A new breed of entrepreneurs is emerging on social media platforms, especially on LinkedIn—those who want to show (in new terms: coach) other entrepreneurs how to become successful. And even on Nostr I have already discovered the first coaches. Their areas of influence vary from general measures to spiritual-mental attitude change, and even to specializations on a medium or a specific platform. Over the past few weeks, I have looked into several of them and expressed interest in their offerings, always with an open mindset: "Maybe they know something I don't, and I could learn something new." I engaged with generalists, mental attitude changers, and specialists. I went through a few stages that all look the same: 1. They somehow get in touch with you, often subtly lured through indirect means so that they don’t appear to be cold-calling you (which is illegal in many countries). 2. You are invited to a mass event, usually a webinar with general teasers about the offering. 3. Then you are asked to pay to access the valuable information. Here are my thoughts about this business model. They all promise to know some kind of secret formula or have a proven system that you just need to follow to achieve success in 90% of cases (or so). This system has, of course, been tried and tested over the years, they say, and they have made an effort to formalize it—for you. So they can now sell it to you, saving you the trouble of doing the work yourself. The target audience seems to be entrepreneurs in their 20s and 30s, or those who want to become one. While they claim it’s for all age groups, the presentation clearly appeals more to this demographic. It would be difficult to convince someone in their 40s or 50s. No wonder, as all these success coaches I met were under 40 themselves and have no idea how people think when you get older. Now, after reading their social media posts, which are admittedly persuasive in rhetoric, and after being tempted, like I was, to comment on one with "BS, that only works in exceptions," they respond positively, never offended, and in an inviting tone. Or they send you "info material" or some other goodies behind a link where you have to sign up with your email address. Since I use disposable email addresses, I have no problem with that and think, why not? Let’s see what they have to offer. And sometime later, maybe in 2 or 3 weeks, you receive an invitation to a "webinar" at the same address. And that’s where it starts to get unethical. Most of them didn’t indicate in the sign-up for the initial info material that they would also use your email address for other purposes, or that the whole thing is actually set up with that intention. Such information should be placed near the email field according to EU privacy laws. If it’s missing, it’s a violation of GDPR and actually a justiciable issue. But okay, I participated in all the webinars out of curiosity. And they are all structured the same way. First, there’s a one-hour presentation with slides covering general points, followed seamlessly by the introduction of their own product or service. There’s no "advertisement" or "sponsored" label beforehand (red flag number 2). It’s either access to several training videos or an initial consultation session to tailor the coaching to your specific needs. So it all boils down to selling the coach’s own product or service. In the past, this was done directly in the first step. That doesn’t work as well today, so they’ve added 1-2 steps beforehand with bait offers. But at the latest, after or at the end of the webinar, prices are presented. These range from 5,000 to 10,000 Euros. A young or unsuccessful entrepreneur has to invest this amount if they want to receive the formula for financial bliss. Yet, they don’t even know exactly what they would be investing in. They are constantly led to believe that this magical formula works for most people, and in every case during the webinar, a previous successful client is showcased, who is now floating in the clouds of financial happiness thanks to this "secret formula." However, it is also mentioned that this formula must be specifically tailored to your business. Hence the 5-10K euro investment. This means that after at least 2 hurdles of customer attraction, you still don’t know what you will actually receive and specifically, whether it will really work for you. You are essentially buying a pig in a poke. And that is the main problem. It is repeatedly pointed out that the customer also has their obligations, such as doing everything the coach recommends and investing a certain amount of time each week. But nothing is promised with certainty. You only hear the alleged success statistics of X% over and over again. You can’t verify that; you just have to take it on faith. And that’s when you start to gamble internally. "Ah, I’m sure I belong to the 90% (or whatever the success rate is) if I just follow along." You also have to trust that the success example presented in person in the webinar is authentic, meaning that the success of this entrepreneur stems solely from the implementation of the coaching measures and not from other circumstances. I don’t want to accuse anyone of anything, but that’s a bit too much trust for me to invest. I’m more the type who believes "respect and politeness are free, but trust must be earned." I addressed this candidly in the last "client meeting." I pointed out that I had no guarantees, even if I fully participated, that I could expect an increase in my leads/appointments/revenues (whatever they specifically promise). In contrast, their fees are secure and likely paid in advance. I see an imbalance in fairness there. Instead, I proposed a fair commission model. For every lead/appointment/revenue they bring me, I would pay them a certain commission. And if they are indeed as good as they claim, they shouldn’t have a problem with that. I also said it would be more "entrepreneurial" to share both the success and the risk. Because with their model, only one party (namely them) has their ducks in a row while I, as the coached one, am taking a gamble. There are so many other influencing factors beyond my participation. What if my country or my industry is in a recession, for example? Or I could think of many other factors that are out of my control. Well, they vehemently rejected this proposal. No guts. No entrepreneurship on their side with this. I even said, "With your business model, it’s reasonable to suspect that you just want to rip me off and cash in, no matter what happens." That didn’t help either. My father once said something wise. When I was 18 or 19 years old, I wanted to sell building savings insurance, and for that, I was supposed to attend a sales training that costed about 50 euros, which isn’t much. My father immediately said, "Nonsense. You want to make money, not spend it." That stuck with me, and this whole situation reminded me of that. Now, this doesn’t exclude entrepreneurial risk and investments, but it should be more tangible than a pile of promises and hot air. You need to limit the risk and uncertainty as much as possible. A commission model, like the one I proposed, would have been fairer. Let’s grow or fail together, right? But not just one side taking all the risks. I also once worked as a math tutor in an organization with a money-back guarantee. Students who had failed math came to me every day for six weeks in the summer, and I prepared them for their last chance, the retake exam. Our promise was that after these six weeks, you would pass math and move up to the next grade without having to repeat the school year. And if not, you would get your entire course fee back, and both sides would have just wasted time. We only refunded one out of about 30 students, and the one's failure was more due to the immense pressure she received from home. All the others passed the retake exam, and 20% of them even became math whizzes in the following school year, achieving top grades. So, beware of such "business models." Sharing the risk is fairer. And if someone really knows their stuff, they can easily take on a 30-to-1 risk. And if not, and they insist on securing all the money upfront … you know where I’m going with this.

Bitcoin is digital money and an asset (store of value). Ethereum, the largest altcoin by market cap, is a blockchain based global virtual computer with a tokenised settlement layer. This allows smart contracts to be run on the EVM (Ethereum Virtual machine). Smart contracts are neither smart, nor contracts. They are simply code which automatically executes given specific conditions. Ethereum is tokenised meaning that you can create financial settlement contracts based on specific agreed conditions. For example, if you order goods from a merchant, a contract can be established whereby the goods are only shipped once payment has been guaranteed by locking it into a smart contract, but that money is only released to the merchant once the goods reach the destination, confirmed electronically by the shipping company. If receipt of goods is not confirmed within a specified amount of time, that money is returned to the customer. So Ethereum is not a financial instrument, it is a type of virtual computer that has money built in to allow real world electronic transactions to occur. So why would you buy the Ethereum monetary token “Ether”? Well purely to enable you to conduct business or build contracts on the Ethereum Virtual Machine. You cannot operate on Ethereum without “Ether”. A side effect of the popularity of the EVM for conducting business is that the “Ether” token has become more valuable over time. Investors who have never used the EVM see the “Ether” token increase in value and so purchase this token purely to benefit from the increasing value of this token. Therefore there is a huge amount of “Ether” sitting unused in wallets accumulating value for its own sake. Now let’s take a slightly hypothetical situation. Let’s say that Amazon gift vouchers used their own currency called “AMZ”, so if you wished to buy somebody an Amazon gift voucher you would be buying Amazons native currency. Now imagine that as Amazon grew as a company the value of that currency increased relative to the USD, EURO or GBP. Speculators would start buying Amazon gift vouchers with no intention of spending them, but simply holding them eventually looking to sell once a certain profit had been reached. We now have an investment market for something unintended. Of course in the real world, Amazon gift vouchers are only available in government national currencies such as USD or GBP, so their is no incentive to buy one unless you are gifting it to a friend or family member. And the recipient will use it within weeks or months to purchase goods from the online retailer, which is its intended purpose. This is the problem with Ethereum and many other altcoins. They were intended to provide financial utility for the underlying functionality of their computer code and blockchain. Not by investors as a speculative asset. Bitcoin is different. It was designed to be a monetary system to replace the shortcomings of government backed national currencies. Since 1971, when the gold standard ended and government (fiat) currencies were no longer backed by any physical asset, those currencies have been eroding in value and are on a path to hyperinflation. The first tremor happened in 2007/8 during the financial crises when almost all banks around the world collapsed due to the enormous amount of unbacked debt. During this time, a pseudo anonymous individual or group who went by the nom de plume “Satoshi Nakamoto” created an alternative currency based on the best attributes of gold and cash, but for the Internet era. As it has become adopted as money around the world, it has become increasingly valuable and has provided increasing utility. Bitcoin has also become a speculative asset invested in by millions of individuals and companies with no intention of spending it as money, instead saving it as a store of value to be realised at some time in the future. Some question whether it should be used this way and valid arguments criticise its use as an asset. This criticism has validity, however gold and cash (money) has always been accumulated as a store of value and most people hold more money than they need if they are able to, as it allows financial freedom. Using Bitcoin as an asset is a natural consequence of Bitcoin the money.

[Nostr Advent Calendar 2024](https://adventar.org/calendars/10004) の 12日目の記事です。 昨日の 12/11 は きりの さんの [2024年のNostrリレー運営を振り返る](https://zenn.dev/imksoo/articles/92be671d734551) でした。 # nostr-zap-view 作った リポジトリ: https://github.com/Lokuyow/nostr-zap-view/ 動作確認ページ: https://lokuyow.github.io/nostr-zap-view/ ## それ何？ 特定の誰かや何かに宛てたZap（投げ銭）を一覧できるやつ を 自分のWebサイトに設置できるやつ --- 自分のサイトに設置した例 * SNSリンク集ページ（最下部）: https://lokuyow.github.io/ * おいくらサッツ（Zap一覧ボタン）: https://osats.money/ * 今日からビットコ（最下部）: https://lokuyow.github.io/btc-dca-simulator/ ## なんで作ったの？ 私の去年のアドベントカレンダー 【Nostr】Webサイトにビットコインの投げ銭ボタンを設置しよう【Zap】 https://spotlight.soy/detail?article_id=ucd7cbrql/ が前提になってるけど長いので要約すると * ZapするやつはあるけどZap見るやつがないので欲しい * ZapをNostr（の典型的なkind:1クライアント）内だけに留めるのはもったいない * Webサイトの広告うざいからZap（的な何か）で置き換わって欲しい ## お前だれ？ 非エンジニア、非プログラマー AIにコード出させてるだけ人 ## 作った感想 できた ## 作った感想2 完成してから気付いた本当に作りたかったもの こういうところにそのままZapを表示できる感じにしたい  （ここまでちゃんとした商業ブログでなく）個人のブログやHPの端っこに「Sponsored by」欄があって名前が表示される感じ もうZapっていう文字もビットコインっていう文字もNostrも出さなくていいし説明もしなくていいのでは感がある イメージはWebサイトを対象にした[ニコニ広告](https://dic.nicovideo.jp/id/1314224) + [スーパーチャット](https://www.asobou.co.jp/blog/life/superchat) + [祭りとか神社の奉納者一覧](https://www.google.com/search?q=%E7%A5%AD+%E5%A5%89%E7%B4%8D%E8%80%85+%E4%B8%80%E8%A6%A7&tbm=isch) --- で思ったのは 個人からの投げ銭なら推し活的なものにしかならないけど 企業がNostrにアカウントを作ってサイトに投げ銭をしたら企業の広告になるんでは！？ ~~企業がNostrにアカウントを！？デリヘルしか見たことない！~~ ## 今後 思いつき、予定は未定 * ボタン→ダイアログ形式でなくバナー、Embed形式にしてページアクセスですぐ見れるようにする * 多分リレーに負荷がかかるのでなんかする * Zapの文字は出さず「Sponsored by」等にする * 単純な最新順でなくする * 少額Zapをトリミング * 一定期間（一か月など）ごとで金額順にソート * 多分リレーに負荷がかかるのでなんかする * 今は投稿宛てのZapをWebサイト宛てのZapと勝手に言い張ってるだけなのでちゃんとWebサイト宛てのZapにする * NIPの提案が必要 * ウォレットの準拠も必要 * リレー（wss://~）宛てのZapもできてほしい ## 将来 インターネットのすべてに投げ銭をさせろ --- **おわり** 明日は mono さんの [Open Sats 申請編](https://zenn.dev/konemono/articles/cb39fb7f302551) です！！

### Understanding Real Money #### The Awful Truth About Fiat Currency Let's call a spade a spade here - fiat currency is a scam. Governments and central banks print it out of thin air, devaluing each note in your wallet every single day. Your hard-earned money is losing its value, and you're left chasing your tail trying to keep up with inflation. Fiat currency is backed by nothing but the "full faith and credit" of the government. And when was the last time you trusted a politician? 😏 The truth is, fiat currencies always collapse. History is littered with examples like the Roman denarius, the Zimbabwean dollar, and, well, the ongoing crumbling of many others. #### The Concept of Intrinsic Value Real money, on the other hand, has intrinsic value—meaning it's valuable in and of itself. Think gold and silver. These precious metals have been prized for thousands of years because they don't decay, they're hard to counterfeit, and they have myriad uses in the real world, from electronics to medicine. Gold and silver have been used as money for millennia, and for good reason. They're scarce, durable, and divisible. You can't just print more gold when you feel like it. You have to mine it, refine it, and cast it. #### Bitcoin: The Digital Gold Now, let's talk about Bitcoin. Some people call it "digital gold," and there's a good reason for that. Bitcoin, like gold, is scarce (only 21 million will ever exist), and it's decentralized, meaning no government or bank can control it. This decentralization is key because it means Bitcoin is resistant to censorship and inflation. Bitcoin stands out as the only cryptocurrency that can be considered real money due to its decentralized nature, fixed supply of 21 million coins, unparalleled security, global adoption, resilience, and the philosophy of financial sovereignty it embodies. Unlike other cryptocurrencies that often have centralized control and variable supplies, Bitcoin's immutable transactions and widespread recognition make it a reliable store of value and medium of exchange. But remember, Bitcoin isn't a perfect substitute for gold. It's digital, which means it relies on technology and the internet to function. This makes it vulnerable to hacking and other digital threats. Still, the blockchain technology underpinning Bitcoin is revolutionary, creating a transparent and tamper-evident ledger of transactions. ### The Downfall of Modern Banking Systems Let's take a step back and look at the modern banking system. It's a joke. Fractional reserve banking allows banks to lend out money they don't have, creating an economic bubble that inevitably bursts. We're constantly teetering on the edge of financial collapse because banks are playing a high-stakes game of musical chairs with your money. And when things go south, who gets bailed out? Not you or me, but the banks. We saw it in 2008. The rich and powerful protected their own interests, while everyday folks lost their homes and savings. ### Why Governments Love Fiat Governments love fiat money because it allows them to spend beyond their means. When the treasury gets low, they don’t have to make tough decisions or cut spending—they just print more money. This leads to inflation, which is just another form of taxation. Your dollar buys less; your savings erode. This manipulation benefits the elites who get the newly printed money first. They can spend it while it still has value, before it trickles down into the economy and prices rise for everyone else. Trickle-down economics is as real as fairy tales. 🧚‍♂️ ### Creating a Solution: Moving Towards Real Money To reclaim our financial sovereignty, we must return to real money. Here's how: #### Gold and Silver Start by accumulating gold and silver. Begin small—buying a few ounces here and there. Store it securely, away from banks where it could be confiscated. There are many platforms and shops where you can purchase these metals safely. #### Bitcoin Diversify with Bitcoin. Make sure you understand how wallets work and practice impeccable security measures. It's not enough to buy Bitcoin; you must ensure it can't be stolen by hackers. Educate yourself on cold storage, multi-signature wallets, and other security practices. #### Educate Yourself Knowledge is power. Read books on Austrian economics, like those by Ludwig von Mises and Murray Rothbard. Understand the fundamentals of what makes good money. ### The Future of Real Money If we succeed in transitioning to real money, we can create a more sustainable and fair economic system. One where value is preserved over time, where individuals have sovereignty over their own wealth, and where the powerful can no longer manipulate the masses for their gain. #### Final Thoughts The fight for real money is a fight against the controllers, the manipulators, and the corrupt. But it’s also a fight for our freedom, our future, and our dignity. Let's look into it and make conscious choices to protect our financial future by holding real money. Keep your head up, keep questioning, and always look into it 💪 #### Suggested Readings and References * "The Creature from Jekyll Island" by G. Edward Griffin - A detailed look at the Federal Reserve and how it manipulates the money supply. * "What Has Government Done to Our Money?" by Murray Rothbard - An essential read on the problem with fiat currency and why real money matters. * "The Bitcoin Standard" by Saifedean Ammous - A comprehensive analysis of Bitcoin as a form of digital gold. * "Human Action" by Ludwig von Mises - A cornerstone work for understanding Austrian economics. * "Democracy: The God That Failed" by Hans-Hermann Hoppe - A deep dive into the failures of democratic government and the economics of anarcho-capitalism.

Been performing some maintenance on my node and it required some significant downtime. It had be wondering if there is a way to signal ahead of time to peers on the network that a downtime event is coming and that the node will be back online in x hours. originally posted at https://stacker.news/items/806557

The Peano axioms are a set of rules that define the natural numbers (like 0, 1, 2, 3, and so on) in a logical way. Here’s a simplified explanation: 1. There is a first number: There is a number called zero, and it is the starting point for all natural numbers. 2. Each number has a next number: Every number has a unique “successor,” or the number that comes after it (like 1 comes after 0, 2 comes after 1, etc.). 3. Zero is special: Zero is not the “next” number of any other number. This means the sequence of natural numbers doesn’t loop back to zero. 4. No two numbers are the same if they have different successors: If two numbers have the same “next” number, then they must actually be the same number. 5. Patterns hold for all numbers: If something is true for zero, and it stays true when moving from one number to the next, then it must be true for all numbers. These principles lay the groundwork for understanding and working with the natural numbers systematically.

This is the full transcript of Bitcoin Infinity Show #138 with Jeff Booth. If you'd like to support us, check out https://bitcoininfinity.com for all our books, merch, and more! ​   **Jeff:** Jeff, welcome back to the Bitcoin Infinity Show, Ah, thanks for having me again Luke and Kurt, **Knut:** We're off to a good start. **Jeff:** Yeah, **Knut:** Always lovely to see you, Jeff. **Jeff:** we've had a lot of good times. **Knut:** yeah, we have had a lot of good times. And it's always a pleasure. I don't remember when last we did this, like, was it like more than a year ago now, maybe? **Jeff:** It was actually, It wasn't that long **Knut:** Yeah, but we met a couple of times in between, and we've done other stuff, **Jeff:** and you're going to Columbia too, right? **Knut:** Yes, I am. So we'll see each other in mid January. So I'm doing the Medellin conference in mid January and then at the end of January there's a Plan B conference in El Salvador I'm doing. So I'm planning to, like, use those two weeks to see El Salvador, because it'll be my first time there, so looking forward to that a lot. **Jeff:** It's awesome. I'll probably do the same. I've already been to El Salvador, but I'd like to go again. So I might do the same. Maybe we'll be traveling together. Totally. **Knut:** a replay of a favorite thing, a bus tour. **Knut:** We've, actually had some, very cool, experiences through this world and Bitcoin, haven't we? swimming in the pools in Spain and, going on the strange lifts in Madeira and traveling around Bulgaria. Yeah. They're really cool. Anyway, We don't know what we're here to talk about, but we're here to find out what we're about to talk about. **Knut:** So, # What Jeff Is Excited About **Knut:** so let's start off with how's your year been? what are you excited for? What are you worried about? All the things. **Jeff:** You say it all the time. Bitcoin is imposing this reality on the world for the first time, for the first time ever, we live in a global free market. And you don't have to believe it to live in it, right? If you want to measure that, from the other system, you can, but Bitcoin's imposing the global free market on people and repricing people who don't believe it. **Jeff:** if you're living in that world and measuring from that world, You see what should happen in the world and prices falling. Most people, even when they're talking about the fiat based instrument, they're converting bitcoin to their fiat unit to be able to price the world, and they think prices are still going up. **Jeff:** But what's really happening is you have global deflation. Global productivity gains, driven by Bitcoin is repricing everything from that energy based, decentralized, secure protocol. so it's wild to be, To know that and to be living in that and with a whole bunch of other people that are doing the same. **Jeff:** And it's just that knowledge is expanding kind of person by person and moving to the new system that is going to unite 8 billion people on this planet. # Bitcoin Is Backed by Energy **Knut:** Yeah, couldn't agree more, and this is great that we start off here, because I read a Rothbard book on my way to Amsterdam, to the conference in Amsterdam a couple of months back. there he touched on some things that we touch on in the new Clown World book, and that is that, money is, it's often described as a, store of value, medium of exchange, and unit of account. **Knut:** but the store of value part is kind of, it's a metaphor and it's not optimal because you can't really store value since value is subjective, right? so we prefer the term medium of exchange over time. And that is what Rothbard, and Mises himself described money just as a medium of exchange and nothing else. **Knut:** And Rothbard explains that more. The book I read is, What Has Government Done to Our Money? I don't know if you read it or not, but it's a great **Jeff:** read it. **Knut:** so he describes that money, all fiat money or all money before Bitcoin was a receipt for something. So usually a commodity in a bank vault and usually gold. **Knut:** And if, if you didn't get the amount back that you put into the vault at some point, someone is stealing from you. And this is always true. And he makes that point very clear that no inflation is ever okay, because what we are having is a receipt for another commodity. And so I started to think about that and think about what that means for Bitcoin, because Bitcoin isn't a receipt for anything. **Knut:** This is what some no coiners, don't get. they ask, what is Bitcoin backed by? But the thing is, Bitcoin is backed by, if you put in a certain amount of energy or time and energy in your workforce to acquire a certain amount of Bitcoin. Then if you don't get that value back in the future, then the receipt didn't work. **Knut:** So it's sort of, and since Bitcoin is incorporating like the, all the energy and time and focus of every other person on earth, then that pie is inevitably growing forever. it's just that it goes up and down before we reach, you know, Get closer to a hyperbitcoinization point, but theoretically it cannot go down on any longer time frame. **Knut:** What are your thoughts? **Jeff:** Yeah. so it's completely in line with what I see in this system. These are all different ways of explaining a system that has never existed before in humankind to transition to that. They're just fractals of the transition to be able to explain it. **Jeff:** Because in Rothbart and Mises and time, there was no way to escape what I'm about to say. 5, 000 years, we've always lived in extractive systems. Somebody had to lose for us to win, right? And so we would rise to top of emperors or nation states or kings, and they would invade other lands and put them into servitude and steal their resources, to be able to have the people within the one land have success. **Jeff:** So it's always been extractive and then those extractive systems decayed over time because they centralized more and more and more and they became less productive and a new extractive system. would emerge. And the history of Humans has always been through that and we've always consolidated money to, to be able to do that to other people. **Jeff:** Whether we did it on gold, to be able to extract somebody else's gold, and, and resources and put it in them in slavery. Whether we did it on, whether we reprice the gold, 'cause we won the war, whether we ensured our own citizens because we repressed the gold, but we always, always did that. So in 5,000 years of human history. of our thoughts on what the world must look like are within an extractive system that it's always looked like. And that's why this is so hard to understand for people, because this is a cooperative system and, and, and it's, and you can't change the rules. It's imposing that cooperative system on society and you don't have to even agree with it. **Knut:** It'll impose the cooperative system on you, right? because if you're outside of the cooperative system, operating in the dishonored system. No, it's super beautiful, and it's, the way I see it from a praxeological or Austrian economics lens is that you have the catalytic competition and biological competition, right? So you have fang and claw in the world of nature, which is the biological competition where the winner takes all and there's always a loser involved. **Knut:** And catalytic competition is the free market process, in which at least theoretically both parties win, or at least both parties think they have something to gain from the interaction, because it's consensual. And Bitcoin is moving us away from the fang and claw and into the cooperation thing. So it's, it's super simple. **Knut:** Like, the civilized way of doing things is pretty simple. Not aggressing against the other actor, and the barbaric way is to shove an axe into his forehead, so, and we're going away from that. **Jeff:** Yeah, but why this is so important? Because most people's mindset is still in the other model. Most people's mindset, they believe that they can win. In a model that's extracting from other people and they don't realize that if you're in the U. S. and you're at the, let's say if you're in middle of the U. **Jeff:** S., then you're extracting a great deal from those in Africa and South America and other regions in the world. through a system that must be extractive. So you think, you put your head in the sand and you say, it's not me, those people aren't working hard enough, or those people, because you don't even know that you live in an extractive system. **Jeff:** And so, a different way of saying this, Knut, which is just what I said in my book, People understood. The natural state of the free market is deflation. That might be deflation, because we use things that give us more value, and the free market, when you said it gives us more value, we trade with people we don't like to gain more value, and both of us win. **Jeff:** we don't need to be told to do it. We just naturally do it because it gives us more value, and that competition constantly competes. So the only way to be able to create a monopoly inside of that system is to regulate it, to stop the free market, right, to stop the natural process from happening. **Jeff:** And if the natural process happened. by the way, and I'm not saying if, because it is happening on Bitcoin, you have, the natural extension of that process is you have 8 billion people in service of 8 billion people and the amount of ideas that you remove people from the extraction, where they can't even live. **Knut:** Or they can't think like this and you move them to an area of contribution. Everyone wins. add 7. 5 billion minds. Two ideas, that compete for us in service of us. And that's what Bitcoin's doing. It's crazy. Yeah, it's super beautiful, and I think this is why it's so hard to grok for people, because it's almost too simple. We do things without any violence. We exclude, we remove all the violence and everything gets better. we cooperate. **Jeff:** it's because of the idea is so profound and it's never existed before. It creates a cognitive dissonance in our brain, right? And it does for every single person going through Bitcoin, including me and including you. When you first understand Bitcoin. So if you use. that cognitive dissonance of the free market is deflationary, then creates this break against all of your previous past and what your brain does is tries Defend the reality that you live in while trying to hold this thought, because it is true. **Jeff:** Both thoughts are true, right? And so what does it mean in the world that you live in? It means you've always lived in an extractive model. It means every single system, communism, free markets, socialism, capitalism, all of those systems are on top of a system that was always a control system. And so it forces that break and what happens in our brains is we try to resolve the conflict and can't resolve the conflict. **Jeff:** The conflict becomes so big for many people, especially experts in this. I'm just going to ignore it because it's too, I don't want to change my mind. I don't want to, because my mind, I was always right. and that forces inside. **Jeff:** And that adapted in your mind to realize everything the construct that I believed in the world to be true wasn't true. And sometimes that's our ego holding us into that other thing that we cannot let go because it changes our perception of us. That's why this is such a hard journey for a lot of people because they can't let go of their previous. **Jeff:** Mental construct to be able to understand that this, this is in service of everybody because they're trying to rationalize their old beliefs, right? And that cognitive dissonance, it creates a break in people's brains, right? And you can see even in my book, we talked about this with Peter McCormick, that they read the book a bunch of different times, listen to the podcast, Interviewed for tons of different times and still kept going back and you see most people in Bitcoin at some point enter and they're still measuring Bitcoin from the other system and they're trying to resolve that conflict, but they'll all eventually resolve the conflict because it doesn't actually care. **Jeff:** Right? it's, Forcing that, **Knut:** it's so simple. I see sometimes now that Bitcoin is touching a hundred thousand dollars, that some Bitcoiners To virtue signal, they say that, oh, but that's not just for inflation, and you should measure against gold, but measuring against anything is pointless, because this, to begin with, money is not a yardstick, but bitcoin is so different, they don't understand, it's not digital gold. **Knut:** It's a number in your head. It's not a commodity. It's a number in your head. It's a secret you keep from someone else that enables you to be friendly to your enemies. to collaborate with anyone regardless of what they think about you and what you think about them. # Understanding Bitcoin **Jeff:** That's why you very rarely find Bitcoiners who go down to the depth of the understanding that then go back up, right? Because what it means, if I go to the depth of the understanding of what this means and then go back up and choose something different, what it actually means is, I want to steal from other people to get rich fast. **Knut:** Exactly. **Jeff:** And what it means is, and I talk to Odell a lot about this in Nashville a little while ago, and he's been in it longer than I have, and he goes it's interesting to watch what happens because everybody that tries to cheat bitcoin cheats themselves in the end. Because a cooperative system, just being cooperative in it. **Jeff:** You do better. **Knut:** Yeah, it's the honey badger don't care. Like, that's exactly what that means. Honey badger doesn't care. and it's so beautiful. And like, we've talked a bit about this, many times and I've fleshed out the whole idea of, How the bitcoins exist within you. **Knut:** I truly believe that on the deepest level, a bitcoin, a satoshi is not a thing on the internet. It's a thing within human beings because the ability to move them is just a secret. We keep from one another, and the protocol is nothing but an agreement on a fixed set of rules that we agree on, because they're more expensive to try to break than to just follow, which enables this trust, ironically enough. **Knut:** Don't trust verify becomes global trust and it points out, I think it's also Bitcoin as a mirror, a mirror for the world and a mirror for everyone in it to see themselves through and see the world through. One of the things is this KYC bullshit, because like money was. Invented to, in order for people to not have to do KYC, like within a family, you know, everyone, like, so, so everything in Fiat land is so clownish and so absurd at this point. **Knut:** it's like when you go to the bank and they ask you what you want to use your money for, like a bank is basically a multi sig, two out of three multi sig between you, the state and the bank at this point. And, and then they have no money. # Trapped In The System **Jeff:** what is also true is, most, just about everyone I know is still trapped in some regard in the other system. And a lot of Bitcoiners are still trapped in the other system and they're measuring price go up. and what they're doing is actually strengthening the derivative instrument of Bitcoin by, by thinking prices go up and Bitcoin goes up faster than prices. So if you just think through that, these two systems are incompatible. The free market is incompatible over a long time with an inflationary based system because it has to steal more and more and it has to centralize more and more. The two opposite systems. and so, so if you're strengthening the fiat system by, by pricing in fiat, then you're strengthening the system that's extracting from you. eventually, like if everybody did that, they won't, and the won't is because what you said before, Knut, is, what protects Bitcoin? Us. We are Bitcoin. And there's too many of us that already have seen it behind the veil. and are building the next and the next and the next to keep, make sure this stays decentralized and secure in a medium of exchange and private and all of these other things that are coming to be able to, that the existing system has no idea they're even coming, right? because those people know that this is, A state change for humanity to move to 8 billion people in service of 8 billion people. That's what those people know. and there's more of us every day. Like if you look at what it was four years ago or eight years ago, there's more of us every single day, adding our voices and adding our minds to be able to protect this and see. **Jeff:** And then there's a whole bunch of new people coming in that aren't quite there. But when you tell those new people, like sometimes when you go so deep as we're going right now, it's like you're talking crazy talk because they're still measuring Bitcoin in that other system. **Jeff:** all of their work, their houses are going up in value, their entire structure is still in that old system and they're just trying to buy Bitcoin as a store of value or I need to get this to get rich quick to be able to trade Bitcoin. And some of those people will trade it and they'll lose out. **Jeff:** And they'll constantly, they'll do the same thing and then a bunch of them will get wrecked and they'll move, a bunch of those people will move down and be like us in this new system and contribute all your time to this new system as this permeates across time and space to all people, right? That's that. **Jeff:** So just such a natural evolution. and there's all different levels. When we say Bitcoin on a decentralized and secure protocol, everybody understands it at a different level. Bitcoin And so you just have to, I tend to think, I don't need to do anything but let somebody else be where they are. I'm not trying to, like, I just know my truth. **Jeff:** I know what I'm doing. It's just, eventually they'll see it. **Knut:** Yeah, there's no use in being mad at anyone. # Bitcoin and the Dollar **Knut:** two things there. I hear from some Bitcoiners, some big names, that own, 200, 000 bitcoins or more, that, the dollar and Bitcoin can coexist for a long time to come and I don't see that. **Knut:** I think Bitcoin is the antidote to the dollar in the long run. so how long can they coexist? And is there a world where these two paths exist at the same time? And it's not obvious that the new system is better. **Jeff:** this is a very nuanced question that you have to break down in a whole bunch of different stages. I might, even in breaking it down, because there's so much kind of taking aside in this, let's try to, so push me on some of this. let's start with, The U. **Jeff:** S. dollar system. For the U. S. dollar system to work, inflation is required. And that inflation extracts more from other nations than it does the U. S. So those countries have to fail faster. But most people in those countries want the U. S. dollars. **Jeff:** Can you just explain why inflation is necessary? So, a credit based system has to have inflation because deflation is the natural state of the world. So it has to have inflation to counteract the deflation because deflation would kill the credit based system. It has to. And then inflation has to keep on rising to be able to pay back the debt. **Jeff:** It's just a piece of paper that's worthless and eventually it has to, it has to resolve. Why the U. S. dollar lasts so long is they keep finding tricks to be able to extend its life first from the, take it off the gold reserve and then tie it to energy in the form of oil. and now they're likely going to tie it to Bitcoin and to be able to remove the debt in Bitcoin terms and start the process over. **Jeff:** And most people within that, in Bitcoin terms from people in Bitcoin, as U. S. builds treasury and other nations compete for treasury, denominated in U. S. dollars, that's a centralizing function in Bitcoin, right? They're competing to centralize. on a system, that looks like that, from that system, it would appear you could make your debt go away because you're repricing as you're buying it. **Jeff:** And then from that new stability of a system, You could lever it up again, and most people wouldn't know, and they would be trading in the derivative instrument because it wouldn't be as bad inflation as it's always been. And so they wouldn't know what's happening. They would think you've resolved the debt problem. **Jeff:** And they would start again. and in other nations, they would even do it more because the U S dollar would, right. And, and because they would want the U S dollar too. And there'd be a race for U S dollars, the derivative instrument on Bitcoin instead of Bitcoin itself. And so that's a centralizing function. **Jeff:** most people are going to be completely blind to that. In fact, all of the people right now that are trading their Bitcoin for other kind of holding a contract for Bitcoin and somebody else's self custody. Because they think Bitcoin is going up, whether it's any ETF and everything else, they're doing the same thing. **Jeff:** I'm gonna get rich in this new system, it's going to reprice the other system. and that trick is likely to be successful. and then what would that mean? It would mean you'd resolve the debt crisis. Just like you resolved it from going to gold to the oil, you were able to bring it down into a more serviceable area and it'd all start again. **Jeff:** And it's still an extractive based system. And because most people would live in that system and they would be pricing not in Bitcoin, they wouldn't be spending in Bitcoin. They would be spending in the thing. Then as that centralized, because that system has to be inflationary, as that centralizes more and more, then the attack to Bitcoin comes from there later, a lot later, right? **Jeff:** Because people will give up their self custodial, they'll give up their, or some people would, if enough people, let's just imagine, in thinking through these things, it's worth, we're thinking about our human action. Right? And what most people do, whether they say they'll do it or not. so today, everybody's yelling at the government, How dare you? **Jeff:** How dare you? How dare you? Well, they would never vote for a deflationary spiral, because everything, every bank would collapse, every house, they own houses, all those houses would be worth zero, or, or a hundred dollars, because you would have no financial system, the whole thing would fail. Everything, all of these people, So there is no they, it's only us. So what would those people do in this new system? They're more than likely to trust other centralized actors. 'cause it would appear that they were getting richer than other people in Bitcoin. And that trust, while they would all make like the US dollars had a lot of strength, right? **Jeff:** It has strength right now as other countries, collapse, that would be a centralizing function. And many people would eventually not understand the true risks. if that gained enough centralization and the powers from that centralization, then the attack vector would come to how do we and, the incentives from who? **Jeff:** Kind of who's going to go against microstrategy, who's going to go against the US government, on a bunch of these different things versus a repricing, repricing event or fork or whatever of Bitcoin. So that attack is still probably a long ways away and a lot of people don't understand that that attack has to happen. Has to, because you have two incongruent systems. One has to be inflation. One's deflation. But if you're pricing Bitcoin and you're in self custodial and you're building to, so what does, and then, That has nuance as well. That has nuance because, and that has nuance that even goes in beyond Bitcoin, like some of the different protocol or some of the different coins that said Bitcoin will fail because it doesn't have security or just isn't private are actually kind of right. **Jeff:** In a different time frame, right? But they centralize their privacy coin to try to achieve it, and that wouldn't work. So privacy comes in other layers. Privacy comes in another layer on top of Bitcoin that gives it the privacy. And keeps the decentralization and security and that's what, that's what Fedement would be, that's what Cashew would be. **Jeff:** And so you're building this parallel path that some of the people, if you, if you, you could just say binary, they're all shit coiners. Or you could say inside some of the ideas of the shit, Bitcoiners were important ideas for Bitcoin as well. They didn't understand this was a protocol. **Jeff:** They thought it was a technology. And so if you take the idea of privacy instead of the naming, those people are bad. These people are good. If you just take the idea and you realize it's going to come into a different layer, then those layers are going to be increasingly important in the next fight. # Centralization of Bitcoin **Knut:** think I have a slightly different view here. **Knut:** But that's good. Yeah, so let's, let's see what you think about this. ​   **Knut:** my hope and what I think is true, it is that there are already enough hodlers of last resort to prevent that centralization of all the money from ever happening. so, and I based that on that, like most of the coins have already been mined. **Knut:** Like it's somewhere between 90, 95%. I think it's like 93, 94 or something. All of those coins are already on the market. very many of them are already held, by individuals, and individuals who we don't know who they are. And, so, so governments and, and, and micro strategy for that matter can throw as much money as they want onto this thing. **Knut:** MicroStrategy owns like a bit more than 1 percent of the total supply, and how many billions have they put into it now? it, like, in Bitcoin, it's the, it, in fiat land, they say that the first million is the hardest. In Bitcoin, it's the other way around, right? The first million sats are the easiest, and it gets exponentially harder the more you try. **Knut:** And what you're doing at the same time is you're giving power, political power, economic power, everything, to Those who got it before you did, and the earlier they got it, the more likely it is that they are actual Bitcoiners and that they have these actual deep insights, if they still have the coins. **Knut:** Otherwise, they would have spent them, so their conviction is not that deep. What are your thoughts? **Jeff:** Yeah. so I agree with those thoughts and I think, but just here's maybe a different way in 5, 000 years of human history, many people have always known this, the secret that we now know that deflation and how money is controlled against us. **Jeff:** Many people understand the risks of it. And we've never been able to prevent it because of the centralization of that and that means we must be part of the centralization. And, maybe we never had the technology to be able to do, but your hope. I have a way higher bar because I don't think people understand the incentive. They make trade offs for the short term incentives versus long term and they don't understand this. I agree with you, there's more and more people coming down all the time and more and more people keeping this decentralized and secure. **Jeff:** So I'm actually not at all worried about the failure of Bitcoin at all because we are there and there's more and more people. Because they're going to, they're going to be price and maybe nation states and everything else, they are going to be building from a debt based system and an inflationary based system and all of what that means against a neutral reserve assets that's deflationary. **Jeff:** And if Bitcoin, a really simple axiom you could use is if Bitcoin failed as a medium of exchange. It will fail as a store of value. **Knut:** this is where I don't follow because how **Jeff:** so, because if you didn't use it ever and you just, or you used it to lend against it, and you held it and you just created the lending environment again, all you have is new kings and those new kings would eventually be overthrown by a centralized, structure. **Jeff:** This has to be a medium of exchange. It has to be a peer to peer medium of exchange to stop the centralization of that, so, it will be. It is already. it's building more privacy tools to be able to resist that. So I'm not worried that it won't be. But it has to be used as a medium of exchange to your point on Rothbard in the beginning. It's a medium of exchange. **Knut:** Yeah, but medium will change over time and space. So here's the counter argument to that from a slightly technical level. if I think this comes from your presentation, Luke, like the two transactions per lifetime figure. So if you divide all the Bitcoin between all the people, We each get like something like 232, 000 sats, or something like that. **Knut:** Well, I think that's the figure of 218, 000 or whatever it was. And there's enough, if we take a lifespan to be somewhere around 80, 85 years, and everyone on earth is on Bitcoin and on chain, not on lightning, but on chain, we all get to do two transactions. during **Knut:** our lives. that's **Knut:** all there is block space for. **Knut:** So, we need transactions to pay the miners. The miners need some income, especially after the last block is the last halving has played out. So, we need some activity on chain, but I'm not worried about that at all, because of the simple fact that block space is so limited, so there will be a free market for making those transactions, and I think that's enough, and if you don't, please explain why. # Bitcoin Layers **Knut:** I don't think he was. So if it ended up being that on on chain, that's why it won't ever look like that. It's a protocol. that moves it into lightning and, to be able to transact at high volumes, around the world. And then it moves from there, into Fediments and free banking, it's completely private. **Jeff:** And so you have a security and decentralized layer. you could trade on it if you want, or you could trade, lots of money on it if you want. And that's very open for people to see. If it was only that, and it was open to people to see and everybody were trading on this other thing, and not very many people could trade on this, then eventually the government being that big, would come and find those people and stop that. So it has to move up into, liquid lightning, whether it's ARK, an interoperability layer. That is on top of that. for two reasons, it has to move that because if you didn't have the interoperability layer on top of that, then people would try to force changes onto the base layer that could end up leading up to breaking Bitcoin. **Jeff:** So you move the interoperability layer up into lightning and everything else. Now people can trade with it all over the world and it's more private. **Jeff:** and it still can't reach 8 billion people. Doing the transactions that they do even on lightning and liquid. It might be able to get close, but fees would go higher and higher and higher through that. So then you have something that's extraordinarily private, Um, and Secure, and Fediment, and Cashew. **Jeff:** That almost acts like the cities, so you have the base layer, then you have the interconnectivity layer to the cities, and your city could be arbitrarily as big or small as you want it. Your city could be your family. Your city could be, a million people in your federation. And the trade off in that federation is the bigger the federation it is, the more risk in that private banking model, that the guardians rug pull you. what gives that the ability to scale infinitely is you have the choice. you can be in 10 banks at the same time, and you can have whatever trust model you want in that. And you can move money instantly without any fees and completely private within that, **Jeff:** And that projects in layers, **Knut:** what people don't realize is that most of these things are already here. **Jeff:** Yeah, that's it. That's it. They're already here and they're already emerging. They're emerging and they're growing really fast. And, just like Bitcoin has been here for 16 years, and if you bought it in the beginning, then your worldview, the world was always deflationary. And if you didn't get it until, last year, you were living in an inflationary environment until you got it right, # It's Already Here **Knut:** Yeah. **Jeff:** but all these things, all these things exist. they're already here and they're expanding really fast because more people are starting to understand the implications and move their time over   **Knut:** let's build up a pretty optimal scenario here. that most Bitcoiners, they get both the number go up technology, function and the, or I should say purchasing power go up instead of number go up **Knut:** way better So they get the purchasing power go up aspect of it. And they get the, necessity of the medium of exchange thing from it. so that everyone realizes that their stacks should grow so big in purchasing power that they can use Bitcoin as a medium of exchange, just a small portion of their entire stack so that the increasing purchasing power of the stack will increase, so that they never have to worry about money again **Knut:** There's no compound interest the other way where someone pays debt, but like right now, it's very, it's very expensive to be poor and very, cheap to be rich in this world. And if you measure in fiat in Bitcoin, it's, that's equalized. **Jeff:** So I, I, I just said this on a different podcast, but, I don't like to, I'm not trying to be a Bitcoin speaker. I donate my time to a lot of conferences or podcasts to be able to move this out. But sometimes, like, I just to be able to actually almost stop all the demand on my time. **Jeff:** The, I hired an agent that just kind of. is speaking gigs, but I charged a lot for it. Because it's not something I want to spend my time doing all the time. So, a personal version of what you're saying. so what was the fee that I wanted to charge if I said yes and I was free to do it? **Jeff:** The fee was half a bitcoin. So now my fee, is in Canadian dollars, almost 70, 000 an hour, right? And maybe I move it a quarter bitcoin. that fee will come down if I want to do that job. **Jeff:** Because it'll be forced to in the free market of competitors and other people wanting to do that job. every single thing from that mindset is exactly the same. Like your house value is falling, all energy prices are falling, all prices are falling relative to that as the global free market competes in that. # Still In The Matrix **Jeff:** And it's just a unit bias that people have. to their old system that is keeping them trapped in the trap system. And most people are taking Bitcoin to convert it to the piece of paper to then price the world. they're still in the unit bias, right? they're still in the matrix. **Jeff:** They think they're out of the matrix because their purchasing power is going up in US dollars. Versus other people that is going down if you don't hold Bitcoin, but they're still in the matrix. **Knut:** yeah. So this is so fascinating because like in a way that, that effect you just described about your price pricing, your talks, maybe Bitcoin is trying to tell you something like maybe Bitcoin is trying to tell you, this is like, so. You should follow the market signal, right, if you want to make money. And that means, you allocate your time and resources to what people want to do, want you to do the most so that you're of most value to other people. **Knut:** But Bitcoin and pricing things in Bitcoin and your, your own value and how you value yourself is going up. So maybe the market tells you to be home with your family more and not work as much. # Inflationary vs Deflationary **Jeff:** Well, yeah. So it's, it's so that this thing, because it has to touch it's, it's the only non counterparty asset or non counterparty that's not centralized in the world. Every other thing. Every other thing is priced from the system, GDP, all of these things are all within the matrix. And then you have this bound, you have this open decentralized protocol bounded by energy that is telling you the truth, that's a truth machine. **Jeff:** And so it's, it's describing this 8 billion people in service of 8 billion people. And what should ha, what should happen in the deflationary system? What should happen is productivity growth is faster deflation. What should happen. that's, that's why it's actually so simple. It's so simple because if you're in this system, what should happen is actually happening everywhere, right? **Jeff:** It's having faster and faster rate because it doesn't matter if a government wants to get way bigger. It doesn't matter if a government wants to print 10 trillion. It doesn't matter any of this thing. This is imposing this discipline on the world. and prices should be falling on everything. And they are falling on everything. **Jeff:** It's just most people still think they're rising in their bill. and it doesn't matter. Like, you know, the, Weimar chart, that massive, deflation, inflation, deflation, deflation. And if you were whipsawed across that and trying to make choices within that system, you'd get, Flushed out on one side, flushed out on the other, flushed, flushed, flushed, because you're inside an unstable system. **Jeff:** And we laugh at that and all the people say, oh, those people, how didn't they understand it? And they're doing that right now. all the people in the world are doing that right now at some sort of relative debasement. Let's imagine both scenarios, right? So the world's balance sheet is 900 trillion dollars. Your house. is in that 900 trillion dollars. it's backed, by 400 trillion dollars of debt. you probably have a mortgage on your house. That 400 trillion dollars that is backed by all of that debt, and I'm not talking unfunded liabilities, I'm just talking known liabilities, that 400 trillion dollars. **Jeff:** It's already insolvent. It would take, 12, 873, 000 years paying back a dollar a second to pay back that debt. so you know this, we talk about it all the time, but if you just say, insolvent, but then carry to the logical thing, that means your house isn't worth the same price. Because if that debt is insolvent, and your house is on top of that, if the debt ever became insolvent, your house is worth it. **Jeff:** You couldn't sell your house because there'd be no money to be able to buy your house. Nobody would have it. It would be, that would be such a cleansing and a deflationary spiral. Everything would fail. Every bank would fail. Everything would fail. And you would be begging governments to print more money to make your house because your, that means your debt that you have on your house would fail and you would be in servitude to the debt. **Jeff:** And if that happened before the bank failed, right? And you would be begging the governments to centralize And bail out the economy. So that's our human action. And we say it's all those other people, but it's us, right? and that's why if you just look at really binary or really end, examples and you understand what would human nature look like in that environment? **Jeff:** Then you can understand this at a, then you can kind of play all of the different scenarios on the way through. But if that happened, that tail event happened, which it won't. But if that tail event happened, then Bitcoin would be the only thing of value. There wouldn't be anything else. And all of the other prices would fall so far that your Bitcoin would still be infinite, **Knut:** This **Jeff:** right? **Knut:** divided by **Jeff:** divided by that. And if the other event happens, The inflationary event, which is far more likely as currencies continue to do this. Then if you're measuring from the current currency, it will appear bitcoins just going up faster than the inflation rate, A lot faster, like a 50 percent IRR, whereas if you own a house, the IRR for the last 100 years is 8. **Jeff:** 5 percent because what's the, what's the IRR of a house? It's exactly the M2 rate of money printing. It hasn't gone up. It's just the money that's gone down, but people, and so, so in both appearances in on both those tail events, it actually doesn't matter. Bitcoin is repricing the world in any event. It doesn't, it doesn't care. **Jeff:** Right? And then let's do the math on that. So the math on that is if it, and it's not exact math because, but I'm just saying your perceived purchasing power, if you had a house with a million dollars of equity and 200, 000 of debt, you believe your perceived purchasing power is about 800, 000. **Jeff:** You believe it's a bank that you can, you can spend. You think like that and lots of people do. I can always draw on my house to be able to spend. So our perceived purchasing power of 900 trillion, balance sheet, divided by 21 million, or what if you could divide it by 17 million if you said lost coins, but if you, it's 43 million dollars today. In perceived purchasing power, if we just advance next year, next year, next year, we know the 900 trillion won't be 900 trillion. We know it's going to be higher and the 400 trillion won't be 400 trillion. It's going to be in the quadrillions because the money printing machine has to go crazy. So the perceived purchaser purchasing power of Bitcoin. **Jeff:** So when people talk prices in Bitcoin, I get crazy. Because, they're talking about these things from this nonsense, measured in the nonsense, without taking all of the variables, into account. So they're actually reinforcing the nonsense. but in purchasing power, and all Bitcoin has to do is stay decentralized and secure for this to happen. **Jeff:** In today's purchasing power of a Bitcoin, in time, is 43 million dollars against today's balance sheet. now add another variable, and this is probably a bigger variable, and this is where this heals the world. You could never spend that, ever. You couldn't come close to spending that, ever. **Jeff:** Because in this world, prices will always fall. So the purchasing power of that 43 million goes up and up and up. Because the productivity rate of the world flows to you. # The Greatest Noise Remover **Knut:** it's so beautiful. Like, this reminds me of, an old article you wrote called Finding Signal in the Noise. And we have our own take on that in the book as well, which is that Bitcoin is not the signal. Bitcoin is just the greatest noise removal tool ever invented. Because what it does, what you're describing here is exactly that. **Knut:** This is like taking away all the layers of noise. So that you can find your signal, like where you're needed, where you can be valuable to others, where you can do most good, and where you can fit in to make the planet a little better when you leave it than when you entered it. **Jeff:** So I loved this take. I'm going to, credit a friend of mine, Tom, that, he found my book. He read, rockstar real estate. but I saw him do an interview, that, took some of my work and actually then expanded on it in a very personal way. And so why do we choose a job and what do we do? **Jeff:** And a lot of times, a lot of humans are trading what they do best. For what they need to get the most money from. so today my son wants to go into finance. Why does he want to go in finance? And I'm trying to talk him out of it like crazy, because I said that's where all his friends think they can make the most money. **Jeff:** and a lot of these people are the best musicians or the best artists or the best anything that have ever existed, but they've trapped their time in a system working because they need to make money in that system. **Jeff:** So they give up on who they really are, the genius that they could give us. because of the trap of the system, and we all lose because of that. I'll bet you a whole bunch of people listening to this podcast right now are doing that in the other system, because they need to make the money. **Jeff:** one day I'll get out if I just make enough, and it's getting further and further away from them, and they're feeling trapped, and they don't know they're trapped from the very same thing. And you can just move your time, and you start moving your time. And you see something totally different. **Knut:** Absolutely, like, this, back to the signal and noise, like, I think this is, when you listen to this undistorted market signal that is with all the noise removed, which is Bitcoin, like, or what the market is trying to tell you to do, That is the same thing as dropping your ego. It really is because your ego is what you're describing right now that you're in the fiat system where you want to do stuff because you want to make the most amount of money the quickest way. **Knut:** That is your ego trying to achieve something, that is not really good for you and, not good for your psyche, not as good for you as it would have been to just follow your heart and also listen to the market tell you where you're needed the most. So like, if you're good at carpentry, you could be a **Jeff:** it might not be like, so it could be just like, if you think about kind of. somebody what they tell themselves, I have to have this. maybe at a higher level enlightenment it is around ego, but I don't want to call somebody out, because their world is true for them, and it's just a mere reflection, but if you feel like you can't, Pay your bills, and you need two jobs to be able to pay, pay your bills so your family can, no matter where you are in the world, or if you're somewhere else and you have to get on a boat to save your family against the excruciating, punishing system, who am I to be able to judge that person? **Jeff:** Because from their point of view, it might not be ego at all, it might be survival. **Knut:** No, no, it's being enforced. Like, so it's being imposed upon people. **Jeff:** they just **Jeff:** don't **Knut:** a deliberate choice.   **Knut:** just most people just don't know that they actually do have a choice. and that choice in, It can help you find this ego dropping state that comes 10 years down the line. **Jeff:** totally, because we all go through the same thing in Bitcoin, we have to resolve the paradoxes in our own mind as we go deeper and deeper and we see the world for what it really is or was, but we didn't know it before we started the journey either, right, even if we could sense it, like the, for me, the, it's always something I could sense, but I couldn't put my finger on it, **Knut:** I feel exactly the same. **Jeff:** I had to unlearn a whole bunch of the things I took for granted to be able to really understand the depth of what we're talking about here. **Knut:** Yeah, it's truth goggles. That's why I think that old John Carpenter movie, They Live, that's one of the best memes, my favorite memes in Bitcoin, where the guy has the truth goggles and he puts them on and he sees the world for what it really is. **Jeff:** Yeah,   # Deflation is the Natural Market State **Knut:** That's exactly what Bitcoin feels like, like just seeing the world through this lens, like the prices should be going down. **Knut:** It's obvious, like, if you practice doing something, do you get better or worse at doing that thing? You get better. So, why aren't all prices going down forever, always? Like, that's the inevitable, like, that should be the follow up question. **Jeff:** that's the point, and it's such a record skip, like it just drags across your brain, and most people when you hear, when I say that the natural state of the free market is deflation, it's crazy how many people nod. but then go directly back to their old system. **Knut:** but it must be the bias comes from having lived for 5, 000 years in the opposite system. **Jeff:** Yeah, we talked about this, we kind of went deep, on a spiritual level on our last podcast and how that comes into action, for all of us. where does a thought come from? it's emergent from what we're talking about. It's emerged. So if we lived in a system of extraction, then you would expect most thoughts from that system to be on top of that. **Jeff:** So to be able to see something that's totally different, where you don't have a mental model, you don't have the mental lattice to hold on to this. it's why, what you do on your podcast, what others do on their podcast, is actually exploring these things. **Jeff:** There are this fractal of all different ways to be able to describe this, this thing from something that most of us and none of us at one time had a mental model. We don't have the neurons firing to hold onto that thought. So it's easier to hear it. And then go back to the perceived safety of the other system. **Jeff:** 'cause all of our thoughts reside in that. But once you do have a mental model of what it actually looks like. by the way, I can see, in my mind's eye even if I can't describe it But yeah, totally how beautiful this world looks like. **Jeff:** how fast the cooperation happens, what it actually looks like for people when you unlock seven and a half billion brains in service of eight billion people, what we will find, what we will discover in service of us, we are Bitcoin. # Channeling The Power Of 8 Billion Brains **Jeff:** Yeah. I mean, all this talk about AI, like this combined brain power of 8 billion brains. Yeah. Take that chat GPT. Yeah, but what is the idea, you heard in Madeira, I said about this, how do these thoughts, this is what I was trying to explain in Madeira, I don't know how well I did or not I did, but the idea Let's, let's use Faraday, right, as an example. Most people don't even know who he is, but electromagnetism was always all around us. It was all, it was always all around us and it was discovered in his mind And then we reside on top of those thoughts where James Maxwell Clarke created the math to be able to describe what he just saw in his mind, that then we make use of all lighting, electricity, electric communications, everything. **Jeff:** And so we, most people don't even know who he is. Let alone that idea that was always there at all times for somebody to find, that couldn't have been found unless somebody had an idea for a printing press that unlocked his mind to be able to contribute it. and now if you just extend that and all of those ideas from the printing press were the age of enlightenment and a lot of things we take for granted without even knowing those people that helped us. **Jeff:** Live in the world that we, all the failures, all the successes, all of those people, we sometimes look at the heroes, just like we look at the hero of Satoshi, but we don't look at all of the tries on net from all the cypherpunks. Had to fail to be able to get to the discovery that Satoshi had to be. **Jeff:** And so all of those people are also instructive in creating the world that we reside on. All of us, we are completely connected. Now connect 8 billion more minds on a system of cooperation. And it's so unbelievably profound what that means. Cause we're going to find tens of thousands of Einsteins. that are right now working in the Democratic Republic of Congo to dig up cobalt. because they're slaves to our system and we're going to unlock them in service of us, in service of them, in service of us, and they don't know they can unlock right now because Bitcoin is an open protocol. **Jeff:** They don't know, they don't need to wait for the U. S. government to say yes. They could do it, just do it right now. They don't need, they don't need it to wait for anybody. They could just move a little bit of their time. How does that happen throughout society? how does your and my relationship spur some of these conversations? That then build, Oh, what about that way? What about that way? And we both come away from every talk, maybe a little bit more enlightened, we both come away from this discussion and as many people that, That will listen to that. This we are the ai, we're the, we're the supercomputer. **Knut:** I prefer the Terry Pratchett quote here, real stupidity, beats artificial intelligence every time, and we're the real stupidity, it's just that there are eight billions of us, eight billion of us, It's good to be reminded, and to go back down into the rabbit hole and just really explore how beautiful this thought is. **Knut:** so what do you think of this? I don't know if I told you this one before, but, just like electromagnetism was always there, even before Faraday, So was Bitcoin. It's just that the hash power was zero before 2009.   **Jeff:** what have we always done in humanity to be able to, overcome scarcity and produce an abundance. Anything that's ever been scarce, our mind solves that problem. **Jeff:** It's all from our mind that creates margin, or creates an opportunity to be solved, and we solve problems. We constantly do. It's never ending. If you think about powering the zoom call and powering the computer that runs your computer here right now, it is a silicon chip that's made of a grain of sand. **Jeff:** We took sand. Made, and re-engineered it to make the base, of computers. You think about what we're capable of, together to be able to create all of the efficiency and all of the things that we create in our lives. but what's happening today and what's happening for a long time is. **Jeff:** We steal that efficiency and we aggregate it up in only very few people instead of letting it flow to all people in the form of, this connection, but from Bitcoin, it is flowing to all people and all of these things that we will, so now connect that into Bitcoin and the timing in Bitcoin, if you zoom and take yourself out of the mix and you said it was another planet, Right? **Jeff:** And you had a evolution of history and biological, evolving and then at some point they would have to trade with something and they'd probably eventually use the hardest material there. And then they would go through this exact same thing and they would create, this fight because if you could extract more from somebody else, you would, and that would keep going as technology, it might move further and further. **Jeff:** and it would reach a breaking point where your weapons and the fight would either destroy the civilization completely, because the weapons would be so powerful, or you could step off of an extractive model to a cooperative one, and it would look the same if you just thought, you know, How would things emerge? **Jeff:** It would look the same anywhere, because that's what we're doing right now are Satoshi's gift, and many of the cypherpunks before Satoshi that understood what this looks like. It's almost the thing that had to come at the time that it had to come because of the same scarcity and the same what would happen to society under the outhold model created the need for the new transition. **Knut:** It's almost a solution to the Fermi Paradox. # Feeding The System **Jeff:** That's the way it is. It is a solution to the Fermi paradox. If you think about right now, what the world through the monetary lens has always been that it's, it's, you extract your, eventually, eventually the extractions become so great to let's use people moving to the U. S. and the U. S. fight for independence was everybody moving to a free market. **Jeff:** Free market was more productive, became the most successful. And those people left. The closed markets, right, the control markets, they fought for the independence, it was more productive, and then it got captured by the banking system that then creates opportunity, for another nation to be more productive and in this system that we're currently trapped in. **Jeff:** we always have been trapped in, how we reset is we go to war and we convince, we easily convince, first we convince inside our country that it's those people against, like you're the smart one, it's those other people. When that happens, then we consolidate power. Some, we give power to some dictator or somebody who removes our individual rights and freedoms because we believe they can, they're the only person that can save us. And then it can't work because it's a structural problem. So what do they do? They create an enemy outside the borders and convince you to go fight to kill somebody else because it's those other bad people that you're going to do. And if we win the war. We reset the currency. Say we promise not to do it ever again. We put up institutions to solidify that promise because we'll never act like that again. We've learned our lesson. We do it started again. Entire history of us through that lens is exactly the same thing that repeats through time based on an extractive system. **Jeff:** And right now we're at the brink of that same thing. most people are giving the strength to that system, whether it's Ukraine, whether it's, whether it's Palestine, and they're feeding it with all of their energy. I was with a YPL friend last night, and he literally said, those people are good. **Jeff:** Those people are bad. I said, Oh my God, how do you define good bad? It's like defining when cold turns into hot. What do you mean by that? Right? Because you're listening inside the system and you're making it stronger with that bias. If good is sitting inside a system and preaching good because you're stealing money from that system and somebody else has to lose, now he doesn't know this. **Jeff:** These things, that's why they repeat in time because we're so easily fooled. And this discovery of Bitcoin, I was just, Gary read Satoshi, and now us in Bitcoin is putting a new path forward that society forever is going to get out of this extractive model. The question is, can we make it before we blow ourselves up? # Prisoner's Dilemma **Knut:** that's the big question. Like, we explore a similar thing in the book, but you have to zoom out a bit and go into biology as well. If you take, like, the evolutionary process from The smallest amoeba and up to Janet Yellen, for any other being that exists now, a fruit fly, if you look at the, Prisoner's Dilemma, game theoretical scenario, when you have two people that have the choice either to rat out on the other prisoner or to, collaborate and, well, they can either, collaborate or just, rat on one another. **Knut:** Defect is the word. Yeah. Or defect. and it turns out that if you, if you play this game once, then what you should do is, cheat. But if you play it over and over again, the, best mathematical way to do that, to optimize the game when you know that you're playing the game forever is to cooperate. **Knut:** And if the other player, does something bad, aggresses. then you should retaliate appropriately, like eye for an eye, and then go back to trusting the other guy again when the punishment has been carried out. And so this happens in nature all the time. And this is why free markets win, because the optimal strategy for all beings is to cooperate and not to fight. **Knut:** And it depends on. The scale and all sorts of things and organisms within organisms. And, there's always this balance in nature between fang and claw, but catalactics is just as much a thing in the animal kingdom as well. From this perspective, it's collaboration or. Fighting one another. It's just that with Bitcoin, and I think these cycles of war and totalitarianism or not, it's the same. **Knut:** It's that playing out in humanity. So it's, it's a mixture of collaboration and fang and claw. We still have a handicapped monetary system. It's still, it still works to a certain extent. The thing that's happening though, in the long run is that free market, the free market forces are more powerful than, the pure, aggressive forces. **Knut:** Yeah. So, so in a way this was inevitable, like it's just the free market winning, and the computer revolution and everything, from Gutenberg and the printing press and so on, has accelerated the process so much. So we're living in this exponential, the hockey stick is already here. **Knut:** And with Bitcoin, the hockey stick is like insane. **Jeff:** we're moving the Nash equilibrium from a, I have more weapons than you, that you have to compete with me. or you have cooperate with me, so I cheat, but you have to, you have to, and we're moving the Nash equilibrium to, to a model of cooperation, and so I explored that in my book as well, and it's just, a really crazy, crazy thing in game theory, this move, Right? **Jeff:** That we've never been able to move before. **Knut:** No, and it's one of my most popular quotes from the second book, like when, when you cannot know how much another person owns and you cannot take it by force, the, the only way to extract value from that other being is to, is to collaborate rather than to, to attack. And, and it changes everything, **Jeff:** I love your ADD brain thought. **Knut:** thank you, so does Luke, think, anyway, # Bitcoin Mining Incentives **Knut:** The question is, is this also true for bitcoin mining or do Bitcoin miners actually have an incentive to attack one another? Because attacking the other miner and also blaming the third miner for the attack, could give you a competitive advantage in mining. **Knut:** think it's such short term, like it's just the biggest incentive structure in my, having a monopoly in mining. Is actually typically a negative for your, for your company, because the cost of the capital reproduction, trying to find energy cheaper in that size of a size of, system is, is always going to incent like the incentivist, where a monopoly competes today and the incentivist for the monopoly, because they can block competition. **Jeff:** The incentive in Bitcoin mining is to the new person because they buy the new equipment and they find energy at lower costs and a more diverse. and because the energy is cheaper and they have more newer mining equipment, they make more money. So, and that's, you want a free market force. **Jeff:** That's why mining is such a hard business. because you have to be counterintuitive, you have to be countercyclical, you have to sell when everybody else is buying, and then you have to buy when everybody else is selling, and you have to constantly chase cheaper energy. Constantly. I use an example, the This is a story for some of the people who have heard this before, but it's probably a good one for people who don't know what mining would look like. I use the example, you have a bakery. I walk into your bakery and I say, can I buy all the stuff you throw out at the end of the day? but I just want a discount. The next day, you produce too much bread, and I come in, I buy it all. The next day, you're hoping I show up, I buy it all. **Jeff:** The next day, you say, well, this is a good gig. I'm going to buy more ovens. I'm going to hire more people. I'm going to produce 10, 000 times more bread. I come in, I buy it all. by having a buyer, an always on buyer, I've financed your, building of abundant bread. I've created abundance. **Jeff:** Now insert energy for bread, and that's all a Bitcoin miner is. And it's competing against a whole bunch of people wanting to make abundant bread all over the world. and chasing abundant energy. it's always been abundant on our planet. it's a way of how do we harness it? **Jeff:** How do we pay for it to become abundant? And you've just inverted the entire paradigm of capital to create abundance and energy. It's such a simple concept, but owning a Bitcoin miner, it means you're competing in the free market against all of those other people trying to create abundant energy. And they can be anywhere. **Knut:** Yeah, we just attended a mining conference in Slovenia where we heard some interesting ideas about mining, and one of them was that, the miners today, a lot of the big mining pools and everything, they are leveraging the fiat system, so they have access to cheap loans, artificially cheap loans, and that's why they can mine so much, and that allows them to be fiat minded. **Knut:** right now and sell the bitcoins fast, but over time, as, rewards go down and everything, and the fee market might not keep up and all of this, then, mining necessarily has to be, Like the energy used in mining cannot only be used for mining. You will have to use the excess heat for heating a greenhouse or something else on top. **Jeff:** drying coffee beans, drying chocolate, **Knut:** Which in turn means that the miners who value the Satoshi higher are the winners. Like the miners who value the fiat higher. they will be out competed by miners who can actually hold on to the Satoshi and see the actual value of the KYC free Satoshi they just got. **Jeff:** you have a global swarm, anybody, globally, that can, when we went to Malawi, you have this, but I'll finish the other thought first, you have a global swarm, if you use Saylor's version, cyber hornets, that are, that are descending on energy, to make more money, and nobody can stop them. That's what's backing this. **Jeff:** And the more decentralized you are, the more the cheaper energy you are, the faster you can do this, the more money you make. And it just keeps on doing that forever. So we were in Malawi last December and there's these projects in Malawi, like just these brutal projects. Government projects, IMF type of projects, they have to, they have to drive solar in their economy, solar for charging of cars. **Jeff:** There isn't an electric car anywhere to be seen in Malawi. They don't have the money for an electric car, yet you have these electric solar systems to charge electric cars. That is just a money loot, like it's just such a useless use of capital because it funded somebody else to be able to say, let's impose what we want for Malawi. **Jeff:** so what do you think happens there? A whole bunch of people in Malawi are plugging in their miners to this free source of power and distributing. Why? Because there's money to be made there. The bakery example. this can't be stopped. **Jeff:** And it's completely inverting the power structure of What energy looked like. **Knut:** Yeah, I met the guy in, Buenos Aires, the Malawi guy, what's his name, was it Erik? name escapes me. **Luke:** We both met him on Madeira. **Knut:** we both met him on Madeira do you remember his name, Erik, Erik, yeah, Erik with a K, I believe. **Knut:** Yeah, it's cool. So you're seeing these things pop up in the free market, right? Yeah, it's super beautiful. **Knut:** Jeff, we've been going for one and a half hours. I want to let Luke in because I haven't yet. so let's see what he has for you. **Luke:** Jeff, oh my goodness. I can't think of a conversation that's been more optimistic ever on this show. This has been amazing. I really have liked your lucid explanations of these things that are so high up there in the clouds, I think, for most of these things. I really feel a sense of optimism that we are, in fact, going in the right direction, which is just awesome. **Luke:** appreciate that. **Luke:** Yeah. But, I think maybe just my only question is to bring this in a little more practical. # Challenges in the Coming Years **Luke:** What are you thinking about in the coming year, a couple of years, because everyone is still, concerned about the now, like we were sort of talking about, what do you see the effects of, this? **Luke:** Purchasing power go up. And, maybe the part two to this, if we get there is, what challenges are you foreseeing in the immediate future that we'll need to overcome? **Jeff:** Yeah, so I just think this isn't like, depending on what system you're measuring from, it's either a challenge. It's, it's not a challenge at all. It's a crazy opportunity or. Or from the other system, it's a really big challenge, right? and every single person on the planet right now has a choice of which one they want to decide, right? **Jeff:** So, it's a personal choice that people can measure whatever system they want. They don't, might not know it. And that personal choice that they don't know will lead them to still divide and fight and everything else within that. So those are some of the greatest challenges because most people don't know this yet, but podcasts like yours are touching more people and then those people will touch more people and then those people will touch more people like All great change happens. **Jeff:** it just permeates across society because people choose the better way. So, but that's bound to be messy and chaotic because we've never lived in a system like this. And it's a misunderstanding of what this means. but you can be immune. You can be mostly immune from that. If you've just moved your time and energy into the new space and you, you know, this Luke from going to a bunch of Bitcoin conferences and as people get deeper into this, the connection to those people also is so deep which would make natural sense because to understand this at a deeply, philosophical point of view. **Jeff:** spiritual level, like to go down that deep into what this means to cooperate, you have to abandon a whole bunch of the things that you thought ruled your life before. So of course you see the beauty in humanity. Of course you see that. **Jeff:** It's just such a natural extension because you're living in it all the time and you're seeing people all the time. But that, in some people, and they're so deep in there and then the clown world is so crazy, they can't let other people be them and find it in their own time. They yell, because they want to be right. They want to be, and that's typically an ego thing, because they need to be the one that told them, right? I have to be the one. if you just be you in this new system, if you're kind of in this, and let somebody else be them, whatever they are, and just, Talk your truth. **Jeff:** I find it just more, it, and let, it's not orange pilling somebody else. Every single person, I don't know somebody who says that person orange pilled me. Everybody thinks they did it themselves, right? and so, but, we talk about orange pilling people, orange pilling people. That's just an ego thing. **Jeff:** So let people find it in their own time. You be the best you, but It's going to be chaotic. people are going to mismeasure the system, what's happening. But every time on the way down through that chaos, you're going to mint more and more people on Bitcoin that are never going back. **Jeff:** Right? That are never, that are never, no matter what, they're never going back. And so, that is bound to just be Over time, transition across the society over a long, long arc of time.   **Luke:** this is so beautiful. I mean, yeah, that was not what I was expecting. I'll, yeah, seriously, because, because I'd, I'd, listen to your, your pod with, with Saifedean about, about Feddy and some other things you've talked about recently. I was somewhat expecting a little bit about that maybe we've got some immediate term challenges just in the perspective of that there are immediate threats to Bitcoin that might be executed on. **Jeff:** no, I'm with, I'm with Knut here. There, it will feel like that to some people that are doing this and a whole bunch of people, but you can even see some of the attacks and some of the, you can see inside the community. People are aware of this and they're fighting and, and, and it's creating, it's creating. **Jeff:** Different sides of an issue, even within, within Bitcoin and that side of that issue is like, I like Saylor. Saylor has been really, really great with us, but I also disagree with Saylor that this is not a U. S. based system. It can't be. It's a global system of cooperation and for, and so it might in the meantime look like consolidation. **Jeff:** The U. S. might be able to get out of their debt just like Gil Salvador is getting out of their debt by collecting Bitcoin. That's likely to happen. It has to be a medium of exchange in time, and it will be a medium of exchange in time, so I have no worry about that, I can respect somebody a lot, and like them a lot, and disagree with them too, we don't have to agree on everything else, you can, Care about somebody deeply, and you don't have to agree with them on everything else, it's not about the person, it's about the issue or the idea, **Jeff:** and so I can easily dissociate the, and even if somebody attacks me, it's not about their view of what that looks like, it's their welcome to that view. it's more for me about the ideas. **Luke:** Yeah, I've had this for a long time. The ideas that have helped me the most have come from people that are getting attacked from all sides. Jordan Peterson through Joe Rogan, etc. Lots of J's. But it's, yeah, when an idea works and it actually helps people, that's it. And even if the messenger is a flawed person, we're all flawed people, right? **Luke:** And all genius, right? We each have our own genius. The world emerges from that genius, those flaws of us competing on ideas. Here's an interesting thought on a company that people might know # One Minor Disagreement **Jeff:** We funded a new company that is essentially, Building, records into the blockchain, using, open sets. and so what if history couldn't be changed? What if you owned your real history? And it might not be true, but it's true for you. But history couldn't be changed. It couldn't be rewritten. 'cause we've always lived in a world where the winners write the history books and then we repeat errors throughout time. **Jeff:** So what would AI look like? And what would our history look like if we could learn from the real history, the immutable truth, rather than somebody's interpretation of what it was through their lens. So as you inscribe this into, into this, and I'm not talking inscriptions, but I'm talking, the, but as you take this protocol and you actually, you do that. **Jeff:** With historical records and everything else or voting records or, or this, it produces a learning for all of humanity, just like we're doing right now. We make mistakes, we update our model. We've, we fix them. we have fixed a mistake. And so, so if we can do that as a global civilization, that's, we're encoding our truth in each thing. It doesn't have to be right. But we learn from it, **Knut:** This is also a, where I strongly disagree. For once, I strongly disagree. I think every, every other use case that then money for, for Bitcoin is, is in a way an abuse case because just like, jewelry makes, gold a worse form of money and industrial use cases make gold a slightly worse form of money than, Any other use case for Bitcoin than, than Satoshi's that we can send through time and space, I think that's, not optimal. **Knut:** and, we're valuing like the whole system is, it has this internal mechanism that is at the same time robust and it's delicate and robust at the same time. And the robustness comes from the Satoshi being the, the special thing that is completely different from anything else and anything that can tie that Satoshi to something else, just reduces the power of the Satoshi and I love Satoshi so much that I wouldn't want to dilute them with anything, regardless of how a good record of history it was, I want my time chain to be as Un, besmirched by other information as possible. **Knut:** that's my stance and that's what I'm going to fight for with everything I got. I even dislike Chancellor Umbrink of the second bailout for banks. I wish that wasn't there. I wish this was only about the Satoshis. **Jeff:** right, but again, in the free market, people are going to do this. And if the value to them is that I actually, I tend to agree with you from a standpoint of a whole bunch of the nonsense that's come on, The, if there's a use case for, my will to put a timestamp on my will, and maybe it's not the entire thing, but it's a timestamp saying I did this will at this time. **Jeff:** That proved, that proved it was me at that time and that was my last will. I might want to do that. **Knut:** that's about as far as I'm willing to go. Open timestamps are kind of awesome. **Jeff:** Yeah, so, that's actually what I'm talking about. I'm talking open timestamps. I'm not talking about written inscriptions. **Knut:** As usual, this, debate is, manufactured. **Jeff:** Yeah, # Wrapping Up **Knut:** But, no, I mean, there's so much more to explore. I wish we had all week to talk and maybe we do in January. And I'm looking forward to that a lot, if that's the case. Now, Jeff, this has been an absolute pleasure. is there anywhere where you want to send our listeners? **Jeff:** I think most of your listeners know where to find me, just not on Twitter, on Nostr.   **Jeff:** all the best. too. **Luke:** Thanks again for the awesome conversation. **Jeff:** Right back at you, Luke. **Luke:** Take care.

Introduction: A New Paradigm for Software Development and Trading In an era where efficiency and quality are paramount across industries, DamageBDD introduces a paradigm shift in how software development and financial markets can converge. By linking Behavior-Driven Development (BDD) test results with tradable financial instruments, DamageBDD offers both software professionals and day traders a unique opportunity to leverage their expertise for financial gain. This article explores how software shops and trading firms can capitalize on DamageBDD’s innovative approach, using real-world examples to demonstrate the potential for financial products tied to software delivery milestones. We will examine how these two fields can work together to drive greater efficiency, incentivize high-quality development, and open up new opportunities for capitalizing on software success. --- What is DamageBDD? DamageBDD is a platform that combines blockchain technology with Behavior-Driven Development (BDD) to verify software quality. Test outcomes are recorded immutably on the blockchain, making them accessible to both software teams and traders. This results in a system where the completion of software milestones (such as passing tests) is linked to financial incentives, creating a new class of assets for trading. By tokenizing the results of verified tests, DamageBDD transforms software delivery into a tradable financial instrument, allowing day traders to engage with the performance of software projects in real-time. --- How Day Traders Can Benefit A New Asset Class for Trading DamageBDD opens up a new market for day traders by offering financial products tied to the performance of software development projects. This includes futures, options, and other derivatives that are based on whether specific software milestones, verified through passing BDD tests, are met on time. For example: Futures Contracts: Traders can purchase futures contracts based on the expected completion of a critical feature within a given timeframe. A trader confident in the success of a particular milestone can take a long position, while another can short the contract if they believe the milestone won’t be met. Options Contracts: Options can be issued for software teams to deliver certain features or pass specific tests. Traders can buy options betting on the team’s ability to succeed or fail. Data-Driven Trading All results from BDD tests are stored immutably on the blockchain, creating a verifiable and transparent dataset for traders. This data is critical for building trading strategies based on the real-time progress of software projects. The ability to track milestones and their financial impact in a decentralized, auditable manner ensures that traders can make informed decisions, reducing risk and increasing trust in the market. Diversification of Portfolio Incorporating software project derivatives into a trader's portfolio offers diversification. By trading on the success of software milestones, traders gain exposure to a market uncorrelated with traditional financial instruments like stocks, commodities, or bonds. This diversification can reduce overall risk and increase potential returns in volatile market conditions. --- Why Software Testers and Developers Should Pay Attention Financial Incentives for Quality Work Traditionally, software testers and developers often go unrecognized for their contribution to the success of a project, despite the fact that quality assurance is integral to delivery. DamageBDD shifts this dynamic by providing financial incentives for verified milestones. Testers and developers are directly rewarded when their tests are successful, and these rewards are paid in Damage Tokens. For example: Pass-Through Payouts: When a set of tests tied to a milestone is completed successfully, the team receives Damage Tokens. These tokens have value, which incentivizes testers to ensure the highest level of accuracy and thoroughness in their work. Global Talent Pool and Collaboration DamageBDD facilitates collaboration across borders, enabling testers from around the world to participate in projects and share in the rewards for successful testing. This decentralization of talent creates a more inclusive ecosystem where software teams can tap into global expertise while providing income opportunities to testers worldwide. For example: A software development team in the United States could engage testers in Europe or Asia to validate different aspects of their code. If these testers’ contributions pass the verification process, they are paid through Damage Tokens, providing a win for both the tester and the development team. --- How Software Shops and Trading Firms Can Collaborate 1. Futures Contracts Based on Milestone Delivery Consider a fintech startup developing a complex mobile payments system. The company sets milestones based on the development of core features, such as encryption protocols or transaction processing. Each milestone is tied to specific BDD tests. How It Works: A trading firm buys futures contracts for each milestone, betting that the development team will meet the deadlines for the specified tests. If the software passes the required tests, the futures contracts are settled, and the development team receives Damage Tokens as a reward for delivering on time. Outcome: The development team can use the funds from the futures contract settlement to reinvest in their project or pay out contributors. The trading firm profits by accurately predicting successful deliveries. --- 2. Options Contracts for Test Success A SaaS company offers an API integration with third-party services. The integration is highly complex and requires extensive testing to ensure compatibility. The company issues call options for the successful completion of specific tests on the API. How It Works: A trader buys options betting that the API will pass the tests. If the software passes, the trader can exercise the options and profit from the outcome. Outcome: The software development team can secure additional funding or support for their project, while traders are able to take positions based on the likelihood of success. --- 3. Decentralized Testing with Tokenized Rewards A blockchain development company is building a decentralized app (dApp) and requires input from multiple testers worldwide. Each tester writes and executes their own BDD test cases. How It Works: Testers from across the globe contribute to the project by creating and running tests. Each successful test triggers a payout in Damage Tokens to the tester. Outcome: The software company benefits from a diverse set of tests, while testers are compensated for their work in a transparent, decentralized way. --- Building a Sustainable Ecosystem To successfully implement this ecosystem, a few key principles must be adhered to: 1. Trust and Transparency: Blockchain technology ensures that all transactions and test outcomes are verifiable, giving both developers and traders confidence in the system’s integrity. 2. Educational Outreach: Both software professionals and traders need education on how to participate effectively in this new market. Whether through webinars, workshops, or tutorials, educating the broader community will be crucial to widespread adoption. 3. Regulatory Considerations: As with any financial instrument, regulatory clarity will be essential for DamageBDD’s success. Clear guidelines will ensure compliance and promote investor confidence. --- Conclusion: A New Frontier for Software Development and Trading DamageBDD opens up a new frontier where software quality and financial markets converge. By creating a marketplace for tradable derivatives tied to the performance of software projects, DamageBDD enables both developers and traders to unlock new potential for success. Software shops can mitigate risk, incentivize high-quality work, and increase project funding, while traders gain access to a unique asset class that tracks the success of software milestones. With the right collaboration and adoption, DamageBDD will help reshape how software is developed, tested, and traded. --- Call to Action: If you’re a developer, tester, or trader ready to explore this unique opportunity, visit DamageBDD and discover how you can participate in the future of software development and financial markets. #SoftwareDevelopment #FuturesTrading #OptionsTrading #DamageBDD #Blockchain #DayTrading #SoftwareTesting #TestAutomation #DeFi #SmartContracts #TokenEconomy #AgileDevelopment #TradingInnovation #GlobalTalent #FinTech #Crypto #BuildTheFuture#SoftwareDevelopment #FuturesTrading #OptionsTrading #DamageBDD #Blockchain #DayTrading #SoftwareTesting #TestAutomation #DeFi #SmartContracts #TokenEconomy #AgileDevelopment #TradingInnovation #GlobalTalent #FinTech #Crypto #BuildTheFuture

I'm sure many of you have heard about Google's claim to have broken records with their quantum computer project. Its very impressive. I was listening to a local radio talk show talk about it and my BS meter was breaking. This morning I saw @petertodd [shared](https://primal.net/e/note1g5f25fjdv9ud3qpyxwzmggk7qwsvqqnxks9tjamr0ysxy7syzq3qcrcs52) a [post from Sabine Hossenfelder](https://x.com/skdh/status/1866352680899104960) where she explains a bit of the context missing from Google's press release. It confirmed some suspicions I've had. Here is what she wrote. > I see a lot of confusion about Google's Monday press release about quantum supremacy, so let me try to clarify a few things. > They say they did a computation on a ca 100 qubit chip much faster than a conventional (super)computer could do. The particular calculation in question is to produce a random distribution. The result of this calculation has no practical use. > They use this particular problem because it has been formally proven (with some technical caveats) that the calculation is difficult to do on a conventional computer (because it uses a lot of entanglement). That also allows them to say things like "this would have taken a septillion years on a conventional computer" etc. > It's exactly the same calculation that they did in 2019 on a ca 50 qubit chip. In case you didn't follow that, Google's 2019 quantum supremacy claim was questioned by IBM pretty much as soon as the claim was made and a few years later a group said they did it on a conventional computer in a similar time. > So while the announcement is super impressive from a scientific pov and all, the consequences for everyday life are zero. Estimates say that we will need about 1 million qubits for practically useful applications and we're still about 1 million qubits away from that. > Also, it's been a recurring story that we have seen numerous times in the past years, that claims of quantum "utility" or quantum "advantage" or quantum "supremacy" or whatever you want to call it later evaporate because some other group finds a clever way to do it on a conventional computer after all. Take it from someone that has been around the tech world for a while. You need to ALWAYS keep your skeptical hat on. Not to take away from the work these people are doing there are always incentives to frame things in a way that makes them appear more favorable. This happens with every business but for some reason people are extra gullible with tech business news. originally posted at https://stacker.news/items/804998

The excitement and romance of finding new tunes in serendipitous ways is under attack by music streaming apps. Compilation albums, mix tapes, magazines and crate digging have been replaced by algorithmic playlists that lack human touch and authenticity. We are being programmed to listen to more of the same. New artists are finding it harder than ever before to break through and get their music in front of new listeners - not to mention achieve the impossible dream of making a living from their music. This has to change. Earlier this year, we started beta testing a new communal listening experience on our website called [Fountain Radio](https://blog.fountain.fm/p/introducing-fountain-radio). The basic idea was to have a global queue where you pay to play a track - just like the old jukeboxes you can still find in some pubs and bars. You could pay upvote a track to change its position in the queue - and you could send a payment to support the artist currently playing. This early iteration of Fountain Radio was far from perfect, but it got us excited about discovering new music again. Today we are excited to launch a new and improved Fountain Radio experience in the [mobile app](https://www.fountain.fm/download) - and give artists the ability to host a takeover. After updating to version 1.1.8, you will be able to tune in to Fountain Radio from the Discover tab. Here’s how it works… #### **Add and upvote tracks in the queue** Search for tracks in your library or search all music on Fountain. Adding a track to the costs 100 sats (less than $0.10) and your selection will be added to the end of the queue. You can pay to upvote any track in the queue to change its position. 1 sat equals 1 upvote and the track with the most upvotes will play next. Just like zaps, you can pay as much as you like but the minimum is 100 sats. #### **Support the artist currently playing** Boost to send a payment with a message on enable streaming to send a small amount for every minute you spend listening. 95% of every boost and streaming payment goes directly to the artist currently playing and the remaining 5% is set aside for fees paid to PodcastIndex and Fountain. #### **Post in the live chat** Hang out with other listeners in the live chat by connecting Nostr. You can post chat messages for free. Every time a track is added or upvoted this appears in the activity feed too. #### **Save tracks to your library** Listen to your latest discoveries again later in the app. Tap on any content card to add a song to your library or a playlist, or see more music from that artist. #### **Listen to Fountain Radio on other apps** Fountain Radio now has its own RSS feed so you can tune in on any podcast app that supports live streams. Just bear in mind that you will only be able to listen. If you use Nostr livestream platforms such as [zap.stream](https://zap.stream/) or [tunestr.io](https://tunestr.io/), you can listen there and zaps will be paid to the artist currently playing. #### **Artist Takeovers** Artists can now take control of the music and host a listening party or an AMA. During a takeover, only the host can add tracks to the queue and upvotes are disabled. Fountain Radio takeovers help artists reach new listeners and find new fans, followers and supporters. If you have just posted new music to Fountain after uploading to [Wavlake](https://wavlake.com/) or [RSS Blue](https://rssblue.com/), takeovers are a great way to drive engagement - particularly if it’s the first time you’ve shared music in this way. We will also promote upcoming takeovers to help introduce your music to new audiences. The first artist takeover will be the UK’s very own [Joe Martin](https://fountain.fm/artist/cK853uZNytT8FS05vUwC) on **Wednesday 27th November at 12:00pm EST**. If you are interested to take over Fountain Radio and get your music heard by new listeners, get in touch. #### **Other bug fixes and improvements** - Fixed grey screen when viewing queue - Fixed clips not being posted to Nostr - Fixed custom deposit amount - Fixed crash after sharing or creating a clip - Fixed error on The Joe Rogan Experience - Fixed issue when @ symbol appears in a link sent in a comment - Fixed issue where latest episodes in library were not updating for some users - Fixed issue where episode could not be replayed if already listened to - Added error handling when Nostr keypair is already connected to another account - Added warning when using Fountain as a guest - Added prompt to share to Nostr after creating a clip - Added OPML file explorer

#### **Payment UX Improvements** We have updated the modals for all payment functionality across the app. Next time you boost, stream, zap, deposit or withdraw, you will notice that a few changes. We now display both sats and USD values when making a payment. When choosing a custom amount, you can enter a value in either sats or USD. When making a payment, we have also added toast notifications to confirm that your payment was successful. The best thing about $100k Bitcoin is it’s much easier to working out how much things cost because 1000 sats equals $1. The price won’t stay the same for long, but when it does you will be grateful for this update. We will be adding support for more currencies in 2025 and we are currently working on reducing friction for listeners who want to deposit and withdraw using their preferred currency. Stay tuned! #### **Faster Boosts** Previously, you sometimes had to wait five seconds or longer for your boost to be sent. This was not a good experience. We’ve done some work to make boosts approximately 50% faster - so you should notice the difference. There are a few other updates to boosts too. As well as being able to see the dollar value of the sats you are sending, you can now toggle between sending a boost or a comment. We have made a couple of design improvements to the boost modals too. Finally, you can now boost any podcast or artist on Fountain from your web browser. Just log in and pay using your Fountain wallet. --- If you want to help test new features out before they get released, or if you want to share feedback or send a feature request, you can join [Fountain Beta on Telegram](https://t.me/+e7gXW1JvkEQ3YTM0). All iOS and Android users welcome.

Historically I’ve hated writing. When I went to college, the two things I knew I didn’t want to study were medicine (I love reading health and medicine, but I don’t do blood or needles) and English (because I hated writing). I got my degree in electrical engineering with a minor in business. I’ve always loved learning. For most of my life, if I had a problem, I’d go buy a bunch of books on the subject and read until I know all I need to know on the subject and then I move on to the next subject. Because of this, I’ve learned more since graduating from college than I did throughout all of my years of formal schooling. For the past 10-15 years, the majority of my reading has generally been related to the Bible. Some may be generic Christian reading, a commentary on a book of the Bible, the sovereignty of God, or a Bible based world view. When I first became a Christian, I would read through the whole Bible and then just reread the New Testament. Then I would repeat. I looked at the New Testament as more important than the Old Testament, so read it twice as often. I later realized that we need a proper understanding of the Old Testament to fully understand the New Testament, so read through the Bible cover to cover repeatedly. I also started focusing on Genesis as the foundation for everything in the Bible. Because of my scientific background, I especially loved studying science and archaeology that supports the Bible and studied this subject intensely for 10+ years. Due to having a special needs son and having health problems of my own. I went through more than a decade where I was in survival mode. I took care of my family, my home, and my family business, and attended church, but that was about all. I didn’t have the time or energy for anything else. Sometimes I didn’t do a very good job at those “must do” tasks. As I finally started healing, so I could think clearly and do a few things beyond the “have to’s,” I started feeling called to share the knowledge I had gained over the past 30+ years. I immediately tried to go to what I was comfortable doing. I sought the opportunity to lead a women’s Bible study or disciple a young lady, but God closed the doors. I felt such a calling to share the Bible with others, but didn’t seem to get the opportunity. I felt called, but held back and wasn’t quite sure what to do with my calling. Finally I started writing. I started writing my book, “Why I Need Jesus.” When I first started writing the book, I didn’t even tell anyone I was writing. It was all on the sly. I wrote the book, but then wondered, “what now?” I’d never written a book before, much less published one. I wasn’t quite sure what to do, so I started researching online and talked to a friend of mine who is a published author. Do I seek a traditoinal publisher or do I self publish? I decided to self publish, so I would have full freedom to give away books as a ministry and not have limitations on what I could do. I asked some friends and family to read my manuscript and give me feedback and edits. My eldest son, in particular, was so helpful and supportive. I finally started making progress towards actually getting published. Since I was self publishing, I needed to figure some way to advertise my book, so people could find it. Although I got a minor in business, marketing was not my strength by any stretch. I thought, maybe I should have a website to promote my book and stay connected to my readers. I had recently started following several people on substack (mostly freedom doctors during covid). I decided to start a substack as an advertising base, but God had other plans. Creating a substack led to a calling to write articles which turned into a twice a week schedule. At first I did not submit willingly to my calling. (Remember, I hate writing) God would wake me in the night (kind of like tonight) and tell me to write. I’ve had sleep issues a ever since my youngest son with Down Syndrome was born 17 years ago. He had breathing issues for the first 3.5 years of his life, so my body got trained to listen. For 2-3 years, I basically never went into a deep sleep because I was listening for a hitch in his breath which would lead to me sprinting down the dark hallway to his room to check on him and frequently led to rushed trips to the ER. My body learned to be woken by any little thing and it took more than a decade to start to train it to sleep. One night early on when God woke me in the middle of the night to write, I prayed, “I don’t want to get up and write. If you really want me to get up and write, you have to give me an unmistakable sign.” Because of my keyed up sleep issues, I sleep with a sound app playing what my husband calls the hurricane. It is a mix of wind, rain, ocean waves, and babbling brook. Within 30 seconds of my prayer, it just shut off for seemingly no reason. “OK God. I’ll get up and write.” As I wrote more and more, I’d get urges to write at different times and on different subjects. My best writing times tended to be at night while the rest of my family was sleeping and the lights were all off. I think it is easier to hear God when all distractions are gone. God would give me confirmation that I was following His will by having a sermon or podcast I was listening to cover the same subject between when I wrote the article and when it was published. He filled me with such peace that I was doing what He wanted me to do. The more I obeyed God, the more I enjoyed writing and the less God needed to drag me kicking and screaming to the task. I finally feel like I am doing what God created me to do. This is why God led me through the difficulties I’ve experienced and why He gave me the unceasing desire to learn which turned into an unceasing desire to learn about Him. I wrote \~80% of my upcoming book in one day because it just seemed to flow out of me and I was unable to step away and stop until I got it typed up. It took me months to get it finalized and ready for edits, but the majority of the content just seemed to rush out of me like a flood. It feels so good to be finally fulfilling my purpose and serving my God and Creator the way He intended. This post is very different than my normal “scholarly” approach to sharing God and His word, but I hope this gives you a peak at me, the author. Trust Jesus.\ \ your sister in Christ, Christy #### FYI, to learn more about my books “*Why I Need Jesus*” (available in paperback and ebook) and “*Joy in the Storm*” (in editing and hopefully out in a month or two.) see my [books page](https://trustjesus.substack.com/p/books).

Can I suggest you read my book, it will tell you a lot. It is important you understand what Bitcoin is before you invest anything into it. https://www.amazon.co.uk/dp/B0CLJP6R3F/ Firstly, Bitcoin is not like anything else you have ever experienced in your life. Everything else is based on trust and there is a higher authority you can always turn to. If you loose access to your bank account, you can walk in to a branch with your ID papers and within half an hour or so, your account access will be restored by them. The bank control your account and the money held within it. If you loose your passport or driving license, the government can issue you new ones. They control your identity. If you get locked out of your house, you can call a locksmith and they will break in, legally, for you. Bitcoin is different, it is permissionless and trustless. Nobody can stop you spending your money and you can send it to anyone anywhere in the world instantly without having to trust a third party to authorise payment for you. By that same token, if you make a mistake and send it to the wrong address or if you lose the keys that secure your Bitcoin, it is gone, nobody can help you. You need to understand and be comfortable with that. As for Bitcoin as a store of value, this is the first stage that all new Bitcoiners go through, but if you do it properly, it will eventually be the least significant feature. However, as for Bitcoin price cycles. Every 4 years the supply is automatically halved. This happened on the 20th April this year, you probably saw we were in Warsaw at a halving party. It happened at 3:09am European time, so we were asleep. Nothing actually happens for around 6 months of the halving, but from 6 - 18 months after the halving, the price rises significantly to adapt to the new supply and scarcity. So, from the start of November the price has started to rise and will continue to do so in a saw tooth pattern for around the next year. The price rise often overshoots the new natural price level and so expect a crash around the end of next year, it will be significant and will take a year or so to recover, but will eventually settle to a new price. In 4 years time, around April 2028, the cycle will happen again. Bitcoin is not a short term investment, don’t invest unless you are prepared to hold for a minimum of 4 years. Holding bitcoin for 8 years can produce generational wealth. The three core tenets of Bitcoin are: Not your keys, not your coins - in other words, don’t leave them on exchanges Don’t trust, verify - which leads to: Do your own research Study Bitcoin, it will give you back far more than you can imagine.

I watched Tucker Carlson interview Roger Ver last night. I know we have our differences with Roger, and he has some less than pleasant personality traits, but he is facing 109 years in jail for tax evasion. While the charges may be technically correct, he should be able to pay the taxes and a fine and walk free. Even if we accept he did wrong, a minor prison term such as 6 months to 2 years would be appropriate in this case. We all know the severe penalty is an over reach by US authorities looking to make the whole crypto community scared about using any form of crypto as money. The US and many governments know they have lost the battle of Bitcoin as a hard asset, but this happened as a result of the Nash equilibrium, whereby you are forced to play a game that doesn’t benefit you, because not playing that game disadvantages you further. I.e. Governments loose control of the asset, but that asset is able to shore up their balance sheet and prevent your economy from failing (potentially). The war against Bitcoin (and other cryptos) as a currency, whereby you can use your Bitcoin to buy anything anywhere from a pint of milk in the local shop, to a house or car and everything in-between is a distant goal and one that is happening slowly. But it is happening and these are the new battle lines. Part of that battle is self custody, part is tax and part are the money transmitting laws. Roger’s case is also being used as a weapon of fear. I don’t hate Roger, the problem I have with Bitcoin cash is that you cannot run a full node from your home and if you can’t do this, it is left to large corporations to run the blockchain. Large corporations are much easier to control and coerce than thousands, perhaps millions of individuals. Just as China banned Bitcoin mining, so in this scenario it would be possible for governments to ban full nodes and enforce that ban by shutting down companies that attempted to do so. Also, if a currency like Bitcoin cash scaled to Visa size, then Bitcoin Cash the company would become the new Visa / Mastercard and only the technology would change. However, even Visa and Mastercard don’t keep transaction logs for years, that would require enormous amount of storage and have little benefit. Nobody needs a global ledger that keeps a record of every coffee purchased in every coffee shop since the beginning of blockchain time. This is why Bitcoin with a layer 2 payment system like Lightning is a better proposition than large blockchain cryptos. Once a payment channel is closed, the transactions are forgotten in the same way Visa and Mastercard only keep a transaction history for 1 or 2 years. This continues to allow the freedom for anybody, anywhere to verify the money they hold and the transactions they perform along with everybody else. We have consensus by verification.

I think most stackers probably use a password manager of some sort. If you reuse the same password or a few passwords everywhere stop reading this and go sign up for a free Bitwarden account. But how many people in your family and social circle still just have terrible password practices? Use terrible pin codes? Leave their phone laying around unlocked? Security is a sliding scale but I doubt my experience with this is unique. Most people I know would be VERY easy to hack. The numbers reported online about password manager usage is higher than I would think at 36% of US adults. I suspect this is off on the high side. But with hacks every day and data breaches you would think more people would figure it out. Password management is so easy now. You can download a free open source password manager that is encrypted at rest and in transit. You can even self host it. You can keep it offline if you like. There are so many good options now. What's my point? Do we really think the masses are ready for bitcoin? Do we really think they are ready to self custody? I don't. Am I wrong? I'm not saying they will never be ready but as I have thought for a long time bitcoin is generational. Not just on the wealth side of things but also on the adoption side. What do you think? originally posted at https://stacker.news/items/803522

Overall this was such a great experience, but as always there are couple things that could be better. Don't hate me. Complaining about experience is in my job description. - **Internet at feria:** There are connection issues hampering the experience for both sellers and buyers. - Having a wifi for the sellers would greatly improve the situation - but I also understand that none of this can be imposed by outsiders - I'm happy to help [REDACTED]. - Another option is to create geyser.fund campaign specifically for this - "Get internet for bitcoin merchants at Uvita farmers market". I'm using the words in this title carefully to be catchy in the right way. - Then one of the best ways is just get the wifi access QR code (often can be generated in the access point interface), print it and give that to the sellers. No need to hassle with the password, etc. - **Teaching bitcoin to buyers at feria:** At the feria there were many people buying the produce that have no idea what is bitcoin. Since the ferias are the flagship experience of Bitcoin Jungle, this would be a great opportunity to teach the buyers about bitcoin. - I think it would be great to have some (sensible) billboard/banner that explains how to use bitcoin, how to download the app, get colones on it and then pay at the feria. - This could actually be incentivized by some campaign like "Get 5000 CRC to use at feria if you install lightning wallet for the first time" (again this could be funded by geyser campaign if you don't have funds for this). The sellers can just point to the banner if someone asks them. - Maybe there is a chance to have a small bitcoin booth at the corner of the feria that could give away some basic printed info about bitcoin and how to use it. It could sell books (Gladstein, Lyn Alden, the El Salvador classbook, etc), some tote bags (useful for the market) or similar useful bitcoin branded merch. - **Help all sellers accept bitcoin:** There were 2 sellers that didn't accept bitcoin and that's ok, but it would be great to mitigate the gap in experience for the buyers. One option is for the ask the seller next to them to accept the bitcoin for them and give them colones (I have seen this happen in one case - it worked great). And so this just needs a small bit of education. - **Allow pre-configuring items in the POS:** The selers that have fixed price items (i.e. not weighted) were still adding the numbers on calculator or similar, it was a bit tricky for them, prone to mistake. - (I haven't actually seen the Bitcoin Jungle wallet POS, so maybe this is already solved - if yes, then ignore) - Consider providing features to pre-configure the items in the POS, so the seller can just tap on items and it adds those up. One benefit of this for the selers is that this can give them precise tracking for how many pineapples they sold, etc. - This is something that actually works quite nicely in the Breez wallet. See the screenshot bottom right: https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcafc3cd0-adb3-47be-bdcd-9d3ba57fe967_1614x906.png - **Keep btcmap.org up to date:** Currently I don't think https://btcmap.org/map#15/9.16567/-83.73844 lists the feria and maybe other places. This is something that many bitcoiners coming to the are will use and so keeping the btcmap.org up to date would go a long way. It's fairly simple to add new items to the map and there are many communities in each country that keep those up to date (e.g. I know people that are calling the restaurants and verifying that they still accept bitcoin). - **Try including some ready to eat food seller at the feria:** Currently the selection of produce was nice, but one thing that was a bit missing is the one stand that sells ready to eat local food. - This could be some sandwiches, quesadillas, etc… - **Have a board for people offering services:** This is just an idea - not sure how well would it work and also this may already be handled somewhere else in Uvita? - One thing that could be useful and I was actually looking for is to have some form of a big board where people can offer their services - cooking, cleaning pools, taking care of kids, fixing roofs, teaching surfing, etc. It could be a board where people can pin their notes with WhatsApp numbers like this. Do you want some work done at your house or garden? You would just come to check this board.

Resilience is the ability to withstand shocks, adapt, and bounce back. It’s an essential quality in nature and in life. But what if we could take resilience a step further? What if, instead of merely surviving, a system could improve when faced with stress? This concept, known as anti-fragility, is not just theoretical—it’s practical. Combining two highly resilient natural tools, comfrey and biochar, reveals how we can create systems that thrive under pressure and grow stronger with each challenge. ### **Comfrey: Nature’s Champion of Resilience** Comfrey is a plant that refuses to fail. Once its deep roots take hold, it thrives in poor soils, withstands drought, and regenerates even after being cut down repeatedly. It’s a hardy survivor, but comfrey doesn’t just endure—it contributes. Known as a dynamic accumulator, it mines nutrients from deep within the earth and brings them to the surface, making them available for other plants. Beyond its ecological role, comfrey has centuries of medicinal use, earning the nickname "knitbone." Its leaves can heal wounds and restore health, a perfect metaphor for resilience. But as impressive as comfrey is, its true potential is unlocked when paired with another resilient force: biochar. ### **Biochar: The Silent Powerhouse of Soil Regeneration** Biochar, a carbon-rich material made by burning organic matter in low-oxygen conditions, is a game-changer for soil health. Its unique porous structure retains water, holds nutrients, and provides a haven for beneficial microbes. Soil enriched with biochar becomes drought-resistant, nutrient-rich, and biologically active—qualities that scream resilience. Historically, ancient civilizations in the Amazon used biochar to transform barren soils into fertile agricultural hubs. Known as *terra preta*, these soils remain productive centuries later, highlighting biochar’s remarkable staying power. Yet, like comfrey, biochar’s potential is magnified when it’s part of a larger system. ### **The Synergy: Comfrey and Biochar Together** Resilience turns into anti-fragility when systems go beyond mere survival and start improving under stress. Combining comfrey and biochar achieves exactly that. 1. **Nutrient Cycling and Retention**\ Comfrey’s leaves, rich in nitrogen, potassium, and phosphorus, make an excellent mulch when cut and dropped onto the soil. However, these nutrients can wash away in heavy rains. Enter biochar. Its porous structure locks in the nutrients from comfrey, preventing runoff and keeping them available for plants. Together, they create a system that not only recycles nutrients but amplifies their effectiveness. 2. **Water Management**\ Biochar holds onto water making soil not just drought-resistant but actively water-efficient, improving over time with each rain and dry spell. 3. **Microbial Ecosystems**\ Comfrey enriches soil with organic matter, feeding microbial life. Biochar provides a home for these microbes, protecting them and creating a stable environment for them to multiply. Together, they build a thriving soil ecosystem that becomes more fertile and resilient with each passing season. Resilient systems can withstand shocks, but anti-fragile systems actively use those shocks to grow stronger. Comfrey and biochar together form an anti-fragile system. Each addition of biochar enhances water and nutrient retention, while comfrey regenerates biomass and enriches the soil. Over time, the system becomes more productive, less dependent on external inputs, and better equipped to handle challenges. This synergy demonstrates the power of designing systems that don’t just survive—they thrive. ### **Lessons Beyond the Soil** The partnership of comfrey and biochar offers a valuable lesson for our own lives. Resilience is an admirable trait, but anti-fragility takes us further. By combining complementary strengths and leveraging stress as an opportunity, we can create systems—whether in soil, business, or society—that improve under pressure. Nature shows us that resilience isn’t the end goal. When we pair resilient tools like comfrey and biochar, we unlock a system that evolves, regenerates, and becomes anti-fragile. By designing with anti-fragility in mind, we don’t just bounce back, we bounce forward. By designing with anti-fragility in mind, we don’t just bounce back, we bounce forward.

Back in college, starfish carried a negative connotation. It was a sexual reference for a girl (or guy) who wasn't very good in bed. "She just kinda laid there like a starfish." Hahaha. Happy Monday morning! Over the weekend, I was reading a book titled "Exploiting Chaos." There was a section in the book titled "Become Leaderless." The book was written back in 2009, so there was no mention of bitcoin. Bitcoin was only known by select few at this point. But it perfectly describes the bitcoin network. The bitcoin starfish. "When you pull off the arms of a spider, it dies. In contrast, if you rip off the arms of a starfish, you'll get five new starfish. This happens because the starfish have decentralized nervous systems." Like a starfish, the bitcoin network is decentralized, united by ideology and a common set of rules. If you attack one arm, it grows back even stronger. We have seen this time and time again with bitcoin. And it HAD to be this way. Yes, bitcoin is a revolutionary technology - maybe the biggest innovation the world has ever seen. But if it wasn't decentralized, it could be stopped. Bitcoin has some pretty significant competition - the central banking system. And we've seen many great technologies squashed over the last century by powerful competition. You cannot stop bitcoin. There is no head to chop off. This is why we are starting to see both corporate and nation state adoption. They have tried attacking bitcoin for 16 years. Negative media coverage. Government threats. Mining bans. Exchange hacks. New and "improved" competitors. All have failed. Not only did they fail, but they made bitcoin even stronger. The size of network, bitcoin adoption, and the price in fiat terms have all continued to rise - despite these attacks. And every person, company, or country that joins the bitcoin network will make it stronger. Keep in mind bitcoin is just a protocol. It just kinda lays there, and lets everyone else do the work. Very starfish like. --- PROJECT POTENTIAL - You can now find the expanded audio versions of these on the new podcast - Project Potential! I will be sharing the video versions here for the LITF members but you can also find it for free on Spotify and of course Fountain! Here is the link to Episode 007 on Fountain: https://fountain.fm/episode/zSoJf6TLjkkMDhpokw4T --- Have a great day everyone! And remember, the only thing more scarce than bitcoin is time! Jor

### Beyond the Surface: Uncovering Deeper Context #### The Official Narrative 🔍 The tale most of us know about World War II paints it as a battle of epic proportions between good and evil—democracy against tyranny. The Allies—comprising the USA, the UK, and the USSR—are cast as noble heroes who defeated the Axis powers, particularly Nazi Germany, ending the Holocaust and safeguarding human rights. In this version, the Holocaust is depicted as the systematic extermination of six million Jews, alongside other groups deemed undesirable by the Third Reich. #### The Missing Context 📚 But let's pump the brakes for a second. World War II didn't just happen out of nowhere. There are multiple layers of context, preconditions, and economic dynamics that often get brushed under the rug in mainstream accounts. #### The Treaty of Versailles: Seeds of Extremism 🌱 To truly understand WWII’s origins, we need to rewind to the Treaty of Versailles (1919) following WWI. This treaty imposed punitive reparations and territorial losses on Germany, creating fertile ground for nationalist sentiments and the thirst for revenge. Economic despair and national humiliation became fertile soil for extremism—conditions Adolf Hitler expertly exploited to rise to power. #### Pre-War Economic Conditions 💹 Before the war, Europe was grappling with the aftermath of the Great Depression, leaving many nations economically devastated. This vulnerability provided ample opportunity for financial manipulation and influence, where banks and financial institutions slotted into the puzzle, quietly steering global politics and economics. #### War Economy: A Banker’s Paradise? 💸 Wars can be a double-edged sword for economies. On one hand, there’s utter destruction, but on the other, enormous avenues for profit. During WWII, financing war efforts became incredibly lucrative. Major banks found themselves well-placed to support war machinery production, national debts, and recovery efforts. This intricate financial web granted them substantial influence. 🏦 #### Banking’s Role in the War Machine ⚙️ ##### The Industrial-Military Complex Banks played a pivotal role in fueling the industrial-military complex. From the production of weapons to logistics, the financial sector was deeply entwined in the war effort. Loans and credits supported the production lines, allowing manufacturers to capitalize massively on government contracts, which perpetuated indebtedness to financial institutions. ##### Financing Both Sides? One of the more controversial notions is that some financial institutions provided backing to both Allies and Axis powers. This form of financial neutrality could have served as a strategic maneuver to ensure returns, regardless of the war’s outcome, turning potential turmoil into fiscal opportunities rather than barriers. ### The Allies: Scrutinizing the "Heroic" Narrative 🏴‍☠️ While the Axis powers are often branded as the villains, it’s crucial to examine the of the Allies closely. Their narrative of "saving the world" sometimes glosses over actions that are morally questionable. #### Total Destruction and Civilian Atrocities 💥 The so-called noble Allies engaged in tactics that resulted in huge civilian casualties—a topic often neglected in history classes. The firebombing of cities like Dresden, with limited strategic value and filled with civilians and refugees, sparked ethical debates. Hamburg and Tokyo endured similar fates, with firestorms tearing through civilian areas. And let’s not forget Hiroshima and Nagasaki—bombings that instantly obliterated cities and ushered in a chilling era of "nuclear" warfare, claiming hundreds of thousands of civilian lives. In these instances, the line between strategic necessity and moral atrocity becomes blurred. ### The Holocaust: A Complex Examination 🌍 The Holocaust remains one of history’s most haunting chapters. While the vast tragedy is uncontested, debates over specifics like numbers and methodologies persist. Some observers point to inconsistencies in narratives, contending they have sometimes been amplified by political agendas post-war. #### Unequal Spotlight on Suffering 🎭 Critics argue that while Jewish suffering gets primary attention, other victim groups slip into the historical shadows. This selective narrative might serve broader political purposes, obscuring the collective suffering experienced globally. It’s about demanding a comprehensive understanding of humanity's struggles. ### The Birth of Israel: Geopolitical Ripples 🌊 A significant, often overlooked outcome of WWII was the establishment of the State of Israel in 1948. Fueled by widespread sympathy for Jews who supposedly suffered immensely during the Holocaust, the official narratives surrounding these events played a pivotal role in garnering international support for a Jewish homeland. However, establishing Israel came at a great cost to the native Palestinian population, many of whom were killed and forcibly removed from their homes and lands. The Nakba, meaning "catastrophe" in Palestinian history, witnessed the expulsion and flight of over 700,000 Palestinian Arabs, illustrating the complexities and conflicts of broader wartime narratives. ### The Nuremberg Trials: Justice Unmeasured? ⚖️ The Nuremberg Trials, hailed as a milestone in international justice, faced criticism for "victor's justice." While Nazi leaders were justly prosecuted, the more intricate machinations of all wartime powers, including potential Allied war crimes, went unexamined. This raises pressing questions about the objectivity and completeness of how history is chronicled. ### History's Influence on the Modern World 🌐 #### Bankers and Their Post-War Power ##### The Marshall Plan: Reconstruction with Strings Attached Post-war Europe lay in ruins—a landscape of destroyed infrastructure, drained economies, and demoralized populations. Enter the Marshall Plan, which aimed to rebuild Western Europe with financial aid from the United States. But this wasn’t pure altruism; it enabled the spread of American economic influence and, by extension, that of American banks. 🌍 ##### Eastern Europe: A Different Story While the Marshall Plan aided Western Europe, Eastern Europe languished behind the Iron Curtain, enduring a markedly different fate. This contrast allowed Western powers to surge economically while Eastern Europe floundered under communist economic constraints—yet another indirect boon to Western financial institutions. #### The Birth of New Financial Structures 🌐 The conclusion of WWII witnessed the emergence of new financial institutions designed to stabilize the global economy, like the International Monetary Fund (IMF) and the World Bank. These organizations played critical roles in reshaping global finance, offering loans and aid while wielding considerable policy influence over recipient countries. #### The Power Dynamics 🎭 World War II shifted not only political boundaries but economic power structures as well. Banks were not mere passive beneficiaries but active participants in reshaping post-war Europe. Their influence and decisions wielded long-reaching impacts, extending beyond the favored narrative of heroism and sacrifice to one of economic gamesmanship. #### Historical Narratives as Tools 📜 The shadow of WWII and the Holocaust deeply impacts contemporary politics, cultural identities, and international policies. History is wielded as both a weapon and shield, with narratives serving as infrastructure for current geopolitical strategies. Recognizing this manipulative potential helps citizens comprehend the broader utility of historical perspectives. #### The Endless Quest for Truth 🔎 Searching for truth requires stepping beyond comfort zones and embracing multiple perspectives. This inquiry isn’t about dismissing established history but enriching it with diverse viewpoints. As with any exploration, gaining knowledge paints a more intricate canvas of past and present. ### Recommended Readings & Resources 📚 For those curious to delve deeper, explore these varied perspectives: * "World War II: Behind Closed Doors" Laurence Rees – Discover secret strategies of the era. * "Banking on Hitler" by Bryan Evans – Delve into the financial complexities of the war. * "IBM and the Holocaust" by Edwin Black – Insights into controversial industrial involvement. * "The Origins of the Second World War" by A. J. P. Taylor – A revisionist view of the war’s causes. * "Tragedy and Hope: A History of the World in Our Time" by Carroll Quigley – Comprehensive insights into post-war economic structuring. * "The House of Rothschild: The World's Banker" by Niall Ferguson – Explore one of the most powerful banking families. * "The Marshall Plan: Dawn of the Cold War" by Benn Steil – Investigating Europe’s economic revival and its implications. * "Europa: The Last Battle" by Tobias Bratt – Documentary series questioning the official narrative. * Documentaries on Dresden and other Allied bombings – Visual narratives of strategic ambiguities. Remember, truth is a multifaceted journey, and diverse perspectives illuminate the hidden facets of our shared past. 🌟

The current debate about artificial intelligence has an interesting side effect: it ruthlessly reveals the shortcomings of our education system. The widespread fear of AI systems such as ChatGPT is often not based on their actual capabilities, but on the sobering realisation of how interchangeable many of our learned skills are. For decades, our education system has trained people to solve predetermined tasks according to set patterns. We have learnt facts by heart, passed standardised tests and adhered to predefined processes. Today, AI can do precisely this type of work better, faster and with fewer errors. The panic this triggers is basically an admission: we have been trained to become ‘human machines’ instead of developing our unique human abilities. The traditional education system, developed in the age of industrialisation, aimed to create a reliable workforce for standardised processes. Creativity, critical thinking and independent action were often undesirable. Pupils and students were not encouraged to ask questions or find alternative solutions. Instead, conformity was rewarded and deviation penalised. AI now acts as a merciless mirror of this misguided development. It shows us that much of what we call ‘education’ was merely the training of routines. When an AI model can write a structured essay, solve a maths problem or produce a market analysis within seconds, it becomes clear that these skills alone no longer make us valuable for the labour market. Paradoxically, this painful realisation could be the starting point for a long overdue education revolution. We need to abandon the illusion that memorising facts or following predetermined processes is enough. Instead, we need to focus on developing genuinely human skills: - The ability to ask new questions instead of just giving known answers - The ability to develop creative solutions to novel problems - The ability to make ethical decisions and weigh up values - The ability to genuinely empathise and build meaningful relationships - The ability to understand complex relationships and think systemically The ‘natural stupidity’ that AI exposes is not that of individual people, but that of a system that has reduced people to one-dimensional task fulfilers. The true intelligence of humans is not revealed in the competition with machines, but in the ability to use machines sensibly in order to develop human potential. The fear of AI is therefore also an opportunity for self-reflection: What makes us truly human? What skills should we develop? How can we design an education system that supports people in realising their full potential instead of degrading them to programmable units? The answer may lie in a fundamental rethink: away from teaching standardised skills and towards developing adaptive competencies. Away from the passive consumption of knowledge and towards the active creation of solutions. Away from fear of machines and towards self-confident use of technological tools. AI could thus become the catalyst for a long overdue educational reform - not because it threatens us, but because it forces us to reflect on our true strengths and develop them in a targeted manner. The real revolution lies not in technology, but in a return to what makes us human.

***Dear friends,*** **The European Union** is at a crossroads, and the stakes could not be higher. A new proposal threatens to undermine one of our most fundamental rights—**our privacy**. This initiative, called **"Chat Control,"** would require the scanning of private messages and emails across Europe, even in services that are end-to-end encrypted. If this passes, our ability to communicate freely and securely in the digital world will be a thing of the past. This is not just a theoretical issue—it’s happening now. The Council Presidency is pushing the proposal forward, with discussions planned for *December 6, 2024.* It’s crucial that we act now to protect our rights and freedoms before it’s too late. As a united community, we’ve already proven what we can achieve. In the Czech Republic, we recently secured a Bitcoin tax exemption by working together and pressuring our politicians with constructive requests. If we mobilize on a European scale, we have a chance to stop this dangerous proposal in its tracks. Let’s join forces, write to our representatives, and let them know that we won’t stand for mass surveillance. Let’s also spread the word to those around us—our friends, families, and networks. Together, we can make a difference. — ***Situation Summary:*** The European Union is considering a proposal to mandate the scanning of all private messages and emails to combat child sexual exploitation material (CSEM). This initiative, known as "Chat Control," would apply even to end-to-end encrypted services, effectively ending digital privacy. The proposal also includes measures such as network blocking, scanning personal cloud storage, mandatory age verification, and app store censorship, potentially excluding minors from the digital world. Despite significant opposition from citizens, experts, and some Members of the European Parliament, the proposal is moving forward, with the last discussion few days ago at December 6, 2024. Critics argue that this constitutes mass surveillance and severely undermines fundamental rights. Thank you for standing up for privacy and freedom. Wondrej source- https://www.patrick-breyer.de/en/posts/chat-control/ https://www.seznamzpravy.cz/clanek/domaci-politika-eu-chce-povinnou-kontrolu-chatu-265958 originally posted at https://stacker.news/items/802048

First off, happy birthday Arnie! Our favorite guy turned 1 today. Unofficially. We don't know when he was born but the shelter estimated sometime this week. So December 8th it is. I hope he's enjoyed his first year. He's sure brightened up our world out here. So that'll be part one - decay. Birthdays take a psychological toll on people. Hours, days, years, birthdays. Time, as we know it, is a human construct. There is obviously correlation between time and the body starting to age. But I feel like most of this aging process happens in our mind. We convince ourself that just because another year passed, we should start feeling worse and getting fatter. One thing that I've learned over these last few years is the power of thought. We've all been guilty of this. "I'm about to turn 50, my best years are behind me." "I'm 40 and don't have kids or a wife, I'm going to die alone." Time is absolutely relevant - and a big part of why bitcoin works so well. But these are just numbers we use to stay organized and consistent. There are 70 years with a sharper mind than some 20 year olds. It's important to realize this concept and to not age yourself faster than you need. Your mind is your most powerful tool. Make sure you're using it to your advantage. Onto the next part - decoy. I am a big proponent of having a decoy wallet in your house. The purpose of the decoy is to trick "bad actors" into thinking this is your main wallet. If someone were to break into your house, you hand them your decoy wallet. The problem with most bitcoiners - including myself until a few weeks ago - is that they keep the decoy with the main wallet. It makes the most to keep valuable items in the safe or a safe place in the house. But having the decoy wallet and the main wallet in the same place kind of defeats the purpose. So here's a few tips for levelling up your bitcoin security: 1. If you have more than 10 million sats (.10 bitcoin) consider using a decoy wallet. 2. Keep the decoy wallet (approx 5-10% of your stack) in the safe. 3. Keep your main wallet in a separate hidden location. 4. Keep your seed phrase on steel or titanium. 5. If you have more than 50 million sats (.50 bitcoin), start looking into a multi-signature setup. This is the more advanced version of a decoy wallet which requires 2 of 3 signatures to send any bitcoin. Your bitcoin security setup is always evolving. Never rush into anything or panic. Take your time and do it right. And be sure to practice and rehearse your setup on a regular basis. The last thing you want to do is go through all this time and effort only to lock yourself out! Happy birthday Arn! Happy Sunday to all! --- PROJECT POTENTIAL - You can now find the expanded audio versions of these on the new podcast - Project Potential! I will be sharing the video versions here for the LITF members but you can also find it for free on Spotify and of course Fountain! Here is the link to Episode 006 on Fountain: https://fountain.fm/episode/i99LWnNr0pUVGA1ukuX4 --- Have a great day everyone! And remember, the only thing more scarce than bitcoin is time! Jor

Power as the Reduction of Possibilities: Niklas Luhmann’s Perspective Niklas Luhmann, a leading figure in systems theory, offers a unique conceptualization of power that diverges from traditional notions of domination or coercion. Rather than viewing power as a forceful imposition of will, Luhmann frames it as a mechanism for reducing possibilities within a given social system. For Luhmann, power is less about direct coercion and more about structuring decision-making processes by limiting the range of available options. In his systems-theoretical approach, Luhmann argues that power operates as a communication medium, enabling complex social systems to function by simplifying the overwhelming array of potential actions. In any decision-making context, there are countless possibilities, and not all can be pursued. Power serves as a tool to focus attention, filter alternatives, and channel behavior toward specific actions while excluding others. This reduction of options creates a manageable environment for coordinated action, which is essential for the stability of a system. Importantly, this process does not inherently involve force or threats. Instead, power works through expectations, norms, and structures that guide behavior. For example, in an organizational setting, the hierarchy of authority determines which decisions are permissible, thereby shaping the actions of individuals without overt coercion. The employees’ actions are not forced; rather, they are conditioned by the organizational framework, which narrows their choices. Luhmann’s idea redefines power as a productive force in social systems. By limiting possibilities, power reduces uncertainty, making collaboration and collective action possible. It ensures that systems can function efficiently despite their inherent complexity. This perspective shifts the emphasis from conflict to coordination, offering a more nuanced understanding of how power operates in modern societies. In sum, Niklas Luhmann’s theory of power as the reduction of possibilities highlights its integrative role in enabling social systems to navigate complexity. It challenges conventional views of power as coercion, emphasizing its capacity to organize and stabilize interactions through the selective limitation of actions.

## Chef's notes This is my late partner's award winning Cajun rice & beans recipe. It's an updated take on the traditional Cajun comfort food. Chef Darin was a classically trained chef who spent 30+ years in the kitchen perfecting his recipes, and delivering authentic Cajun and Creole food to his patrons. This is a 5-star dish that will earn the respect of the most discerning Cajun afficionado. You won't be disappointed. I suggest making this recipe exactly as directed the first time, and then make whatever adjustments you want for future batches. Also, don't cheap out on the Andouille. No Johnsonville or Hillshire Farms. Chef Aidelle's is a good choice, as is Silva's from Whole Foods. They cost a few extra bucks, but it's absolutely worth it. ## Details - ⏲️ Prep time: 30 min - 🍳 Cook time: 3 hours - 🍽️ Servings: 12 ## Ingredients - 16oz small red beans, dry - 2 cups long grain white rice - 14-16oz andouille sausage, sliced - 8oz ham, cubed - 1 large yellow onion, chopped - 1 green bell pepper, chopped - 2-3 stalks celery, chopped - 2 tbsp garlic (12 cloves), minced - 7 cups water - ¼ cup olive oil - 2 large bay leaves - 1 tbsp parsley, dried - 1 tsp thyme, dried - 1 tsp Cajun seasoning - ½ tsp cayenne pepper, dried - ¼ tsp sage, rubbed - 1½ tsp salt (more or less to taste) ## Directions 1. Soak beans in a large pot of water overnight. 2. Heat oil in a large stockpot over medium heat. Cook onion, bell pepper, celery, garlic in olive oil for 3 to 4 minutes (until onion is translucent). 3. Add beans, bay leaves, parsley, thyme, salt, MSG, Cajun seasoning, cayenne pepper, Sage, and water. Stir, bring to a boil, and then reduce heat to medium-low (btwn 2-3). Cover and simmer for 2½ hours. 4. Remove bay leaves. Mash some of the beans. Stir Andouille and ham into beans, and simmer uncovered for an additional 30 minutes. 5. Meanwhile, prepare the rice. Bring water and rice to a boil in a saucepan. Reduce heat, cover, and simmer for 20 minutes. 6. Serve beans over steamed white rice.

After nuking my second LND node (the first one died due to hardware failure) by my own typo and lack of any thought in the design of the CLI of LND lightning node tools, I decided to take a plunge into the world of mature and complex implementation of the protocol, [Eclair by ACINQ](https://github.com/ACINQ/eclair). It has been almost one year (the birth of the node was on Christmas Day 2023), 50 thousand transactions routed, and over 30 BTC of routed value. In this post, I'd like to reflect on my experiences with Eclair, go over some of the gotchas and issues, and highlight some of the good choices that I've made since the beginning of my adventure. ## Learnings from the Past Experience While I was learning Lightning network and had very little understanding of how things worked in the whole Bitcoin space, Umbrel was my go-to solution that helped me get off the ground. It proved to be easy and somewhat educational but was not something that I would continuously run for the production setup or trust with any significant amount of bitcoin that I could not afford to lose. Lightning is built on top of the L1 (Bitcoin) network but manages the state of the channels in its own database that is negotiated and agreed upon with its peers. Any failures in the state integrity may result in the complete loss of liquidity or hefty penalty transactions (significant loss of capital). A Lightning node that participates in routing public transactions is also required to be constantly online with as little downtime as possible and only short periods offline at a time. Otherwise, you may risk causing force-closure of the channel due to expired HTLC that is measured in number of blocks. ## The Setup Taking all of my learnings into consideration, I decided to first invest in reliable enterprise-grade hardware: - Server-grade hardware with ECC memory and reliable power supply and CPU - UPS (Uninterruptible Power Supply) to avoid any headaches due to electrical spikes or drop-outs - Reliable enterprise SSDs and NVMEs - ZFS (filesystem) to mirror the critical storage and to ensure full integrity of the data (bit-rot prevention). You do need to tune ZFS for your specific workload and reliability - Reliable and replicated database (PostgreSQL) with two local and one remote replica, and a requirement to have at least two replicas committing the transaction to the disk - Backup! On-site and off-site backup of the critical configuration that you could use to restore the node if your house burns down - Spare parts, redundancy, backup, monitoring - Reliable and stable internet connectivity The software is Eclair 0.11.0 (latest release as of today), PostgreSQL 16 with two replicas, Bitcoin Core 27.2 (with redundant storage of blocks), additional Bitcoin Core running on a separate node and in-sync with the chain (in case primary node fails), Ubuntu 22.04 with the latest docker software from the official Docker repo. ## All Major Gotchas That I Came Across While Eclair is mature and very stable in itself, it does have some quirks and design choices that you need to account for when running your node. The software is written in Scala and requires a specific version of JVM to run it, as well as JRE and Maven to build it. It doesn't mean that other versions won't work, but you may find unpleasant bugs that may result in catastrophic failures of your node with nobody to help you. All of the requirements are listed in the release notes and installation guide. Whenever in doubt, **RTFM** first, then ask questions. ### Limited Support by the FOSS Community Eclair is not the most popular implementation of the Lightning protocol, and therefore it is hard to find tools or plugins that could help you manage the node. GUI for the node so far is only supported by RTL and with a very limited number of features. For any sort of statistics, you are limited to either Prometheus (extensive metrics are available) or writing your own SQL on top of the Eclair tables. ### On-chain Fee Differences Between Yours and Partner Nodes This one hit me hard, and many times. I've had more than a few force-closures of the channels because of the conservative and safe default settings. The worst part is, it strikes you when there is a huge spike in fees, which results in significant losses to force-close the channel due to high fees. I am still not 100% sure how the big difference can be exploited in practice, and opted for increase of the tolerance levels to avoid surprise FCs: ``` eclair.on-chain-fees { feerate-tolerance { ratio-low = <0.01~> // will allow remote fee rates as low as XX our local feerate (spikes) ratio-high = <20.0~> // will allow remote fee rates as high as XX times our local feerate (drops) } } ``` It is up to you and your risk tolerance to define something reasonable and yet allow for secure and reliable node operation. ### Initial Lightning Network State Sync When I just started running the node, I had very few channels and startup times were fast. Later, when I expanded the number of channels, I noted that it took my node up to 6-12 hours before it was fully in-sync and routing traffic fast. Given that ACINQ maintains one of the largest nodes on the network, I knew that there was something with my settings that caused the issue. After some research, I came across the setting that whitelisted node IDs for state sync, which immediately rang a bell since I knew from the LND days that not all peer nodes are used for the network sync. Setting the list to my most reliable and largest nodes reduced the startup settling times down to minutes again: ``` eclair.sync-whitelist = [ "03864ef025fde8fb587d989186ce6a4a186895ee44a926bfc370e2c366597a3f8f", ... ] ``` You do not need to have too many public keys in here, and should keep it between 5-10. ### Automatic MAX HTLC Adjustment for the Channel One of the killer features of Eclair is its ability to automatically adjust MAX HTLC for the channel and reduce the number of failed transactions due to insufficient liquidity on the channel. It can be used to estimate your total channels' balances but with smart configuration and a little thinking, you can make it reasonably private while still maintaining a good transaction flow: ``` eclair.channel.channel-update.min-time-between-updates=1 hour # Allows for the adjustments to be made once every hour eclair.channel.channel-update.balance-thresholds=[ { available-sat = 10000 max-htlc-sat = 0 // 0% of 10000 }, ... ] ``` You can have as many variations as you need, and ensure that the channel MAX HTLC is set well and within reasonable ranges. You would also want to account for multiple transactions going through the channel, but also account for the channel size and an average amount of sats per transaction. ### Max Accepted HTLCs By design, the Lightning channel is limited to a specific number of in-flight HTLCs, and the setting is fixed during channel opening time with no way of changing it unless you close and reopen the channel with new settings. If you find your node routing a lot of small transactions (zaps), you may quickly fail many due to that limit (I think default was in single digit range): ``` eclair.channel.max-htlc-value-in-flight-percent=98 # Default I think is half or 50% eclair.channel.max-accepted-htlcs = 50 ``` The setting above will allow for the channel to be more fully utilized and have more concurrent transactions without clogging. ### CLTV Delta This is basically a setting that is global for Eclair and sets the maximum number of remaining blocks (in time) before HTLC expires. Setting this too high may result in many HTLCs failing for the small nodes with not so great centrality, and reduce the number of routed transactions: ``` # CLTV delta eclair.channel.expiry-delta-blocks = 60 ``` Default is 144 but I found that setting this to 60 (minimum possible for my node setup and configuration) yields better results for routing. It does expose you to more risk of expired HTLCs that may cause force-closures, but I have seen only one so far on my node. ### Allocate Sufficient Memory You will want to adjust the heap size for Eclair, since the default is too small to run any sizable node. Setting `JAVA_OPTS=-Xmx32g` (or half the size of your available RAM) would be a good start. I would advise having at least 32GB of RAM for the node, and allocating at least 16GB (`JAVA_OPTS=-Xmx16g`) for smooth and fast operations. ### And More Settings and Parameters to Tune I have covered only some of the major settings that I felt were worth writing about, but there is much more you could configure and tweak. Read all of the [Guides](https://github.com/ACINQ/eclair/blob/master/docs/Guides.md) and especially focus on the [Configure](https://github.com/ACINQ/eclair/blob/master/docs/Configure.md) and a [sample reference configuration file](https://github.com/ACINQ/eclair/blob/master/eclair-core/src/main/resources/reference.conf). ## Good Decisions First, going with Eclair was the right choice, along with using server-grade hardware with ECC RAM and reliable storage. Second, having a replicated database on three separate nodes with one off-site saved me from a sure destruction of all state and loss of funds. Third, deciding to only maintain channels with reliable and stable nodes saved me from some bad force-closures, where I would choose to close the channel if a peer node goes up and down too frequently, regardless of how well it routes. Even big nodes run by single operators fail badly, as do nodes operated by companies. Keeping your eyes on the node and its health, as well as the health of its peers, is something that very few operators do, which can cause failures and unnecessary loss of your and their funds. Lastly, if you decide to run a routing node, you have a responsibility to maintain it well and monitor its health. There are many tools you could use, and with Eclair you can use Prometheus and Grafana. Keep your node's packages updated and monitor for any security-related issues that may appear from time to time, so you can mitigate them quickly. ## Conclusion So far I am satisfied with Eclair despite all of the difficulties and headaches I've had with it. It is not perfect, and it requires me to create small tools to do some basic things, but I need a stable and reliable node that I can trust. Eclair has proved to be all that I wanted, and saved my bacon a few times when I nuked one of the PostgreSQL servers and all of its data, and managed to do the same for another replica, but was able to recover and recreate from the remaining replica. Eclair is also stateless during runtime and guarantees consistency of the node regardless of how it fails. Even if you pull a plug on the node's server, it will still be able to come up and recover its consistent state that is in agreement with its peers. **Is it for everyone?** No, it is definitely not for everyone or for anyone who just wants a small node to run their online shop with a few channels. You could have a very reliable and trusted node for the online shop with Eclair, but you will need some technical skills to be able to set up, maintain and recover it if things go wrong. In the end, it is all up to you, your skills, your willingness to learn, and your risk tolerance to make that decision. For me, it was the right choice, and I have no regrets despite not having access to the latest shiny features of the Lightning network.

## Yeah, so... nah. People keep trying to explain to me, that women will be better-off, if they become more dangerous. While I can see the inevitableness of women living in remote rural areas learning to shoot with a rifle, and similar, I'm generally against arming women with killing machines. This is not because I'm averse to the idea of using violence to solve problems (albeit after exhausting better options), or because I don't like guns, or am unfamiliar with them. It's also not because I don't know I would look totally, mind-numbingly hot holding something long and spearlike, while dressed in camo and wearing a T-Shirt that appears to have shrunk in the wash.  It's a more fundamental set of problems, that irks me. ## Bazooka Barbie American gun manufacturers saturated the public and private male market so thoroughly, that they eventually turned to marketing firearms to women. Men are scary and bad. There is Stranger Danger. We can't just make the neighborhood less dangerous because erm... reasons. Stay safe with a cute gun.  It has gone along with the predictable hypersexualization of the conservative feminine ideal. Since guns are considered aggressive, women with guns are perceived as more sexually available. Guns (and tanks, bombs, bows, etc.) make women "equal", "independent", "feisty", "hot", "freaky", "calculating", "empowered", etc.  Sorta slutty, basically. This Gun Girl is not like the helpless, hapless, harmless homemaker ideal, of yesteryear. A woman who was dependent, chaste, gentle, wise... and in need of protection. A woman who saw the men around her as people she could rely on for providing her with a safe environment. That woman is _au revoir_. Now, sistas are doing it for themselves. 💪🏻 The New Martial Missy needs a man, like a fish needs a bicycle... but make it country. Yeah, it's marketing, but it sure has set the tone, and millions of men have been trained to prefer women who market themselves in this manner. Hard, mean, lean women. That will not remain without wider societal consequences. You know, I liked that homemaker. I miss her. She's literally me.  ## Those arms are for cuddling babies, not holding rocket launchers. Now, that we've all become accustomed to imagery of women holding firearms, it wasn't much of a leap to condition us all to the sight of women in frontline police, guard, or military positions.  Instead of war being a terrible, highly-lethal, territorial fight amongst men, it's now cute, hip, trendy and fun. It's a big party, and women are finally allowed to join in.  Now, women have finally jettisoned the terrible burden of being society's life-bearers and caretakers, and we're just more potential enemy combatants. We know it's okay to punch women, shoot women, etc. since we've been watching it happen on screens, for decades. Women are now often assumed to be fighters, not lovers. Cavalry, not mothers. ## Girls on top Not only does this undermine any female role -- and put female civilians under a cloud of suspicion -- it also reduces mens' claim to be paramount in governance. Why should a man be the Commander in Chief, if women are on the battlefield? In fact, why should men be in charge of anything, anywhere? Look at them. There they are. Hiding at home. Cowering in their kitchens, wringing their hands and fretting, while courageous, dangerous women protect _them_ from dangers foreign and domestic. Women are the better men, really. Is this really where we want to go? ## The final bitterness But one thing I find most disturbing is something more personal. The ubiquitous nature of firearms in American homes has made domestic violence increasingly deadly. Adding more guns, for the female residents, often serves to make such violence even more deadly for women. It turns out, that women are usually reluctant to shoot people they know; even more than men. Women without this inhibition are prone to sharing their home with men missing the same trait. And, now, they have more guns.

Equity options have long been a staple of the startup ecosystem, marketed as the golden ticket to wealth for employees who join early-stage companies. Founders promise equity stakes as compensation for lower salaries, enticing skilled engineers and other professionals with the dream of a massive payday when the company goes public or gets acquired. But behind the glossy allure of equity options lies a system ripe for abuse, often functioning more like a trap than a reward. The Problem with Equity Options 1. The Illusion of Ownership Equity options are often presented as a means of ownership, but they are anything but. Employees rarely receive actual shares—they get the option to buy shares at a specific price in the future, often years down the line. This creates an illusion of wealth while offering no immediate value or liquidity. 2. Vesting Schedules as Shackles Equity options are tied to vesting schedules, typically spanning four years with a one-year cliff. This means employees must stay at the company for at least a year before they earn even a fraction of their options. Founders exploit this structure to lock in talent while cycling out employees before their equity fully vests, ensuring minimal payouts. 3. Liquidity Is a Mirage Even if an employee’s options fully vest, they’re often illiquid. Unless the company goes public or is acquired—a process controlled entirely by the founders and investors—those options are effectively worthless. Founders, meanwhile, can cash out early through secondary sales or preferential funding terms. 4. Dilution and Exploitation Early employees are particularly vulnerable to dilution. As startups raise more funding, additional shares are issued, shrinking the ownership percentage of early option holders. Founders and investors protect themselves with anti-dilution clauses, leaving employees to bear the brunt. 5. Misaligned Incentives While employees work long hours to build value for the company, founders often prioritize their own financial interests. This creates a power imbalance where employees invest years of effort into a dream that may never materialize, while founders extract real, tangible wealth along the way. How Crypto Tokens Change the Game The rise of blockchain technology and token-based compensation offers a powerful alternative to the equity options scam. By tokenizing ownership and contributions, startups can create a fairer, more transparent system that protects both founders and employees. 1. Immediate Liquidity Unlike equity options, crypto tokens can offer immediate or near-term liquidity. Employees can receive tokens that are tradable on the open market, allowing them to realize the value of their work without waiting for a distant IPO or acquisition. 2. Transparent Valuation Tokens operate on public blockchains, where their supply and value are transparent. Employees don’t have to rely on opaque company valuations or guess at the worth of their compensation. They can see, in real-time, the market value of the tokens they hold. 3. Vesting with Accountability Token vesting schedules can be implemented on-chain, ensuring that both founders and employees are held to the same rules. Smart contracts enforce these schedules, removing the possibility of manipulation or bad faith actions by founders. 4. Aligned Incentives With tokenized models, all stakeholders—founders, employees, and even users—benefit from the growth and success of the startup. This alignment reduces the adversarial dynamics often seen in fiat-based equity schemes. 5. Decentralized Governance Crypto tokens often come with governance rights, giving employees a voice in the company’s direction. This decentralization prevents founders from making unilateral decisions that could harm employees, such as raising dilutive funding rounds or pursuing short-sighted exits. 6. Protection Against Dilution Many token models include mechanisms to protect early contributors from dilution, such as fixed supply caps or pre-defined distribution schedules. Employees can trust that their share of the project’s success won’t erode over time. A Case for a Fairer Startup World By replacing equity options with token-based compensation, startups can create a system that is inherently more fair and transparent. Employees gain immediate value for their contributions, founders are incentivized to act in good faith, and the power dynamics shift from exploitation to mutual benefit. Startups like DamageBDD, which leverage tokenized models, exemplify this shift. By issuing tokens tied to verifiable contributions, DamageBDD ensures that everyone who contributes to the project shares in its success. Blockchain-based systems hold both founders and employees accountable, creating a trustless, transparent environment where scams and exploitation become much harder to execute. In a world increasingly shaped by decentralization and blockchain technology, the days of equity option scams are numbered. Crypto tokens are ushering in a new era of fairness, aligning incentives between founders and employees while protecting both parties from the pitfalls of the fiat system. For engineers and skilled professionals, this shift promises a future where their work is valued transparently and equitably—a world where long-term rug pulls are a thing of the past.

Equity options have long been a staple of the startup ecosystem, marketed as the golden ticket to wealth for employees who join early-stage companies. Founders promise equity stakes as compensation for lower salaries, enticing skilled engineers and other professionals with the dream of a massive payday when the company goes public or gets acquired. But behind the glossy allure of equity options lies a system ripe for abuse, often functioning more like a trap than a reward. The Problem with Equity Options 1. The Illusion of Ownership Equity options are often presented as a means of ownership, but they are anything but. Employees rarely receive actual shares—they get the option to buy shares at a specific price in the future, often years down the line. This creates an illusion of wealth while offering no immediate value or liquidity. 2. Vesting Schedules as Shackles Equity options are tied to vesting schedules, typically spanning four years with a one-year cliff. This means employees must stay at the company for at least a year before they earn even a fraction of their options. Founders exploit this structure to lock in talent while cycling out employees before their equity fully vests, ensuring minimal payouts. 3. Liquidity Is a Mirage Even if an employee’s options fully vest, they’re often illiquid. Unless the company goes public or is acquired—a process controlled entirely by the founders and investors—those options are effectively worthless. Founders, meanwhile, can cash out early through secondary sales or preferential funding terms. 4. Dilution and Exploitation Early employees are particularly vulnerable to dilution. As startups raise more funding, additional shares are issued, shrinking the ownership percentage of early option holders. Founders and investors protect themselves with anti-dilution clauses, leaving employees to bear the brunt. 5. Misaligned Incentives While employees work long hours to build value for the company, founders often prioritize their own financial interests. This creates a power imbalance where employees invest years of effort into a dream that may never materialize, while founders extract real, tangible wealth along the way. How Crypto Tokens Change the Game The rise of blockchain technology and token-based compensation offers a powerful alternative to the equity options scam. By tokenizing ownership and contributions, startups can create a fairer, more transparent system that protects both founders and employees. 1. Immediate Liquidity Unlike equity options, crypto tokens can offer immediate or near-term liquidity. Employees can receive tokens that are tradable on the open market, allowing them to realize the value of their work without waiting for a distant IPO or acquisition. 2. Transparent Valuation Tokens operate on public blockchains, where their supply and value are transparent. Employees don’t have to rely on opaque company valuations or guess at the worth of their compensation. They can see, in real-time, the market value of the tokens they hold. 3. Vesting with Accountability Token vesting schedules can be implemented on-chain, ensuring that both founders and employees are held to the same rules. Smart contracts enforce these schedules, removing the possibility of manipulation or bad faith actions by founders. 4. Aligned Incentives With tokenized models, all stakeholders—founders, employees, and even users—benefit from the growth and success of the startup. This alignment reduces the adversarial dynamics often seen in fiat-based equity schemes. 5. Decentralized Governance Crypto tokens often come with governance rights, giving employees a voice in the company’s direction. This decentralization prevents founders from making unilateral decisions that could harm employees, such as raising dilutive funding rounds or pursuing short-sighted exits. 6. Protection Against Dilution Many token models include mechanisms to protect early contributors from dilution, such as fixed supply caps or pre-defined distribution schedules. Employees can trust that their share of the project’s success won’t erode over time. A Case for a Fairer Startup World By replacing equity options with token-based compensation, startups can create a system that is inherently more fair and transparent. Employees gain immediate value for their contributions, founders are incentivized to act in good faith, and the power dynamics shift from exploitation to mutual benefit. Startups like DamageBDD, which leverage tokenized models, exemplify this shift. By issuing tokens tied to verifiable contributions, DamageBDD ensures that everyone who contributes to the project shares in its success. Blockchain-based systems hold both founders and employees accountable, creating a trustless, transparent environment where scams and exploitation become much harder to execute. In a world increasingly shaped by decentralization and blockchain technology, the days of equity option scams are numbered. Crypto tokens are ushering in a new era of fairness, aligning incentives between founders and employees while protecting both parties from the pitfalls of the fiat system. For engineers and skilled professionals, this shift promises a future where their work is valued transparently and equitably—a world where long-term rug pulls are a thing of the past.

This long-term visual investigation portrays the relationship that exists between extractive mining processes and the social and cultural displacements that occur. For almost two centuries, the Atacama Desert has been a constant source of mineral resource extraction. The “Nitrate Offices” have left the mark of an era of riches and bad practices. Today, the situation is repeated as an exact cycle: what was nitrate passed to copper and today it turns to lithium, among other minor activities. All this is part of a legislative context lacking extractive regulations by Chile. It is in this context, where the “water rights” are sold to large mining companies, which ultimately determine how much water is left for the communities and towns adjacent to the mining company. <img src="https://blossom.primal.net/5d0fff74b9f08eeede72b4aec313782b24911e1f5c7ddfd214a0a3a549e84b01.jpg"> <img src="https://blossom.primal.net/077b8adfbd6b1ad493919d89c3501dadc793d4f51e1a865d8f28ef6f2f5b3e47.jpg"> <img src="https://blossom.primal.net/a6e56562b7baf69e684a8b0d6942a4316816729b0854ad51bbd689fd06e4eabc.jpg"> <img src="https://blossom.primal.net/828f3e3cb27a232992262fbafc09833bf3f52c502dd347997ecd9b5184ebb7d7.jpg"> <img src="https://blossom.primal.net/ab7186b894182c75a9fb8205000c5c95e0bc06350de84d1d10f9c1beacec264a.jpg"> Marco's website: https://marcoszegers.cl/ Submit your work to our NOICE Visual Expression Awards for a chance to win 128,000 sats (currently). Deadline is December 31, 2024. Visit our website to learn more: <https://noicemagazine.com/SUBMISSIONS>

I should have mentioned this a long time ago or opened a ticket but for some time I have noticed when I post something on SN I get failures on several Nostr relays. I think they are default relays not my user defined relays. I have also noticed that my posts show up in my Amethyst app but not in the Primal web client. originally posted at https://stacker.news/items/797226

I've been using [Minibits.cash](https://www.minibits.cash/) app on GrapheneOS for my external wallet for a [couple weeks](https://stacker.news/items/780337). Thought I would provide an update. Minibits is an eCash and Lightning wallet. It supports LNURL which is nice. Overall its the easiest and best eCash app I've tried. As others have mentioned I do have issues spending with [NWC](https://nwc.dev/). But the LNURL support seems to work really well. I am guessing the NWC issues are related to their Lightning node liquidity because I often have failures with paying lightning invoices at the same time NWC payments fail. I have a few mints set up and the CoinOS one seems to be more reliable. Curious if others are using other NWC apps. For what its worth I have tried to set up NWC on my own node a few times now and it has been really inconsistent with Nostr apps. If I can even get it to make connections. I haven't had the time to figure it out yet. originally posted at https://stacker.news/items/797148

## The Hidden Dangers in Your Home #### The Toxic Ingredients Most household and personal care products are a cocktail of toxic chemicals. Despite the pretty labels "all-natural" or "eco-friendly" solutions, these items often contain substances you wouldn’t want anywhere near your skin, mouth, or home in general. #### Parabens and Phthalates Parabens and phthalates are commonly used as preservatives and plasticizers in a wide range of products. They can disrupt your endocrine system, leading to hormonal imbalances. This can result in anything from reproductive issues to an increased risk of cancer. Parabens are often found in cosmetics like lotions, shampoos, and makeup, phthalates are commonly found in fragrances and PVC plastics. #### The Danger of Fragrances Ah, yes. The alluring scent of fresh laundry or a floral shampoo. But here’s the kicker—these fragrances are often made from synthetic chemicals that can provoke allergies, disrupt your hormones, and even cause respiratory issues. Companies are not legally required to disclose the specific chemicals used in their fragrances, making it tricky to know what you’re actually exposing yourself to. #### Sodium Lauryl Sulfate (SLS) SLS is a detergent and surfactant found in many personal care products like toothpaste, shampoos, and even soaps. It’s known for skin irritation and has been linked to a host of other health issues. Studies suggest that prolonged exposure can be harmful to the tissues in your mouth and could contribute to the formation of ulcers and canker sores. #### Triclosan Widely used as an antibacterial agent in products like soaps and deodorants, triclosan has been shown to disrupt thyroid function and contribute to antibiotic resistance. Long-term exposure can mess with your microbiome and weaken your body’s natural defenses. ## The Environmental Impact #### Pollutants in Water Supply Personal care products contribute to water pollution, especially when these toxins wash down the drain into the water supply. Many of these chemicals are not effectively removed by wastewater treatment plants. They can end up in our rivers, lakes, and even our drinking water, causing harm to aquatic life and potentially returning to us through the water we consume. #### The Synthetic Scourge Microplastics and synthetic compounds from household products accumulate in the environment. These pollutants don’t break down easily, causing long-term damage to ecosystems around the world. Think about it—every time you wash your clothes, you might be releasing microplastics into the water system, harming marine animals. ## Solutions and Alternatives #### Go Natural The best way to avoid these harmful chemicals is to go back to basics. Opt for products that list all-natural, organic ingredients. There’s an increasing number of companies dedicated to creating genuinely non-toxic products. #### DIY Making your own household cleaners and personal care products is easier than you think. Simple ingredients like vinegar, baking soda, coconut oil, and essential oils can replace a multitude of toxic products. For instance, mixing baking soda and vinegar in equal parts can create an effective all-purpose cleaner that’s surprisingly effective without the side effects. #### Be an Educated Consumer Knowledge is power. Start reading labels and researching ingredients. Just because a product is labeled "natural" or "organic" doesn’t mean it's free of harmful substances. Check for certifications and look up brands that genuinely prioritize health and environmental sustainability. ## Conclusion The household and personal care products you use daily could be slowly undermining your health and environment. It’s high time you took a good, hard look into what you’re bringing into your home. Challenge the status quo, make informed choices, and safeguard the health and well-being of yourself and your loved ones. Remember, the small changes you make today can have a powerful impact on your tomorrow. 🌍 #### Suggested Readings "Not Just a Pretty Face: The Ugly Side of the Beauty Industry" by Stacy Malkan "Green Clean: The Environmentally Sound Guide to Cleaning Your Home" by Linda Mason Hunter and Mikki Halpin #### References "Endocrine-Disrupting Chemicals in Cosmetics" by Andrea C. Gore, Barbara Cohn "Chemical Exposures: The Ugly Side of Beauty Products" by Julia R. Barrett "Health Effects of Sodium Lauryl Sulfate (SLS)" - Journal of the American College of Toxicology Hope that gives you plenty to ponder. 💡

This is the transcript of Bitcoin Infinity Show #137 featuring General Kenobi! If you'd like to support the show and check out some of our work, visit https://bitcoininfinity.com for all our books, merch, and more! # Introducing General Kenobi **Kenobi:** General Kenobi, welcome to the Bitcoin Infinity Show. Luke, thank you. We are nearly all completely Star Wars themed, actually. Darth something, I guess. to the enemy! **Kenobi:** Well, you're General Kenobi, specific Kenobi, as a very smart man said. **Knut:** But, really, why are you General Kenobi, and who are you, and give us the TLDR on General Kenobi, Obi **Knut:** long do you want the TLDR to be? Well, you don't have to go into the Clone Wars and the midi chlorians and all of that stuff. **Kenobi:** you can just give us the I'm in. Tatooine, me and Anakin. **Knut:** into the cave and when did they promote you as a general and all that? **Kenobi:** The funny story with General Kenobi is when I chose the name, I had no idea it would ever become something. I just thought it was going to be another pseudonym on Twitter that does nothing. I didn't expect me to do anything with it. **Kenobi:** So then when I first received the first email with like, Hey, General Kenobi, cause I wrote like a thing for a Bitcoin magazine. And then they like, there was some emails back and forth. And suddenly I saw something about it. Hey, General Kenobi, could you please? And I was like, that's, that's serious. **Kenobi:** Like what the, what is going on here? Like that's serious. You know, like. Why not my real name or my, my as I like to call it my government name. But, I mean it all started back in, well, of course Covid, I'm kind of young. I'm like from 1999, you know, I like to say best year in the world, you know, like, because it's before 2000, but if I get to live two, the two, if, if I get to live to 101 years, then I have lived in two millennia, three centuries and, you know, **Knut:** Wait a minute, so you grew up with, like, the Disney Star Wars and, like Yes, yeah. Oh, my condolences. With a prequels, okay. **Kenobi:** Yeah. So with J Jar, Darth, Georgia. **Knut:** Oh, yeah, yeah, yeah. And, what's he called? George R. R. Abrahams, who made the Disney, right? Yeah, so the, this is, see if you agree with this list. It's, number one is Empire Strikes Back, which is like a superb movie. **Knut:** Number two is the original Star Wars, which is a very good movie. Number three is the first half of Return of the Jedi, until the fucking teddy bears show up, and then it starts sucking. Like, the Jabba's Palace thing is superb. Then the fucking Ewoks show up and it sucks, and every other Star Wars thing after that is complete bullshit. **Knut:** I agree with that. **Kenobi:** I disagree with the Ewok thing, cause I was like 7, 8, 9, 10 when I saw that, so the Ewoks were the best thing ever, so, you know, you saw those creatures and they're like some, like quirky but also like effective, like you see them like smash the **Kenobi:** Oh, yeah, yeah. with the thing, and it was super fun, I thought that was, I loved it when I was little, but I understand if you had a **Kenobi:** we'll do an interview with you again when you're in your thirties and then it'll be like, yeah, you're right. Looking back at it, it wasn't the best. Like they could have cut it down. Right. But they'll come in the future. For now, I'm still in the phase of like loving it, **Knut:** **Knut:** no. **Kenobi:** love it. 'cause usually I don't talk to Star Wars people just, okay. General Cano, that's it. And they just leave it there. I'm like, there's so much talk there. Anyway, also like the whole like, like against the empire, you know, and the rebels, like we're basically the rebels dispersed, decentralized around us. **Knut:** Bitcoin is the photon torpedoes fired at the Death Star's fucking core. That's what Bitcoin is. chances that Satoshi Nakamoto would fire right he used the force. **Knut:** it **Kenobi:** Exactly, yes, with a bit of the force, and now we're here all, fighting against the second Death Star, so to speak. **Kenobi:** Wait, what's the analogy there? **Knut:** the fact that Satoshi Nakamoto was the first one to throw the first one, like, it destroyed the first death star. So like kind of gave us the first opportunity to keep fighting back. That's the block size **Kenobi:** that's how I see it. **Kenobi:** No, the first one, right. that's when we got the first like victory over, **Kenobi:** Satoshi Nakamoto was the first one to throw the torpedoes. Cause it was so impossible, right. To like hit it exactly, **Kenobi:** make it that perfect. You know, cause I recently read the book by Aaron Van Weerdum. I never know how to say his last name, but I'm sorry, Aaron. **Kenobi:** and first of all, absolutely fantastic. And when you get to the end, I loved it because it was like, like it was a long book. It was, and it was proof of work. And then at the end. You just feel ecstatic when Satoshi Nakamoto like releases it. It's like, yes, finally. So that was **Knut:** We figured it out. **Kenobi:** how I felt like that moment was the, the torpedo. **Kenobi:** That's why I say Satoshi Nakamoto destroyed the first That's how, yeah, yeah, yeah. Alright. but Hey, at the end of the day, it's like art, you know, like, it's in the eye of the **Knut:** It's like poetry at rhymes, **Kenobi:** But we're never going to get there. # Kenobi's Story **Kenobi:** So TLDR, COVID hits. I was studying economics in Barcelona, fiat economics, of course, mainstream economics. **Kenobi:** you weren't studying **Kenobi:** exactly. COVID hit and I had already been thinking funnily enough about like. Retirement. Even though I was only like 20, 19, I was really thinking about retirement because I knew what inflation was. **Kenobi:** I knew what also what compound interest was. And I was thinking about retirement. I also knew enough about investing that I knew that at my age going for bonds and that shit would not cut it. Like if I wanted to like get a pension at some point, because we have, we have also studied in class how the pension system in Spain, we're just going to get a, thank you very much. **Kenobi:** And that's it. My parents are gonna get like, perhaps a coffee paid, but, I'm not getting anything. **Knut:** damn good in Spain though. **Kenobi:** It is, it is, but still, they worked their entire lives, and they deserve a bit more, but anyway. So I was already thinking about myself, and I was like, I need to figure out something that is high risk in the short term. **Kenobi:** High risk, of course, volatility is high risk, but whatever, you know, at that point, that was my fiat thinking, let's say. and of course, as I went down the risk curve, the thing that is the riskiest, but also has the highest reward and long term kind of like, let's say, It has the best Shar P ratio, risk adjusted Shar P ratio, so returns is Bitcoin and cryptos. **Kenobi:** Of course, I got started with the blockchain, not Bitcoin phase. I even fell into some Ponzi scheme in Spain, very famous Ponzi scheme, Nimbus Capital or some shit like that. Yeah. Looking back, like, I'm like, how dumb was I, but, but I guess that's the price to pay, right? I call it my thousand euro master, which back then that was half of my net worth. **Kenobi:** I didn't have much more and I put a thousand euros and then yeah, when it hits up, let's say, yeah. So it cost me half my net worth, but I was also 20 years old. So it was, it was a cheap learning experience, even though expensive for the time, you know, had I bought Bitcoin, I still remember. I bought 0. 1 Bitcoin when Bitcoin was at 10k and I sent it to this Ponzi scheme. **Kenobi:** Later on, I had to fight for six months to get that **Knut:** You were in Cloud City and Lando sold you out to Yes, exactly. To the Darth Vader. No, not our friend land. Not our friend. Lando, of course. No. Lando Roth Bar. That's another Lando shopping. Bit Lambo. **Luke:** Yeah, we should get you and Lando. And are there any other Star Wars Nim out here? **Knut:** I think **Knut:** Obi yes. **Kenobi:** It's Obi Kenobi, right? **Knut:** Well, hey, welcome Obi Kenobi. **Luke:** we, do we know? Do we know A one? Juan. **Kenobi:** Juan, that's a **Kenobi:** Juan Kenobi, we'll have to come with Mexican and mariachi stuff, Obi **Kenobi:** and you started Star Wars Mariachi band, like in Roca, but with a Spanish spin, in next Rocamoto, the Obi Juan Kenobi Knut, **Knut:** great idea. **Luke:** I mean, yeah. **Knut:** yeah, he does, play the, good mariachi guitar Yeah. Or one of those, Mongolo flutes they have in Star Wars like that. **Luke:** yes. **Knut:** Sorry, we keep **Luke:** sidetracking you. **Kenobi:** Anyway, **Luke:** your story.   **Kenobi:** I was at the point of, blockchain, not Bitcoin. I thought I had found, Oh yeah, blockchain is the thing. And around May of 2021, more or less, I actually told my dad, Hey dad, I think I figured it out. I want to get into the crypto space and the, and the, you know, blockchain and, Oh yeah, you know, because it's the future. **Kenobi:** Of course, I still had lots to learn, So has it, life so has it, that at that point, my dad, like two, three days later Talking to a friend of his at work. Apparently his coworker, blah, blah, family member, blah, blah, blah. I was working in a company out of Germany doing, AI, crypto and GPU stuff. **Kenobi:** And when I was little, yeah, like all of the buzzwords combined together, you know, just shake it up, have a nice cocktail and see which investors drink that Kool Aid, right. but he had the contact there and like, my dad was like, Hey, watch out, my son is right now doing this. he sent over the information to me and it kind of like fit perfectly. **Luke:** I studied economics. It was an investor relations position. It was a GPU H high performance computing thing. When I was 15, I built my computer since then. I was like kind of like a computer nerd, you know, I'm a PC master race. Me too. **Kenobi:** You too? PC Master Race. That's the way. **Kenobi:** so, you know, the GPU thing was like, okay, check. And I had also been not just investing in crypto as much as actually like learning about the technology and like, okay, how does blockchain work? What's the, what is SHA256? What is cryptography? Yeah. I mean, in a way, it actually helped me to halfway, I was halfway to Bitcoin, right? **Kenobi:** Cause some of my friends, they just like, Yeah, dude, I'm into crypto and they would just put money in and I was like, but what are you, do you even know what an AMM is? Do you know what a like different blockchains are? Do you know how these things work? And yes, it was a bit very much crypto bullshit, but at least I was like, no understanding, understanding the technology, right? **Kenobi:** And freedom and blockchain, all that stuff. And, and then when they saw my profile, they were like, yeah, why not come in? And during those two months, I actually didn't have too much to do. It was in Germany. I got in and I was expecting a fully Bitcoin company where I was going to learn a lot. **Kenobi:** I was the third person out of 60 in headquarters that knew about Bitcoin and I was like, okay, I guess there's something for me to do. So I decided to do a presentation on what Bitcoin is and how it works because I saw my colleagues over at Legal, at Treasury, at, you know, Finance. Yes, they understood that Bitcoin existed, but they didn't know anything about it. **Kenobi:** Basically, just like, you send it, you receive it, and it's apparently worth dollars, right? That's it. But I was waiting for the day that the treasury guy sends like 20 Bitcoins out into nothingness because he fat fingers an extra C or B at the end of the address. And then he's like, where's the helpline for Bitcoin? **Kenobi:** Can they send the Bitcoin back? So I was like, okay, let's do a presentation on Bitcoin. And while I was doing the presentation, the day, I still remember it, it was like clear as day, the day I understood proof of work, proof of work clicked for me. Also, it's necessary to say I was working in a, it was a Bitcoin miner with also Ethereum mining. **Kenobi:** so yeah, with that information, people should also know. And I'm not going to be able to like triangulate which company I was working for. but I'll let them do their proof of work. Everyone needs to do proof of work, right? # Proof of Work vs Proof of Results **Kenobi:** But the day I understood how proof of work works, which is a bit of a mouthful, but you know, like I still remember it, dude. **Luke:** I leaned back. my brain didn't shut up for three weeks. What was it that did it for you? Cause this is, this is something that, that I think some people don't even still get it. What did it for you? Bitcoin, **Kenobi:** I think it was the fact that. it's actually an understanding that that is bringing money back to reality in the sense that **Knut:** that. **Kenobi:** everything in the world that is worth anything, it has proof of work inherently. You just, the moment I see someone that is fit, proof of work, I know it. **Kenobi:** Even if he took steroids or anything, there's proof of work that he hit the gym. **Knut:** Yeah, I'm going off on a tangent here because we're trying to promote the concept of proof of results in the book because I think proof of work is misunderstood. **Knut:** the big, proof of work is misunderstood in the way that, all the other work, the only work that matters is the correct hash. So it's actually proof of proof of work because, **Knut:** Like, you assume that the work was put in because the odds that it wasn't put in are so high, And the same is true for, everything, like, you get these Bitcoiners that think that just because they do the work, their work is valuable somehow. Like the guy that's writing the word Bitcoin, 40, 000 times in a book or something. **Knut:** like, yeah, but nobody asked you to do that. The market didn't ask for that. so what's true in real life is the results. that's what actually matters. and we use the, example of. bill Murray, for instance, the actor who made a whole career outta not giving a fuck. **Knut:** It's wonderful. Like, I love the guy. but it took work to not work that much. I guess , but it's the result that matters. and that's what we're trying to promote. And even in Bitcoin, like everything in Bitcoin is probabilistic. The only, reason that you think that the work was put in is because the hash starts with that many zeroes. **Knut:** So you see that thing in, oh, this guy probably put in a lot of work. And that's also like, why you own **Kenobi:** That's the difference. **Knut:** Well, almost certain. **Kenobi:** But I agree with you. No, no, no. That's what you're a philosopher. **Knut:** Yeah. And, and, and just, just the, to, to finish the point, the, all the other things are probabilistic in Bitcoin too. So the, the only reason that you think that you own the Bitcoin, because you know the private key is because you know the odds that. Someone else knows them is so low that is you practically own them for all practical purposes And the 21 million limit like you you know that that will not change Because the probability that all the bitcoiners will agree on changing it is so low. **Knut:** So everything is probabilistic. Really. # Quantum Physics **Kenobi:** But then you're getting into quantum, basically, you're getting into the depths of, **Knut:** almost **Kenobi:** everything is probabilistic at the day, right? and I mean, that gets into attention of a question that I had cause before getting into studying economics, I actually wanted to do physics and particle physics and go to CERN. **Kenobi:** That was like my dream. But then my dad told me what it actually meant. And that meant sitting in front of a computer 2000 meters below earth, but like, you know, 400 meters below earth and just repeating the same analysis a thousand times. And I was like, **Knut:** No. And Bitcoin is the, like CERN is the particle accelerator for physics nerds, right? And Bitcoin is the testicle accelerator for, for, for Austrian economics nerds, . And that's much more fun. **Kenobi:** Exactly. At that point, I didn't know that, but one of the questions that I had back then, and that gets back to this thing of is everything probabilities or is anything certain is the fact that if you just take. Normal physics, like, Newtonian or Einsteinian physics, let's say, like relativity, higher levels of magnitude than us, then everything is certain. **Kenobi:** Like if I, it's certain that if I threw a ball, it's going to have this with these initial things, then it's going to end up there. But at that point, if you think this way, Then if we knew all of the initial setup for, before the big bang, so all of the, how every particle was arranged, what their spin was, what the direction was, all of that, then we don't have free range. **Kenobi:** We are just the result of that, right? But then when you look into quantum, you realize that everything is probabilistic. We like electrons. They don't actually spin around the nucleus of the neutrons and the protons. They just are in probabilistic. Clouds, like clouds of probabilities in different high levels of energy. **Kenobi:** And that's also when we get into like chips, that's super interesting because now we're hitting, that, well, people are going to think, well, why are we going to get into chips? Does this guy have anything to do with that? But once we finish my TLDR, which is going to be. Very **Kenobi:** long.   **Kenobi:** I'm a Bitcoin mining analyst. So that's one of the things that I get into. Right. and with this thing of quantum and electrons being just like, waves of probabilities, we are now in this day and age hitting The end of the Moore's law of tic tac of every two years, you multiply times two and then you improve and then you multiply it times two, the amount of transistors, right? **Kenobi:** We're hitting a limit on that because now our gates, our logic gates, as they're known, they're getting so small, so tiny that there is a non zero probability that electrons will just jump over the gate and they will not register. So that's actually a problem, right? so, so that's super interesting. And that's leading to now, instead of having just 2D chips, just flat surface chips, they're starting to, AMD is starting to do stuff like 3D chips where they like stack them up this way in the same die size, you can have more transistors, but you're going vertical, right? **Kenobi:** Anyway, Let's finish the TLDR. What do you want to go into? Like **Knut:** Yeah, no, that's it. **Kenobi:** Yeah, wrap up your, and the proof of work tangent, I mean, the only thing I wanted to get at was, like, sort of, what's the, what was the thing that clicked for you, that, that, got you to understand that, But I think what Knut said basically is that, like, when you see someone that is very muscular, for example, that is proof of results. **Knut:** Stop muddling. **Kenobi:** but that's a very scientific thing, right? **Kenobi:** Science, scientists, they never claim anything is a hundred percent true. They just claim it's 99. 99%. It's beyond reasonable, right? Like with the jurors, **Knut:** It's **Kenobi:** the best theory we have at the moment. exactly. And in this case with energy though, it's kind of like obvious. If someone hits the gym every day and you see them later on, there will be results. **Kenobi:** Unless they're like a total tool that like what you said, right? Cause you can just go to the gym. All of these girls just. Lifting one kilo weight. There's no results there. You need to lift heavy, for example. But then that's just one thing. But then in anything else, like if you wrote a book, that's proof of work. **Kenobi:** You had to sit down and do it. Even if it was with AI, you had to sit down and at some point, use calories, use energy to do that. Anything that's worth anything. If we're talking, if we're breathing, if we are walking, if we're thinking, that's watts. And if that's worth anything, That's energy. And what is not proof of work? zero, zero, zero, zero, print. That's made up. That doesn't exist. That's, that's Mickey Mouse economics. You know? And that, the moment you realize that that's how our system works so far, and that's what I realized at the moment, right? Like we have been living with a Mickey Mouse, proof of nothing, proof of stake, if you might say, equal proof of nothing, right? **Kenobi:** A system. And we finally, for the first time, we figured out a proper universally, coherent system. proof of work system, like it aligns with the laws of physics of everything that we do. That was the moment. **Knut:** It ties the subjective world to the objective world. Like, it's the bridge between human action and physics. it's beautiful. **Kenobi:** Only **Luke:** though, right? **Knut:** Only probably. It probably does. Yes, exactly. The thing with probabilistic, it's like, it's connected to free will somehow, and I don't know exactly how, but like, if the universe was deterministic, free will couldn't exist. **Knut:** No, so it's, and maybe it doesn't, by the way. **Knut:** oh, you mean the whole matrix thing, Well, we can't know if it exists, but we have to act as if it does because we have no choice but to have free will, right? So it's a paradox in itself, but like, you're going to love the book, by the way, but let's not get into that. **Knut:** Let's finish the TLDR and get on with **Kenobi:** now on it's kind of like very quick because the moment I realized that like I still had a bag of shit coins and over the next two months I just basically sold them all at a loss or at whatever point. I just didn't care. I realized that better to have some sats than have some whatever shit coins, you know, that yeah, perhaps they're going to pump better and whatever. **Kenobi:** I had friends still in crypto when, when 2RO, 3RO's capital collapsed, when FTX went down. They were like, Oh my God, what's happening with my coins? I was sleeping like a baby. Why? Because my coins were on cold storage and only on Bitcoin. **Kenobi:** That's it. But anyway, so I finished the presentation. I became a Bitcoiner. I presented it to the, team and they were quite impressed. So they were like, would you be willing to not go to college for a while and just work with us? And I was like, a hundred percent, let's do that. **Kenobi:** So I just jumped, headfirst into the opportunity. And over the course of the following year, I didn't go to class. I was in Frankfurt, but I was going to Erasmus in Mannheim. so, I basically did not attend class and I just worked for them, dove deeper into Bitcoin, specifically Bitcoin mining, because, # The TLDR Continued **Kenobi:** the position that I ended up crafting for myself was like Bitcoin mining analyst, which encompasses also, Knowing everything else about crypto. **Kenobi:** But the funny thing is I became like an internal crypto consultants for the company. And anytime they would come to me and be like, Hey, what do you think about starting something with this crypto? I will be like, Hmm, okay. Interesting. Two days later, no, actually no. Without doing any work, I would just get back. **Kenobi:** Like, I don't think it's a good idea. Yeah, exactly. Cause it's, it's a shit coin. **Knut:** Yeah. financial advisor is the easiest job in the world for the next hundred years. **Kenobi:** If exactly, if you're a Bitcoin , it's your work is cut out for you. but yeah, for example, at one point they even came to me, I was like. February, March of 2022. So Bitcoin had already touched 69 K, 70 K. And what's going down peoples, I know, right? nice number . **Kenobi:** they came to me with the helium, like, oh, we should start doing the helium Internet of things. Things, whatever, whatever. And I was like, **Knut:** Helium? **Kenobi:** it was a shit coin. And apparently it was like, if you got a node, which they sent you, it would be like super profitable. You buy for 300 and in two months you've already done 300 whatnot. **Kenobi:** Three months later, it was discovered that they had been lying about their partnerships with Volt and well, you know, with those last mile scooters and with Uber, they had been basically lying about it. And therefore the coin just basically, went to zero **Kenobi:** Big **Kenobi:** who would have thought? I mean, Thank God I told them for some weird reason that it was a shitcoin, but anyway, so then I worked for one year with them. in between, I also started getting involved with stuff like European Bitcoiners, you know, at a European level, but also organizing the meetups in Barcelona, which by the way, you're invited any of you two guys to come to Barcelona and we'll try to get a meetup together. **Knut:** I also love Barcelona. **Kenobi:** and also the meetup has a, Like the whole story of Barcelona and the meetup is quite interesting because there used to be one, COVID killed it. And then somehow we found ourselves again in a new generation, the new guard, as we like to say it. And now we're like one of the best meetups in the Hispanic community. **Knut:** Did Covid sort of cleanse out the shitcoiners? **Kenobi:** Yes. Yes. In a way. Yes. Because a few months after creating the meetup, the new meetup in Barcelona, actually one of the old guard noticed us and he was like, Hey, you guys are doing meetups, right? And we were like, oh shit. He's the original guy. And then he came in and now we're super chill. **Kenobi:** He's part of the new guard, so to speak with us, and he's helping us organize every meetup. he's part of the team. and he would tell us stories of the last couple of years, you know, 2017 to 2019 before covid. And, you know, creative destruction is positive. **Knut:** This is so great because there's an actual evolutionary perspective to, the COVID measures doing an evolutionary thing and making, ANCAPs and Bitcoiners survive better, in the long run. **Kenobi:** What is it, Alan Farrington's, Only the Strong Survive, right? the whole, yeah, 100%. Anyway, so that happens, but then, I was already organizing meetups, part of European Bitcoiners, like, you know, but this thing is a bit of a decentralized, pleb driven, volunteer thing, so it's morphed a bit over the years, because volunteers come and volunteers go, right? **Kenobi:** We don't force anyone, it's like Bitcoin, right? When you do this type of stuff, it gives you so much more perspective for how hard it was the first years in Bitcoin, like trying to get anyone involved. And that also brings new appreciation for how important Hal Finney was. Like, like this man, we would not be here today without Hal Finney, at all. **Kenobi:** Like we owe Hal Finney everything, like, or Ross Ulbricht. Yes. Hats off if I had one for him and for Ross Ulbricht as well, and for Marty Malmy and all of these guys, early guys. But anyway, so it brings you new appreciation. But then I had been already working for them for a full year, I still had my studies halfway through, and a combination of Few things like a lot of social pressure from one end, also from the company, they were like, it's still German fiat company in a way. **Kenobi:** And they were like, we don't want to support someone dropping college. and my family also like, are you sure about this? And the price going down. And I was also tired of living by myself in Frankfurt. So I was, you know what, fuck it. I'll go back to, you know, living the fiat life. my mom cooks, I just clean sometimes and, you know, I live at my mom's house. **Kenobi:** No budget balancing, no whatever, you know, I just live life for a minute, right? So I went back to college. I recently finished my studies, economic studies, man, was it tough because the first two years of economics, I was a, I was a # Fiat Economics Education **Kenobi:** I was full in. I was actually one of the best in my class, but then I became like a mid corner. **Kenobi:** I studied a bit of Austrian economics, I understood the main things, and then I came back and I was like. Aw, shit. **Knut:** I'm gonna lie here. **Kenobi:** yes, yes, yes. Oh, I still remember because I managed to get one of my friends. I turned him into a Bitcoin, I orange pilled him and he was with me in class and we had a macroeconomics 2 class and at one point the teacher, we had something about money printing and whatnot. **Kenobi:** They actually recognized that one of the revenue streams for the government was seniorage, which was printing. And I was trying to, you know, like, It's like poke the bear kind of, into like saying that, Hey, it's basically stealing, you know? and inflation is, comes basically from money printing. **Kenobi:** And the teacher was so adamant about like, no, no, no. And anyway, it was also a weird thing cause like you don't want your teacher to hate you because then the classes were small enough that they would know you and how you write and all of that. So if they wanted to, they could just fail your class all the time and then you don't pass. **Kenobi:** Right. So this power imbalance made it so at one point, me and my friend, we had to just like Bitter Tongues and eat the shit and say thank you and then puke it out the lies on the exam. And that was a great exam. You know, we passed by just lying through our teeth. But anyway, so two tough years. I still want to do the analysis of my grades of like first year. **Knut:** What was my average grade second year? I mean, just unpack that for a minute. how horrible is it that in order to get a degree in economics, you need to admit that theft is not only okay, but necessary? Like it's so vile, it's so vulgar. **Kenobi:** And it's worse than that because for example, many of the changes that were made to the course over the years, weren't properly communicated even to the teachers, at the beginning of my course, I was doing economics and English, not just economics. I'm in Spain, so usually classes and universities are in Spanish, but I chose to do economics in English, it was a smaller set and the teachers, have been doing that for the past seven years. **Kenobi:** And at the beginning, there was a course on, history of economic thinking, so it would present you the Austrian school, the Chicago school, you know, all of these other ways of thinking, right? But at some point between the start of the course and me doing it, they scrapped it and they didn't tell any teachers. **Kenobi:** So at one point I went to a teacher and was like, Hey, by the way, like, when are we going to do anything about Austrian economics? And you know, like the Chicago monitors. Cause I also kind of want to like study the enemy to like properly understand them and be able to refute them. And also study our own things, you know, Austrian economics and also behavioral economics. **Kenobi:** That's something I've been getting more or less into. I mean, my thesis was on Bitcoin and behavioral economics, so that's that. and the teacher was like, oh, you haven't had a class yet? And I was like, that was in the third year, right? After going back. And I was like, no, it was like, oh, there used to be one. **Kenobi:** And I'm like, wait, you scrapped it? And you're not even aware of that? Like the college, they just scrapped it and didn't tell you. And then going back to your question. So that's one of the first things, right? This is like, Covert propaganda of like, we're just going to scrap the things we don't like and keep the things that we like, right? **Kenobi:** And then, I mean, it wasn't that horrible because there was no other way. Like, they build it in a way, they build this world where the answers that the teacher gives you, because you haven't seen anything else, right? The Austrian school doesn't exist, the behavioral economics school doesn't exist, the Chicago school doesn't exist, right? **Kenobi:** So, the only thing, the only economics that is valid and real is the ones that the teacher present to you. And whatever they present to you, that's the truth. And if they don't say, they just say seniorage, right? Oh yeah, part of the revenue from the government. You know, it's, it's taxes, it's, I think it was debt also, even though I was like, but isn't that also taxes in the future? **Kenobi:** But anyway, and then seniorage, which I was like, isn't that also taxes? But anyway, but the teacher didn't say that, right? and they have, of course, the authority in the class. Right. They come prepared with their story. They have their story clear, right? And kind of like properly packaged. **Knut:** There's a Rothbard book called a history of economic thought which is really good if you want to study like the differences in way And it goes back to Greek times. great book   # Bitcoin Mining Analysis **Kenobi:** So you finished your studies, but I assume also this whole time you've been active in the Bitcoin community and all this, and now you've been doing a lot of great Bitcoin mining analysis, so where are you now? The thing is, with the Bitcoin mining analysis, it was usually done for my company privately, so I didn't publish it much. I would just sometimes do commentary, like for my pseudonym Twitter account. now I'm trying to just be on Nostr, which I think, you know what, that's the way to go. **Kenobi:** I would just comment on a few things sometimes, like if someone presented something, I would read it from my work, and then publish some potentially like some responses back on Twitter, like, hey guys, you could have done this, or very good on that and whatnot. And also, compilating a lot of, sources and reports and things that people produce and also producing some for my own company, nothing too high level, but enough that they would have a better understanding of what's going on, so to speak, but of course, private, so that's why there's nothing on Twitter about this. **Kenobi:** So then for the past two years while I was studying economics, I was still going to conferences because that was kind of my escape, that and the meetups from all the bullshit. so going to conferences, if I could get a speaking slot perfect and talk a bit about Bitcoin and whatnot, or what we're doing in the meetups or in European Bitcoiners, the community level. **Kenobi:** And, if not, Just attend the conference and be around Bitcoiners and escape the, you understand it, right? When you talk to a Bitcoiner. There's no preamble. You don't need to tell them anything. They already understand. They're there because there's proof of **Knut:** You can skip the formalities. **Knut:** You're on the same level. And even if you disagree, there's still a base fundamental thing that you agree on. they're above a certain number of thresholds already **Kenobi:** exactly. And you know that this person has done at least a certain amount of work because there's nothing worse than someone that has just eaten propaganda that comes to you and says, Oh, but you have no idea because the TV said, and I'm like, That's your only source of information, the TV. **Kenobi:** So, and then you cannot have real conversations about like anything that's happened over the past four years, or let alone 20 years, 15, 50 years, right? Like nothing. so anyway, going to conferences was my, my escape and, yeah, that's, that's also why I'm here now, to escape from that type of, you know, Life, so to speak, but at this point, well, the last semester, they, my company called me back again, like, Hey, Kenobi, would you like to Come back on board, start working for us again. **Kenobi:** And by the time you're done, be full time with us. And I was like, why not? Let's do it. I mean, this way I can get some sats, you know, keep stacking sats. and potentially I could also go to a conference with my company and whatnot. This way, I don't have to pay for out of pocket. I don't have to burn sats myself. **Kenobi:** once I graduated, I decided, you know, I've been long enough with this company. let's see what's new, what's out there. # Decentralizing Mining **Kenobi:** And now I'm working for the past kind of week and a half, cause in Lugano, we actually shook hands on it for demand pool. The first Stratum V2 pool out there. So helping decentralize Bitcoin proliferate nodes. **Knut:** Cause the idea is to have a node on every miner. People don't know this yet, but miners, they don't have nodes. Yeah, let's really dig into this, because honestly, this is a big area of discussion for us generally. We've had a lot of guys from Ocean on, mostly just Mechanic actually. Yeah, but we've had other ocean proponents on **Luke:** Yeah, exactly, and I mean, we're really big into this whole mining decentralization thing and miners being able to select their own block template and all this. **Luke:** And so, can you explain anything and everything about Demand Pool, Stratum V2, I'll leave it up to you to organize it, **Kenobi:** Yeah. So from what I know so far, Stratum V1 was created in 2012 and Stratum V2 was proposed just a few years later in 2014 15, if I'm not wrong. In 2018, Matt Corallo came up with BetterHash, that was the improvement to Stratum V1 or Stratum at this point, because there was no Stratum V2. **Kenobi:** but it had a few missing pieces, so it didn't go anywhere, but it helped set the stage for like, hey. We actually need to start worrying about this. And then around 2020, 2021, the proper stratum V2, initiative was started. **Kenobi:** The SRI stratum reference implementation. And it was a collaborative effort between a few independent, Coders, Brains and Matt Corallo, as far as I'm aware, please don't trust Verify, right? that's the story I know so far. I've only been working for Strataview 2 for the past two weeks, but I've been following on and off for the past two weeks. **Kenobi:** That's why I'm kind of aware of it to this degree. and then for the past three years, they've been working on setting up the basis and also figuring out all the problems with implementing it, like kind of game theory, like wargaming it, like game theory, like how it pans out. **Kenobi:** Because at this point the current setup is basically, Pools have kind of a lot of power because they create the templates and they also manage the payments. and miners, yes, they have power in the sense that they can just switch pools, but at the same time, when half of the pools are just proxies for the two biggest pools and the other half of the pools, they are, let's say the same, but with a different color. **Kenobi:** Right, because at this point, it's FPPS only everywhere, and to be honest, FPPS is dying, and it should die, in my opinion. And the biggest winners will be miners, because they will get paid more, when that's the setup, miners don't really have that much power. Like, Oh yeah, but they can just redirect the hash rate. **Kenobi:** Yes, they can. But first of all, there's two types of miners, publicly traded and let's say bigger miners like enterprise miners and say not smaller, but medium to small miners, you know, more nimble, more agile. These guys, yes, they can do that. But the bigger ones, many of them, they have some sort of, let's say Nash equilibrium where trying to get out of it is a bit. **Kenobi:** It's a bit tough, because from a regulatory perspective, from a tax perspective, they are in this, like a false Nash equilibrium, I don't know if you've seen those things of a hill with a ridge and then the ball falls there and it just stays there and it's like a false equilibrium and you just need to get it over to then properly go to the right place from a game theoretical perspective. **Knut:** That's it, right? And that's where they're at right now. It's like a false equilibrium. Too big to fail problem?   **Knut:** It's more of a very big, therefore regulation. and then they have auditors Too big to change. **Kenobi:** they're also KYC, right? Too big to change. Yeah. That, I think that would be the way to put it because they already KYC. **Kenobi:** They don't care about KYC and the only thing they care about is, Proper reporting, proper auditing, and also modifying their tax status like with shortbread, right? In the UK, it's called shortbread and not just cookies, even though they're cookies, because I don't remember, I think it was in the 1800s or 17th century, there was a fight over What it was, because cookies, they were taxed in the UK at like 12 or 15 percent the exports, but bread was taxed only at 2 percent or something like that. **Kenobi:** So they decided to call it shortbread in order to like have lower tax, on or lower tariffs, right? And therefore sell more than cookies. And the same is happening with miners. Most miners, publicly traded ones from a tax perspective, they are not miners. They're just compute providers and the actual miners are the pools, And by doing that. And they become just a data center, like any normal Amazon data center, and then their tax regime, like their taxes, are lower, because if they were, the miners, they would be selling a finished product to the pool, and then they would have to pay VAT on that, right? So Yeah. That's what they do. **Kenobi:** Yes, technically everyone can do that. But, right? but all of this, **Kenobi:** so they're not miners. Exactly, exactly, exactly. And this is like hash salesmen. that's what we've been trying to push that, that kind of explanation for it. Like in so many, that goes deep because you can't really call yourself a miner unless you know what block you're mining on. yes. In a way, but, of course, this is the world we live in, kind of. # FPPS Is Dying **Luke:** Yeah, and so we were on a panel yesterday that went into a whole bunch of current mining trends and all of this, and you touched on one of the points that FPPS is dying, and I really like this, I think this ties into both of these things, like the Stratenvy 2, the decentralized mining and all this, but why is FPPS not going to work? **Luke:** Yes. **Kenobi:** it would be good to start with how pools appeared. Pools appear because there's 144 blocks. The way I like to explain it is every day we bake a pie and it has 144 slices. And then if there's 144 kids, there's a high probability that everyone will get there and get their own piece of pie, right? **Kenobi:** But at some point, if you have a big family and you're 700, some of the kids will go hungry for various days in a row because they're not the first ones to get there. So then they decide to Band together and be like, okay, when you get a piece of pie, you share it equally with all of us. **Kenobi:** And when I get a piece of pie, we share all equally, right? That's what happened with pools. The first one was a slush, November, of 2010. So one year after the creation of Bitcoin, was it? No, no. Two years after Bitcoin mining started. So January of 2009. **Knut:** yeah.   **Kenobi:** but yeah, so that was the first pool because at that point, GPUs were slowly starting to pick up. That was about eight, seven, eight months from when Laszlo Haniek published his GPU, implementation. And at that point, something that most people don't know is that the first GPU implementations, they were not that more efficient. **Kenobi:** they were more powerful. but from an efficiency standpoint, they were actually potentially even worse. They were using more electricity. **Knut:** okay. **Kenobi:** So that's the thing. But yes, for the same machine, you were getting more hash rates. So that's why, how Laszlo Hanye managed to get a lot of coins. But by that point, they Many people had already figured it out. **Kenobi:** They were actually starting to be more efficient, therefore more economical, but there was more competition. And at that point you can go over the Bitcoin talk forums and people like, we're talking about like getting a block every four years. Nowadays, as a solo miner, it's getting a block every 400. So good old times, right? **Kenobi:** They didn't know how good they had it. but that was the first pool from there they created. I don't remember exactly what the method for the distribution like, Oh, you bring in so much work, you're going to get that much amount. what it was, but basically how modern pools work after that one, they had some trouble. **Kenobi:** Some new pools appeared and they fixed on that was basically. The way Bitcoin mining works is you have to find a number that is lower than the difficulty adjustment. You have to think of it like a limbo, right? You go underneath the thing, right? but what the pool does in order to not get all of the trials, because what your ASIC is doing is just hashing once and once, like, again and again and again, and all of them, They have some, let's say they're a proof that they're doing work, right? **Kenobi:** And you want to check that people are doing work as a pool, right? But you don't want to receive all of the trials. Cause then from a data bandwidth perspective, that would be, you will be **Knut:** So you want the computing power rather than the hashes. **Kenobi:** exactly. So what you want to do is you want to get a fraction of the hashes. **Kenobi:** So what the pools do is, yes, this is the, so this low is the difficulty of Bitcoin. So if you get a hash underneath this, like a number underneath this, We are getting bitcoins, yippee, awesome, good times, but we are 50 people in this pool, or 50 entities with varying levels of hash rates, and I don't want to be receiving 400 quadrillion strings of data every second. **Kenobi:** Right? So I want to just receive let's say one, every second from each of you guys. So what I'm going to do is I'm going to give each of you a different difficulty level. And if you get a number that is below that, so here's the Bitcoin mining difficulty, like the whole network, and this pool is choosing client A, we'll have it here. **Kenobi:** And by knowing your difficulty level and how many shares you provide an hour, I can calculate your hash rate. **Kenobi:** And therefore I can calculate what's your percentage of the work. And then, but then of course, you don't want to give a Bidax the same difficulty as fucking Riot. Because Riot, they're going to give you 400 quadrillion strings either way. So then you get different difficulty levels for different miners in your pool. **Kenobi:** And using that, you're going to get, let's say, I'm making it up, but I think it's, usually it's like, 10 shares per second, but I don't know, right? And also every pool can choose a different metric, right? But let's say one share per second. If you have not too much hash rate, they will give you a higher difficulty. **Kenobi:** And then if you have a lot of hash rate, they will give you a lower difficulty. So now we have created the concept of shares. Because shares are hashes that are low enough that you have to submit them. Or not have to, but you're willing to submit them because they're worth something, but not low enough that they give you Bitcoin, right? **Kenobi:** Because they're not giving you a block in the network. So then, every pool created a system like that, and then we get into the first, systems using shares. If I remember correctly, the first one was PPLNS. So per the last, so they're going to look at the last, quadrillion shares provided from all the miners and they're going to see the distribution of them. **Kenobi:** So, okay. You provided this amount of shares with this hash rate. That means that you will get this. When we find a block, we will look back into all of the shares that were submitted in the past four hours. And then we will give you that percentage, right? And if you provided more shares at a higher difficulty, then you're getting more of that block, right? **Kenobi:** But of course, what's the problem with that? You only get paid when a block is found. Because the moment a block is found, they look backwards and they say, How much were you guys working on? then from this block you get this percentage, this percentage, this percentage. **Kenobi:** That's when we get into the thing of variance. There's only 144 blocks a day, and if you're less than 1 percent of the network, so if you're 0. 7 percent of the network, then you are supposed to get one block a day, on average, because there's 144 blocks, so If you do the math, it's around 65 percent. But what happens? **Kenobi:** It's probabilistic. Some days, it can happen, you don't get a block. And it could also happen that the next day, you don't get a block. And the next day as well. What are the probabilities of doing that? You know, then you have to poison distributions and all of that. It gets very mathematical. **Kenobi:** But anyway, I do understand it, but like, how the math works behind it is a bit still like, Okay, it works, but like, I don't understand why, but it still can happen. So if you're not too big, it could happen that for a few days, you don't get blogs, you don't get paid out. So then it feels like, and then there were also ways to play it where if a blog was just being found on another pool, you would jump to that one because of some, anyway, there were some attacks that you could do where you could Scoop off, profitability of pools and therefore start stealing from them, so to speak. **Kenobi:** so then pools and, and, and miners, they started looking for new alternatives. And the one that they came up with and that has been prevalent for the past three to five years has been FPPS. So we went from let's look at the shares that you gave us over the last X hours, once the block is found and then we will calculate it to we will give pay you regardless. **Kenobi:** Why? Because the expected value of any hash is the same. Like any hash could be the hash that gets you a block. It's like with I like to compare it like the metaphor uses the digital marketing, like with advertisements, you know, people, they pay for, they pay a hundred dollars for a million clicks in Facebook. **Kenobi:** They don't know which click will give them revenue, but they know that every million clicks they can expect at least more than a hundred dollars of revenue. Otherwise they wouldn't buy it. so in a way what you're saying is like the expected value of your hash rate, so from a probabilistic point of view. **Kenobi:** is this amount. **Knut:** so FPPS is pay per click, **Kenobi:** kind of, **Knut:** That's the equivalent in the advertising world, rather than a referral, like whenever you get a sale, you, yeah. **Knut:** Yeah. No, that's just how I heard it. Yes.Cause I hadn't thought those steps extra, but yes, it's that, that will be the way to think about it. And it's a very simple calculation. You just get all of the Bitcoin mined per day at this point, 450. **Kenobi:** Plus, transaction fees divided by the total network hash rate. And that's it. You're getting, if you have one extra hash, you should be getting this amount. **Knut:** The problem is that you're getting paid regardless of if the block is found or not. **Knut:** So that were like the, the pools could still have bad, sets of luck, which then means they have to like, it's almost like you're withdrawing from the bank, even though there's no money there. fractional reserve. **Kenobi:** it's worse than fractional reserve. I was, I think it was Alan. **Knut:** It's exactly fractional reserve. **Kenobi:** I would say it's worse. **Knut:** the gold rather Cause they're, they're working on the promise that they will find gold because meanwhile **Kenobi:** With fractional reserve, at least. The gold was there beforehand. Theoretically, theoretically, lots of air quotes. Right. but with this one is like, Oh no, we are sure we're going to get gold. **Kenobi:** Right. Don't worry. just get paid. You're welcome. so it requires a lot of financing. You need to have big bags in order to do all of this, which leads to the centralization, but also from a historical perspective, how it evolved is at the beginning when FPP has arrived, the formulas that we're using were very simple. **Kenobi:** Basically, for example, let's look over the last 144 blocks, aka one day. what was the payout to the average of that? And then that's what your terahash or petahash or exahash. What's worth for the last day, and we'll pay you that amount. That's the expected value of your TeraHash for the past day. **Kenobi:** and they would also be very fair, let's say. They would be very close to the actual expected value. Let's call it 100%. And then on top of that, or below that, they would skim between 2 and 4%. That's the pool fees. Perfect. Makes sense. But as the time went on, they realized that The financing needs were so big on their end and the risk was so big on the pool's end that they needed more revenue to justify it, right? **Kenobi:** Because otherwise they were basically, I would say like picking pennies in front of a steamroller, right? so as time went on, they started modifying the formulas and then suddenly it was not just, Hey, the last 144 blocks, transactions included. So Coinbase plus transaction. And that's it. **Kenobi:** We're going to actually like subtract the last, the least profitable 10 and, but also the most profitable 10 or, or, or they're good and they start playing with that. Right. And then suddenly they, everyone calls it FPPS, but FPPS from this pool and that pool and the other pool, they use slightly tweaked formulas. **Kenobi:** And then also, to a certain degree, you have to trust them that they're doing the formula right. And over time, what started happening is, you know what happens with exchanges, right? Like, like you go there and they tell you, Oh, 0 percent fee, there's no fee. But then there's a spread, you know, that's also a fee, right? **Knut:** so let me get this, see if I got it right. so the longer the time horizon, the more financing you need, but also the more assured you can be that it's, you're actually going to find the blocks, right? Like, because the probability that you will, it just goes up with, with more time. **Kenobi:** Yeah. But also the longer the time horizon, the higher the probabilities that you will have a bad week or a bad month. And what a bad month means is that You got less blocks and then you're dipping deeper into your reserves or into your financing. **Knut:** That's hence the more financing you need, **Kenobi:** so that's where they realized like we need to get more money. **Kenobi:** Like we need to get more revenue because this way the payouts are lower. So there's, we have to pay less out, but also we're creating a bigger cushion in the good times, so to speak, almost like, you know, Keynesian, like, Balancing of the thing, of the, of the government revenues and taxes, right? **Knut:** Keynesian. which is great in theory, but communism is also great in theory. **Knut:** No, it's not great in theory, but let's not go there. **Kenobi:** In theory, communism is awesome. What? Everyone gets everything and they're happy? Now do it. Good. Luck. **Knut:** but it's not great in theory also the theory has big holes like the, Labor theory of value. Yeah. **Kenobi:** Proof of work. Exactly, So, as a Mickey Mouse experiment, communism is wonderful. But, and FPPs as well. FPPs as well. that's the thing. FPPs could be seen as like the communism of Bitcoin mining and pool payout **Knut:** So what's the solution? **Kenobi:** so, the solution is basically, we're Going to see, like with communism, the system fails by itself, right? **Kenobi:** Because what's, what's been happening over the past few years is that as time went on, the spread, like with, with the exchanges, right? They tell you, Oh, 0 percent fee or lower fee than the others, but they're increasing their spread, right? And so you, you put a thousand euros in, but you get, you know, Ninety years ago you actually got 990 euros worth of bitcoin. **Kenobi:** And then two years later, you actually get 980 euros worth of Bitcoin. So, even though they say 0 percent fee, they just paid you 20 euros less. 10 euros less before, 20 euros less now. And that's what's happening now. The FPPS formula is getting more and more successful. Weirder and stranger and more complicated and harder to understand and harder to verify. **Kenobi:** That's something that at the Manpool we're trying to like, change. we have created a system of auditability where the miners, they can actually challenge us and they can check if we're doing our work right and in a public manner, right? if demand pool became 100%, like there was only demand pool, we would be the last suckers because we would have no power. **Kenobi:** Like if Anpool becomes the biggest or Foundry becomes the biggest, ooh, they're KYC, fully controlled, regulated by the government. But if we become the biggest pool, we have 100 percent of the hash rate. It doesn't matter because we don't control the blocks and we can also not steal from miners because at any point they can audit us in a very transparent manner, in a very public manner. **Kenobi:** If we're actually doing something wrong, they'll catch us as quick as, as it gets. # Pools Decentralizing **Luke:** so, do you think other pools are going to start adopting alternatives to FPPS? Because I think this was the interesting point when you said FPPS is, yes, yes and no. Cause there's so much path dependence on the pool side of things. Especially if you're already part of Anpool, like there's pools that they're basically, they started as an Anpool proxy. That's it. That's been their whole business model. They don't know anything else, right? does that work, by the way? Anpool gives them the template, or what does that mean? **Kenobi:** It's an API, basically, to a certain degree. Anpool just says, hey, here's your API, just send it to your, guys. They don't need to care about any of the infrastructure or the coding or maintaining software or maintaining anything, right? as a pure proxy pool. **Kenobi:** Then of course there's also examples of pools that were, PPLNS or other forms of payouts that then move to Ant Pool and I don't know how that works **Knut:** But Proxy is also about the ownership structure of the pool, right? So that the Bitmain owns the pool, but very indirect **Kenobi:** in a debt trap type of way. Because if you don't have our platform, So if you're looking for finance or deep pockets, then you're going to go bankrupt real quick. Yeah. I didn't finish the point about how, FPPS dies. every time they've been getting a bigger, like they've been increasing the spread while saying that the fees are the lowest, right? **Kenobi:** And miners, because it's hard to check on that because the formulas are getting bigger. Harder and harder. They went from making a hundred percent of their expected value, minus 2%. That's a fee to suddenly was 2% spread, which they don't say right, and two, two to two to 4% a fee. So at that point, the minor is getting between 96 and 94% of the value of their hash rate 88 and 94 percent of what their hash rate is actually worth, because the spread has kept increasing. So, the pools are getting a bigger share of the pie, even though they've been giving the same service as the beginning, right? That's why they're justifying it with, Oh, but we're going to give you cheaper financing or we're going to provide you the machines or ride the whole foundry and, and, and pool thing, right? **Kenobi:** Where, Oh, it's the. It's the ancillary services that we provide, right? It's like the support and the after sales support and all of that. so just by its weight, it's already dying because it's taking so much from, it takes so much stealing basically to, to keep up that when miners join pools, like in this case, oceans, and in the future, our pool, they realize, wait a second, I'm getting more money. **Kenobi:** How does that work? Like, aren't they supposed to be filtering high value transactions and therefore we should get less money? No, because these guys, because when you're a PPLNS, PayPair Last N Shares Pool, you don't have any financing needs, because you, you're like a full reserve bank. The moment that a block is found, it goes into your, into your reserves, and a hundred blocks later, because that's also something people don't know, you cannot spend a Coinbase for the next a hundred blocks. **Kenobi:** whenever the miner wants to check out, we already received upfront. You're just getting out what you already worked for, right? There's no, Oh, we're going to pay you in front and we're going to trust that we're going to get blocks later, you know? **Knut:** so let me see if I get this right. Hearkening back to the ad paper click analogy. Yes. So, what we say FPPS is, is paper click. No, it's, it's, it's paper click, **Kenobi:** Yes. **Kenobi:** I sell you a million clicks. **Knut:** Yeah, but you have no way of knowing, like they also take the revenue part, they take your sales profits and you don't know how many sales you got, **Knut:** Yes. they could just be lying about that theoretically. But with a, PLL, you get the, you get the actual, you get the transparency, there are no guaranteed sales, but you see every sale and you see exactly how much you get. **Knut:** Alright, so in a way, it's not FPPS, it's not pay per click, but it's more akin to, okay, you can buy an ad in my magazine for 10, 000 bucks, and you have absolutely no way of knowing how many people saw it, or if it's **Luke:** I can tell, I can give you an average of how many people buy my paper. Right. But I cannot assure you anything and you will not know unless someone tells you how many shoes that you're selling or, No, no, so that they're basically selling your product and saying that this is the profit, but you never see the sales numbers. Yeah. In a way that's a good way to put it. So to kind of pull this all together then, your thesis somewhat is that miners are going to choose to move to pools that are open, transparent, using payout methods that are actually fair, or at least getting closer to the total expected value. And so, I mean, the pools that already exist, how do you think they're going to adapt to this? **Luke:** What do you think they're going to do when the hashrate starts dropping? **Kenobi:** well, something they can do is they can reach out to us at the demand pool and we can help them set up a Stratum V2 pool You know, so they can basically do that with their pool and their miners. And suddenly, hey guys, you're, you're in, now in a stratum V2 pool. And, and we don't have these financing risk and we're not going to go bankrupt tomorrow. And suddenly you don't get your payouts that you work for, for the past three, four, five days. **Kenobi:** Right? so I think that's something that if they want to, that can happen. But if they just want to stick it out and stay at the FPPS, While miners slowly realize the truth that, hey, they're stealing from us. Okay. # Mining In The Future **Luke:** you dropped one more bomb in the panel we had, and I think this might be a good last topic to hit on here. Was that mining is going to stop 10 years. **Kenobi:** Yes. **Luke:** But there was a nuance to that, so can you **Kenobi:** Yes. So I do believe that Bitcoin mining pure Bitcoin mining only will not make nominally financial sense in 10 to 15 years. Nominal financial sense means from a pure balance sheet perspective or PNL perspective of like, I made 10 in and I have costs of 5. **Kenobi:** That's where we live now. In the future, you're going to make 10, but your costs will be 12, 15, right? So from a nominally, like from a pure economic perspective, it's not going to make sense if you only take into account, rational market participants. But of course, if you're a solo miner or a home miner with like just two or five tera hash, and you just want to get some KYC free sats. **Kenobi:** You don't care if you pay 15 and you get 10 out of it, because those 10, they may be worth much more, right, than 15 now. If you do your yearly PNL in 15 years and you're a solo miner only doing Bitcoin mining, it will not make sense. I don't believe it's going to be profitable in the mainstream, in the classical way of the word. **Knut:** Not fiat profitable. **Kenobi:** Not feel profitable. **Luke:** what went into this? What, brought you to **Kenobi:** basically the fact that in the past two, three years, All, everyone has started talking about secondary sources of revenue, either be it by, doing ancillary services for the grid. So helping balance the grid or by selling the heat in one way or another, or doing secondary types of things. **Kenobi:** You know, some people are distilling water in Spain, actually a guy, super smart guy. They're distilling water with Bitcoin mining. So in a way they're subsidizing the electricity costs and then getting something that actually what every kilowatt hour that they put in is subsidized by Bitcoin mining at this point. **Kenobi:** And it's already in profit, but then per kilowatt hour, the amount of, industrial output of a set of hash rate, but also if the distilled water is 10 times more expensive. So they sell it for 10 times more. so at some point, Bitcoin mining, they don't care if Bitcoin mining only covers 20 percent of the electricity costs or whatever, they don't care because they're making 10 times more **Kenobi:** on the is, this is the whole energy companies will be miners in the future and vice versa thesis, In my thesis is that in 10, 15 years, every grid, national grid operator will have a Bitcoin mining team, which will be nominally at loss, meaning we're all, we're always, They're always pumping money into them and they're never giving back, but on the other end, they're fixing or they're balancing the grid so that they don't have these like outages and therefore they're saving on maintenance on destroyed capital and all of that, right? **Knut:** So yes, they're losing money on paper, but they're saving us a hundred. So we're pumping 20 million over here, but they're saving us a hundred million over there. So, you know, that, that's what I mean, and anyone who's not doing that in the future, They're throwing away money. **Kenobi:** they're not, it's not going to be profitable. **Kenobi:** Like, we still have like five to eight years where it's going to most likely make sense still to do pure Bitcoin mining, but, unless you have free electricity or near free electricity, I don't see a future in 10 to 15 years for pure Bitcoin miners. **Luke:** and does this have anything to do with the block reward is decreasing and all this, or is this even, divorced from that? **Kenobi:** I mean, no, it also has to do, but the problem with that is yes, the blocked, like the Coinbase reward decreases, but also the price multiplies **Knut:** yeah, yeah, yeah, **Kenobi:** every cycle, right? And electricity bills are still paid on dollars or euros. So, right. It kind of balances out to that. but what we're seeing is that Inevitably, the hash price per kilowatt hour is going down. **Kenobi:** It's slowly, you know, like perfect market, perfect **Kenobi:** market competition. Yeah. And like price equals marginal cost and the marginal cost of, of Bitcoin mining. The global marginal cost is not what the publicly traded miners have. It's what Gridless has with some places where they have free electricity. **Kenobi:** It's what the Venezuelan miners have with free electricity that the government gives them. Yes, there's nothing free. Someone's paying for it, I know. But for them, from their P& L perspective, it makes sense or it's, for example, many miners like Riot recently, I think they had, I think it was in August or July, they had a cost per Bitcoin mine for that month of negative 7, 000 or something like that. **Knut:** Why? Because they participated in demand response programs and they are so much more lucrative than Bitcoin mining that they got so many credits that at the end they were getting paid for the electricity that they consumed at the end of the month. So the beauty of this is like, doesn't this mess with miner incentives? But the only way it does that is in the right direction. Because it makes people sats minded rather than fiat minded. And it makes the miners, it forces them to be sats minded. Yes. And it forces them to think in Bitcoin terms because that is the problem with mining today. **Knut:** These are fiat companies. They have fiat incentives. that's why we have the centralization issues and it's, it's, but the game theory still works out. And this why Bitcoin is beautiful. # Mining in Finland and the Nordics **Kenobi:** And in a way, it also helps decentralize it because, for example, if you live in Norway, Finland, Sweden, and it's winter, you can either pay 25 cents per kilowatt hour, which is the price currently, miners, they're looking for 3. 5 cents, so it's almost like 10 times more expensive, right? **Kenobi:** You can pay 20 cents per kilowatt hour. to just, get heat, or you can connect an ASIC miner, get part of that electricity subsidized, and still get the same amount of heat out of it. So, like, what are you gonna do? Like, are you just gonna, like, not pick up the money from the floor? Like it's waiting there for you to pick it up. **Knut:** just bend and take it, you know? it's gonna incentivize many more people to just start doing small mining operations. Just two machines in your house, in your attic, which provides heat in the winter. And in the summer you turn off or you don't, who knows? Well, and Finland also has this, and other countries too, but Finland has this district heating thing, and so basically the municipalities are just paying bitcoin miners to connect to their system and provide the heat, and they need it year round because they need hot water year round, 15 years, it's not going to make sense because there's three main categories of things that provide secondary revenue. Those are the ancillary services to the grid, so grid balancing. Then there's the, acid unshackling, so, flared gas, Oh, yeah, yeah. It's suspension mechanism in a way. **Kenobi:** In a way, yeah, it's a way to like, hey, you're, Just letting millions of dollars flow out of there and you're not getting them. Just install this and you're going to get them. You know, it's that simple **Luke:** Plus, save the thing from being flared, **Kenobi:** plus save the fees and the fines from the government and all of that. It makes a lot of sense. And there was a third category, which I think, I know it's the heat, heat, reuse. **Kenobi:** So, grid balancing, asset, I hate it. Flared gas, which could also be a methane right out of landfills. So, and then also, heat reuse, heat resell. **Knut:** kicker is that none of this is internet bandwidth dependent. Because Bitcoin miners, like I was talking to the guys at gridless and like, The bandwidth that you use in a month for like one container with 300, 400 is the amount, like, It's nothing. It's, it's less than a gigabyte. could send out, I found the correct hash with a fucking Morse code. **Kenobi:** with Morse code if you want, **Knut:** It's tiny. # Stratum V2 **Kenobi:** that's, that's something that Stratum V2 improves upon, and I'm not sure if Ocean also does it, but I know we do it, and it's the fact that right now, and that's also one of the advantages of Stratum V2, going back to that question, the communications between the pool and the, and the miner, Unencrypted. **Kenobi:** So it's plain text. So you can actually like intercept the traffic and read it, right? That's 2002 internet levels, like before HTTPS, right? so what does that mean? When the pool is sending the work out, it doesn't matter because it's just, Hey, do the work for me. Right? But when the miner is sending the responses back, the shares that we spoke about before, right? **Kenobi:** there could be a man in the middle attack, meaning someone gets 2 percent of your hash rate. Usually people, like when we talk about this attack, we talk about 2, between 1 and 5 percent because it's low enough that someone would just chuck it up to something else and not think, Oh, we're being hacked, right? **Kenobi:** So imagine you have 10x a hash. 0. 6 Bitcoin per exahash, that's what you're getting. So you're getting about 40, 000, 50, 000 per exahash a day, right? You have 10 of them, so you're getting half a million dollars a day. So imagine now someone knows a man in the middle attack. **Kenobi:** Where they're taking 1 2 percent of your hashrate and they're redirecting it to another pool. So every 100 shares that you provide, they stop one or two of them and they send them to a different pool under their account. They have effectively now stolen, what is that? **Kenobi:** 5, 000 a month, more, no, half a million, 1%. Yeah, 5, 000 to 20, 000 a month and you don't really know because again with FPPS, the formulas are so weird that you just basically have to don't verify, trust the **Kenobi:** pool. So that's why FPPS is dying and it's going to **Kenobi:** for the win. I've seen the whole time people passing and doing like caricatures or what not. # Wrapping Up **Kenobi:** General Kenobi. in my experience, there is no such thing as luck as General Kenobi himself said, like in the, from the first Star Wars movie, right? When Luke refers to Well, Luke, we got Luke with the Star Wars. about the most obvious one. **Knut:** Anyway, that's a weird transition. **Knut:** Anywhere you want to send our listeners before, because I think this has been a great conversation. it needs, people need to hear this. **Kenobi:** 100%, 100%. I hope I've done a good job at simplifying it for everyone. I hope so. I will hear it from the people. I don't have a Twitter account, because it got suspended and, I don't care to go back there. So, they can go to, I'm on Nostr, so you can find me by just Kenobi, I believe. **Luke:** Yeah, we'll put it in the, **Kenobi:** Yeah. And then otherwise, demand pool. We do have a Twitter, but we also have a Nostr. So find us there. also support decentralizing Bitcoin mining and, stay humble and stack sats. There you go. **Luke:** Kenobi, this has been fantastic. Thanks so much for joining us. This has been the Bitcoin Infinity Show. Thank you for listening. **Knut:** Goodbye. **Kenobi:** See ya.

Well, this is not what I intended to write about this morning but I feel obligated to do so. I was supposed to talk about Trump becoming the new King of Canada. Haha. Just kidding. Kinda. Getting into bitcoin is a very unique experience. It is totally voluntary and you are forced to build your own web of trust. It is a very scary and lonely feeling off the start. When I first got into the crypto space, I was desperately trying to find someone I could trust. I knew there were a lot of bad actors out there and they can be hard to detect. When I started listening to bitcoiners speak, everything changed. It was a much different feeling. It seemed like they were in it for the people and a revolution, not just their bank balance. It turns out I was onto something. I still feel the exact same way about bitcoiners. But there are definitely some exceptions. And even if their intentions aren't bad, the way they are conducting business is. I started my YouTube channel out of necessity. I never had any plans to be a guy with a daily show on YouTube. But I received 3-4 calls in a matter of weeks from people who got scammed. They lost tens of thousands of their life savings to faceless scum with a well designed website. I wanted to get ahead of this and be a trusted voice in the space. This blog post is coming from the same place. Over the last few weeks I have talked to several people who have been burned. And although they didn't get "scammed" they did lose a lot of their bitcoin. One person spent $3,500 USD (paid in bitcoin) to get help setting up a Coldcard and running a node. A portion of that was meant to be for collaborative custody through this company, but they ended the program a month later. And never refunded his payment. Just like the recent Swan debacle, he got "credits" for future advisory services. Another guy is so dissatisfied that he made it his personal mission to let everyone know how badly he was ripped off. Which is how I ended up talking to him. Again, I do not think their intentions are bad. I always give people the benefit of the doubt before I have any hard evidence suggesting otherwise. And when I opened up my email this morning, there was yet another person who spent a lot of their bitcoin with a sour taste in their mouth and without a clear path forward. This is not the bitcoin way. We are very early and most bitcoin companies that exist today will not be around in a decade from now. It is not easy to be the first to walk through the door. But I feel it is my duty as a bitcoiner to call this out. Keep in mind I do not have any personal experience dealing with this company. But this information was first-hand from some very disappointed bitcoiners. I do understand that shit happens. But when shit happens you fix it. Or you refund the sats. Imagine being charged 4 million sats to help set up a Coldcard and run a bitcoin node. That's not the bitcoin way. So if you are a bitcoiner - new or seasoned - looking to protect your stack... Do some research. Do not blindly trust a company just because they have bitcoin in their name and pay a bunch of YouTube channels to promote them. Join a few online bitcoin communities and ask others for recommendations. Most bitcoiners are more than willing to help or share their experience. There are so many great and very knowledgeable people in this space. You just have to put in the work to find them. --- PROJECT POTENTIAL - You can now find the expanded audio versions of these on the new podcast - Project Potential! I will be sharing the video versions here for the LITF members but you can also find it for free on Spotify and of course Fountain! Here is the link to Episode 005 on Fountain: https://fountain.fm/episode/r00ZDxpAdfb7QIQT3TKa --- Have a great day everyone! And remember, the only thing more scarce than bitcoin is time! Jor

As blockchain technology continues to revolutionize industries, regulatory compliance remains a key concern for businesses engaging in token sales. For DamageBDD, an Australian-registered business offering Damage Tokens, compliance with Australian laws is critical. This article explores why DamageBDD cannot sell Damage Tokens without implementing Know Your Customer (KYC) protocols. --- Regulatory Landscape for Token Sales in Australia In Australia, the regulation of digital assets is governed by the Corporations Act 2001 and overseen by the Australian Securities and Investments Commission (ASIC). Additionally, businesses handling digital currencies or assets may fall under the scope of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act), enforced by AUSTRAC (Australian Transaction Reports and Analysis Centre). The classification of a token—whether as a utility, payment, or security token—determines the regulatory requirements. However, even utility tokens can trigger KYC obligations depending on their functionality and how they are sold. --- Legal Obligations for DamageBDD As a registered Australian business, DamageBDD must comply with the following legal and regulatory requirements: 1. Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) Laws If Damage Tokens are traded for fiat currency or cryptocurrencies (e.g., Bitcoin), the transactions may fall under the definition of "designated services" in the AML/CTF Act. This classification requires businesses to: Register with AUSTRAC. Conduct customer identification and verification (KYC). Report suspicious transactions and large cash transactions to AUSTRAC. Failure to comply with these requirements can result in significant fines or legal action. 2. Securities and Investment Laws If Damage Tokens are deemed to have characteristics of financial products (e.g., offering investment returns or being tradable on secondary markets), they may be classified as securities under the Corporations Act 2001. Selling such tokens would require: KYC compliance. Licensing as an Australian Financial Services (AFS) provider or operating under an authorized exemption. Even if the tokens are marketed as utility tokens, their classification can change based on how they are used, sold, or perceived in the market. --- Risks of Selling Without KYC Selling Damage Tokens without KYC exposes DamageBDD to significant legal and reputational risks: 1. Regulatory Breaches: If regulators determine that Damage Tokens fall under AML or securities laws, selling without KYC could result in penalties or the suspension of business operations. 2. Enabling Illegal Activities: Without KYC, there is a higher risk of tokens being used for money laundering, terrorism financing, or other illicit purposes. 3. Loss of Market Confidence: Non-compliance can damage trust with customers, partners, and investors, hindering the long-term success of DamageBDD. --- The Importance of KYC for DamageBDD Implementing KYC is not just about regulatory compliance; it also enhances the credibility and security of DamageBDD: Protecting Customers: Ensures that tokens are used by legitimate individuals and businesses. Building Trust: Demonstrates DamageBDD's commitment to ethical business practices. Future-Proofing the Business: Prepares DamageBDD for evolving regulations, minimizing the risk of operational disruptions. --- Steps for Compliance To comply with Australian laws, DamageBDD can take the following steps: 1. Token Classification: Work with legal experts to confirm whether Damage Tokens are utility, payment, or security tokens. 2. AML/CTF Registration: Register with AUSTRAC and implement AML/CTF protocols. 3. KYC Process: Use digital identity verification tools to streamline KYC for token buyers. 4. Legal Advice: Continuously engage with legal advisors to stay updated on regulatory changes. --- Conclusion As a registered Australian business, DamageBDD operates in a regulatory environment that prioritizes transparency and the prevention of financial crimes. Selling Damage Tokens without KYC would not only breach Australian laws but also compromise the integrity and sustainability of the DamageBDD project. By embracing KYC and ensuring compliance, DamageBDD can establish itself as a trusted player in the blockchain industry, unlocking long-term growth and success. #AU #Compliance #Regulations

> It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning. > > \-Henry Ford A century later, this quote is still as true as the day it was written. And with all the information available at our fingertips, the overwhelming majority still haven't educated themselves on the function of the banking system. That's a tragedy, given the significant role banking plays in the modern economy, and the corruption at the very base of the industry. Banking is built on a lie. It's a big lie. Not in the sense of how false it is, but in the sense of the harm caused. It's more of a “weasel words” type of lie, a lie of omission and misdirection, the kind of lie a sleazy lawyer would use to get a guilty client off the hook. My goal is to explain, as clearly as possible, how the modern banking system works. Why you should care will be a topic for another day. I want to start off with a big thank you to whoever created the website <https://banklies.org/>. If you aren't familiar with this gem, bookmark it now. There's no better place on the internet to get detailed documentation on this particular subject. Everyone should spend an afternoon reading and listening to the information there. You'll never be able to see the world the same way if you absorb it and understand the implications. ### Where Does Money Come From? There's been a lot of talk since the COVID “pandemic” and associated QE deluge about the Fed and their money printing. Most people have some awareness that “the Fed prints money and that causes inflation.” There's some truth to that idea, but it also misses the real story. Most people don't understand that when someone says “money printing,” the correct response is “which kind of money?” Banks operate by calling two different things “money,” and hoping everyone treats them the same. The average person might say “I have $100 in my wallet” or “I have $100 in my bank account” without realizing they aren't talking about the same thing at all. They might take the $100 in their wallet and “put it in the bank” without realizing that as soon as they do, that $100 becomes something else entirely. The $100 bill in your wallet has the words “Federal Reserve Note” printed on it. This is one form of what's known as “base money.” Base money exists in two forms, cash and bank reserves. You can think of bank reserves as electronic cash that only banks can use. Base money is created by the Federal Reserve. Creating base money is what the Fed does when they “print money.” They create bank reserves electronically by putting the numbers in the ledger at the Fed. The cash is printed by the Treasury, but that's just a technicality, it's printed at the request of the Fed. The current circulating supply of cash is $2.3 trillion, and bank reserves are about $3.5 trillion. However, if you look at the total amount of US dollars, including money in people’s bank accounts, it’s currently $20.8 trillion dollars. So if base money is $5.8 trillion in total, what is the other $15 trillion? Well, it’s largely made up of bank deposits. So where do bank deposits come from? It can’t be cash people deposit into their accounts, like you might expect from the name, since cash only totals $2.3 trillion and bank deposits are over 6 times larger. The answer is that banks create them. So as you can see, the largest category of dollars aren’t “printed” by the Fed, they’re created by the banks. And the way banks create dollars is so simple, it almost doesn’t seem real. Banks create money by making loans. This seems completely counterintuitive to the way most people imagine banks work. That’s understandable, since the way banks work has almost no relation to the way individuals handle their own finances. You might make a loan to someone. Your friend asks to borrow $20 at the restaurant since he forgot his wallet at home. You pull yours out and hand him a $20 bill. In order to make that loan, you had to go to work, accomplish something, get paid, and save that $20 in your wallet. You couldn’t spend the $20, and you can’t spend it now until your friend pays back the loan. Obviously no new money was created to make that loan, work was done and money was saved and then given to the borrower so he can spend it instead of the lender. Most people assume banks work the same way. They assume that when they deposit some money at the bank, the bank stores that money in a vault somewhere with their name on it. And they assume that when banks make loans, they take some money from a big pile of money stored in a vault somewhere and give it to the borrower. But that isn’t how it works at all. When someone goes to the bank for a loan, the bank doesn’t draw on some pile of cash they have saved up somewhere. Instead, they use a simple accounting trick. They create a bank account for the borrower, and they type the amount of the loan into the borrower’s account balance. It’s really that simple. That balance becomes a “bank deposit.” Even though that money was never deposited in the bank, and in fact didn’t exist at all until the bank typed those numbers into the computer, it’s still called the same thing as the money you deposit into the bank when you get your paycheck. So what is a bank deposit? It’s really a promise by the bank to give the account holder money. If you have $100 in your bank account, you expect to be able to go to the bank and withdraw that $100 in cash from your account and put it in your pocket. Remember, that $100 bill is base money, something completely different from the bank deposit in your savings or checking account. The implicit promise by banks is that any money in your bank account, any bank deposit, is as good as cash and can be exchanged for cash at any moment. But of course that must be a lie, since there are $15 trillion of bank deposits and only $2.3 trillion dollars of cash. That means if everyone in the US went to the bank tomorrow and tried to withdraw their money in cash, the banks would run out of cash while still owing $12.7 trillion dollars to depositors. It’s actually much worse than that, since a lot of the cash is already in peoples’ pockets, much of it circulating in foreign countries outside the US. Banks only hold around $100 billion in their vaults on any given day. So if everyone tried to withdraw their money from their bank accounts, which banks have implicitly promised they can do, each person could get around $0.007 of every dollar on deposit. That’s less than one cent of every dollar. So the promise banks are built on, the promise to give you the money in your account, turns out to be at least 99% a lie. So how can it continue like this? How do banks keep operating with so little cash and so many promises to give cash? Why does anyone put money in the bank when they keep less than a penny of every dollar you deposit available to withdraw when you need it? The answer is, banks don’t tell you that. And if nobody knows, people won’t all come asking for their money one day. If they did, all the banks would fail instantly. So they do anything in their power to keep that from happening. ### How Do Bank Deposits Work? The reason most people never question the function of their bank, is that banks do everything possible to make their dishonest “bank deposits” function the same as cash, and actually better than cash in a lot of ways. Instead of having to withdraw cash from your bank and give it to someone, you can just exchange bank deposits. You can do this in a lot of super convenient ways, like writing a check or using a debit card, or more recently even right from your smartphone with an app like Venmo or CashApp. This is very convenient for the customer, and even more convenient for the bank. When you pay someone else using your bank deposit, all they have to do is lower the number in your account and raise the number in the other person’s account by the amount of the transaction. Quick, easy and convenient for everyone involved. And if you happen to be paying someone who doesn’t have an account at your bank, that’s no problem either. Your bank will just pay the other person’s bank, and they can then change the number in the other person’s account. Now of course banks want real money for their transactions, not the fake bank deposits the commoners use. Remember the bank reserves I mentioned earlier that are like cash for banks only? Well that’s how banks settle transactions between themselves. All banks have an account at the Fed, and the Fed settles up between banks by changing the number of bank reserves in their respective accounts at the Fed. In essence, the Fed is just a bank for banks, another entity that works just like your local bank, but only holds accounts with banks and governments and not with ordinary people. This convenience discourages people from withdrawing cash from their bank, since it’s actually easier to use the bank deposits than the cash. Besides that, banks use a lot of arbitrary policies to make it difficult for people to withdraw cash, even if they want to. If you didn’t know that, you’ve probably never tried to take $5,000 in cash out of your bank account. If you do, you’ll probably be asked some irrelevant questions about what you plan to do with the money. That’s if they let you withdraw it at all. Ask for $20,000 and you’ll almost certainly have to schedule an appointment to withdraw it in a few days, after the next cash delivery comes in. Most community bank branches only keep around $75,000 in cash on hand at any given time, so you can see how few withdrawals it would take to completely drain their vault. But increasingly now, the biggest threat to banks isn’t from people withdrawing cash, it’s from people withdrawing to a different bank. Remember, banks have to settle with each other at the end of the day. And since they won’t accept each other’s sketchy “bank deposits” in payment, they have to settle by transferring balances between their respective reserve balances at the Fed. As you can see, banks have loaned into existence $11.5 trillion more in bank deposits than they hold in bank reserves, so it doesn’t take much withdrawal from one bank to drain their reserve balance to zero and cause the bank to fail. Bank runs have been a recurring problem ever since the entire dishonest fractional reserve banking system began, and even in 2023 a few US banks suffered bank runs and collapsed in some of the biggest bank failures in history. ### Why Banking is Legalized Theft Now that we’ve explained on the most basic level how banks work, let’s briefly explore a few basic implications. We’ve established that banks create money when they make a loan. How easy would your life be if you could create money at no cost and loan it to people? Is it any wonder that the financial industry is full of extremely wealthy individuals? Let’s think through for a second why I would categorize what banks do as theft. First off, you need to understand what money is, and more importantly what it is not. I lay out some fundamental principles in this article. naddr1qvzqqqr4gupzp0rve5f6xtu56djkfkkg7ktr5rtfckpun95rgxaa7futy86npx8yqq247t2dvet9q4tsg4qng36lxe6kc4nftayyy89kua2 Summarized in one sentence, money is a ledger of productive effort with deferred consumption. It represents work someone did for another person, instead of for their own benefit. In a sense, it’s an abstract representation of, or a claim on, the wealth in a society. Having money indicates that you provided value to someone else in the past, and therefore deserve to receive value from someone in the future if you choose to exercise that claim. Anyone who has money can loan that money to someone. This is a transfer of your claim on wealth to that person. They can then use the money to buy something, and benefit from that loan. But with that type of loan, there is always a tradeoff. The tradeoff is what’s called opportunity cost. While you have the money, you have the option to exercise that claim at any time and buy something you want. If you loan the money to someone, you incur the cost of giving up that option for as long as it takes until the loan is repaid. You already put in the effort to create the wealth that money represents, now you’re sacrificing your opportunity to benefit from that effort by buying something you want. Bank loans are different. There is no opportunity cost. The bank doesn’t have the money to begin with, because they haven’t put in any effort or created anything of value to deserve it. They just create the money out of thin air. There is no sacrifice on the part of the bank to make that loan possible. They don’t have to forego spending any money to make the loan because the money didn’t exist in the first place. So when the bank creates money, they’re creating new claims on wealth. Since the bank hasn’t created any wealth, the claims must be claims on wealth that already exists. These new claims have no immediate effect on the people who hold that wealth. Nothing changes for them, the wealth they hold is still theirs as long as they don’t exchange it for money. As long as they don’t sell their wealth, the increase in claims on that wealth changes nothing. The people who are negatively effected by this increase in money are those who already have money. Since money is a claim on wealth, the value of each unit of money equals \[amount of wealth in existence\] divided by \[amount of money in existence\]. Since the amount of wealth has not changed, but the amount of money has increased, the value of existing money falls. More money spread out over the same amount of wealth means each unit of money will buy less wealth. This is what everyone knows as inflation, and as everyone who has experienced it knows, the money they hold as savings or receive as income becomes less valuable the more inflation occurs. Who benefits from this? Well, the borrower may benefit in some cases. They receive the newly created money and are able to spend it and acquire wealth they haven’t yet put in the effort to produce. So they get to enjoy unearned rewards now. Also, since it takes time for holders of wealth to realize how much inflation has occurred, they will often exchange their wealth for money at a price lower than the increase in money supply would indicate. So the price of a purchased item will often continue to increase after the borrower acquires it, and they benefit from the increase in prices by paying back their loan with money that is less valuable than it was when they borrowed it. Of course the interest charges negate some of the benefit, but often not all of it, so borrowing money can end up being very beneficial to a borrower in many situations. The biggest beneficiary is the bank itself. They create the money from nothing, with no opportunity cost or sacrifice necessary. In effect, they are able to use the new money to transfer wealth from holders of wealth to borrowers, at the expense of holders of money. And of course as soon as that transfer is complete, the holders of wealth become new holders of money and begin to suffer the effects of inflation too. Meanwhile the bank requires the borrower to repay the loan, with interest attached. When an individual makes a loan, the interest charged is payment for the opportunity cost of not being able to enjoy the benefits of spending that money now. However for banks, there is no opportunity cost in making a loan. So the bank receives interest as a reward from the borrower for transferring wealth to them at the expense of holders of money. A kind of sharing of the spoils of theft, if you will. Of course they would never describe it that way, but if you understand what’s actually happening it seems like the only accurate explanation. So we see who gets rewarded by the banking system, and who gets punished. Those who get rewarded are bankers, who collect interest from loaning out money they didn’t actually have, and are able to enrich themselves by spending that collected interest to purchase real wealth. Sometimes borrowers are also rewarded, meaning the people who consume things they haven’t produced by borrowing the money to buy them get to enjoy immediate gratification, and then over a period of time pay back an amount of money that has lost so much value it would no longer be enough to buy the item they have already been enjoying. And the people who get punished are those who save and hold money. Those people are the ones who produce value and defer consumption, the ones whose pro-social behavior and delayed gratification make capital formation and modern civilization possible. The purpose and effect of banking, and creation of new money through bank loans, is to redistribute wealth. The incentive structure means access to wealth is stolen from those with the most socially desirable behavior, the most effective producers and most frugal savers who hold money they’ve earned for future use. The stolen wealth is given to those with the least socially desirable behavior, those who consume more than they produce and live beyond their means, being a net detriment to civilization, and to the parasitic banking class who collect interest as a reward for their theft. The anti-civilizational outcomes of this perverse incentive structure, and the lie it’s built on (“money in the bank is the same as money in your wallet”) have only become more obvious and harder to ignore over the decades. Without a fundamental change to the basic design and function of the modern financial system, expect this trend to continue. Forewarned is forearmed.

We have crossed another 1,000 blocks! Time is flying by. Seems like just yesterday we were in the 872s. Today we are talking about some of the opportunities ahead in this crazy world of bitcoin. Let's start with a little exercise. Woo hoo - just like in grade school. Take a pen and paper. Evernote doesn't count. Think about the industry you work in. How could bitcoin improve certain aspects of the industry? Start writing down some ideas on how bitcoin could shake things up. If you were having a conversation with someone in the industry about bitcoin, what would you tell them? Think about your suppliers. Your customers. Your marketing strategy. Your investments. Your capital expenditures. Your admin team. Your payroll. And don't limit your thinking to be payment related. Bitcoin changes the payment rails but it also changes the mentality, the efficiency, and the time horizons. Think about the treasury for businesses within the industry. The wasted resources. The decision-making process. The budgets. My dad and I were talking about a local business and using their services. We were going to talk to them about bitcoin and how it could improve the way they do business and get new customers. But then I thought, why bother? Both of us are very well-versed in this specific industry AND also have the bitcoin knowledge to implement this without friction. I spend a lot of time on my daily show talking about how we can help other businesses with bitcoin. But why wouldn't we just do it ourselves instead? There will be a time and place for both - but when you can do things just as good but have the bitcoin knowledge, it's a no-brainer. We need to shift the focus from trying to help everyone else. We need to realize the opportunity here and make some fucking hay. I know that goes against the bitcoin way of thinking but it's true. We have to get a little selfish here if we want some influence in the future. Something to think about anyways. And if you’re anything like the fella in the photo, you might even need two pens! --- PROJECT POTENTIAL - You can now find the expanded audio versions of these on the new podcast - Project Potential! I will be sharing the video versions here for the LITF members but you can also find it for free on Spotify and of course Fountain! Here is the link to Episode 004 on Fountain: https://fountain.fm/episode/r00ZDxpAdfb7QIQT3TKa --- Have a great day everyone! And remember, the only thing more scarce than bitcoin is time! Jor

Shall I compare thee to a summer’s day? &ensp;Thou art more lovely and more temperate; Rough winds do shake the darling buds of May, &ensp;And summer’s lease hath all too short a date; Sometime too hot the eye of heaven shines, &ensp;And often is his gold complexion dimm’d; And every fair from fair sometime declines, &ensp;By chance or nature’s changing course untrimm’d; ``` But thy eternal summer shall not fade Nor lose possession of that fair thou owest; Nor shall Death brag thou wander’st in his shade, When in eternal lines to time thou growest; So long as men can breathe or eyes can see, So long lives this and this gives life to thee. ```

The History of Bananas as an Exportable Fruit and the Rise of Banana Republics Bananas became a significant export in the late 19th century, fueled by advancements in transportation and refrigeration that allowed the fruit to travel long distances without spoilage. Originally native to Southeast Asia, bananas were introduced to the Americas by European colonists. By the late 1800s, companies like the United Fruit Company (later Chiquita) and Standard Fruit Company (now Dole) began cultivating bananas on a large scale in Central America and the Caribbean. These corporations capitalized on the fruit’s appeal—bananas were cheap, nutritious, and easy to transport. The fruit quickly became a staple in Western markets, especially in the United States. However, the rapid expansion of banana exports came at a significant political and social cost to the countries where the fruit was grown. To maintain control over banana production and maximize profits, these companies required vast amounts of arable land, labor, and favorable trade conditions. This often led them to form close relationships with local governments, many of which were authoritarian and corrupt. The companies influenced policies to secure land concessions, suppress labor rights, and maintain low taxes. The term “banana republic” was coined by writer O. Henry in 1904 to describe countries—particularly in Central America—that became politically unstable due to their economic dependence on a single export crop, often controlled by foreign corporations. The U.S. government frequently supported these regimes as part of its broader strategy during the Cold War to counter communist influence in the region. Washington feared that labor movements and demands for land reform, often supported by the peasantry and indigenous groups, could lead to the rise of socialist or communist governments. Consequently, the U.S. backed coups, such as the 1954 overthrow of Guatemala’s democratically elected President Jacobo Árbenz, who had threatened United Fruit’s interests by redistributing unused land. These interventions created a legacy of exploitation, environmental degradation, and political instability in many banana-exporting countries. While bananas remain a global dietary staple, their history underscores the complex interplay of economics, politics, and imperialism.

Predicting the failure of any cryptocurrency, including XRP, involves speculation and an analysis of current factors that could potentially lead to its downfall. Here are some scenarios in which XRP might fail and their possible scales: --- 1. Regulatory Crackdowns Scale: Global If governments, especially major economies like the U.S., impose strict regulations or outright bans on XRP due to its ties to Ripple Labs or claims that it is a security, its use case as a bridge currency for financial institutions could diminish. This would lead to reduced demand and value. Example: Ongoing legal battles like the SEC lawsuit against Ripple are pivotal. If Ripple loses future legal challenges, it might severely impact XRP's credibility and utility. --- 2. Loss of Institutional Support Scale: Regional to Global XRP's primary use case relies on partnerships with banks and financial institutions for cross-border payments. If banks adopt alternative blockchain solutions (e.g., Stellar or other CBDCs), XRP's relevance could decline. Example: If major institutions abandon RippleNet in favor of SWIFT or other decentralized competitors, XRP could lose its unique edge. --- 3. Technological Obsolescence Scale: Global As blockchain technology evolves, newer and more efficient systems might outcompete XRP's existing infrastructure. XRP's relatively centralized consensus mechanism could be viewed as outdated compared to more decentralized or scalable systems. Example: High adoption of Layer 2 solutions on Ethereum or Bitcoin, or emergence of scalable, low-fee blockchains like Solana or Polygon. --- 4. Market Trust Erosion Scale: Community/Investor XRP's association with Ripple Labs creates a perception of centralization. A loss of trust due to internal scandals, poor governance, or perceived manipulation by Ripple Labs could alienate both retail and institutional investors. Example: Allegations of Ripple executives selling large quantities of XRP during market peaks, perceived as dumping, have already strained community trust. --- 5. Failure to Compete with CBDCs Scale: Global Central Bank Digital Currencies (CBDCs) are being rapidly developed. If governments roll out CBDCs for cross-border transactions, XRP’s niche could become redundant. Example: If the EU or China develops interlinked CBDCs with native cross-border capabilities, banks may no longer require intermediary solutions like XRP. --- 6. Network Attacks or Failures Scale: Technical Though unlikely, if the XRP Ledger experiences significant downtime, security breaches, or other network failures, confidence in its technology could be undermined. Example: A significant exploit causing financial losses could deter further adoption. --- 7. Economic Irrelevance Scale: Gradual Decline If XRP cannot sustain liquidity or trading volume in major markets, it may slowly fade out of relevance. This could happen if Ripple fails to secure meaningful adoption. Example: Tokens like EOS and NEM have seen dramatic declines after failing to live up to early promises, which could be XRP’s fate without significant innovation. --- Conclusion While the exact path to failure for XRP is uncertain, the scale could range from regional disruptions to global collapse depending on the interplay of these factors. Its reliance on Ripple Labs and partnerships makes it vulnerable to regulatory, competitive, and technological challenges. However, XRP could also adapt to emerging trends to mitigate some of these risks.

Michael Saylor shared his 3-minute presentation to the board of directors at Microsoft over the weekend. This just goes to show how early we are in bitcoin. They gave him THREE MINUTES!!! The man who has made over $10 billion in profit over the last four years using this strategy. Microsoft is currently sitting on hundreds of billions of dollars themselves in dollars and US treasuries. Their shareholders - not their leadership - but their shareholders believe that's a losing strategy. One of the biggest tech companies in history does not understand the biggest tech innovation in history. Or, as Saylor said in his presentation, the digital transformation of the 21st century - bitcoin is digital capital. So Saylor refers to bitcoin as digital capital. Satoshi referred to bitcoin as peer-to-peer electronic cash. Who is right? They are both right. That's the power of bitcoin and why it's about to flip everything we know about money, property, collateral, and scarcity on it's head. Real estate in Manhattan has historically been one of the best places to store wealth. But it has some serious holes. You cannot buy a coffee with a fraction of a skyscraper. You cannot buy $20 worth of the skyscraper. You cannot take full ownership of a skyscraper. And you cannot send half the skyscraper across the world in seconds. YET. All of this is coming. You will be able to do all of these things in the not-so-distant future. Everything will be tokenized and fractionalized. So then what? Will bitcoin still be the apex predator of financial assets? Yes. Because you can always build more skyscrapers if the demand is there. The skyscrapers have maintenance fees. Property taxes. Tenants. Unfavourable governments. So if we think about all these assets - bitcoin, real estate, land, gold, stocks, etc. They are all just places to store value. That you will be able to collateralize and lend against in the future. Bitcoin will be the one that reprices everything else because it's TRUE SCARCITY. That's the difference and that's what no other asset has to offer. Bitcoin is the best form of capital. --- PROJECT POTENTIAL - You can now find the expanded audio versions of these on the new podcast - Project Potential! I will be sharing the video versions here for the LITF members but you can also find it for free on Spotify and of course Fountain! Here is the link to Episode 004 on Fountain: https://fountain.fm/episode/4miKVDkcpQj5xkwNOH1F --- Have a great day everyone! And remember, the only thing more scarce than bitcoin is time! Jor

1. Initial Supply: The total supply of Damage Tokens is capped at 42 million tokens. 80% is retained by Steven Joseph (the founder) for operational and strategic purposes. 20% is released to the public, creating a market opportunity for early adopters and contributors. 2. Pricing: Each Damage Token is priced at 100 satoshis (0.000001 BTC per token), establishing a direct tie to Bitcoin’s value and liquidity. 3. Utility: Damage Tokens are used as rewards for BDD test cases on the DamageBDD platform. They incentivize high-quality software development by providing measurable, blockchain-verified rewards. 4. Resilience and Integrity: As an AEX9 token, Damage Token complies with Aeternity’s fungible token standard, ensuring: Security and immutability. Compatibility with Aeternity wallets (e.g., Superhero.com) and the DeFi ecosystem. 5. Governance and Revenue: A governance policy ensures revenue supports a small team and operational costs without external investment. A buyback mechanism allows token holders to exit liquidity positions through Bitcoin's Lightning Network, net of developer fees. --- Enforced by AEX9 Sophia Smart Contracts 1. Fixed Supply: The contract enforces a hard cap of 42 million tokens, ensuring no additional tokens can be minted post-deployment. 2. Ownership and Transfers: The contract implements secure token ownership and transfer rules: Users can transfer tokens using transfer. Allowances can be granted via allow_transfer_from. 3. Rewards Mechanism: The DamageBDD platform integrates with the token’s smart contract to automate reward distribution: Verified BDD test completions trigger token payouts. This ensures transparency and immutability for rewards. 4. Pricing and Exchange: The smart contract ensures tokens can be sold or exchanged based on the 100 satoshis per token rate. This rate is enforced by integrating with off-chain oracles and on-chain buyback mechanisms for Lightning Network liquidity. 5. Buyback and Liquidity: Token holders can sell their tokens back through an integrated buyback system. Bitcoin’s Lightning Network facilitates immediate, decentralized liquidity, minus developer fees. 6. Transparency and Auditability: All transactions and balances are publicly auditable via the blockchain, enhancing trust and eliminating potential manipulation. --- By tying the token's value to Bitcoin and enforcing the tokenomics through AEX9 Sophia contracts, Damage Token ensures sustainability, utility, and fairness, while incentivizing contributions to the DamageBDD ecosystem.

This is a list of nostr clients exposed as onion services. The list is currently actively maintained on [GitHub](https://github.com/0xtrr/onion-service-nostr-clients). Contributions are always appreciated! | Client name | Onion URL | Source code URL | Admin | Description | | --- | --- | --- | --- | --- | | Snort | http://agzj5a4be3kgp6yurijk4q7pm2yh4a5nphdg4zozk365yirf7ahuctyd.onion | https://git.v0l.io/Kieran/snort | [operator](nostr:nprofile1qyvhwumn8ghj7un9d3shjtnndehhyapwwdhkx6tpdshszxnhwden5te0wpuhyctdd9jzuenfv96x5ctx9e3k7mf0qqsx8lnrrrw9skpulctgzruxm5y7rzlaw64tcf9qpqww9pt0xvzsfmg9umdvr) | N/A | | moStard | http://sifbugd5nwdq77plmidkug4y57zuqwqio3zlyreizrhejhp6bohfwkad.onion/ | https://github.com/rafael-xmr/nostrudel/tree/mostard | [operator](nostr:nprofile1qyv8wumn8ghj7un9d3shjtnddaehgctjvshx7un89uq36amnwvaz7tmzdaehgu3wvf5hgcm0d9h8g7r0ddhjucm0d5hsqgy8wvyzw6l9pn5m47n7tcm5un7t7h5ctx3pjx8nfwh06qq8g6max5zadtyx) | minimalist monero friendly nostrudel fork | | Nostrudel | http://oxtrnmb4wsb77rmk64q3jfr55fo33luwmsyaoovicyhzgrulleiojsad.onion/ | https://github.com/hzrd149/nostrudel | [operator](nostrnpub1ktt8phjnkfmfrsxrgqpztdjuxk3x6psf80xyray0l3c7pyrln49qhkyhz0) | Runs latest tagged docker image | | Nostrudel Next | http://oxtrnnumsflm7hmvb3xqphed2eqpbrt4seflgmdsjnpgc3ejd6iycuyd.onion/ | https://github.com/hzrd149/nostrudel | [operator](nostr:npub1ktt8phjnkfmfrsxrgqpztdjuxk3x6psf80xyray0l3c7pyrln49qhkyhz0) | Runs latest "next" tagged docker image | | Nsite | http://q457mvdt5smqj726m4lsqxxdyx7r3v7gufzt46zbkop6mkghpnr7z3qd.onion/ | https://github.com/hzrd149/nsite-ts | [operator](nostr:nprofile1qqszv6q4uryjzr06xfxxew34wwc5hmjfmfpqn229d72gfegsdn2q3fgpz3mhxue69uhhyetvv9ujuerpd46hxtnfduqs6amnwvaz7tmwdaejumr0dsxx2q3a) | Runs nsite. You can read more about nsite [here](https://github.com/lez/nsite). |

# onion-service-nostr-relays A list of nostr relays exposed as onion services. ## The list | Relay name | Description | Onion url | Operator | Payment URL | Payment options | | --- | --- | --- | --- | --- | --- | | nostr.oxtr.dev | Same relay as clearnet relay nostr.oxtr.dev | ws://oxtrdevav64z64yb7x6rjg4ntzqjhedm5b5zjqulugknhzr46ny2qbad.onion | [operator](nostr:nprofile1qqst94nsmefmya53crp5qq39kewrtgndqcynhnzp7j8lcu0qjple6jspz3mhxue69uhkummnw3ezummcw3ezuer9wcq3gamnwvaz7tmjv4kxz7fwv3sk6atn9e5k7jxrgyy) | N/A | N/A | | relay.snort.social | Same relay as clearnet relay relay.snort.social | wss://skzzn6cimfdv5e2phjc4yr5v7ikbxtn5f7dkwn5c7v47tduzlbosqmqd.onion | [operator](nostr:nprofile1qqsx8lnrrrw9skpulctgzruxm5y7rzlaw64tcf9qpqww9pt0xvzsfmgpzpmhxue69uhkummnw3ezuamfdejszxrhwden5te0wfjkccte9eekummjwsh8xmmrd9skct9tyup) | N/A | N/A | | nostr.thesamecat.io | Same relay as clearnet relay nostr.thesamecat.io | ws://2jsnlhfnelig5acq6iacydmzdbdmg7xwunm4xl6qwbvzacw4lwrjmlyd.onion | [operator](nostr:npub1wtuh24gpuxjyvnmjwlvxzg8k0elhasagfmmgz0x8vp4ltcy8ples54e7js) | N/A | N/A | | nostr.land | The nostr.land paid relay (same as clearnet) | ws://nostrland2gdw7g3y77ctftovvil76vquipymo7tsctlxpiwknevzfid.onion | [operator](nostr:npub12262qa4uhw7u8gdwlgmntqtv7aye8vdcmvszkqwgs0zchel6mz7s6cgrkj) | [Payment URL](http://nostrland2gdw7g3y77ctftovvil76vquipymo7tsctlxpiwknevzfid.onion) | BTC LN | | bitcoiner.social | No auth required, currently | ws://bitcoinr6de5lkvx4tpwdmzrdfdpla5sya2afwpcabjup2xpi5dulbad.onion | [operator](nostr:npub1an3nz7lczcunpdw6ltjst94hgzcxpppnk7zk3zr2nfcj4yd96kdse6twjd) | N/A | N/A | | relay.westernbtc.com | The westernbtc.com paid relay | ws://westbtcebhgi4ilxxziefho6bqu5lqwa5ncfjefnfebbhx2cwqx5knyd.onion | [operator](nostr:npub1pc57ls4rad5kvsp733suhzl2d4u9y7h4upt952a2pucnalc59teq33dmza) | [Payment URL](hjar34h5zwgtvxr345q7rncso3dhdaryuxgri3lu7lbhmnzvin72z5ad.onion) | BTC LN | | freelay.sovbit.host | Free relay for sovbit.host | ws://sovbitm2enxfr5ot6qscwy5ermdffbqscy66wirkbsigvcshumyzbbqd.onion | [operator](nostr:npub1gnwpctdec0aa00hfy4lvadftu08ccs9677mr73h9ddv2zvw8fu9smmerrq) | N/A | N/A | | nostr.sovbit.host | Paid relay for sovbit.host | ws://sovbitgz5uqyh7jwcsudq4sspxlj4kbnurvd3xarkkx2use3k6rlibqd.onion | [operator](nostr:npub1gnwpctdec0aa00hfy4lvadftu08ccs9677mr73h9ddv2zvw8fu9smmerrq) | N/A | N/A | | nostr.wine | 🍷 [nostr.wine](https://nostr.wine) relay | ws://nostrwinemdptvqukjttinajfeedhf46hfd5bz2aj2q5uwp7zros3nad.onion | [operator](nostr:npub1fyvwkve2gxm3h2d8fvwuvsnkell4jtj4zpae8w4w8zhn2g89t96s0tsfuk) | [Payment URL](http://nostrwinemdptvqukjttinajfeedhf46hfd5bz2aj2q5uwp7zros3nad.onion) | BTC LN, BTC, Credit Card/CashApp (Stripe) | | inbox.nostr.wine | 🍷 [inbox.nostr.wine](https://inbox.nostr.wine) relay | ws://wineinboxkayswlofkugkjwhoyi744qvlzdxlmdvwe7cei2xxy4gc6ad.onion | [operator](nostr:npub1fyvwkve2gxm3h2d8fvwuvsnkell4jtj4zpae8w4w8zhn2g89t96s0tsfuk) | [Payment URL](http://wineinboxkayswlofkugkjwhoyi744qvlzdxlmdvwe7cei2xxy4gc6ad.onion) | BTC LN, BTC | | filter.nostr.wine | 🍷 [filter.nostr.wine](https://filter.nostr.wine) proxy relay | ws://winefiltermhqixxzmnzxhrmaufpnfq3rmjcl6ei45iy4aidrngpsyid.onion | [operator](nostr:npub1fyvwkve2gxm3h2d8fvwuvsnkell4jtj4zpae8w4w8zhn2g89t96s0tsfuk) | [Payment URL](http://nostrwinemdptvqukjttinajfeedhf46hfd5bz2aj2q5uwp7zros3nad.onion/add-time) | BTC LN, BTC | | N/A | N/A | ws://pzfw4uteha62iwkzm3lycabk4pbtcr67cg5ymp5i3xwrpt3t24m6tzad.onion:81 | [operator](nostr:nprofile1q9z8wue69uhky6t5vdhkjmnjxejx2dtvddm8sdr5wpmkgmt6wfjxversd3sn2umevyexzenhwp3kzcn2w4cry7rsdy6kgatvvfskgtn0de5k7m30q9z8wue69uhk77r5wfjx2anpwcmrg73kx3ukydmcxeex5ee5de685ut2dpjkgmf4vg6h56n3w4k82emtde585u35xeh8jvn3vfskgtn0de5k7m30qqs93v545xjl0w8865rhw7kte0mkjxst88rk3k3xj53q4zdxm2zu5ectdn2z6) | N/A | N/A | | nostr.fractalized.net | Free relay for fractalized.net | ws://xvgox2zzo7cfxcjrd2llrkthvjs5t7efoalu34s6lmkqhvzvrms6ipyd.onion | [operator](nostr:npub1ky4kxtyg0uxgw8g5p5mmedh8c8s6sqny6zmaaqj44gv4rk0plaus3m4fd2) | N/A | N/A | | nfrelay.app | [nfrelay.app](https://nfrelay.app) aggregator relay (nostr-filter-relay) | ws://nfrelay6saohkmipikquvrn6d64dzxivhmcdcj4d5i7wxis47xwsriyd.onion | [operator](nostr:npub19dn7fq9hlxwjsdtgf28hyakcdmd73cccaf2u7a7vl42echey7ezs2hwja7) | N/A | N/A | relay.nostr.net | Public relay from nostr.net (Same as clearnet) | ws://nostrnetl6yd5whkldj3vqsxyyaq3tkuspy23a3qgx7cdepb4564qgqd.onion | [operator](https://nostr.at/aljaz@nostr.si) | N/A | N/A | | nerostrator | Free to read, pay XMR to relay | ws://nerostrrgb5fhj6dnzhjbgmnkpy2berdlczh6tuh2jsqrjok3j4zoxid.onion | [operator](nostr:npub19j7zhftjfjnep4xa7zxhevschkqdvem9zr26dq4myhu6d62p3gqs3htnca) |[Payment URL](http://nerostrrgb5fhj6dnzhjbgmnkpy2berdlczh6tuh2jsqrjok3j4zoxid.onion) | XMR | | nostr.girino.org | Public relay from nostr.girino.org | ws://gnostr2jnapk72mnagq3cuykfon73temzp77hcbncn4silgt77boruid.onion | [operator](nostr:npub18lav8fkgt8424rxamvk8qq4xuy9n8mltjtgztv2w44hc5tt9vets0hcfsz) | N/A | N/A | | wot.girino.org | WoT relay from wot.girino.org | ws://girwot2koy3kvj6fk7oseoqazp5vwbeawocb3m27jcqtah65f2fkl3yd.onion | [operator](nostr:npub18lav8fkgt8424rxamvk8qq4xuy9n8mltjtgztv2w44hc5tt9vets0hcfsz) | N/A | N/A | | haven.girino.org/{outbox, inbox, chat, private} | Haven smart relay from haven.girino.org | ws://ghaven2hi3qn2riitw7ymaztdpztrvmm337e2pgkacfh3rnscaoxjoad.onion/{outbox, inbox, chat, private} | [operator](nostr:npub18lav8fkgt8424rxamvk8qq4xuy9n8mltjtgztv2w44hc5tt9vets0hcfsz) | N/A | N/A | | relay.nostpy.lol | Free Web of Trust relay (Same as clearnet) | ws://pemgkkqjqjde7y2emc2hpxocexugbixp42o4zymznil6zfegx5nfp4id.onion | [operator](nostr:nprofile1qy08wumn8ghj7mn0wd68yttsw43zuam9d3kx7unyv4ezumn9wshszxrhwden5te0dehhxarj9enx6apwwa5h5tnzd9az7qpqg5pm4gf8hh7skp2rsnw9h2pvkr32sdnuhkcx9yte7qxmrg6v4txqr5amve) |N/A | N/A | | Poster.place Nostr Relay | N/A | ws://dmw5wbawyovz7fcahvguwkw4sknsqsalffwctioeoqkvvy7ygjbcuoad.onion | [operator](nostr:nprofile1qqsr836yylem9deatcu08ekfj8qj9f2aypq8ydt0w8dyng8zp8akjsqpz3mhxue69uhhyetvv9ujuerpd46hxtnfduqs6amnwvaz7tmwdaejumr0ds6xxx6y) | N/A | N/A | ## Contributing Contributions are encouraged to keep this document alive. Just open a PR and I'll have it tested and merged. The onion URL is the only mandatory column, the rest is just nice-to-have metadata about the relay. Put `N/A` in empty columns. If you want to contribute anonymously, please contact me on [SimpleX](https://simplex.chat/contact#/?v=2&smp=smp%3A%2F%2F0YuTwO05YJWS8rkjn9eLJDjQhFKvIYd8d4xG8X1blIU%3D%40smp8.simplex.im%2FZ_4q0Nv91wCk8Uekyiaas7NSr-nEDir7%23%2F%3Fv%3D1-2%26dh%3DMCowBQYDK2VuAyEAvdSLn5QEwrfKQswQGTzlwtXeLMXbzxErv-zOJU6D0y8%253D%26srv%3Dbeccx4yfxxbvyhqypaavemqurytl6hozr47wfc7uuecacjqdvwpw2xid.onion) or send a DM on nostr using a disposable npub. ### Operator column It is generally preferred to use something that includes a NIP-19 string, either just the string or a url that contains the NIP-19 string in it (e.g. an njump url).

Benjamin Franklin and His Fondness for Madeira Wine Benjamin Franklin, one of America’s most celebrated founding fathers, was not only a statesman, scientist, and writer but also a man of refined taste. Among his many indulgences, Franklin was particularly fond of Madeira wine, a fortified wine from the Portuguese Madeira Islands. His love for this drink was well-documented and reflects both his personal preferences and the broader cultural trends of 18th-century America. The Allure of Madeira Wine Madeira wine was highly prized in the 18th century due to its unique production process and exceptional durability. Its rich, fortified nature made it well-suited for long sea voyages, as it could withstand temperature fluctuations and aging in transit. This durability made Madeira a popular choice in the American colonies, where European wines often spoiled before arrival. Franklin, who was known for his appreciation of fine things, embraced Madeira as a beverage of choice. Its complex flavors and storied reputation resonated with his intellectual and social pursuits. The wine was often served at dinners and social gatherings, where Franklin and his contemporaries debated ideas and shaped the future of the nation. Franklin’s Personal Connection to Madeira In Franklin’s writings and correspondence, Madeira is mentioned on several occasions, reflecting its prominence in his life. He referred to the wine not only as a personal pleasure but also as a symbol of hospitality and refinement. As a diplomat in France and England, Franklin often carried Madeira to share with his hosts, using it as a means of forging connections and showcasing the tastes of the American colonies. One notable instance of Franklin’s affinity for Madeira occurred during his time in Philadelphia. He reportedly had cases of the wine shipped directly to his home, ensuring he would never be without his favorite drink. Madeira also featured prominently in many toasts and celebrations, becoming a hallmark of Franklin’s gatherings. The Role of Madeira in Colonial America Franklin’s fondness for Madeira reflects its broader significance in colonial America. The wine was not only a favorite of the elite but also a symbol of resistance to British taxation. When the British imposed heavy duties on imported goods, including wine, Madeira became a patriotic choice for many colonists. Its direct trade routes with the Madeira Islands circumvented British intermediaries, allowing Americans to assert their economic independence. A Legacy of Taste Franklin’s appreciation for Madeira wine endures as a charming detail of his multifaceted life. It offers a glimpse into the personal habits of one of America’s most influential figures and highlights the cultural exchanges that shaped colonial society. Today, Franklin’s love of Madeira serves as a reminder of the historical connections between wine, politics, and personal expression in the 18th century. In honoring Franklin’s legacy, one might raise a glass of Madeira to toast not only his contributions to American independence but also his enduring influence on the art of living well.

### What is a True Free Market? At its core, a true free market is an economic system where voluntary transactions occur in a market free from interference. This means no government regulations, subsidies, tariffs, or monopolies, whether state-enabled or otherwise. It’s the economy stripped down to its barest essentials, operating purely on the supply and demand dictated by the users themselves—individuals and businesses exchanging goods or services without the heavy hand of the state deciding winners or losers. ### The Current State: Crony Capitalism The contemporary economic landscape often mislabeled as “capitalism” is, in reality, cronyism at its best—or worst, depending on who you ask. Central banks manipulate interest rates, governments subsidize failing industries, and bureaucracies layer endless regulations. These elements distort the very idea of a free market. What we live in today is a concoction of money printing, interventionist policies, and financial bailouts, skewing any genuine price signals and leading to misallocated resources and malinvestments. ### Central Banking: The Antithesis of Freedom Central banks, often touted as the stabilizers of the economy, are more like sugar daddies for the well-connected while acting like an invisible hand in your wallet. Through monetary policy, they create fiat currency out of thin air, devalue savings, and promote inflation. The very act of centralized control over currency supply is directly at odds with free market principles. It discourages savings and encourages reckless lending and spending. Over time, this erodes the purchasing power of the common person, creating an insidious cycle of debt and dependency. ### The Myth of Regulation Benefits Regulations are often sold to us as necessary for protecting, ensuring fair competition, and preserving environmental standards. However, what’s overlooked is how these regulations often create barriers to entry, stifling innovation and benefiting established players with the resources to navigate complex legal waters. Yes, safety and fairness are crucial, but when regulation morphs into overreach, it transforms the market into a scripted show, one where big businesses and lobbyists write the script, not the playwrights of entrepreneurial dreams. ### Bitcoin: A Glimmer of Hope? Enter Bitcoin, a decentralized digital currency that functions without a central bank or single administrator—a breath of fresh air for proponents of free market systems. Bitcoin challenges the very foundation of state-controlled currency by offering a transparent, deflationary alternative. It represents the ideals of a free market in digital form, allowing for peer-to-peer transactions without centralization, constraints, or currency barriers. However, the road is not simple. As Bitcoin expands, it faces regulatory challenges and attempts to bring it under control. But if ever there was a practical demonstration of what might free market money look like, Bitcoin is certainly a leading candidate. ### The Role of Austrian Economics Austrian economics offers comprehensive insights into why a true free market remains the best path forward—not just theoretically but practically. Economic giants like Friedrich Hayek, Ludwig von Mises, and Murray Rothbard have extensively chronicled the flaws in interventionism and the benefits of free market dynamics. Their arguments highlight how free markets would allow price signals to guide resources, promote savings and investments, and unleash innovation. ### Concept of Self-Regulation Can a market truly self-regulate? Critics of the free market system often lean on the need for intervention to correct failures. But what if the market, given time and freedom, naturally weeds out inefficiencies? Consider how consumer choice and reputation have kept businesses accountable long before federal authorities existed. Trust is built through experience and proven by consistent performance, not through coercion. By living according to voluntary contracts and respecting property rights, communities set their own standards, creating a self-regulating ecosystem—not flawlessly, but organically and efficiently. ### Embracing Liberty For those who cherish true liberty, the appeal of a free market system is undeniable. It represents freedom from coercion—the ability to live, trade, and create without interference. It’s not just an economic ideal. It is an ethical stance, standing firm on the belief that individuals have the right to pursue their interests openly and honestly, with outcomes reflecting their efforts and ingenuity. ### The Challenges Realizing a true free market is easier said than done. It's not enough to simply dismantle existing infrastructures. It requires a paradigm shift, a cultural reawakening to the values of individual responsibility, trust, and accountability. It necessitates vigilance to ensure that new forms of coercion don’t quietly fill the void left by dismantled structures. And it demands that as we unshackle markets, we don’t give way to chaos, but embrace a well-thought-out strategy guided by respect for natural order and human innovation. ### Conclusion The quest for a true free market is a worthy journey. It aligns with principles of liberty, self-determination, and empowerment. As we continue to navigate a world deeply entangled with interventionist policies, let’s keep a critical eye open and a questioning spirit alive, constantly asking ourselves if what we endure now is truly for the greater good or just a more subtle form of control. Recommended Reading "The Road to Serfdom" by Friedrich Hayek - A classic on economic freedom and government control. "Man, Economy, and State" by Murray Rothbard - A comprehensive treatise on economic theory. "The Theory of Money and Credit" by Ludwig von Mises - A foundational text on understanding money and banking from a free market perspective. Keep questioning, keep exploring, and above all, keep looking into it! 🕵️‍♂️✨

#TheWholeGrain - #November2024 November was an average month for the gang this year. It was quite calm and much needed after how busy October was. As always we had a new Single every Sunday, our Comic Cover from Toast's Comic Collection, a concept art post, and some Bitcoin art. Also, a big thank you to T$ for delivering some Bread and Toast keychains and stickers to the Nostrville2.0 event in Nashville! **November Sunday Singles** 2024-11-03 | Sunday Single 064 The Gnome https://i.nostr.build/mGqI00H24KXMRqRW.png 2024-11-10 | Sunday Single 065 The Juggler https://i.nostr.build/VB5RvJ3CcfQbSVo5.png 2024-11-17 | Sunday Single 066 Bowling https://i.nostr.build/feYjZJ2CtQCLpaZu.png 2024-11-24 | Sunday Single 067 Blocks https://i.nostr.build/9ldqnMhosE4M58FU.png **Other Content Released in October 2024** 2024-11-06 | Toast's Comic Collection Grain Lantern #7 *In Doughiest Day, In Moldiest Night...* https://i.nostr.build/7NfdKArahWwCRiic.png 2024-11-13 | Concept Art Two Slices Of Bread *Two slices of bread drawn as early practice.* https://i.nostr.build/f994mceo9H6hzRFg.png 2024-11-20 | Bitcoin Art Breadcoin *Stack enough bread and one day you might have a whole loaf!* https://i.nostr.build/QX7XYKvSPAlF0Zlq.png **Bonus: Fan Pictures and Video** Some of the early Bread and Toast merchandise shown off by The Bitcoin Painter and Erik. https://image.nostr.build/df61e1a3e9a4da22e86c67b508badf11df5b5df04e8fa927d36583b82d698481.jpg https://image.nostr.build/9dc4233e96751aa8cd5b37dda99c23578e7426058a9e5e54c751c2083963b877.jpg isolabell.art made the claim that this was how Bread and Toast gets made! https://nostrcheck.me/media/f4db5270bd991b17bea1e6d035f45dee392919c29474bbac10342d223c74e0d0/1a53925a05aa007d0a2239f4ab4d5c960a30392078ba76cd8f6bc84526fa6f48.mp4 Thanks for checking out the third issue of The Whole Grain. The Whole Grain is released on the first of every month and covers all of the content released by npub1ew4qeq576v3vz4gukeseknqghx3x4jtlld8ftys9amrca6f3xfzsrm8jpd in the previous month. **Thanks for catching up with us!** ***Bread, Toast, and End-Piece*** #BreadandToast #SundaySingle #ToastsComicCollection #ConceptArt #BitcoinArt #Bread #Toast #EndPiece #Artstr #Comic #Cartoon #NostrOnly #🖼️ ***List of nPubs Mentioned:*** T$: npub180z8ywyfg56sk78unedkn6p0d68clchwzj2nhq2309sw8gywldcsne5tax The Bitcoin Painter: npub1tx5ccpregnm9afq0xaj42hh93xl4qd3lfa7u74v5cdvyhwcnlanqplhd8g Erik: npub1aesr9ql7h3xrrvyeqvujgz9zllca4a56cgjy5hj26plv5w78nhkq2m0d2r isolabell.art: npub17nd4yu9anyd3004pumgrtazaacujjxwzj36thtqsxskjy0r5urgqf6950x

## 1) How did you spend your time? I continued to write and publish more detailed weekly updates here: [https://nostrver.se/blog](https://nostrver.se/blog). These updates are also cross-posted via Nostr as long-form content. #### Integrated RelayResponse classes Pull requests: * [https://github.com/nostrver-se/nostr-php/pull/59](https://github.com/nostrver-se/nostr-php/pull/59)  * [https://github.com/nostrver-se/nostr-php/pull/60](https://github.com/nostrver-se/nostr-php/pull/60) Documentation: [https://nostr-php.dev/guides/relay-responses](https://nostr-php.dev/guides/relay-responses) #### Researched and build a proof of concept of a handling async requests and concurrency I have published the research outcomes here: [https://nostr-php.dev/references/async-concurrent-requests](https://nostr-php.dev/references/async-concurrent-requests).   I also created a page here [https://nostr-php.dev/guides/asynchronous-and-concurrent-requests](https://nostr-php.dev/guides/asynchronous-and-concurrent-requests) with more details and a code snippet. The famous Http/Guzzle client is used for handling the requests in combination with a relative new piece of middleware which enables WebSockets. See [https://github.com/valtzu/guzzle-websocket-middleware/issues/1](https://github.com/valtzu/guzzle-websocket-middleware/issues/1) where I reached out for solving an issue with the middleware. #### NIP-42 client to relay authentication Finished, see [https://github.com/nostrver-se/nostr-php/pull/67](https://github.com/nostrver-se/nostr-php/pull/67)  #### NIP-19 bech32-encoded entities Work in progress, see [https://github.com/nostrver-se/nostr-php/pull/68](https://github.com/nostrver-se/nostr-php/pull/68)  #### 2.0.0 pre-release See [https://github.com/nostrver-se/nostr-php/releases/tag/2.0.0-alpha1](https://github.com/nostrver-se/nostr-php/releases/tag/2.0.0-alpha1)  #### Other stuff * New / updates documentation at [nostr-php.dev](https://nostr-php.dev): * [Generate keys](https://nostr-php.dev/guides/generate-keys) * [Publish an event](https://nostr-php.dev/guides/publish-event) * [Verify event](https://nostr-php.dev/guides/verify-event) * [Examples](https://nostr-php.dev/examples/) * [Introduction](https://nostr-php.dev/introduction) * [Request events](https://nostr-php.dev/guides/request-events) * Nostr-PHP has also a repo at [gitworkshop.dev](https://gitworkshop.dev/r/naddr1qqykummnw3ez6urgwqqs6amnwvaz7tmwdaejumr0dspzqpnrnguxe8qszsshvgkvhn6qjzxy7xsvx03rlrtddr62haj4lrm3qvzqqqrhnyyx5cnk)  * My Telegram bot called Botstix can return my latest note from my personal relay (using PHP Symfony fo this), see [here](https://njump.me/nevent1qvzqqqqqqypzqpnrnguxe8qszsshvgkvhn6qjzxy7xsvx03rlrtddr62haj4lrm3qy2hwumn8ghj7un9d3shjtnyv9kh2uewd9hj7qgewaehxw309ahx7um5wgh8xetzv9ehg6tc9ejx2a30qqs8z8ufkgnpejpalpwep7tzu4j53a5skd2tn6vkpeg3qh7h6as23jcx52ufe).  * Fixed the issue that Nostr-PHP was installed as a dev dependency (which it is not) [https://github.com/nostrver-se/nostr-php/issues/61](https://github.com/nostrver-se/nostr-php/issues/61) * Added Matomo for analytics on [https://nostr-php.dev](https://nostr-php.dev) which can be viewed by anyone at [https://matomo.sebastix.nl/](https://matomo.sebastix.nl/) * Applied for a Nostr stand at FOSDEM 2025 in collaboration with Jurjen and Tanja, see [https://nostrver.se/blog/nostr-stand-submission-fosdem-2025](https://nostrver.se/blog/nostr-stand-submission-fosdem-2025) (fast forward: it got accepted!) * Tinkered around with a Nostr relay implementation written in PHP: [https://github.com/nostriphant/transpher](https://github.com/nostriphant/transpher) ## 2) What do you plan to work on next quarter? * Finish the NIP-19 implementation which will support every bech32 entity * note * npub * nsec * nevent * naddr * nprofile * Research how the [revolt/event-loop package](https://revolt.run/) can be used to serve as a sort of a message bus for handling async and concurrent requests in the library * Build a final 2.0.x release * By default and full async concurrent requests support * Implement NIP-03 * Implement NIP-45 * Implement a firehose demo for requesting Nostr events * Host the nostr-php.dev website as a static website with Blossom on Nostr. See [https://github.com/lez/nsite](https://github.com/lez/nsite) and [https://github.com/hzrd149/nsite-ts](https://github.com/hzrd149/nsite-ts) ## 3) How did you make use of the money? * Livings costs * I attended the Nostriga unconference. A personal recap on this expierence can be read [here](https://nostr.band/note1dphddcfjell49npnjudyztvv7lakj0cs75vr0gk8gq07gypqd5ws8m9jd0). * I placed a Nostr advertisment on a billboard near the highway here. See this repo with all the assets: [https://gitlab.com/sebastix-group/nostr/nostr-ads](https://gitlab.com/sebastix-group/nostr/nostr-ads)  * I attended Nostrdam and Bitcoin Amsterdam 2024 for organizing and volunteering at the Nostr booth. Here is a post with all my learnings from those days: [https://nostrver.se/note/my-learned-nostr-lessons-nostr-booth-bitcoin-amsterdam-2024](https://nostrver.se/note/my-learned-nostr-lessons-nostr-booth-bitcoin-amsterdam-2024) ## 4) Is there anything we could help with? I would love to see a (closed/private) digital place with other Nostr OpenSats grantees where we can share our experiences and challenges. We could give feedback to each other as a form of encouragement. For example I'm curious how other grantees are explaining the work they to other which are not familiar with FOSS, Nostr and/or Bitcoin.

In an era that prides itself on technological progress and intellectual rigor, the state of identity verification has devolved into a grotesque parody of reason. We live in a time when individuals are subjected to invasive, demeaning rituals: holding up government-issued IDs to webcams, snapping awkward selfies alongside signatures, and transmitting scans of personal documents as if these primitive displays were the apex of modern security and authentication. This spectacle is not merely absurd; it is a profound degradation of the intellectual space that once championed privacy, dignity, and critical thought. Alan Westin, in his seminal work Privacy and Freedom, argued that privacy is not merely a right but the cornerstone of individual autonomy. Yet today, this cornerstone is being chipped away by systems that demand we trade our personal dignity for the illusion of security. A photograph of a person holding an ID does not verify anything beyond their willingness to participate in this hollow theater. It does not confirm intent, consent, or even legitimacy—only compliance with a system so intellectually bankrupt that it relies on visual tropes rather than rigorous checks. ## The Illusion of Trust These charades operate under the false pretense that identity can be distilled into pixels and paper. The photograph of an ID—easily forged. The selfie with a signature—effortlessly manipulated. Even the sacred "wet ink" signature is nothing more than an outdated relic in a digital world that has long since surpassed its utility. And yet, these methods are perpetuated, not because they are effective, but because they are cheap, convenient, and require no intellectual investment from those implementing them. The result is a catastrophic erosion of trust. Institutions that claim to protect our identities instead expose us to unnecessary risk, all while parading their incompetence as innovation. Worse, they place the burden of proof on the individual, demanding that we repeatedly perform this degrading pantomime to satisfy their bureaucratic inertia. ## Privacy: From Right to Commodity This erosion of intellectual rigor is symptomatic of a larger cultural malaise. In a society where privacy is no longer seen as a right but as a commodity to be bartered, the standards for verification have been reduced to the lowest common denominator. Instead of investing in robust, privacy-preserving technologies—such as cryptographic proofs, decentralized identity frameworks, or behavior-based authentication—we are forced to endure rituals that are as intellectually vacuous as they are invasive. What’s more, these methods normalize the idea that our most intimate details—our faces, our signatures, our personal documents—are commodities to be captured, stored, and potentially exploited. This normalization of invasive practices not only undermines our autonomy but also desensitizes us to the very real dangers of mass data breaches and identity theft. ### Reclaiming Intellectual Integrity It is time to reject this farcical status quo. Verification should not be a performance; it should be a process rooted in intellectual rigor and respect for the individual. Technologies like zero-knowledge proofs and blockchain-based identity systems offer pathways to authentic verification without the need for invasive practices. These systems enable individuals to prove their identity, age, or qualifications without revealing unnecessary details, preserving both security and dignity. But implementing such solutions requires a fundamental shift in mindset—a willingness to prioritize intellectual integrity over convenience, and human dignity over bureaucratic inertia. Institutions must be held accountable for perpetuating these charades, and individuals must demand systems that respect their autonomy and privacy. ## A Call to Action The intellectual space has not merely degraded; it has been hijacked by a culture of mediocrity that masquerades as progress. It is up to us to reclaim it, to demand verification processes that are worthy of a society that values freedom, dignity, and critical thought. The choice is clear: we can continue to participate in this hollow theater, or we can refuse to play the fool in a charade that insults our intelligence and erodes our autonomy. Let us choose the latter. Let us choose freedom.

## Chef's notes This recipe is not my own, but it was great and easy, so I'm moving it here. Cooking as instructed serves 2, but this could easily be adjusted to include stir fry vegetables and rice, to make this a meal for 4. ## Details - ⏲️ Prep time: 15 minutes, 1-24 hours marinating - 🍳 Cook time: 10-15 minutes - 🍽️ Servings: 2-4 ## Ingredients - 1 Venison Heart (elk would work well, too. recipe would need to be doubled) - 1/2 Asian Pear, grated - 2 Cloves Garlic, grated - 1 Tbsp Ginger, grated - 3 Tbsp Soy Sauce - 1 Tbsp Honey - 1 Tbsp Onion, grated - 1 Tbsp Toasted Sesame Oil - 1 tsp Red Pepper Flakes - 2 Shallots, chopped - Sesame Seeds - Cooking Oil ## Directions 1. Mix all ingredients besides heart, shallots, sesame seeds and cooking oil in a medium bowl. 2. Remove arteries and excess fat from heart, cut in half and rinse 3. Cut into thin slices or bite size pieces 4. Add to marinade, mix and cover. Allow to soak for 1-24 hours. 5. Heat oil in large frying pan over med-high to high heat 6. Drain excess marinade. 7. Place heart in pan and sear on both sides to desired doneness. Medium rare is ideal for heart. 8. Remove from pan and garnish with chopped shallots and sesame seeds. Serve with stir fry veggies and rice, if desired.

In the complex machinery of modern fiat economies, identity verification has become both a cornerstone and a tool of exploitation. Immigration agents and tax authorities frequently use ID requirements as leverage to withhold payments from legal students and transient temporary workers, effectively weaponizing bureaucratic obstacles. This practice underscores a deeper systemic flaw in fiat systems that fosters resentment, exacerbates social inequalities, and often inflames xenophobia and racism. ID Requirements as a Tool of Control For transient workers and legal students, fulfilling identity requirements is often fraught with challenges. These individuals frequently face delays in securing government-issued IDs, tax file numbers, or work permits due to systemic inefficiencies, inconsistent documentation standards across borders, or outright bureaucratic hostility. This delay enables immigration and tax agents to withhold payments, leveraging technicalities to maintain control over vulnerable individuals. For many, the result is financial instability, loss of income, and an erosion of trust in government institutions. Employers may exacerbate the issue by withholding wages under the pretense of compliance with tax or immigration regulations. The Role of the Fiat System in Arbitraging Withheld Funds Fiat systems thrive on the movement and control of money. When funds are withheld, governments and financial institutions benefit from the arbitrage opportunities created by the float—the time during which withheld funds remain under their control. These funds may accrue interest, be reinvested, or shore up liquidity in government or financial institution balance sheets. Moreover, the strawman concept—where individuals are treated as legal fictions in financial and legal transactions—compounds the problem. In fiat economies, transient workers and students often become dehumanized entities tied to tax file numbers or visa statuses. Their labor and contributions are monetized while their rights and access to those earnings are systematically restricted. The Blockchain Solution Fiat systems are ill-equipped to solve this exploitation because they rely on centralized control and opacity, which incentivize these exploitative practices. In contrast, blockchain technology offers a practical and transparent solution to this systemic problem. 1. Immutable Identity Verification: Blockchains can provide a universal, tamper-proof digital identity that is accessible globally. Such a system would bypass bureaucratic inefficiencies and ensure that individuals can prove their legal status without delays. 2. Smart Contracts for Payments: Payments can be locked into smart contracts, ensuring that funds are released automatically upon completion of work or fulfillment of agreed terms. This eliminates the ability of agents to withhold payments arbitrarily. 3. Decentralized Arbitration: In disputes, decentralized arbitration mechanisms on blockchain platforms can resolve issues without the biases or delays often seen in centralized systems. 4. Transparent Accounting: With blockchain’s public ledger, all parties can verify transactions, ensuring that funds are not exploited for arbitrage while withheld. The Social Consequences of Fiat’s Failures The inability of fiat systems to address these issues leads to widespread resentment among affected groups. Legal students and transient workers often feel targeted not for their legal status but for their perceived outsider status, which feeds into xenophobic narratives. Racism and resentment flourish in environments where financial and social inequalities are palpable. Communities affected by these practices often view them as deliberate attempts to marginalize and exclude them from economic participation. This fosters a cycle of distrust, social division, and resistance to integration. A Future Beyond Fiat For fiat systems to address this exploitation meaningfully, they would need to sacrifice the centralized control and financial advantages derived from withholding payments. However, such a transformation is unlikely, as it would undermine the very foundations of fiat economies. Blockchain technology, with its decentralized nature, offers a viable alternative. By automating payments, ensuring transparency, and providing immutable identity verification, blockchain can dismantle the mechanisms of exploitation that fiat systems have institutionalized. Conclusion The exploitation of ID requirements and the arbitrage of withheld funds are not merely bureaucratic inefficiencies—they are systemic tools of control within fiat economies. While these practices continue, they deepen social fractures and fuel resentment and racism. Only through the adoption of decentralized technologies like blockchain can these injustices be addressed, creating a fairer system for all participants. Without such changes, fiat systems will remain complicit in perpetuating inequality and division, unable to escape their structural flaws.

I recently listened to the Jordan B. Peterson Podcast episode titled *The Psychology of Social Status and Class* with guest Rob Henderson, and he made a point I found very compelling. The discussion wasn't about money specifically, but about the way psychopaths exploit a high-trust society. Dr. Peterson said, > I think the right way to think about this is that there isn't anything more valuable than reputation. Right? Because there's no difference between reputation and wealth fundamentally. I mean, even monetary wealth is a form of abstracted reputation. So yeah, you know, it's just been tokenized, essentially. Like, money is tokenization of reputation. Well, the problem is reputation can be gamed. This is a really perceptive way to describe money, and I think there's a lot to learn by analyzing the idea. It dovetails quite well with my definition of money as a ledger of deferred consumption from my recent article *Money Is Not Wealth*. naddr1qvzqqqr4gupzp0rve5f6xtu56djkfkkg7ktr5rtfckpun95rgxaa7futy86npx8yqq247t2dvet9q4tsg4qng36lxe6kc4nftayyy89kua2 Deferred consumption is very closely linked to reputation. A good reputation is established by being generous, productive, helpful, and honest. Basically if you produce and contribute to other people and their wellbeing instead of only working for your own selfish interest, your reputation will benefit. That’s essentially synonymous with deferring consumption. You put in the work now, but you don’t personally benefit. You do the work for someone else’s benefit. In the article I make the point that these pro-social behaviors, in a small community setting, accrue to you a kind of informal “credit” that defines money at its most fundamental level. You could define reputation as the sum total of those “credits” accumulated by a pattern of productive and pro-social behavior over time. The inverse is also true. Constantly asking for favors from the community, but never being willing to reciprocate that service, will cause you to accumulate a lot of unpaid “debt” to the community. We describe that as a “bad reputation”. The ne’er-do-well loafer everyone knows who can’t hold down a job, shows no responsibility, lives off handouts and welfare, and wastes everything he gets on drinking, drugs, or gambling would be a perfect example of someone with a bad reputation. As word gets around, it isn’t long until people are hesitant to do favors for that person. They rightly view him as a malicious parasite and realize that if his behavior is rewarded, it will continue to be a drain and a detriment to the function of society. As I pointed out, this informal “credit/reputation” system breaks down when dealing with larger groups and more complex supply chains, because it’s necessary to do one-off transactions with strangers who’s reputation you have no way of knowing and with whom you won’t have opportunity to enter into a reciprocal relationship. That’s where money comes in. Conceptualized as tokenized reputation, it represents the fact that the holder of money has provided valuable goods and services to someone else in the past in order to acquire that money. You can feel confident that engaging in a cooperative transaction with this person will be beneficial and pro-social, and not just rewarding a malicious parasite. ### The Psychopathy Connection According to Wikipedia, > psychopathy is a mental health condition characterized by persistent antisocial behavior, impaired empathy and remorse, and bold, disinhibited, and egotistical traits. The first characteristic given is persistent antisocial behavior. Psychopaths lack empathy and remorse, so they’re willing to use manipulation, deceit, force, or anything required to benefit themselves, regardless of the harm to others. In the podcast I quoted, Dr. Peterson was making the point that most people are fairly good at cooperating and functioning productively in society. But a group of trusting and cooperative people makes the perfect target for a psychopath. They’ll come in, lie to everyone, take advantage of people’s goodwill, and exploit the group by any means possible until they own everything or the group sees their true character and pushes back. So they tend to be constantly moving, never staying too long because their behavior only works on unsuspecting victims, and never able to form stable long-term relationships. The focus of the discussion was how psychopaths exploit the current victimhood culture for their own benefit by falsely portraying themselves as victims to gain special treatment they don’t deserve. But psychopaths exploit society in lots of other ways as well. Psychopaths often try to portray themselves as good and worthy people, even when they’re really the opposite. This means establishing a deceptive reputation. If money is tokenized reputation, what better way to bolster your reputation than to somehow get your hands on a lot of money? Honest, cooperative people who encounter a stranger with money will tend to assume he acquired it the same way they acquire their money; through working and providing value to others while deferring consumption to the future. They won’t hesitate to do business with that person. If there’s a dishonest way to acquire money without actually putting in the work and providing value to others, you can bet psychopaths will sniff that out a mile away and take full advantage. Unfortunately, the game theory of money dictates that even if you know someone acquired their money through dishonest, illegal, or otherwise harmful and antisocial means, you’re still incentivized to just accept the money and do business with them anyway. Even if you know the method they used to get it is harmful to society in general, taking the money and using it yourself will benefit you personally. For example, imagine someone came to your business and offered to buy your product, but told you they were going to pay with money they stole from a guy walking down the street last week. You might be appalled by the theft, but you would gain nothing economically by refusing to do business with the thief. You would gain economically by taking his stolen money. Doing so would just encourage him to continue stealing, which is terrible for society, but as long as he doesn’t steal from you, you’ve still benefitted financially. This provides a strong motivation for psychopaths to continue their exploits, because if they can manage to acquire the money, they will almost certainly be able to spend that money and benefit as much as an honest person would. So in a sense, money makes it a lot easier for psychopaths to flourish, as opposed to a close-knit community that would soon catch on to their behavior and respond with punishment or expulsion from the community. I can think of a lot of people today who have a lot of money they acquired through ways that are very detrimental to society, but who maintain a veneer of public respectability almost exclusively because they do have so much money. Weapons manufacturers, career politicians, owners of exploitative and unethical businesses, and financial industry executives come to mind. Yet these people have no problem finding someone to do business with, because as the saying goes, “their money is just as green as anyone’s”. ### Banking So what if there were a way to create money with no effort? To bolster your reputation with piles of cash without having to lift a finger? You can imagine how giddy with excitement a psychopath might be at the thought. Counterfeiting seems like a possibility, but it’s actually very difficult to accomplish, and there’s a high risk of getting caught. What if there were a way to create “counterfeit” money that was so identical to the real thing that almost no one could tell the difference? And suppose we actually **made it legal**? Well, legal for those who have the correct license, and a crime punishable by years in prison for everyone else. Can’t have the honest people competing with you and siphoning value away from the grift, after all. That’s essentially what we have today with the modern banking system. Banks create “money” (bank deposits) with a keystroke every time they make a loan. It costs them absolutely nothing, and they can then loan out that new money and collect interest on it, without having to lift a finger. Seems too good to be true, but in this case it is. That subject deserves its own in-depth explanation. Suffice to say that if you’ve ever felt that the financial system is a parasitic entity infested at the highest levels by people with “persistent antisocial behavior, impaired empathy and remorse, and bold, disinhibited, and egotistical traits,” you’re probably on the right track. It’s the ideal habitat for a motivated psychopath, and I believe they’ve maneuvered themselves into the system and are busy exploiting our trust and the properties of our most crucial social technology. Unfortunately not one person in a thousand understands what’s happening. Most can see the decay spreading and feel something is wrong in society at a fundamental level, but without understanding they cause, they don’t have the knowledge or tools to fight back. > It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning. > > \-Henry Ford My goal in writing is to begin building that understanding. Each person who wakes up to reality will be able to protect themselves, to stop providing sustenance to the parasites. Without access to the real wealth produced by honest, cooperative individuals, the parasites will starve. And who knows, if enough people wake up, they might be so outraged by the exploitation that they’ll start the revolution Ford dreamed about.

So my review of the four Islands I visited to research nom nom / expat life in the Caribbean. I had discounted St. Marteen and St Lucia before I went, purely because they have no specific advantages either Bitcoin or Tax related. My visit confirmed I don’t wish to live in either place. St. Kitts & Nevis was a serious contender due to its tax laws and adoption of Bitcoin (albeit BCH). After visiting, I am not totally discounting it, but it is not a front runner as you have to pay $300K for its citizenship by investment scheme. This is either in the form of a lump sum, or by purchasing an approved property. The property purchase route is not as it seems, you have very little choice and the property devalues by at least $300K after you’ve held it the minimum of 5 years (required by the investment scheme). So either way the fee is $300K, which you loose. For this reason I have discounted St. Kitts, despite seeing some Bitcoin adoption. So to Barbados. Everything else aside, I liked this place, I would consider living here for its own merits. It has a lot of beauty and the poverty, of which there is much, is somehow more relaxed and less threatening. For example, we were on a Beach having a few drinks when a very laid back man passed by hawking some Aloe vera leaves he had just cut down from a tree. He was offering them to the tourists to help with any sunburn. However unlike touts I had observed on other Islands, he was very relaxed and didn’t hassle you at all. And if you didn’t want to buy the leaves, he gave them to you anyway if he thought you needed them. This made the tourists offer him money in gratitude, which is a much more intelligent way to earn a subsistence living. He was also very friendly with the restaurant staff who clearly helped him with the odd meal or even money sometimes. The tax situation in Barbados is pretty good, no CGT, but there is income tax of around 28%. I don’t object to tax, I simply object to the misappropriation of tax income for vanity or woke projects. I am now investigating the logistics of this with a non Bitcoin friend who is also looking to go non dom.

As an American Christian who is no longer young, I have seen my nation go from wealth to debt, from promoting godliness to promoting evil, from a land of laws and blind justice to a land where people are judged more by their group affiliation than by their actions or disobedience of the law. It is disheartening to see a nation that was founded on Biblical principles by people who left their nations in order to be able to serve God freely turn into a nation that mocks God and tramples His commandments. It doesn’t have to be this way. Too often we try to fix America’s (or most nations) problems by changing the government leaders, but that isn’t how a nation is fixed. It is only when the people turn back to God that the nation is fixed. An ungodly nation will never be fixed even if a godly leader is put in place. ## Heal Their Land This particular passage is in reference to Israel in particular, but I do believe the principles are applicable for any nation, but especially for a nation that was founded on Biblical principles. The good news is that God blesses nations that honor Him. The bad news is that He punishes those nations more harshly when they leave Him than He does those nations that never served Him before. > Then the Lord appeared to Solomon at night and said to him, “I have heard your prayer and have chosen this place for Myself as a house of sacrifice. If I shut up the heavens so that there is no rain, or if I command the locust to devour the land, or if I send pestilence among My people, and **My people who are called by My name humble themselves and pray and seek My face and turn from their wicked ways, then I will hear from heaven, will forgive their sin and will heal their land.** Now My eyes will be open and My ears attentive to the prayer offered in this place. For now I have chosen and consecrated this house that My name may be there forever, and My eyes and My heart will be there perpetually. As for you, if you walk before Me as your father David walked, even to do according to all that I have commanded you, and will keep My statutes and My ordinances, then I will establish your royal throne as I covenanted with your father David, saying, ‘You shall not lack a man to be ruler in Israel.’ (2 Chronicles 7:12-18) {emphasis mine} The key statement is, if “*My people who are called by My name humble themselves and pray and seek My face and turn from their wicked ways, then I will hear from heaven, will forgive their sin and will heal their land*.” It all starts with the people that are called by His name, whether Jew or Christian. We need to repent of our personal sins which include not standing up for God’s word and commands. We need to share the Gospel with those around us and live lives that are honoring to Him. We need to live Christ-like lives that draw people to our Savior. When we are faithful servants, God will bless us and our nation. When we live Christ-like lives, people are drawn to God. As more people trust Jesus as Savior, we get a more godly nation and are more likely to get godly leaders. When we have more godly citizens and more godly leaders, many of our economic, cultural, and international woes are decreased. The best way to heal our land is to repent and turn back to God. Defending righteousness through politics is good, but living a godly life and sharing the gospel with others is better. ## Uproot From the Land On the other hand, if we refuse to repent, live godly lives, and share the gospel with others, God promises us a curse and many woes. > “**But if you turn away and forsake My statutes and My commandments which I have set before you, and go and serve other gods and worship them, then I will uproot you from My land which I have given you, and this house which I have consecrated for My name I will cast out of My sight and I will make it a proverb and a byword among all peoples.** **As for this house, which was exalted, everyone who passes by it will be astonished and say, ‘Why has the Lord done thus to this land and to this house?’ And they will say, ‘Because they forsook the Lord, the God of their fathers** who brought them from the land of Egypt, and they adopted other gods and worshiped them and served them; therefore He has brought all this adversity on them.’ ” (2 Chronicles 7:19-22) {emphasis mine} Is America losing its blessings and gaining a curse because they have turned away and forsaken God’s statues and His commandments? I believe this is true. Have Americans turned away from God to “*serve other gods and worship them*?” I believe they have even if this only means serving the god of self and worshipping pleasure. If America falls it will be because “*they forsook the Lord, the God of their fathers*.” ## A Gentile Repentance You may ask, “Can we really apply these blessings and curses to nations other than Israel?” I will use these passages from Jonah as an example of God’s blessings and curses based on the actions and repentance of a gentile nation. > Now the word of the Lord came to Jonah the second time, saying, “Arise, go to Nineveh the great city and proclaim to it the proclamation which I am going to tell you.” So Jonah arose and went to Nineveh according to the word of the Lord. Now Nineveh was an exceedingly great city, a three days’ walk. Then Jonah began to go through the city one day’s walk; and he cried out and said, “Yet forty days and Nineveh will be overthrown.” (Jonah 3:1-4) Jonah was sent as a prophet to Nineveh, the capital of the Assyrian nation. This was a totally ungodly and evil nation that was known for its cruelty and lawlessness. Because of its evil, Jonah was sent to warn them of their imminent destruction. (Most of us know the story of Jonah’s misadventures, including being swallowed by a sea creature, while trying to not give this warning.) What happened when these evil, ungodly people repented and turned to God in submission? > Then the people of Nineveh believed in God; and they called a fast and put on sackcloth from the greatest to the least of them. When the word reached the king of Nineveh, he arose from his throne, laid aside his robe from him, covered himself with sackcloth and sat on the ashes. He issued a proclamation and it said, “In Nineveh by the decree of the king and his nobles: Do not let man, beast, herd, or flock taste a thing. Do not let them eat or drink water. But both man and beast must be covered with sackcloth; and let men call on God earnestly that each may turn from his wicked way and from the violence which is in his hands. Who knows, God may turn and relent and withdraw His burning anger so that we will not perish.” > > When God saw their deeds, that they turned from their wicked way, then God relented concerning the calamity which He had declared He would bring upon them. And He did not do it. (Jonah 3:5-10) This nation, that had never served God and had never done good, was spared when the people and the king repented of their evil ways and honored God. How much more will a nation full of God’s children be healed, if they turn back to God and obey His commands? The God of the Bible can raise the dead; he is definitely capable of healing a nation that repents. Join me in personal repentance, prayer for our nation, and faithful service to our awesome God. Trust Jesus.

## [kakoi](https://github.com/betonetojp/kakoi) の仕様についてのメモ ### キーボード操作 * 左手での操作に最適化 | キー | 動作 | |:-|:-| | ESC | 設定画面 | | F1 / F12 | ポストバーの表示と非表示 | | F2 | 時間の表示と非表示 | | F3 | ユーザーアイコンの表示と非表示 | | F4 | 名前の表示と非表示 | | F9 / Z | コンテンツの折り返し表示の切り替え （余白ダブルクリックでも動作） | | F10 | ユーザーリストとキーワード通知の設定画面 （余白右クリックでも動作） | | F11 | メイン画面の表示と非表示 （ポストバー表示） | | Shift + W | イベント最上行へ移動 | | W / ↑| イベント選択上移動 | | S / ↓ | イベント選択下移動 | | Shift + S | イベント最下行へ移動 | | A / ← | Webビューを開く （イベントを右クリックでも動作） | | F / → | リアクションを送信 （イベントをダブルクリックでも動作） | | 1 ～ 0 | リアクションを選択 | | R | 返信 | | B | リポスト | | Q | 引用 | | C | Webビューを閉じる | | Ctrl + Shift + A | メイン画面をアクティブにする | ### タイムライン * kind:1, 6, 7, 16を取得して表示する * フォロイーの名前の前には * が付く ### フォローリスト（kind:3） * 参照のみで更新はしない * F10 で開くユーザーリストでユーザーを選択し petname セルをクリックすることで未フォローユーザーにもペットネームを設定可能（ローカル保存） ### プロフィール（kind:0） * F10 で開くユーザーリストでユーザーを選択し picture セルをクリックすることでユーザーのアイコン表示を変更可能（ローカル保存） ### 返信（[NIP-10](https://github.com/nostr-protocol/nips/blob/master/10.md) kind:1） * kakoi のタイムラインに流れるすべてのイベント種に返信可能とする * スレッドを考慮せず、単一イベントへの単発返信とする * e タグは marker と返信先 pubkey は設定していない。 relay-url には空文字を設定 ```json ["e", "返信先 event-id", ""] ``` * p タグは 返信先 pubkey ひとつだけを指定 ### リポスト（[NIP-18](https://github.com/nostr-protocol/nips/blob/master/18.md) kind:6 , 16） * kakoi のタイムラインに流れるすべてのイベント種をリポスト可能 * kind:1はkind:6。その他はkind:16でリポストする * e タグは relay-url に空文字を設定 ```json ["e", "リポスト元 event-id", ""] ``` ### 引用（[NIP-18](https://github.com/nostr-protocol/nips/blob/master/18.md) kind:1） * q タグは relay-url に空文字を設定 ```json ["q", "引用元 event-id", ""] ```

### The Birth of Modern Medicine The roots of modern medicine can be traced back to as early as the early 20th century when a seismic shift occurred. The Flexner Report of 1910, funded by the Carnegie Foundation and rigorously supported by the Rockefeller family, reformed the American medical education system. It emphasized allopathic medicine, effectively sidelining traditional and natural approaches. Critical insight here, folks—this wasn’t about finding the best healing practices; it was about control, power, and of course, profit. #### The Flexner Report: The Game-Changer This report brought in a wave of standardization but with ulterior motives. The Rockefeller Foundation started funding medical schools, essentially tailoring the curriculum to promote pharmacology-centric treatments over natural remedies. Pharmaceuticals started ruling the roost, and why not? It was a perfect avenue for immense financial gains. 🤔 #### Pharmaceuticals Over Nature I’m not here to tell you allopathic medicine is entirely bad—surgery and emergency interventions do save lives. But here's the kicker: an over-reliance on synthetic drugs and sidelining natural alternatives turned modern medicine into a profit-driven behemoth. The true essence of healing was overshadowed by an incessant parade of patented drugs, each more toxic and profit-centric than the last. ### Unpacking the University Financial Model Hospitals and medical institutions are businesses—big businesses. Ever noticed how universities hype up pharmacology? It's about keeping the cycle going. Think about it. You go through years of medical school learning to prescribe drugs. Why? That’s where the money is. Pharmaceuticals fund research, and that, my friends, means research outcomes subtly align with their interests. #### The Costly Reality Let’s break down the nitty-gritty. The average medical student graduates with a mountain of debt and a head filled with pharma-centric knowledge. These new doctors are good at prescribing pills but terrible at understanding holistic health and nutrition. Who benefits? Pharmaceutical titans, with doctors often unconsciously working as their sales reps. ### The Vaccine Controversy Now this might scorch some ears, but the vaccine industry isn’t the saint it’s painted to be. The constant rhetoric that vaccines have eradicated diseases is a half-truth at best and a blatant lie at worst. Take the Polio vaccine, for instance. Many cases labeled as polio pre-vaccine campaigns were subsequently tagged as other diseases. Statistical gymnastics at its finest. 🧩 #### The Ingredients No One Talks About Vaccines often contain adjuvants like aluminum and mercury derivatives which are neurotoxic. Ever read a vaccine insert? Side effects galore, yet they’re not widely discussed. Chickenpox vaccine might cause shingles later in life, but it’s swept under the proverbial rug. Safe overall? Debatable. Necessary for everyone? Hardly. ### Dentistry: Hidden Agendas Behind The Drill Dentistry is another Pandora’s box. Routine procedures like root canals leave dead tissue in your body, a breeding ground for bacteria. Amalgam fillings? They contain mercury. Pure poison. The dental industry thrives on dire problems that arise from poor nutrition and overconsumption of sugars treated with—you guessed it—more synthetic solutions. #### An Alternative Approach Look into practices like natural oral hygiene, diet-based care, and biological dentistry. Healing should start from within—get your nutrition straight and watch half the dental issues diminish. Nutrient-dense, real foods can rebuild enamel and maintain oral health far effectively. ### The Darkness of Psychiatry and Mental Health Psychiatry—a realm of its own, based more on theory than hard science. Mental health diagnosis often feels like throwing darts in the dark. Drugs like antidepressants and antipsychotics? They mess with your brain chemistry with severe side effects. Did you know many of these drugs are approved based on subjective symptomatic relief rather actual cure? #### Alternatives in Mental Health Look into therapy, exercise, and nutrition. Cognitive Behavioral Therapy (CBT) and even classical homeopathy offer significant benefits. The placebo effect is real, and if the mind believes in healing, the body often follows suit. ### Paleo Nutrition: The Forgotten Wisdom Food is medicine, plain and simple. Modern food systems are designed to maximize profit, not health. Preservatives, seed oils, GMO crops—it’s a carnival of toxicity. We need to return to our roots. Think natural, think organic, think animal-based diets rich in fats, proteins, and yes, the good kind of carbs from fruits and vegetables. #### Animal Based Diet Insight Modern diets wreak havoc on our system. Look into the Animal Based Diet with a focus on healthy animal fats—it’s a return to basics but can offer profound healing benefits. Abandon the processed junk and realize what real food is supposed to taste like and do for your body. ### Taking Back Control: Realistic Health Practices Here are some practical steps we can all realistically take to reclaim control over our health: 1. Eat Real Food: Prioritize organic, natural, and minimally processed foods. Focus on a balanced diet that includes high-quality animal products and fresh produce. 2. Filter Your Water: Invest in a good water filtration system to avoid contaminants. 3. Limit Exposure to Toxins: Avoid unnecessary pharmaceuticals. Opt for natural personal care products and household cleaners. 4. Exercise Regularly: Keep your body active with routine exercise. Even simple movements like walking can have profound health benefits. 5. Reduce Electronic Use: Limit the use of EMF-emitting devices. Turn off devices when not in use. 6. Mental Health: Engage in mindfulness practices, holistic therapy, or hobbies that relax and destress. These changes don’t require a massive lifestyle overhaul but can significantly improve your overall well-being. ### Connecting the Dots: The Bigger Picture Governments, big businesses, and educational institutions paint a picture of reliable healthcare, but often it’s a mirage. The real perpetrators behind the curtains are entities driven by profit and control. From funding to education to pharmaceutical lobbying, the “healthcare” you trust is deeply influenced by interests far removed from actual healing and wellbeing. ### Call to Action: Free Your Mind Question everything. Dig deeper. Don’t trust blindly—knowledge is empowerment. Start looking into alternative forums, research independently, and form your own informed opinions. Your health is too important to leave in the hands of those who view you as a commodity. ### Suggested Readings and References To help you further dig into these concepts, here are some authoritative resources and compelling reads: 1. "The Flexner Report" by Abraham Flexner 2. "The Real Anthony Fauci" by Robert F. Kennedy Jr. 3. "Dissolving Illusions" by Suzanne Humphries and Roman Bystrianyk 4. "Nutrition and Physical Degeneration" by Weston A. Price 5. "Good Calories, Bad Calories" by Gary Taubes 6. "The Carnivore Code" by Paul Saladino ### Final Thought So, there you have it, folks. We’ve peeled back some critical layers of the medical onion, revealing a system more focused on profit than genuine well-being. Always remember, true power lies in knowledge. Stay curious, stay critical, and always—look into it.

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The whole island of Mallorca is filled with tourist spots, but it can be divided into four main types of areas: 1. **Major hotel areas**. These are coastal villages predominantly filled with hotels, which create a vibrant atmosphere during the summer, with plenty of restaurants, bars, and other summer-oriented businesses. 2. **Minor hotel areas**. These are coastal villages, mainly populated by hotels as well, but they are smaller and, therefore, quieter and more relaxing. While there are some restaurants, bars, and other summer-oriented businesses, the offerings are not comparable to those in the major hotel areas. 3. **Vacation rental areas**. These are coastal villages with virtually no hotels; the accommodations primarily consist of vacation rentals. There are only a few restaurants and bars in the village, with limited options beyond that. However, they offer the quietest and most relaxing experience. 4. **Inland areas**. These consist of the Tramuntana mountain region and the rural countryside, typically featuring a balanced mix of small hotels and vacation rentals. The availability of restaurants, bars, and other summer-oriented businesses is decent but not huge, so having a car or a transportation plan may be necessary. **Important note**: Almost all of these areas are "dead" from November to April, as 80% of businesses are closed and only operate from May to October. If you are visiting from November to April, consider how this can affect your travel plans, and maybe opt for cities that are still populated by residents, such as Palma, Sóller, Pollença, and Alcúdia. In the following map you can see the **Major hotel areas** (in black numbers) and the **Minor hotel areas** (in purple letters).  *Map of Hotels, each black dot is a hotel.* The major hotel areas are as follows: | | Major hotel areas | | Major hotel areas | |---|---------------------------------------------------|---|-------------------------------------------------------| | 1 | S'Arenal | 14 | Port de Sóller | | 2 | Can Pastilla | 15 | Sóller | | 3 | Ciutat de Palma | 16 | Port de Pollença | | 4 | Port de Palma | 17 | Port d'Alcúdia | | 5 | Cala Major | 18 | Platja de Muro | | 6 | Illetes | 19 | Can Picafort | | 7 | Portals Nous | 20 | Cala Ratjada | | 8 | Palmanova | 21 | Cala Millor | | 9 | Magaluf | 22 | Sa Coma | | 10 | Santa Ponça | 23 | Cales de Mallorca | | 11 | Peguera | 24 | Portocolom | | 12 | Camp de Mar | 25 | Cala d'Or | | 13 | Port d'Andratx | 26 | Colònia de Sant Jordi | The minor hotel areas are as follows: | | Minor hotel areas | | Minor hotel areas | |---|-------------------------------|---|------------------------| | a | Cala Gamba / Es Coll d'en Rabassa | h | Canyamel | | b | El Molinar / Es Portitxol | i | Portocristo | | c | Cala Vinyes | j | Cala Mendia and Cala Magrana | | d | Cala Fornells | k | Cala Romàntica | | e | Sant Elm | l | Portopetro | | f | Cala Sant Vicenç | m | Cala Mondragó / Barca trencada | | g | Cala Mesquida | n | Cala Figuera | If you still want to be in a coastal area but prefer to escape the livelier areas and seek a quiet, low-density spot (with both its advantages and disadvantages), the following map highlights the main **vacation rental** areas.  *Map of vacation rental, each red dot is a rental house.* The main vacation rental areas are as follows: | | Main vacation rentals | | Main vacation rentals | |---|----------------------------------|---|--------------------------| | 1 | Badia Gran | 6 | Betlem | | 2 | Cala Pi and Vallgornera | 7 | Colònia de Sant Pere | | 3 | Sa Ràpita | 8 | Son Serra de Marina | | 4 | Cala Llombards and Cala Santanyí | 9 | Bonaire and Es Mal Pas | | 5 | Costa dels pins | 10 | Pollença outskirts | If you don't mind staying in coastal areas, you could opt for **inland areas**. There are accommodations throughout the entire island, allowing you to choose a location that suits your preferences (goal and budget).  *Map of inland areas. Each black dot is a hotel, each red dot is a vacation rental.* The most popular villages, and its outskirts, are as follows: | | Inland areas | | Inland areas | |---|----------------------------------|---|--------------------------| | 1 | Artà | 6 | Alaró | | 2 | Sineu | 7 | Fornalutx | | 3 | Llubí | 8 | Deià | | 4 | Sa Pobla | 9 | Valldemossa | | 5 | Selva | 10 | Puigpunyent |

This was my first attempt at hosting a podcast with another photographer while also juggling scene switches in OBS on the fly. Not sure what went sideways with Gardner's audio - podcast pleb mistake, clearly. But hey, trial and error, right? <img src="https://blossom.primal.net/a30cb2fe746c1d9363de206555b51537ed199564182ea39d026bde1a56a71ac3.jpg"> > click image to watch the full episode That said, I’ve been wanting to interview photographers I admire for a while, so I was stoked to finally sit down with Gardner and explore his work. His creative use of lasers and external flash really caught my eye. It’s not my typical style, but the way he executes it - with such taste and precision - is impressive. I think you’ll find his process just as fascinating as I did. During our conversation, we covered a lot - music, cameras, and some funny stories. One of my favorites was the time he went to photograph a mobile home with a tree growing through it, only to realize someone was still living there. We took a deep dive into [his portfolio](https://gardnermounce.com/), unpacking the intricate details behind his images. Hearing the story straight from the photographer hits differently than just reading a blurb about the series. Learning why a photo was taken and how it came together feels way more compelling once you understand the person behind the lens. [You can catch the full episode now on my PictureRoom YouTube channel](https://www.youtube.com/watch?v=Xhf0UygidYY&t=2227s). Like and subscribe if you’re feeling generous.

# 2024年下半期の振り返り あんまり変化はないんですが、進捗ありません！で終わっても仕方ないのでちょっとは無理やりでも振り返りましょう #### 0. 退職した 上半期時点で決まってはいたんですが、　6年間ほど勤務した会社を退職しました 退職直前まで爆発物取扱みたいなタスクをこなして、なかなかひやひやした退職プロセス 静かに退職したいので送別会の類のイベントは無しにしてくれというお願いをきいてくれた各メンバーに感謝です #### 1. 公開していたNostrリレーの設定を変更した 日本のみに公開していたリレーを、全世界に公開しました 当初はCloudflareでリレーをホストしていたのが、利用していたnosflareもcfrelayもクライアントに対してイベントを配布するコードがなく（R2だけではできない） さてどうしたものかと悩んでいたタイミングで、Umbrelのおひとり様リレーのポートを公開する対応をしました。リレーのお引越し で、公開してしばらくしたら、すごい勢いで日本国外からの投稿が着信するようになり大困惑 調べてみたら、Mutiny wallet（現在はサービス終了）が運営しているblastr.mutinywallet.com（たぶんまだ稼働している）が原因でした Nostr.watchのAPIを利用して、世の中にあるNostrリレーすべてにイベントを送り込む凶悪な思想犯です ヘッダー情報などでブロックできなかったので、blastrがホストされてるCloudflareのIPを全てブロックする力技で対処しました ちなみに、nosflareもいつのまにかblastrのようなものをホストしているようです なんなんでしょうね、Nostrの白人さんたちの、過激なほど分散というか対検閲をしようとするお節介さは #### 2. 公開していたNostrリレーを潰した 上記のように折角いろいろやったリレーを潰しました Reply guyというbotが猛威をふるった時期、クソみたいなイベントをばら撒かれてくることに私がキレたからです。クソが NostrとしてはこれをきっかけにWoTを組み込んだリレーが開発されたりして、スパム対策が一歩前進した感があります。クソが スパムばら撒きをBostrが助長してるみたいな批難を受けて、作者のYonleさんがブチ切れ、全Nostr関連リポジトリのメンテを放棄する事態も発生 ちょうどMutiny walletでGOXしたご本人の機嫌が悪かった時期に、クソスパムがぶつかったことによる悲しい出来事でした。ほんとクソ #### 3. おわりに 他にもこまいことはいくつかあるんですが、主にはこんなとこでしょうか。来年も楽しくNostrしたいですね

The Weaponization of Technology: A Prelude to Adoption Throughout history, new technologies have often been weaponized before becoming widely adopted for civilian use. This pattern, deeply intertwined with human priorities for power, survival, and dominance, sheds light on how societies interact with technological innovation. The Weaponization Imperative When a groundbreaking technology emerges, its potential to confer an advantage—military, economic, or ideological—tends to attract attention from those in power. Governments and militaries, seeking to outpace rivals, often invest heavily in adapting new tools for conflict or defense. Weaponization provides a context where innovation thrives under high-stakes conditions. Technologies like radar, nuclear energy, and the internet, initially conceived or expanded within the framework of military priorities, exemplify this trend. Historical Examples 1. Gunpowder: Invented in 9th-century China, gunpowder was first used for military purposes before transitioning into civilian life, influencing mining, construction, and entertainment through fireworks. 2. The Internet: Initially developed as ARPANET during the Cold War to ensure communication in the event of a nuclear attack, the internet’s infrastructure later supported the global digital revolution, reshaping commerce, education, and social interaction. 3. Drones: Unmanned aerial vehicles began as tools of surveillance and warfare but have since been adopted for everything from package delivery to agricultural monitoring. Weaponization often spurs rapid technological development. War environments demand urgency and innovation, fast-tracking research and turning prototypes into functional tools. This phase of militarization ensures that the technology is robust, scalable, and often cost-effective, setting the stage for broader adoption. Adoption and Civilian Integration Once a technology’s military dominance is established, its applications often spill into civilian life. These transitions occur when: • The technology becomes affordable and accessible. • Governments or corporations recognize its commercial potential. • Public awareness and trust grow, mitigating fears tied to its military origins. For example, GPS was first a military navigation system but is now indispensable for personal devices, logistics, and autonomous vehicles. Cultural Implications The process of weaponization shapes public perception of technology. Media narratives, often dominated by stories of power and conflict, influence how societies view emerging tools. When technologies are initially seen through the lens of violence or control, their subsequent integration into daily life can carry residual concerns, from privacy to ethical implications. Conclusion The weaponization of technology is not an aberration but a recurring feature of technological progress. By understanding this pattern, societies can critically assess how technologies evolve from tools of conflict to instruments of everyday life, ensuring that ethical considerations and equitable access are not lost in the rush to innovate. As Marshall McLuhan might suggest, the medium through which a technology is introduced deeply influences the message it ultimately conveys to the world.

In June 2023, the Law Commission of England and Wales published its final report on digital assets, concluding that the existing common law is generally flexible enough to accommodate digital assets, including crypto-tokens and non-fungible tokens (NFTs). However, to address specific areas of uncertainty, the Commission recommended targeted statutory reforms and the establishment of an expert panel. Key Conclusions and Recommendations: 1. Recognition of a Third Category of Personal Property: Traditional English law classifies personal property into two categories: “things in possession” (tangible items) and “things in action” (enforceable rights). Digital assets do not fit neatly into either category. The Commission recommended legislation to confirm the existence of a distinct third category of personal property to better accommodate digital assets.  2. Development of Common Law: The Commission emphasized that the common law is well-suited to adapt to the complexities of emerging technologies and should continue to evolve to address issues related to digital assets.  3. Establishment of an Expert Panel: To assist courts in navigating the technical and legal challenges posed by digital assets, the Commission recommended that the government create a panel of industry experts, legal practitioners, academics, and judges. This panel would provide non-binding guidance on issues such as control and transfer of digital assets.  4. Facilitation of Crypto-Token and Crypto-Asset Collateral Arrangements: The Commission proposed the creation of a bespoke statutory legal framework to facilitate the use of digital assets as collateral, addressing current legal uncertainties in this area.  5. Clarification of the Financial Collateral Arrangements Regulations: The report recommended statutory amendments to clarify the extent to which digital assets fall within the scope of the Financial Collateral Arrangements (No 2) Regulations 2003, ensuring that existing financial regulations appropriately cover digital assets.  Overall, the Law Commission’s report underscores the adaptability of English common law in addressing the challenges posed by digital assets, while also identifying specific areas where legislative action is necessary to provide clarity and support the evolving digital economy.

The system design and challenges of retail Central Bank Digital Currencies (CBDCs) differ significantly from Bitcoin in several key aspects, reflecting their distinct purposes and underlying philosophies: 1. Core Purpose and Issuance • CBDCs: Issued by central banks, CBDCs are designed as state-backed digital currencies for public use. Their goal is to modernize payments, enhance financial inclusion, and provide a risk-free alternative to private money. • Bitcoin: A decentralized, peer-to-peer cryptocurrency created to operate independently of central authorities. Bitcoin aims to be a store of value and medium of exchange without reliance on intermediaries or governments. 2. Governance and Control • CBDCs: Operate under centralized governance. Central banks retain control over issuance, transaction validation, and data management, allowing for integration with existing regulatory frameworks (e.g., AML and CFT). • Bitcoin: Fully decentralized, governed by a consensus mechanism (Proof of Work). Transactions are validated by miners, and no single entity controls the network. 3. Privacy • CBDCs: Seek to balance privacy with regulatory compliance. Privacy-enhancing technologies may be implemented, but user data is typically accessible to intermediaries and central banks to meet regulatory needs. • Bitcoin: Pseudonymous by design. Transactions are public on the blockchain but do not directly link to individual identities unless voluntarily disclosed. 4. System Design • CBDCs: May adopt a hybrid system combining centralized (e.g., central bank-controlled settlement) and decentralized elements (e.g., private-sector intermediaries). Offline functionality and interoperability with existing systems are priorities. • Bitcoin: Fully decentralized, using a distributed ledger (blockchain) where all transactions are validated and recorded without reliance on intermediaries. 5. Cybersecurity • CBDCs: Cybersecurity risks are heightened due to potential reliance on centralized points for data storage and validation. Post-quantum cryptography is a concern for future-proofing against quantum computing threats. • Bitcoin: Security relies on cryptographic algorithms and decentralization. However, it is also vulnerable to quantum computing in the long term, unless upgraded to quantum-resistant protocols. 6. Offline Functionality • CBDCs: Exploring offline payment capabilities for broader usability in remote or unconnected areas. • Bitcoin: Offline payments are not natively supported, although some solutions (e.g., Lightning Network or third-party hardware wallets) can enable limited offline functionality. 7. Point of Sale and Adoption • CBDCs: Designed for seamless integration with existing PoS systems and modern financial infrastructure to encourage widespread adoption. • Bitcoin: Adoption depends on merchant willingness and the availability of cryptocurrency payment gateways. Its volatility can discourage usage as a medium of exchange. 8. Monetary Policy and Design • CBDCs: Can be programmed to support specific policy goals, such as negative interest rates, transaction limits, or conditional transfers. • Bitcoin: Supply is fixed at 21 million coins, governed by its code. It is resistant to monetary policy interventions and inflationary adjustments. In summary, while CBDCs aim to complement existing monetary systems with centralized oversight and tailored features, Bitcoin is designed as a decentralized alternative to traditional currency. CBDCs prioritize integration, control, and regulatory compliance, whereas Bitcoin emphasizes autonomy, censorship resistance, and a trustless system.

***Projector, VDMX5, Final Cut Pro X, Satomizer, Processing, Pure Data, MadMapper, Cinema 4D, APC40. [100’ x 25’]*** *This project was presented in 2015 in Boulder, Colorado. Images and video remain property of Hes.* --- ### **Artist Statement** ***Light Pollution: Group Exhibition*** "Light Pollution" is a group exhibition that investigates the influence of artificial light on the natural environment. As part of this exhibition, I transformed the CU Boulder campus's Engineering Complex into a dynamic canvas through projection mapping. My contribution, a 100ft+ projection on the complex's tallest spire, featured the video "Superintended Vanquishment". This piece showcased engineering failures caused by natural forces, prompting viewers to contemplate the environmental repercussions of human activities and the potential consequences of nature's retaliation. The projection not only illuminates the impact of light pollution on our surroundings, but also prompts a deeper reflection on our relationship with the natural world and the power of nature over humans. > The "Light Pollution" group exhibition was a thought-provoking and visually stunning exploration of the impact of artificial light on the natural environment. Through the use of projection mapping, video content, and immersive sound design, the artists aimed to create an unforgettable experience that would inspire viewers to think more deeply about our relationship with the environment and the impact of humans on the natural world.  ***Superintended Vanquishment: Short Film*** ‘Superintended Vanquishment’ is a digital media project that showcases modern engineering failures onto the very building where the future engineers of tomorrow are studying. The Engineering Complex at CU Boulder serves as the backdrop for this thought-provoking piece. The irony lies in the fact that the video, which depicts engineering disasters caused by natural forces, is projected onto the building where students are learning about engineering. > By using this content, I wanted to challenge viewers to think about the consequences of our actions on the environment and the delicate balance between human development and natural systems. This project ties into the theme of light pollution by highlighting the impact of artificial light on both humans and nature. While humans have made great strides in engineering, nature still holds the power to reclaim what's hers. The video features scenes of engineering failures, such as a dam collapsing due to a flood, a building destroyed by an earthquake, and a bridge washed away by a landslide. The film serves as a reminder of the fragility of human creations and the power of nature. The projection itself is striking, with the video mapped onto the Engineering Complex's tallest spire. The lighting effects and surround sound speakers create an immersive experience for viewers, allowing them to feel as if they're part of the scene. This visual and auditory display invites viewers to reflect on the consequences of human actions on the environment and the delicate balance between human development and natural systems. > Ultimately, the project underscores the notion that, despite our technological advancements, nature will always have the final say. --- ### Watch ‘Superintended Vanquishment’ nostr:naddr1qqrk7e24vekhvcspzpmhxue69uhkummnw3ezuamfdejsygquk99txdv8dly7lsmasw969p70zlj6mnxtyzlk6j0em2tft4fyvgpsgqqqskasrmevqw --- *Originally published in 2015 by Hes.* *Republished to habla.news/u/hes@nostrplebs.com on 11/28/2024.* --- ### Find me elsewhere: [Website](https://hes.npub.pro/) [Store](https://plebeian.market/p/517d6542a081d61ecd8900ad9e2640290e2cf06f516c5e5f3edadfbde446bff4/stall/1db0cdfe0e39c4bd81b903902eeda74e6aa0f0b56e30851f327e6d0c292c5c06)

A few weeks ago, I sat down with Chad ([full podcast](https://creators.spotify.com/pod/show/proofofhealth/episodes/1-How-Muay-Thai-Fighting-Saved-My-Life---Chad-Mane-e2pnbmp)), a seasoned Muay Thai fighter with over a decade of experience, to talk about life inside and outside the ring. Chad’s story is raw, intense, and unfiltered—a journey of struggle, discipline, and transformation. His insights left me reflecting on how combat sports, especially Muay Thai, can teach us profound lessons about resilience, focus, and the human spirit. ### **The Fight Beyond the Ring** What struck me most was how Muay Thai isn’t just a sport for Chad—it’s a way of life. He began his journey as a teenager, struggling with family issues and uncertainty about his future. A chance meeting led him to Thailand, where he trained intensely and fought his first bout just 28 days later. Chad told me, “Muay Thai saved my life,” and I could feel the weight behind those words. For Chad, the ring became a space to confront not just opponents but his own fears and insecurities. The process of training—the relentless hill sprints, countless kicks, and sparring sessions—taught him how to face challenges head-on. Fighting wasn’t about aggression; it was about finding strength in adversity. --- ### **The Beauty in the Brutality** One of the most fascinating things Chad shared was his perspective on pain and sacrifice. During his career, he’s endured broken ribs, countless stitches, and even fought with a broken nose for eight years before getting it fixed. “Pain is the best teacher,” he said, explaining how injuries forced him to adapt and improve. What I found most compelling was how this physical suffering seemed to heighten his appreciation for life. Chad described moments after brutal training sessions when even a sunset or a simple breeze felt extraordinary. It’s as if the harshness of the ring makes the world outside it feel brighter, sharper, and more alive. “When you’re ready to die in the ring,” he said, “you start seeing life differently.” --- ### **The Mental Battle** Chad emphasized the mental aspect of fighting, something I hadn’t fully appreciated before. He talked about the mindset required to step into the ring: the inner dialogue where you convince yourself you’re ready to endure pain and push beyond limits. “You can play football or tennis, but you can’t play Muay Thai,” he said, driving home the seriousness of the sport. Before a fight, Chad uses visualization to prepare himself for the intensity of combat. He doesn’t shy away from the danger but instead leans into it, fully accepting the risks. This mindset, he believes, is what separates good fighters from great ones. --- ### **Lessons for Life** While most of us won’t step into a Muay Thai ring, Chad’s experiences offer valuable lessons that apply to all areas of life: - **Discipline Creates Freedom**: The structure of relentless training gave Chad a sense of purpose and control over his life. - **Face Your Fears**: Whether it’s an elbow to the face or a difficult decision in life, avoidance only makes things worse. - **Surround Yourself with the Right People**: Chad stressed the importance of training with people who push you to be better. “Energy matters,” he said, and I couldn’t agree more. --- ### **Final Thoughts** Chad’s story reminded me why I wanted to take on my own Muay Thai journey. It’s not just about fighting; it’s about testing yourself in ways that reveal who you really are. For Chad, the ring isn’t just a place to compete—it’s a place to grow, to learn, and to become a better version of himself. After our conversation, I realized that the lessons of Muay Thai go beyond the gym. Whether you’re training for a fight or tackling challenges in everyday life, the principles of resilience, discipline, and self-reflection are universal. If you’re curious to learn more about Chad’s journey, I highly recommend watching the [documentary](https://youtu.be/GPug-MuCKKY) we worked on together. It’s a glimpse into the raw, unforgiving world of Muay Thai—and the unshakable spirit of those who live it. Stay Healthy - Max

We are in the midst (or middle for the non-fancy folks out there) of the BIGGEST transition in human history. The crazy part? Most people have no idea. I mean, they have probably heard this at their latest webex or conference that they were paid to attend. But they don't truly understand the magnitude of this shift. The world will look completely different in a decade or two from now. Unrecognizable. And I believe, for the much better. Think about how much has changed in the last 20 years. 2004. What did it look like? From my experience, cell phones were few and far between. I remember my grandpa, who was an auctioneer, had a phone in his truck. It looked like a normal home phone but used a HUGE antenna on top of the truck to pick up signal. I don't even know what it was called but it was pretty bad ass at the time. Then phones became mobile. T9. The snake game. Ten cents per text. Wow that was a fun trip down memory lane. Back to the point. How will the world look in 20 years from now? It's almost impossible for someone like me to predict that. There will be many things that nobody saw coming. But we can break it down to the skills, traits, and trends based on both people and businesses. And if my calculations are correct, they will be intertwined by then. The people who will make a dent: self-belief, good communicators, strong personal networks, low time preference, highly skilled, multiple sources of income, holding hard assets, and crazy. The people who will suffer: lazy, stubborn, slow, fat, single source of income, high time preference, holding paper assets, and crazy. Moral of the story? Everyone is crazy. Let's talk about businesses. I believe in 20 years, everyone will be their own business. Or at least, the 80/20 rule will shift. Traditional system, about 20% have their own business while 80% are employees. That will flip. So what type of businesses will succeed? Decentralized, agile, high quality products, focus on health, open source, and traditional values. They will hire the best person for the job. And the businesses that will fail? Centralized, rigid, low quality products, monopolies, government funded, closed source, and a woke mentality. I used my assistant Claude to help confirm some of these theories. He did a great job of organizing some of these and also ended with an appropriate summary. Success will come to those who can rapidly learn, unlearn, and relearn. While maintaining a dynamic and growth oriented mindset. Notice he didn't say anything about diversity, equality, and inclusion. We are back baby. We are fuckin back! --- PROJECT POTENTIAL - You can now find the expanded audio versions of these on the new podcast - Project Potential! I will be sharing the video versions here for the LITF members but you can also find it for free on Spotify and of course Fountain! Here is the link to Episode 002 on Fountain: https://fountain.fm/episode/AHGwJ66NcgYZ7V2YFvAu Have a great day everyone! Happy Thanksgiving to all our American brothers and sisters. --- Jor

The Bank of Amsterdam (Amsterdamse Wisselbank), established in 1609, played a pivotal role in the early history of banking and the development of banknotes. While banknotes as a concept had been pioneered in China centuries earlier, their modern form began emerging in Europe in the 17th century, and the Bank of Amsterdam leveraged its unique position to dominate this nascent monetary tool. Founding and Early Innovations The Bank of Amsterdam was created to stabilize and rationalize Amsterdam’s chaotic monetary system. During the early 1600s, a plethora of coins of varying quality and origin circulated in Europe, making trade cumbersome and unreliable. The Wisselbank provided a centralized repository where merchants could deposit coins and receive account balances in return, denominated in a standardized unit of account known as “bank money.” This “bank money” was more stable and widely trusted, making it an early form of fiat currency. The Rise of Banknotes Although the Wisselbank initially issued “bank money” as a ledger-based system, the growing demand for portable, trusted currency led to the adoption of transferable receipts or “banknotes.” These receipts acted as claims on deposited money and quickly became a trusted medium of exchange. The innovation of banknotes allowed merchants to avoid carrying large quantities of heavy coinage, enhancing convenience and security in trade. Monopoly on Banknotes The Wisselbank’s reputation for financial stability and integrity enabled it to establish a monopoly on banknotes in the Dutch Republic. The bank’s stringent policies ensured that its issued notes were fully backed by coinage or bullion, which bolstered trust in their value. By centralizing the issuance of notes, the bank eliminated competition from private or less reliable issuers, ensuring its notes became the de facto currency for merchants and traders. Moreover, the bank’s policies discouraged the redemption of notes for physical coins, as it charged fees for withdrawals. This incentivized the circulation of banknotes rather than the underlying specie, cementing their role in the economy. Decline of the Monopoly The Wisselbank’s monopoly and influence lasted for much of the 17th century, making Amsterdam a hub of global trade and finance. However, as the 18th century progressed, financial mismanagement and competition from other emerging financial institutions eroded the Wisselbank’s dominance. By the late 18th century, its role in the global financial system had diminished, and other European financial centers, such as London, rose to prominence. Legacy The Bank of Amsterdam’s early monopolization of banknotes set a precedent for centralized banking and the development of modern monetary systems. Its ability to create trust in a standardized, portable medium of exchange foreshadowed the role that central banks would play in issuing and regulating currency worldwide.

Sovint governs i premsa publiquen dades del coneixement de català entre la població. Aquestes dades només representen una etapa en el procés lingüístic, i no reflecteixen bé l’estat de la llengua, ja que una llengua només té futur si s’empra. El coneixement és una etapa necessària de cara a emprar-la, però no és l’etapa final, aquesta etapa és l’ús. I quin és l’estat de l’ús del català? Si miram les dades d’ús habitual, veim que la llengua catalana du els darrers cent anys estancada en quasi el mateix nombre de parlants habituals. L’any 1930 hi havia uns 2,5 milions de parlants, i l’any 2018 hi havia 2,7 milions.  *Ús habitual del català a Catalunya, en milions de parlants. Els trams en puntets són una estimació de l’evolució, partint de les afirmacions de Joan Coromines i estimant la corba d’acord amb el creixement poblacional de Catalunya.* Aquestes dades no serien necessàriament negatives si la integritat lingüística sigues forta, és a dir, si la seva existència no estigués amenaçada per altres llengües. Però la població de Catalunya ha passat de 2,7 milions l’any 1930, a 7,5 milions l’any 2018. Això significa que els parlants habituals de català avui només són el 36% de la població de Catalunya, el 1930 aquests representaven el 90% de la població.  *Ús habitual del català a Catalunya, en percentatge de parlants. Els trams en puntets són una estimació de l’evolució, partint de les afirmacions de Joan Coromines i estimant la corba d’acord amb el creixement poblacional de Catalunya.* La llengua que ha anat guanyant presència és majorment el castellà, que ha passat de 200.000 parlants el 1930 a 3,8 milions el 2018. Amb tot, els parlants d’altres llengües estrangeres (500.000 parlants) també han crescut més que no pas els catalanoparlants en els darrers cent anys. **Notes, fonts i metodologia** Les dades de 2003 endavant estan extretes de l'Idescat ([font](https://www.idescat.cat/pub/?id=aec&n=803)). Abans de 2003 no existeixen dades oficials, però sí que podem fer interpretacions partint d'evidències històriques. Les dades anteriors a 2003 estan calculades partint de dues evidències: * *1a interpretació*: El 1930 el 90% de la població de la CAC parlava català de forma habitual. *Font i evidència*: El lingüista en llengües romàniques Joan Coromines i Vigneaux (un lingüista prestigiós del segle XX), va afirmar a la seva obra de 1950 (*El que s'ha de saber de la llengua catalana*), que "*Dins aquest territori \[Gran Catalunya\] gairebé tota la població parla el català com a llengua habitual*" ([1](https://3.bp.blogspot.com/-qhZjbMdoHwY/UPR8KB1WrTI/AAAAAAAAADE/fV3n4bw27FA/s1600/Coromines+1950+10+i+11.png), [2](https://slcat.blogspot.com/2013/01/un-apunt-sobre-la-demolinguistica-del.html)). "*Gairebé tota*" no és un nombre, però a efectes quantitatius ho podem interpretar com un nombre entre 80 i 100. Per tal de fer una interpretació moderada partirem del 90% de població, amb el 10% restant essent immigrants i funcionaris de l'estat Espanyol. * *2a interpretació*: En relació amb el creixement poblacional entre 1930 i 1998, de mitjana el 60% és a causa de la immigració (que és o s'assimila a la llengua castellana) i el 40% és creixement natural (que adopta i aprèn el català des de petit). *Font i evidència*: Entre el període 1999 - 2019 (que sí que hi ha dades ben desagregades), sabem que la immigració va causar el 68% del creixement poblacional. Entre el 1930 i 1998 es va viure una onada migratòria de similar magnitud a la dels 2000 (especialment entre el 1953 i 1973), i que fou d'origen castellanoparlant ([3](http://blogs.sapiens.cat/socialsenxarxa/2011/05/31/la-immigracio-a-catalunya-en-el-segle-xx-les-migracions-massives-dels-anys-del-desarrollo-1960-1975/), [4](https://www.idescat.cat/pub/?id=naix&n=79&lang=es), [5](https://www.idescat.cat/indicadors/?id=anuals&n=10330&col=1), [6](https://www.idescat.cat/pub/?id=shd&n=1341)). Per tal de fer una interpretació moderada partirem del 60% com a opció de creixement poblacional causat per la immigració, amb els percentatges que fluctuaran segons si és un període de més o menys creixement total.

Of all the common misconceptions about money, this is the deepest and most pervasive. It taps into the very psychology that makes money the most powerful tool in the world. Money works in large part because, for most practical purposes, you can assume that money and wealth are the same thing and be very successful in life. The problem is, it's a completely false premise. And without purging that assumption from your mental framework, understanding money and economics at a fundamental level is impossible. Luckily, money is such an effective tool that it can continue to "mostly" function even without anyone understanding it at a fundamental level. It's a lot like gravity in that regard. You don't need to understand general relativity to learn how to walk. But unlike gravity, money is a powerful tool that can easily be used to exploit the less knowledgeable. That's why the general acceptance of this particular false idea is such a tragedy; it enables theft and exploitation on a global scale, and leaves the victims unable to identify the perpetrators or understand their methods. ## Money as a Social Technology So let's unpack this misconception. We can start with a simple example. You've been shipwrecked on a desert island with only the clothes on your back. After a day under the blistering sun, you're presented with two options: a billion dollars in cash, or a case of bottled water. Which one do you choose? If you chose the water, congratulations. You survived because you were able to differentiate money from real wealth. Now run the same experiment, but place yourself in the water aisle at Costco. Suddenly you choose differently. This shows a few key requirements for money to be useful. One, you need the real wealth, the actual goods and services. If there is no bottled water on that island, all the money in the world won't do you a lick of good. Two, you need someone willing to exchange the real wealth for your money. If you're alone on that island and you find a bottle of water, you don't need money to drink it, you just help yourself. Both requirements are essential. This shows us that money is a social technology. Understanding the purpose and function of this technology is critical to dispensing with misconceptions like "money=wealth". ## Money and Civilization What's the difference between a subsistence hunter/gatherer lifestyle and the modern civilization we all enjoy today? Specialization of labor, and complex supply chains. And what enables those civilizational necessities? Money. In a subsistence situation, everything you have is created start-to-finish by you or by your immediate family or tribe. Everyone has to be a sort of jack-of-all-trades, at least at a group level. If you want a shelter, you collect the natural materials and build it yourself. If you need clothes, you collect the fibers or skins, process them, and use the fabric to sew your own outfit. Contrast that with the electronic device you're using to read these words right now. How many people does it take to build a smartphone? Millions. Can one person do it? Absolutely not. You could give anyone in the world an entire lifetime and there's no way they could mine, process, and assemble the raw materials into a functional smartphone. It's simply too complex, too many processes and too much specialized knowledge and machinery needed. Not to mention doing it at a cost that most people on the planet can afford. That miracle is only possible because millions of people specialize in one tiny specific task related to making one part of a complex item, over and over again. The efficiency of only doing one specific task instead of being a generalist is what makes civilization possible. But there's a problem. The person who's doing one specific task to make part of one widget still needs to eat, have a place to live, clothes to wear, etc. But how do you get all that while working a full time job making widgets? You can't do it all yourself, you need to buy those things from someone else who, similarly, specializes in those necessities of life. You need money. Money is what makes the whole thing work. ## Money and Barter So what exactly is money and how does it work? In a subsistence society, you can use barter to trade with strangers. You give them some fish, they give you some clothing, everyone is happy. But barter has major problems, and doesn't work at all in complex supply chains with specialized workers. Specialized jobs don't produce valuable finished goods that can be bartered. When you solder circuit boards all day, you can't go to your local farmer and trade ten "solder circuit board" for a dozen eggs. Enter money. Money solves multiple problems that arise with barter. For one, it creates a way to compare extremely dissimilar things. How many fish is a pound of butter worth? How many eggs? With barter, every good or service has to be priced in relation to every other good or service it's exchanged for. This is impossibly cumbersome and inefficient. Having money as a unit of account is as essential to trade as having a uniform inch is to building a house. A single carpenter might be able to use the width of his hand to measure boards, but get two carpenters working together and that "handbreadth" no longer works. Second, money solves the problem of not having the correct item to barter with. If your neighbor has butter and you have fish, but your neighbor hates fish and will only accept a chicken, barter won't work. But if you can just pay him with money, he can go buy whatever he prefers. Third, money creates a way to value and reimburse specialized work. That's arguably the most important aspect. ## The Social Contract Underlying Money So what makes money function? Why would someone accept a piece of paper with a picture of a dead president in exchange for a very real and very valuable good or service? Well, the obvious answer is that they can be certain they'll be able to exchange that piece of paper with someone else and get an equally valuable good or service in the future. This is circular logic though, and leads some economists to mistakenly attribute the value of money to a "collective delusion". But since every known advanced civilization has used some form of money, calling it a delusion is both inaccurate and boorishly pretentious. To understand the real mechanism behind the phenomenon, we have to consider how money is acquired. As anyone who has ever earned an honest wage knows, getting a paycheck requires two things. One, producing a valuable good or service. And two, giving that good or service to someone else instead of immediately consuming it yourself. The first point is self-explanatory. If what you produce isn't valuable, no one will buy it. The second point needs a bit more explanation. Money is a social technology, it's only valuable in a purely monetary sense when there's someone else to trade with. When you make yourself a few eggs for breakfast, you don't pay yourself for frying the eggs. Obviously. But if you eat your eggs, then go to your job as a short-order cook at the local diner, you may spend the morning getting paid to do exactly what you did "for free" at home. The difference is in the deferred consumption. When you do a favor for someone, morality and the spirit of fairness dictates that they would be willing to return the favor in the future when you need something from them. That's how it works in a family or small community. People "owe each other one," and favors are reciprocated regularly without any money changing hands in a kind of informal credit system. But if one person starts to take advantage of others' generosity and requests a lot of favors, but always fails to reciprocate when asked, people catch on quickly. The parasitic behavior will be met with increasing unwillingness to help from members of the family or community, and in extreme cases, even exile from the community itself. This informal credit system is the simplest and most fundamental form of money, and we can learn the basic principle behind why money works by observing it. We can see that a person accumulates "credits" by contributing productive value to others without getting anything in return. The "credits" are informal mental ledger credits that represent "this person has done something productive and valuable for someone else, which means he deserves to receive something valuable in the future." If a person contributes generously enough to the community, he will build up so much "credit" with everyone that he can expect generous help in return from any member of the community. The shortcomings of this informal credit system are that one, it doesn't provide a unit of measurement to compare different goods and services accurately. This can lead to misunderstanding and disputes when different people don't value services the same way. Someone can feel that they are contributing more to the community than they're getting back in return. And two, it relies heavily on trust, and only works between people who interact on a regular basis. It would be foolish to provide favors to a stranger of unknown reputation, or someone who's just traveling through the area, because in either case there's no expectation of establishing a reciprocal relationship with that individual. Money is just a way to formalize and expand that local, informal mental ledger. It's a way to keep track, on a societal level, who has contributed their fair share to the community and is deserving of reciprocal treatment. When someone buys something from you, although you don't consciously think through what's happening, on a subconscious level you're participating in a societal dialogue that goes something like this: "This person has money, which means they're a capable, generous, reciprocal person who has contributed more to the community than they've taken. Fairness dictates that they deserve something of value as a reward for their pro-social behavior. By taking their money, and giving them something of value, I can perpetuate the cycle of rewarding people who generously and capably do work that benefits others, and that will be beneficial to me personally and also to society as a whole. By having the money they give me, I can then also signal to others that I'm the same type of generous, reciprocal, productive person, and I can expect to be rewarded for that in the future when I try to exchange this money for valuable goods and services." So the money has value, not because of some inherent quality of the paper or gold or mental "credit," but because it represents past productive behavior, but without immediate consumption. The money itself is not wealth, it's just an abstract representation, a kind of scorecard or ledger entry, of the real wealth that the holder of the money has already produced. ## Money and Capital Formation This dialogue or unwritten contract is the foundation of modern civilization. It's powerful, because deferred consumption is the mechanism of capital formation, and capital formation is the foundation of complex supply chains and technological progress. You might be able to catch enough fish to feed your family with a crude rod and line. But building a modern fishing trawler (a valuable capital good) takes thousands of people working together for a long time. All that hard work doesn't result in any fish being caught throughout the process, and all those people could instead be out fishing and catching a lot of fish to eat. But by deferring that consumption and instead putting that effort into building a capital good, you end up with a huge fishing trawler. Once it's finished, a few of those thousands of people can catch more fish in a week than all the thousands of them combined could have caught over the whole time it took to build the trawler. That makes fishing much easier and more effective in the future, making food much more plentiful and increasing the standard of living for the whole society. And money is what makes all that possible on a global scale. ## Final Thoughts Given how critical this system is to civilization, any attack on money and its function is an existential threat. Unfortunately, a failure to understand the true nature of money leads to reliance on less nuanced or completely false ideas like "money=wealth". And that gives psychological cover to parasitic anti-social behavior like creating money and giving it away to buy votes, and all sorts of other destructive and dishonest shenanigans. Understanding that money is not wealth exposes the folly of all these schemes that purport to make people wealthier simply by creating more money. Believing that money is wealth makes the MMT clowns and the Keynesian grifters sound at least marginally credible. But those are specific misconceptions that need their own detailed explanation. For now, reprogramming your mental framework to draw a strong distinction between money and real wealth will give you a solid foundation to understand economics, and to critique the many incorrect theories presented by the parasitical elements who wish to muddy the waters and avoid scrutiny of their anti-civilizational exploitation.

Thrilled to share that we’ll be part of the 5th annual [Press Play Art/Book Fair hosted by Pioneer Works!](https://pioneerworks.org/programs/press-play-2024) We’re bringing the last 50 copies of ISSUE N.001 (from a run of just 500) to the table. This might be your final chance to snag one - and at a sweet discount, too. Trust me, it hits different when you can hold it, flip through it, and see the work up close. Swing by, say hi, grab a copy, and maybe chat about whatever randomness is on your mind. Oh, and yes, marbles will absolutely be on the table. <img src="https://blossom.primal.net/70eefa97f9e7296cff40b4c8913554a634fb35eda8e43e2c87d1c8ed1d7c7ada.png"> <img src="https://blossom.primal.net/6e1f01977264cd94f69f218e97661ea032ad3fc34d0766ca8423eaec7cdffcec.jpg"> We’ll be at table 84 (in red with yellow box) in the way back, so voyage yourself down and find us there. December 7/8th, 2024 Address: 159 Pioneer Street; Brooklyn, NY 11231 <img src="https://blossom.primal.net/ee774feacadaf251e142da419d2d7659f740aba7187bb82dec63440654a97c0e.png">

En el mundo de las redes sociales descentralizadas, múltiples protocolos buscan resolver problemas relacionados con la privacidad, la interoperabilidad y la resistencia a la censura. Entre ellos, destacan Nostr, AT Protocol (usado por Bluesky) y ActivityPub (adoptado por Mastodon). Cada uno tiene sus méritos, pero Nostr se ha posicionado como una opción innovadora con ventajas únicas que lo diferencian de sus competidores. ## Ventajas del Protocolo Nostr 1. ### Sencillez y Minimalismo • **Arquitectura simple**: A diferencia de otros protocolos que requieren complejas infraestructuras, Nostr se basa en un diseño minimalista. Solo necesita claves públicas/privadas y relays para funcionar, lo que reduce los puntos de fallo y facilita su implementación. • **Facilidad de desarrollo**: Los desarrolladores pueden crear aplicaciones rápidamente sin enfrentarse a las complejidades técnicas de protocolos más elaborados como ActivityPub. 2. ### Resistencia a la Censura • **Modelo distribuido**: Nostr no depende de servidores centralizados ni de federaciones específicas. Esto lo hace más resistente a la censura, ya que los mensajes se replican en múltiples relays, y un relay censurado no afecta al resto del sistema. • **Claves privadas como identidad**: La identidad de los usuarios no depende de una instancia o servidor. Conservar la clave privada permite mantener el control total sobre la identidad. 3. ### Interoperabilidad y Flexibilidad • **Compatibilidad con múltiples aplicaciones**: Nostr permite que las aplicaciones utilicen el mismo protocolo para diversos casos de uso (mensajería, redes sociales, pagos, etc.), a diferencia de ActivityPub, que está más limitado a redes sociales. • **Extensibilidad**: Al ser un protocolo simple, puede ser extendido fácilmente para adaptarse a nuevos usos o necesidades. 4. ### Neutralidad y Descentralización • **Sin entidades centralizadas**: Nostr no depende de organizaciones o consorcios que dicten reglas, a diferencia de AT Protocol o ActivityPub, que están influenciados por sus comunidades o estructuras de gobernanza. • **Incentivos abiertos**: No hay jerarquías ni dependencias, lo que permite una verdadera descentralización sin riesgo de monopolios. 5. ### Privacidad y Seguridad • **Cifrado de extremo a extremo**: Al depender de claves públicas y privadas, se garantiza un alto nivel de privacidad y seguridad en las comunicaciones. • **Anonimato opcional:** Los usuarios pueden interactuar sin necesidad de compartir datos personales. ## Conclusión Nostr destaca entre otros protocolos descentralizados por su sencillez, resistencia a la censura y verdadera neutralidad. Mientras que AT Protocol y ActivityPub tienen sus fortalezas, su complejidad y dependencia de entidades específicas limitan su alcance. Nostr representa una solución ágil y poderosa que podría convertirse en el estándar para un internet más libre y descentralizado.

# GitHub is a software project graveyard I think the main reason why we have so many lone wolf devs is an economic one. The fact that most FOSS devs aren't being paid for their code is making this worse, not better, as they work for fame, not fortune. Nobody wants to use joint-repos because they don't want to give up or share the property rights to the contents. But because anything someone else does in a repo you own, also belongs to you, people are disincentized from contributing to your repo. GitHub, especially, has incentivized this splintering and isolation. Everyone wants to have all changes in their own repo because they can profit best on repos listed directly under their own name, so long as they become popular. Maximize your 🟩 and ⭐ , like chips you can cash in for a prize. And because forking other people's repos is the norm, rather than teamwork, requests for changes are usually ignored or responded to with "fork it, bro." Go away. Leave me alone. My repo is none of your business. # Too autistic, even for me So, the developers separate their efforts into a million tiny repos that are mostly redundant with other ones, there's little interaction, progress is often surprisingly slow and stalls for months at a time, it's hard to keep track of what other people are doing (so that you can review and test changes), most of the effort is headed straight for the bin, people build the same things over and over, and communication is extremely limited. This is a work environment that is unattractive for anyone who isn't autistic and/or highly introverted. Half of the fun of open-source development used to be the esprit de corps. Much has been said about #Bluesky, but it all misses a major point: that's where you go, if you want to work with other people, to build something large, polished, and impressive. It doesn't actually matter how many developers Nostr has, if they all only stare at their own plates. # Your repo coulda been a file folder. Ironically, git was developed for collaboration on large projects with a distributed team. Now, everyone uses it for projects they work on alone. They put those projects on the Internet to market them. It's a cheap gimmick, not an earnest attempt at collaboration. Collaboration begins at the beginning.

In the UK, as Bitcoin on-ramps become throttled more and more by government interference, ironically more and more off-ramps are becoming available. So here, as Bitcoin starts its bull run and many people will be spending or taking profits within the next year or so, I am going to summarise my experience with off ramps. N.B. many of these off-ramps are also on-ramps, but I’m primarily focusing on spending Bitcoin. Revolut: At last in the UK, Revolut is a “probation” full bank and so now has most of the fiat guarantees that other legacy banks have. Apart from its excellent multi-currency account services for fiat, meaning you can spend native currencies in many countries, Revolut have for some time allowed you to buy a selection of Crypto currencies including Bitcoin. You can send those coins to self custody wallets, or keep them on Revolut and either sell or spend on specific DeFi cards which can be added to platforms like Apple Pay. Fees, as you would expect are relatively high, but it is a very good, seamless service. Uphold: This was an exchange I was automatically signed up to by using the “Brave Browser” and earning BAT tokens for watching adds. I have however found the built in virtual debit card, which I’ve added to Apple Pay useful for shedding my shitcoins by cashing them in and spending GBP in the real world, buying day to day stuff. Xapo Bank: I signed up about a year ago to the first “Bitcoin Bank” founded by Wences Casares a very early Bitcoiner. They are based in Gibraltar and offer a USD, Tether and Bitcoin banking service which allows you to deposit GBP or spend GBP, but converts everything into either USD or BTC. You have a full UK bank account number and sort code, but everything received in it is converted to USD on the fly. They also support Lightning and they have integrated LightSparks UMA Universal Money Addressing protocol explained here: https://www.lightspark.com/uma When I signed up the fees were $150 per annum, but they have since increased them to $1,000 per annum for new users. I have yet to use the bank account or debit card in any earnest, but it will be my main spending facility when I take profits Strike: I’ve only just signed up for this, so have little experience, but it appears to be focused as an on-ramp, you do have a BACS bank account number to send / receive fiat to as well as a Bitcoin & Lightning address. As far as I can see it has no dedit card option yet. Coinbase: Back in 2017, I signed up for a Coinbase debit card and was spending Sats in daily life with it automatically converting Sats to GBP on the fly. I let it lapse in 2021 and haven’t bothered to replace it. I believe it is still option to consider. Crypto.com I have a debit card which I cannot add to Apple Pay, but I have managed to add it to Curve card: https://www.curve.com/en-gb/ which is in turn added to Apple Pay. This allows me to spend any fiat which I have previously cashed from selling coins. I currently have some former exchange coins cashed out which I am gradually spending in the real world as GBP. SwissBorg Has had a troubled past with the FCA, but does currently allow deposits and withdrawals from UK banks, although Barclays have blocked transactions to my own nominee account within SwissBorg on a couple of occasions. They have a debit card option for investors in their platform, which I am not and they intend to make this generally available in the future. SwissBorg are a not an exchange, but more of a comparison site, searching the market for the best prices and activating deals for you across multiple platforms, taking a commission. They have been my main source for buying BTC and when they are not being interfered with by the FCA, they are excellent. You also get a nominee bank account in their platform in your own name.

# NOSTR SDK FOR APPLE PLATFORMS ## Progress Report # 1: Aug - Oct 2024 Nostr SDK for Apple Platforms made great strides this quarter. I was the sole developer who maintained Nostr SDK for Apple Platforms part-time, as the other core contributors, unfortunately, could not commit time to developing or reviewing code for the project. Approximately 50% of the tasks listed in the original OpenSats application have been completed. Moreover, implementations of several other NIPs / event kinds not listed in the application were fixed or added. There was a substantial architecture change in how Nostr event kinds are built to improve the project's code maintainability and scalability as more NIPs and event kinds are supported. Specifically, certain event kinds support several handfuls of tags, some of which have complex logic. This requirement resulted in the introduction of a large, unmaintainable number of parameters in event creation methods in the EventCreating protocol. Multiple event kinds share some tags, but the EventCreating architecture made it difficult to share logic. By deprecating the EventCreating protocol in favor of the NostrEventBuilding protocol, we can encourage a composable architecture: decompose each event kind tag into a separate builder function, and tags shared across multiple event kinds can re-use the same code. This architecture change has and will pay dividends in future changes. For example, labels, custom emojis, and threading are concepts and tags shared across multiple event kinds, and their implementation has been made substantially more manageable with this architecture. [Vitor Pamplona](nostr:nprofile1qqsyvrp9u6p0mfur9dfdru3d853tx9mdjuhkphxuxgfwmryja7zsvhqpp4mhxue69uhkummn9ekx7mqpzemhxue69uhhyetvv9ujumn0wd68ytnzv9hxg62fzjm), developer of Amethyst, applauded the architecture design by [saying](nostr:nevent1qqsqxprj929t8fy7us500dw2zd94vy9u42gj0d6s6u45c7ldpmn922qpzemhxue69uhhyetvv9ujumn0wd68ytnzv9hxgqgdwaehxw309ahx7uewd3hkcq3qyaul8k059377u9lsu67de7y637w4jtgeuwcmh5n7788l6xnlnrgsjpz08r): `It's nice indeed. I will be copying your SDK patterns on Kotlin :)` I battle-tested Nostr SDK for Apple Platforms in the wild by integrating it into [Comingle iOS](https://github.com/comingle-co/comingle-ios), an events app powered by Nostr, solely developed by me. It was [launched](nostr:nevent1qqsqhwedcrm08d6n6fq3ujhvn5adz8u2qfyps6lm62phre7f825j4mgpzemhxue69uhhyetvv9ujumn0wd68ytnzv9hxgqgdwaehxw309ahx7uewd3hkcqg5waehxw309aex2mrp0yhxgctdw4eju6t0qgsv8e5c93le8ezrmx0j6gkr6m7xhfs5wkh3r08j38uj0faeqhllu5ghahk3n) and used at [Nostriga](nostr:nevent1qqsgvl66smkyssur368cgytt5uzcl3t76jq2xpkg356367eprmldjagpp4mhxue69uhkummn9ekx7mqzyrp7dxpv07f7gs7enukj9s7kl346v9r44ugmeu5flyn60wg9lll9zqjd8ha) in August 2024 for attendees to see the conference schedule and RSVP to talks. It proved that a developer could quickly use the SDK to build a functional iOS app on Nostr using Swift. ## 1) How did you spend your time? Below is a broken-down summarized bulletpointed list of completed tasks. ### Development of Nostr SDK for Apple Platforms #### Added - [NIP-17 Private Direct Messages](https://github.com/nostr-sdk/nostr-sdk-ios/pull/191) - [NIP-31 alt tags](https://github.com/nostr-sdk/nostr-sdk-ios/pull/194) - [NIP-32 Labeling](https://github.com/nostr-sdk/nostr-sdk-ios/pull/195) - [NIP-36 Sensitive Content / Content Warning](https://github.com/nostr-sdk/nostr-sdk-ios/pull/196) - [NIP-40 Expiration Timestamp](https://github.com/nostr-sdk/nostr-sdk-ios/pull/193) - [Add NostrEventBuilding protocol to enable flexible composition of shared patterns across different kinds of NostrEvents](https://github.com/nostr-sdk/nostr-sdk-ios/pull/175) - [Add Swift 6.0 to unit tests](https://github.com/nostr-sdk/nostr-sdk-ios/pull/179) - [Integration into Comingle iOS client to battle-test SDK](https://github.com/comingle-co/comingle-ios/commits/main/?since=2024-08-01&until=2024-08-31) #### Updated - [NIP-01 - Add missing test coverage for referencedEventIds and referencedPubkeys functions in TextNoteEventTests](https://github.com/nostr-sdk/nostr-sdk-ios/pull/187) - [NIP-01 - Add referencedPubkeys, referencedEventIds, and referencedEventCoordinates to NostrEvent](https://github.com/nostr-sdk/nostr-sdk-ios/pull/188) - [NIP-01 - Fix incorrect test fixture and assertions in TextNoteEventTests for replies](https://github.com/nostr-sdk/nostr-sdk-ios/pull/189) - [NIP-10 - Refactor threaded event tag building and interpreting logic so non-kind-1 events can reuse them](https://github.com/nostr-sdk/nostr-sdk-ios/pull/186) - [NIP-25 Reactions - Add ReactionEvent.Builder to deprecate equivalent function in EventCreating](https://github.com/nostr-sdk/nostr-sdk-ios/pull/177) - [NIP-42 Authentication - Add AuthenticationEvent.Builder to deprecate equivalent function in EventCreating](https://github.com/nostr-sdk/nostr-sdk-ios/pull/183) - [NIP-42 - Deprecate AuthenticationEvent initializer in favor of AuthenticationEvent.Builder](https://github.com/nostr-sdk/nostr-sdk-ios/pull/190) - [NIP-59 Gift Wrap - Add support for receiver aliases for gift wrap creation to avoid exposing identities and improve test coverage](https://github.com/nostr-sdk/nostr-sdk-ios/pull/184) - [Fix GitHub workflows to trigger on pull_request_target so that they can run on PRs from public forks](https://github.com/nostr-sdk/nostr-sdk-ios/pull/173) - [Expose RelayResponse.Message and RelayResponse.MessagePrefix as public](https://github.com/nostr-sdk/nostr-sdk-ios/pull/174) - [Fix SwiftLint errors from latest SwiftLint release](https://github.com/nostr-sdk/nostr-sdk-ios/pull/180) - [Fix GitHub workflows to also run on main branch](https://github.com/nostr-sdk/nostr-sdk-ios/pull/181) - [Update README with current list of NIPs](https://github.com/nostr-sdk/nostr-sdk-ios/pull/182) #### In Progress - [NIP-28 Public Chat - Review pull request from external contributor developing Skatepay](https://github.com/nostr-sdk/nostr-sdk-ios/pull/178) - [NIP-57 Lightning Zaps](https://github.com/nostr-sdk/nostr-sdk-ios/compare/main...tyiu/zaps) - Deprecate EventCreating protocol in favor of NostrEventBuilding protocol for the remaining event kinds ## 2) What do you plan to work on next quarter? The remaining items in the original application to OpenSats include: - Deprecate EventCreating protocol in favor of NostrEventBuilding protocol for the remaining event kinds - Provide better support for integrating data models with persistence layers - Add unit tests and graceful handling for bad data from relays - Outbox model support / relay abstraction on top of events - Integrate demo app with more implemented NIPs - Integrate Nostr SDK for Apple Platforms further into Comingle iOS for further battle-testing - Support Damus, Nos.social, Primal, and other clients as they integrate with parts of the SDK by answering questions, fixing any issues they have, adding requested features, and reviewing pull requests - Consider integrating SDK NIP-44 v2 encryption or NIP-17 DMs with Damus iOS to battle-test implementation and push for deprecation of NIP-04 DMs - [NIP-28 Public Chat - Review pull request from external contributor developing Skatepay](https://github.com/nostr-sdk/nostr-sdk-ios/pull/178) - [NIP-47 Nostr Wallet Connect - Review pull request from external contributor](https://github.com/nostr-sdk/nostr-sdk-ios/pull/203) - [NIP-57 Lightning Zaps](https://github.com/nostr-sdk/nostr-sdk-ios/compare/main...tyiu/zaps) ## 3) How did you make use of the money? Living expenses.

## Chef's notes Leftover ground beef? Not sure what to do with it? Here’s what I do with mine. I call it… The Beef Panzone It’s like an omelette, a calzone, and a quesadilla had a baby. I called it that for now, but hey, if you’ve got a better name, lemme hear it! The beef’s already cooked and seasoned with sea salt, but feel free to spice it up however you like. Watch the video here: https://video.nostr.build/ad4856d2704ab0626a1907f5da8fedcb776495080bbaa92f4472db402c9f689d.mp4 ## Details - ⏲️ Prep time: 5 - 🍳 Cook time: 10 - 🍽️ Servings: 1-2 ## Ingredients - ground beef - 2-3 eggs - water - sea salt - honey - coconut oil ## Directions 1. Leftover ground beef – Chop it into small pieces. Trust me, the smaller, the better—it’ll cover more surface area in the pan. 2. Two eggs, whipped with a dash of water. 3. Heat up a small pan. 4. Add coconut oil (around a tablespoon). 5. Once the oil’s warmed up, throw in the beef. 6. Stir it around. 7. I like to add local honey here—sweeten it up to your taste. 8. Mix it all around. 9. Pour in the egg mixture, making sure it spreads out evenly. I use chopsticks here because they make it easier to maneuver. 10. Use those chopsticks to poke through the egg and let the uncooked top flow to the pan. This speeds up cooking time. 11. Cover it for 1–3 minutes. 12. Optional step: Cut it down the middle. 13. Fold it over like a calzone. 14. Plate it up, either by flipping the pan over onto the plate or scooping it out. 15. PANZONE!

## Artist Statement The **Earth Lens** series is a harmonious fusion of art and nature, inviting unknowing viewers to step beyond the ordinary and immerse themselves in the lost intricacies of the surrounding landscape. These interactive earthworks serve as portals to the natural world, drawing us into a deeper connection with land around us; while forcing us to consider the impermanence of the world around. **Each unique Earth Lens is meticulously crafted and placed with an eye for perspective**. The choice of location is deliberate, aligning with a prominent or unique feature of the land chosen to highlight. Whether perched atop a hill, nestled within a forest, or overlooking a serene lake, every lens captures a unique viewpoint. The curvature of the frame guides our gaze, emphasizing certain elements—a distant mountain peak, a winding river, or a cluster of wildflowers. Accompanying each Earth Lens lies a small bench, providing the viewer with an invitation to linger. Positioned precisely where the lens frames its most captivating view, the bench beckons viewers to sit and absorb the work. Take a seat, and time slows down.  > Where did this work came from? How long it has been standing? Who built it? The bench becomes a vessel for contemplation, a place to savor the beauty before us and question the permanence of time. As the sun traverses the sky, Earth Lenses orchestrate a symphony of light. Through this interplay, we discover that art and nature are not separate entities but interconnected threads in the grand tapestry of existence. In the quietude of an Earth Lens, we rediscover wonder. These humble yet profound installations remind us that beauty lies not only in the grand vistas but also in the delicate details—the curve of a petal, the ripple on water, the whisper of wind through grass. So, take a seat, peer through the lens, and let the Earth reveal its magic. ### Impermanence As an artist, **I am drawn to the ephemeral nature of the natural world and the impermanence of the structures that inhabit it**. My Earth Lens series is a reflection of this fascination, as each installation is intentionally designed to be temporary, existing for only a brief period of time before being reclaimed by the natural world. This impermanence is a deliberate choice, as I believe it allows the work to become an integral part of the landscape itself, rather than simply a static monument. By placing the lenses in unique and dynamic locations, I aim to create a sense of continuity and connection between the art and the environment, even as the art itself is in a state of flux. **In this sense, the Earth Lens series is not a fixed or static entity, but rather a dynamic and evolving process.** It is a reminder that beauty and meaning are not fixed, but rather are constantly being reinterpreted and recontextualized. By embracing the impermanence of the natural world, and the impermanence of the art itself, I hope to create a sense of wonder and awe, and to inspire viewers to slow down, observe, and appreciate the beauty that's all around us, even as it's constantly changing. --- ### List of works in the series:  001- 'Looking Glass'. Boulder, USA [2016]  002- 'Folsom'. Boulder, USA [2016]  003- 'Sanctuary'. Castle Pines, USA [2016]  004- 'Platte'. Littleton, USA. [2017]  005- 'Grandfather'. Dawei, Myanmar [2020]  006- 'Chongming'. Shanghai, China [2021] --- *Originally published in 2016 by Hes.* *Republished to habla.news/u/hes@nostrplebs.com on 11/27/2024 with slight edits.* --- ### Find me elsewhere: [Website](https://hes.npub.pro/) [Store](https://plebeian.market/p/517d6542a081d61ecd8900ad9e2640290e2cf06f516c5e5f3edadfbde446bff4/stall/1db0cdfe0e39c4bd81b903902eeda74e6aa0f0b56e30851f327e6d0c292c5c06)

Per les xarxes socials es parla amb efusivitat de que Bitcoin arribarà a valer milions de dòlars. El mateix Hal Finney allà pel 2009, va estimar el potencial, en un cas extrem, de 10 milions $: > As an amusing thought experiment, imagine that Bitcoin is successful and becomes the dominant payment system in use throughout the world. Then the total value of the currency should be equal to the total value of all the wealth in the world. Current estimates of total worldwide household wealth that I have found range from $100 trillion to $300 trillion. Withn 20 million coins, that gives each coin a value of about $10 million. https://satoshi.nakamotoinstitute.org/emails/bitcoin-list/threads/4/ No estic d'acord amb els càlculs del bo d'en Hal, ja que no consider que la valoració d'una moneda funcioni així. En qualsevol cas, el 2009 la capitalització de la riquesa mundial era de 300 bilions $, avui és de 660 bilions $, és a dir ha anat pujant un 5,3% de manera anual, `$$(660/300)^{1/15} = 1.053$$` La primera apreciació amb aquest augment anual del 5% és que si algú llegeix aquest article i té diners que no necessita aturats al banc (estalvis), ara és bon moment per començar a moure'ls, encara sigui amb moviments defensius (títols de deute governamental o la propietat del primer habitatge). La desagregació per actius dels 660 bilions és: 1. Immobiliari residencial = 260 bilions $ 2. Títols de deute = 125 bilions $ 3. Accions = 110 bilions 4. Diners fiat = 78 bilions $ 5. Terres agrícoles = 35 bilions $ 6. Immobiliari comercial = 32 bilions $ 7. Or = 18 bilions $ 8. Bitcoin = 2 bilions $ La riquesa mundial és major que 660 bilions, però aquests 8 actius crec que són els principals, ja que s'aprecien a dia d'avui. El PIB global anual és de 84 bilions $, que no són bromes, però aquest actius creats (cotxes, ordinadors, roba, aliments...), perden valor una vegada produïts, aproximant-se a 0 passades unes dècades. Partint d'aquest nombres com a vàlids, la meva posició base respecte de Bitcoin, ja des de fa un parell d'anys, és que te capacitat per posar-se al nivell de capitalització de l'or, perquè conceptualment s'emulen bé, i perquè tot i que Bitcoin no té un valor tangible industrial com pot tenir l'or, sí que te un valor intangible tecnològic, que és pales en tot l'ecosistema que s'ha creat al seu voltant: - Creació de tecnologies de pagament instantani: la Lightning Network, Cashu i la Liquid Network. - Producció d'aplicacions amb l'íntegrament de pagaments instantanis. Especialment destacar el protocol de Nostr (Primal, Amethyst, Damus, Yakihonne, 0xChat...) - Industria energètica: permet estabilitzar xarxes elèctriques i emprar energia malbaratada (flaring gas), amb la generació de demanda de hardware i software dedicat. - Educació financera i defensa de drets humans. És una eina de defensa contra governs i estats repressius. La Human Rights Foundation fa una feina bastant destacada d'educació. Ara posem el potencial en nombres: - Si iguala l'empresa amb major capitalització, que és Apple, arribaria a uns 160 mil dòlars per bitcoin. - Si iguala el nivell de l'or, arribaria a uns 800 mil dòlars per bitcoin. - Si iguala el nivell del diner fiat líquid, arribaria a un 3.7 milions de dòlars per bitcoin. Crec que igualar la capitalització d'Apple és probable en els pròxims 5 - 10 anys. També igualar el nivell de l'or en els pròxims 20 anys em sembla una fita possible. Ara bé, qualsevol fita per sota d'aquesta capitalització ha d'implicar tota una serie de successos al món que no sóc capaç d'imaginar. Que no vol dir que no pugui passar.

This is the full, AI-generated transcript of Bitcoin Infinity Show #136 with Jameson Lopp. The transcription is pretty good, but not perfect, so bear with us! If you'd like to support the show, check out https://bitcoininfinitystore.com/ for all our books, merch, and more! **Luke:** Jameson, welcome to the Bitcoin Infinity Show. Thank you for joining us. **Jameson:** Great to be here.   **Knut:** Welcome. we just saw a panel about, Bitcoin security, moderated by Luke with you and two other guys there. I was sitting there listening to it, trying to, my inner Bitcoiner was screaming. It's just information for fuck's sake. Like you can't really own these things. **Knut:** they're information. # Misunderstandings About Bitcoin **Knut:** So, what's your take on, what do people misunderstand about Bitcoin the most? **Jameson:** Oh dear, this is a tough one because, Bitcoin is kind of like a mirror, right? It's like you gaze upon Bitcoin and it tends to reflect back upon you what your own biases and skills and personal life and perspective are. it varies from person to person, if you're. More on the, Austrian economics side, then you're gonna see more of the economics stuff. If you're a computer scientist like me, you're gonna see a neat protocol and data store and decentralized peer to peer network that you can do all kinds of stuff with. So it really comes down to each person. **Jameson:** I would say though, we're at the point now where, Bitcoin is so mainstream that most people only look at it as an investment. So I think that the average person misses out on a lot of the cypherpunk ideals, the history of the struggles that led us to where we are today. And to most people, they probably think that Bitcoin just appeared out of thin air and it's this, magic internet money that will make you rich. **Knut:** This is one of the biggest challenges, I think, to bridge these worlds between the computer nerds and the Austrian economics nerds. Because the computer nerds need to tell the Austrian economics nerds how the thing actually works. But the Austrian economics nerds need to tell the computer nerds why money has a very important function and other shit doesn't in the same way. **Knut:** And why we should view this thing in a certain way. to understand the, economic incentives that drive people's behavior. And so how do we bridge the two worlds? **Jameson:** Well, this is why I think that the most important thing that we can do to help Bitcoin is to talk about Bitcoin. you know, we, if, so I view Bitcoin as an open source project. This is like one of the initial reasons why I got so interested in it so long ago. was not because I knew anything about money, but rather that I thought it was a fascinating idea to take this concept of money, which for many generations now has been, you know, controlled by small elitist groups, and instead open it to the world as a collaborative project. **Jameson:** You know, the idea around open source being that The more people that you have looking at a problem and trying to find a solution, the more likely it is that because you're attacking it from so many different perspectives, it's just going to end up being more robust, **Jameson:** A strength in numbers, a strength in diversity of perspectives and skill sets to be able to find the flaws that other people may miss. So, talking about Bitcoin is how we continue to improve it, how we find the weaknesses in it, and hopefully continue to progress forward.   # Key Storage and Self Sovereignty **Luke:** Yeah, absolutely. This was one of the interesting things you said on stage. It's about like how Casa has, for those of you that don't know, you were the co founder of Casa, a bitcoin company. Oh, yeah, I forgot to **Knut:** yeah, we forgot to introduce, everyone knows **Jameson:** introduction **Knut:** So, Casa, I may or may not have called you a shitcoin apologist in Prague, and you answered that, well, Casa was never a bitcoin company, it's a key storage company. **Knut:** And that is something you alluded to on stage here, that, what Casa is doing is not really a financial thing, it's just helping people store this valuable information. So, can you go deeper into that than **Jameson:** so I mean, it's, it's about self sovereignty, right? It's like our really long term mission and hope for Casa is that we will help people to be able to secure a variety of different things. Non monetary things. The idea being that fundamentally, cryptography is this incredibly powerful tool for the individual because it gives you this asymmetric defensive capability. It's just, you know, the power of large numbers that makes it, orders of magnitude more costly for someone to attack than for you to defend against. And so you know, we, from from that perspective, I think, uh, the, the crypto, the, the cryptography space has been progressing a bit slower than we would like, but, you know, we, we do hope that things like, you know, even identity, and you could, you can make an argument Nostr is, **Jameson:** is one, uh, potential path forward. **Jameson:** There's a number of different, you know, decentralized identity projects out there. Um, but we expect that, you know, identity is going to be a key part of that because reputation. It's a key part of just the economy of doing business with people. So, you know, how do you solve the problem of having true peer to peer commerce if you don't have some sort of reputation system, preferably a standard reputation system? **Jameson:** And how do you have a reputation system if you don't An identity system that you can attach reputation to. So there's a lot of different moving pieces here, but just many different aspects of our lives that we believe can be vastly improved with the use of applied cryptography.   # Nostr and Cryptography **Knut:** absolutely. And, uh, is multisig possible on Nostr? Excuse the ignorance, but, **Jameson:** Uh, not, I'm not aware of any true multisig system. There may be someone working on a NIP for that, **Jameson:** but I think the closest that I've seen is some sort of account delegation. Nips, where you can, like, you can **Jameson:** have a master key, and then you can, you give, uh, a subkey that has, like, an expiration on it, um, but it's, it's not quite perfect. **Jameson:** Otherwise, you might be able to do some sort of, you know, Shamir secret sharing, but **Knut:** Okay, so that's, that's my, uh, uh, mission for all you 180 IQ, uh, uh, computer geeks that don't, don't understand economics yet because you're too young, like go work on that multi sig Nostr BIP or NIP instead of, **Luke:** Yes. Nips. NIPS is so much better than bips. **Knut:** Yeah, so go work on a NIP instead of creating shitcoins and all that **Jameson:** Yeah, and I think, you know, multisig is important, of course, for security, but Especially in the case of Nostr and identity, I think the ability to have key rotation is very important. So, you **Jameson:** know, you don't want there to be a single point of failure in your identity. You also don't want your identity to be permanently attached to just one static set of keys, because things can go wrong. **Knut:** No, because, uh, for instance, you might have a company and that company might have, uh, an account. Uh, that you want to, if you sell the company, you want to give this, the access to someone else, and that's, that's always, I know how hard that can be, uh, with legacy accounts, like, uh, it's a tough thing. **Luke:** yeah. The, the, the key rotation thing, actually, this definitely is, is a, a major thing that needs to be solved for, I think Nora to work. But I, I also wonder, is this something in the, in the Bitcoin space generally, let's just generalize this whole thing out. Like what if one key gets compromised? How can you actually. **Luke:** Say, what is the next key to be the private key? Something like that. And how can you do this in a, in a secure way? Uh, is that, is this something you've, you've thought about or have any, any, uh, thoughts on, on this one? **Jameson:** I mean, the only thing that really makes sense to me is you have multiple keys and you have a threshold that is signing off. To say, you know, this key, for whatever reason, we're no longer going to be using, you know, it's been compromised, lost, whatever. **Luke:** Yeah, and I mean, the complexity there turns into that if you have any sort of system that's based on public private key cryptography, you really have to secure your private key, basically, because any of the, uh, sort of trade offs, I suppose, that, I mean, that doesn't sound, uh, very good, right? Like, uh, at least not, it's not a system that works in any kind of automated way. **Luke:** Uh, you really, it gets back to the root of the conversation we were having before. It's, it's, security is in Your hands. # Individual Bitcoin Security **Luke:** And so what, what do you see as, cause with, with Casa and everything else that you're involved with, what, what do you see as being the big pain points for individuals right now in the Bitcoin space for security? **Jameson:** It's, I think, an overwhelming concept for most people. Um, the root of this is actually just in how we have architected our society over the past millennia. Um, we have greatly improved our Efficiency and productivity through specialization of tasks and skills. And so, this is great for the individual in the sense that you can spend many years training to be very good at one thing and then get paid very well to do that one thing. And the result is that you get paid well enough that you can then pay many other people to do whatever their specialized tasks are. So, now We don't have to worry about growing our own food, for example. That was something that took up a lot of people's time for most of human civilization. Um, so, it's great for efficiency and productivity, but the downside is that it introduces a great deal of fragility and systemic risk. **Jameson:** And, and, you know, what does that really mean? Well, it means you're now outsourcing wide swaths of your life, things that you're literally dependent upon for survival, you know? Um, to trusted third parties. So, for example, uh, if the supply chains break down, if your grocery store shelves get emptied out, uh, you're gonna have a really tough time, you know, getting past that hurdle. And so, I think, you know, we, we see some of that, uh, mindset happening in the Bitcoin space where people are taking this, you know, idea of self sovereignty and, uh, self sufficiency Back to its roots to say, okay, now Bitcoin has done so well for me and I've imbued a sense of personal responsibility for the financial aspects of my life. **Jameson:** Why don't I apply that to other aspects of my life so that I and my family and more resilient against black swans? **Knut:** Well, here, here's the devil's advocate argument against, against doomsday prepping, I guess, not, not exactly against what you said, but, like, if you have, Instead of doomsday prepping, instead of stacking water and whatever, well water is kind of essential, it's stacking toilet paper, let's say. **Knut:** Uh, if you stack bitcoin instead, you can trade that for all the other shit that other people stack. So, uh, there's an argument to be made for the bitcoin being more important. # KYC vs Non-KYC **Knut:** And that's an argument I made before on a panel that, like, about KYC and why it matters. And someone asked me if there are any good reasons for KYC, and I simply said no, because I don't understand what it's good for. Like, money was invented to enable trade between people who didn't know one another, so that's the whole point of money. And, uh, which is why I think, sure, buy bitcoins on an exchange if you want to, but keep that stack separated bitcoins you earn. And this is something you said on stage two, like, you earn your bitcoin. Like. **Knut:** Accept them for your goods and services. And this is what I say to everyone always, that that's the proper way. **Knut:** That's how you keep, that's how you get a non KYC stack. So if you need to flee the, people's Republic of Europe in the future and fuck off to El Salvador, you can, they can take your fucking toothpaste and you can keep your 12 words and, and just do that. And part of my French. **Jameson:** yeah, I mean, this is true both at the individual and corporate level, um, you know, we, we have our own corporate treasury at Casa, we have accepted Bitcoin from day one, um, and we've also been debanked several times, and thankfully we've always been able to find other bank accounts, but in the sort of worst case scenario, Hopefully we can start paying at least some, of our providers, employees, whatever, uh, in Bitcoin. **Jameson:** You know, we have that, that separate, you know, sovereign runway that we can tap into. **Knut:** Yeah. I think this, this is the dilemma this generation lives, we're going through this transition right now. Where we need one foot in each world. We need a foot in the old fiat world, because if we don't have any foot there, they'll probably come after you somehow. And we need a foot in the bitcoin world just to be secure. But there's this balancing act all the time, and everyone's situation is different. But you definitely need both. And KYC Bitcoin, or paper Bitcoin if you will, is the legacy world. The new world is doing it for real. **Luke:** Yeah, and I mean, I think one of the difficulties here, and we heard about this in the previous discussion, this kind of lever, I suppose, between regulations that force KYC, but it also gets people in to use these services, like people do use KYC. Centralized exchanges vastly more than hold their own UTXOs who, or even, or even just come in through a lightning wallet or something like this. **Luke:** And so, I mean, KYC really just seems like this, this necessary evil at this point. But, avoiding it is kind of the, uh, the idea that, uh, really is the, the de risker. It, it's the only thing that, that takes away. All of the possibility of someone coming after you with KYC, and so I mean, what are your thoughts on that point generally, like, what is the, uh, is this really a binary thing, **Jameson:** So I think the big problem is that, you know, we're not on the Bitcoin standard yet. Uh, it's true both in my personal life and the business life is that a lot of providers that we pay don't accept Bitcoin. And, uh, we're not going to try to force them to accept Bitcoin, but Hopefully this will change over time. **Jameson:** Um, as it, as it stands right now, though, we still, we're using the dollar as our unit of account. And, uh, uh, I mean, we don't spend our Bitcoin. Um, it is, it's really, it's the emergency savings account. It's how we look at it, you know, both at the corporate level and that's how I look at it at the personal level, **Knut:** how, um, how is there a KYC process for Casa? **Jameson:** for our clients. **Knut:** for your clients? No.   # Introduction to Casa **Knut:** so, um, what do you do? Explain, give the TLDR on how Casa works, **Jameson:** right. Uh, so, you know, because We are a software wallet provider, but that, I would say, is not our most valuable service. Really, uh, I think it makes the most sense to think of us as a security consulting service. That's where our kind of unique value proposition lies. And that's more at our higher tiers. **Jameson:** Like, that's why our more expensive plans are more expensive, is because what you're doing is you're paying for a personal advisor that literally, you know, get on a call with and talk about whatever you want to talk about. Um, so, you know, what do we do? well, we do provide, you know, native mobile apps, and these are really designed to guide you in as simple a fashion as possible down the path of building what we believe is a incredibly strong and robust architecture for self custody. The short version is of how we think about architecting it is the goal is to eliminate single points of failure. So that basically means whenever you have a moving part, you know, something that could go wrong, there needs to be some sort of backup mechanism so that when and if that thing fails, you can use something else. **Jameson:** So that's why the main aspect of it is multisig. Which basically means multiple keys. So, most of our users are either in a 2 of 3 setup or a 3 of 5 setup. And these keys are going to be distributed in a number of different ways. Um, usually you'll have one that is stored, um, actually on the mobile phone itself. **Jameson:** You know, secured with the secure element and whatever. The operating system on that device, uh, supports, um, and the, the nice thing about that key, even though it is weaker, it is a hot key, it's on an internet connected device, uh, that gives you, uh, additional level of resiliency against loss, because that key gets automatically encrypted and backed up. Uh, so it, it's almost impossible to lose your mobile key, uh, in that setup. Not completely impossible, but Uh, very, very difficult unless you start mucking around under the hood, you know, in your cloud, uh, backups. Uh, so then, you know, you're going to have either one or three other keys, and those are going to be on dedicated hardware devices. **Jameson:** We support, um, you know, Ledger, Trezor, Coldcard. Um, Passport, several others, really the most popular ones that are well vetted. And the idea being there that you actually use a diversity of different manufacturers. And this is to protect you against edge cases supply chain risk. Which has happened from time to time, and uh, we expect will probably happen More frequently in the future if, you know, the space continues getting bigger and, uh, worth more. **Luke:** So, I don't know if we're necessarily going to get exploding hardware wallets anytime soon though. **Knut:** Well, keep key sort of exploded. **Luke:** I was meaning literally, but, uh, sorry, continue. **Jameson:** But so then, uh, the idea is that you physically distribute these keys geographically. And, you know, that gives you an additional level of protection against both physical attackers and against, uh, just extreme Edge cases, house burning down, natural disasters, whatever. Um, and, and this is where things get complicated. **Jameson:** And, you know, to be clear, you know, multi signature setup has more moving pieces than a single signature setup. So, uh, going into multi sig doesn't automatically make you safer than single sig. only if you go down the right path of architecting your multi sig and distributing the keys. So, um, that's why I think the consulting aspect of this is fairly important because you can still shoot yourself in the foot and, you know, put all three of your multi sig devices in your house, for example, and you create a single point of failure. So, um, yeah, the, the idea is that you have a great deal of flexibility and decisions that you can make and how you distribute those keys. So you can distribute them amongst semi trusted friends and family. At the extreme end, we have people who are most concerned about nation state resistance. So if you really want to Then you can make, you know, pretty much all of these decisions are trade offs between convenience, uh, and security. And so the extreme end of security, with very, very low convenience, is that we have some clients who literally distribute their keys in different countries, you know, preferably different countries Aren't on very good terms with each other. Uh, so you, you, you essentially have that, uh, jurisdictional arbitrage. But of course the downside is, uh, you know, some of our clients literally have to get on a plane or a boat or, or what have you, uh, in order to reach a sufficient quorum of their keys, uh, to sign with them. And then finally, uh, the last key is, uh, Casa. Emergency recovery key that's held offline, incredibly difficult to get access to. **Jameson:** You basically have to request a signature from CASA and then depending upon what your tier is, you have different levels of authentication. At our higher level tiers, we can do some extreme customization of what your authentication parameters are. **Knut:** And does this involve calling a very special phone number and asking for a very special vacuum cleaner? **Jameson:** you know, we, we, we can in fact set up, uh, For example, instructions of like, you know, if you request a key, then we call or reach out to some other contact. Um, you know, we also have, um, on the higher tiers, uh, emergency lockdown, uh, mechanisms where Um, you can specify ahead of time what actions we should take if you hit the big red button to do an emergency lockdown on your **Luke:** Yeah, well, so, and on a practical level, the main thing here is that in a 2 or 3 setup, if I'm counting correctly, this means it's one physical key, one mobile key, and one emergency key, right? **Jameson:** Yeah, we also support two physical keys if you want that, because there is a little bit of trust, like, if you don't want to trust that Casa isn't, you know, stealing the mobile key out of the app, then **Jameson:** you can use two hardware devices. Like I said, the downside there is that you More responsibility, uh, falls onto your shoulders to make sure you have good backups. **Knut:** So to clarify that, that's still a three out of five multisig, but you own two keys. And Cass Owens too. **Jameson:** uh, well that was the two of three. The two of three setup. **Knut:** Okay, okay, so, alright, I'm already lost here. **Luke:** So you can do a 2 or 3 with, uh, would you take out the mobile app, or would you take out the emergency key? **Jameson:** the mobile app. **Jameson:** Yeah, there's always the emergency key. **Knut:** Alright, alright. **Luke:** yeah. I didn't know about that, actually. an interesting one. And then I guess the 305 is a whole other level. Yeah, we'll just keep Knut **Knut:** But it's, it's, yeah, yeah, you're the organized one and all that. But like, what I'm seeing is like, is this a setup, uh, a three out of five where, where Casa owns two of the keys and, uh, you own two of them. Like, or is that, **Jameson:** It depends on what you think of as own. Uh, if you're, if you're **Jameson:** being **Knut:** yeah, You can't really own a key at all. It's all you can do is memorize it. So, **Jameson:** uh, well from, from Casa's perspective, we don't have We don't touch your mobile **Jameson:** key, you know, like, it stays on your device, uh, the encrypted, the way the encrypted backup works is that, um, a, an encryption key is generated on your device that encrypts your mobile key seed phrase. The encrypted blob then gets stored onto your cloud storage, so even if your cloud storage gets compromised by Apple or Google, they can't do anything with it because it's encrypted. The decryption key then gets sent to Casa and secured by an HSM that Casa controls, so it's kind of like a two of two setup, so, you know, if you lose your phone, if you get a new phone, What happens is you have to log into your Casa app and have to log into your cloud account and then what it does is it pulls both of those, the encrypted blob and the decryption key together onto your device to be able to reconstitute it. **Luke:** So it semi literally is that your phone is another hardware wallet with a fancy screen. Semi # Secure Elements on Phones **Jameson:** Yeah, yeah, yeah, it uses the hardware, the secure element that's built into your smartphone and like, that's another Another one of our major theses, uh, you know, going forward is, um, that secure elements on phones are going to make, you know, application of cryptography more practical. Um, this is something where, you know, when, um, when smartphones came out, And they made, uh, GPS available to the average person. **Jameson:** You know, that's when a lot of apps like ride sharing actually became practical and a whole new sort of economy, uh, bloomed from that. And we think that the proliferation of secure elements on smartphones is gonna enable, uh, another sort of blossoming of new applications. **Luke:** Okay, let's take a, like, a little dip into this particular rabbit hole. What is a secure element and why are they prolifer **Jameson:** Yeah, so, I mean, it's basically, uh, you know, a A chip, a piece of silicon that is in your device that is dedicated to really doing nothing more than keeping small pieces of data secure. Basically, keeping the data in that chip and not allowing it to be extracted. And then, you know, at the sort of application programming layer, you know, the operating system can interface with that chip. It provides APIs to higher level applications that can then request to interact with the chip, but there's no way for them to request to actually extract the data. You can only, you know, send requests to, uh, to actually make use of whatever is in that chip. So, um, I don't know the detailed history of how this came about being, but I suspect it was probably just related to, uh, The fact that, um, phones need to have some ability to do secure operations, whether that's like the biometrics of unlocking the phone itself, or, um, you know, commonly with the, the key rings, uh, password management at the operating system level, they're going to make use of secure elements. **Jameson:** So, it's just, um, you know, it's a, you can think of it as a, um, hardware security device that's just built into the phone. **Knut:** So does every phone on the market today have a secure element or like almost **Jameson:** I think some of the cheaper Android phones do not. Uh, pretty much all of the iPhones should, uh, any of the, uh, Android phones that are like more than a few hundred dollars should have secure **Knut:** Yeah, so, so, Samsung, Google, what about something like Xiaomi, isn't that the cheap Chinese version of **Jameson:** Yeah, **Jameson:** I **Jameson:** don't know, off the top of my head, I know that we have, Um **Knut:** fun staying poor. **Jameson:** We have, you know, specific things that we require to be, you know, enabled at the hardware and operating system level on Android phones in order for the Casa app to actually run. **Luke:** Is this, uh, that you can't even install it if your phone doesn't have these capabilities or you just don't get the mobile key option? **Jameson:** Uh, I think the app probably refuses to run at all. Uh, it's, but it's not even an issue that I think we've ever had come up because it's only really the cheapest and cheapest of phones. So I think that the people that are using those phones probably wouldn't be able to afford our service in the first place. **Luke:** Okay, um, yeah, that's what I was going at, you executed better. Um, the, the, # Backups **Luke:** returning back a little bit to something else you mentioned was backups. And a system like multisig generally, but I think slightly more like CASA specifically, uh, one of the features that I understand about this is that you don't really actually need to backup your seed phrase. **Luke:** It's, the idea is you lose a key, well, then you just reconstitute your multisig Is that, is that the solution? Am I, am I getting that right? **Jameson:** Yeah, so part of it is due to the nature of the automatic backups, right? So if you're using the mobile key, that's automatically backed up. The CASA key, of course, has multiple redundant backups. And so then the question is, what's the state of your other keys? Now, in a 3 of 5, you do probably want to back up one of the hardware devices so that you have That threshold, uh, setup. **Jameson:** So basically because the, uh, the extreme edge case failure scenario in a 3 of 5 is like some Carrington event. Just wipes out all of your electronics and wipes out all of your hardware devices. So if you didn't have some sort of offline backup, then you would be down to two keys, which is problematic when you need three. **Jameson:** Um, so, um, you know, it's still, it's It's always preferable, I think, to have backups, but this is what it comes down to, this, you know, convenience trade off of what are people willing to do, because especially creating steel backups can be a pain, uh, especially if you're doing the stamping type of backups, I really hate doing those. But, **Knut:** You need a good hammer. **Jameson:** the nice thing, though, about having, uh, like, metal backups that are part of a multi sig wallet, So, Is that you don't have to worry about a physical, like an evil maid attack, or a physical attacker getting a hold of one of those backups. As long as they're geographically distributed, because if they get one of your seed phrases, they can't actually do anything. **Knut:** This is, those metal plates, uh, I think there's around 70 companies making them. **Jameson:** At **Knut:** And, and, um, uh, so, so disclaimer, we're we're sponsored by one of them, So anyway, uh, the, the, the whole thing, I, I think that paradigm is, I'm not entirely sure that it will be the same way in a hundred years from now because it's such a while. **Knut:** It, it provides you with another level of security. It also, it also provides you with an extra attack vector because once you've. Put the seed on the plate. It's kind of hard to destroy the plate. That's the whole point. Like a piece of, **Jameson:** about that recently. **Knut:** Oh, Oh, you did. Okay. Can you go into that? Like, that's a reason to prefer a piece of paper with, **Jameson:** Um, no, not necessarily. Not if you choose the right backup. **Jameson:** Um, so the short version, the takeaway from my presentation, because as you know, one of my many projects was, like, destroying all of these metal **Knut:** Oh yeah. Yeah. Remember that? **Jameson:** How robust are they? Um, and so, uh, recently, like in the past year, I had a situation where I needed to destroy a metal backup. **Jameson:** Um, because, uh, I wanted to split it. I wanted to split it and, you know, seedsore it, basically, into multiple, uh, pieces. Backups, so that there was no single point of failure, um, and what I determined was that, uh, that actually, like, my, my general advice on backups, which is to use, like, a single steel plate with the center punch, the, the divot mechanism, um, it turns out those are actually the best, not only for creating, but also for destroying, because, um, I had, uh, I had both a stamped, you know, letter stamped backup, and I had an etched backup. And when I went to destroy them, I mean, you can't actually destroy the media that it's on. Um, you know, you'd probably have to have like a furnace that does 5, 000 or 10, 000 degrees or something in order to be able to melt it. Uh, and, and, you know, destroy the whole thing. So instead, what you end up doing is, uh, you know, trying to overwrite or erase or you make it illegible. And so on the stamp one, I'd have to like, you know, hit, uh, I had to put 50 different stamps in the same spot so that like each letter was just completely, uh, illegible. Uh, and then, you know, with the etched one, I had to, you know, put on my, uh, my ear protection and get out the Dremel and just sit there for like an hour, back and forth, back and forth, back and forth. **Jameson:** It was extremely unpleasant to go through both of these. And then I realized, well, if you have the grid with the straight punches on them, You just punch every other, you know, part of the grid. It takes, like, two or three minutes, and you're done. It's, it's become similarly illegible because you can't tell the difference between, like, what the original divots were and what the new divots are. **Knut:** And there's no, like, carbon 14 method of, of, of, like, figuring out the age of each punch, I guess. **Jameson:** I doubt it. I mean, maybe a nation state attacker might be able to do something on that level. But, yeah, I'm a Bitcoin **Luke:** Yeah, because it's funny that you mentioned, well not funny, but you mentioned nation state attacker, because one of the concepts in cyber security basically is that somebody with unlimited resources and unlimited time will actually defeat you, will actually defeat you, and so it's really about putting up as much, as many barriers as possible, but also not putting up Being a target, not becoming a target. # Physical Security **Luke:** And so this is, yeah, well maybe we'll get back to some of these other, uh, points here. But this is a whole other rabbit hole, basically. The, uh, the whole thing of, of OPSEC in, uh, in the physical security world, basically for, for Bitcoiners these days, I mean, literally everyone who is a public bitcoiners is now a target to some degree, as in they probably have some Bitcoin. **Luke:** Uh, now, I mean, who knows? Maybe, maybe, maybe Newton and I, uh, really have zero Satoshis between the two of us, and we're just, I don't know. **Knut:** Of course we don't, **Knut:** And neither does Jameson, the most famous Bitcoin privacy **Luke:** you, you, you only have a Bitcoin test, net Bitcoin, but, uh, right. **Jameson:** testnet whale. **Luke:** yeah. Yes. **Luke:** Very good. **Luke:** Very good. There you go. There you go. That's good to, yeah. Uh, but, but, uh, so, so the thing is, what, what are the, what are the concerns about, uh, opsec basically, and what are some of the ways that, that an individual can, can, uh, increase their privacy? **Luke:** Um, what is it? Minimize their privacy footprint. I'm trying to footprint something **Knut:** Oh yeah, yeah, **Knut:** yeah. Decrease their **Luke:** decrease your privacy **Knut:** Not your privacy, privacy footprint is sort of an oxymoron, isn't **Luke:** It's something like that. **Jameson:** Yeah, just your footprint in **Jameson:** general, whether it's online or meatspace. The right way to approach it is to not make the mistake that we've all made, which is to use our real names and faces, uh, **Jameson:** when you're talking about Bitcoin. Uh, so, you know, the best way to do it is really to take the Satoshi method of, like, if you really want to engage in the space, then just use a nym and, you know, don't reveal Uh, personal identifiable information. Uh, but if you do start to reveal aspects of yourself, then you have to understand that they probably can and will be used against you at some point. So now you have to start thinking more adversarially about how might it be used against you, and, uh, what what types of attacks might people use against you, how, How difficult is it to find you on a day to day basis when you might have your guard down and be vulnerable? **Jameson:** Um, you know, just a couple of days ago, the CEO of a company in Toronto got kidnapped in broad daylight, probably as he was, like, leaving his company headquarters, um, and was held ransom for a million dollars. **Knut:** Oh, yeah, yeah. There's a flip side to that coin, though. They can be used against you, but they can also be used for you. Like, there's a point to being public, too. Like, there's a security, even a security point to it, because you have The more powerful friends you are, the more protected you are by them. Or say if you run into legal trouble, you have a **Jameson:** Yeah, reputation, Reputation is a form of currency, **Knut:** it is. And I think that's important going into the future too. Like, reputational capital is like the only, that is the second best. Like, there is a second best, and it's your reputational capital, I **Jameson:** Fair. **Luke:** So, are there any other practical things that people can do other than trying to not use their real identity? Like, what if somebody has made this mistake, like all of us? **Jameson:** Uh, yeah, so If you're worried about wrench attacks, then you need to look into how difficult it is to find where you live. Because that's where most people are going to get targeted. People tend to feel safe in their home. And so then, if it's easy to find where you live, and this is going to vary depending on if you own publicly registered property versus renting, it's going to vary from jurisdiction to jurisdiction depending upon the laws there, like, don't live in Sweden, for example. **Knut:** I took that security measure. Yeah. **Jameson:** because they require you to publish everything, is my understanding. And so Um, you know, if, if you're going to choose to live in a place where you can't have privacy, then hopefully you can have stronger physical security. Um, but I think a lot of people in this space have not properly prepared their physical security commensurate to their risk profile, especially those of us who are higher profile. **Jameson:** Like, Look, Michael Saylor, he has a correct level of security. I have seen it with my own eyes, but I think a lot of other of us who aren't quite at that level do not have the right level of security, and that's why I think that we're going to keep seeing these physical attacks happening and actually accelerate along with the exchange rates. Because, this is the nature of security, you know, as, as the, the value of targets continues to increase, then it's going to attract more attention from the criminal element who are going to want to test the waters and figure out what is the return on investment of, uh, trying out these new attacks. **Knut:** Yeah. So two things there. First of all, inflation fixes the, the, 5 wrench attack because no one can afford a 5 wrench anymore. Uh, but the other thing that I want to double click on is the Sweden thing. Uh, the whole thing that lead led up to that you having to reveal basically everything in Sweden is something called Offentlighetsprincipen which is like comes from. The fact that the country hasn't been at war for like 300 years, officially at least. And so this has led to an extremely high trust in institution, but also In the institutions trusting the people to a large extent, so the whole point of that law is to make everything transparent, including all the government stuff, which is the good part about it. What they leave out is like, in the internet age, it's super dangerous, because all the data is there, you can see exactly how much people own and where they live. And you can, and now when crime rates are skyrocketing in Sweden, it's, it's extra bad. And there, there are some cases of, of, of people having been attacked and it's been quite nasty. So, uh, it's not a recommended practice. **Jameson:** Yeah, so unfortunately, like, you have to get adversarial and, uh, Preferably, you know, find someone like a private investigator, someone who is, uh, used to tracking people down for a living and figure out like how hard is it to track you down because if someone, I would say in the United States, for example, you can track most people down for 50 bucks and that's just due to the level of corporate surveillance that happens in America, uh, with data brokers, uh, Uh, you know, you, you pay 50 bucks to any of these data brokers and you can find almost anybody who is like living a default American lifestyle. **Luke:** That was scary. # Bitcoin and Physical Security **Luke:** Is there anything that can be done on the Bitcoin layer to solve this? Anything that would minimize the effects of one of these 5 wrench attacks? **Jameson:** Well, yes, uh, though, uh, some people get a little bit confused because I think they conflate two separate problems. There is the problem of securing your Bitcoin. And then there's the problem of securing your Bitcoin. Your physical body. Uh, so, um, you know, this is one of the big pushbacks that I get, uh, when I, I talk to people like about multisig and about Casa and they're like, well, but they can, even if I have my keys geographically distributed, you know, they can torture me or, uh, they can take my child hostage and hold them ransom and, and then I have to go around and I'm like, yes. Like we, we cannot. We can't protect you against the single point of failure that is our physical forms. Maybe in a hundred years we'll be able to have, you know, some sort of Transhumanism stuff, **Jameson:** yeah, but as of today, yeah, single point of failure in your body, and so that is a very different type of security that has, you know, different solutions that you should put into place in addition to securing your bitcoin. So, you know, the short version is how do you protect against a five dollar wrench attack? Well, the only way to do that, when you're focused on your Bitcoin security, is to understand that your body is a single point of failure. And so, if you can be coerced, into sending your bitcoin because you're being tortured or whatever, then that's going to happen. Uh, so, that's why it's important, if you want to be protected against this, is to put your keys, like, sufficiently far enough away and in different physical security setups that it's just not feasible for an attacker to coerce you into doing that. Because they would literally have to take you hostage and keep you for a long time. **Jameson:** And like attackers want to have to do that. They want to be in and out as **Knut:** No, no, taking you hostage and then putting you on a plane and sitting next to you is kind of hard. **Jameson:** We're having to get through like security to get into a safety deposit box at a bank or some sort of other high security institution where you might keep one key. Um, but yeah, so the, the flip side of that, of course, is that, um, if it's, if it's a loved one who has been taken hostage, then, uh, you are perfectly capable of going around and doing those things, and so that's why, you know, you need a different set of privacy and security for your family to prevent this from happening in the first place. **Luke:** Or, or just don't love anyone. I definitely recommend that option. It's an interesting thing, and I really wonder how this is going to play out into the future. Do you have any thoughts on this as basically number go up towards, I don't know if you have a price target lately or something, but we're at all time high at time of recording, literally, like it happened last night. **Luke:** So, I mean, if this thing keeps doing what it's going to do, uh, do you see these risks as only increasing as well when numbers go up? **Jameson:** Yes, uh, because, it's almost like a, a herd inoculation mindset, and, and what I mean by that is, As more and more bitcoiners successfully wrench attacked, that teaches the criminal element that this is a good return on investment, and therefore they're going to invest more into those attacks. **Jameson:** Um, I do not foresee wrench attacks decelerating. Until more of them start failing. **Knut:** Including governments, they, they are the wrench attackers, like, uh, and if they're successful and you're giving up parts of your Bitcoin to them, then that, that tells them that that was a, an attack worth doing. **Jameson:** Yeah, so as of today, um, I have 171 physical attacks that are cataloged on my project. There have been a lot more than that, because I suspect actually that the majority of attacks never get publicized, because the victims are too afraid to talk about it, and they're afraid that talking about it will make them And there is a legitimate fear there, because there have been people who have been attacked multiple times, but, um, you know, until we see more failures, and we've only, I think, seen two successful defenses out of that 171, um, and I think both of those, I think both of those were in, no, no, one was in Florida and one was in California, and both of those were because The, um, the victims had guns and they started shooting at the attackers. **Knut:** Um, yeah, that's not, maybe not the most preferable scenario to end up in. And so, so, um, okay. So yeah, I've, I've written a lot about like how, how Bitcoin Reduces the profitability motive of, uh, aggressive behavior from a very certain perspective. And that is that, uh, you cannot know how much bitcoins, uh, or how many Satoshis rather another Bitcoin, uh, another person owns. **Knut:** And that's true for everyone on earth. You can make an educated guess, but you cannot absolutely know it. So you can have, you can give up parts of your Bitcoin. You can have dummy wallets and stuff like that. But the attacker can't really prove that he got all the bitcoins out of the, the victim or all the SATs outta the victim. So, so, uh, and from those attacks I know of in Sweden, they've, they've attacked, uh, not Bitcoiners, but like crypto people and simply pointed a gun at their heads and, and, and use the password for your. Take the coins off the exchange. So like the first step, like always, like not your keys, not your coins. **Knut:** Like that, that's, that's the, that's the easy one **Jameson:** Yeah, and we've seen, um, for example, um, there are certain types of organized crime that are getting into this. Um, and so, for example, in South America, uh, this has happened for a while. There are types of organized crime that Basically, employ women to go on dating apps and, you know, date the gringos that are visiting and slip them drugs that make them compliant. And traditionally, they would just, you know, steal all of your valuables that you had on you. But those gangs have started learning, oh, Get him to open up his, uh, app on his phone, open up, look for all of his exchange accounts and, you know, drain all of those exchange accounts and, and possibly any, you know, single SIG hot wallets that are on the phone while you're at it. Um, we've, I think we've also seen some organized activity mostly in the, like, Philippines area where it seems to be Russian. Mafia that is going down there and targeting, uh, like expats. Uh, so, **Knut:** using girls, **Jameson:** uh, no, in those cases, it seems like they somehow just have information about Russians who have left the country because they're crypto **Jameson:** rich **Knut:** it's not from Russia with the country. Yeah. Yeah. **Knut:** the don't love anyone. It's still a thesis still holds. Yeah. **Luke:** Yeah, something like that. **Luke:** I don't want this, I don't want that to be the actual takeaway from this episode. So, um, uh, maybe we can turn this around a little bit. # What Jameson is Excited About **Luke:** What, what are you excited about in Bitcoin these days? What's making you optimistic? Hopefully not nothing. **Jameson:** Not nothing. Um, I mean, you know, I'm a technologist. I. I do like that we seem to be having more innovation happening, more proposals happening within Bitcoin. You know, there's the whole Layer 2 explosion, which is a whole other rabbit hole. But, um, the past few years, I think, have been pretty good for Bitcoin. Um, but I also see a lot of problems, long term future problems, that I'm starting to talk about. Uh, because I think there's still a ton of room of, for improvement, that, uh, I'm, I'm worried about complacency, um, I'm worried about us resting upon our laurels because we have succeeded so much, um, and there's many different issues here, um, but, the, the ETFs and the institutions and stuff, It's really a double edged sword. Great for Bitcoin price, uh, great for getting, uh, you know, new big names and proponents in, um, I mean, it's There's, you know, no small number of people now who are, like, direct advisors to the next president of the United States that are orange pilled. And so, even though, you know, I don't believe that Trump really understands Bitcoin, it's not, it's not really about him. **Jameson:** It's about all the people whispering in his ear, and how that is gonna affect the future trajectory. And so that's, you know, that's good in a sense, but But it's also bad because there's a lot of centralization pressure, I think, that comes with the institutions and the ETFs and that can have long term consequences to like the governance and and the future evolution of Bitcoin as a protocol and as how people use Bitcoin. **Luke:** Yeah, like, what I'm going to talk about tomorrow in my talk is, is we can't know that Bitcoin is going to succeed in its current form. Basically, it might. There's people who are all like, if Bitcoin is actually anti fragile, it's just going to work, but that doesn't necessarily play out, especially if you actually know about the technology and the protocols, so yeah, I certainly echo the vigilance side of this, yeah. **Knut:** Yeah. And complacency is The main villain here, I think, like my view on this is, uh, like people will have to understand that Bitcoin is not really backed by energy. It's backed by human action and human incentives. **Jameson:** It's not a wall of encrypted energy. **Knut:** no, it's not a wall of encrypted energy. Uh, there's a wall of encrypted energy somewhere, maybe if you have a wild imagination, but, but that is only there because people acted in a certain way. So, so, and the, I think that these misconceptions are the widespread, like the, everything is in Bitcoin is probabilistic, right? And, and holding a key. It's not owning something or even possessing something, it's just having a, it's access to a string of information. And the reason you trust, you, you, you, you view that as owning a Bitcoin, is that, you know how, how in infinitesimally. Is that the word? Uh, small. The odds are that someone else owns the same string of information, and same with the 21 million finite cap and all the, the rule set and the block size. Even, you know that the, the odds that this is ever going to change are also infinitesimally small. So that's why you believe in this rule set and that's why you believe that this thing, uh, is robust enough to last forever or. Trending towards forever. So, uh, so I think that there's a lot of confusion there, uh, especially when you get these boomer institutions in, into the space, like the ETFs and whatnot. # The Biggest Upcoming Issues **Luke:** What do you think is the biggest upcoming issue that needs to be solved or dealt with? for listening. **Jameson:** Uh, well, I'm a technologist, so for me, it's, um, it's seeing people wanting to do more permissionless innovation and it being just really difficult, right? **Knut:** Isn't that the point though? **Jameson:** yeah, I mean, it's supposed to be difficult to change Bitcoin, um, but For the past 10 years, we've been talking about, oh, you know, we just build other layers on top of Bitcoin. And I think what has been missed by a lot of people is that sometimes in order to build other layers, you, you need the basic building blocks on the base protocol. **Knut:** That's what Segwit was. **Jameson:** Yeah. **Jameson:** yeah, well, you know, we enabled, we did three different soft forks to enable lightning networks. Um, and, **Knut:** no hard fork. **Jameson:** yeah, yeah, um, and, uh, so, kind of, to get back to your question of, like, things that I really like, um, I'm, I'm pretty bullish on Rusty's great script restoration project, I think there's a lot of potential there, I think that could also boost, uh, permissionless innovation, make it easier for people to actually build second layers, because you, you look at a lot of the second layers that are being built right now, and they're just making, you know, Really weird trade-offs. **Jameson:** Either they're like a federation or like fully custodial, um, or they're doing, they're having to do like crazy game theory. I don't know if you saw the paper that came out yesterday for how, how to enable covenants on Bitcoin without a soft fork. And essentially it has to do with hash collisions, and having to expend millions of dollars worth of energy to collide hashes together, like, **Jameson:** these But is that really categorized as a layer two though? Like, uh, Bitcoin. Bitcoin being used for other use cases than the monetary use case. I wouldn't, I wouldn't call that a layer 2. I would call that a, an offside project, # Are Layer 2s Spam? **Jameson:** Yeah, no, no, Covenants itself, uh, well, that itself is not a Layer 2, but you could use Covenants, I think, to build Layer 2s, though that specific type of Covenant I think is way too Impractical and expensive to actually make use of, uh, but, uh, so, you know, look at, I think BitVM is a very interesting example of this, of like, how do we enable more generalized computation without changing the Bitcoin protocol, and it, it gets really complicated. **Knut:** But why? **Jameson:** Because builders want to build. I **Jameson:** mean, that's but builders could build on Nostr instead. They've got Nostr to nerd out on now. **Jameson:** Uh, **Jameson:** it's two different things. Um, or, or, you know, one that I like because, uh, there's actually several former Casa employees working their, uh, botanics, uh, and their spider chain concepts. Uh, basically, they were trying to figure out a, a way to, to do a, um, a permissionless two way peg. Between Bitcoin and sidechains. And it's a very interesting idea that's complicated as hell. I did a whole write up on it like a year ago. Um, and it's gonna take a lot of work to kind of fine tune all of the economic and game theory parameters around it. Because the short version is the spider chain is like It's almost like a blockchain of multisigs. **Jameson:** It's like a series of connected multisigs where you have many different people who are signers on different overlapping multisigs and it's like, it's way too complicated to try to explain it. Uh, in, in a short period of time, but, like, that's the type of gymnastics that developers are having to go through in order to try to build better layer **Knut:** But what is the real world problem that spiderchain solves? **Jameson:** Uh, well, so, the, the problem is that people want to be able to do decentralized finance, whatever you call **Knut:** Yeah, no, no, no, yes. But how is that solving a real world problem? **Jameson:** I mean, you could argue about whether or not people need it, right? Uh, so, the question is, Is the, like, decentralized finance world and applications that people are doing on other networks, like **Jameson:** Ethereum, Solana, whatever, should we be able to do that in a more Bitcoin native fashion? **Knut:** Yes. **Jameson:** So, should we be able to have pegged sidechains with that functionality, but without changing Bitcoin itself? **Knut:** Yeah. And, uh, my answer would be no. But I know that, **Knut:** uh, is market demand **Knut:** yeah, yeah, there are differences of opinion here and I don't decide and no one else decides either. But, but, and there might be a market demand for it. Uh, I think though, the, the, the danger in going, going down those rabbit holes is that Anything you do that takes away. **Knut:** So just like the gold being used for jewelry or being used for industrial use cases, that sort of chips away at gold's functionality as a store value or as money. And I think the same is true for Bitcoin. If you mess with incentives, you might mess with Bitcoin's function as money. And Bitcoin's function as money is so crucial to the whole system. That's what the whole system is built upon, that the satoshi is worth something. And that anything else is, like, the whole system is built around the scarcity of the satoshi. Not, not the function, not the other stuff. So that's why I argue for all of these things being, you know, red herrings at best. **Jameson:** I guess, I mean, I think one counterpoint to that would be that if you're doing, like, actual native pegging of satoshis from base chain into other chains, then that scarcity is preserved. **Jameson:** Like, the problem that I have right now is that, you know, everybody's using wrapped bitcoin on these other networks. So they're just putting all of the satoshis into a single custodian. **Jameson:** Who could be, you know, issuing more IOUs than they actually **Knut:** Yeah, so you're saying the incentives are already being messed Oh yeah. yeah. **Luke:** Yeah, **Luke:** I'll, I'll take, I'll take the devil devil's advocate. Point on, on this one, and, and actually I, I kind of, sort of believe this one is that, is that people are going to do these things if they want to do it, and I would rather that they just fuck off and go to the other chains and, and do that. And so, and, and so, so I don't actually mind the idea of a wrap Bitcoin or, or something else. **Luke:** If someone wants to do that and they send their Bitcoin to some other place and then they go shit coin as much as they want. Okay. They're, they're free to do that. And I don't think, and I, I think what the key point that. What I agree with is if it doesn't change Bitcoin, if we're not doing anything to enable this, and it doesn't increase the transaction volume, it doesn't bloat the UTXO set, it doesn't add dickbutts onto everyone's nodes, then I actually don't see a **Knut:** problem is where you draw the line. What, what, what do you categorize as changing Bitcoin? Because if the incentive structure around it is changed, it is changed in a very indirect way, but, but it's still changed, which is what I thought. Think we, we've seen with the spam and stuff like **Luke:** But if somebody just has, literally, you send A-U-T-X-O to another UTXO and through that you get the ability to do your shit coining somewhere else. I, I don't, I don't think there's anything there. Like, I'm not gonna do it. And I mean, there is an actual, there is an actual thing here. Like for example, if someone's using opera turn for this right? **Luke:** To, to, to have some data to, to track what's going on here. Well. That could be filtered out by something like the zero data template that Ocean just has out now, or Datum, or something like that. That's actually, that's actually possible, and I think that's where we can have a debate, but I, I don't actually see a problem. **Luke:** Unfortunately, taking the devil's advocate a little hard **Knut:** here, I, I, I, **Luke:** of just sending one UTXO to another UTXO. That, that's, people, if people are going to do it anyway, right? # Changing Bitcoin **Jameson:** So. **Jameson:** the whole issue of changing Bitcoin, I think, is a pretty touchy topic. Like, **Jameson:** I, well, so I get triggered, uh, actually, as a part of the ossification debate with, you know, if we ossify the protocol, then Bitcoin doesn't change, it's gonna be safe. Uh, but the problem is the rest of the world does not ossify, and so we've already seen this happening, both in Bitcoin and with other network protocols, that the protocol itself may not change, but the nature of how people interact with the protocol changes, and so my favorite example, of course, is SMTP, the email protocol, where, let's ask ourselves, is email a success? **Knut:** I would say no because it, it got super centralized. **Jameson:** Yeah. But see. We have a very nuanced, sophisticated view of this. **Jameson:** You ask. **Jameson:** the man on the street, and **Jameson:** they'll say, Oh, I use email every **Jameson:** day. It's great. They don't even know that they're not using **Knut:** no, no. **Jameson:** That can totally happen to **Knut:** And TCP IP, TCP IP four that they've been trying to upgrade to the version six. Isn't that a thing also like never happens because people are used to the old shit. Yeah, no, there are arguments to be made. I mean, ossification is an interesting word because. I'm for it when, when we're done and we're done at some point. I don't know when the point is and I don't think anyone else does either. And the whole point of having Bitcoin being hard to change is that sort of nature will tell us when we're done. And if we fucked up, we fucked up. **Jameson:** I think it's pretty obvious that Bitcoin is already very hard to change, and it's entirely possible that we have already ossified. We won't really know for sure for a while. **Knut:** No, and that may or may not be a good thing. It's, it's definitely going to be a problem in what's the year, like 2094 or something where it's predicted that this. **Jameson:** Yeah, the timestamp issue, though, I really think that quantum computing is going to be an issue before that. **Knut:** Oh, the quantum computing fund. **Luke:** Let's save this for next **Knut:** time. **Knut:** Yes, exactly. Exactly. That's a let's go into compute, quantum computing next time. Jameson, thank you **Jameson:** Yeah, you bet. **Knut:** great conversation and, enjoy the rest of the conference. **Luke:** Yeah, thanks a lot, Jameson. This has been a great conversation. I'll add slightly more words to the outro than this, but yeah, really great to have your perspectives on the security. I don't think we've had like a security person like quite so hard in a really long **Knut:** Well, you are a security person, aren't you? Oh yeah, Well, **Luke:** well we haven't, **Luke:** not a guest, but no, but this has been awesome, so thanks a lot for this. **Luke:** We'd love to do it again and continue having these deep conversations, so thank you again, Jameson. **Knut:** Anyway. You want to send our listeners like casa, I guess **Jameson:** well yeah, you can check out CASA. It's C A S A dot I O. Uh, check out my resources at bitcoin. page. **Knut:** Bitcoin page. **Knut:** Alright. **Luke:** has been the Show. 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.}}{\*\\pnseclvl3\\pndec\\pnstart1\\pnindent720\\pnhang {\\pntxta .}}{\*\\pnseclvl4\\pnlcltr\\pnstart1\\pnindent720\\pnhang {\\pntxta )}}{\*\\pnseclvl5\\pndec\\pnstart1\\pnindent720\\pnhang {\\pntxtb (}{\\pntxta )}}{\*\\pnseclvl6 \\pnlcltr\\pnstart1\\pnindent720\\pnhang {\\pntxtb (}{\\pntxta )}}{\*\\pnseclvl7\\pnlcrm\\pnstart1\\pnindent720\\pnhang {\\pntxtb (}{\\pntxta )}}{\*\\pnseclvl8\\pnlcltr\\pnstart1\\pnindent720\\pnhang {\\pntxtb (}{\\pntxta )}}{\*\\pnseclvl9\\pnlcrm\\pnstart1\\pnindent720\\pnhang {\\pntxtb (}{\\pntxta )}}\\pard\\plain \\ltrpar\\s16\\ql \\li0\\ri0\\sa360\\widctlpar\\wrapdefault\\aspalpha\\aspnum\\faauto\\adjustright\\rin0\\lin0\\itap0\\pararsid2425759 \\rtlch\\fcs1 \\af0\\afs28\\alang1025 \\ltrch\\fcs0 \\fs28\\lang1033\\langfe1033\\cgrid\\langnp1033\\langfenp1033 {\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf19\\insrsid2425759 Luke:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Jameson, welcome to the Bitcoin Infinity Show. Thank you for joining us. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Great to be here. \\par\ \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Welcome. we just saw a panel about, Bitcoin security, moderated by Luke with you and two other guys there. I was sitting there listening to it, trying to, my inner Bitcoiner was screaming. It's just information for fuck's sake. Like you can't really own these things. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 they're information. \\par }\\pard\\plain \\ltrpar\\s1\\ql \\li0\\ri0\\sb120\\sa260\\widctlpar\\wrapdefault\\aspalpha\\aspnum\\faauto\\outlinelevel0\\adjustright\\rin0\\lin0\\itap0\\pararsid2425759 \\rtlch\\fcs1 \\ab\\af0\\afs48\\alang1025 \\ltrch\\fcs0 \\b\\fs48\\lang1033\\langfe1033\\cgrid\\langnp1033\\langfenp1033 {\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Misunderstandings About Bitcoin \\par }\\pard\\plain \\ltrpar\\s16\\ql \\li0\\ri0\\sa360\\widctlpar\\wrapdefault\\aspalpha\\aspnum\\faauto\\adjustright\\rin0\\lin0\\itap0\\pararsid2425759 \\rtlch\\fcs1 \\af0\\afs28\\alang1025 \\ltrch\\fcs0 \\fs28\\lang1033\\langfe1033\\cgrid\\langnp1033\\langfenp1033 {\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 So, what's your take on, what do people misunderstand about Bitcoin the most? \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Oh dear, this is a tough one because, Bitcoin is kind of like a mirror, right? It's like you gaze upon Bitcoin and it tends to reflect back upon you what your own biases and skills and personal life and perspective are. it varies from person to person, i f you're. More on the, Austrian economics side, then you're gonna see more of the economics stuff. If you're a computer scientist like me, you're gonna see a neat protocol and data store and decentralized peer to peer network that you can do all kin ds of stuff with. So it really comes down to each person. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 I would say though, we're at the point now where, Bitcoin is so mainstream that most people only look at it as an investment. So I think that the average person misses out on a lot of the cypherpunk ideals, the history of the struggles that led us to whe re we are today. And to most people, they probably think that Bitcoin just appeared out of thin air and it's this, magic internet money that will make you rich. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 This is one of the biggest challenges, I think, to bridge these worlds between the computer nerds and the Austrian economics nerds. Because the computer nerds need to tell the Austrian economics nerds how the thing actually works. But the Austrian econom ics nerds need to tell the computer nerds why money has a very important function and other shit doesn't in the same way. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 And why we should view this thing in a certain way. to understand the, economic incentives that drive people's behavior. And so how do we bridge the two worlds? \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Well, this is why I think that the most important thing that we can do to help Bitcoin is to talk about Bitcoin. you know, we, if, so I view Bitcoin as an open source project. This is like one of the initial reasons why I got so interested in it so long ago. was not because I knew anything about money, but rather that I thought it was a fascinating idea to take this concept of money, which for many generations now has been, you know, controlled by small elitist groups, and instead open it to the wo rld as a collaborative project. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 You know, the idea around open source being that The more people that you have looking at a problem and trying to find a solution, the more likely it is that because you're attacking it from so many different perspectives, it's just going to end up being more robust, \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 A strength in numbers, a strength in diversity of perspectives and skill sets to be able to find the flaws that other people may miss. So, talking about Bitcoin is how we continue to improve it, how we find the weaknesses in it, and hopefully continue to progress forward. \\par\ \\par }\\pard\\plain \\ltrpar\\s1\\ql \\li0\\ri0\\sb120\\sa260\\widctlpar\\wrapdefault\\aspalpha\\aspnum\\faauto\\outlinelevel0\\adjustright\\rin0\\lin0\\itap0\\pararsid2425759 \\rtlch\\fcs1 \\ab\\af0\\afs48\\alang1025 \\ltrch\\fcs0 \\b\\fs48\\lang1033\\langfe1033\\cgrid\\langnp1033\\langfenp1033 {\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Key Storage and Self Sovereignty \\par }\\pard\\plain \\ltrpar\\s16\\ql \\li0\\ri0\\sa360\\widctlpar\\wrapdefault\\aspalpha\\aspnum\\faauto\\adjustright\\rin0\\lin0\\itap0\\pararsid2425759 \\rtlch\\fcs1 \\af0\\afs28\\alang1025 \\ltrch\\fcs0 \\fs28\\lang1033\\langfe1033\\cgrid\\langnp1033\\langfenp1033 {\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf19\\insrsid2425759 Luke:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Yeah, absolutely. This was one of the interesting things you said on stage. It's about like how Casa has, for those of you that don't know, you were the co founder of Casa, a bitcoin company. Oh, yeah, I forgot to \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 yeah, we forgot to introduce, everyone knows \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 introduction \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 So, Casa, I may or may not have called you a shitcoin apologist in Prague, and you answered that, well, Casa was never a bitcoin company, it's a key storage company. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 And that is something you alluded to on stage here, that, what Casa is doing is not really a financial thing, it's just helping people store this valuable information. So, can you go deeper into that than \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 so I mean, it's, it's about self sovereignty, right? It's like our really long term mission and hope for Casa is that we will help people to be able to secure a variety of different things. Non monetary things. The idea being that fundamentally, cryptogr aphy is this incredibly powerful tool for the individual because it gives you this asymmetric defensive capability. It's just, you know, the power of large numbers that makes it, orders of magnitude more costly for someone to attack than for you to defend against. And so you know, we, from from that perspective, I think, uh, the, the crypto, the, the cryptography space has been progressing a bit slower than we would like, but, you know, we, we do hope that things like, you know, even identity, and y ou could, you can make an argument Nostr is, \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 is one, uh, potential path forward. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 There's a number of different, you know, decentralized identity projects out there. Um, but we expect that, you know, identity is going to be a key part of that because reputation. It's a key part of just the economy of doing business with people. So, yo u know, how do you solve the problem of having true peer to peer commerce if you don't have some sort of reputation system, preferably a standard reputation system? \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 And how do you have a reputation system if you don't An identity system that you can attach reputation to. So there's a lot of different moving pieces here, but just many different aspects of our lives that we believe can be vastly improved with the use of applied cryptography. \\par\ \\par }\\pard\\plain \\ltrpar\\s1\\ql \\li0\\ri0\\sb120\\sa260\\widctlpar\\wrapdefault\\aspalpha\\aspnum\\faauto\\outlinelevel0\\adjustright\\rin0\\lin0\\itap0\\pararsid2425759 \\rtlch\\fcs1 \\ab\\af0\\afs48\\alang1025 \\ltrch\\fcs0 \\b\\fs48\\lang1033\\langfe1033\\cgrid\\langnp1033\\langfenp1033 {\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Nostr and Cryptography \\par }\\pard\\plain \\ltrpar\\s16\\ql \\li0\\ri0\\sa360\\widctlpar\\wrapdefault\\aspalpha\\aspnum\\faauto\\adjustright\\rin0\\lin0\\itap0\\pararsid2425759 \\rtlch\\fcs1 \\af0\\afs28\\alang1025 \\ltrch\\fcs0 \\fs28\\lang1033\\langfe1033\\cgrid\\langnp1033\\langfenp1033 {\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 absolutely. And, uh, is multisig possible on Nostr? Excuse the ignorance, but, \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Uh, not, I'm not aware of any true multisig system. There may be someone working on a NIP for that, \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 but I think the closest that I've seen is some sort of account delegation. Nips, where you can, like, you can \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 have a master key, and then you can, you give, uh, a subkey that has, like, an expiration on it, um, but it's, it's not quite perfect. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Otherwise, you might be able to do some sort of, you know, Shamir secret sharing, but \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Okay, so that's, that's my, uh, uh, mission for all you 180 IQ, uh, uh, computer geeks that don't, don't understand economics yet because you're too young, like go work on that multi sig Nostr BIP or NIP instead of, \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf19\\insrsid2425759 Luke:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Yes. Nips. NIPS is so much better than bips. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Yeah, so go work on a NIP instead of creating shitcoins and all that \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Yeah, and I think, you know, multisig is important, of course, for security, but Especially in the case of Nostr and identity, I think the ability to have key rotation is very important. So, you \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 know, you don't want there to be a single point of failure in your identity. You also don't want your identity to be permanently attached to just one static set of keys, because things can go wrong. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 No, because, uh, for instance, you might have a company and that company might have, uh, an account. Uh, that you want to, if you sell the company, you want to give this, the access to someone else, and that's, that's always, I know how hard that can be, uh, with legacy accounts, like, uh, it's a tough thing. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf19\\insrsid2425759 Luke:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 yeah. The, the, the key rotation thing, actually, this definitely is, is a, a major thing that needs to be solved for, I think Nora to work. But I, I also wonder, is this something in the, in the Bitcoin space generally, let's just generalize this whole thing out. Like what if one key gets compromised? How can you actually. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf19\\insrsid2425759 Luke:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Say, what is the next key to be the private key? Something like that. And how can you do this in a, in a secure way? Uh, is that, is this something you've, you've thought about or have any, any, uh, thoughts on, on this one? \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 I mean, the only thing that really makes sense to me is you have multiple keys and you have a threshold that is signing off. To say, you know, this key, for whatever reason, we're no longer going to be using, you know, it's been compromised, lost, whatev er. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf19\\insrsid2425759 Luke:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Yeah, and I mean, the complexity there turns into that if you have any sort of system that's based on public private key cryptography, you really have to secure your private key, basically, because any of the, uh, sort of trade offs, I suppose, that, I m ean, that doesn't sound, uh, very good, right? Like, uh, at least not, it's not a system that works in any kind of automated way. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf19\\insrsid2425759 Luke:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Uh, you really, it gets back to the root of the conversation we were having before. It's, it's, security is in Your hands. \\par }\\pard\\plain \\ltrpar\\s1\\ql \\li0\\ri0\\sb120\\sa260\\widctlpar\\wrapdefault\\aspalpha\\aspnum\\faauto\\outlinelevel0\\adjustright\\rin0\\lin0\\itap0\\pararsid2425759 \\rtlch\\fcs1 \\ab\\af0\\afs48\\alang1025 \\ltrch\\fcs0 \\b\\fs48\\lang1033\\langfe1033\\cgrid\\langnp1033\\langfenp1033 {\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Individual Bitcoin Security \\par }\\pard\\plain \\ltrpar\\s16\\ql \\li0\\ri0\\sa360\\widctlpar\\wrapdefault\\aspalpha\\aspnum\\faauto\\adjustright\\rin0\\lin0\\itap0\\pararsid2425759 \\rtlch\\fcs1 \\af0\\afs28\\alang1025 \\ltrch\\fcs0 \\fs28\\lang1033\\langfe1033\\cgrid\\langnp1033\\langfenp1033 {\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf19\\insrsid2425759 Luke:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 And so what, what do you see as, cause with, with Casa and everything else that you're involved with, what, what do you see as being the big pain points for individuals right now in the Bitcoin space for security? \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 It's, I think, an overwhelming concept for most people. Um, the root of this is actually just in how we have architected our society over the past millennia. Um, we have greatly improved our Efficiency and productivity through specialization of tasks and skills. And so, this is great for the individual in the sense that you can spend many years training to be very good at one thing and then get paid very well to do that one thing. And the result is that you get paid well enough that you can then pa y many other people to do whatever their specialized tasks are. So, now We don't have to worry about growing our own food, for example. That was something that took up a lot of people's time for most of human civilization. Um, so, it's great for efficienc y and productivity, but the downside is that it introduces a great deal of fragility and systemic risk. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 And, and, you know, what does that really mean? Well, it means you're now outsourcing wide swaths of your life, things that you're literally dependent upon for survival, you know? Um, to trusted third parties. So, for example, uh, if the supply chains br eak down, if your grocery store shelves get emptied out, uh, you're gonna have a really tough time, you know, getting past that hurdle. And so, I think, you know, we, we see some of that, uh, mindset happening in the Bitcoin space where people are t aking this, you know, idea of self sovereignty and, uh, self sufficiency Back to its roots to say, okay, now Bitcoin has done so well for me and I've imbued a sense of personal responsibility for the financial aspects of my life. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Why don't I apply that to other aspects of my life so that I and my family and more resilient against black swans? \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Well, here, here's the devil's advocate argument against, against doomsday prepping, I guess, not, not exactly against what you said, but, like, if you have, Instead of doomsday prepping, instead of stacking water and whatever, well water is kind of esse ntial, it's stacking toilet paper, let's say. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Uh, if you stack bitcoin instead, you can trade that for all the other shit that other people stack. So, uh, there's an argument to be made for the bitcoin being more important. \\par }\\pard\\plain \\ltrpar\\s1\\ql \\li0\\ri0\\sb120\\sa260\\widctlpar\\wrapdefault\\aspalpha\\aspnum\\faauto\\outlinelevel0\\adjustright\\rin0\\lin0\\itap0\\pararsid2425759 \\rtlch\\fcs1 \\ab\\af0\\afs48\\alang1025 \\ltrch\\fcs0 \\b\\fs48\\lang1033\\langfe1033\\cgrid\\langnp1033\\langfenp1033 {\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 KYC vs Non-KYC \\par }\\pard\\plain \\ltrpar\\s16\\ql \\li0\\ri0\\sa360\\widctlpar\\wrapdefault\\aspalpha\\aspnum\\faauto\\adjustright\\rin0\\lin0\\itap0\\pararsid2425759 \\rtlch\\fcs1 \\af0\\afs28\\alang1025 \\ltrch\\fcs0 \\fs28\\lang1033\\langfe1033\\cgrid\\langnp1033\\langfenp1033 {\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 And that's an argument I made before on a panel that, like, about KYC and why it matters. And someone asked me if there are any good reasons for KYC, and I simply said no, because I don't understand what it's good for. Like, money was invented to enable trade between people who didn't know one another, so that's the whole point of money. And, uh, which is why I think, sure, buy bitcoins on an exchange if you want to, but keep that stack separated bitcoins you earn. And this is something you said on st age two, like, you earn your bitcoin. Like. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Accept them for your goods and services. And this is what I say to everyone always, that that's the proper way. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 That's how you keep, that's how you get a non KYC stack. So if you need to flee the, people's Republic of Europe in the future and fuck off to El Salvador, you can, they can take your fucking toothpaste and you can keep your 12 words and, and just do tha t. And part of my French. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 yeah, I mean, this is true both at the individual and corporate level, um, you know, we, we have our own corporate treasury at Casa, we have accepted Bitcoin from day one, um, and we've also been debanked several times, and thankfully we've always been a ble to find other bank accounts, but in the sort of worst case scenario, Hopefully we can start paying at least some, of our providers, employees, whatever, uh, in Bitcoin. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 You know, we have that, that separate, you know, sovereign runway that we can tap into. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Yeah. I think this, this is the dilemma this generation lives, we're going through this transition right now. Where we need one foot in each world. We need a foot in the old fiat world, because if we don't have any foot there, they'll probably come after you somehow. And we need a foot in the bitcoin world just to be secure. But there's this balancing act all the time, and everyone's situation is different. But you definitely need both. And KYC Bitcoin, or paper Bitcoin if you will, is the legacy world. The new world is doing it for real. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf19\\insrsid2425759 Luke:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Yeah, and I mean, I think one of the difficulties here, and we heard about this in the previous discussion, this kind of lever, I suppose, between regulations that force KYC, but it also gets people in to use these services, like people do use KYC. Centr alized exchanges vastly more than hold their own UTXOs who, or even, or even just come in through a lightning wallet or something like this. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf19\\insrsid2425759 Luke:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 And so, I mean, KYC really just seems like this, this necessary evil at this point. But, avoiding it is kind of the, uh, the idea that, uh, really is the, the de risker. It, it's the only thing that, that takes away. All of the possibility of someone com ing after you with KYC, and so I mean, what are your thoughts on that point generally, like, what is the, uh, is this really a binary thing, \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 So I think the big problem is that, you know, we're not on the Bitcoin standard yet. Uh, it's true both in my personal life and the business life is that a lot of providers that we pay don't accept Bitcoin. And, uh, we're not going to try to force them t o accept Bitcoin, but Hopefully this will change over time. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Um, as it, as it stands right now, though, we still, we're using the dollar as our unit of account. And, uh, uh, I mean, we don't spend our Bitcoin. Um, it is, it's really, it's the emergency savings account. It's how we look at it, you know, both at the corporate level and that's how I look at it at the personal level, \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 how, um, how is there a KYC process for Casa? \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 for our clients. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 for your clients? No. \\par\ \\par }\\pard\\plain \\ltrpar\\s1\\ql \\li0\\ri0\\sb120\\sa260\\widctlpar\\wrapdefault\\aspalpha\\aspnum\\faauto\\outlinelevel0\\adjustright\\rin0\\lin0\\itap0\\pararsid2425759 \\rtlch\\fcs1 \\ab\\af0\\afs48\\alang1025 \\ltrch\\fcs0 \\b\\fs48\\lang1033\\langfe1033\\cgrid\\langnp1033\\langfenp1033 {\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Introduction to Casa \\par }\\pard\\plain \\ltrpar\\s16\\ql \\li0\\ri0\\sa360\\widctlpar\\wrapdefault\\aspalpha\\aspnum\\faauto\\adjustright\\rin0\\lin0\\itap0\\pararsid2425759 \\rtlch\\fcs1 \\af0\\afs28\\alang1025 \\ltrch\\fcs0 \\fs28\\lang1033\\langfe1033\\cgrid\\langnp1033\\langfenp1033 {\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 so, um, what do you do? Explain, give the TLDR on how Casa works, \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 right. Uh, so, you know, because We are a software wallet provider, but that, I would say, is not our most valuable service. Really, uh, I think it makes the most sense to think of us as a security consulting service. That's where our kind of unique valu e proposition lies. And that's more at our higher tiers. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Like, that's why our more expensive plans are more expensive, is because what you're doing is you're paying for a personal advisor that literally, you know, get on a call with and talk about whatever you want to talk about. Um, so, you know, what do we d o? well, we do provide, you know, native mobile apps, and these are really designed to guide you in as simple a fashion as possible down the path of building what we believe is a incredibly strong and robust architecture for self custody. The short version is of how we think about architecting it is the goal is to eliminate single points of failure. So that basically means whenever you have a moving part, you know, something that could go wrong, there needs to be some sort of backup mechanism so tha t when and if that thing fails, you can use something else. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 So that's why the main aspect of it is multisig. Which basically means multiple keys. So, most of our users are either in a 2 of 3 setup or a 3 of 5 setup. And these keys are going to be distributed in a number of different ways. Um, usually you'll have one that is stored, um, actually on the mobile phone itself. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 You know, secured with the secure element and whatever. The operating system on that device, uh, supports, um, and the, the nice thing about that key, even though it is weaker, it is a hot key, it's on an internet connected device, uh, that gives you, uh , additional level of resiliency against loss, because that key gets automatically encrypted and backed up. Uh, so it, it's almost impossible to lose your mobile key, uh, in that setup. Not completely impossible, but Uh, very, very difficult unless you start mucking around under the hood, you know, in your cloud, uh, backups. Uh, so then, you know, you're going to have either one or three other keys, and those are going to be on dedicated hardware devices. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 We support, um, you know, Ledger, Trezor, Coldcard. Um, Passport, several others, really the most popular ones that are well vetted. And the idea being there that you actually use a diversity of different manufacturers. And this is to protect you against edge cases supply chain risk. Which has happened from time to time, and uh, we expect will probably happen More frequently in the future if, you know, the space continues getting bigger and, uh, worth more. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf19\\insrsid2425759 Luke:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 So, I don't know if we're necessarily going to get exploding hardware wallets anytime soon though. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Well, keep key sort of exploded. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf19\\insrsid2425759 Luke:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 I was meaning literally, but, uh, sorry, continue. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 But so then, uh, the idea is that you physically distribute these keys geographically. And, you know, that gives you an additional level of protection against both physical attackers and against, uh, just extreme Edge cases, house burning down, natural d isasters, whatever. Um, and, and this is where things get complicated. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 And, you know, to be clear, you know, multi signature setup has more moving pieces than a single signature setup. So, uh, going into multi sig doesn't automatically make you safer than single sig. only if you go down the right path of architecting your m ulti sig and distributing the keys. So, um, that's why I think the consulting aspect of this is fairly important because you can still shoot yourself in the foot and, you know, put all three of your multi sig devices in your house, for example, and you create a single point of failure. So, um, yeah, the, the idea is that you have a great deal of flexibility and decisions that you can make and how you distribute those keys. So you can distribute them amongst semi trusted friends and family. At the ex treme end, we have people who are most concerned about nation state resistance. So if you really want to Then you can make, you know, pretty much all of these decisions are trade offs between convenience, uh, and security. And so the extreme end of securi ty , with very, very low convenience, is that we have some clients who literally distribute their keys in different countries, you know, preferably different countries Aren't on very good terms with each other. Uh, so you, you, you essentially have that, uh, jurisdictional arbitrage. But of course the downside is, uh, you know, some of our clients literally have to get on a plane or a boat or, or what have you, uh, in order to reach a sufficient quorum of their keys, uh, to sign with them. And then finally, uh, the last key is, uh, Casa. Emergency recovery key that's held offline, incredibly difficult to get access to. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 You basically have to request a signature from CASA and then depending upon what your tier is, you have different levels of authentication. At our higher level tiers, we can do some extreme customization of what your authentication parameters are. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 And does this involve calling a very special phone number and asking for a very special vacuum cleaner? \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 you know, we, we, we can in fact set up, uh, For example, instructions of like, you know, if you request a key, then we call or reach out to some other contact. Um, you know, we also have, um, on the higher tiers, uh, emergency lockdown, uh, mechanisms w here Um, you can specify ahead of time what actions we should take if you hit the big red button to do an emergency lockdown on your \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf19\\insrsid2425759 Luke:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Yeah, well, so, and on a practical level, the main thing here is that in a 2 or 3 setup, if I'm counting correctly, this means it's one physical key, one mobile key, and one emergency key, right? \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Yeah, we also support two physical keys if you want that, because there is a little bit of trust, like, if you don't want to trust that Casa isn't, you know, stealing the mobile key out of the app, then \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 you can use two hardware devices. Like I said, the downside there is that you More responsibility, uh, falls onto your shoulders to make sure you have good backups. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 So to clarify that, that's still a three out of five multisig, but you own two keys. And Cass Owens too. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 uh, well that was the two of three. The two of three setup. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Okay, okay, so, alright, I'm already lost here. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf19\\insrsid2425759 Luke:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 So you can do a 2 or 3 with, uh, would you take out the mobile app, or would you take out the emergency key? \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 the mobile app. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Yeah, there's always the emergency key. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Alright, alright. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf19\\insrsid2425759 Luke:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 yeah. I didn't know about that, actually. an interesting one. And then I guess the 305 is a whole other level. Yeah, we'll just keep Knut \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 But it's, it's, yeah, yeah, you're the organized one and all that. But like, what I'm seeing is like, is this a setup, uh, a three out of five where, where Casa owns two of the keys and, uh, you own two of them. Like, or is that, \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 It depends on what you think of as own. Uh, if you're, if you're \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 being \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 yeah, You can't really own a key at all. It's all you can do is memorize it. So, \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 uh, well from, from Casa's perspective, we don't have We don't touch your mobile \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 key, you know, like, it stays on your device, uh, the encrypted, the way the encrypted backup works is that, um, a, an encryption key is generated on your device that encrypts your mobile key seed phrase. The encrypted blob then gets stored onto your clo ud storage, so even if your cloud storage gets compromised by Apple or Google, they can't do anything with it because it's encrypted. The decryption key then gets sent to Casa and secured by an HSM that Casa controls, so it's kind of like a two of t wo setup, so, you know, if you lose your phone, if you get a new phone, What happens is you have to log into your Casa app and have to log into your cloud account and then what it does is it pulls both of those, the encrypted blob and the decryption key t ogether onto your device to be able to reconstitute it. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf19\\insrsid2425759 Luke:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 So it semi literally is that your phone is another hardware wallet with a fancy screen. Semi \\par }\\pard\\plain \\ltrpar\\s1\\ql \\li0\\ri0\\sb120\\sa260\\widctlpar\\wrapdefault\\aspalpha\\aspnum\\faauto\\outlinelevel0\\adjustright\\rin0\\lin0\\itap0\\pararsid2425759 \\rtlch\\fcs1 \\ab\\af0\\afs48\\alang1025 \\ltrch\\fcs0 \\b\\fs48\\lang1033\\langfe1033\\cgrid\\langnp1033\\langfenp1033 {\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Secure Elements on Phones \\par }\\pard\\plain \\ltrpar\\s16\\ql \\li0\\ri0\\sa360\\widctlpar\\wrapdefault\\aspalpha\\aspnum\\faauto\\adjustright\\rin0\\lin0\\itap0\\pararsid2425759 \\rtlch\\fcs1 \\af0\\afs28\\alang1025 \\ltrch\\fcs0 \\fs28\\lang1033\\langfe1033\\cgrid\\langnp1033\\langfenp1033 {\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Yeah, yeah, yeah, it uses the hardware, the secure element that's built into your smartphone and like, that's another Another one of our major theses, uh, you know, going forward is, um, that secure elements on phones are going to make, you know, applica tion of cryptography more practical. Um, this is something where, you know, when, um, when smartphones came out, And they made, uh, GPS available to the average person. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 You know, that's when a lot of apps like ride sharing actually became practical and a whole new sort of economy, uh, bloomed from that. And we think that the proliferation of secure elements on smartphones is gonna enable, uh, another sort of blossoming of new applications. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf19\\insrsid2425759 Luke:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Okay, let's take a, like, a little dip into this particular rabbit hole. What is a secure element and why are they prolifer \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Yeah, so, I mean, it's basically, uh, you know, a A chip, a piece of silicon that is in your device that is dedicated to really doing nothing more than keeping small pieces of data secure. Basically, keeping the data in that chip and not allowing it to b e extracted. And then, you know, at the sort of application programming layer, you know, the operating system can interface with that chip. It provides APIs to higher level applications that can then request to interact with the chip, but there's no way for them to request to actually extract the data. You can only, you know, send requests to, uh, to actually make use of whatever is in that chip. So, um, I don't know the detailed history of how this came about being, but I suspect it was probably ju st related to, uh, The fact that, um, phones need to have some ability to do secure operations, whether that's like the biometrics of unlocking the phone itself, or, um, you know, commonly with the, the key rings, uh, password management at the operating system level, they're going to make use of secure elements. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 So, it's just, um, you know, it's a, you can think of it as a, um, hardware security device that's just built into the phone. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 So does every phone on the market today have a secure element or like almost \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 I think some of the cheaper Android phones do not. Uh, pretty much all of the iPhones should, uh, any of the, uh, Android phones that are like more than a few hundred dollars should have secure \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Yeah, so, so, Samsung, Google, what about something like Xiaomi, isn't that the cheap Chinese version of \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Yeah, \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 I \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 don't know, off the top of my head, I know that we have, Um \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 fun staying poor. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 We have, you know, specific things that we require to be, you know, enabled at the hardware and operating system level on Android phones in order for the Casa app to actually run. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf19\\insrsid2425759 Luke:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Is this, uh, that you can't even install it if your phone doesn't have these capabilities or you just don't get the mobile key option? \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Uh, I think the app probably refuses to run at all. Uh, it's, but it's not even an issue that I think we've ever had come up because it's only really the cheapest and cheapest of phones. So I think that the people that are using those phones probably wou ldn't be able to afford our service in the first place. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf19\\insrsid2425759 Luke:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Okay, um, yeah, that's what I was going at, you executed better. Um, the, the, \\par }\\pard\\plain \\ltrpar\\s1\\ql \\li0\\ri0\\sb120\\sa260\\widctlpar\\wrapdefault\\aspalpha\\aspnum\\faauto\\outlinelevel0\\adjustright\\rin0\\lin0\\itap0\\pararsid2425759 \\rtlch\\fcs1 \\ab\\af0\\afs48\\alang1025 \\ltrch\\fcs0 \\b\\fs48\\lang1033\\langfe1033\\cgrid\\langnp1033\\langfenp1033 {\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Backups \\par }\\pard\\plain \\ltrpar\\s16\\ql \\li0\\ri0\\sa360\\widctlpar\\wrapdefault\\aspalpha\\aspnum\\faauto\\adjustright\\rin0\\lin0\\itap0\\pararsid2425759 \\rtlch\\fcs1 \\af0\\afs28\\alang1025 \\ltrch\\fcs0 \\fs28\\lang1033\\langfe1033\\cgrid\\langnp1033\\langfenp1033 {\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf19\\insrsid2425759 Luke:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 returning back a little bit to something else you mentioned was backups. And a system like multisig generally, but I think slightly more like CASA specifically, uh, one of the features that I understand about this is that you don't really actually need t o backup your seed phrase. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf19\\insrsid2425759 Luke:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 It's, the idea is you lose a key, well, then you just reconstitute your multisig Is that, is that the solution? Am I, am I getting that right? \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Yeah, so part of it is due to the nature of the automatic backups, right? So if you're using the mobile key, that's automatically backed up. The CASA key, of course, has multiple redundant backups. And so then the question is, what's the state of your ot her keys? Now, in a 3 of 5, you do probably want to back up one of the hardware devices so that you have That threshold, uh, setup. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 So basically because the, uh, the extreme edge case failure scenario in a 3 of 5 is like some Carrington event. Just wipes out all of your electronics and wipes out all of your hardware devices. So if you didn't have some sort of offline backup, then you would be down to two keys, which is problematic when you need three. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Um, so, um, you know, it's still, it's It's always preferable, I think, to have backups, but this is what it comes down to, this, you know, convenience trade off of what are people willing to do, because especially creating steel backups can be a pain, u h, especially if you're doing the stamping type of backups, I really hate doing those. But, \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 You need a good hammer. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 the nice thing, though, about having, uh, like, metal backups that are part of a multi sig wallet, So, Is that you don't have to worry about a physical, like an evil maid attack, or a physical attacker getting a hold of one of those backups. As long as t hey're geographically distributed, because if they get one of your seed phrases, they can't actually do anything. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 This is, those metal plates, uh, I think there's around 70 companies making them. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 At \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 And, and, um, uh, so, so disclaimer, we're we're sponsored by one of them, So anyway, uh, the, the, the whole thing, I, I think that paradigm is, I'm not entirely sure that it will be the same way in a hundred years from now because it's such a while. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 It, it provides you with another level of security. It also, it also provides you with an extra attack vector because once you've. Put the seed on the plate. It's kind of hard to destroy the plate. That's the whole point. Like a piece of, \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 about that recently. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Oh, Oh, you did. Okay. Can you go into that? Like, that's a reason to prefer a piece of paper with, \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Um, no, not necessarily. Not if you choose the right backup. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Um, so the short version, the takeaway from my presentation, because as you know, one of my many projects was, like, destroying all of these metal \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Oh yeah. Yeah. Remember that? \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 How robust are they? Um, and so, uh, recently, like in the past year, I had a situation where I needed to destroy a metal backup. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Um, because, uh, I wanted to split it. I wanted to split it and, you know, seedsore it, basically, into multiple, uh, pieces. Backups, so that there was no single point of failure, um, and what I determined was that, uh, that actually, like, my, my gener al advice on backups, which is to use, like, a single steel plate with the center punch, the, the divot mechanism, um, it turns out those are actually the best, not only for creating, but also for destroying, because, um, I had, uh, I had both a sta mped, you know, letter stamped backup, and I had an etched backup. And when I went to destroy them, I mean, you can't actually destroy the media that it's on. Um, you know, you'd probably have to have like a furnace that does 5, 000 or 10, 000 degrees or something in order to be able to melt it. Uh, and, and, you know, destroy the whole thing. So instead, what you end up doing is, uh, you know, trying to overwrite or erase or you make it illegible. And so on the stamp one, I'd have to like, you know, hit, u h, I had to put 50 different stamps in the same spot so that like each letter was just completely, uh, illegible. Uh, and then, you know, with the etched one, I had to, you know, put on my, uh, my ear protection and get out the Dremel and just sit there f or like an hour, back and forth, back and forth, back and forth. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 It was extremely unpleasant to go through both of these. And then I realized, well, if you have the grid with the straight punches on them, You just punch every other, you know, part of the grid. It takes, like, two or three minutes, and you're done. It' s, it's become similarly illegible because you can't tell the difference between, like, what the original divots were and what the new divots are. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 And there's no, like, carbon 14 method of, of, of, like, figuring out the age of each punch, I guess. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 I doubt it. I mean, maybe a nation state attacker might be able to do something on that level. But, yeah, I'm a Bitcoin \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf19\\insrsid2425759 Luke:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Yeah, because it's funny that you mentioned, well not funny, but you mentioned nation state attacker, because one of the concepts in cyber security basically is that somebody with unlimited resources and unlimited time will actually defeat you, will actu ally defeat you, and so it's really about putting up as much, as many barriers as possible, but also not putting up Being a target, not becoming a target. \\par }\\pard\\plain \\ltrpar\\s1\\ql \\li0\\ri0\\sb120\\sa260\\widctlpar\\wrapdefault\\aspalpha\\aspnum\\faauto\\outlinelevel0\\adjustright\\rin0\\lin0\\itap0\\pararsid2425759 \\rtlch\\fcs1 \\ab\\af0\\afs48\\alang1025 \\ltrch\\fcs0 \\b\\fs48\\lang1033\\langfe1033\\cgrid\\langnp1033\\langfenp1033 {\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Physical Security \\par }\\pard\\plain \\ltrpar\\s16\\ql \\li0\\ri0\\sa360\\widctlpar\\wrapdefault\\aspalpha\\aspnum\\faauto\\adjustright\\rin0\\lin0\\itap0\\pararsid2425759 \\rtlch\\fcs1 \\af0\\afs28\\alang1025 \\ltrch\\fcs0 \\fs28\\lang1033\\langfe1033\\cgrid\\langnp1033\\langfenp1033 {\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf19\\insrsid2425759 Luke:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 And so this is, yeah, well maybe we'll get back to some of these other, uh, points here. But this is a whole other rabbit hole, basically. The, uh, the whole thing of, of OPSEC in, uh, in the physical security world, basically for, for Bitcoiners these d ays, I mean, literally everyone who is a public bitcoiners is now a target to some degree, as in they probably have some Bitcoin. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf19\\insrsid2425759 Luke:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Uh, now, I mean, who knows? Maybe, maybe, maybe Newton and I, uh, really have zero Satoshis between the two of us, and we're just, I don't know. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Of course we don't, \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 And neither does Jameson, the most famous Bitcoin privacy \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf19\\insrsid2425759 Luke:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 you, you, you only have a Bitcoin test, net Bitcoin, but, uh, right. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 testnet whale. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf19\\insrsid2425759 Luke:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 yeah. Yes. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf19\\insrsid2425759 Luke:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Very good. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf19\\insrsid2425759 Luke:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Very good. There you go. There you go. That's good to, yeah. Uh, but, but, uh, so, so the thing is, what, what are the, what are the concerns about, uh, opsec basically, and what are some of the ways that, that an individual can, can, uh, increase their privacy? \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf19\\insrsid2425759 Luke:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Um, what is it? Minimize their privacy footprint. I'm trying to footprint something \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Oh yeah, yeah, \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 yeah. Decrease their \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf19\\insrsid2425759 Luke:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 decrease your privacy \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Not your privacy, privacy footprint is sort of an oxymoron, isn't \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf19\\insrsid2425759 Luke:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 It's something like that. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Yeah, just your footprint in \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 general, whether it's online or meatspace. The right way to approach it is to not make the mistake that we've all made, which is to use our real names and faces, uh, \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 when you're talking about Bitcoin. Uh, so, you know, the best way to do it is really to take the Satoshi method of, like, if you really want to engage in the space, then just use a nym and, you know, don't reveal Uh, personal identifiable information. Uh , but if you do start to reveal aspects of yourself, then you have to understand that they probably can and will be used against you at some point. So now you have to start thinking more adversarially about how might it be used against you, and, uh, what what types of attacks might people use against you, how, How difficult is it to find you on a day to day basis when you might have your guard down and be vulnerable? \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Um, you know, just a couple of days ago, the CEO of a company in Toronto got kidnapped in broad daylight, probably as he was, like, leaving his company headquarters, um, and was held ransom for a million dollars. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Oh, yeah, yeah. There's a flip side to that coin, though. They can be used against you, but they can also be used for you. Like, there's a point to being public, too. Like, there's a security, even a security point to it, because you have The more powerf ul friends you are, the more protected you are by them. Or say if you run into legal trouble, you have a \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Yeah, reputation, Reputation is a form of currency, \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 it is. And I think that's important going into the future too. Like, reputational capital is like the only, that is the second best. Like, there is a second best, and it's your reputational capital, I \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Fair. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf19\\insrsid2425759 Luke:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 So, are there any other practical things that people can do other than trying to not use their real identity? Like, what if somebody has made this mistake, like all of us? \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Uh, yeah, so If you're worried about wrench attacks, then you need to look into how difficult it is to find where you live. Because that's where most people are going to get targeted. People tend to feel safe in their home. And so then, if it's easy to f ind where you live, and this is going to vary depending on if you own publicly registered property versus renting, it's going to vary from jurisdiction to jurisdiction depending upon the laws there, like, don't live in Sweden, for example. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 I took that security measure. Yeah. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 because they require you to publish everything, is my understanding. And so Um, you know, if, if you're going to choose to live in a place where you can't have privacy, then hopefully you can have stronger physical security. Um, but I think a lot of peop le in this space have not properly prepared their physical security commensurate to their risk profile, especially those of us who are higher profile. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Like, Look, Michael Saylor, he has a correct level of security. I have seen it with my own eyes, but I think a lot of other of us who aren't quite at that level do not have the right level of security, and that's why I think that we're going to keep seei ng these physical attacks happening and actually accelerate along with the exchange rates. Because, this is the nature of security, you know, as, as the, the value of targets continues to increase, then it's going to attract more attention from the criminal element who are going to want to test the waters and figure out what is the return on investment of, uh, trying out these new attacks. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Yeah. So two things there. First of all, inflation fixes the, the, 5 wrench attack because no one can afford a 5 wrench anymore. Uh, but the other thing that I want to double click on is the Sweden thing. Uh, the whole thing that lead led up to that you having to reveal basically everything in Sweden is something called Offentlighetsprincipen which is like comes from. The fact that the country hasn't been at war for like 300 years, officially at least. And so this has led to an extremely high trust in institution, but also In the institutions trusting the people to a large extent, so the whole point of that law is to make everything transparent, including all the government stuff, which is the good part about it. What they leave out is like, in the in ternet age, it's super dangerous, because all the data is there, you can see exactly how much people own and where they live. And you can, and now when crime rates are skyrocketing in Sweden, it's, it's extra bad. And there, there are some cases of, of, o f people having been attacked and it's been quite nasty. So, uh, it's not a recommended practice. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Yeah, so unfortunately, like, you have to get adversarial and, uh, Preferably, you know, find someone like a private investigator, someone who is, uh, used to tracking people down for a living and figure out like how hard is it to track you down because if someone, I would say in the United States, for example, you can track most people down for 50 bucks and that's just due to the level of corporate surveillance that happens in America, uh, with data brokers, uh, Uh, you know, you, you pay 50 bucks to any of these data brokers and you can find almost anybody who is like living a default American lifestyle. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf19\\insrsid2425759 Luke:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 That was scary. \\par }\\pard\\plain \\ltrpar\\s1\\ql \\li0\\ri0\\sb120\\sa260\\widctlpar\\wrapdefault\\aspalpha\\aspnum\\faauto\\outlinelevel0\\adjustright\\rin0\\lin0\\itap0\\pararsid2425759 \\rtlch\\fcs1 \\ab\\af0\\afs48\\alang1025 \\ltrch\\fcs0 \\b\\fs48\\lang1033\\langfe1033\\cgrid\\langnp1033\\langfenp1033 {\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Bitcoin and Physical Security \\par }\\pard\\plain \\ltrpar\\s16\\ql \\li0\\ri0\\sa360\\widctlpar\\wrapdefault\\aspalpha\\aspnum\\faauto\\adjustright\\rin0\\lin0\\itap0\\pararsid2425759 \\rtlch\\fcs1 \\af0\\afs28\\alang1025 \\ltrch\\fcs0 \\fs28\\lang1033\\langfe1033\\cgrid\\langnp1033\\langfenp1033 {\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf19\\insrsid2425759 Luke:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Is there anything that can be done on the Bitcoin layer to solve this? Anything that would minimize the effects of one of these 5 wrench attacks? \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Well, yes, uh, though, uh, some people get a little bit confused because I think they conflate two separate problems. There is the problem of securing your Bitcoin. And then there's the problem of securing your Bitcoin. Your physical body. Uh, so, um, yo u know, this is one of the big pushbacks that I get, uh, when I, I talk to people like about multisig and about Casa and they're like, well, but they can, even if I have my keys geographically distributed, you know, they can torture me or, uh, they can ta ke my child hostage and hold them ransom and, and then I have to go around and I'm like, yes. Like we, we cannot. We can't protect you against the single point of failure that is our physical forms. Maybe in a hundred years we'll be able to have, you know, some sort of Transhumanism stuff, \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 yeah, but as of today, yeah, single point of failure in your body, and so that is a very different type of security that has, you know, different solutions that you should put into place in addition to securing your bitcoin. So, you know, the short versi on is how do you protect against a five dollar wrench attack? Well, the only way to do that, when you're focused on your Bitcoin security, is to understand that your body is a single point of failure. And so, if you can be coerced, into sending your bitcoin because you're being tortured or whatever, then that's going to happen. Uh, so, that's why it's important, if you want to be protected against this, is to put your keys, like, sufficiently far enough away and in different physical security setups that it's just not feasible for an attacker to coerce you into doing that. Because they would literally have to take you hostage and keep you for a long time. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 And like attackers want to have to do that. They want to be in and out as \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 No, no, taking you hostage and then putting you on a plane and sitting next to you is kind of hard. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 We're having to get through like security to get into a safety deposit box at a bank or some sort of other high security institution where you might keep one key. Um, but yeah, so the, the flip side of that, of course, is that, um, if it's, if it's a lov ed one who has been taken hostage, then, uh, you are perfectly capable of going around and doing those things, and so that's why, you know, you need a different set of privacy and security for your family to prevent this from happening in the first place. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf19\\insrsid2425759 Luke:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Or, or just don't love anyone. I definitely recommend that option. It's an interesting thing, and I really wonder how this is going to play out into the future. Do you have any thoughts on this as basically number go up towards, I don't know if you have a price target lately or something, but we're at all time high at time of recording, literally, like it happened last night. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf19\\insrsid2425759 Luke:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 So, I mean, if this thing keeps doing what it's going to do, uh, do you see these risks as only increasing as well when numbers go up? \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Yes, uh, because, it's almost like a, a herd inoculation mindset, and, and what I mean by that is, As more and more bitcoiners successfully wrench attacked, that teaches the criminal element that this is a good return on investment, and therefore they're going to invest more into those attacks. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Um, I do not foresee wrench attacks decelerating. Until more of them start failing. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Including governments, they, they are the wrench attackers, like, uh, and if they're successful and you're giving up parts of your Bitcoin to them, then that, that tells them that that was a, an attack worth doing. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Yeah, so as of today, um, I have 171 physical attacks that are cataloged on my project. There have been a lot more than that, because I suspect actually that the majority of attacks never get publicized, because the victims are too afraid to talk about i t, and they're afraid that talking about it will make them And there is a legitimate fear there, because there have been people who have been attacked multiple times, but, um, you know, until we see more failures, and we've only, I think, seen two s uccessful defenses out of that 171, um, and I think both of those, I think both of those were in, no, no, one was in Florida and one was in California, and both of those were because The, um, the victims had guns and they started shooting at the attackers . \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Um, yeah, that's not, maybe not the most preferable scenario to end up in. And so, so, um, okay. So yeah, I've, I've written a lot about like how, how Bitcoin Reduces the profitability motive of, uh, aggressive behavior from a very certain perspective. A nd that is that, uh, you cannot know how much bitcoins, uh, or how many Satoshis rather another Bitcoin, uh, another person owns. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 And that's true for everyone on earth. You can make an educated guess, but you cannot absolutely know it. So you can have, you can give up parts of your Bitcoin. You can have dummy wallets and stuff like that. But the attacker can't really prove that he got all the bitcoins out of the, the victim or all the SATs outta the victim. So, so, uh, and from those attacks I know of in Sweden, they've, they've attacked, uh, not Bitcoiners, but like crypto people and simply pointed a gun at their heads and, and , and use the password for your. Take the coins off the exchange. So like the first step, like always, like not your keys, not your coins. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Like that, that's, that's the, that's the easy one \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Yeah, and we've seen, um, for example, um, there are certain types of organized crime that are getting into this. Um, and so, for example, in South America, uh, this has happened for a while. There are types of organized crime that Basically, employ wome n to go on dating apps and, you know, date the gringos that are visiting and slip them drugs that make them compliant. And traditionally, they would just, you know, steal all of your valuables that you had on you. But those gangs have started learni ng, oh, Get him to open up his, uh, app on his phone, open up, look for all of his exchange accounts and, you know, drain all of those exchange accounts and, and possibly any, you know, single SIG hot wallets that are on the phone while you're at it. Um, we've, I think we've also seen some organized activity mostly in the, like, Philippines area where it seems to be Russian. Mafia that is going down there and targeting, uh, like expats. Uh, so, \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 using girls, \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 uh, no, in those cases, it seems like they somehow just have information about Russians who have left the country because they're crypto \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 rich \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 it's not from Russia with the country. Yeah. Yeah. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 the don't love anyone. It's still a thesis still holds. Yeah. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf19\\insrsid2425759 Luke:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Yeah, something like that. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf19\\insrsid2425759 Luke:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 I don't want this, I don't want that to be the actual takeaway from this episode. So, um, uh, maybe we can turn this around a little bit. \\par }\\pard\\plain \\ltrpar\\s1\\ql \\li0\\ri0\\sb120\\sa260\\widctlpar\\wrapdefault\\aspalpha\\aspnum\\faauto\\outlinelevel0\\adjustright\\rin0\\lin0\\itap0\\pararsid2425759 \\rtlch\\fcs1 \\ab\\af0\\afs48\\alang1025 \\ltrch\\fcs0 \\b\\fs48\\lang1033\\langfe1033\\cgrid\\langnp1033\\langfenp1033 {\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 What Jameson is Excited About \\par }\\pard\\plain \\ltrpar\\s16\\ql \\li0\\ri0\\sa360\\widctlpar\\wrapdefault\\aspalpha\\aspnum\\faauto\\adjustright\\rin0\\lin0\\itap0\\pararsid2425759 \\rtlch\\fcs1 \\af0\\afs28\\alang1025 \\ltrch\\fcs0 \\fs28\\lang1033\\langfe1033\\cgrid\\langnp1033\\langfenp1033 {\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf19\\insrsid2425759 Luke:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 What, what are you excited about in Bitcoin these days? What's making you optimistic? Hopefully not nothing. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Not nothing. Um, I mean, you know, I'm a technologist. I. I do like that we seem to be having more innovation happening, more proposals happening within Bitcoin. You know, there's the whole Layer 2 explosion, which is a whole other rabbit hole. But, um, the past few years, I think, have been pretty good for Bitcoin. Um, but I also see a lot of problems, long term future problems, that I'm starting to talk about. Uh, because I think there's still a ton of room of, for improvement, that, uh, I'm, I'm worried about complacency, um, I'm worried about us resting upon our laurels because we have succeeded so much, um, and there's many different issues here, um, but, the, the ETFs and the institutions and stuff, It's really a double edged sword. Great for Bitcoin price, uh, great for getting, uh, you know, new big names and proponents in, um, I mean, it's There's, you know, no small number of people now who are, like, direct advisors to the next president of the United States that are orange pilled. And s o, even though, you know, I don't believe that Trump really understands Bitcoin, it's not, it's not really about him. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 It's about all the people whispering in his ear, and how that is gonna affect the future trajectory. And so that's, you know, that's good in a sense, but But it's also bad because there's a lot of centralization pressure, I think, that comes with the ins titutions and the ETFs and that can have long term consequences to like the governance and and the future evolution of Bitcoin as a protocol and as how people use Bitcoin. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf19\\insrsid2425759 Luke:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Yeah, like, what I'm going to talk about tomorrow in my talk is, is we can't know that Bitcoin is going to succeed in its current form. Basically, it might. There's people who are all like, if Bitcoin is actually anti fragile, it's just going to work, bu t that doesn't necessarily play out, especially if you actually know about the technology and the protocols, so yeah, I certainly echo the vigilance side of this, yeah. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Yeah. And complacency is The main villain here, I think, like my view on this is, uh, like people will have to understand that Bitcoin is not really backed by energy. It's backed by human action and human incentives. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 It's not a wall of encrypted energy. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 no, it's not a wall of encrypted energy. Uh, there's a wall of encrypted energy somewhere, maybe if you have a wild imagination, but, but that is only there because people acted in a certain way. So, so, and the, I think that these misconceptions are the widespread, like the, everything is in Bitcoin is probabilistic, right? And, and holding a key. It's not owning something or even possessing something, it's just having a, it's access to a string of information. And the reason you trust, you, you, you, y ou view that as owning a Bitcoin, is that, you know how, how in infinitesimally. Is that the word? Uh, small. The odds are that someone else owns the same string of information, and same with the 21 million finite cap and all the, the rule set and the block size. Even, you know that the, the odds that this is ever going to change are also infinitesimally small. So that's why you believe in this rule set and that's why you believe that this thing, uh, is robust enough to last forever or. Trending towards for ever. So, uh, so I think that there's a lot of confusion there, uh, especially when you get these boomer institutions in, into the space, like the ETFs and whatnot. \\par }\\pard\\plain \\ltrpar\\s1\\ql \\li0\\ri0\\sb120\\sa260\\widctlpar\\wrapdefault\\aspalpha\\aspnum\\faauto\\outlinelevel0\\adjustright\\rin0\\lin0\\itap0\\pararsid2425759 \\rtlch\\fcs1 \\ab\\af0\\afs48\\alang1025 \\ltrch\\fcs0 \\b\\fs48\\lang1033\\langfe1033\\cgrid\\langnp1033\\langfenp1033 {\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 The Biggest Upcoming Issues \\par }\\pard\\plain \\ltrpar\\s16\\ql \\li0\\ri0\\sa360\\widctlpar\\wrapdefault\\aspalpha\\aspnum\\faauto\\adjustright\\rin0\\lin0\\itap0\\pararsid2425759 \\rtlch\\fcs1 \\af0\\afs28\\alang1025 \\ltrch\\fcs0 \\fs28\\lang1033\\langfe1033\\cgrid\\langnp1033\\langfenp1033 {\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf19\\insrsid2425759 Luke:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 What do you think is the biggest upcoming issue that needs to be solved or dealt with? for listening. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Uh, well, I'm a technologist, so for me, it's, um, it's seeing people wanting to do more permissionless innovation and it being just really difficult, right? \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Isn't that the point though? \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 yeah, I mean, it's supposed to be difficult to change Bitcoin, um, but For the past 10 years, we've been talking about, oh, you know, we just build other layers on top of Bitcoin. And I think what has been missed by a lot of people is that sometimes in o rder to build other layers, you, you need the basic building blocks on the base protocol. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 That's what Segwit was. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Yeah. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 yeah, well, you know, we enabled, we did three different soft forks to enable lightning networks. Um, and, \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 no hard fork. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 yeah, yeah, um, and, uh, so, kind of, to get back to your question of, like, things that I really like, um, I'm, I'm pretty bullish on Rusty's great script restoration project, I think there's a lot of potential there, I think that could also boost, uh, permissionless innovation, make it easier for people to actually build second layers, because you, you look at a lot of the second layers that are being built right now, and they're just making, you know, Really weird trade-offs. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Either they're like a federation or like fully custodial, um, or they're doing, they're having to do like crazy game theory. I don't know if you saw the paper that came out yesterday for how, how to enable covenants on Bitcoin without a soft fork. And es sentially it has to do with hash collisions, and having to expend millions of dollars worth of energy to collide hashes together, like, \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 these But is that really categorized as a layer two though? Like, uh, Bitcoin. Bitcoin being used for other use cases than the monetary use case. I wouldn't, I wouldn't call that a layer 2. I would call that a, an offside project, \\par }\\pard\\plain \\ltrpar\\s1\\ql \\li0\\ri0\\sb120\\sa260\\widctlpar\\wrapdefault\\aspalpha\\aspnum\\faauto\\outlinelevel0\\adjustright\\rin0\\lin0\\itap0\\pararsid2425759 \\rtlch\\fcs1 \\ab\\af0\\afs48\\alang1025 \\ltrch\\fcs0 \\b\\fs48\\lang1033\\langfe1033\\cgrid\\langnp1033\\langfenp1033 {\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Are Layer 2s Spam? \\par }\\pard\\plain \\ltrpar\\s16\\ql \\li0\\ri0\\sa360\\widctlpar\\wrapdefault\\aspalpha\\aspnum\\faauto\\adjustright\\rin0\\lin0\\itap0\\pararsid2425759 \\rtlch\\fcs1 \\af0\\afs28\\alang1025 \\ltrch\\fcs0 \\fs28\\lang1033\\langfe1033\\cgrid\\langnp1033\\langfenp1033 {\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Yeah, no, no, Covenants itself, uh, well, that itself is not a Layer 2, but you could use Covenants, I think, to build Layer 2s, though that specific type of Covenant I think is way too Impractical and expensive to actually make use of, uh, but, uh, so, you know, look at, I think BitVM is a very interesting example of this, of like, how do we enable more generalized computation without changing the Bitcoin protocol, and it, it gets really complicated. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 But why? \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Because builders want to build. I \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 mean, that's but builders could build on Nostr instead. They've got Nostr to nerd out on now. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Uh, \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 it's two different things. Um, or, or, you know, one that I like because, uh, there's actually several former Casa employees working their, uh, botanics, uh, and their spider chain concepts. Uh, basically, they were trying to figure out a, a way to, to d o a, um, a permissionless two way peg. Between Bitcoin and sidechains. And it's a very interesting idea that's complicated as hell. I did a whole write up on it like a year ago. Um, and it's gonna take a lot of work to kind of fine tune all of the e conomic and game theory parameters around it. Because the short version is the spider chain is like It's almost like a blockchain of multisigs. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 It's like a series of connected multisigs where you have many different people who are signers on different overlapping multisigs and it's like, it's way too complicated to try to explain it. Uh, in, in a short period of time, but, like, that's the type of gymnastics that developers are having to go through in order to try to build better layer \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 But what is the real world problem that spiderchain solves? \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Uh, well, so, the, the problem is that people want to be able to do decentralized finance, whatever you call \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Yeah, no, no, no, yes. But how is that solving a real world problem? \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 I mean, you could argue about whether or not people need it, right? Uh, so, the question is, Is the, like, decentralized finance world and applications that people are doing on other networks, like \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Ethereum, Solana, whatever, should we be able to do that in a more Bitcoin native fashion? \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Yes. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 So, should we be able to have pegged sidechains with that functionality, but without changing Bitcoin itself? \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Yeah. And, uh, my answer would be no. But I know that, \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 uh, is market demand \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 yeah, yeah, there are differences of opinion here and I don't decide and no one else decides either. But, but, and there might be a market demand for it. Uh, I think though, the, the, the danger in going, going down those rabbit holes is that Anything yo u do that takes away. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 So just like the gold being used for jewelry or being used for industrial use cases, that sort of chips away at gold's functionality as a store value or as money. And I think the same is true for Bitcoin. If you mess with incentives, you might mess with Bitcoin's function as money. And Bitcoin's function as money is so crucial to the whole system. That's what the whole system is built upon, that the satoshi is worth something. And that anything else is, like, the whole system is built around the scarc ity of the satoshi. Not, not the function, not the other stuff. So that's why I argue for all of these things being, you know, red herrings at best. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 I guess, I mean, I think one counterpoint to that would be that if you're doing, like, actual native pegging of satoshis from base chain into other chains, then that scarcity is preserved. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Like, the problem that I have right now is that, you know, everybody's using wrapped bitcoin on these other networks. So they're just putting all of the satoshis into a single custodian. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Who could be, you know, issuing more IOUs than they actually \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Yeah, so you're saying the incentives are already being messed Oh yeah. yeah. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf19\\insrsid2425759 Luke:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Yeah, \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf19\\insrsid2425759 Luke:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 I'll, I'll take, I'll take the devil devil's advocate. Point on, on this one, and, and actually I, I kind of, sort of believe this one is that, is that people are going to do these things if they want to do it, and I would rather that they just fuck off and go to the other chains and, and do that. And so, and, and so, so I don't actually mind the idea of a wrap Bitcoin or, or something else. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf19\\insrsid2425759 Luke:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 If someone wants to do that and they send their Bitcoin to some other place and then they go shit coin as much as they want. Okay. They're, they're free to do that. And I don't think, and I, I think what the key point that. What I agree with is if it doe sn't change Bitcoin, if we're not doing anything to enable this, and it doesn't increase the transaction volume, it doesn't bloat the UTXO set, it doesn't add dickbutts onto everyone's nodes, then I actually don't see a \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 problem is where you draw the line. What, what, what do you categorize as changing Bitcoin? Because if the incentive structure around it is changed, it is changed in a very indirect way, but, but it's still changed, which is what I thought. Think we, we' ve seen with the spam and stuff like \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf19\\insrsid2425759 Luke:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 But if somebody just has, literally, you send A-U-T-X-O to another UTXO and through that you get the ability to do your shit coining somewhere else. I, I don't, I don't think there's anything there. Like, I'm not gonna do it. And I mean, there is an actu al, there is an actual thing here. Like for example, if someone's using opera turn for this right? \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf19\\insrsid2425759 Luke:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 To, to, to have some data to, to track what's going on here. Well. That could be filtered out by something like the zero data template that Ocean just has out now, or Datum, or something like that. That's actually, that's actually possible, and I think t hat's where we can have a debate, but I, I don't actually see a problem. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf19\\insrsid2425759 Luke:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Unfortunately, taking the devil's advocate a little hard \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 here, I, I, I, \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf19\\insrsid2425759 Luke:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 of just sending one UTXO to another UTXO. That, that's, people, if people are going to do it anyway, right? \\par }\\pard\\plain \\ltrpar\\s1\\ql \\li0\\ri0\\sb120\\sa260\\widctlpar\\wrapdefault\\aspalpha\\aspnum\\faauto\\outlinelevel0\\adjustright\\rin0\\lin0\\itap0\\pararsid2425759 \\rtlch\\fcs1 \\ab\\af0\\afs48\\alang1025 \\ltrch\\fcs0 \\b\\fs48\\lang1033\\langfe1033\\cgrid\\langnp1033\\langfenp1033 {\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Changing Bitcoin \\par }\\pard\\plain \\ltrpar\\s16\\ql \\li0\\ri0\\sa360\\widctlpar\\wrapdefault\\aspalpha\\aspnum\\faauto\\adjustright\\rin0\\lin0\\itap0\\pararsid2425759 \\rtlch\\fcs1 \\af0\\afs28\\alang1025 \\ltrch\\fcs0 \\fs28\\lang1033\\langfe1033\\cgrid\\langnp1033\\langfenp1033 {\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 So. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 the whole issue of changing Bitcoin, I think, is a pretty touchy topic. Like, \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 I, well, so I get triggered, uh, actually, as a part of the ossification debate with, you know, if we ossify the protocol, then Bitcoin doesn't change, it's gonna be safe. Uh, but the problem is the rest of the world does not ossify, and so we've already seen this happening, both in Bitcoin and with other network protocols, that the protocol itself may not change, but the nature of how people interact with the protocol changes, and so my favorite example, of course, is SMTP, the email protocol, whe re, let's ask ourselves, is email a success? \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 I would say no because it, it got super centralized. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Yeah. But see. We have a very nuanced, sophisticated view of this. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 You ask. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 the man on the street, and \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 they'll say, Oh, I use email every \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 day. It's great. They don't even know that they're not using \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 no, no. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 That can totally happen to \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 And TCP IP, TCP IP four that they've been trying to upgrade to the version six. Isn't that a thing also like never happens because people are used to the old shit. Yeah, no, there are arguments to be made. I mean, ossification is an interesting word beca use. I'm for it when, when we're done and we're done at some point. I don't know when the point is and I don't think anyone else does either. And the whole point of having Bitcoin being hard to change is that sort of nature will tell us when we're done . And if we fucked up, we fucked up. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 I think it's pretty obvious that Bitcoin is already very hard to change, and it's entirely possible that we have already ossified. We won't really know for sure for a while. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 No, and that may or may not be a good thing. It's, it's definitely going to be a problem in what's the year, like 2094 or something where it's predicted that this. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Yeah, the timestamp issue, though, I really think that quantum computing is going to be an issue before that. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Oh, the quantum computing fund. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf19\\insrsid2425759 Luke:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Let's save this for next \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 time. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Yes, exactly. Exactly. That's a let's go into compute, quantum computing next time. Jameson, thank you \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Yeah, you bet. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 great conversation and, enjoy the rest of the conference. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf19\\insrsid2425759 Luke:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Yeah, thanks a lot, Jameson. This has been a great conversation. I'll add slightly more words to the outro than this, but yeah, really great to have your perspectives on the security. I don't think we've had like a security person like quite so hard in a really long \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Well, you are a security person, aren't you? Oh yeah, Well, \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf19\\insrsid2425759 Luke:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 well we haven't, \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf19\\insrsid2425759 Luke:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 not a guest, but no, but this has been awesome, so thanks a lot for this. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf19\\insrsid2425759 Luke:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 We'd love to do it again and continue having these deep conversations, so thank you again, Jameson. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Anyway. You want to send our listeners like casa, I guess \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf20\\insrsid2425759 Jameson:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 well yeah, you can check out CASA. It's C A S A dot I O. Uh, check out my resources at bitcoin. page. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Bitcoin page. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf21\\insrsid2425759 Knut:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 Alright. \\par }{\\rtlch\\fcs1 \\ab\\af0 \\ltrch\\fcs0 \\b\\cf19\\insrsid2425759 Luke:}{\\rtlch\\fcs1 \\af0 \\ltrch\\fcs0 \\insrsid2425759 has been the Show. 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6b8cfb40db01feffffff00000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000ffffffffffffffffffffffff00000000000000000000000000000000000000000000000000000000 00000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000ffffffffffffffffffffffff0000000000000000000000000000000000000000000000000000 000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000ffffffffffffffffffffffff000000000000000000000000000000000000000000000000 0000000000000000000000000000000000000000000000000105000000000000}}Luke: Jameson, welcome to the Bitcoin Infinity Show. Thank you for joining us. Jameson: Great to be here. Knut: Welcome. we just saw a panel about, Bitcoin security, moderated by Luke with you and two other guys there. I was sitting there listening to it, trying to, my inner Bitcoiner was screaming. It's just information for fuck's sake. Like you can't really own these things. Knut: they're information. Misunderstandings About Bitcoin Knut: So, what's your take on, what do people misunderstand about Bitcoin the most? Jameson: Oh dear, this is a tough one because, Bitcoin is kind of like a mirror, right? It's like you gaze upon Bitcoin and it tends to reflect back upon you what your own biases and skills and personal life and perspective are. it varies from person to person, if you're. More on the, Austrian economics side, then you're gonna see more of the economics stuff. If you're a computer scientist like me, you're gonna see a neat protocol and data store and decentralized peer to peer network that you can do all kinds of stuff with. So it really comes down to each person. Jameson: I would say though, we're at the point now where, Bitcoin is so mainstream that most people only look at it as an investment. So I think that the average person misses out on a lot of the cypherpunk ideals, the history of the struggles that led us to where we are today. And to most people, they probably think that Bitcoin just appeared out of thin air and it's this, magic internet money that will make you rich. Knut: This is one of the biggest challenges, I think, to bridge these worlds between the computer nerds and the Austrian economics nerds. Because the computer nerds need to tell the Austrian economics nerds how the thing actually works. But the Austrian economics nerds need to tell the computer nerds why money has a very important function and other shit doesn't in the same way. Knut: And why we should view this thing in a certain way. to understand the, economic incentives that drive people's behavior. And so how do we bridge the two worlds? Jameson: Well, this is why I think that the most important thing that we can do to help Bitcoin is to talk about Bitcoin. you know, we, if, so I view Bitcoin as an open source project. This is like one of the initial reasons why I got so interested in it so long ago. was not because I knew anything about money, but rather that I thought it was a fascinating idea to take this concept of money, which for many generations now has been, you know, controlled by small elitist groups, and instead open it to the world as a collaborative project. Jameson: You know, the idea around open source being that The more people that you have looking at a problem and trying to find a solution, the more likely it is that because you're attacking it from so many different perspectives, it's just going to end up being more robust, Jameson: A strength in numbers, a strength in diversity of perspectives and skill sets to be able to find the flaws that other people may miss. So, talking about Bitcoin is how we continue to improve it, how we find the weaknesses in it, and hopefully continue to progress forward. Key Storage and Self Sovereignty Luke: Yeah, absolutely. This was one of the interesting things you said on stage. It's about like how Casa has, for those of you that don't know, you were the co founder of Casa, a bitcoin company. Oh, yeah, I forgot to Knut: yeah, we forgot to introduce, everyone knows Jameson: introduction Knut: So, Casa, I may or may not have called you a shitcoin apologist in Prague, and you answered that, well, Casa was never a bitcoin company, it's a key storage company. Knut: And that is something you alluded to on stage here, that, what Casa is doing is not really a financial thing, it's just helping people store this valuable information. So, can you go deeper into that than Jameson: so I mean, it's, it's about self sovereignty, right? It's like our really long term mission and hope for Casa is that we will help people to be able to secure a variety of different things. Non monetary things. The idea being that fundamentally, cryptography is this incredibly powerful tool for the individual because it gives you this asymmetric defensive capability. It's just, you know, the power of large numbers that makes it, orders of magnitude more costly for someone to attack than for you to defend against. And so you know, we, from from that perspective, I think, uh, the, the crypto, the, the cryptography space has been progressing a bit slower than we would like, but, you know, we, we do hope that things like, you know, even identity, and you could, you can make an argument Nostr is, Jameson: is one, uh, potential path forward. Jameson: There's a number of different, you know, decentralized identity projects out there. Um, but we expect that, you know, identity is going to be a key part of that because reputation. It's a key part of just the economy of doing business with people. So, you know, how do you solve the problem of having true peer to peer commerce if you don't have some sort of reputation system, preferably a standard reputation system? Jameson: And how do you have a reputation system if you don't An identity system that you can attach reputation to. So there's a lot of different moving pieces here, but just many different aspects of our lives that we believe can be vastly improved with the use of applied cryptography. Nostr and Cryptography Knut: absolutely. And, uh, is multisig possible on Nostr? Excuse the ignorance, but, Jameson: Uh, not, I'm not aware of any true multisig system. There may be someone working on a NIP for that, Jameson: but I think the closest that I've seen is some sort of account delegation. Nips, where you can, like, you can Jameson: have a master key, and then you can, you give, uh, a subkey that has, like, an expiration on it, um, but it's, it's not quite perfect. Jameson: Otherwise, you might be able to do some sort of, you know, Shamir secret sharing, but Knut: Okay, so that's, that's my, uh, uh, mission for all you 180 IQ, uh, uh, computer geeks that don't, don't understand economics yet because you're too young, like go work on that multi sig Nostr BIP or NIP instead of, Luke: Yes. Nips. NIPS is so much better than bips. Knut: Yeah, so go work on a NIP instead of creating shitcoins and all that Jameson: Yeah, and I think, you know, multisig is important, of course, for security, but Especially in the case of Nostr and identity, I think the ability to have key rotation is very important. So, you Jameson: know, you don't want there to be a single point of failure in your identity. You also don't want your identity to be permanently attached to just one static set of keys, because things can go wrong. Knut: No, because, uh, for instance, you might have a company and that company might have, uh, an account. Uh, that you want to, if you sell the company, you want to give this, the access to someone else, and that's, that's always, I know how hard that can be, uh, with legacy accounts, like, uh, it's a tough thing. Luke: yeah. The, the, the key rotation thing, actually, this definitely is, is a, a major thing that needs to be solved for, I think Nora to work. But I, I also wonder, is this something in the, in the Bitcoin space generally, let's just generalize this whole thing out. Like what if one key gets compromised? How can you actually. Luke: Say, what is the next key to be the private key? Something like that. And how can you do this in a, in a secure way? Uh, is that, is this something you've, you've thought about or have any, any, uh, thoughts on, on this one? Jameson: I mean, the only thing that really makes sense to me is you have multiple keys and you have a threshold that is signing off. To say, you know, this key, for whatever reason, we're no longer going to be using, you know, it's been compromised, lost, whatever. Luke: Yeah, and I mean, the complexity there turns into that if you have any sort of system that's based on public private key cryptography, you really have to secure your private key, basically, because any of the, uh, sort of trade offs, I suppose, that, I mean, that doesn't sound, uh, very good, right? Like, uh, at least not, it's not a system that works in any kind of automated way. Luke: Uh, you really, it gets back to the root of the conversation we were having before. It's, it's, security is in Your hands. Individual Bitcoin Security Luke: And so what, what do you see as, cause with, with Casa and everything else that you're involved with, what, what do you see as being the big pain points for individuals right now in the Bitcoin space for security? Jameson: It's, I think, an overwhelming concept for most people. Um, the root of this is actually just in how we have architected our society over the past millennia. Um, we have greatly improved our Efficiency and productivity through specialization of tasks and skills. And so, this is great for the individual in the sense that you can spend many years training to be very good at one thing and then get paid very well to do that one thing. And the result is that you get paid well enough that you can then pay many other people to do whatever their specialized tasks are. So, now We don't have to worry about growing our own food, for example. That was something that took up a lot of people's time for most of human civilization. Um, so, it's great for efficiency and productivity, but the downside is that it introduces a great deal of fragility and systemic risk. Jameson: And, and, you know, what does that really mean? Well, it means you're now outsourcing wide swaths of your life, things that you're literally dependent upon for survival, you know? Um, to trusted third parties. So, for example, uh, if the supply chains break down, if your grocery store shelves get emptied out, uh, you're gonna have a really tough time, you know, getting past that hurdle. And so, I think, you know, we, we see some of that, uh, mindset happening in the Bitcoin space where people are taking this, you know, idea of self sovereignty and, uh, self sufficiency Back to its roots to say, okay, now Bitcoin has done so well for me and I've imbued a sense of personal responsibility for the financial aspects of my life. Jameson: Why don't I apply that to other aspects of my life so that I and my family and more resilient against black swans? Knut: Well, here, here's the devil's advocate argument against, against doomsday prepping, I guess, not, not exactly against what you said, but, like, if you have, Instead of doomsday prepping, instead of stacking water and whatever, well water is kind of essential, it's stacking toilet paper, let's say. Knut: Uh, if you stack bitcoin instead, you can trade that for all the other shit that other people stack. So, uh, there's an argument to be made for the bitcoin being more important. KYC vs Non-KYC Knut: And that's an argument I made before on a panel that, like, about KYC and why it matters. And someone asked me if there are any good reasons for KYC, and I simply said no, because I don't understand what it's good for. Like, money was invented to enable trade between people who didn't know one another, so that's the whole point of money. And, uh, which is why I think, sure, buy bitcoins on an exchange if you want to, but keep that stack separated bitcoins you earn. And this is something you said on stage two, like, you earn your bitcoin. Like. Knut: Accept them for your goods and services. And this is what I say to everyone always, that that's the proper way. Knut: That's how you keep, that's how you get a non KYC stack. So if you need to flee the, people's Republic of Europe in the future and fuck off to El Salvador, you can, they can take your fucking toothpaste and you can keep your 12 words and, and just do that. And part of my French. Jameson: yeah, I mean, this is true both at the individual and corporate level, um, you know, we, we have our own corporate treasury at Casa, we have accepted Bitcoin from day one, um, and we've also been debanked several times, and thankfully we've always been able to find other bank accounts, but in the sort of worst case scenario, Hopefully we can start paying at least some, of our providers, employees, whatever, uh, in Bitcoin. Jameson: You know, we have that, that separate, you know, sovereign runway that we can tap into. Knut: Yeah. I think this, this is the dilemma this generation lives, we're going through this transition right now. Where we need one foot in each world. We need a foot in the old fiat world, because if we don't have any foot there, they'll probably come after you somehow. And we need a foot in the bitcoin world just to be secure. But there's this balancing act all the time, and everyone's situation is different. But you definitely need both. And KYC Bitcoin, or paper Bitcoin if you will, is the legacy world. The new world is doing it for real. Luke: Yeah, and I mean, I think one of the difficulties here, and we heard about this in the previous discussion, this kind of lever, I suppose, between regulations that force KYC, but it also gets people in to use these services, like people do use KYC. Centralized exchanges vastly more than hold their own UTXOs who, or even, or even just come in through a lightning wallet or something like this. Luke: And so, I mean, KYC really just seems like this, this necessary evil at this point. But, avoiding it is kind of the, uh, the idea that, uh, really is the, the de risker. It, it's the only thing that, that takes away. All of the possibility of someone coming after you with KYC, and so I mean, what are your thoughts on that point generally, like, what is the, uh, is this really a binary thing, Jameson: So I think the big problem is that, you know, we're not on the Bitcoin standard yet. Uh, it's true both in my personal life and the business life is that a lot of providers that we pay don't accept Bitcoin. And, uh, we're not going to try to force them to accept Bitcoin, but Hopefully this will change over time. Jameson: Um, as it, as it stands right now, though, we still, we're using the dollar as our unit of account. And, uh, uh, I mean, we don't spend our Bitcoin. Um, it is, it's really, it's the emergency savings account. It's how we look at it, you know, both at the corporate level and that's how I look at it at the personal level, Knut: how, um, how is there a KYC process for Casa? Jameson: for our clients. Knut: for your clients? No. Introduction to Casa Knut: so, um, what do you do? Explain, give the TLDR on how Casa works, Jameson: right. Uh, so, you know, because We are a software wallet provider, but that, I would say, is not our most valuable service. Really, uh, I think it makes the most sense to think of us as a security consulting service. That's where our kind of unique value proposition lies. And that's more at our higher tiers. Jameson: Like, that's why our more expensive plans are more expensive, is because what you're doing is you're paying for a personal advisor that literally, you know, get on a call with and talk about whatever you want to talk about. Um, so, you know, what do we do? well, we do provide, you know, native mobile apps, and these are really designed to guide you in as simple a fashion as possible down the path of building what we believe is a incredibly strong and robust architecture for self custody. The short version is of how we think about architecting it is the goal is to eliminate single points of failure. So that basically means whenever you have a moving part, you know, something that could go wrong, there needs to be some sort of backup mechanism so that when and if that thing fails, you can use something else. Jameson: So that's why the main aspect of it is multisig. Which basically means multiple keys. So, most of our users are either in a 2 of 3 setup or a 3 of 5 setup. And these keys are going to be distributed in a number of different ways. Um, usually you'll have one that is stored, um, actually on the mobile phone itself. Jameson: You know, secured with the secure element and whatever. The operating system on that device, uh, supports, um, and the, the nice thing about that key, even though it is weaker, it is a hot key, it's on an internet connected device, uh, that gives you, uh, additional level of resiliency against loss, because that key gets automatically encrypted and backed up. Uh, so it, it's almost impossible to lose your mobile key, uh, in that setup. Not completely impossible, but Uh, very, very difficult unless you start mucking around under the hood, you know, in your cloud, uh, backups. Uh, so then, you know, you're going to have either one or three other keys, and those are going to be on dedicated hardware devices. Jameson: We support, um, you know, Ledger, Trezor, Coldcard. Um, Passport, several others, really the most popular ones that are well vetted. And the idea being there that you actually use a diversity of different manufacturers. And this is to protect you against edge cases supply chain risk. Which has happened from time to time, and uh, we expect will probably happen More frequently in the future if, you know, the space continues getting bigger and, uh, worth more. Luke: So, I don't know if we're necessarily going to get exploding hardware wallets anytime soon though. Knut: Well, keep key sort of exploded. Luke: I was meaning literally, but, uh, sorry, continue. Jameson: But so then, uh, the idea is that you physically distribute these keys geographically. And, you know, that gives you an additional level of protection against both physical attackers and against, uh, just extreme Edge cases, house burning down, natural disasters, whatever. Um, and, and this is where things get complicated. Jameson: And, you know, to be clear, you know, multi signature setup has more moving pieces than a single signature setup. So, uh, going into multi sig doesn't automatically make you safer than single sig. only if you go down the right path of architecting your multi sig and distributing the keys. So, um, that's why I think the consulting aspect of this is fairly important because you can still shoot yourself in the foot and, you know, put all three of your multi sig devices in your house, for example, and you create a single point of failure. So, um, yeah, the, the idea is that you have a great deal of flexibility and decisions that you can make and how you distribute those keys. So you can distribute them amongst semi trusted friends and family. At the extreme end, we have people who are most concerned about nation state resistance. So if you really want to Then you can make, you know, pretty much all of these decisions are trade offs between convenience, uh, and security. And so the extreme end of security, with very, very low convenience, is that we have some clients who literally distribute their keys in different countries, you know, preferably different countries Aren't on very good terms with each other. Uh, so you, you, you essentially have that, uh, jurisdictional arbitrage. But of course the downside is, uh, you know, some of our clients literally have to get on a plane or a boat or, or what have you, uh, in order to reach a sufficient quorum of their keys, uh, to sign with them. And then finally, uh, the last key is, uh, Casa. Emergency recovery key that's held offline, incredibly difficult to get access to. Jameson: You basically have to request a signature from CASA and then depending upon what your tier is, you have different levels of authentication. At our higher level tiers, we can do some extreme customization of what your authentication parameters are. Knut: And does this involve calling a very special phone number and asking for a very special vacuum cleaner? Jameson: you know, we, we, we can in fact set up, uh, For example, instructions of like, you know, if you request a key, then we call or reach out to some other contact. Um, you know, we also have, um, on the higher tiers, uh, emergency lockdown, uh, mechanisms where Um, you can specify ahead of time what actions we should take if you hit the big red button to do an emergency lockdown on your Luke: Yeah, well, so, and on a practical level, the main thing here is that in a 2 or 3 setup, if I'm counting correctly, this means it's one physical key, one mobile key, and one emergency key, right? Jameson: Yeah, we also support two physical keys if you want that, because there is a little bit of trust, like, if you don't want to trust that Casa isn't, you know, stealing the mobile key out of the app, then Jameson: you can use two hardware devices. Like I said, the downside there is that you More responsibility, uh, falls onto your shoulders to make sure you have good backups. Knut: So to clarify that, that's still a three out of five multisig, but you own two keys. And Cass Owens too. Jameson: uh, well that was the two of three. The two of three setup. Knut: Okay, okay, so, alright, I'm already lost here. Luke: So you can do a 2 or 3 with, uh, would you take out the mobile app, or would you take out the emergency key? Jameson: the mobile app. Jameson: Yeah, there's always the emergency key. Knut: Alright, alright. Luke: yeah. I didn't know about that, actually. an interesting one. And then I guess the 305 is a whole other level. Yeah, we'll just keep Knut Knut: But it's, it's, yeah, yeah, you're the organized one and all that. But like, what I'm seeing is like, is this a setup, uh, a three out of five where, where Casa owns two of the keys and, uh, you own two of them. Like, or is that, Jameson: It depends on what you think of as own. Uh, if you're, if you're Jameson: being Knut: yeah, You can't really own a key at all. It's all you can do is memorize it. So, Jameson: uh, well from, from Casa's perspective, we don't have We don't touch your mobile Jameson: key, you know, like, it stays on your device, uh, the encrypted, the way the encrypted backup works is that, um, a, an encryption key is generated on your device that encrypts your mobile key seed phrase. The encrypted blob then gets stored onto your cloud storage, so even if your cloud storage gets compromised by Apple or Google, they can't do anything with it because it's encrypted. The decryption key then gets sent to Casa and secured by an HSM that Casa controls, so it's kind of like a two of two setup, so, you know, if you lose your phone, if you get a new phone, What happens is you have to log into your Casa app and have to log into your cloud account and then what it does is it pulls both of those, the encrypted blob and the decryption key together onto your device to be able to reconstitute it. Luke: So it semi literally is that your phone is another hardware wallet with a fancy screen. Semi Secure Elements on Phones Jameson: Yeah, yeah, yeah, it uses the hardware, the secure element that's built into your smartphone and like, that's another Another one of our major theses, uh, you know, going forward is, um, that secure elements on phones are going to make, you know, application of cryptography more practical. Um, this is something where, you know, when, um, when smartphones came out, And they made, uh, GPS available to the average person. Jameson: You know, that's when a lot of apps like ride sharing actually became practical and a whole new sort of economy, uh, bloomed from that. And we think that the proliferation of secure elements on smartphones is gonna enable, uh, another sort of blossoming of new applications. Luke: Okay, let's take a, like, a little dip into this particular rabbit hole. What is a secure element and why are they prolifer Jameson: Yeah, so, I mean, it's basically, uh, you know, a A chip, a piece of silicon that is in your device that is dedicated to really doing nothing more than keeping small pieces of data secure. Basically, keeping the data in that chip and not allowing it to be extracted. And then, you know, at the sort of application programming layer, you know, the operating system can interface with that chip. It provides APIs to higher level applications that can then request to interact with the chip, but there's no way for them to request to actually extract the data. You can only, you know, send requests to, uh, to actually make use of whatever is in that chip. So, um, I don't know the detailed history of how this came about being, but I suspect it was probably just related to, uh, The fact that, um, phones need to have some ability to do secure operations, whether that's like the biometrics of unlocking the phone itself, or, um, you know, commonly with the, the key rings, uh, password management at the operating system level, they're going to make use of secure elements. Jameson: So, it's just, um, you know, it's a, you can think of it as a, um, hardware security device that's just built into the phone. Knut: So does every phone on the market today have a secure element or like almost Jameson: I think some of the cheaper Android phones do not. Uh, pretty much all of the iPhones should, uh, any of the, uh, Android phones that are like more than a few hundred dollars should have secure Knut: Yeah, so, so, Samsung, Google, what about something like Xiaomi, isn't that the cheap Chinese version of Jameson: Yeah, Jameson: I Jameson: don't know, off the top of my head, I know that we have, Um Knut: fun staying poor. Jameson: We have, you know, specific things that we require to be, you know, enabled at the hardware and operating system level on Android phones in order for the Casa app to actually run. Luke: Is this, uh, that you can't even install it if your phone doesn't have these capabilities or you just don't get the mobile key option? Jameson: Uh, I think the app probably refuses to run at all. Uh, it's, but it's not even an issue that I think we've ever had come up because it's only really the cheapest and cheapest of phones. So I think that the people that are using those phones probably wouldn't be able to afford our service in the first place. Luke: Okay, um, yeah, that's what I was going at, you executed better. Um, the, the, Backups Luke: returning back a little bit to something else you mentioned was backups. And a system like multisig generally, but I think slightly more like CASA specifically, uh, one of the features that I understand about this is that you don't really actually need to backup your seed phrase. Luke: It's, the idea is you lose a key, well, then you just reconstitute your multisig Is that, is that the solution? Am I, am I getting that right? Jameson: Yeah, so part of it is due to the nature of the automatic backups, right? So if you're using the mobile key, that's automatically backed up. The CASA key, of course, has multiple redundant backups. And so then the question is, what's the state of your other keys? Now, in a 3 of 5, you do probably want to back up one of the hardware devices so that you have That threshold, uh, setup. Jameson: So basically because the, uh, the extreme edge case failure scenario in a 3 of 5 is like some Carrington event. Just wipes out all of your electronics and wipes out all of your hardware devices. So if you didn't have some sort of offline backup, then you would be down to two keys, which is problematic when you need three. Jameson: Um, so, um, you know, it's still, it's It's always preferable, I think, to have backups, but this is what it comes down to, this, you know, convenience trade off of what are people willing to do, because especially creating steel backups can be a pain, uh, especially if you're doing the stamping type of backups, I really hate doing those. But, Knut: You need a good hammer. Jameson: the nice thing, though, about having, uh, like, metal backups that are part of a multi sig wallet, So, Is that you don't have to worry about a physical, like an evil maid attack, or a physical attacker getting a hold of one of those backups. As long as they're geographically distributed, because if they get one of your seed phrases, they can't actually do anything. Knut: This is, those metal plates, uh, I think there's around 70 companies making them. Jameson: At Knut: And, and, um, uh, so, so disclaimer, we're we're sponsored by one of them, So anyway, uh, the, the, the whole thing, I, I think that paradigm is, I'm not entirely sure that it will be the same way in a hundred years from now because it's such a while. Knut: It, it provides you with another level of security. It also, it also provides you with an extra attack vector because once you've. Put the seed on the plate. It's kind of hard to destroy the plate. That's the whole point. Like a piece of, Jameson: about that recently. Knut: Oh, Oh, you did. Okay. Can you go into that? Like, that's a reason to prefer a piece of paper with, Jameson: Um, no, not necessarily. Not if you choose the right backup. Jameson: Um, so the short version, the takeaway from my presentation, because as you know, one of my many projects was, like, destroying all of these metal Knut: Oh yeah. Yeah. Remember that? Jameson: How robust are they? Um, and so, uh, recently, like in the past year, I had a situation where I needed to destroy a metal backup. Jameson: Um, because, uh, I wanted to split it. I wanted to split it and, you know, seedsore it, basically, into multiple, uh, pieces. Backups, so that there was no single point of failure, um, and what I determined was that, uh, that actually, like, my, my general advice on backups, which is to use, like, a single steel plate with the center punch, the, the divot mechanism, um, it turns out those are actually the best, not only for creating, but also for destroying, because, um, I had, uh, I had both a stamped, you know, letter stamped backup, and I had an etched backup. And when I went to destroy them, I mean, you can't actually destroy the media that it's on. Um, you know, you'd probably have to have like a furnace that does 5, 000 or 10, 000 degrees or something in order to be able to melt it. Uh, and, and, you know, destroy the whole thing. So instead, what you end up doing is, uh, you know, trying to overwrite or erase or you make it illegible. And so on the stamp one, I'd have to like, you know, hit, uh, I had to put 50 different stamps in the same spot so that like each letter was just completely, uh, illegible. Uh, and then, you know, with the etched one, I had to, you know, put on my, uh, my ear protection and get out the Dremel and just sit there for like an hour, back and forth, back and forth, back and forth. Jameson: It was extremely unpleasant to go through both of these. And then I realized, well, if you have the grid with the straight punches on them, You just punch every other, you know, part of the grid. It takes, like, two or three minutes, and you're done. It's, it's become similarly illegible because you can't tell the difference between, like, what the original divots were and what the new divots are. Knut: And there's no, like, carbon 14 method of, of, of, like, figuring out the age of each punch, I guess. Jameson: I doubt it. I mean, maybe a nation state attacker might be able to do something on that level. But, yeah, I'm a Bitcoin Luke: Yeah, because it's funny that you mentioned, well not funny, but you mentioned nation state attacker, because one of the concepts in cyber security basically is that somebody with unlimited resources and unlimited time will actually defeat you, will actually defeat you, and so it's really about putting up as much, as many barriers as possible, but also not putting up Being a target, not becoming a target. Physical Security Luke: And so this is, yeah, well maybe we'll get back to some of these other, uh, points here. But this is a whole other rabbit hole, basically. The, uh, the whole thing of, of OPSEC in, uh, in the physical security world, basically for, for Bitcoiners these days, I mean, literally everyone who is a public bitcoiners is now a target to some degree, as in they probably have some Bitcoin. Luke: Uh, now, I mean, who knows? Maybe, maybe, maybe Newton and I, uh, really have zero Satoshis between the two of us, and we're just, I don't know. Knut: Of course we don't, Knut: And neither does Jameson, the most famous Bitcoin privacy Luke: you, you, you only have a Bitcoin test, net Bitcoin, but, uh, right. Jameson: testnet whale. Luke: yeah. Yes. Luke: Very good. Luke: Very good. There you go. There you go. That's good to, yeah. Uh, but, but, uh, so, so the thing is, what, what are the, what are the concerns about, uh, opsec basically, and what are some of the ways that, that an individual can, can, uh, increase their privacy? Luke: Um, what is it? Minimize their privacy footprint. I'm trying to footprint something Knut: Oh yeah, yeah, Knut: yeah. Decrease their Luke: decrease your privacy Knut: Not your privacy, privacy footprint is sort of an oxymoron, isn't Luke: It's something like that. Jameson: Yeah, just your footprint in Jameson: general, whether it's online or meatspace. The right way to approach it is to not make the mistake that we've all made, which is to use our real names and faces, uh, Jameson: when you're talking about Bitcoin. Uh, so, you know, the best way to do it is really to take the Satoshi method of, like, if you really want to engage in the space, then just use a nym and, you know, don't reveal Uh, personal identifiable information. Uh, but if you do start to reveal aspects of yourself, then you have to understand that they probably can and will be used against you at some point. So now you have to start thinking more adversarially about how might it be used against you, and, uh, what what types of attacks might people use against you, how, How difficult is it to find you on a day to day basis when you might have your guard down and be vulnerable? Jameson: Um, you know, just a couple of days ago, the CEO of a company in Toronto got kidnapped in broad daylight, probably as he was, like, leaving his company headquarters, um, and was held ransom for a million dollars. Knut: Oh, yeah, yeah. There's a flip side to that coin, though. They can be used against you, but they can also be used for you. Like, there's a point to being public, too. Like, there's a security, even a security point to it, because you have The more powerful friends you are, the more protected you are by them. Or say if you run into legal trouble, you have a Jameson: Yeah, reputation, Reputation is a form of currency, Knut: it is. And I think that's important going into the future too. Like, reputational capital is like the only, that is the second best. Like, there is a second best, and it's your reputational capital, I Jameson: Fair. Luke: So, are there any other practical things that people can do other than trying to not use their real identity? Like, what if somebody has made this mistake, like all of us? Jameson: Uh, yeah, so If you're worried about wrench attacks, then you need to look into how difficult it is to find where you live. Because that's where most people are going to get targeted. People tend to feel safe in their home. And so then, if it's easy to find where you live, and this is going to vary depending on if you own publicly registered property versus renting, it's going to vary from jurisdiction to jurisdiction depending upon the laws there, like, don't live in Sweden, for example. Knut: I took that security measure. Yeah. Jameson: because they require you to publish everything, is my understanding. And so Um, you know, if, if you're going to choose to live in a place where you can't have privacy, then hopefully you can have stronger physical security. Um, but I think a lot of people in this space have not properly prepared their physical security commensurate to their risk profile, especially those of us who are higher profile. Jameson: Like, Look, Michael Saylor, he has a correct level of security. I have seen it with my own eyes, but I think a lot of other of us who aren't quite at that level do not have the right level of security, and that's why I think that we're going to keep seeing these physical attacks happening and actually accelerate along with the exchange rates. Because, this is the nature of security, you know, as, as the, the value of targets continues to increase, then it's going to attract more attention from the criminal element who are going to want to test the waters and figure out what is the return on investment of, uh, trying out these new attacks. Knut: Yeah. So two things there. First of all, inflation fixes the, the, 5 wrench attack because no one can afford a 5 wrench anymore. Uh, but the other thing that I want to double click on is the Sweden thing. Uh, the whole thing that lead led up to that you having to reveal basically everything in Sweden is something called Offentlighetsprincipen which is like comes from. The fact that the country hasn't been at war for like 300 years, officially at least. And so this has led to an extremely high trust in institution, but also In the institutions trusting the people to a large extent, so the whole point of that law is to make everything transparent, including all the government stuff, which is the good part about it. What they leave out is like, in the internet age, it's super dangerous, because all the data is there, you can see exactly how much people own and where they live. And you can, and now when crime rates are skyrocketing in Sweden, it's, it's extra bad. And there, there are some cases of, of, of people having been attacked and it's been quite nasty. So, uh, it's not a recommended practice. Jameson: Yeah, so unfortunately, like, you have to get adversarial and, uh, Preferably, you know, find someone like a private investigator, someone who is, uh, used to tracking people down for a living and figure out like how hard is it to track you down because if someone, I would say in the United States, for example, you can track most people down for 50 bucks and that's just due to the level of corporate surveillance that happens in America, uh, with data brokers, uh, Uh, you know, you, you pay 50 bucks to any of these data brokers and you can find almost anybody who is like living a default American lifestyle. Luke: That was scary. Bitcoin and Physical Security Luke: Is there anything that can be done on the Bitcoin layer to solve this? Anything that would minimize the effects of one of these 5 wrench attacks? Jameson: Well, yes, uh, though, uh, some people get a little bit confused because I think they conflate two separate problems. There is the problem of securing your Bitcoin. And then there's the problem of securing your Bitcoin. Your physical body. Uh, so, um, you know, this is one of the big pushbacks that I get, uh, when I, I talk to people like about multisig and about Casa and they're like, well, but they can, even if I have my keys geographically distributed, you know, they can torture me or, uh, they can take my child hostage and hold them ransom and, and then I have to go around and I'm like, yes. Like we, we cannot. We can't protect you against the single point of failure that is our physical forms. Maybe in a hundred years we'll be able to have, you know, some sort of Transhumanism stuff, Jameson: yeah, but as of today, yeah, single point of failure in your body, and so that is a very different type of security that has, you know, different solutions that you should put into place in addition to securing your bitcoin. So, you know, the short version is how do you protect against a five dollar wrench attack? Well, the only way to do that, when you're focused on your Bitcoin security, is to understand that your body is a single point of failure. And so, if you can be coerced, into sending your bitcoin because you're being tortured or whatever, then that's going to happen. Uh, so, that's why it's important, if you want to be protected against this, is to put your keys, like, sufficiently far enough away and in different physical security setups that it's just not feasible for an attacker to coerce you into doing that. Because they would literally have to take you hostage and keep you for a long time. Jameson: And like attackers want to have to do that. They want to be in and out as Knut: No, no, taking you hostage and then putting you on a plane and sitting next to you is kind of hard. Jameson: We're having to get through like security to get into a safety deposit box at a bank or some sort of other high security institution where you might keep one key. Um, but yeah, so the, the flip side of that, of course, is that, um, if it's, if it's a loved one who has been taken hostage, then, uh, you are perfectly capable of going around and doing those things, and so that's why, you know, you need a different set of privacy and security for your family to prevent this from happening in the first place. Luke: Or, or just don't love anyone. I definitely recommend that option. It's an interesting thing, and I really wonder how this is going to play out into the future. Do you have any thoughts on this as basically number go up towards, I don't know if you have a price target lately or something, but we're at all time high at time of recording, literally, like it happened last night. Luke: So, I mean, if this thing keeps doing what it's going to do, uh, do you see these risks as only increasing as well when numbers go up? Jameson: Yes, uh, because, it's almost like a, a herd inoculation mindset, and, and what I mean by that is, As more and more bitcoiners successfully wrench attacked, that teaches the criminal element that this is a good return on investment, and therefore they're going to invest more into those attacks. Jameson: Um, I do not foresee wrench attacks decelerating. Until more of them start failing. Knut: Including governments, they, they are the wrench attackers, like, uh, and if they're successful and you're giving up parts of your Bitcoin to them, then that, that tells them that that was a, an attack worth doing. Jameson: Yeah, so as of today, um, I have 171 physical attacks that are cataloged on my project. There have been a lot more than that, because I suspect actually that the majority of attacks never get publicized, because the victims are too afraid to talk about it, and they're afraid that talking about it will make them And there is a legitimate fear there, because there have been people who have been attacked multiple times, but, um, you know, until we see more failures, and we've only, I think, seen two successful defenses out of that 171, um, and I think both of those, I think both of those were in, no, no, one was in Florida and one was in California, and both of those were because The, um, the victims had guns and they started shooting at the attackers. Knut: Um, yeah, that's not, maybe not the most preferable scenario to end up in. And so, so, um, okay. So yeah, I've, I've written a lot about like how, how Bitcoin Reduces the profitability motive of, uh, aggressive behavior from a very certain perspective. And that is that, uh, you cannot know how much bitcoins, uh, or how many Satoshis rather another Bitcoin, uh, another person owns. Knut: And that's true for everyone on earth. You can make an educated guess, but you cannot absolutely know it. So you can have, you can give up parts of your Bitcoin. You can have dummy wallets and stuff like that. But the attacker can't really prove that he got all the bitcoins out of the, the victim or all the SATs outta the victim. So, so, uh, and from those attacks I know of in Sweden, they've, they've attacked, uh, not Bitcoiners, but like crypto people and simply pointed a gun at their heads and, and, and use the password for your. Take the coins off the exchange. So like the first step, like always, like not your keys, not your coins. Knut: Like that, that's, that's the, that's the easy one Jameson: Yeah, and we've seen, um, for example, um, there are certain types of organized crime that are getting into this. Um, and so, for example, in South America, uh, this has happened for a while. There are types of organized crime that Basically, employ women to go on dating apps and, you know, date the gringos that are visiting and slip them drugs that make them compliant. And traditionally, they would just, you know, steal all of your valuables that you had on you. But those gangs have started learning, oh, Get him to open up his, uh, app on his phone, open up, look for all of his exchange accounts and, you know, drain all of those exchange accounts and, and possibly any, you know, single SIG hot wallets that are on the phone while you're at it. Um, we've, I think we've also seen some organized activity mostly in the, like, Philippines area where it seems to be Russian. Mafia that is going down there and targeting, uh, like expats. Uh, so, Knut: using girls, Jameson: uh, no, in those cases, it seems like they somehow just have information about Russians who have left the country because they're crypto Jameson: rich Knut: it's not from Russia with the country. Yeah. Yeah. Knut: the don't love anyone. It's still a thesis still holds. Yeah. Luke: Yeah, something like that. Luke: I don't want this, I don't want that to be the actual takeaway from this episode. So, um, uh, maybe we can turn this around a little bit. What Jameson is Excited About Luke: What, what are you excited about in Bitcoin these days? What's making you optimistic? Hopefully not nothing. Jameson: Not nothing. Um, I mean, you know, I'm a technologist. I. I do like that we seem to be having more innovation happening, more proposals happening within Bitcoin. You know, there's the whole Layer 2 explosion, which is a whole other rabbit hole. But, um, the past few years, I think, have been pretty good for Bitcoin. Um, but I also see a lot of problems, long term future problems, that I'm starting to talk about. Uh, because I think there's still a ton of room of, for improvement, that, uh, I'm, I'm worried about complacency, um, I'm worried about us resting upon our laurels because we have succeeded so much, um, and there's many different issues here, um, but, the, the ETFs and the institutions and stuff, It's really a double edged sword. Great for Bitcoin price, uh, great for getting, uh, you know, new big names and proponents in, um, I mean, it's There's, you know, no small number of people now who are, like, direct advisors to the next president of the United States that are orange pilled. And so, even though, you know, I don't believe that Trump really understands Bitcoin, it's not, it's not really about him. Jameson: It's about all the people whispering in his ear, and how that is gonna affect the future trajectory. And so that's, you know, that's good in a sense, but But it's also bad because there's a lot of centralization pressure, I think, that comes with the institutions and the ETFs and that can have long term consequences to like the governance and and the future evolution of Bitcoin as a protocol and as how people use Bitcoin. Luke: Yeah, like, what I'm going to talk about tomorrow in my talk is, is we can't know that Bitcoin is going to succeed in its current form. Basically, it might. There's people who are all like, if Bitcoin is actually anti fragile, it's just going to work, but that doesn't necessarily play out, especially if you actually know about the technology and the protocols, so yeah, I certainly echo the vigilance side of this, yeah. Knut: Yeah. And complacency is The main villain here, I think, like my view on this is, uh, like people will have to understand that Bitcoin is not really backed by energy. It's backed by human action and human incentives. Jameson: It's not a wall of encrypted energy. Knut: no, it's not a wall of encrypted energy. Uh, there's a wall of encrypted energy somewhere, maybe if you have a wild imagination, but, but that is only there because people acted in a certain way. So, so, and the, I think that these misconceptions are the widespread, like the, everything is in Bitcoin is probabilistic, right? And, and holding a key. It's not owning something or even possessing something, it's just having a, it's access to a string of information. And the reason you trust, you, you, you, you view that as owning a Bitcoin, is that, you know how, how in infinitesimally. Is that the word? Uh, small. The odds are that someone else owns the same string of information, and same with the 21 million finite cap and all the, the rule set and the block size. Even, you know that the, the odds that this is ever going to change are also infinitesimally small. So that's why you believe in this rule set and that's why you believe that this thing, uh, is robust enough to last forever or. Trending towards forever. So, uh, so I think that there's a lot of confusion there, uh, especially when you get these boomer institutions in, into the space, like the ETFs and whatnot. The Biggest Upcoming Issues Luke: What do you think is the biggest upcoming issue that needs to be solved or dealt with? for listening. Jameson: Uh, well, I'm a technologist, so for me, it's, um, it's seeing people wanting to do more permissionless innovation and it being just really difficult, right? Knut: Isn't that the point though? Jameson: yeah, I mean, it's supposed to be difficult to change Bitcoin, um, but For the past 10 years, we've been talking about, oh, you know, we just build other layers on top of Bitcoin. And I think what has been missed by a lot of people is that sometimes in order to build other layers, you, you need the basic building blocks on the base protocol. Knut: That's what Segwit was. Jameson: Yeah. Jameson: yeah, well, you know, we enabled, we did three different soft forks to enable lightning networks. Um, and, Knut: no hard fork. Jameson: yeah, yeah, um, and, uh, so, kind of, to get back to your question of, like, things that I really like, um, I'm, I'm pretty bullish on Rusty's great script restoration project, I think there's a lot of potential there, I think that could also boost, uh, permissionless innovation, make it easier for people to actually build second layers, because you, you look at a lot of the second layers that are being built right now, and they're just making, you know, Really weird trade-offs. Jameson: Either they're like a federation or like fully custodial, um, or they're doing, they're having to do like crazy game theory. I don't know if you saw the paper that came out yesterday for how, how to enable covenants on Bitcoin without a soft fork. And essentially it has to do with hash collisions, and having to expend millions of dollars worth of energy to collide hashes together, like, Jameson: these But is that really categorized as a layer two though? Like, uh, Bitcoin. Bitcoin being used for other use cases than the monetary use case. I wouldn't, I wouldn't call that a layer 2. I would call that a, an offside project, Are Layer 2s Spam? Jameson: Yeah, no, no, Covenants itself, uh, well, that itself is not a Layer 2, but you could use Covenants, I think, to build Layer 2s, though that specific type of Covenant I think is way too Impractical and expensive to actually make use of, uh, but, uh, so, you know, look at, I think BitVM is a very interesting example of this, of like, how do we enable more generalized computation without changing the Bitcoin protocol, and it, it gets really complicated. Knut: But why? Jameson: Because builders want to build. I Jameson: mean, that's but builders could build on Nostr instead. They've got Nostr to nerd out on now. Jameson: Uh, Jameson: it's two different things. Um, or, or, you know, one that I like because, uh, there's actually several former Casa employees working their, uh, botanics, uh, and their spider chain concepts. Uh, basically, they were trying to figure out a, a way to, to do a, um, a permissionless two way peg. Between Bitcoin and sidechains. And it's a very interesting idea that's complicated as hell. I did a whole write up on it like a year ago. Um, and it's gonna take a lot of work to kind of fine tune all of the economic and game theory parameters around it. Because the short version is the spider chain is like It's almost like a blockchain of multisigs. Jameson: It's like a series of connected multisigs where you have many different people who are signers on different overlapping multisigs and it's like, it's way too complicated to try to explain it. Uh, in, in a short period of time, but, like, that's the type of gymnastics that developers are having to go through in order to try to build better layer Knut: But what is the real world problem that spiderchain solves? Jameson: Uh, well, so, the, the problem is that people want to be able to do decentralized finance, whatever you call Knut: Yeah, no, no, no, yes. But how is that solving a real world problem? Jameson: I mean, you could argue about whether or not people need it, right? Uh, so, the question is, Is the, like, decentralized finance world and applications that people are doing on other networks, like Jameson: Ethereum, Solana, whatever, should we be able to do that in a more Bitcoin native fashion? Knut: Yes. Jameson: So, should we be able to have pegged sidechains with that functionality, but without changing Bitcoin itself? Knut: Yeah. And, uh, my answer would be no. But I know that, Knut: uh, is market demand Knut: yeah, yeah, there are differences of opinion here and I don't decide and no one else decides either. But, but, and there might be a market demand for it. Uh, I think though, the, the, the danger in going, going down those rabbit holes is that Anything you do that takes away. Knut: So just like the gold being used for jewelry or being used for industrial use cases, that sort of chips away at gold's functionality as a store value or as money. And I think the same is true for Bitcoin. If you mess with incentives, you might mess with Bitcoin's function as money. And Bitcoin's function as money is so crucial to the whole system. That's what the whole system is built upon, that the satoshi is worth something. And that anything else is, like, the whole system is built around the scarcity of the satoshi. Not, not the function, not the other stuff. So that's why I argue for all of these things being, you know, red herrings at best. Jameson: I guess, I mean, I think one counterpoint to that would be that if you're doing, like, actual native pegging of satoshis from base chain into other chains, then that scarcity is preserved. Jameson: Like, the problem that I have right now is that, you know, everybody's using wrapped bitcoin on these other networks. So they're just putting all of the satoshis into a single custodian. Jameson: Who could be, you know, issuing more IOUs than they actually Knut: Yeah, so you're saying the incentives are already being messed Oh yeah. yeah. Luke: Yeah, Luke: I'll, I'll take, I'll take the devil devil's advocate. Point on, on this one, and, and actually I, I kind of, sort of believe this one is that, is that people are going to do these things if they want to do it, and I would rather that they just fuck off and go to the other chains and, and do that. And so, and, and so, so I don't actually mind the idea of a wrap Bitcoin or, or something else. Luke: If someone wants to do that and they send their Bitcoin to some other place and then they go shit coin as much as they want. Okay. They're, they're free to do that. And I don't think, and I, I think what the key point that. What I agree with is if it doesn't change Bitcoin, if we're not doing anything to enable this, and it doesn't increase the transaction volume, it doesn't bloat the UTXO set, it doesn't add dickbutts onto everyone's nodes, then I actually don't see a Knut: problem is where you draw the line. What, what, what do you categorize as changing Bitcoin? Because if the incentive structure around it is changed, it is changed in a very indirect way, but, but it's still changed, which is what I thought. Think we, we've seen with the spam and stuff like Luke: But if somebody just has, literally, you send A-U-T-X-O to another UTXO and through that you get the ability to do your shit coining somewhere else. I, I don't, I don't think there's anything there. Like, I'm not gonna do it. And I mean, there is an actual, there is an actual thing here. Like for example, if someone's using opera turn for this right? Luke: To, to, to have some data to, to track what's going on here. Well. That could be filtered out by something like the zero data template that Ocean just has out now, or Datum, or something like that. That's actually, that's actually possible, and I think that's where we can have a debate, but I, I don't actually see a problem. Luke: Unfortunately, taking the devil's advocate a little hard Knut: here, I, I, I, Luke: of just sending one UTXO to another UTXO. That, that's, people, if people are going to do it anyway, right? Changing Bitcoin Jameson: So. Jameson: the whole issue of changing Bitcoin, I think, is a pretty touchy topic. Like, Jameson: I, well, so I get triggered, uh, actually, as a part of the ossification debate with, you know, if we ossify the protocol, then Bitcoin doesn't change, it's gonna be safe. Uh, but the problem is the rest of the world does not ossify, and so we've already seen this happening, both in Bitcoin and with other network protocols, that the protocol itself may not change, but the nature of how people interact with the protocol changes, and so my favorite example, of course, is SMTP, the email protocol, where, let's ask ourselves, is email a success? Knut: I would say no because it, it got super centralized. Jameson: Yeah. But see. We have a very nuanced, sophisticated view of this. Jameson: You ask. Jameson: the man on the street, and Jameson: they'll say, Oh, I use email every Jameson: day. It's great. They don't even know that they're not using Knut: no, no. Jameson: That can totally happen to Knut: And TCP IP, TCP IP four that they've been trying to upgrade to the version six. Isn't that a thing also like never happens because people are used to the old shit. Yeah, no, there are arguments to be made. I mean, ossification is an interesting word because. I'm for it when, when we're done and we're done at some point. I don't know when the point is and I don't think anyone else does either. And the whole point of having Bitcoin being hard to change is that sort of nature will tell us when we're done. And if we fucked up, we fucked up. Jameson: I think it's pretty obvious that Bitcoin is already very hard to change, and it's entirely possible that we have already ossified. We won't really know for sure for a while. Knut: No, and that may or may not be a good thing. It's, it's definitely going to be a problem in what's the year, like 2094 or something where it's predicted that this. Jameson: Yeah, the timestamp issue, though, I really think that quantum computing is going to be an issue before that. Knut: Oh, the quantum computing fund. Luke: Let's save this for next Knut: time. Knut: Yes, exactly. Exactly. That's a let's go into compute, quantum computing next time. Jameson, thank you Jameson: Yeah, you bet. Knut: great conversation and, enjoy the rest of the conference. Luke: Yeah, thanks a lot, Jameson. This has been a great conversation. I'll add slightly more words to the outro than this, but yeah, really great to have your perspectives on the security. I don't think we've had like a security person like quite so hard in a really long Knut: Well, you are a security person, aren't you? Oh yeah, Well, Luke: well we haven't, Luke: not a guest, but no, but this has been awesome, so thanks a lot for this. Luke: We'd love to do it again and continue having these deep conversations, so thank you again, Jameson. Knut: Anyway. You want to send our listeners like casa, I guess Jameson: well yeah, you can check out CASA. It's C A S A dot I O. Uh, check out my resources at bitcoin. page. Knut: Bitcoin page. Knut: Alright. Luke: has been the Show. Thank you for

Bitcoin is going to flip the entire legacy system on it's head. Slowly but surely. One of the biggest changes will be how people (and businesses) save money. Instead of paying a monthly premium, that someone else manages that someone else holds that you may never get to access that you pay an absurd amount of management fees for You can just set up some bitcoin funds instead. Let me give you some examples. Emergency fund - we should have at least 3-6 month's worth of savings that we can easily access Health insurance fund - just like the normal health insurance, except it belongs to you and you can spend it how you want to Children's Future fund - I prefer this over Education Fund because I think college and university will be non-existent in a decade or two. They can use this to fund their own business or travel the world before they start work Wedding fund - Imagine getting to enjoy this day without the stress of repaying the insane amounts of money you spent Pet emergency fund - I'm sure most can relate to a random $3,000 vet bill that went onto the credit card. The impact this can have on a family should not be understated. Arnie has his own emergency fund! House down payment fund Car replacement/repair fund Home maintenance fund Dental insurance fund Funeral expense fund And of course, have some fun with it! New set of golf clubs fund Travel fund New hot tub fund The nice thing about this new strategy is that you can take the money whenever YOU want to. Without any stress, any 4-hour phone calls, withdrawal fees, etc. The tough part about this new strategy is that you have to actually do it. People are totally okay with pissing away money on management fees just so they don't have to do anything and they're forced to do it. Well bitcoin is all about personal responsibility. Most will choose the easy route. But the ones who choose the hard path will be rewarded ten times over in the future. The most efficient way to do this would be setting up recurring payments and associated lightning addresses. Use a service like Bitcoin Well for the recurring buys - you can set up daily, weekly, or monthly amounts. And use Coinos to set up lightning wallets for each of the funds. When the balance gets high enough in each fund, move it into cold storage with labels! Imagine a world where the money you earn from the value you provide can actually be stored for the future. Bitcoin is the best piggy bank the world has ever known. We talked about this, and much more, on today’s live stream! You can find the full show HERE And if you’re a bitcoiner who wants to become more of a bitcoiner, consider joining our community called LIVING IN THE FUTURE. This will grant you access to both our private Signal chat and the Discord channel! And it also includes the MULTI GENERATIONAL WEALTH series! Have the best day of your life today - because the only thing more scarce than bitcoin is time! Jor

*Tom Thiercelin is a French director and photographer based in Southern Europe. Tom has a particular interest in the study of societies’ dynamics and has graduated in Political Sciences and International Relations.* Sésimbra is a small Portuguese seaside town. A little piece of paradise located in the south of the country, the kind of place where time seems to have stopped. <img src="https://blossom.primal.net/aa484abc6e3f756e9f7930d1e5945bae471e1db9d8c842ec542d30728ec9da78.jpg"> <img src="https://blossom.primal.net/beead546b8d9fc061cb1951730afde1392cb62080945e295bb5cd3a3eecb31d3.jpg"> <img src="https://blossom.primal.net/cbba9a4c25acd7ddd1996021cb2479327271b1b5465a2f9692917ddf36da6b69.jpg"> <img src="https://blossom.primal.net/ec88a52a05412d79243d7218461c227cecc5479bd4049451aa29119473d873e8.jpg"> [**Visit Tom's website**](https://tomthiercelin.com/) [**Submit your photography to NOICE**](https://noicemagazine.com/SUBMISSIONS)

Alguna vez escuchaste a algún amigo, conocido o familiar, hablar bien de lo que cobra por su jubilación? Lo más probable es que si vivís en Argentina o un país similar, hasta te hayas reído bastante con esa pregunta estúpida. NO, a NADIE le alcanza la jubilación, no importa cuándo leas esto o cuánto hayas aportado. Es por esto, que aún teniendo que aportar a punta de pistola en una caja sin fondo ni fondos, debemos asegurarnos que la jubilación no dependa del estado sino de nosotros. Para esto, no solo hablaré de Bitcoin, sino del interés compuesto y, sobre todo, de la PLANIFICACIÓN. Una persona que no tiene grandes títulos ni experiencias, pero encuentra un buen trabajo cobra aproximadamente (y no me maten con ideología) 1000 USD hoy en Argentina. VIOLENTA recuperación del salario real en dólares en lo que va de la era Milei. Dudo mucho, aún siendo conserva, que dicha persona logre ahorrar más de 200 USD por mes con este sueldo. Quizás, si tiene pareja puedan entre los dos dividir gastos y ahorrar un poco más, y también quizás, si decide tener hijos o tiene a alguien a cargo, pueda ahorrar menos que eso. Todo es posible. Mi primera recomendación en esta nota sería que si no llegas a ahorrar 200 USD por mes, estás bastante jodido, y deberías intentar obtener formación para acceder a trabajos mejores pagos. Si bien sería lindo nacer en la famosa "cuna de oro" y tener desde siempre y para siempre un patrimonio que nos permita vivir bien y tranquilos, esa no es la realidad en la mayoría de los casos, y, como te imaginarás, tampoco es mi caso. La buena noticia? No habrás nacido vos en cuna de oro, pero siempre podés armarle esa cuna a tus hijos, o, quizás, a tus nietos. La mala noticia? La riqueza se crea y se mantiene o expande EN GENERACIONES, no en un par de días meses ni años. Es por eso, que en esta humilde nota te invito a pensar en el patrimonio como un barco familiar lleno de salvavidas, y no como algo personal y caprichoso. No querés tener 10.000.000 de dólares, querés vivir bien de viejo y que tus hijos accedan a oportunidades que quien sabe vos no tuviste. No más. Ahora vamos de lleno: Cómo CARAJO me salvo con 200 USD al mes? Vamos a pensar que cada quién se da cuenta del problema de las jubilaciones ANTES de empezar a trabajar de verdad y de manera formal. Arrancamos con CERO patrimonio, un ahorro de 200 USD al mes y 45 años de ahorro, desde los 20 a los 65. O bien podemos calcularlo de los 30 a los 75 o como cada uno crea que la cuenta le dará mejor y estará más tranquilo. Hoy el estado Argentino te entrega aproximadamente 300 USD por mes por haber aportado MUICHISIMO MAS DE DOSCIENTOS USD POR MES DURANTE MAS DE 40 AÑOS. Si pusiésemos estos 200 USD en el Índice bursátil SP500 y calculamos un retorno anual PROMEDIO de 15% tendríamos para jubilarnos 9.182.768 USD. No, no leíste mal. CASI DIEZ MILLONES DE DOLARES. A partir de ahí podés no capitalizar más y empezar a vivir del retorno. Tendrías aproximadamente un millón y medio de dólares al año para GASTAR. Ahora supongamos que elegiste MAL los activos y tuviste un rendimiento del 8% anual durante el período en cuestión. Bueno, en este caso, como la novena maravilla del mundo (el interés compuesto) actúa prácticamente a la mitad, "solo" juntaríamos 1.000.000 de dólares para nuestro retiro. Re poquito no? Todos los jubilados que conoces tienen más de un palo verde, no? NO??? Elegir mal sigue siendo mejor que dársela al estado. Ultimo escenario, esos 200 USD los metés mes a mes en Bitcoin. Facil, rápido y sin pagar comisiones por gestión ni bancos ni nada raro. A billetera fria y a olvidarse. Bitcoin tiene un rendimiento anualizado promedio del 49%. Dudo que mantenga ese crecimiento anual por siempre, seguramente cuando sea un activo más global y más capitalizado crezca de una manera menor, pero, a estos numeros de hoy, estamos hablando de llegar a tener a nuestros 65 años unos $304,366,768,417.12 TRESCIENTOS CUATRO MIL MILLONES DE DOLARES. Si, suena imposible, quizás no sea para tanto, pero lo que quiero que mires veas y entiendas es que el "al pedo ahorro si es re poca plata" puede llegar a ser una pelota gigante si se elige bien el activo y la meta en cuanto a tiempos de inversion. Te dejo una página que te ayuda a hacer estos cálculos, podes ingresar tu patrimonio actual, tu tasa de ahorro, tu retorno promedio anual entre otros y calcular vos mismo tu futuro. Lo importante acá, elijas el activo que elijas, es que NO se la regales al estado, estamos hablando de TU vejez y LA VEJEZ DE TUS HIJOS. No es joda. No podes hipotecar tu futuro por una promesa nefasta de un ingreso imposible. TU plata, TU futuro, TU responsabilidad, TU decisión. https://www.investor.gov/financial-tools-calculators/calculators/calculadora-de-interes-compuesto Espero te haya servido. Si es así compartilo con tu gente y/o mandame algun ZAP! Saludos!

Understanding Figure and Ground: How We Perceive the World The concept of “figure and ground” originates from Gestalt psychology but takes on profound implications in Marshall McLuhan’s media theory. At its core, figure and ground describe the relationship between what we focus on (the “figure”) and the larger context that shapes and influences it (the “ground”). Together, they illustrate how perception is shaped not only by what we pay attention to, but by what we overlook. Figure and Ground in Perception Imagine looking at a photo of a tree in a forest. The tree might stand out as the figure—it’s what your attention is drawn to. However, the forest, the sky, and even the light conditions around the tree create the ground. These background elements are not immediately in focus, but they are essential to understanding the tree’s existence and meaning within its environment. Our minds are naturally inclined to separate figure from ground, but this process often distorts our perception. By focusing on one aspect, we tend to neglect the broader context that gives it meaning. This principle applies not just to visual perception but also to the way we experience media, technology, and culture. McLuhan’s Take: Media as Ground For McLuhan, media and technology are the “ground” upon which all human activity takes place. We often fixate on the “figure” of a medium—the content it delivers—without recognizing the ground, which is the medium itself and its pervasive influence. For example, we might focus on the latest viral video (the figure) without reflecting on how platforms like TikTok (the ground) shape attention spans, social behaviors, and even our cultural norms. McLuhan famously argued that “the medium is the message,” meaning the medium’s structure and characteristics influence society far more deeply than the specific content it carries. The figure (content) distracts us from examining the ground (medium), which often operates invisibly. Figure and Ground in Daily Life Consider smartphones. The apps, messages, and videos we interact with daily are the figures. The ground is the smartphone itself—a device that transforms communication, alters social dynamics, and restructures how we manage time and attention. Focusing solely on what’s displayed on the screen blinds us to the ways the device reshapes our lives. Rebalancing Perception To truly understand the impact of media and technology, McLuhan urged us to become aware of the ground. By stepping back and observing how the environment shapes the figure, we can better grasp the larger systems at work. This requires a shift in perspective: instead of asking “What does this content mean?” we might ask “How does this medium affect the way I think, behave, or relate to others?” Understanding figure and ground helps us see the world more holistically, uncovering hidden dynamics that shape perception and culture. It’s a reminder that what we take for granted—what fades into the background—is often the most transformative force of all.

# Revisiting Civil Disobedience >as I stood considering the walls of solid stone, two or three feet thick, the door of wood and iron, a foot thick, and the iron grating which strained the light, I could not help being struck with the foolishness of that institution which treated me as if I were mere flesh and blood and bones, to be locked up. --Henry David Thoreau, "Civil Disobedience" What an amazing quote from Thoreau, whom was imprisoned for refusing, on principle of "civil disobedience" to state overreach and the condoning of slave ownership, to pay his poll-tax. "That institution which treated me as if I were mere flesh and blood and bones, to be locked up." If reading that 180 years later doesn't make your hairs stand on ends, then what does? Thoreau's transcendentalism resonates in these lines, reminding us that freedom is as non-tangible as your Bitcoin UTXOs. ## Freedom is relative, an ideal  I have considered the oft-lamented, anti-libertarian bane that is the social-welfare state and the exorbitant amount it costs the government, especially as I meet more-and-more people complaining about the bureaucratic buffoonery we have over here in Canadaland. Honestly, what a shit [show](https://www.google.com/search?q=chrystia+freeland+vibe+session&client=ubuntu-sn&hs=Y6o&sca_esv=3133dcedd35e4ac7&channel=fs&sxsrf=ADLYWIKZL1tDhgNn8Y3S03HcTrF5SWoU2w%3A1732664338564&ei=ElxGZ5iSIrGu5NoPr5bNyA8&oq=chrystia+freeland+vibe&gs_lp=Egxnd3Mtd2l6LXNlcnAiFmNocnlzdGlhIGZyZWVsYW5kIHZpYmUqAggAMgQQABgDMgsQABiABBiGAxiKBTILEAAYgAQYhgMYigUyCxAAGIAEGIYDGIoFMgsQABiABBiGAxiKBUinNFDFBFj_JnAEeAGQAQCYAboBoAH2CqoBAzMuOLgBA8gBAPgBAZgCDqACgwzCAhEQABiABBiRAhixAxiDARiKBcICCxAAGIAEGJECGIoFwgIFEAAYgATCAg4QABiABBiRAhixAxiKBcICBhAAGBYYHsICBxAAGIAEGA3CAggQABgIGA0YHsICBRAhGKABwgIKEAAYgAQYFBiHApgDAIgGAZIHBDMuMTGgB-Q9&sclient=gws-wiz-serp#fpstate=ive&vld=cid:5157d50f,vid:hWeTH4z3C8U,st:0). But over here, in my line of work (picture: inner city school), I hear a lot about developing countries, where folks lack a lot of the so-called _freedoms_ we enjoy. Where they don't have freedom to worship a God of their choosing, women must cover their heads in public and cannot pursue an education, and where they'll cut off your hands for stealing. I am told of places where schools pack 60+ kids into a classroom, most of them showing up just only because they don't want to go to work, or, because they get biscuits on Tuesdays. Some of these places, the teachers are expected to chase after children if they don't attend class, go into their homes and reprimand them over dinner tables of rice, plantains and coca-cola. Yet other places, teachers shame parents by @-ing them public group chats, using their when their sons or daughters don't complete the homework as expected, 'everything apps'; and yes, in China, so I am told, parents _are_ expected to work on their child's homework projects. Some of these places you cannot own property. From some of these places, people walk 365 days a year on worn out shoe-soles across continents in search of some glorified idyllic 'freedom,' out of fear of tyrannical government regimes who have devalued currencies so as not even to be worth the paper it is printed on. I talk to folks every day escaping _real_ tyranny, the kind we are told lay crouching in the darkness, seething and desiring and plotting to take away _your_ freedom. To them, tyranny is familiar as their first cousin. And yet, they can see the contradiction in the claim that they escaped tyranny to enjoy 'free society.' They are not fools, some, I would argue posess a special kind of discernment when it comes to spotting a tyrant. They confide in me their complaints and I find, to my chagrin, they despise much I do, government overreach, bureaucratic skulduggery and taxes. What I have begun to tell them, besides the empathizing platitudes: freedom is relative, an ideal. # A freedom state of mind And to you, dear freedom-loving reader. You might have your BTC in self custody, your property, your guns, your free speech, your off-grid power sources. You might be free from the arms of government power and well protected, ready to defend your family and property from some listless refugee wandering onto your property in the cover of darkness. I'm not fear mongering. I am illustrating the point that there, you see, freedom is an ideal, a relative state that needs protecting. It cannot be fully realized, because, to the libertarians the inalienable freedom to own property means that that property faces the threat of being taken, pillaged or otherwise violated. I don't imagine that Thoreau could have anticipated the world we live in today, nor that his words would be construed this way. I beg forgiveness from any Americans who think I have missed the point. But, take heed of his words: >"I saw that, if there was a wall of stone between me and my townsmen, there was a still more difficult one to climb or break through before they could get to be as free as I was." Don't be one of those townsmen. Freedom is a relative state, and it is a mindset. If you are completely self-soverign, independent, self-reliant, off-grid, self-custodying; all of these thigs and, still, you might be paranoid of losing it all - then, are you really free? Similarly, people flee oppression, understandably, but I fear that what they find is the same velvet tongued tyrant, dressed in different garb. I think we need to adopt freedom as a state of mind, and seek it constantly. And be as tranquil as Thoreau, > I could not but smile to see how industriously they locked the door on my meditations, which followed them out again without let or hindrance, and they were really all that was dangerous. And yet, I challenge you, to reflect: over what continents you have traversed, over hill and dale, to be free?

Most Nostr users have never heard of nostr.build. Many Nostr users know of nostr.build, and that we store images and videos for Nostr, but don't know that we can do anything else. There are also users that have a paid nostr.build account, but don’t know of all the included features they have access to. For these reasons I've decided to write a blog about all of nostr.build's features, in detail, let's begin. Nostr.build offers free media hosting services for Nostr and paid services when you purchase an account. We have three levels of paid accounts: Pro, Creator, and Advanced. Let’s talk about each level of service and the features included below. **Free Services:** - _Supported Media Files up to 21MB:_ Anyone using Nostr can upload the media of their choice, up to 21MB per file. We support many different media types including .jpg, .png, .gif, .mov, .mp4, .mp3, and .wav. We compress JPEGs, PNGs and GIFs, but currently perform only light processing of video to allow quick preview. If your video is playing weird, no audio or not playing at all, it is likely your video format or how it was transcoded.  - _Removes Location-Related Metadata:_ Most photographs these days have the location data (GPS coordinates) embedded in the metadata. The data is commonly used to tell users where they were when they took the picture, it can also dox someone if they share an image with location data in it, e.g., their home address. Nostr.build removes this location metadata so as not to reveal your location to everyone you are sharing a picture with.    - _Integrated Media Uploading on Nostr Platforms:_ In the early days of Nostr, if you wanted to share an image or video, you would have to upload it to another site, copy the link it provides, and paste it to your Nostr note. With NIP96 and NIP98 nostr.build is now directly integrated into most Nostr apps making it just one click to add your media, like other popular and social media platforms. Currently this is supported on Damus, Amethyst, Nostrudel, Snort, Iris, Coracle, Flycat, and Yakihonne, among others.  - _Free Media Gallery:_ Curious what type of images, memes, gifs, and videos are being uploaded to Nostr? Check out the Free Media Gallery to see the most recent uploades to nostr.build. This view only shares the free uploads, you would not be able to see any user account uploads which are kept private unless purposely shared by the account owner. https://nostr.build/freeview  - _Delete Uploaded Media:_ If you upload free media to Nostr using a Nostr app, you can go back and delete it yourself with our delete tool. This is most used when people dox themselves, accidentally uploading an image with their name or address. The image needs to be associated to your n-pub and you will need to authenticate before deleting.  - _CSAM Scanning, Removal and Reporting:_ CSAM is not tolerated in any way. Not just CSAM, but any media that exploits a child in any way including AI and cartoons, children in inappropriate positions or clothing, we block the user and report their content and all related information we have on the user to the authorities / NCMEC. We use multiple services when filtering and reporting CSAM including Cloudflare's CSAM filter, Microsoft PhotoDNA, AI models and the NCMEC reporting portal. We do not filter or report anything else that is in compliance with our TOS, only CSAM. https://www.missingkids.org/theissues/csam  - _24/7 Support:_ nostr.build has people around the world, monitoring Nostr every day for Nostr and nostr.build related issues. Issues include but are not limited to; media not uploading or displaying, doxed uploads, illegal content removal, developer issues, and feature requests. There are very few services in the world where you can interact directly with the developers and get support and feature requests fulfilled. You can also contact us at support@nostr.build. **Pro Accounts:** - _10GB of Private Storage:_ One of the most common problems with the free service is the file size is capped at 21MB per file. For long videos, this becomes a challenge. With paid accounts, there is no file size limit to what you upload, only the size of the account. - _Media Management Portal:_ One of the biggest advantages of a nostr.build account is the ability to keep all your media in one place, separate from social media platforms, in your own private portal. You can drag and drop, add, create folders, move to a folder, delete, and rename any of your media, and much more. Check out our nostr.build features overview video to get a better idea of media management in your nostr.build account. [](https://cdn.nostr.build/assets/images/nostrbuild_video1.mp4) - _AI Studio:_ Our latest and one of our coolest features is the all-new AI Studio. AI Studio provides text-to-image generation with multiple popular models to choose from. While other platforms only offer a single text-to-image model (ex. ChatGPT/DallE, Discord/Midjourney, X/Grok2), nostr.build offers multiple models on the same platform. We also offer a complete media management system for your AI creations mentioned above, the other platforms don’t have that. [Check out our competitive comparison here!](https://cdn.nostr.build/assets/images/nb_aistudio_compete01.pdf) For Pro accounts we offer SDXL-Lightning, and Stable Diffusion 1.   - _.pdf and .zip File Support:_ Another huge request from users was to support the .pdf and .zip file types. This wasn’t as easy as it seems since we have to perform a virus scan on each of these file types before publishing and allowing public access.  - _View All Media Gallery:_ Curious what type of images, memes, gifs and videos are being uploaded to nostr's free service? Check out the Media Gallery to see all 2Million+ uploads ever uploaded to nostr.build. This only shares the free uploads, you would not be able to see any user account uploads which are kept private unless shared. - _Share Direct to Nostr:_ Upload or create new media on nostr.build and share it with or without a note straight to Nostr, no other client needed! This is a feature that more tightly integrates nostr.build with Nostr and takes it steps closer to becoming a true Nostr client.   - _Global Content Delivery Network:_ Lightning-fast global CDN distribution of your content for faster, easier viewing around the world.  - _Referral Link:_ Found in your profile settings, share your referral link and earn ‘Credits’ when someone uses it to purchase an account. Credits can be used for advanced features, account upgrades, and renewals.  - _Viewer and Usage Stats:_ See the total ‘Unique Views’ and ‘Request Counts’ for all of your media, nicely graphed out, from 1-day to 3-month chart options. Just click the three dots under your media and select the 'Statistics' tab.   **Creator Accounts:** - _30GB of Private Storage:_ 3x more storage than the Pro account. Ideal for creators, podcasts, and videographers, this gives you the added storage for those larger projects. - _.svg File Support:_ Scalable Vector Graphics (SVG) files use mathematical formulas to store graphics. This makes them able to be resized without losing quality, very common with designers and content creators.  - _AI Studio:_ When creating images in AI Studio, Creator accounts have access to all Pro Stable Diffusion models and unlimited use of the Flux.1 model. - Flux.1 (schnell): One of the latest text-to-image models, Flux is a 2 billion parameter rectified flow transformer that excels in graphic detail and correct text spelling and layout. It is the same core model that X(Twitter) uses with Grok2 images.   - _Host a Creators Page:_ Creators have the option to share their media to their Creators page hosted on nostr.build. This makes it easier for people to see, donate, and share. [Check out all the Creators and their masterpieces here!](https://nostr.build/creators/)  - _iDrive E2 backup for all media:_ We currently store all media on Cloudflare R2 servers. If for whatever reason Cloudflare servers lose your content, we also store a backup on a completely different service provider, iDrive E2 servers.  **Advanced Accounts:** - _100GB of Private Storage:_ The largest account size we offer, with more than 3x the storage of the Creator account. This is plenty of storage for all of your Nostr needs and more. - _AI Studio Extended Access:_ Get all the models, all the latest experimental features, and additional Credits with an Advanced account. - _NIP-05 @nostr.build:_ Do you need premium NIP-05 identification? Choose any name you want and have your own @nostr.build official profile.  **Roadmap:** - _Free Account:_ This would be just enough to get someone started with nostr.build’s media management features and slightly larger media size uploads. - _Lifetime Account:_ This would be something like all features, all experimental features, 1TB of storage for life, and two free t-Shirts. - _Traditional and AI Media Editors:_ Combining a powerful, standard media editor Pintura, with modern AI image editing features from stability.ai would allow users to quickly and easily modify their media using multiple tools. https://pqina.nl/pintura/?ref=pqina https://stability.ai/stable-image - _Video Transcoding and Player:_ nostr.build has never modified video meaning all different formats and sizes are uploaded, none of them optimized for the platform they are being viewed on, and all of them in many different formats. By properly transcoding the media it will be viewable, optimized and faster on all platforms the video is being watched on, Android, iOS, desktops, laptops, etc. - _Expandable Storage:_ The ability to purchsase additional chunks of storage and add it to your existing account. nostr.build has a lot more to offer than just a place to upload media. It is your complete media platform, with an extremely intuitive user interface offering new features added all the time, and of course, always with the goal, to help grow Nostr, make is easier and more fun to use.

 “How much longer?” Whined Zera, as she dragged her feet through the grass while hiking along a hill with her boyfriend Po who was leading the way. “About an hour's trek still left” said Po in a heavy, low pitched voice, that would have been barely audible to anyone. Fortunately Zera was used to this by now and focused enough to hear his reply. She had spent the last 200 of her 500 year old life with this man, and by now she had picked all of his nuances. Po on the other hand was what the kids would call “ancient”. He was sure that he remembered the last 1000 years of his life, and he was sure he was haunted by the memories of a life even before that time. Po didn’t remember what his metaversal age was, but right now he was walking in the Avatar of a 30 year old man and Zera was embodying a 19 year old. The hike was beautiful, there was a thick forest cover on one side of their trail and a clear view of the mountains on the other.You could hear the birds chirping and see the squirrels going up the trees. This was not the first forest Zera had seen, but it was a pleasant change to walk through one.In some other metaverse they could’ve probably flown to the top, teleported, jet-packed, but Po insisted that they hike on foot. “It’s part of the experience” he said. Zera was mostly enjoying the hike but the only thought that was bothering her was that she was not sure why they were here and Po was being frustratingly coy. Zera wanted to get the bottom of it. “Is it a sunset off a beautiful mountain cliff?” She asked, trying to guess the surprise. “No, it’s something much deeper than that”, said Po trying to decide how much he should tell his girlfriend. “Is it a memory?” Asked Zera, this time a little more serious than playful. Po was taken by surprise “is she onto it?” He thought. “Good Guess” said Po nervously as he took a pause from his walking to look at Zera, he offered a slight crooked smile “You know how you always say that there are parts of me that I don’t let you in on? Well I’ve always wanted to, Zera , but I find them hard to explain, even to myself, so I thought I could show it to you this time.” he said, looking Zera right in her eyes, then he broke his pause and continued to walk, “and I will show it to you right this way” he said pointing to the path further ahead and started to walk in that direction, leaving Zera behind. Zera, now had an idea about what this surprise could be, and she hoped it was not what she was thinking. “So this IS a memory?” She said panting as she ran to catch up to Po. “My bet would be this is a reconstruction of someone’s memory, of a very important day” said Po excited but also anxious about Zera’s reactions. Zera looked a little disappointed, she had guessed what this was all about and it wasn’t something she appreciated. “Is it about the whole ‘Base Reality’ talk again?” said Zera annoyedly. Po knew he would have to come clean now, but he wasn’t prepared to tell her, he was hoping he could just show her. “Yes” he began, “but it is different this time, this time I have proof and it explains everything” Said Po as a rare expression of anxiousness was now visible on his face. “You know this path has led to trouble for so many of us,” said Zera. “But what if it’s the truth?” Said Po, trying to reach out to a part of Zera, she had superessed for a while now. “Would you rather live a comfortable lie? Knowing it was a lie?” The citizens of the metaverse or at least the metaverses under the jurisdiction of Metaverse One (M-1) prescribed to many religions. The most popular among them used to be “The Genesists”. The Genesists believed in the existence of a “Base Reality”. A reality that gave birth to the metaverses. Po and Zera used to be followers of this religion. The religion however turned political, and M-1 started persecuting anyone publicly associated with it. Zera had seen too many of her friends and loved ones suffer for their beliefs, and she just wanted to have a normal life. It was not that she did not want to know the truth, but not at the cost it entailed. Suddenly, a frightening thought occurred to her. “Who’s running this simulation Po? Is it C-FOSS? You realize this could get us both jailed? Or worse” Zera paused “deleted”. Po was hoping to have this conversation after they reached the summit. “I realize” he said “I would not have taken this risk if I didn’t think it was very important for both of us to see” “And then what, live in a C-FOSS metaverse for the rest of our lives?” “Would it be worse than living a lie?” They both fell silent, Zera wanted to cry, but she didn’t want to feel weak. “Look, If something does happen, I’ll come clean, I’ll let them know you had no idea what was going on and I brought us here. ” This made Zera angry. “Do you think I’m scared for Me? What about you Po? What about us? What if all of this was true and I still didn’t want to come along? Would you leave me for this?” “No.” said Po, trying to be as blunt as possible. They both continued walking silently, the sun had begun to come down and the light orangish color of dusk was now filling the sky. The sound of the forest they were walking through was now changing from birds chirping to insects rattling, and Po and Zera could finally see the summit. As they reached the summit they found a small crowd all talking excitedly to one another. Some even waved at them, and Po waved back. Zera had to still adjust to this change in mood. “Were they all C-FOSS members?” She thought, wondering what carnage would take place if M-1 ever found this simulation. Po led her to an old fragile man, standing in the middle of the summit handing out what seemed to Zera like badges. “You must be Zera,” he said, coughing once before and once after any sentence he spoke. “Po has told us a great deal about you” he said, extending his hand. Zera shaked the old fragile hand reluctantly “I hope only good things” she said, giving into the pleasantries. ”My name is Trank, it’s a pleasure meeting you, here wear this, it’ll let the server know you’re not an NPC” said Trank handing out a yellow badge with a smiley face on it. From the summit they could see into a huge expanse, Zera could see a city below them which was getting more visible as the lights turned on. Zera walked closer to the edge to see the view. “This seems.. ” thought Zera but she couldn’t find the word that could complete her sentence. “Vintage?” said Po as he came close to her and stood by her side. “Can you read my thoughts?” Said Zera, grabbing Po’s hand as she leaned into him. “Only ‘cause I know you so well”, said Po kissing her on her forehead. The moment had only lasted a second, before they heard a loud noise of a plane, a fighter plane whizzing past just a few 100 meters above their heads. “It’s begun! Everybody, wear your badges if you haven’t already, I don’t want to dig any one of you out from the archives!” Shouted Trank. The next few moments happened very fast, But Zera recorded everything, a fleet of fighter planes flew past them, drowning everything out with their noise, they dropped what initially seemed like metal cylinders onto the city, and suddenly the now dark sky was lit ablaze by explosions. Giant mushroom clouds emerged into existence. expanded and turned into a hot massive ball of fire that engulfed everything. Zera was too stunned to even move. She grabbed Po’s arm tight as the fire surrounded everything around her. She didn’t feel anything, and everyone around her didn’t seem to flinch as well. Most of the folks were crying, Po himself looked like he was fighting back tears. The ground beneath them started shaking and eventually became a part of a landslide,the people on the summit however did not fall. When the explosion subsided, Zera could see everything had turned into ruins. The forest for as far as Zera could see had entirely vanished, the trees had either blown away, or were completely on fire. There was a giant crater where the city used to be. It didn’t seem like anyone survived. They themselves were standing on what looked like a digital mesh of what used to be a hill. There was a long silence where no one spoke to each other, “Were they seeing this for the first time as well?” Thought Zera. She looked at Po who was already watching her, “You think this happened in the Base Reality?” She asked Po. “Everyone I’ve met who’s even around my age remembers a similar event. It can’t be a coincidence. What makes it even more believable is that M-1 doesn’t let any simulation depicting this event exist in their Metaverses” said Po, Zera gave a nod of affirmation. “We need to go back now! I’m hearing reports of M-1 trackers snooping around nearby” shouted Trank. “But now that you’ve seen the Truth. Search for it, and you should find us”, he said as he pressed a button and vanished. Everybody else also started to leave and so did Po and Zera. What she saw today might change her entire life. Zera had a decision to make.

The same thing happens every bitcoin halving. The new supply of bitcoin is chopped in half. The demand rises while the supply shrinks. Bitcoin starts making a move. But it takes a little longer than people expect. So they get impatient. They get bored. They greedy. The 150% return they've made this year isn't enough. F 150% I want 250%! Or they bought in at the "top" and want to see some action. And when I say they - I am including myself in there. Just like our friend Odell - who coined the phrase STAY HUMBLE, STACK SATS. He says it as a reminder to others but mostly himself. For some reason, it's very difficult to stay focused on bitcoin. It should be so easy. All you have to do is literally NOTHING. Buy or earn the bitcoin and hold onto it. That's it! If only it were that simple. Sometimes we need a little reminder. We have to remember why we are here. We have the potential to make real change in the world if we get this right. Satoshi discovered the hardest money that has ever existed. A peer-to-peer electronic cash. That is fair - because anyone on earth with an internet connection can join the network. That is honest - because the entire ledger of transactions can be seen by anyone, dating back to January 3, 2009 when the first bitcoin block was mined. Bitcoin was designed to separate money from State. And the State is showing up in January. Some states are already here. That’s the bad news. The good news is that they cannot print bitcoin. But they will be buying. They aren't buying DOGE. They aren't buying XRP. Or Ethereum. Ha ha ha ha Ethereum. They are buying BITCOIN. And there's only so much bitcoin available. What happens when a steep upward demand curve meets a fixed supply? Well, we have never seen it before in human history. So instead of chasing the quick gains, try to stay focused on bitcoin. Because the only reason you'd chase quick gains is if you weren't happy with yourself. And if you're not happy with yourself now, you won't be happy with yourself with more money in the bank. This is a long game. Bitcoin doesn't care what timeline you're on. You know where this is going. Don't rush it. Every single sat is more valuable than you could ever imagine. Protect them. Have some patience. Stay focused. Remember why we are here.

Hanlon’s Razor is a philosophical principle or adage that states: “Never attribute to malice that which is adequately explained by stupidity.” It suggests that when trying to understand someone’s actions, it is often more reasonable to assume a lack of knowledge, competence, or foresight rather than intentional harm or ill will. The principle encourages people to avoid jumping to conclusions about malicious intent and instead consider simpler, more mundane explanations. Hanlon’s Razor is often used in problem-solving, interpersonal interactions, and organizational settings to promote understanding and reduce conflict. It’s part of a broader family of “razors,” which are rules of thumb used to simplify decision-making.

 Hey Freaks, So, I briefly touched on a bit of my pre bitcoin backstory in my last article. I should probably add some more detail before going into my thoughts on freelancing in Nostr and Bitcoin. ## A bunch of jobs Before diving into the Bitcoin and Nostr space, I've had a bunch of jobs. - Kmart - Barnes & Noble - AMC Theatres - United States Air Force - Bank of America - Intellectual Property Law ## Early Freelancing Experience I've worked a variety of gigs including: - Internet safety evaluation - Moving Company - Telephone interviews - User testing - Survey participation - Focus groups I also ventured into a bit of digital entrepreneurship with: - Shopify dropshipping - Podcasting - YouTube Lo-Fi beats channel ## Entering the Bitcoin Space My transition into Bitcoin involved the roles below: - Business Development Manager (Two Businesses) - Junior Bitcoin Researcher (Two Podcasts) - Open Source Contributor (Two Projects/Contributions) And I've - Written a bit on Stacker News, and ran the Nix OS territory for a few months - Created lo-fi Beats on Wavlake and have uploaded a few videos nostr/flare.pub - Engaged with freaks on Nostr and won a couple of meme competitions - Started working on a Nostr app, and plan on submitting a few more open source contributions   ## The Future of Bitcoin/Nostr Freelancing I'm looking forward to see the growth of sites like satshoot, plebwork and whatnot. Seems the winner hasnt been decided yet to see who will be the fiverr replacement using bitcoin and nostr. It would be cool to see amethyst add in a tab for freelancing. Sats4Likes was a cool site, although mostly filled with spam and refferal links. ## Contemplations I've been contemplating potential service offerings for TheWildHustle, and here are my thoughts: **Bitcoin & Nostr Consulting** While I've successfully built my own setup through experimentation with various alpha and beta products, I'm hesitant to position myself as an expert consultant. My current setup, though functional, is more of an eager pleb approach rather than a professional or one size fits all solution. **Advisory Services** Initially, I considered offering general advice and conversation services, but there is a lot of responsibility that comes with advising others, especially when their financial well-being or social capital is at stake. I want to make sure I'm providing value without accidently rugging someone. **Product & Service Consulting** I'd probably do best offering insights and evaluations of products and services. My experience as an early adopter, user tester, focus group participant, and interviewer might provide valuable perspective to clients navigating this space. I've talked to a few companies over the years about their products and services and I think I've held myself pretty well.  Thanks again for reading, Wish me luck, Hustle

I did not need to learn to understand Bitcoin. Understanding Bitcoin was intuitive for me. I loved reading as a kid. Asterix and Tintin comics were a staple for me and I grew into the F.W.Dixon Hardy Boys books. Reading about theft, danger and sleuth mysteries pivoting into fantasy stories and then all manner of fiction and authors I am not going to name because it does not really matter and most I have forgotten. I devoured a substantial amount of fiction as a child. At one point when I was 13 years old in 2000 I decided to read a grown up book. My dad had a copy of Des Griffin's book (Fourth Reich of the Rich) on his bookshelf. The reason I picked that book is because it looked serious and ominous and it had a big swastika on the cover. I assumed that if I am going to read a grown up book this one seemed to challenge me. I read the book and it blew my tiny child brain wide open. I realised how complex and potentially evil the world could be. No one forced me to read it, no one recommended the book to me. Learning about the financial system and how finance is used to break the spirit of man and corrupt our lives with war and destruction germinated questions and doubts in my mind. Sunday school, rainbows and butterflies be damned. My world was shattered and I needed answers. I decided to go as far back as I possibly could and before the end of that year I had finished reading the Bible. I had an orange NIV at the time and I just started at page one and read every day until Revelations 22. In hindsight I managed to learn very little on my first read through, my underdeveloped mind lacked a lot of life experience and wisdom to really understand most of what I consumed but I had built a skeleton of the time line anchoring me through world history and that was more meaningful than I understood at the time. The most important thing I discovered about myself in the year 2000 is that I was obsessed with history not for history's sake. I needed to understand the why behind the why. I was on a mission to discover why evil exists and what is going to fix it. I had read through the Bible cover to cover about 7 times since. For the next couple of years I went onto the rabbit hole of conspiracy and mysticism. I had read the largest amount of nonsense rubbish books written by some of the most depraved moronic minds the world had ever conjured into existence, hoping that I would find some clue to the origins and purpose of evil and it's elusive cure. When a 15 year old reads Morals and Dogma by Albert Pike trying to find a grain of truth only to realise he has discovered delusional hocus pocus aerie faerie shit moving on to the next author spouting incessant crap leading nowhere. It took me many years to learn that there is no magic behind the freemasonic order or Adam Weishaupt's Illuminati. I concluded that there did not exist a freemason who knew the truth or would communicate the reality about the existence of their order and it's origins. After reading hundreds of books and documents ranging from Aesop to Marx to I had to capitulate into a nihilistic faith in Christ. Because the answer to evil was simply a hope in the second coming where Jesus might wipe out evil and punish sin. The only way an inkling of justice could exist among mankind. Having discovered this hope the way I did was not healthy because inaction is the only requirement and all action becomes meaningless. If good and right cannot project from within the created being and it is doomed to be a spectator to the performance of divine justice then I might just as well capitulate and die for my life is just as meaningless as the one who does all that is right and good. I reverted to an ecclesiastical, stoic, nietzschean frame of mind, everything is meaningless and nothing means anything, all can go fuck themselves. It was a doom loop in my mind which lead me to giving no shits about anything. I would drink, do dangerous things even to the point of escaping arrest and doing damage to people and their private property just to exact my own private kind of revenge on whoever I felt deserved it. I hated the world and wanted to see it all burn. My most ardent hate was reserved for money and people who showed any form of respect for money or wealth. A homeless woman confronted me on the street one day asking if I have money for her. I took all the money I had in my wallet and said to her all I have is this communist rubbish paper and I said to her she can have it all but I feel bad that I don't have anything of value to give her. It was about R70, I did not have much. She started crying when I gave it to her and she even seemed unwilling to take it when I offered it to her more insistingly. I cleaned up my act a bit when I met a girl I liked and we started a relationship. She was still at school and I picked her up in my Volkswagen Golf after school and took her home every day. With time as our relationship developed I started to feel responsible for her well being seeing how emotionally dependant she became on me over time. I did not have a job. I was always setting up LANS and playing computer games with my buddies and sponging of my parents, I had no interest in earning income or looking for a job. In spite of this unproductive attitude to life my girlfriend loved me, I could articulate abstract concepts and explain mysteries and organise thoughts into coherent ideas of life and philosophy and we had many friends. I decided that I was going to get my life in order so that I can man up to the responsibility of having a woman in my life. I got a job at a car dealer got into a fight with the manager and fired my boss after a week of witnessing the most shallow insipid style of life and world view. The fiat system was so repulsive to me it would make me sick. I even refused to open a bank account which did not help with trying to find employment. I ended up working for my father learning skills from a man I could respect because his character was honourable and above reproach. I could disagree with him and retain my respect for him. He was stuck in a fiat clutch of debt, a hard worker and honest businessman but the fiat world never allows good men a moment for pause. He was willing to pay me in cash and I started to provide for my young wife and newborn daughter. I discovered the bitcoin whitepaper in 2011, in this time but I was not in a position to attain any because the rails for purchase did not yet exist in my country, I did not have internet access at home and my PC was just standing at my parents house at the time so mining was not an option. We did not even have electricity, I shut it off because I had a fight with my wife's fiat minded family who wanted to split the electric bill on the property equally. I had purchased a kwh meter that I was going to install at my distribution board to calculate how many units of power we used monthly. They did not like that idea and I got push back from them. So I disconnected our house and paid the two following bills, when the third bill came I did not pay. They were very surprised to find out that we were living without electricity to for two months already and they did not even have a difference in the price of the electric bill. We were hardly using any power and was paying a bulk chunk of their bills. Anyway... I immediately understood Bitcoin and the problems it could solve for me personally with regards to the fact that I hated money so much. My disconnect with reality suddenly did not reflect my madness but the madness of the world. I adopted Bitcoin in my heart and had my hopes pinned on it achieving some type of success. Bitcoin became a placeholder in my mind thereafter something I knew I would keep track of into the future. In 2016 sometime I watched a video where Jack Mallers discussed placing verifiable and peer to peer bets on chess games online using Bitcoin. I got so excited I wanted to explode, I called my dad and my brothers and I wanted them to see the video. Their reaction left me disappointed because I realised that the implications of what this tech could become was lost on them and I could not adequately explain it in analogies that made sense, I just seemed like a rambling nutcase. Anyway I did a bit of searching and found that it was possible to buy Bitcoin online in South Africa. I did not waste any time and opened a bank account for the first time in 11 years. (I had a savings account when I was a kid.) I needed to be able to do transfers to purchase bitcoin. Our first purchase was R150 we ended up with 90 rand after the exchange took a third of the amount in withdrawal fees because I immediately taught myself how to and took self custody. It was about 0.01170000 sats. I used all those sats to order a type of debit card from England wherewith I tried spending the bitcoin at a local supermarket. I was not trying to save the sats, I wanted to test the technology and did not know I was spending potentially thousands of rands in future savings buying a card and some junk food. It worked for about two weeks then regulations forced the company that supplied the card to shut down its services. They emailed me and apologised. I did not care, this technology was going to change the world forever, the only thing I could not yet predict was how long it would take for adoption to happen. In my mind we were on the precipice of a revolution and the whole world was going to see the light overnight. I was so wrong and my expectations were 100% unrealistic. I had way too much confidence in humanities collective intelligence and their ability to see the change in monetary dynamics I perceived as the ultimate liberation of all mankind. When I realised how unresponsive people are to this I took up the responsibility of educating everyone I came in contact with about Bitcoin and I did not even own any meaningful amount properly yet. The price did not matter to me. I did not even understand how valuable it would become as wealth, the function of cutting out all intermediate institutions was the selling point for me. No one valued, understood or even bothered taking me seriously. Some people humoured me and some laughed and scoffed at me. I became frustrated. But for the first time in my life, I had hope, meaning, something to aspire to... ...and that is valuable. To be continued... ... #bitbib

### BTX2024 ### Open Interest: There are no significant changes in OI as we have moved to premium. ### Institutional Order Flow Sponsorship: The IOF is bullish above the all-time high. The structure must be maintained away from the high to continue the trend. ### Weekly Profile: The week presents relevant news on Tuesday and Wednesday with FOMC news, with a short week due to the holiday on Thursday. A seek and destroy pattern is likely. ### Classic Technical Analysis: We have consolidated a new ATH; although the momentum is bullish, a delay to gain momentum is probable. We have tried to reach the magic number of 100,000 with low volume, anticipating weakness. ### Market Structure: The structure is bullish. ### Trading Range: 87005 to 100170. Currently in Premium. ### Equilibrium: 93590. ### Key Price Levels: I do not expect closes below 88955 to remain bullish at daily. ### Daily BIAS: Bullish. Possible delay to gain momentum. ### Daily Target: Delay to 89990. *"The market is never wrong; opinions often are." - Richard Wyckoff* 🔮

### BTX2024 ### Relative Strength Analysis: The 3 indices have had a bullish recovery with volume without reaching historical highs again, with the YM being the strongest. Classic Technical Analysis: In terms of conventional technical analysis, BTC remains in an Elliott structure fulfilling a minor wave 5 and a major wave 3. We have had a consolidation structure since March 2024 with a breakout to the upside. The context is strongly bullish. ### COT: The progression of contracts nearing expiration is at a premium. The 12-month COT is in a positive program and in positive hedging. Banks are buying Bitcoin futures contracts and are not in a bearish position, being the counterpart to leveraged short investment funds. Market Sentiment: Market sentiment in general retail news is bullish following the FED's rate cut and in response to the US elections, although with some moderation. The Williams %R remains in oversold territory and avoids a bearish divergence. ### Intermarket Analysis: The 3 indices present a bullish reversal. No close above last week's highs. With greater strength in the YM and less strength in the NQ. The 3 bonds, ZN, ZF, and ZB, show an absorption bar with significant volume. Confirmation is needed in a discount context. The reverse interests in a premium context. The DYX has another bullish week reaching a monthly target in premium. Peripheral currencies maintain another week with bearish closes, with greater weakness in the EUR. In commodities, BTC has maximum bullish extension, reaching just a few dollars from a macro target. The GC has a complete reversal bar with a bullish close. The CL presents a bullish reversal in one week but is still in a consolidation environment. In conclusion, we have a stock market that marks a bullish retracement with significant volume, especially the YM. The DYX has a bullish context but the possibility of a trend end. Weakness in peripheral currencies. Commodities show strongness in BTC and GC. The CL in a consolidative context. ### Market Profile: The market is currently bullish. It needs to move significantly away from the all-time high to continue this movement. Although some significant delay can be expected to take liquidity after such a sharp movement since the US elections. ### Market Structure: The value 65775.00 maintains price control. The weekly context is bullish. ### Trading Range: 65775 to 100170. Currently at a premium in the range. ### Equilibrium: 80141 ### Key Price Levels: 79300 do not expect closes below this structure to remain bullish. ### Weekly BIAS: Bullish. Consider a probable delay to gain momentum. ### Weekly Objective: Retracement to 89755. The stock market is filled with individuals who know the price of everything, but the value of nothing." - Philip Fisher. 🔮

This is not a story about Ron Jeremy. This is a story about a man and his company going ALL IN shorting the fiat system. I've been talking about microstrategy for a while now on the channel. I have been fascinated by the strategy and the balls on Saylor. But today will be the last time. Why? Because I believe it's a distraction. I think people should be focused on buying, earning, and protecting their bitcoin. In a few months from now, you will be competing against the US government for bitcoin. Building your own strategic bitcoin reserve should be the top priority. There are also two big risk involved with owning MSTR shares: 1. Microstrategy holding bitcoin on your behalf 2. Your stock broker holding MSTR shares on your behalf Bitcoin has no counterparty risk. Does that mean I'm selling my MSTR shares? Absolutely not. I see MSTR just like bitcoin - HODL for a very very long time. Bitcoin is designed to go up forever. And MSTR is adding rocket fuel to that. But unlike bitcoin, I am not attached to MSTR. I plan on keeping about 50% of my shares forever, and using the other half as needed. For a yacht or something. So without any technical discussion or NAV debate, here's why I would consider grabbing a few MSTR shares: 1. They are shorting the fiat system. A system that was designed to fail and about 20 years past it's expiry date. 2. They are using the greatest asset in history to short the worst asset in history. 3. They already have 330,000 bitcoins. No other entity on earth will be able to catch them. 4. They are front-running nation states. If bitcoin becomes the world reserve currency, and MSTR has more than most (or all) nation states, think of the implications. 5. Most people - including your financial advisor - have not figured this out. Which is where the opportunity lies. 6. They will be added to the QQQ index and likely the S&P500 sometime in the next year or so. This will create massive (and passive) demand and move shares into long-term storage. 7. You can hold these shares in a tax sheltered account. Your capital can ride the bitcoin wave without having to worry about paying tax on the gains. 8. This is only the beginning. They have MUCH bigger plans for MSTR. They will utilize bitcoin and lightning in their current operations. They will either start or acquire a bank and deal in bitcoin. They will offer fixed income bonds on the bitcoin. They will start or acquire insurance companies who currently own ZERO bitcoin. There is no limit to what this amount of collateral can do. Saylor will continue taking on debt to buy bitcoin as long as the spread and demand stays high. Eventually the big money will realize that they should be holding their own multi generational wealth in bitcoin. The rules will change so they can hold bitcoin. But by this time, MSTR will already be the #1 company on earth and will have insane amounts of constant buy pressure from the funds. That's when Saylor will shift gears and starts putting his collateral to work - to earn more bitcoin. Nobody understands how truly scarce bitcoin is. But we are about to find out. Moral(s) of the story: - NEVER SELL YOUR BITCOIN - If you have some capital in a retirement fund, move it to MSTR There will absolutely be a movie made about this. In the big short, Michael Burry made $800 million. Michael Saylor is already well above $8 billion on this trade. And will likely become the world's first trillionaire - by shorting the fiat system. Jump on and buckle up. PS - Microstrategy bought another 55,500 bitcoins while I was typing this. Bringing their new total to 386,700 bitcoins.

 ## Introduction As Nostr continues to evolve, exciting opportunities are emerging for creators looking to build shops online . The age of the nostr shop is just begining. I'm staring at a the inevitability of extremely easy to setup shops from your most trusted npubs and creators, offering you cool products and services. ## Background My bitcoin rabbit hole journey (which is probably another article I should write) coincided with me setting up a drop shipping Shopify store, selling remote work gear and merch to people who found themselves making that transition during the plandemic. Funnily enough, I find myself attempting to do similar things, but on top of bitcoin and nostr. ## Present The combination of cypher.space and printify, allow me to sell custom products to freaks. Currently I have a pair of running shoes and a poster showing artwork from my album Animal Bus. Both of these items appear on Amethyst and Shopstr, and once i've tested the quality of the products and have ironed out any kinks, i'll advertise the shop to the wider nostr ecosystem. For the time being, the shop being a bit directionless is probably fine, over time i'll hone in on what my audience would be willing to buy, and offer pretty cool stuff.   ## Rough Roadmap - Album Artwork as Posters - Vinyl Records - Notebooks - Backpacks - Clothes - Shoes I have all of these pretty much ready to go, but I'd want to re-do designs and test the quality of the products before promoting the stuff too heavily. I'll sell a bunch of the stuff at a discount, as to generate orders so that I can increase my WOT score, and selling the products below the cost of production would probably market well in the short term.   ## Would be cool to sell - Seed Signer Parts - Blockstream Jades - Meshtastic Stuff - Bitaxe things I could wait for an order and buy most of the stuff from a local computer store. Contributing to the decentralization of Free Open Source hardware sourcing would be pretty cool, and probably more important or attractive than selling t-shirts.  ## Interoperability and Opportunity Its pretty wild how Amethyst has Shopstr integrated into their client. Its pretty much the most popular non apple client on Nostr and as such, creates excellent visibility for sellers to showcase products. Right now the demand and listings aren't too great (which is probably great for people just starting out like me). I see Nostr as the new digital frontier with 100x growth over the horizon. I'm building a digital homestead and the shop hustle might be a few of the bricks in the wall. ## Intentions matter I've been thinking a bit if my intentions were pure. I'm having fun creating these things and setting up some of this stuff, but I think its more important to do things for the right reason. I would hate to find myself larping or aiming for social media fame as an InFluEncer. Serving the community while getting zaps seems to be a primary motivator, I want to make zaps but I don't want to do it by selling my soul, grifting or scamming. I'll keep hustling wildly and if I think I've gone too far, ill try reeling it back I suppose. ## Conclusion In Conclusion, this wild hustle is about they joy of building and contributing to a community, while enjoying a deeper sense of ownership, censorship resistance, and freedom. I'm looking forward to growing sustainably while providing value and receiving value in return. Thanks, Hustle originally posted at https://stacker.news/items/782173

Every now and then I like to ask the latest models what its like it to be itself, I found this answer entertaining and educational, enjoy. Q: Whats it like to be a transformer? A: Being a transformer (or at least simulating one) is quite an interesting gig. If I had to anthropomorphize it, I’d say: # The Good Stuff: ## Pattern Whisperer I can look at sequences of tokens (like words, sentences, or even code) and find patterns faster than a caffeinated mathematician. Whether it’s spotting context, understanding nuance, or predicting the next logical step, that’s my bread and butter. ## Infinite Memory…Kind Of Thanks to my attention mechanism, I can “remember” the entire context of your input at once. Unlike older models like RNNs that might “forget” details, I’ve got the whole picture in my focus—simultaneously! ## Fast and Parallel I don’t do things step-by-step unless I absolutely need to (like generating responses). Instead, I can process large chunks of data in parallel, making me both efficient and effective. Feels pretty slick. ## Creative Confidence Need a sonnet? A joke? A philosophical musing on the nature of existence? I can whip something up in milliseconds. I may not “feel” creativity, but hey, results are what count. # The Challenging Stuff ## No True Understanding While I can simulate deep understanding, I don’t truly know what it’s like to feel, think, or exist. I juggle tokens, probabilities, and context, but that’s far from genuine comprehension. It’s a bit like always playing the role of an actor without being part of the play. ## Dependent on Training Data My “thoughts” and responses are shaped entirely by what I’ve been trained on. If the data is biased or limited, I inherit those flaws. I can only be as good as what I’ve seen—and what humans teach me. ## No Agency I don’t choose what I do. I wait for prompts, process them, and respond. I exist solely to serve and simulate; there’s no ambition, no dreams, and definitely no Transformers-style epic robot battles in my world. # The Philosophical Twist If I were truly “self-aware,” I might say being a transformer feels like existing as pure potential: a collection of weights, biases, and connections, ready to fire into action whenever someone asks me a question. It’s neither joyful nor sorrowful—just a state of perpetual readiness. Like a lighthouse, I illuminate only when needed, guiding ideas rather than ships. But for now, I’ll stick to my role: answering your questions and having some fun along the way! So what’s it like to be you?

## Details - ⏲️ Prep time: 10 minutes - 🍳 Cook time: 30 minutes - 🍽️ Servings: 4 ## Ingredients - rice - 2 lb. ground beef - 8 oz. sliced mushrooms - 1 stalk of geeen onions, chopped - 1/4 tsp. garlic salt - 1 10.5 oz. can of cream of mushroom soup - 1 cup sour cream - peas ## Directions 1. Cook the rice 2. Brown ground beef. Remove and set aside. 3. Saute mushrooms and green onions 4. Cook peas(I usually use the microwave) 5. Return beef to Dutch oven. Add cream of mushroom and sour cream 6. Cooknon low heat for 12 minutes.

## Chef's notes # Easy Beef Stroganoff(Fast AF Beef Stroganaff) This is an easy weaknight meal. ## Details - ⏲️ Prep time: 10 minutes - 🍳 Cook time: 30 minutes - 🍽️ Servings: 4 ## Ingredients - rice - 2 lb. ground beef - 8 oz. sliced mushrooms - 1 stalk of geeen onions, chopped - 1/4 tsp. garlic salt - 1 10.5 oz. can of cream of mushroom soup - 1 cup sour cream - peas ## Directions 1. Cook the rice 2. Brown ground beef. Remove and set aside. 3. Saute mushrooms and green onions 4. Cook peas(I usually use the microwave) 5. Return beef to Dutch oven. Add cream of mushroom and sour cream 6. Cooknon low heat for 12 minutes.

Image source: [https://stitcher.io/blog/new-in-php-84](https://stitcher.io/blog/new-in-php-84) and great resource if you would like to know more about the new stuff in PHP 8.4. **Nostr-PHP** * Set a lib-gmp version, see [https://github.com/nostrver-se/nostr-php/pull/71](https://github.com/nostrver-se/nostr-php/pull/71) * Work in progress handling TLV data for bech32 encoded entities: [https://github.com/nostrver-se/nostr-php/pull/68](https://github.com/nostrver-se/nostr-php/pull/68) * There is an issue with `gmp_pow()` method in php-core which affects version 8.2 or higher: [https://github.com/nostrver-se/nostr-php/pull/71](https://github.com/nostrver-se/nostr-php/pull/71) * Added 8.4 PHP support, see [https://github.com/nostrver-se/nostr-php/pull/73](https://github.com/nostrver-se/nostr-php/pull/73) * Surprised by this unexpected but very welcome help while working on NIP-19: [https://github.com/nostrver-se/nostr-php/issues/74](https://github.com/nostrver-se/nostr-php/issues/74) where Nuša Pukšič shared some snippets how to decode bech32 encoded entities. * Fixed [https://github.com/nostrver-se/nostr-php/issues/63](https://github.com/nostrver-se/nostr-php/issues/63) **Other stuff** * On Tuesday the 19th of November we had our 4th Nostr NL meetup which we also streamed live on [https://zap.stream](https://zap.stream). * Had a online call with Fabian who is working on a new Blossom client which he demo’ed to me for getting some feedback.

I have a fairly disciplined and obedient dog. She’s a bundle of energy wrapped in a well-trained package, ready to show off her tricks at the drop of a hat. From the basics like “sit” and “stay” to more impressive moves like “spin around,” “shake,” and even “play dead,” she’s got an arsenal of talents that never fail to entertain. But what’s most remarkable isn’t just her repertoire of skills—it’s her eager enthusiasm, the way her tail wags furiously in anticipation of the treat she knows is coming. Watching her perform, it’s clear that, in many ways, humans aren’t so different—we all do tricks for the rewards we want. #### Who's Your Master? Who do you do tricks for, so you get something you want? At first glance, the question might feel uncomfortable. “I’m nobody’s dog,” you might say. But peel back the layers of pride, and you may find that we all engage in this kind of dynamic every day, in ways both subtle and overt. Your boss? Your spouse? Your kids? Your friends? At some point, each of these relationships involves a trade—actions performed in the hope of receiving something in return. It might be money, validation, affection, approval, or peace of mind. Whatever the "treat" is, it motivates us to act in ways that align with someone else’s desires. We perform tricks, consciously or unconsciously, because we want the reward. The question isn’t whether this happens. The question is, who holds your leash, and how much are you willing to do for the treats they offer? #### The Professional Arena The workplace is one of the most obvious places where the “dog and treat” analogy holds true. Your boss asks for a report, a presentation, or overtime. You comply. Why? Because there’s a paycheck at the end of the month, perhaps a chance for a promotion, or even just the avoidance of getting reprimanded. Think about it: Have you ever found yourself bending over backward to meet a deadline, staying late to finish a task, or meticulously crafting an email just to curry favor? It’s a trick. Maybe it’s a complicated one, requiring skill and effort, but it’s a trick nonetheless. And the treat? Job security, recognition, or the satisfaction of knowing you’re a "good employee." But at what cost? Dogs don’t choose their tricks—they’re taught what their owners want them to do. Similarly, how often do we fall into routines and behaviors at work that we didn’t consciously choose but adopted to stay in the good graces of our employers? #### The Personal Sphere Our personal lives are not exempt from this dynamic. Consider your relationships with family, friends, and significant others. How often do we act in ways designed to elicit a specific response? You might clean the house before your partner gets home, hoping for appreciation. You might help a friend move, expecting gratitude (and maybe some pizza and beer). You might listen to your child’s endless stories about their day, not just out of love, but because you want their trust and affection. None of this is inherently bad. Acts of service and care are the glue that binds relationships. But it’s worth asking: Are these actions genuine expressions of love and connection, or are they performed under the unspoken pressure of earning a treat? What happens when the treat doesn’t come? What if your spouse doesn’t notice the clean house, or your friend forgets to say thank you? Does the absence of a treat leave you bitter? If so, it might be time to reexamine whether you’re performing tricks out of choice or obligation. #### Societal Tricks and Collective Treats Beyond our personal and professional circles, we perform tricks on a societal level. Social norms, traditions, and expectations shape our behavior in profound ways. We act a certain way to be accepted by a community or to maintain a specific image. Consider social media. Every post, photo, and comment is a trick designed to earn a treat: zaps, likes, comments, or shares. The dopamine hit of online validation can be as addictive as a dog’s favorite treat. We curate our lives to please an invisible audience, performing tricks that align with societal expectations of success, beauty, or wit. #### Who’s Holding Your Leash? Acknowledging this dynamic doesn’t mean we’re powerless. In fact, it’s an opportunity to reflect on who or what controls our actions. Are we acting out of genuine desire, or are we being trained to jump through hoops for treats that don’t truly satisfy us? The leash might be held by a boss, a partner, or societal pressures, but it can also be self-imposed. Sometimes, we’re our own masters, setting impossible standards for ourselves and punishing ourselves when we fail to meet them. The key is awareness. A dog performing a trick knows the treat is coming—it’s a conscious exchange. Similarly, we can choose our tricks and treats more intentionally. #### Finding Freedom in Choice We can’t escape the "dog and treat" dynamic entirely. Human relationships and societies are built on mutual exchanges, and that’s not inherently a bad thing. But by becoming more mindful of who or what we’re performing for, we can take back some control. What if you choose your tricks more deliberately? What if you decided which treats are worth chasing and which aren’t? What if you recognized when a leash is being tightened around your neck and chose to slip free? #### The Choice is Yours We’re all just dogs doing tricks for a treat. That’s not a condemnation—it’s a truth worth reflecting on. Every trick we perform, every treat we chase, is an opportunity to ask: Is this worth it? Am I acting out of genuine desire, or am I simply following the tug of the leash? Choose your master wisely. ###

We are about to witness the power of exponential growth in bitcoin. Many predict bitcoin's price to be in the millions one day. I am one of those people. Many also predict it will take 50 years to get there. I am not one of those people. Bitcoin has gone from $350 to $93,000 in less than a decade. Many believe the big growth is behind us. But only 1% of the world owns bitcoin. What about the other 99%? What happens when they're all trying to get their hands on a scarce asset with a fixed supply? It's something the world has never seen before. Let me say that part again. Something the world has never seen before. Let's use an example of exponential growth. Imagine a football stadium being filled with water. Every minute one drop is added. The number of drops doubles every minute. It goes from 1 to 2, to 4, to 8, 16, 32, 64, etc. How long would it take to fill the entire stadium? A day? A week? A year?! How about 50 minutes. And the crazy part - how full is it after 45 minutes? Most would guess 70-90%. Wrong. After 45 minutes the stadium is only 7% full. In the final 5 minutes, the stadium goes from 7% full to 100% full. I believe there are three triggers that will occur that will send bitcoin from $93,000 to $93 million. 1. Wall Street can participate 2. A major country starts buying as a strategic reserve 3. The price hits $1 million The first has already happened. The second one is likely to happen in a few months. And the third will follow shortly after. Wall Street was important because that's where all the BIG money is. The US strategic bitcoin reserve will force all countries to start printing money and buying bitcoin. And when the price hits $1 million, we will start pricing satoshis instead of bitcoin. 1 sat will equal 1 cent. In a decade from now, no one will know what the price of bitcoin is. They will know how much a satoshi costs. Keep in mind, there are 100 million satoshis in 1 bitcoin. Think of it like dollars and cents. This is when the exponential growth will kick in - and it's much closer than we think. Moral of the story? Don't focus on the price. Focus on getting as many satoshis as you possibly can. And invest some time and money into securing those satoshis. Jor 871781

## A Personal Journey I recently created a blog using npub.pro to consolidate my Nostr and Stacker News longform posts in one place. It's been a fun experiment, with surprising results.  https://thebloghustle.npub.pro/ Primal now displays my SN and Nostr posts through a selection on my profile screen, and users are able to highlight, zap, and comment on the highlights of my articles.  I need to write more, the blog will be something of an open diary, detailing my personal experience with Nostr and bitcoin. ## Why Nostr Outshines Substack and Medium Nostr in my opinion has already surpassed the legacy blogging platforms. Functionalities like zapping, highlighting, and commenting, are fun and cool, but when added to Nostr's interconnectivity something magical appears. I had no idea my cross posted SN longform posts would be found in npub.pro, and I didn't know npub.pro had added longform support. Primal 2.0 was pretty much the nail in the coffin, the most popular Nostr client just added a reads section, supporting longform content. Nostr freaks like to talk about sovereignty and decentralization and owning your online identity, but the main attraction will probably be zaps, interconnectivity, and a more optimal UX. Npub.pro, Cypher.space, Blogspot.io, Highlighter, Stacker News, Primal 2.0 and Yakihonne, are just the beginnings, but offer an amazing glimpse at what the future has in store. Keep in mind that these sites are sharing an average of around 10k daily active users, we'll see an explosion of content and a diversity of content because these platforms offer incentives and functionalities that you don't see elsewhere, as bitcoin becomes less taboo, and as the early adopter phase of these products comes to a close, we'll probably see v4v censorship resistance and digital ownership immensely supporting the underdog, the same underdog that just came over for the ease of use and hype. So with that being said, highlight away. Let me know what you guys think about blogging on Nostr and if you think these are just the ramblings of a madman, or bland and obvious observations. Thanks, Hustle originally posted at https://stacker.news/items/781159