะได้แรงบันดาลใจจากภาพยนตร์ sci-fi อันโด่งดัง แต่โครงการนี้ไม่ได้พาเราไปยังดวงดาวอื่น มันคือการเปิดประตูสู่โลกแห่ง AI ที่ทรงพลัง และอาจเปลี่ยนอนาคตของมนุษยชาติไปเลย! และไม่เหมือน universechain ของ star ของผมนะครับ

Stargate #AI #SamAltman #OpenAI #อนาคตของเทคโนโลยี

@ 3f770d65:7a745b24

Here are my predictions for Nostr in 2025:

Decentralization: The outbox and inbox communication models, sometimes referred to as the Gossip model, will become the standard across the ecosystem. By the end of 2025, all major clients will support these models, providing seamless communication and enhanced decentralization. Clients that do not adopt outbox/inbox by then will be regarded as outdated or legacy systems.

Privacy Standards: Major clients such as Damus and Primal will move away from NIP-04 DMs, adopting more secure protocol possibilities like NIP-17 or NIP-104. These upgrades will ensure enhanced encryption and metadata protection. Additionally, NIP-104 MLS tools will drive the development of new clients and features, providing users with unprecedented control over the privacy of their communications.

Interoperability: Nostr's ecosystem will become even more interconnected. Platforms like the Olas image-sharing service will expand into prominent clients such as Primal, Damus, Coracle, and Snort, alongside existing integrations with Amethyst, Nostur, and Nostrudel. Similarly, audio and video tools like Nostr Nests and Zap.stream will gain seamless integration into major clients, enabling easy participation in live events across the ecosystem.

Adoption and Migration: Inspired by early pioneers like Fountain and Orange Pill App, more platforms will adopt Nostr for authentication, login, and social systems. In 2025, a significant migration from a high-profile application platform with hundreds of thousands of users will transpire, doubling Nostr’s daily activity and establishing it as a cornerstone of decentralized technologies.

@ c1d77557:bf04ec8b

O 567br é uma plataforma de entretenimento online que tem se destacado pela sua inovação, variedade de jogos e foco na experiência do jogador. Com uma interface amigável e recursos de alta qualidade, a plataforma oferece uma jornada divertida e segura para os seus usuários. Neste artigo, vamos explorar os principais aspectos do 567br, incluindo a introdução da plataforma, os jogos que ela oferece e como a experiência do jogador é aprimorada em cada detalhe.

O 567br foi desenvolvido com o objetivo de proporcionar aos jogadores uma experiência imersiva e prazerosa. Sua interface é simples, intuitiva e de fácil navegação, permitindo que os usuários encontrem rapidamente seus jogos favoritos. A plataforma também é otimizada para dispositivos móveis, o que significa que os jogadores podem acessar seus jogos em qualquer lugar e a qualquer momento, seja no computador ou no smartphone.

Além disso, o 567brse preocupa com a segurança de seus usuários, implementando tecnologias de criptografia de ponta para garantir que todos os dados pessoais e financeiros estejam protegidos. A plataforma também oferece suporte ao cliente de alta qualidade, disponível 24/7, para resolver quaisquer dúvidas ou problemas que possam surgir durante a experiência de jogo.

Jogos Empolgantes e Variedade para Todos os Gostos No 567br, a diversidade de jogos é um dos pontos fortes da plataforma. Desde jogos de mesa e cartas até opções de entretenimento mais dinâmicas e inovadoras, há algo para todos os gostos e preferências. Os jogos disponíveis são desenvolvidos por alguns dos melhores fornecedores de conteúdo da indústria, garantindo gráficos de alta qualidade, jogabilidade fluida e mecânicas envolventes.

Os jogadores podem escolher entre diferentes categorias, como:

Jogos de Mesa: Para quem gosta de uma experiência mais estratégica e de tomada de decisões, os jogos de mesa são uma excelente opção. São oferecidas diversas variantes de jogos populares, como pôquer, blackjack, roleta, entre outros.

Jogos de Ação e Aventura: Para os que buscam adrenalina e emoção, a plataforma oferece uma seleção de jogos de ação e aventura com temas envolventes e gráficos impressionantes. Esses jogos garantem uma experiência de jogo emocionante e desafiadora.

Jogos de Arcade: Se você está em busca de algo mais descontraído e divertido, os jogos de arcade são uma excelente escolha. Eles são rápidos, fáceis de entender e proporcionam diversão instantânea.

A plataforma está sempre atualizando seu portfólio de jogos para garantir que os jogadores tenham acesso às últimas novidades e inovações do mundo do entretenimento online.

A Experiência do Jogador: Personalização e Interatividade O 567br não se limita a oferecer apenas uma plataforma de jogos, mas também busca criar uma experiência personalizada e interativa para cada jogador. A plataforma possui funcionalidades que permitem que os usuários ajustem sua experiência de jogo de acordo com suas preferências individuais.

A personalização da interface é um exemplo claro disso. O jogador pode escolher o tema e a disposição dos elementos na tela, criando um ambiente que seja confortável e agradável de usar. Além disso, o 567br oferece recursos interativos, como chats ao vivo, onde os jogadores podem interagir com outros usuários e até mesmo com os dealers, proporcionando uma sensação de comunidade.

Outro aspecto importante é a possibilidade de acompanhar o desempenho e os resultados de jogo. A plataforma oferece relatórios detalhados, permitindo que os jogadores monitorem seu progresso, analisem suas vitórias e perdas, e façam ajustes em sua estratégia de jogo.

Promoções e Benefícios para os Jogadores O 567br também oferece uma série de promoções e benefícios que tornam a experiência de jogo ainda mais atrativa. Novos jogadores podem aproveitar bônus de boas-vindas e outras ofertas especiais, enquanto jogadores regulares podem se beneficiar de programas de fidelidade e promoções exclusivas.

Essas ofertas ajudam a aumentar a diversão e proporcionam mais oportunidades para que os jogadores explorem novos jogos e tenham uma experiência ainda mais rica. Além disso, o sistema de recompensas é transparente e justo, garantindo que todos os jogadores tenham as mesmas oportunidades de aproveitar os benefícios.

Conclusão: Uma Plataforma Completa para Todos os Gostos Com sua interface intuitiva, variedade de jogos e foco na experiência do jogador, o 567br se consolida como uma plataforma de entretenimento online de alta qualidade. Seja para quem busca jogos estratégicos, ação intensa ou diversão casual, o 567br tem algo para todos.

A segurança, o suporte ao cliente e a personalização da experiência de jogo tornam o 567br uma opção atraente para jogadores que buscam mais do que apenas uma plataforma de jogos – buscam uma jornada de entretenimento envolvente e segura. Se você está procurando por uma experiência completa e agradável, o 567br é, sem dúvida, uma excelente escolha.

@ 5a261a61:2ebd4480

Tom stopped and nodded to Jiro with a smile. "Just wanted to see how it's going," he said as he approached the counter.

"People need to eat and I have food. Can't complain," replied the ever-smiling Jiro. "Are you heading out to make some money, or should I put it on your tab again?" he continued without pausing his stirring.

Tom might have been short on cash, but his pride (and caution) never allowed him to leave debts with friends. And Jiro was about the closest thing to a friend among all his acquaintances.

"I can still afford it today," Tom smiled tiredly, "but if you know of something that might bring in some metal, I could stop by tomorrow too."

"There might be something, but nothing that would pay the bills today. You might have better luck across the street. They're having another party today, and as a good neighbor and main supplier of coconut oil, I have a magic piece of paper that will get you on the guest list."

"And here comes the 'but'?"

"If you're this impatient with women too, I'm not surprised you don't have one to make a home out of those four walls... Have I told you about my niece Noi?" Juri asked with his typical mischievous smile.

Tom raised an eyebrow. "Maybe. But I have a feeling you're going to tell me again anyway."

Juri laughed. "See, that's why I like you. You always know what's coming." He leaned closer across the counter. "Noi is a smart girl, studying journalism. But she needs a bit of... how to put it... social training."

"And by that, you mean exactly what?" Tom asked cautiously.

"Nothing bad, don't worry," Juri waved his hand dismissively. "She just needs someone to take her into better society. You know, to see how things work. And, as it happens, she has tickets to tonight's party at The Beach."

Tom sighed. He already suspected where this was heading. "Juri, I'm not exactly—"

"The perfect gentleman who could show my niece how to behave in higher circles?" Juri cut him off. "Come on, Tom. You're a detective. You know how to adapt to wherever the wind blows. And she has those tickets. You want to go to the party, she needs a guide. Everyone will be happy."

Tom remained silent for a moment, considering his options. On one hand, he wasn't in the mood to babysit some naive student. On the other hand, those tickets would really come in handy... especially since he had nothing better going on.

Where to next?

• accept offer to get out of the stale water
• find another way other than babysitting

@ e97aaffa:2ebd765d

Último dia do ano, momento para tirar o pó da bola de cristal, para fazer reflexões, previsões e desejos para o próximo ano e seguintes.

Ano após ano, o Bitcoin evoluiu, foi ultrapassando etapas, tornou-se cada vez mais mainstream. Está cada vez mais difícil fazer previsões sobre o Bitcoin, já faltam poucas barreiras a serem ultrapassadas e as que faltam são altamente complexas ou tem um impacto profundo no sistema financeiro ou na sociedade. Estas alterações profundas tem que ser realizadas lentamente, porque uma alteração rápida poderia resultar em consequências terríveis, poderia provocar um retrocesso.

Código do Bitcoin

No final de 2025, possivelmente vamos ter um fork, as discussões sobre os covenants já estão avançadas, vão acelerar ainda mais. Já existe um consenso relativamente alto, a favor dos covenants, só falta decidir que modelo será escolhido. Penso que até ao final do ano será tudo decidido.

Depois dos covenants, o próximo foco será para a criptografia post-quantum, que será o maior desafio que o Bitcoin enfrenta. Criar uma criptografia segura e que não coloque a descentralização em causa.

Espero muito de Ark, possivelmente a inovação do ano, gostaria de ver o Nostr a furar a bolha bitcoinheira e que o Cashu tivesse mais reconhecimento pelos bitcoiners.

Espero que surjam avanços significativos no BitVM2 e BitVMX.

Não sei o que esperar das layer 2 de Bitcoin, foram a maior desilusão de 2024. Surgiram com muita força, mas pouca coisa saiu do papel, foi uma mão cheia de nada. Uma parte dos projetos caiu na tentação da shitcoinagem, na criação de tokens, que tem um único objetivo, enriquecer os devs e os VCs.

Se querem ser levados a sério, têm que ser sérios.

“À mulher de César não basta ser honesta, deve parecer honesta”

Se querem ter o apoio dos bitcoiners, sigam o ethos do Bitcoin.

Neste ponto a atitude do pessoal da Ark é exemplar, em vez de andar a chorar no Twitter para mudar o código do Bitcoin, eles colocaram as mãos na massa e criaram o protocolo. É claro que agora está meio “coxo”, funciona com uma multisig ou com os covenants na Liquid. Mas eles estão a criar um produto, vão demonstrar ao mercado que o produto é bom e útil. Com a adoção, a comunidade vai perceber que o Ark necessita dos covenants para melhorar a interoperabilidade e a soberania.

É este o pensamento certo, que deveria ser seguido pelos restantes e futuros projetos. É seguir aquele pensamento do J.F. Kennedy:

“Não perguntem o que é que o vosso país pode fazer por vocês, perguntem o que é que vocês podem fazer pelo vosso país”

Ou seja, não fiquem à espera que o bitcoin mude, criem primeiro as inovações/tecnologia, ganhem adoção e depois demonstrem que a alteração do código camada base pode melhorar ainda mais o vosso projeto. A necessidade é que vai levar a atualização do código.

Reservas Estratégicas de Bitcoin

Bancos centrais

Com a eleição de Trump, emergiu a ideia de uma Reserva Estratégia de Bitcoin, tornou este conceito mainstream. Foi um pivot, a partir desse momento, foram enumerados os políticos de todo o mundo a falar sobre o assunto.

A Senadora Cynthia Lummis foi mais além e propôs um programa para adicionar 200 mil bitcoins à reserva ao ano, até 1 milhão de Bitcoin. Só que isto está a criar uma enorme expectativa na comunidade, só que pode resultar numa enorme desilusão. Porque no primeiro ano, o Trump em vez de comprar os 200 mil, pode apenas adicionar na reserva, os 198 mil que o Estado já tem em sua posse. Se isto acontecer, possivelmente vai resultar numa forte queda a curto prazo. Na minha opinião os bancos centrais deveriam seguir o exemplo de El Salvador, fazer um DCA diário.

Mais que comprar bitcoin, para mim, o mais importante é a criação da Reserva, é colocar o Bitcoin ao mesmo nível do ouro, o impacto para o resto do mundo será tremendo, a teoria dos jogos na sua plenitude. Muitos outros bancos centrais vão ter que comprar, para não ficarem atrás, além disso, vai transmitir uma mensagem à generalidade da população, que o Bitcoin é “afinal é algo seguro, com valor”.

Mas não foi Trump que iniciou esta teoria dos jogos, mas sim foi a primeira vítima dela. É o próprio Trump que o admite, que os EUA necessitam da reserva para não ficar atrás da China. Além disso, desde que os EUA utilizaram o dólar como uma arma, com sanção contra a Rússia, surgiram boatos de que a Rússia estaria a utilizar o Bitcoin para transações internacionais. Que foram confirmados recentemente, pelo próprio governo russo. Também há poucos dias, ainda antes deste reconhecimento público, Putin elogiou o Bitcoin, ao reconhecer que “Ninguém pode proibir o bitcoin”, defendendo como uma alternativa ao dólar. A narrativa está a mudar.

Já existem alguns países com Bitcoin, mas apenas dois o fizeram conscientemente (El Salvador e Butão), os restantes têm devido a apreensões. Hoje são poucos, mas 2025 será o início de uma corrida pelos bancos centrais. Esta corrida era algo previsível, o que eu não esperava é que acontecesse tão rápido.

Empresas

A criação de reservas estratégicas não vai ficar apenas pelos bancos centrais, também vai acelerar fortemente nas empresas em 2025.

Mas as empresas não vão seguir a estratégia do Saylor, vão comprar bitcoin sem alavancagem, utilizando apenas os tesouros das empresas, como uma proteção contra a inflação. Eu não sou grande admirador do Saylor, prefiro muito mais, uma estratégia conservadora, sem qualquer alavancagem. Penso que as empresas vão seguir a sugestão da BlackRock, que aconselha um alocações de 1% a 3%.

Penso que 2025, ainda não será o ano da entrada das 6 magníficas (excepto Tesla), será sobretudo empresas de pequena e média dimensão. As magníficas ainda tem uma cota muito elevada de shareholders com alguma idade, bastante conservadores, que têm dificuldade em compreender o Bitcoin, foi o que aconteceu recentemente com a Microsoft.

Também ainda não será em 2025, talvez 2026, a inclusão nativamente de wallet Bitcoin nos sistema da Apple Pay e da Google Pay. Seria um passo gigante para a adoção a nível mundial.

ETFs

Os ETFs para mim são uma incógnita, tenho demasiadas dúvidas, como será 2025. Este ano os inflows foram superiores a 500 mil bitcoins, o IBIT foi o lançamento de ETF mais bem sucedido da história. O sucesso dos ETFs, deve-se a 2 situações que nunca mais se vão repetir. O mercado esteve 10 anos à espera pela aprovação dos ETFs, a procura estava reprimida, isso foi bem notório nos primeiros meses, os inflows foram brutais.

Também se beneficiou por ser um mercado novo, não existia orderbook de vendas, não existia um mercado interno, praticamente era só inflows. Agora o mercado já estabilizou, a maioria das transações já são entre clientes dos próprios ETFs. Agora só uma pequena percentagem do volume das transações diárias vai resultar em inflows ou outflows.

Estes dois fenómenos nunca mais se vão repetir, eu não acredito que o número de inflows em BTC supere os número de 2024, em dólares vai superar, mas em btc não acredito que vá superar.

Mas em 2025 vão surgir uma infindável quantidade de novos produtos, derivativos, novos ETFs de cestos com outras criptos ou cestos com ativos tradicionais. O bitcoin será adicionado em produtos financeiros já existentes no mercado, as pessoas vão passar a deter bitcoin, sem o saberem.

Com o fim da operação ChokePoint 2.0, vai surgir uma nova onda de adoção e de produtos financeiros. Possivelmente vamos ver bancos tradicionais a disponibilizar produtos ou serviços de custódia aos seus clientes.

Eu adoraria ver o crescimento da adoção do bitcoin como moeda, só que a regulamentação não vai ajudar nesse processo.

Preço

Eu acredito que o topo deste ciclo será alcançado no primeiro semestre, posteriormente haverá uma correção. Mas desta vez, eu acredito que a correção será muito menor que as anteriores, inferior a 50%, esta é a minha expectativa. Espero estar certo.

Stablecoins de dólar

Agora saindo um pouco do universo do Bitcoin, acho importante destacar as stablecoins.

No último ciclo, eu tenho dividido o tempo, entre continuar a estudar o Bitcoin e estudar o sistema financeiro, as suas dinâmicas e o comportamento humano. Isto tem sido o meu foco de reflexão, imaginar a transformação que o mundo vai sofrer devido ao padrão Bitcoin. É uma ilusão acreditar que a transição de um padrão FIAT para um padrão Bitcoin vai ser rápida, vai existir um processo transitório que pode demorar décadas.

Com a re-entrada de Trump na Casa Branca, prometendo uma política altamente protecionista, vai provocar uma forte valorização do dólar, consequentemente as restantes moedas do mundo vão derreter. Provocando uma inflação generalizada, gerando uma corrida às stablecoins de dólar nos países com moedas mais fracas. Trump vai ter uma política altamente expansionista, vai exportar dólares para todo o mundo, para financiar a sua própria dívida. A desigualdade entre os pobres e ricos irá crescer fortemente, aumentando a possibilidade de conflitos e revoltas.

“Casa onde não há pão, todos ralham e ninguém tem razão”

Será mais lenha, para alimentar a fogueira, vai gravar os conflitos geopolíticos já existentes, ficando as sociedade ainda mais polarizadas.

Eu acredito que 2025, vai haver um forte crescimento na adoção das stablecoins de dólares, esse forte crescimento vai agravar o problema sistémico que são as stablecoins. Vai ser o início do fim das stablecoins, pelo menos, como nós conhecemos hoje em dia.

Problema sistémico

O sistema FIAT não nasceu de um dia para outro, foi algo que foi construído organicamente, ou seja, foi evoluindo ao longo dos anos, sempre que havia um problema/crise, eram criadas novas regras ou novas instituições para minimizar os problemas. Nestes quase 100 anos, desde os acordos de Bretton Woods, a evolução foram tantas, tornaram o sistema financeiro altamente complexo, burocrático e nada eficiente.

Na prática é um castelo de cartas construído sobre outro castelo de cartas e que por sua vez, foi construído sobre outro castelo de cartas.

As stablecoins são um problema sistémico, devido às suas reservas em dólares e o sistema financeiro não está preparado para manter isso seguro. Com o crescimento das reservas ao longo dos anos, foi se agravando o problema.

No início a Tether colocava as reservas em bancos comerciais, mas com o crescimento dos dólares sob gestão, criou um problema nos bancos comerciais, devido à reserva fracionária. Essas enormes reservas da Tether estavam a colocar em risco a própria estabilidade dos bancos.

A Tether acabou por mudar de estratégia, optou por outros ativos, preferencialmente por títulos do tesouro/obrigações dos EUA. Só que a Tether continua a crescer e não dá sinais de abrandamento, pelo contrário.

Até o próprio mundo cripto, menosprezava a gravidade do problema da Tether/stablecoins para o resto do sistema financeiro, porque o marketcap do cripto ainda é muito pequeno. É verdade que ainda é pequeno, mas a Tether não o é, está no top 20 dos maiores detentores de títulos do tesouros dos EUA e está ao nível dos maiores bancos centrais do mundo. Devido ao seu tamanho, está a preocupar os responsáveis/autoridades/reguladores dos EUA, pode colocar em causa a estabilidade do sistema financeiro global, que está assente nessas obrigações.

Os títulos do tesouro dos EUA são o colateral mais utilizado no mundo, tanto por bancos centrais, como por empresas, é a charneira da estabilidade do sistema financeiro. Os títulos do tesouro são um assunto muito sensível. Na recente crise no Japão, do carry trade, o Banco Central do Japão tentou minimizar a desvalorização do iene através da venda de títulos dos EUA. Esta operação, obrigou a uma viagem de emergência, da Secretaria do Tesouro dos EUA, Janet Yellen ao Japão, onde disponibilizou liquidez para parar a venda de títulos por parte do Banco Central do Japão. Essa forte venda estava desestabilizando o mercado.

Os principais detentores de títulos do tesouros são institucionais, bancos centrais, bancos comerciais, fundo de investimento e gestoras, tudo administrado por gestores altamente qualificados, racionais e que conhecem a complexidade do mercado de obrigações.

O mundo cripto é seu oposto, é naife com muita irracionalidade e uma forte pitada de loucura, na sua maioria nem faz a mínima ideia como funciona o sistema financeiro. Essa irracionalidade pode levar a uma “corrida bancária”, como aconteceu com o UST da Luna, que em poucas horas colapsou o projeto. Em termos de escala, a Luna ainda era muito pequena, por isso, o problema ficou circunscrito ao mundo cripto e a empresas ligadas diretamente ao cripto.

Só que a Tether é muito diferente, caso exista algum FUD, que obrigue a Tether a desfazer-se de vários biliões ou dezenas de biliões de dólares em títulos num curto espaço de tempo, poderia provocar consequências terríveis em todo o sistema financeiro. A Tether é grande demais, é já um problema sistémico, que vai agravar-se com o crescimento em 2025.

Não tenham dúvidas, se existir algum problema, o Tesouro dos EUA vai impedir a venda dos títulos que a Tether tem em sua posse, para salvar o sistema financeiro. O problema é, o que vai fazer a Tether, se ficar sem acesso às venda das reservas, como fará o redeem dos dólares?

Como o crescimento do Tether é inevitável, o Tesouro e o FED estão com um grande problema em mãos, o que fazer com o Tether?

Mas o problema é que o atual sistema financeiro é como um curto cobertor: Quanto tapas a cabeça, destapas os pés; Ou quando tapas os pés, destapas a cabeça. Ou seja, para resolver o problema da guarda reservas da Tether, vai criar novos problemas, em outros locais do sistema financeiro e assim sucessivamente.

Conta mestre

Uma possível solução seria dar uma conta mestre à Tether, dando o acesso direto a uma conta no FED, semelhante à que todos os bancos comerciais têm. Com isto, a Tether deixaria de necessitar os títulos do tesouro, depositando o dinheiro diretamente no banco central. Só que isto iria criar dois novos problemas, com o Custodia Bank e com o restante sistema bancário.

O Custodia Bank luta há vários anos contra o FED, nos tribunais pelo direito a ter licença bancária para um banco com full-reserves. O FED recusou sempre esse direito, com a justificativa que esse banco, colocaria em risco toda a estabilidade do sistema bancário existente, ou seja, todos os outros bancos poderiam colapsar. Perante a existência em simultâneo de bancos com reserva fracionária e com full-reserves, as pessoas e empresas iriam optar pelo mais seguro. Isso iria provocar uma corrida bancária, levando ao colapso de todos os bancos com reserva fracionária, porque no Custodia Bank, os fundos dos clientes estão 100% garantidos, para qualquer valor. Deixaria de ser necessário limites de fundos de Garantia de Depósitos.

Eu concordo com o FED nesse ponto, que os bancos com full-reserves são uma ameaça a existência dos restantes bancos. O que eu discordo do FED, é a origem do problema, o problema não está nos bancos full-reserves, mas sim nos que têm reserva fracionária.

O FED ao conceder uma conta mestre ao Tether, abre um precedente, o Custodia Bank irá o aproveitar, reclamando pela igualdade de direitos nos tribunais e desta vez, possivelmente ganhará a sua licença.

Ainda há um segundo problema, com os restantes bancos comerciais. A Tether passaria a ter direitos similares aos bancos comerciais, mas os deveres seriam muito diferentes. Isto levaria os bancos comerciais aos tribunais para exigir igualdade de tratamento, é uma concorrência desleal. Isto é o bom dos tribunais dos EUA, são independentes e funcionam, mesmo contra o estado. Os bancos comerciais têm custos exorbitantes devido às políticas de compliance, como o KYC e AML. Como o governo não vai querer aliviar as regras, logo seria a Tether, a ser obrigada a fazer o compliance dos seus clientes.

A obrigação do KYC para ter stablecoins iriam provocar um terramoto no mundo cripto.

Assim, é pouco provável que seja a solução para a Tether.

FED

Só resta uma hipótese, ser o próprio FED a controlar e a gerir diretamente as stablecoins de dólar, nacionalizado ou absorvendo as existentes. Seria uma espécie de CBDC. Isto iria provocar um novo problema, um problema diplomático, porque as stablecoins estão a colocar em causa a soberania monetária dos outros países. Atualmente as stablecoins estão um pouco protegidas porque vivem num limbo jurídico, mas a partir do momento que estas são controladas pelo governo americano, tudo muda. Os países vão exigir às autoridades americanas medidas que limitem o uso nos seus respectivos países.

Não existe uma solução boa, o sistema FIAT é um castelo de cartas, qualquer carta que se mova, vai provocar um desmoronamento noutro local. As autoridades não poderão adiar mais o problema, terão que o resolver de vez, senão, qualquer dia será tarde demais. Se houver algum problema, vão colocar a responsabilidade no cripto e no Bitcoin. Mas a verdade, a culpa é inteiramente dos políticos, da sua incompetência em resolver os problemas a tempo.

Será algo para acompanhar futuramente, mas só para 2026, talvez…

É curioso, há uns anos pensava-se que o Bitcoin seria a maior ameaça ao sistema ao FIAT, mas afinal, a maior ameaça aos sistema FIAT é o próprio FIAT(stablecoins). A ironia do destino.

Isto é como uma corrida, o Bitcoin é aquele atleta que corre ao seu ritmo, umas vezes mais rápido, outras vezes mais lento, mas nunca pára. O FIAT é o atleta que dá tudo desde da partida, corre sempre em velocidade máxima. Só que a vida e o sistema financeiro não é uma prova de 100 metros, mas sim uma maratona.

Europa

2025 será um ano desafiante para todos europeus, sobretudo devido à entrada em vigor da regulamentação (MiCA). Vão começar a sentir na pele a regulamentação, vão agravar-se os problemas com os compliance, problemas para comprovar a origem de fundos e outras burocracias. Vai ser lindo.

O Travel Route passa a ser obrigatório, os europeus serão obrigados a fazer o KYC nas transações. A Travel Route é uma suposta lei para criar mais transparência, mas prática, é uma lei de controle, de monitorização e para limitar as liberdades individuais dos cidadãos.

O MiCA também está a colocar problemas nas stablecoins de Euro, a Tether para já preferiu ficar de fora da europa. O mais ridículo é que as novas regras obrigam os emissores a colocar 30% das reservas em bancos comerciais. Os burocratas europeus não compreendem que isto coloca em risco a estabilidade e a solvência dos próprios bancos, ficam propensos a corridas bancárias.

O MiCA vai obrigar a todas as exchanges a estar registadas em solo europeu, ficando vulnerável ao temperamento dos burocratas. Ainda não vai ser em 2025, mas a UE vai impor políticas de controle de capitais, é inevitável, as exchanges serão obrigadas a usar em exclusividade stablecoins de euro, as restantes stablecoins serão deslistadas.

Todas estas novas regras do MiCA, são extremamente restritas, não é para garantir mais segurança aos cidadãos europeus, mas sim para garantir mais controle sobre a população. A UE está cada vez mais perto da autocracia, do que da democracia. A minha única esperança no horizonte, é que o sucesso das políticas cripto nos EUA, vai obrigar a UE a recuar e a aligeirar as regras, a teoria dos jogos é implacável. Mas esse recuo, nunca acontecerá em 2025, vai ser um longo período conturbado.

Recessão

Os mercados estão todos em máximos históricos, isto não é sustentável por muito tempo, suspeito que no final de 2025 vai acontecer alguma correção nos mercados. A queda só não será maior, porque os bancos centrais vão imprimir dinheiro, muito dinheiro, como se não houvesse amanhã. Vão voltar a resolver os problemas com a injeção de liquidez na economia, é empurrar os problemas com a barriga, em de os resolver. Outra vez o efeito Cantillon.

Será um ano muito desafiante a nível político, onde o papel dos políticos será fundamental. A crise política na França e na Alemanha, coloca a UE órfã, sem um comandante ao leme do navio. 2025 estará condicionado pelas eleições na Alemanha, sobretudo no resultado do AfD, que podem colocar em causa a propriedade UE e o euro.

Possivelmente, só o fim da guerra poderia minimizar a crise, algo que é muito pouco provável acontecer.

Em Portugal, a economia parece que está mais ou menos equilibrada, mas começam a aparecer alguns sinais preocupantes. Os jogos de sorte e azar estão em máximos históricos, batendo o recorde de 2014, época da grande crise, não é um bom sinal, possivelmente já existe algum desespero no ar.

A Alemanha é o motor da Europa, quanto espirra, Portugal constipa-se. Além do problema da Alemanha, a Espanha também está à beira de uma crise, são os países que mais influenciam a economia portuguesa.

Se existir uma recessão mundial, terá um forte impacto no turismo, que é hoje em dia o principal motor de Portugal.

Brasil

Brasil é algo para acompanhar em 2025, sobretudo a nível macro e a nível político. Existe uma possibilidade de uma profunda crise no Brasil, sobretudo na sua moeda. O banco central já anda a queimar as reservas para minimizar a desvalorização do Real.

Sem mudanças profundas nas políticas fiscais, as reservas vão se esgotar. As políticas de controle de capitais são um cenário plausível, será interesse de acompanhar, como o governo irá proceder perante a existência do Bitcoin e stablecoins. No Brasil existe um forte adoção, será um bom case study, certamente irá repetir-se em outros países num futuro próximo.

Os próximos tempos não serão fáceis para os brasileiros, especialmente para os que não têm Bitcoin.

Blockchain

Em 2025, possivelmente vamos ver os primeiros passos da BlackRock para criar a primeira bolsa de valores, exclusivamente em blockchain. Eu acredito que a BlackRock vai criar uma própria blockchain, toda controlada por si, onde estarão os RWAs, para fazer concorrência às tradicionais bolsas de valores. Será algo interessante de acompanhar.

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Estas são as minhas previsões, eu escrevi isto muito em cima do joelho, certamente esqueci-me de algumas coisas, se for importante acrescentarei nos comentários. A maioria das previsões só acontecerá após 2025, mas fica aqui a minha opinião.

Isto é apenas a minha opinião, Don’t Trust, Verify!