@ 234035ec:edc3751d

Satoshi Nakamoto emerged from the shadows of the internet, shortly after the Great Financial Crisis in 2008, to bring the world a new form of money known as Bitcoin. By introducing this alternative option to the world, Satoshi gave every human being an escape from the systemic confiscation of wealth that is fiat money. > “Money is only a tool. It will take you wherever you wish, but it will not replace you as the driver.” > > ― **Ayn Rand,**  *Atlas Shrugged* Much like John Galt in Ayn Rand's Magnum Opus "*Atlas Shrugged*", Nakamoto paved the way for all of the productive members of society who have been taken advantage of by the "looters" to exit the corrupt system and let it crumble under its own weight. In our case instead of moving our physical bodies to a secluded gulch, we can simply move our wealth into Bitcoin. # The Men of the Mind In the novel, one by one the great industrialists of the era were mysteriously disappearing and giving up on the great enterprises that they had built. People could not understand why these seemingly very successful individuals would leave behind everything they had created. There was however, a common trend amongst these individuals. All of them were highly competent in their field, placed high value on individualism, possessed a strong moral integrity with a bend towards rational self interest. They were fed up with the way that the system was designed to punish the productive individuals in the society and reward those who are least productive. > "**From each according to his ability, to each according to his needs**" > > \-Karl Marx A form of this has crept its way into every civilization today including the United States which once prided itself on individual liberty and personal responsibility. It was predicted by Ayn Rand in 1957 with Atlas Shrugged depicting exactly how these collectivist ideals corrupt and decay a society by rewarding theft and stifling innovation. As these productive individuals grew increasingly disenchanted with the status quo they began to look for answers, this leads them to finding John Galt. The mysterious figure that is John Galt would visit these people and explain to them all the things they already felt so so deeply abut their broken society but were never able to quite define. After having their eyes opened to the severity of the problem, they are presented the solution in Galt's Gulch. They are given the option to leave behind the corrupt society that they have been involuntarily fueling with the confiscated product of their efforts. > “We are on strike, we, the men of the mind.\ > \ > We are on strike against self-immolation. We are on strike against the creed of unearned rewards and unrewarded duties. We are on strike against the dogma that the pursuit of one's happiness is evil. We are on strike against the doctrine that life is guilt.”\ > ― **Ayn Rand, [Atlas Shrugged](https://www.goodreads.com/work/quotes/817219)** # Satoshi's gift to the world > “If you saw Atlas, the giant who holds the world on his shoulders, if you saw that he stood, blood running down his chest, his knees buckling, his arms trembling but still trying to hold the world aloft with the last of his strength, and the greater his effort the heavier the world bore down upon his shoulders - What would you tell him?"\ > \ > I…don't know. What…could he do? What would you tell him?"\ > \ > To shrug.”\ > ― **Ayn Rand, [Atlas Shrugged](https://www.goodreads.com/work/quotes/817219)** When Satoshi Nakamoto created Bitcoin, he did so to solve a problem that he identified in the world around him. He saw the insidious power of central banks and how they create massive inequality and economic distortions. Rather than seek to modify or amend the current system Satoshi built a new and independent system that was built upon sound principals. After introducing this new protocol for value exchange to the world, Satoshi did one of the most honorable things imaginable and disappeared without a trace. He took no financial reward for his contributions although he would be justified in doing so. By doing this he set a profound example allowing the project and the community around it to flourish. Today Bitcoin serves as an escape valve for economic value to flow out of the fiat system and into a secure and sound network. Without this option individuals would be trapped into having their purchasing power lowly taxed away or forced to take on risk simply to preserve value. Wealthy individuals under a fiat system must own large amounts of property such as real estate, stocks, bonds, ect because they are able to store value better than their currency. these investments come with risks and drive a monetary premium to the assets which makes housing less affordable, stocks overvalued, and bonds seem less risky than they truly are. Much like Galt's Gulch those who benefit from or are dependent on the legacy system will be the last to abandon it, even while it falls apart. The first ones to defect are those who are most negatively impacted by the current regime, like Atlas holding the world on their shoulders they are finally offered the chance to shrug the weight off. Those who have been working hard at their job for years but still struggle to save for retirement due to fiat debasement, public figures who have been de-banked for their views, entrepreneurs who are forced to hold toxic government debt on their balance sheets due to regulation, all will clearly see the value the Bitcoin offers. And so, I salute to all of you who have decided to shrug off the yolk of central bank oppression and build a more prosperous future on the sound foundation the Satoshi gave to us. I hope to meet you all one day in Nakamoto Gulch.

@ bc6ccd13:f53098e4

> 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.

@ 7c765d40:bd121d84

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

@ 5af07946:98fca8c4

Gold was the basis of both the monetary and the measurement systems. No one knows for sure when gold mining began. Our current estimates are around 4000 BC. That puts it around the same time as Mahabharata. The frequent mentions of gold ornaments among kings and deities and as jewelry among women during the times of the epic, indicate usage of gold as a scarce but in-fashion store of value. In Mahabharata, there is a clear mention of gold coins being abundantly used. In the fourth book (Viarata Parva), the prince Uttara offered Arjuna (disguised as a transgender named Vrihnnala) a hundred gold coins for saving him (and his bovine wealth) from Kaurvas. There is evidence of countable units of precious metal being used for exchange from the Vedic period onward. A term Nishka appears in this sense in the Rigveda. A unit called Śatamāna, literally a " hundred standard ", representing 100 krishnalas is mentioned in Satapatha Brahmana. A later commentary on Katyayana Srautasutra explains that a Śatamāna could also be 100 Rattis . A Ratti is the weight equal to seeds of Abrus Precatorius. A hundred of them are almost equal to a Tola that is used for gold trade to date in India. All these units referred to gold currency in some form, though they were later adapted to silver currency. Barter system was widespread for the smaller transactions. Commoners used fruits and grains to get what they needed. Rich people used copper as a store of value. A one time adult meal was normally considered one copper coin. So was the ride fare. You could hop on and hop off any boat or cart at any place along its route for one copper coin. Super rich used copper for utensils at their home. For them the valuable thing was silver. A silver coin was considered the same as a hundred copper coins. Ultra rich ate their food in Silver utensils. For them the store of value was a gold coin. A gold coin was equal to a hundred Silver's. The valuation was based on rough order of rigor in mining these metals. Silver was considered hundred times harder to purify than copper, and gold being similar orders of magnitude harder than Silver because of very low yield. In a way "proof of work" was baked in universally acceptable currency. All states, no matter what their political equations, honored this simple "proof of work" based storage of value. Privacy, self custody and universality were the underpin of trade. Value exchange protocol was owned by people NOT kingdoms though kingdoms could issue coins (currency) aligned to universally accepted methods. It is a well established fact that after the great war of Mahabharta, sixteen main kingdoms (mahapadas) got formed over a couple of centuries. Each one of them issued their own coins, though they were all different shapes or stamps on gold coins. Quarter gold coins (Svarna) are excavated from Gandhara. Currency was pegged to people's trust in "proof of work". Important point to note here, currency was not pegged to commodities such as iron or wheat. Gold and silver were NOT treated as commodities. Gold's only purpose was value storage and silver was used purely for minting. Copper was primarily used for making utensils for the rich. Copper was supposedly the best metal to store food and water. Eating in silver, though common for the rich, was considered a show-off. > This simple to understand and time tested system of powers of ten, was later exploited by Aryabhatta to conceptualize zero and decimal system - the very basis of modern arithmetic. The seeds of Abrus precatorius (Ratti) being very consistent were used to weigh gold using a measure where 8 Ratti = 1 Masha; 12 Masha = 1 Tola (12 X 8 = 96 Ratti), or roughly equal to 100 Ratti ( 96 Ratti pure gold and 4 Ratti impurities to solidify the gold). In other words, a Tola's "weight unit" was 100 Ratti while its "price unit" was 96 Ratti. In simple calculations 10 grams (one Tola) of solid gold was worth one kilo of solid silver or hundred kilos of solid copper. Or one Ratti (tiny seed) of gold was equal to one kilo of copper. The common word used for one Kilo was Ser or Seer- roughly equal to 1.07 kilos in weight units or volume wise roughly equal to one liter. Volume was a preferred way to exchange at a larger scale to weed out as many impurities as possible from molten metals. One Seer is around 80 Tola in weight. During the days of Mahabharata, a `Tola` was called `Śatamāna` - a Sanskrit word representing the measure of one hundred. And a `Ratti` was called a `Krishnala` - most probably named after `Krishna` the supreme personality of Godhead. In later times of middle eastern empires, a `Tola` was named an `Ashrafi` - The same weight specifications. One Tola of gold - was adopted as Ashrafi - around fourteenth century in Prussia. The weight of an Ashrafi gold coin varies depending on the coin's origin and history: * Nizam-era gold Ashrafi: A gold Ashrafi coin issued by Nizam VI Mir Mahbub Ali Khan in 1893 CE weighed about 11 grams. * India-Princely States HYDERABAD Ashrafi : This coin weighed 11.1780 grams and had a fineness of 0.9100. * Awadh Gold Ashrafi: This coin weighed 10.73 grams and was made of 22-carat gold.

@ 472f440f:5669301e

Uber seed investor and executive producer of the All In podcast Jason Calacanis has been publicly sounding the alarm bell about Microstrategy's bitcoin treasury strategy and the cheer leading exhibited by the company's CEO, Michael Saylor. Calacanis believes that Microstrategy's bitcoin acquisition techniques are a Ponzi scheme waiting to implode. Going as far as to question whether or not Microstrategy is the next FTX. Earlier today, Jason spent a section of an episode of This Week in Startups to discuss his worries about MSTR's bitcoin treasury strategy, Saylor's overt pumping of the strategy, and the fact that there are other companies like Marathon Holdings beginning to deploy similar convertible debt strategies. While I can see how this can be unnerving for many, I do think there is a fundamental misunderstanding of what Microstrategy is doing. Last week I explained the strategy in a tweet, which I'll reiterate here: > Whether you like it or not, Saylor and Microstrategy have found a way to give pools of liquidity (particularly pools with mandates to allocate to fixed income) exposure to bitcoin’s volatility via convertible notes. The converts are performing better than any other fixed income product on the market. Other investors have noticed this and have piled into MSTR as well understanding that demand for the converts will increase and enable Microstrategy to accumulate more bitcoin. Those investors feel comfortable with the premium to mNAV MSTR is trading at because they believe the demand for a high performing fixed income product will remain high and likely increase. Microstrategy can continue doing this until viable competition comes to market because there is no one else offering this type of bitcoin return exposure to fixed income investors at scale. Another important detail, the convertible notes have a duration of 5 years or more while bitcoin’s lowest 4-year CAGR is 26% and its 50th percentile 4-year CAGR is 91%. If you think this will continue then this is a pretty safe bet for Microstrategy and the convertible note holders. In a world were central banks and governments have gone mad with currency debasement and debt expansion it is pretty safe to assume that bitcoin adoption will not only continue but accelerate from here. What do I think about Microstrategy accumulating this much bitcoin? It makes me a bit uneasy but there’s nothing I can do to stop it and bitcoin will survive in the long run. Even if Microstrategy blows up somehow (I don’t think this is likely). Bitcoin was designed to be anti-fragile. This is a classic case of “don’t hate the player, hate the game”. Or better yet, join the game. After all, the only winning move is to play. Essentially, Michael Saylor is taking a long-term bet on bitcoin's continued adoption/monetization and trying to accumulate as much as possible by issuing convertible notes with a 4+ year duration, which should increase the likelihood that Microstrategy is in the black on their bitcoin buys over time as history has shown that anyone who holds bitcoin for more than four years has performed well. This should, in turn, be reflected in their stock price, which should increase alongside bitcoin and convert the debt they've accrued into newly issued shares of MSTR. Through the process, if the strategy is executed successfully, increasing the amount of bitcoin per share for MSTR shareholders. (This is the only metric shareholders should care about in my opinion.) Yes, this may seem crazy to many and extremely risky to most, but that is the nature of free markets. Every company takes calculated risks in an attempt to increase shareholder value. Michael Saylor and company are betting on the fact that bitcoin will continue to be adopted and are utilizing pools of capital that don't have the ability to buy bitcoin directly, but want exposure to its volatility to achieve their goals. To me it looks like a perfectly symbiotic relationship. Microstrategy is able to accumulate more bitcoin and increase their bitcoin per share while fixed income investors are able to access a product that performs well above their benchmark due to the embedded volatility of the exposure to bitcoin Microstrategy provides. This won't be a surprise to any of you freaks, but I think it's a pretty smart bet to make. Bitcoin is almost 16-years old. It has established itself as a reserve asset for individuals, companies and countries. A reserve asset that is completely detached from the whims of central planners, transparent, predictable, scarce, and can be transmitted over the Internet. Bitcoin is an idea whose time has come. And more people are beginning to recognize this. This is one of the beautiful aspects of the public company convertible-note-to-bitcoin strategy that Microstrategy has deployed over the last few years. They are able to harness the benefits of forces that are external to their core business to provide shareholders with value. Michael Saylor could stop buying bitcoin tomorrow and it wouldn't affect bitcoin's adoption in the medium to long-term. He continues to buy bitcoin, and encourages others to do the same, because he recognizes this. Bitcoin is the apex predator of treasury assets for every individual, company, non-profit or government. The assets competing to be treasury assets are all centrally controlled, easily manipulable, and quickly losing favor. Earlier today, Federal Reserve Board Governor Christopher Waller came out and admitted that inflation is kicking the Fed's ass. They cannot tame it. Waller may posture by saying that "submission is inevitable", but that doesn't make it true. There is simply too much debt and not enough dollars. The annual interest expense on the US Federal debt is now larger than our spending on national defense. The Fed, whether it wants to admit it or not, is going to have to monetize that debt via the debasement of the dollar. If you are using dollars as a treasury asset it is very important that you understand this and react accordingly by adopting a bitcoin strategy. This is what Michael Saylor is trying to make his peers in public markets understand. Sure, his marketing tactics may seem a bit uncouth to many and the way in which he's expressing his belief through Microstrategy's accumulation strategy may seem risky, but it's hard to argue that his core thesis is flawed. Especially when you consider the fact that bitcoin has officially climbed to the strata of being seriously considered as a treasury asset for the most powerful nation state in the world. I listen to the All In podcast quite frequently and genuinely like the show. It is a good way to gain perspective on how Silicon Valley investors view the world. If I were to give Jason any advice it would be to take a step back and to apply one of the most frequently discussed topics of the last on his show, the emergence of AI and the importance of everyone to incorporate AI into their businesses and workflows as quickly as possible before they get left behind. The same mental model applies to the emergence of bitcoin as a dominant reserve asset. It is imperative that every individual, company and government adopts a bitcoin treasury strategy if they want to be able to succeed moving forward without the inherent resistance that is introduced from storing the fruit of your labor in a money or money-like asset that does not preserve purchasing power over time. Just because Saylor has recognized this, moved aggressively to effectuate his understanding via his company's balance sheet, and vociferously markets the strategy to others doesn't mean he's wrong. As I said in my tweet last week, I personally prefer to hold actual bitcoin. That doesn't mean that Microstrategy and others haven't honed in on something unique and legitimate given their circumstances and access to certain financial tools. --- Final thought... I apologize for the extended hiatus. I hit a hard wall of writer's block over the last month. I think the time away from the keyboard has been good for me and the quality of this rag moving forward.

@ a367f9eb:0633efea

Though Bitcoin was born in the world of computers and code, it was destined to eventually face-off with the legacy banking system. The first block ever mined on the blockchain, Satoshi’s Genesis block, contained a (then) recent headline from a British newspaper reacting to the 2008/9 financial crisis, inscribing “*The Times 03/Jan/2009 Chancellor on brink of second bailout for banks*”. As Bitcoin adoption increased from 2009 to 2012, users began exchanging dollars and euros for the digital money, using peer-to-peer exchanges and ATMs and then eventually with business entities acting as full-scale brokerages.  Today, this space is dominated by what we call cryptocurrency exchanges, offering bitcoin and many of its crypto-offspring. On these exchanges, as well as in various custodial solutions, bitcoin is held, bought and sold for traditional currency, and sent to destination wallets. As these volumes have increased, so has scrutiny from financial authorities and government agencies, defining how this new category of entities exchanging US dollars and bitcoin would be regulated. ###### **The beginning of Bitcoin’s regulatory dance** In March 2013, the Financial Crimes Enforcement Network (FinCEN), a division of the Treasury Department, updated its [guidance](https://www.fincen.gov/news/news-releases/fincen-issues-guidance-virtual-currencies-and-regulatory-responsibilities) to inform firms that “make a business of exchanging, accepting, and transmitting” virtual currencies would be considered **Money Service Businesses** (MSBs) under the law.  MSBs are distinct from banks and other traditional institutions. This taxonomy usually applies to issuers of travelers checks, check cashing services, and remittance services like Western Union. FinCEN’s guidance, for the first time, applied this to virtual currency services that transmitted funds on behalf of users or offered a fiat on-off ramp. As an MSB, the law prescribes certain obligations for transaction collection, maintenance, and reporting, as well as identification requirements kept on file, what we call Know Your Customer (KYC) regulations. The obligations on MSBs [require](https://www.fincen.gov/money-services-business-msb-suspicious-activity-reporting) filing Suspicious Activity reports on all transactions over $2,000 that “do not serve business or apparent lawful purpose” or may otherwise appear to be illegal activity or “structured” so as to try to avoid the spirit of the law. The specific law that forces these obligations on MSBs, as well as banks, is the **Bank Secrecy Act** of 1970. Though it’s been updated several times over the years, the principal goal of this bill is to partner with banks and financial institutions to try to thwart money laundering and other illicit activity. ###### **BSA and Bitcoin** The consequences of the BSA and its imposed surveillance have reaped unintended havoc on millions of ordinary Americans. This is especially true for those who have undergone “debanking,” in which bank customers are [deemed](https://www.thomsonreuters.com/en-us/posts/investigation-fraud-and-risk/treasury-de-risking-strategy/) too “high risk” and have accounts closed on them, a function of regulatory pressure – or *jawboning* – faced by financial institutions.  Venture capitalist Marc Andreessen has [provided](https://www.realclearpolitics.com/video/2024/12/01/marc_andreessen_biden_admin_has_been_debanking_politically_exposed_persons_in_privatized_sanctions_regime.html) his own examples of debanking in Silicon Valley, with similar conclusions.  Many Bitcoin and cryptocurrency entrepreneurs have been debanked on the [sole grounds](https://www.axios.com/2024/12/01/debanked-crypto-andreessen-joe-rogan) of being involved in the virtual currency industry, while millions of others have been swept up in the dragnet of the BSA and financial regulators forcibly deputizing banks to cut off customers, often without explanation.  According to FinCEN guidance, financial institutions are [compelled](https://www.fincen.gov/resources/advisories/fincen-advisory-fin-2010-a014) to keep suspicious activity reports confidential, even from customers, or face criminal penalties. This just makes the problems worse. The [excellent research](https://www.cato.org/policy-analysis/revising-bank-secrecy-act-protect-privacy-deter-criminals) by the team at the Cato Institute’s Center for Monetary and Financial Alternatives provides reams of data on these points. As put by Cato’s **Norbert Michael**, “People get wrapped up in BSA surveillance for simply spending their own money”. When it comes to bitcoin, the most common understanding for years has been that self-custody options and noncustodial solutions would be exempt from MSB classification, not requiring developers or entrepreneurs to acquire Money Transmission Licenses at either the state or federal level. FinCEN itself stated this in their guidance [released in 2019](https://www.fincen.gov/sites/default/files/2019-05/FinCEN%20Guidance%20CVC%20FINAL%20508.pdf), and builders developed code based on what the government itself said. In 2023, however, the US Attorneys in the Southern District of New York and the FBI took a different stance.  Beginning with the Ethereum smart contract platform **Tornado Cash**, and then the popular privacy service **Samourai Wallet**, the developers of these projects were [arrested](https://www.justice.gov/usao-sdny/pr/tornado-cash-founders-charged-money-laundering-and-sanctions-violations) and [charged](https://www.justice.gov/usao-sdny/pr/founders-and-ceo-cryptocurrency-mixing-service-arrested-and-charged-money-laundering) with a number of conspiracy and money laundering charges, as well as “conspiracy to operate an unlicensed money transmitting business”. It’s that latter charge that remains the most important to sovereign and noncustodial use of bitcoin going forward. Though both of these projects are noncustodial by design, and never took control of anyone’s bitcoin or cryptocurrency private keys, the government has charged them with being money service businesses and failing to adhere to the law. Neither of these trials have yet taken place, but considering the money transmission charges, it stands to reason that anyone advocating for noncustodial bitcoin tools should be worried. *If you’re interested in donating to the legal defense teams in both of these cases, check out the [**P2P Rights Fund**](https://p2prights.org/).* If these are the steps law enforcement is willing to take against noncustodial protocols and projects even legal experts determined were out of the scope of MSBs, what about bitcoin exchanges and brokerages? While we know there is no carve out at the moment, there are some important reforms that could empower entrepreneurs and give more options to Bitcoin users. ###### **An update to BSA would be a powerful reform for Bitcoin** While we would hope that the majority of people using Bitcoin will practice [self-custody](https://www.btcpolicy.org/articles/self-custody-is-nonnegotiable), which is one of the key advantages of using Satoshi’s innovation, we know that most will not.  Instead, custodial services and exchanges will provide a lot of functionality for users, meaning that more and more Bitcoin activity will fall under the auspices of the Bank Secrecy Act. One bill that aims to peel back the layers of banking law to restore some measure of financial privacy is the [**Saving Privacy Act**](https://www.lee.senate.gov/2024/9/lee-introduces-the-saving-privacy-act-to-protect-americans-financial-data), introduced by Sens. Mike Lee (R-UT) and Rick Scott (R-FL).  The proposed law aims to maintain the record keeping of financial institutions and money service businesses, but would do away with the automatic reporting limits and requirements without judicial warrants among other important reforms. ‍It would also ban a Central Bank Digital Currency, [repeal](https://www.therage.co/corporate-transparency-act-privacy-at-risk/) the **Corporate Transparency Act**, scale back the audit powers of the SEC, require Congressional approval for any ID database of Americans, severely punish any government employee who abuses private financial information, and grant a private right of action to any citizen or firm harmed by illicit government activity on financial matters. It is a beefy bill with aspirational goals to restore consumer financial privacy, and it would no doubt make it much easier for Bitcoin tools and exchanges to operate within the law. With less of a reporting requirement for custodial bitcoin solutions classified as Money Service Businesses – while still maintaining record keeping – it would be a much more natural balance of innovation and regulatory certainty. By scaling back the financial surveillance required of banks and all other financial institutions, it is clear that Bitcoin users would benefit. If there is enough appetite for this bill among various Senators and in the House of Representatives, however, is anyone’s guess. But the issues of our current banking system and its relation to Bitcoin are clear and this is a worthy attempt. While there are still many regulatory changes needed to fully unleash the sovereign money revolution promised by Bitcoin, we can have some hope that the right ideas are being discussed in the corridors of power. At least for now. *Originally published on the [website](https://www.btcpolicy.org/articles/downgrading-the-bank-secrecy-act-is-a-powerful-reform-for-bitcoin) of the **Bitcoin Policy Institute**.*

@ c4b5369a:b812dbd6

[Ecash systems](https://en.wikipedia.org/wiki/Ecash) built on top of bitcoin have seen increasing adoption over the last couple of years. They have become a polarising topic in the bitcoin community, due to their centralized and custodial nature. Like any system, ecash comes with a lot of pros and cons when compared to other systems, that are fercely debated in cyber- and meat-space. I have been working on developing tools and software for the ecash implementation [Cashu](https://cashu.space/) for about 2 years now. I have had countless discussions with various people from different backgrounds about the topic. OG bitcoiners, fiat bankers, friends and family, privacy enthusiast... . As you can imagine the flow and outcome of these discussions varied widely. Usually, conversations with bitcoiners were the most interesting for me. Their opinions about ecash polarised the most, by far. (excluding the fiat bankers, but that's a story for another day). In this short peice, I want to share some insights from the discussions I had, and maybe clear up some misconceptions about ecash on bitcoin. ### What is Ecash? If you still don't know what ecash is, sorry, I won't go into much detail explaining it. I recommend reading the [wikipedia article on Ecash](https://en.wikipedia.org/wiki/Ecash) , and then [this article](https://cryptome.org/jya/digicrash.htm) on the rise and fall of digicash, the first and maybe only ecash company that existed. This will bring you up to speed on ecash history up until bitcoin entered the scene. Ecash was pretty much dead from the day after digicash went bankrupt untill it recently saw it's revival in two different spheres: One of these spheres is obviously the **bitcoin sphere**. Here, ecash got reintroduced with the two open source projects [Fedimint](https://fedimint.org) and [Cashu](https://cashu.space/). In my opinion, the main reason for this revival is the following fact: Unlike an implementation of ecash in the fiat world, that would rely on the permissioned system to "allow" something like ecash to exist, bitcoin does not come with that limitation. The permissionless nature of bitcoin allows for these protocols to exist and interoperate with the existing bitcoin stack. The second, and maybe lesser known sphere is the revival of **ecash as a CBDC.** Bitcoiners might get scared at the mentioning of that word. Trust me, I don't like it either. Nonetheless, privacy enthusiasts see the opportunity to steer the CBDC-ship in another direction, by using an underlying technology for them that would limit targeted discrimination by the centralized authorithy. Something that works like cash... but in cyberspace... Ecash. One such implementation is [GNU Taler](https://taler.net/en/), another one is [Project Tourbillon](https://www.bis.org/about/bisih/topics/cbdc/tourbillon.htm). Usually, these kind of implementations use a cuck-version of the OG ecash, where only payers are anonymous, but not payees. Anyway, in this article we will focus on the implementation of **ecash on bitcoin**. ## About self custody Bitcoin as a whole is about sovereignty and liberation. **If someone else controls your money, they control you**. For the first time since we've stopped using gold, bitcoin allows us to fully take control back of our money. A money that doesn't corrode, a money which supply connot get inflated, and a money that cannot be easily seized. All of this is true for bitcoin. There is only one precondition: **You have to hold and use it self custodially**. ### Using bitcoin self custodially The problem comes in when using bitcoin in a self custodial fashion. For bitcoin to maintain the monetary properties mentioned above, it has to remain decentralized. This means it is hard to scale, which in turn means the use of bitcoin tends to become more costly as usage increases. So even if we wish that everyone would use bitcoin self custodially all the time for everything, I fear it is mostly just a dream, at least for the forseable future. Even with trustless second layer protocols like the [Lightning Network](https://en.wikipedia.org/wiki/Lightning_Network), we are running into scaling issues, since at the end of the day, they are bound to the same onchain fee realities as bare-bones bitcoin transactions. For most of humanity, it is financially not viable to pay even 1$ transaction fees for **every** transaction. Second layer protocol may bring the cost down a bit, but have other requirements. For example in lightning, you have an online assumption, to make sure your channel peers aren't trying to cheat. You need to have inbound liquidity to receive payments. There are cost associated with opening or closing payment channels, or rebalancing liquidity. Other upcoming second layer protocols like [Ark](https://arklabs.to/) may improve on some of these issues. It is definitely something to look forward to! But they will have their own trade-offs, most likely also cost related. The fact remains that all trustless protocols that use the bitcoin timechain for conflict resolution, will have to deal with this matter. This is the cost of trustlessness. ### Soo... Don't self custody...? **NO! If you can, you should always use self custody. As much as possible!** Personally, I use all the tools mentioned above. And I recommend that if you can, you should too. But the fact is, not everyone can. Many would love to take control over their financial freedom, but the threshold for them to use bitcoin in a sovereign fashion is simply to high. So they will either remain in fiat slavery land, or they will end up using "bitcoin" through a custodian like coinbase, binance, or whatever banking service they have access to. I will also mention that for some usecases, enjoying the convenience of a custodian is just very attractive. Of course, this is only the case as long as the custodian plays by the book, and doesn't suddenly freeze-, or worse, run away with your deposits. ### The right tool for the right job I don't beleive that one way of using bitcoin is better than the other. It entirely depends on which problem you are trying to solve. If the problem is storing or transfering wealth, then of course you would want to do that on chain. If on the other hand, you want to send and receive frequent small to midsized payments, you might want to get setup with a lightning channel to an LSP. Depending on how deep you want to get involved, you may even set up some infrastructure and become part of the Lightning network. If you want to receive digital tips that you can later claim into self custody after they reach a certain threshold, you might opt for a custodial solution. If you require certain properties, like offline peer-to-peer transferability, or cash-like privacy, you might choose an ecash system. It doesn't mean that if you use one, you cannot use the other. You should use whatever is useful for the current problem you are trying to solve, maybe even using multiple tools in conjuction, if that makes sense. ## Ecash vs Onchain vs L2? First of all, we have to understand that ecash is neither a replacement for self custody, nor is it a replacement for trustless second layer protocols. They are irreplaceable with something that is custodial in nature, due to the simple fact that **if you lose control over your money, you have lost the control over your life**. So. No one beleives you should prioritize custodial solutions to secure your wealth. Self custody will always remain king in that regard. Custodial wallets should be thought off as a physical spending wallet you can walk around with, even through the dark alleyways where it might get robbed from you. Keep your cash in there for convenient spending, not worrying about fees, liquidity, data footprints, channel backups, etc. etc. etc... These benefits obviously come at the cost of trust, that the provider doesn't rug-pull your deposit. I really like the user experience of custodial services. I would never put a lot of money into any one of them though, because I don't trust them. Just like I wouldn't walk around with $10000 in my physical wallet. The risk that it gets stolen is simply to great. At the same time, this risk doesn't mean I will get rid of my physical wallet. I think having a wallet with some cash in it is super useful. I will mittigate the risk by reducing the amount I carry inside that wallet. This is the same way I think about digital money I hold in custodial wallets, be it an ecash service or others. All things considered, it is hard to argue that self custody comes even close to the UX a custodian can give you, due to the fact that they can take care of all the complexities (mentioned above) for you. ## So then, why ecash? We now know, that we are **NOT** comparing ecash with the sovereign bitcoin stack. We are comparing it instead to traditional custodial systems. This is the area ecash is trying to improve uppon. **So if you've chosen that the best tool to solve a problem might be a custodial solution, only then should you start to consider using ecash.** It offers a more privacy preserving, less burdonsome and less censorable way of offering a custody solution. It offers some neat properties like offline peer-to-peer transactions, programability, de-linkage from personally identifiable information, and more. **Here is an example, on how ecash could create a fairer environment for online consumers:** Online services love to offer subscriptions. But for the consumer, this is mostly a trap. As a consumer, I would rather pay for a service right now and be done with it. I don't want to sign up for a 10 year plan, give them my email address, my date of birth , create an account, etc... One way of doing that, would be for the service provider to accept payments in ecash, instead of having an account and subscription model. It would work like this: 1. The user creates ecash by paying into the service's mint. Hereby it is not required to use lightning or even bitcoin. It could be done with any other value transfer meduim the service provider accepts (cash, shitcoins, lottery tickets...). 2. You use the issued ecash, to retreive services. This could be anything from video streaming, to AI prompts. 3. Once you are done, you swap your remaining ecash back. In a system like this, you wouldn't be tracked as a user, and the service provider wouldn't be burdoned with safeguarding your personal information. Just like a cash-for-goods transaction in a convenience store. I beleive the search engine Kagi is building a system like that, according to [this podcast](https://optoutpod.com/episodes/how-kagi-is-fixing-search-vlad-prelovac/). It has also be demoed by <https://athenut.com/> how it would be implemented, using Cashu. **Here is another example, on how an event organizer can provide privacy preserving electronic payment rails for a conference or a festival, using ecash:** If you have been part of organizing a conference or an event, you might have experienced this problem. Onchain payments are too slow and costly. Lightning payments are too flaky. Do merchants have to setup a lightning channel? Do they have to request inbound liquidity from an LSP? Do they have to splice into the channel once they run out of liquidity? In practice, these are the realities that merchants and event organizers are faced with when they try to set up payment rails for a conference. Using ecash, it would look like this: 1. Event organizer will run a dedicated ecash mint for the event. 2. Visitors can swap into ecash when ariving at the entrance, using bitcoin, cash, or whatever medium the organizer accepts. 3. The visitor can spend the ecash freely at the merchants. He enjoys good privacy, like with cash. The online requirements are minimal, so it works well in a setting where connectivity is not great. 4. At the end of the event, visitors and merchants swap their ecash back into the preferred medium (cash, bitcoin...). This would dreastically reduce the complexity and requirements for merchants, while improving the privacy of the visitors. **A bold experiment: Free banking in the digital age** Most bitcoiners will run out of the room screaming, if they hear the word **bank**. And fair enough, I don't like them either. I believe in the mantra "unbank the banked", after all. But the reason I do so, is because todays fiat/investment banks just suck. It's the same problem as with the internet platforms today. You, the "customer", is not realy the customer anymore, but the product. You get sold and squeezed, until you have nothing more to give. I beleive with a sound money basis, these new kind of free banks could once again compete for customers by provididng the best money services they can, and not by who can scam his way to the money printer the best. Maybe this is just a pipe dream. But we all dream a little. Some dream about unlimited onchain transactions (I've had this dream before), and some dream about free banks in cyberspace. In my dream, these banks would use ecash to respect their users privacy. ## Clearing up misconceptions and flawed assumptions about ecash on bitcoin Not only, but especially when talking with bitcoiners there are a lot of assumptions regarding ecash on bitcoin. I want to take this opportunity to address some of those. ### Ecash is an attack on self custody As we've mentioned above, ecash is not meant to compete with self custody. It is meant to go where self custodial bitcoin cannot go. Be it due to on-chain limitations, or network/infrastructure requirements. Ecash is completely detached from bitcoin, and can never compete with the trustless properties that only bitcoin can offer. ### Ecash mints will get rugged 100% correct. Every custodial solution, be it multisig or not, will suffer from this risk. It is part of the deal. Act accordingly. Plan for this risk when choosing to use a custodial system. ### Working on ecash is a distraction from what really matters, since it is not self custodial While it is true that improving self custodial bitcoin is one of the most important things our generation will have to solve, it doesn't mean that everything else becomes irrelevant. We see that today, in a lot of circumstances a fully sovereign setup is just not realistic. At which point most users will revert back to custodial solutions. Having technology in place for users that face these circumstances, to offer them at least some protection are worth the effort, in my opinion. ### Ecash mints will retroactively introduce KYC Yes it is true that ecash mints can do that. However, what would they learn? They would learn about the amount you were holding in the mint at that time, should you choose to withdraw. They would not be able to learn anything about your past transactions. And needless to say, at which point you should be one and done with this mint as a service provider, and move to someone that respects their users. ### Ecash will be used to "steal" bitcoins self custodial user base I would argue the oposite. Someone that has realized the power of self custody, would never give it up willingly. On the other hand, someone that got rugged by an ecash mint will forever become a self custody maximalist. ## Closing thoughts... I hope you enjoyed reading my take on **ecash built on bitcoin**. I beleive it has massive potential, and creators, service providers and consumers can benefit massively from ecash's proposition. Using ecash doesn't mean you reject self custody. It means you have realized that there is more tools than just a hammer, and you intend to use the tool that can best solve the problem at hand. This also means, that to some the tool "ecash" may be useless. After all, not everyone is a carpenter. This is also fine. Use whatever you think is useful, and don't let people tell you otherwise. Also, please don't take my word for it. Think for yourself. Best, Gandlaf

@ 7e6f9018:a6bbbce5

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 |

@ 45904b28:c412c1b4

`draft` `optional` This proposed NIP introduces hierarchical key management for Nostr, enabling users to create subordinate private keys (`nsub`) derived from the master private key (`nsec`). Events signed by `nsub` keys are cryptographically tied to the same public key (`npub`), ensuring compatibility with the current protocol. The model introduces a delegation proof mechanism, enabling secure delegation and revocation of signing authority to subordinate keys without compromising the master key. This design improves account security, simplifies key recovery, and supports scalable multi-client or multi-user scenarios. --- ## Problem Description Current Nostr key management relies on a single private key (`nsec`) to authenticate and sign all user events. While this design ensures simplicity, it introduces critical vulnerabilities that can compromise account security and usability. If the `nsec` is exposed — whether through user error, malicious software, or insecure client storage — the account is effectively "burned", and recovery is impossible, forcing abandonment of the associated `npub`. This leads to significant problems: 1. **Account Compromise**: - A compromised `nsec` allows an attacker to impersonate the user, post malicious events, or delete existing events. - Once leaked, there is no way to revoke access or mitigate damage, as the `nsec` cannot be invalidated or replaced. 2. **Usability Issues**: - Users must distribute their `nsec` to multiple clients or devices, increasing the risk of compromise. - High-value accounts (e.g., organizations, influencers, or businesses) require secure, multi-device setups, but the single-key model cannot adequately support this without significant risk. 3. **Loss of Followers and Content**: - When an `nsec` is compromised, users often abandon their `npub`, losing all followers, social connections, and previously signed content. - Migrating to a new account is disruptive and diminishes the user experience, especially for high-profile or corporate accounts. --- ## Proposed Use-case Solution This proposal seeks to resolve the issues described above by introducing a hierarchical key system with subordinate keys, the `nsub`, and revokable delegation proofs with an optional expiry. This model allows users to: - Securely distribute unlimited subordinate keys to team members, client applications or tracked devices. - Revoke compromised or retired keys without abandoning the `npub` account with valuable follower and content connections. - Support high-value, multi-device, or multi-user scenarios. This hierarchical model aligns with Nostr’s decentralization principles by reducing reliance on centralized recovery mechanisms while maintaining user control and flexibility. --- ## Specification ### Key Hierarchy 1. **Master Private Key:** `nsec`: - Root key for generating and managing subordinate keys. - Must remain secure and offline where possible. 2. **Subordinate Private Keys:** `nsub` - Deterministically derived from the master private key using a hierarchical deterministic (HD) method (e.g., BIP-32 HD Wallet principles). - Each `nsub` is associated with a unique path or purpose (e.g., per client or per device). - Delegation proofs bind each `nsub` to the master `nsec`. 3. **Public Key:** `npub` - Remains unchanged for the user and maps to all subordinate keys. --- ### Delegation Proofs Delegation proofs authorize subordinate keys (`nsub`) to sign events on behalf of the master key (`nsec`). #### Format: ```json { "delegator_pubkey": "<master_npub>", "delegatee_pubkey": "<subordinate_public_key>", "conditions": { "event_kinds": [1, 0], "expiration": "<expiration_timestamp>" }, "purpose": "Client authentication for mobile device", "version": 1, "signature": "<signed_by_nsec>" } ``` ### Fields - **delegator_pubkey**: The public key of the master key. - **delegatee_pubkey**: The public key of the subordinate key. - **conditions**: Restrictions for the subordinate key. - **event_kinds**: Defines the kinds of events the `nsub` can sign. - **expiration**: Optional expiration timestamp for the delegation proof. - **purpose**: Context for the delegation proof (optional). - **version**: Version number to ensure future extensibility. - **signature**: Cryptographic signature of the delegation proof generated by the `nsec`. --- ### Event Kind Declarations and Clarifications To implement hierarchical key management effectively, this NIP introduces two new event kinds: **Delegation Proof Event** and **Revocation Event**. These event kinds are critical to ensuring secure delegation and revocation processes within the Nostr protocol. #### **Event Kind:** Delegation Proof (kind: 30080) **Purpose:** Establishes the relationship between the master key (nsec) and subordinate keys (nsub). It sets conditions such as permissions and expiration for the subordinate key’s actions. Format: ```json {   "delegator_pubkey": "<master_npub>",   "delegatee_pubkey": "<subordinate_public_key>",   "conditions": {      "event_kinds": [1, 0],       "expiration": "<expiration_timestamp>"   },   "purpose": "Client authentication for mobile device",   "version": 1,   "signature": "<signed_by_nsec>" } ``` Key Points: - Cryptographically ties the subordinate key to the master key. - Specifies conditions like event kinds and expiration to limit the subordinate key’s usage. - Enables scalable setups for multi-device or multi-user accounts. #### **Event Kind:** Revocation Event (kind: 30081) **Purpose:** Allows the master key (nsec) to revoke a subordinate key (nsub), invalidating its signing authority and ensuring account security. Format: ```json { "npub": "<master_npub>", "revoke_nsub": "<subordinate_public_key>", "reason": "Key compromised", "timestamp": "<timestamp>", "expiration": "<optional_expiration_timestamp>", "signature": "<signed_by_nsec>" } ``` Key Points: - Relays must reject events signed by revoked keys. - Enables temporary suspensions through the optional expiration field. - Provides clear reasons for revocation (e.g., key_compromised, expired). #### Format: ```json { "npub": "<master_npub>", "revoke_nsub": "<subordinate_public_key>", "reason": "Key compromised", "timestamp": "<timestamp>", "expiration": "<optional_expiration_timestamp>", "signature": "<signed_by_nsec>" } ``` ### Functionality - **Relays**: Must reject events signed by revoked keys. - **Clients**: Should mark affected events as invalid or untrusted. --- ### Benefits - **Enumerated Reasons**: Provides clear context for revocation (`key_compromised`, `expired`, etc.). - **Temporary Suspensions**: Optional expiration field supports time-bound revocations. --- ### Use Cases 1. **Revoking a Compromised Client Key**:\ A user revokes a compromised `nsub` key and prevents further misuse while maintaining account integrity. 2. **Multi-Device Security**:\ Each device is issued its own `nsub`, isolating risk and ensuring independent security. 3. **Corporate Account Management**:\ Team members use individual `nsub` keys for controlled access. Revoked keys do not affect the entire account. 4. **Mitigating Accidental Exposure**:\ An exposed `nsub` can be revoked while other keys remain valid, reducing the risk of total compromise. 5. **High-Value Accounts**:\ Influencers and organizations can recover from partial compromises without disrupting their presence. --- ## Relay and Client Implementation ### Relay Optimization To enhance relay performance while supporting delegation proofs and revocation events, two complementary optimization approaches are proposed: #### **1. Caching Validated Proofs** - **Description**: Relays cache validated delegation proofs to minimize repetitive cryptographic checks. - **Implementation**: - Cache structure stores mappings of `delegatee_pubkey` to their validated conditions (e.g., expiration timestamps, event kinds). - Example cache entry: ```json { "delegatee_pubkey": "<subordinate_public_key>", "valid_until": "<expiration_timestamp>", "event_kinds": [1, 0], "verified": true } ``` - **Advantages**: - Reduces computational overhead during high-traffic scenarios. - Ensures quick lookup for relay processing. #### **2. Efficient Cryptographic Libraries** - **Description**: Utilize high-performance cryptographic libraries to handle signature verification for delegation proofs and revocation events. - **Recommendation**: - Libraries such as `libsecp256k1` provide optimized implementations for cryptographic operations, ensuring scalability for relays handling high-volume workloads. - **Advantages**: - Improves signature verification speed. - Reduces latency for processing delegation and revocation events. #### Comparison of Optimization Approaches | **Optimization** | **Focus** | **Advantages** | **Trade-offs** | | --- | --- | --- | --- | | **Caching Validated Proofs** | Reduces repetitive cryptographic checks | Faster relay processing for validated proofs | Requires memory for storing cached data | | **Efficient Cryptographic Libraries** | Improves cryptographic operation speed | Enhances scalability for high traffic loads | May depend on library compatibility | Implementing both optimizations can maximize relay performance by balancing computational efficiency and scalability. Caching ensures quick lookups, while optimized libraries handle cryptographic operations efficiently. --- ### Client UX Recommendations To ensure smooth adoption and ease of use, client applications should provide intuitive user experiences for managing hierarchical keys and handling revocations. The following recommendations focus on enhancing usability while maintaining robust security: --- #### **Clear Interfaces For**: 1. **Generating and Managing Subordinate Keys**: 1. **Key Generation**: - Provide a simple, guided process for generating subordinate keys (`nsub`) derived from the master key (`nsec`). - Include visual and textual clarity to demystify hierarchical key generation and handling instructions. 2. **Key Management**: - Display a list of all active subordinate keys with default or custom (user-created) metadata such as: - Key purpose (e.g., "Specified Client Key" or "John Doe's Key"). - Expiration time/date (if applicable). - Associated permissions (e.g., allowed event kinds). - Allow users to deactivate or revoke keys directly from the interface. 2. **Revoking Keys with Minimal User Effort**: - **Revocation Workflow**: - Offer a one-click revocation process for compromised or obsolete subordinate keys. - Prompt users to confirm revocation to prevent accidental irreversable actions. - **Feedback Mechanism**: - Provide real-time feedback on revocation status, such as: - "Key successfully revoked." - "Revocation broadcast pending relay confirmation." - **Notifications**: - Notify the user if a revoked key is still in use by unauthorized devices or relays. --- #### **Additional Client Feature Considerations**: 1. **Key Rotation Reminders**: - Implement reminders for periodic key rotation to maintain security best practices. 2. **Audit Logs**: - Maintain a log of key generation, usage, and revocation activities for user reference and troubleshooting. 3. **Multi-Language Support**: - Ensure interfaces are localized to support a global user base. 4. **Backup and Recovery**: - Guide users to securely back up their master key (`nsec`) and subordinate key configurations to avoid accidental lockouts. 5. **Expiration Alerts**: - Implement reminders for key upcoming expirations to avoid accidental lockouts if a manual renew is intended. --- #### **Example Error Messages** For Revoked Keys: Provide clear error messages for revoked or invalid keys to aid user understanding and relay troubleshooting: ```json { "status": "error", "message": "The key <subordinate_public_key> has been revoked by the master key or has expired as scheduled.", "timestamp": "<current_timestamp>" } ``` ### Backwards Compatibility - This proposal does not alter the existing public key (`npub`) structure, ensuring compatibility with current relays and clients. - Systems not implementing delegation proofs will continue to function normally but will not benefit from enhanced security. --- ### Acknowledgments - **Status**: Draft (this pre-alpha draft version is the first request for feedback.) - **Prepared By**: @swbratcher // swb@primal.net - **Feedback Specifically Requested from known client devs:** @Will npub1xtscya34g58tk0z605fvr788k263gsu6cy9x0mhnm87echrgufzsevkk5s @fiatjaf npub180cvv07tjdrrgpa0j7j7tmnyl2yr6yr7l8j4s3evf6u64th6gkwsyjh6w6 @miljan npub16c0nh3dnadzqpm76uctf5hqhe2lny344zsmpm6feee9p5rdxaa9q586nvr @PABLOF7z npub1l2vyh47mk2p0qlsku7hg0vn29faehy9hy34ygaclpn66ukqp3afqutajft @Vitor Pamplona npub1gcxzte5zlkncx26j68ez60fzkvtkm9e0vrwdcvsjakxf9mu9qewqlfnj5z - **Date**: 2024/11/28

@ 7776c32d:45558888

4 years ago, on Thanksgiving, Digit's boyfriend at the time died. She told me that. She didn't say how it happened, but others say he committed suicide. I don't remember my Thanksgiving that year.  3 years ago, on Thanksgiving, I met Digit. I had a pet bird that died that day. I had named it Deathspan to avoid ever forgetting its limited lifespan, as if that would make me more prepared to deal with it dying someday, but that only made me feel worse. I had a mental breakdown and got banned from the wallstreetbets subreddit yet again, so I would have to start a new account yet again, but this time, unlike any other time, a wallstreetbets moderator called /u/shutupdigit showed up in my inbox to check if I was OK and invite me to the wallstreetbets Discord channel, hoping it would calm me down. This was the second time in my life a woman randomly approached me and offered her friendship to me without me approaching her first, and I was always desperate to get any women to talk to me at all, and a woman on wallstreetbets is rare to begin with - I was immensely anxious to get to know her, and hopefully keep knowing her. Interacting with her made it possible to enjoy the Thanksgiving dinner I got at the VFW despite my bleak circumstances. 2 years ago, on Thanksgiving, I cried a lot, hoping Digit was alive. She was, but I didn't know. I was so thankful to have met her, and I tried to focus on being thankful, but I needed to talk to her one more time so badly, and I knew if I could ever talk to her again, I would never be in that much pain again. 1 year ago, on Thanksgiving, I was entirely thankful she had come back in the interim. I knew I could never again be in as much pain as the year before, because I got to find out she lived longer than that. I was trying to finish a song about her, hating myself for how long it was taking, because after coming back that year, she had deleted her reddit and Discord accounts and disappeared again, and I was scared she could be planning to kill herself, or she could have done it already, and I was failing to protect her with every bit of delay in my efforts to show her how much I needed her. I hoped maybe someone in wallstreetbets was still in touch with her and I could make a song worth showing her. I was sick that week and couldn't finish the song by Thanksgiving because my head hurt so much it was impossible to tell if any melody or drum pattern or anything I was making was good or bad. I never finished the song, it felt too late after that. I spiraled into an endless process of trying to find new ways to reach out to her that would have better chances of a positive result. I reached out to wallstreetbets people with what progress I had made on the unfinished instrumental for the song, as futile as it felt. Nobody told me about the rumors she had committed suicide, as I had been fearing for so long. Today, I'm still entirely thankful she came back before, and I know I'll never be in as much pain as 2 years ago again, since I know she lived longer than that. I'm still in that spiral trying to find any way to find out if she's safe without accidentally prompting her to commit suicide in the process because of the disturbance of privacy or something. I should still never recover if she's gone, but at least I'll never be in as much pain as 2 years ago. I'm so thankful to know she lived past 2 years ago, but I can't stop being desperate to see her alive past today. I can't stop being extremely shitty to others around me. Today I went with my mom to volunteer at the VFW that gave me food the day I met Digit and I left my mom stranded there because she said something insensitive to my constant panic about Digit. It's only by my insane luck I've kept any friends at all. I'm so sorry in this same timeframe Digit never got to have what she gave me - one last chance to see that most important person alive. I'm so sorry for those of you who are also struggling with anything like this, or worse. Just in case anyone wants to hear her voice, here's that one song she sent me, intentions.mp3 - https://audio.nostr.build/808960a3289a3196a8b371c2239d6925357b9a41183925f9882ee2897df313d3.mp3

@ 7e6f9018:a6bbbce5

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.

@ 35c6427f:e5a05cb5

**It's just a test** I just want to see if I can edit it. I can, I can edit it.

@ 35c6427f:e5a05cb5

**It's just a test** I just want to see if I can edit it.

@ fcb65172:87f3c4ed

 #### Where to go. Where to stay. What to eat and what to do If you clicked on this Ecuador travel guide expecting to read about the Galapagos Islands, well then I’m sorry to disappoint you!\ This is my exclusive travel guide to Ecuador. Whilst The Galapagos Island are a magical, no doubt. Ecuador has so much more to offer. That is what this travel guide is all about. It’s about the hidden gems- Where to go. Where to stay. What to eat and what to do, and one place to skip- This is Ecuador According to Pilgart Explores. #### Quito Quito, one of my favourite capital cities of South America. In my book it’s right up there with Buenos Aires and Santiago. Buenos Aires feels very European. Santiago has an American feel to it. Quito… Well Quito feels like proper South American, it has a similarity to Cuzco, just bigger and more developed. I think it is that perfectly balanced mix of Incan and Spanish influence. The historic centre with it’s buildings that tell so many stories, as they roll up and down the Andean foothills, through the valley in which Quito sits. Surrounded by towering mountains, inviting me to go out and explore what they have to say. #### Where to stay - The budget option - Centro, cheap hotel or hostel You will be close to the historic centre with all the touristy things nearby, at night it’s a different story though. At night the historic centre is pretty dead, the zombies come out and you don’t want to be strolling around late in the evening. - The unique - La Floresta neighbourhood I booked an AirBnB in La Floresta, a local middle class area, located just south of Quito’s top neighbourhood El Batan, as well as within walking distance to the historic centre. La Floresta itself had a few small hip cafes & restaurants and plenty of shops for me stock up, on everything I needed for cooking at my AirBnB. I will highly recommend staying in La Floresta. - The top-tier - El Batan neighbourhood El Betan is Quito’s top neighbourhood. This is where you wanna stay, if you have the budget. The area is packed with all the best restaurants in Quito, The best parks of Quito and it’s easy to get to the city centre from El Batan. #### What to eat- and where - The budget option - [Corvina - Found at most street restaurants](https://youtu.be/gwOY0k14vjA?si=7DsVPQINpWNlDEph) If you like Fish and Chips then you will like this. Corvina can best be described as Ecuador’s version of Fish and Chips. Pieces of battered fried fish served with chips, rice and a hearty lentil stew, to mix with the rice. You will find Corvina at most street restaurants, as part of a cheap $3.5 lunch menu or as a stand alone dish. Corvina is one of Ecuador’s National dishes, it will get you full for cheap and set you up nicely for a days worth of exploring in Quito. - The unique - [Horneado - Eat at Mercado Santa Clara](https://youtu.be/P5wmS5CzZeM?si=-nqyh5YxbndtPJIR) This beautiful whole pig, slow roasted over night in the oven giving the skin a satisfying crunch and making the meat juicy and tender. Horneado is the absolute best bang-for-ya-buck food I ate in Ecuador. As you enter Mercado Santa Clara, head to the food court and find Galo- Galo will be easy to find with the massive whole roasted pig lying on his work desk. You will pay $4 for a generous serving of the softest, juiciest pork meat you have ever had, served with a creamy sautéed mashed potato. Galo preparing Horneado - The top-tier - Somos Ecuador Restaurante Somos Ecuador; a high end restaurant serving innovative takes on all Ecuador’s favourites. From Ceviche and Seafood casseroles to roast pork and stunning stews- A dinner at Somos Ecuador will set you up, just perfect before you leave the city, heading out into the rest of Ecuador. Here you will get the complete tour of Ecuador’s diverse kitchen and flavours. Put it on your list. #### What to do - The budget option - [Local markets: Mercado- Santa Clara, Central, El Tejar](https://youtu.be/P5wmS5CzZeM?si=-nqyh5YxbndtPJIR) One thing I always love to do, no matter where I am, is to explore the markets. I’m not talking about the artisan markets, I’m talking about the local everyday markets. It’s the smells of the local produce for sale, the women yelling their prices out the top of their lungs, as if some sort unspoken announcer-competition is going on. It’s the overwhelming noise of conversations in indigenous languages I don’t understand. A random shop blasting some loud horrendous reggaeton music- I’ve never understood that as a sales tactic, I’ve always found myself turning away from such shops ASAP. Most of all, the local markets are all about the food and the understanding of local culture. I can spend hours strolling round a market, observing the way people interact, what words are they using? How is the body language? What are the topics of conversation? What is the fashion like? Answers are presented in overload- all I have to do is open my eyes and observe.\ Best of all, this is a free, forever repeatable experience. - The unique option - Mitad del Mundo The monument that marks the Equator line, runs just north of Quito. It is easy to get there, just head to Terminal La Ofelia, a smaller bus station in the north of the city. From here you can catch a bus to Mitad del Mundo- The middle of the earth. It takes about 30-40 minutes to get there. The monument and science/history park around it, is extremely well done. I spent a couple hours here learning about Ecuador’s history, indigenous people and I had lots of fun playing around with all the science installations. In the interactive science museum you can try your hand at a handful of fun, interactive gravity games, making the science of magnetics field and gravity come to life. It’s well worth a visit.  The Equator line, Mitad del Mundo - The explorer option - [The deep south of Quito](https://youtu.be/J5ZliW4wCc0?si=b8bOdgPwzwTgId9j) Get in an Uber, head for the neighbourhoods in the south of Quito. The locals will tell you “Don’t go there!”. Sure enough the Uber driver did look twice at me, when he pulled up, expecting to pick up a local. He asked, confirming that I hadn’t messed up my locations, “if I was sure I wanted to go to the south?” “Of course” I said. The deep south of Quito is yet another example of why I leave the Lonely Planet on the bookshelf. Because it is experiences that lay beyond the realm of Lonely Planet guide books, which allows me to understand and connect with a country. In this case Ecuador. The Lonely Planet guide books won’t tell you to head to the south of Quito, for anything but reaching the southern bus station. Yet, as I step out my Uber, I quickly head to a local market, where I’m met by the loveliest people. A mother calls me over. She offers me her daughter. I laugh. I buy us all an ice cream, before I take a seat at the negotiation table, only to tell them I’m already taken. The feeling of genuinely great people sits with me, as I leave the little, Centro Comercial Chiriyacu behind. I head into the streets. The streets in the south of Quito are different, they are industrial, full of people hustling. I need to watch out where I step, as I’m weaving my way, between fruit vendors setting up shop in the middle of the side walk. Every few blocks there’s a small simple restaurant or a street food vendor, providing snacks, I don’t look at the map, there’s no need, I just follow my instincts and walk. Contrary to what I was told, I had great day in the south of Quito. Picking up some exotic fruits and vegetables, eating some random street food, talking to the locals, getting a peak into the real, non-polished side of Quito life. #### Village Life by Lake Quilotoa The extinct Quilotoa volcano is a highlight of any journey through Ecuador, but there is another side to Quilotoa. A side few know about. A side that provides a glimpse into the real life, up here, tucked in between the Andean mountains. I met Cesar the owner of a family run boutique hotel, located in the indigenous villages on the slopes of the Quilotoa volcano. I jumped at the opportunity, when Cesar offered to host me for few days, at the his hotel and give me a tour of the Volcano, go swimming in the lake, at the bottom of the crater and see the real life of these indigenous villages. ##### \ Where to stay - The budget option - You can stay in an accommodation in the little tourist town of Quilotoa, on the crest of the volcano, with all the other tourists. There are plenty of options in the little town, non of them looked particularly special in any way, but it’s easy to get to. - The top-tier - [Hosteria Juyende](https://www.hosteriajuyendequilotoa.com/): A rustic, wooden cabin-like family run hotel, with a stunning view to the surrounding mountains. Located just below the crest of the Quilotoa volcano. You either ge to Hosteria Juyende by car or you take a bus to Quilotoa town, from where you hike to the breathtaking viewpoint; Mirador de Cristal Shalalá. From the viewpoint simply walk down through the little shopping area, set up by the Shalalá Community- consider supporting their crafts, I bought the poncho which I’m wearing in the video I made in whilst staying at Hosteria Juyende, do check out the video of the hotel and the walk around the crater [here](https://youtu.be/nocD412_Wx8?si=Zb_0BkbEK9XNDI64). Once you have checked out the shops, you will continue down the little road for another 10-15 minutes and Hosteria Juyende will be on your left. Hosteria Juyende, Comunidad Shalalá, Quilotoa #### What to eat- and where Cuy or Guinea Pig is a delicacy in the Ecuadorian Andean mountains. I had the pleasure of preparing Guinea Pig over fire, with Cesar and his family. In the morning I helped collecting the firewood, before heading off, to walk the Quilotoa Crater Loop. When I came back in the afternoon, Cesar had the fire going. I quickly sat down on the benches surrounding the fireplace. Before I knew it, I was handed a stick with Guinea Pig pierced to the end. Here I sat in the middle of the majestic Andean mountains, drinking some warm home-brew alcoholic punch-like drink called Canelazo. We continued to turn the guinea pig and sip our drink. The guinea pig itself is stuffed with Andean herbs, prepared till the skin is crunchy, then served with potatoes. The taste can best be described ,as something akin to rabbit, as you can imagine there isn’t much meat on the little fella. The taste is good though. Especially with some Canelazo- that stuff is dangerous. Preparing Guinea Pig [Leave a comment](https://pilgartexplores.substack.com/p/my-exclusive-travel-guide-to-ecuador/comments) #### What to do - Walk the Quilotoa Crater Circuit, 3800masl, 10,3km, 4-5hr The Quilotoa volcano is extinct with an enchanting turquoise lagoon at the bottom of the crater. The day hike around the crater circuit is quite literally breathtaking. The breathtaking views are constant- be warned your camera reel is going to get full. Besides that, the hike is not for the faint of heart, at various points you’ll find yourself walking along the rim of the crater, on a trail no wider than a couple meters, with a huge drop to either side. Do approach with caution, if you suffer from vertigo. That being said you will not regret completing the circuit. It is one of the best day hikes I’ve done in anywhere in the Andes. There is even the option of hiking down to the beach by lake at the bottom or camping at a few campsites along the crater rim. Quilotoa Crater Circuit - [Explore the Shalalá villages](https://youtu.be/h5DctuAGNw4?si=2hHL8_oOWJfI8D5p) When you are staying at Hosteria Juyende, make sure to explore the villages of Shalalá and Ponce, this will give you an authentic glimpse into indigenous village life in Ecuador. These communities are agricultural villages, so you will see plenty of llamas and alpacas around. If you are lucky you might even be invited to play a game volleyball. Village Life in Ecuador As dusk was falling over the village, Cesar wanted to show me the most popular sport around here, volleyball. A group of lads were getting ready to play as we pulled up, the mist was falling in the air, it was cold. The ball was a heavy futsal ball, getting increasingly wet from the mist, making it feel like I was getting punched in the forearms every time I responded a serve, but I couldn’t loose face here. I ate the stinging pain. Check out my video from the villages [here](https://youtu.be/h5DctuAGNw4?si=3hByALiUPRpoJc2q): You can watch our game of volleyball at the end. - [Visit the farmers market in Zumbahua](https://youtu.be/gqbCg4oSEwE?si=PR-gxgpEM3mMPdjw) Once a week on Saturday morning Zumbahua comes allive, farmers from near and far flock the town. Zumbahua is located on the highway which connects Quito and the Andes, with the Pacific coast and main port city, Guayaquil. And let me tell you it is one hell of a farmers market. People here are buying and selling llamas, sheep, pigs and fruit and veg by the truckload. Pigs are screaming as they get manhandled and sold. Sheep are shitting all over the floor- so don’t wear your beautiful shoes. Once you make it to the food hall, you can indulge yourself in anything from goat head soup to beef served with mashed potatoes and eggs. Once you’re done, you head back outside to wash you breakfast down, with a few shots of sugar cane alcohol. Then you head for your siesta. It is unlike any other market I have ever seen! This is one of those experiences that will stay with me forever. The weekly farmers market in the nearby town of Zumbahua was our last activity in the area around Quilotoa- check out my video [here](https://youtu.be/gqbCg4oSEwE?si=smPDe_nlJz7RAwSe). Zumbahua Farmers Market #### [San Jose de Morona - The Gateway to the Amazon Jungle](http://san%20jose%20de%20morona%20-%20the%20gateway%20to%20the%20amazon%20jungle/) ##### How to get there From Ambato/Baños or from Cuenca you get a bus to Sucua. Once in Sucua, a small town on the north-south Amazon Highway, you get another bus to Puerto Morona/San Jose de Morona. I had an overnight stay in Sucua, before continuing on towards San Jose de Morona. You don’t need to stop over in Sucua. Once you reach San Jose de Morona, that’s when the adventure begins. Images from the road to San Jose de Morona I stayed in two nights in San Jose de Morona, at a basic accmmodation called Hostal Monteverde. It was nothing fancy, but it was the only option in town. I spend the following day mingling with the locals, trying to figure out how to get to my actual destination; Antuni. An indigenous Community about 5 hours up river, in a typical motor driven jungle canoe. I had been tipped off about the existence of a lodge in Antuni, I was determined to make it. I wanted to know what indigenous village life is like, deep in the Amazon. So here is how to get to Antuni. (Watch my experience of getting to and staying in San Jose de Morona right [here](https://youtu.be/w5As1f2TdZc?si=1r_OV2zORkmnIaZd)) #### [Deep in The Amazon - Living With Amazon Tribes](https://youtu.be/E4f6SuzQxIQ?si=8FaXF_mb4dj4lKX0) The next morning, I stood ready by the roadside, outside my accommodation in San Jose de Morona. Waiting for a pick up truck to come by- that’s the bus in these areas. I hoped on the back, as I stood there on the back of a pick up truck, with the wind in my hair, I was filled with excitement for the adventure I was about to embark on. I was about to go 5 hours up river, into the deep heart of the Ecuadorean Amazon, to live 3 days as a part of an indigenous tribe village. As we reached the little harbour Puerto Kashpaimi, I tapped the side of the car to signal to the driver to stop. The river was high, the water racing with a raging pace, carrying tree trunks down stream, as it’s passengers. The day before, I had arranged to meet my boat driver here at the little harbour in Puerto Kashpaimi, he was going to steer us safely past all the tree trunks to his community, Antuni. As we reached Antuni I was shown to the community lodge. I of course needed to pay a fee for staying in the community lodge. I negotiated a fee of 15 dollars a day. On top of that, I payed an extra 5 dollars for a load of bananas of yuca, a sort of sweet potato like root, as well as some eggs. If you decide to follow in my footsteps, make sure to bring your own food supplies, the little lodge has a basic jungle kitchen with a gas stove, for guests to cook their own food. I stupidly hadn’t thought this far. Do not make the same mistake. I had arrived fairly unnoticed, so they weren’t prepared for my visit. On the way to Antuni, the lodge with it's shower #### [Life Deep in The Amazon](https://youtu.be/E4f6SuzQxIQ?si=8FaXF_mb4dj4lKX0) During my time in the Antuni, I was part taking in village life. I went net-fishing with down by the river. I was thoroughly schooled by two little kids, they can’t have been more than 6-8 years old, but they had the technique on lockdown. They were way better than me, at this game of fishing. I went back, up the river bank, to the village. The men were sitting around the eternal fireplace drinking chicha, the local home-brew alcoholic beverage. The chica is made from yuca, the women chew the yuca into small pieces, then spit it into a big clay pot, where they proceed to grind the yuca till it reaches a soft, mashed potato like texture. Then they add some water and boil it for 40 minutes to an hour. Then set the chicha aside and let the fermentation take place. The result is a drink with an almost yoghurt like texture, the taste is a strong fermented taste. As I sit and drink the chicha with the men, the two young boys come back from the river, with the days catch. The village dogs greet the two boys and follow them to the kitchen, hoping to get a bite- so do I. In the kitchen a woman is preparing the two fish the young boys caught, one Boca Chica and one Raspa. The fish are wrapped in banana leaves seasoned with salt and a version of garlic native to the Amazon, a leaf that when cut, has the same taste as a garlic clove. Out here in the jungle they have everything at hand. ##### What to eat - We had two different fish, Boca Chica and Raspa. Preparation goes like this: Wrap a fish in banana leaves, stick it right in the middle of the fire, wait 20 minutes till the outer leaves are burnt, take the fish out of the fire, open the leaves and devour the most beautiful fish. Serve with steamed plantain and home made chilli sauce. ##### What to do - Take one of the locals as your guide and head for a jungle walk. This is one the most magical experiences on this planet. You will see spiders, insects and all other animals in shapes, colours and sizes, you can’t even imagine. If you are lucky, you might even catch a glimpse of Jaguar or Puma strolling by. The sounds of the Amazon are at times deafening, the jungle is so thick that you can’t see much further than 5 meters ahead, everything looks identically green- make sure to stay within hearing distance of your guide, or you will get lost, walking in circles. The locals have an almost superpower like skillset, in the middle of this blanket of animal noise, they can pick out each sound. A few moments later they point up to the canopy, at group of monkeys jumping around. How these guys are able to pick out the sound of one specific animal, with 100% accuracy is still beyond me, I’m not sure they are human… #### Guayaquil - Ecuador’s Worst City Guayaquil Ecuador’s main harbour city, sitting surrounded by mangroves on the pacific coast. Chances are you will have to come here, on your trip through Ecuador. Guayaquil is the hub for travellers heading to the Galapagos Islands. Guayaquil has in the last few years been caught in an escalating gang war. A war about controlling the drug market in the city. Guayaquil also serves as hub for Colombian cocaine, making it’s way to the United States. A lucrative market to control. When I was in Guayaquil, the Ecuadorian president had placed the city in a curfew. The streets had to cleared by 8pm, if you had circulate, you had to catch a taxi, preying that the gangs roaming the streets at night, would leave you alone. Watch my video exploring Guayaquil [here](https://youtu.be/oxgU-Mo3jIA?si=d6TH48hqw2VRLr6x). My suggestion to you is: Don’t go to Guayaquil, unless you are going to The Galapagos Islands. Instead continue further up the coast, to a small beach town called Puerto Lopez. #### Puerto Lopez Puerto Lopez is a quaint fishing village and beach town on the coast. Boasting a peaceful beach with plenty of small beach restaurants and bars to hang out at, whilst you spend your day sipping on Piña Coladas and swimming in the ocean. Playa Puerto Lopez ##### What to eat- and where - The budget option - Encebollado - Eat at small beachfront restaurants Head out of town in a tuktuk towards Machalilla. Take a stop at the shack that speaks to you, the most. Take a seat. Enjoy the view. Order yourself an Encebollado- A delicious unpretentious Ecuadorean fish soup, that you can find in most of Ecuador, but the coast line is it’s home region. This is where you’ll eat the original Encebollado. - The unique - Cazuela de Mariscos - Eat at Romance Marino Imagine Paella meats Fish Soup meets tropical coconut milk- Ahh splendid. That’s exactly what I thought, when I first triad Cazuela de Mariscos. It is the soft and creamy texture from the coconut milk & peanut paste, the achiote spice that gives the casserole a kick up it’s arse, sprinkled with fresh lime juice and coriander as it’s served. This is Ecuador’s best seafood dish by far, and what a dish it is. Enjoy with a cold beer. - The top-tier - Grilled Squid - Eat at Sabor Español Grilled squid is one of my favourite dishes in the entire world. It is simple and unpretentious. It is hard to prepare right, if you cook it too long the squid becomes rubbery and chewy. On the other hand, if you nail it, it is like eating a white wine and garlic infused butter. In Puerto Lopez there is place called, Sabor Español, they know how to do Grilled Squid. Freshly caught in the morning and bought at the local fish market. In the evening thrown on the grill, prepared to perfection with Garlic and White wine. Enjoy with jug of sangria. ##### What to do - The budget option - The Morning Fish Market Get up at sunrise, walk to the south side of the beach. Here you will find the fish market. This is fish market is the main daily event in Puerto Lopez. The locals flock here to buy, freshly caught seafood. Be warned you will also see some heartbreaking images, for at the fish market, sharks are brought in, only to have their fins cut off. Who buys them? Well you guessed it, the Chinese. The shark fins are purchased by local businessmen, who resell them on to the Chinese in Guayaquil. In China, shark fin soup is said boost ones libido, cure cancer and most of all show of wealth and hospitality to special guests. Puerto Lopez Fish Market - The explorer - Playa Salango If you are like me, you love a wild beach with big waves. Unfortunately the Puerto Lopez beach is a calm and quiet beach. Fortunately, the next town south of Puerto Lopez has wild beaches, en masse. You get on a bus from Puerto Lopez to Salango Beach. From Salango beach you head around the cove, walk down the wild beach front. After about a 30 minute walk, you will reach a more secluded beach with a bunch of small restaurants serving all Ecuador’s classics, and of course they have beers, ice cold beers to enjoy after your walk along the beach front. There you have it, that is Ecuador according to Pilgart Explores. I told you it wasn’t going to be your average Lonely Planet-like travel guide. No, I have been to all these places and can personally sign of on them, as the greatest locations to visit in Ecuador- According to me, of course. By all means, do visit some of the more touristy places, such as Cuenca, Vilcabamba and Baños. But make sure to leave the beaten path and head of for some real authentic adventure. Pilgart Explores style. \ I hope I convinced you to put Ecuador on your list. Leave a comment down below if I inspired you to go to Ecuador. All I know for sure is, that I will be back.

@ 6a3d3f20:6a569bcc

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.

@ b8851a06:9b120ba1

As the founder of [NeoWealth](www.neowealth.xyz) I see the upcoming **$31 trillion generational wealth transfer by 2033** as a defining moment for investors and entrepreneurs alike. This shift in capital requires strategies that not only preserve wealth but position it for growth in an increasingly uncertain economic environment. Bitcoin, as a decentralized and fixed-supply asset, offers unique opportunities for those prepared to act. --- ### **Wealth Transfer Dynamics Investors Need to Know** - **Scale of Transfers**: $31 trillion from 1.2 million high-net-worth individuals ($5M+) will change hands in the next decade, with $13.9 trillion coming from ultra-high-net-worth individuals ($100M+). - **Geographic Trends**: North America leads with $14.1 trillion (46%), followed by Europe with $7.4T (22%) and Asia with $6.1T (20%). - **Generational Shift**: Gen X will inherit the majority, while Millennials and Gen Z show increasing interest in innovative and decentralized financial systems like Bitcoin. --- ### **Bitcoin: A Strategic Allocation for Preservation and Growth** #### **Why Bitcoin Fits Into Modern Portfolios** 1. **Scarcity as a Hedge Against Inflation**: Unlike fiat currencies, Bitcoin’s fixed supply (21M coins) protects against monetary debasement. 2. **Diversification Benefits**: Bitcoin’s **low correlation (\~0.1)** with traditional asset classes reduces overall portfolio volatility. 3. **Long-Term Performance**: Bitcoin has outperformed every major asset class over the past decade, growing at **\~200% annually** on average. --- ### **The Data: What If Just 1% Is Allocated to Bitcoin?** - **1% of $31 trillion** = $310 billion flowing into Bitcoin. - Current market cap (\~$1.95 trillion at the time of writing this article) would likely and conservatively **double or more**, driving substantial price increases. - Investors who allocate early stand to benefit disproportionately as Bitcoin adoption accelerates. --- ### **Strategic Action Plan for Investors** 1. **Start Small**: A **1-5% allocation** can hedge against inflation while positioning portfolios for asymmetric growth. 2. **Educate Yourself and Beneficiaries**: Ensure younger generations understand the fundamentals of Bitcoin as a tool for preserving and growing wealth. 3. **Secure Custody Solutions**: Focus on institutional-grade custody options to protect Bitcoin holdings across generations. --- ### **Closing Thought: Hope for Bitcoiners and Entrepreneurs** This wealth transfer isn’t just a redistribution of assets—it’s an opportunity for financial innovation. As the next generation embraces digital finance, Bitcoin will solidify its role as the foundation of sound money in the 21st century. Whether you’re an investor, entrepreneur, or financial advisor guiding clients through this transition, the time to integrate Bitcoin into your longterm strategy is now. **Bitcoin isn’t just an asset—it’s the future of wealth.**

@ b8851a06:9b120ba1

This is a fascinating and foundational moment in Bitcoin's history. Here’s the context and the key elements of this story, along with how it ties into Satoshi’s philosophical stance on value: --- ### **New Liberty Standard and the First Bitcoin Pricing Model** - **Who Was New Liberty Standard (NLS)?**\ New Liberty Standard was an early Bitcoin enthusiast who created one of the first marketplaces to price and trade Bitcoin in exchange for fiat currency. He mined Bitcoin in its infancy and sought a way to assign it value so that it could be exchanged for dollars. - **The Cost-to-Production Model**\ In 2009, NLS proposed a simple method to price Bitcoin: tying it to the cost of electricity required to mine it. His pricing equation calculated the value of Bitcoin based on the mining costs in terms of electricity usage and the market rate for power at that time. For example, he initially priced 1,309.03 BTC for $1, which was an approximate reflection of mining costs. - **The First Known Bitcoin Sale**\ Using this model, NLS made the first recorded Bitcoin-for-fiat trade with a PayPal user who bought 5,050 BTC for $5.02. This transaction was pivotal, as it established that Bitcoin could be exchanged for real-world money, beginning its journey as a monetary network. --- ### **Satoshi Nakamoto's Response to NLS Pricing Bitcoin** - **Satoshi Acknowledged the Model as a Good Starting Point**\ Satoshi commented on the New Liberty Standard's cost-to-production pricing, recognizing its logic as a way to bootstrap Bitcoin’s market but also expressing skepticism about its long-term validity. He referred to such a model as "communist," likely meaning it was too simplistic, deterministic, or rooted in production costs, which don’t necessarily align with free-market valuation principles. - **Bitcoin's True Valuation Philosophy**\ Satoshi envisioned Bitcoin’s value as emergent, driven by *subjective value theory*. This means Bitcoin’s worth would ultimately be determined by the market’s collective perception of its utility, scarcity, and trustless, decentralized properties—not just the cost of producing it. He understood that a cost-to-production model might artificially constrain Bitcoin’s potential to reach far greater valuations. --- ### **Key Lessons from This Moment in Bitcoin History** 1. **Bootstrapping Value**: NLS’s pricing was an ingenious way to kickstart Bitcoin’s exchangeability, but it wasn’t the end goal. It reflected the early phase of Bitcoin’s life before its value could be determined purely by free-market dynamics. 2. **Satoshi’s Vision**: Satoshi believed Bitcoin’s true power lay in its ability to transcend arbitrary or production-based pricing models, emerging instead as a freely traded global monetary system. 3. **A Lesson for Today**: Bitcoin’s current adoption and valuation reflect Satoshi’s broader economic principles, demonstrating how far we’ve come since the days of pricing based solely on electricity costs. *I hope you enjoyed this as much as I did when I learned it.*

@ 7e6f9018:a6bbbce5

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.

@ b8851a06:9b120ba1

In April 2024, NASA's aerial survey over Greenland's ice sheet inadvertently uncovered Camp Century, a clandestine U.S. military base from the Cold War era. This "city under the ice," once a testament to American ingenuity, now stands as a chilling reminder of environmental negligence and geopolitical deceit. **A Hidden Agenda Beneath the Ice** Constructed in 1959, Camp Century was publicly portrayed as a scientific research station. In reality, it was the forefront of Project Iceworm—a covert operation aiming to deploy nuclear missiles beneath Greenland's ice, targeting the Soviet Union. This deception not only misled the global community but also violated Denmark's sovereignty, as the Danish government was kept in the dark about the base's true purpose. **Environmental Time Bomb** Abandoned in 1967, Camp Century was left to be entombed by the ice. However, the base harbors hazardous remnants: radioactive waste from its nuclear reactor, chemical pollutants, and untreated sewage. As climate change accelerates ice melt (eventhough NASA showcased snow covering it as if it makes a difference), these toxic materials are at risk of leaching into the environment, threatening ecosystems and human health. A 2016 study warned that such contaminants could emerge by 2090, yet no comprehensive cleanup plan has been initiated. **NASA's Revelation: A Call to Action** NASA's recent radar imaging has brought Camp Century back into the spotlight, providing detailed visuals of the base's infrastructure now buried approximately 100 feet below the surface. This discovery underscores the urgency for international accountability and environmental remediation. The U.S. and Denmark must confront their shared responsibility and work on a foundational lessons-learned action plan, ensuring that the sins of the past are addressed before they poison the future. **Lessons Unlearned** Camp Century exemplifies the reckless abandon with which military ambitions can override environmental and ethical considerations. The lack of transparency and foresight has left a toxic legacy that future generations may be forced to address. As the secrets thaw, the world is reminded that the consequences of such clandestine operations are neither frozen in time nor space. **Accountability Cannot Stay Buried** The unearthing of Camp Century is not just a historical curiosity—it’s a damning indictment of Cold War recklessness and modern complacency. The U.S. and Denmark cannot hide behind layers of bureaucracy and ice any longer. The toxic legacy of this so-called “city under the ice” will not conveniently disappear as the ice melts. Governments and international bodies must confront the ugly reality: the waste of imperial ambitions does not vanish—it festers, waiting to resurface. The responsibility is clear, and so is the urgency: this forgotten base must be dealt with before it becomes an unmanageable crisis.

@ b8851a06:9b120ba1

Neuralink’s latest spectacle—the CONVOY Study—claims to empower paralyzed individuals with mind-controlled robotic arms. At first glance, it’s a technological marvel, but beneath the gloss lies a darker agenda: the privatization of human thought itself. ### **The Brain as a Corporate Territory** The N1 Implant, Neuralink’s flagship brain-computer interface (BCI), is a closed system. It operates like a digital fortress: 1,024 electrodes threading into your brain, collecting data, translating intentions into actions—then keeping the workings of it all behind Neuralink’s iron gate. For all the talk of freedom, this is about as liberating as handing over your neural impulses to a terms-of-service agreement. It’s no coincidence that this technology is proprietary. By keeping it closed-source, Neuralink ensures that no one outside their corporate bubble has the ability to examine, replicate, or innovate upon it. This locks humanity’s next frontier—direct neural interfaces—behind the intellectual property walls of a single corporation. It’s a textbook case of enclosure: just as land and resources were fenced off in the name of profit during earlier centuries, now it’s the human brain itself being partitioned. ### **Parallels to the Fiat Scam** If you think this is hyperbole, look at fiat currency. Central banks control it, devalue it, and manipulate it under the guise of stability. Similarly, Neuralink positions itself as a gatekeeper of neural sovereignty. It is the fiat system all over again—this time, not content with controlling your money, they’re coming for your mind. Much like inflation robs people of purchasing power, Neuralink’s proprietary model robs humanity of the collective potential of open innovation. It ensures that even as you control robotic arms, the corporate overlords control you. ### **Austrian Economics for Neurotechnology** Austrian economics emphasizes decentralization and individual sovereignty. It’s no accident that the most transformative technological force in the financial world—Bitcoin—is open source. Bitcoin succeeds because no single entity controls it, and its code is available for scrutiny and innovation by anyone. Imagine if Neuralink adopted this ethos. An open-source brain-computer interface could transform lives without centralizing power. Developers worldwide could collaborate to refine it, and individuals could truly own their neural autonomy. Instead, Neuralink has chosen the authoritarian path—innovation without accountability, control without consent. ### **Freedom Can’t Be Proprietary** Let’s not kid ourselves. This is not about "helping the disabled"; this is about normalizing corporate ownership of the very essence of human agency. Neuralink doesn’t just create a product—it creates dependence. Today it’s robotic arms for quadriplegics. Tomorrow it’s neural data for advertisers, governments, the "Elite" and whoever else pays the price of admission. And when the implants are ubiquitous, what happens to dissent? To privacy? To the idea that your thoughts belong to you? ### **Bitcoin as the Antidote** Bitcoin shows us another way: a decentralized, transparent system that restores power to individuals. Neuralink could have been the Bitcoin of neurotechnology—an open platform that amplifies human potential without centralizing control. Instead, it’s the Federal Reserve of your brain, selling freedom while consolidating power. ### **Resist the Neural Dystopia** The solution is simple: demand that initiatives like Neuralink be open source. Insist on transparency. Refuse to accept a future where the interface between your mind and the world is owned by a monopoly of corporations that serve the WEF agenda to reduce world population over time (another article on that in the future). History teaches us that technologies designed to "liberate" often become tools of control. Neuralink’s CONVOY Study is no different—unless we fight for its democratization. Let the brain remain free, entrepreneurial with values, unchained by corporate greed. History teaches us that technologies designed to "liberate" often become tools of control. Neuralink’s CONVOY Study is no different—unless we fight for its democratization. Let the brain remain free, entrepreneurial with values, unchained by corporate greed.

@ b8851a06:9b120ba1

This morning, Lebanon stood proud. Over a million displaced Lebanese returned to their villages—many reduced to rubble—but their spirits were unshaken. *Proud. Victorious.* Across the border, the Israeli regime watched, seething with frustration. Their northern residents remain unable to return to their destroyed homes, a bitter reminder of the cost of aggression and occupation. But even now, as Lebanon celebrates its resilience, they refuse to respect us. Just *10 minutes ago*, Israeli military drones began violating our skies again—adding to the **30,000+ airspace breaches since 2000**. They still occupy **Shebaa Farms, Ghajar Village**, clinging to every cm of stolen ground. This isn’t just an attack on our sovereignty. It’s a refusal to accept that we—the Lebanese people—stand united, unbroken, and free. To those who attempt to diminish us, know this: every time you try to bring Lebanon to its knees, we rise stronger. Every act of defiance only fuels our determination. Our land is ours. Our sky is ours. Our future is *ours*. **Today, we are proud to say, again: we will never yield.**

@ dcef64fa:46d80898

## Follow the UrbanWire team to the SportCares HEARTS Football League as they uncover the stories of Zalikha and Nadir, two youth players from the SportCares Saturday Night Lights (SNL) programme. Published: Sat, 16 Nov 2024 – 2:03 PM Every Saturday night, hundreds of youths come together across various stadiums, united by a common passion – football. The Saturday Night Lights (SNL) programme isn’t just another weekend event, it’s a movement designed to empower youths in Singapore and send them home with a warm meal, all on the house! Run by SportCares SG, the SNL programme gives every young person the opportunity to shine. It also serves as a safe space for vulnerable youths to chase their dreams. Meet Zalikha Haidah, 20, a dynamic student-athlete and captain of her football team, who led the District West Girls United team (DWG) all the way to the finals of the SportCares HEARTS Football League . Balancing the challenges of her studies with the demands of training, Zalikha brings an unwavering enthusiasm and skill to each game, inspiring her teammates and coaches with her dedication. As captain, her passion and leadership has driven her team to new heights in a sport that she loves. “There’s a reason why I’m the captain. I should lead the team. I shouldn’t be demoralised because if I am, the team looks up to me [and is] influenced by me,” says the DWG captain. 18-year-old Nadir Umair is another notable player in the SNL programme. From the bench to the starting lineup, his success story is definitely one that will inspire you. Nadir shares the challenges of receiving criticism and recounts the journey he went on to overcome his loss of motivation. “In SportCares, I really grew a lot,” he says, “my teammates here who have helped me along this journey, [they are] my lifelong friends. And volunteering together really helped me to be more open-minded, to give back to the community, [and] to think more about others.” Like Zalikha and Nadir, do you also have a dream? Because they have something to tell you: Believe in yourself, be bold and just go for it! Seek out people who can guide you and help you learn from your setbacks. Your passion and skills have value, and the work you put into reaching your goals will shape a future that aligns with your dream! Watch our full video on Nostr here [Beyond The Game ](https://v.nostr.build/BPWxtHn82Jsn7F09.mp4)  MUSIC Jazzy Abstract Beat Download: https://pixabay.com/music/beats-jazzy... FOLLOW US The UrbanWire: https://theurbanwire.com/ Nostr: TheUrbanWire@primal.net Instagram: / theurbanwire TikTok: https://vt.tiktok.com/ZSgdukN4/​ Telegram: https://t.me/writersroomsg

@ 7776c32d:45558888

Pretty basic thoughts, read only if bored. Mainly writing down for myself to check back on my own guesses later. -------- Big social media corporations think about target demographics all the time, especially in their business plans, so today I started wondering how nostr is designed to appeal to each age group. Some guesses... # Youngins Kids today will probably learn nostr exists while being brainwashed in school to think it's spooky. School projects won't start being hosted on nostr very soon, and the deep state will come up with insane talking points to lean on when students ask why. Some kids will flock to nostr because their schools and dumb classmates are against it. "The cool faculty member" at any school might be on their side. When they're older, the late kids will start noticing how they sound when they keep shitting on the thing that keeps being good, so they'll start trying to mix in a sense of neutrality like "I know it's supposed to be good but nostr is a dumb name" and eventually that will transition into using nostr, when someone they like is shadowbanned on a major platform or something. They might tell the smart kids "sorry, you were right about nostr" or they might just pretend they invented nostr themselves to avoid admitting they were wrong. I'm talking about college students here, obviously. The same all might apply for the younger kids too. Time before nostr is #1 probably 5-10 years. # Millennials / elder zoomers If nothing else makes it happen first, each young adult will inevitably click onto a nostr client someday when a friend is like "I know you don't use nostr but look at the post I sent you, you don't even have to sign in." I'm sure many will still think nothing of nostr until one of their favorite micro-celebrities starts using it, which is what I bet attracts a critical mass. The rest naturally come after critical mass is achieved, like how people keep using X just because so many others are on it. Time before nostr is #1 probably 5-10 years. # Gen X Probably won't reach critical mass on micro-celebrities alone. Might require major celebrities and younger people populating the protocol first. Might require White House level of adoption and recognition before deeming nostr "relevant" or "the new thing it's all moving to now." Time before nostr is #1 probably 10+ years. # Senior to gen X Age groups above gen X might never widely adopt nostr. They don't seem to adopt any new electronic infrastructure without being forced to, which is perhaps helpful in defending us younger people from the most egregious of big tech's machinations. Time before nostr is #1 with this age group, like I said, maybe never. However, most of them will eventually use nostr a little bit, if not fully adopting it. If nostr is #1 with Gen X in 15 years, I think elders will hear enough about it from Gen X to *at least* make a throwaway npub for telling their grandkids "happy birthday" by year 20. # Wildcard Every age group could widely adopt nostr within 10 years if a critical mass of people can lead to an accelerated migration, so fast it makes centralized platforms feel like abandoned ghost towns. Digit arriving here might trigger this. It's why many nostr proponents recommend deleting accounts on other platforms now, going nostr-only. I consider that strategy premature, but important to consider as nostr's user base reaches more effective numbers. -------- I was way wrong about this Presidential election, so hopefully my brain is working properly on this. Of course, I haven't addressed when people would adopt *a perfectly decentralized version* of nostr. That might take an extra 100 years, or something.

@ 0c9e5e17:480e870b

I just made my first batch of Paleo beef jerky and the results are so good that I thought I'd share it with you. My entire house smells of beef jerky right now and it's driving my dog crazy - poor thing. ## **What's Paleo?** I'm not going to go into the details, but simply put it's a way of eating that best mimics the diets of our paleolithic hunter-gatherer ancestors - lean meats, seafood, vegetables, fruits, and nuts. If you're interested take a look here: [The Paleo Diet](http://thepaleodiet.com/). I've been gradually getting more and more serious about eating a paleo diet as a lifestyle and wanted to see if I could find a recipe that I could use for making beef jerky that would be suitable = no soy sauce, besides other things. I was sent two really good examples of paleo jerky recipes from [@paleoonabudget](https://twitter.com/#!/paleoonabudget) via Twitter (love how social tools connect us) and thought that they both sounded good enough to try. Here they are: Food Lover's Kitchen [Beef Jerky](http://beta.primal-palate.com/recipe/beef-jerky/), and Jen's Gone Paleo [Really Tasty Beef Jerky](http://jensgonepaleo.blogspot.com/2011/02/really-tasty-beef-jerky-soy-free-gluten.html). ## **My Version** Always one to tinker and hack with something, I adjusted and combined aspects from both recipes to come up with one that sounded good to me. Here's what I ended up with: - Flank steak as lean as possible (grass-fed), trim any excess fat - 1 cup raw coconut aminos (it's a substitute for soy sauce) - 1 cup of organic apple juice (make sure there are no additives) - 1 cup of pineapple juice (again, no additives) - 1 tbsp fresh ground black pepper - 1 tsp of paprika - 1 tsp of garlic powder - Lime juice (not in the marinade) Steak strips in the marinade. I used a nice cut of flank steak (personal preference) and made sure to trim off all excess fat, although there was hardly any. I put the steak in the freezer for an hour or two to make slicing it into thin strips a little easier. Then I put all of the other ingredients (the marinade) into a Pyrex dish and added the sliced steak pieces, making sure that all of the steak was covered or submerged. I think I topped up with a little extra of both juices. I covered this and put it in the fridge overnight. ## **Dehydrating - Making it Jerky!** The next day (around noon) I removed the marinading steak from the fridge and let it drain through a small sieve for a minute or two to get the excess liquid off. No need to get my dehydrator into a big mess if I can easily avoid it. I used my old faithful [L'Equip 528 6-tray Dehydrator](https://amzn.to/3yJSB1Y). I love this machine! Steak strips on dehydrator tray. I gave the entire batch of steak a heavy dose of freshly squeezed lime juice, all over. I was very heavy handed with the lime (thinking this would be my "secret sauce"). Then I arranged the pieces of steak onto the drying sheets (mine has six) making sure to leave a lot of room around each piece. Temperature dial on L'Equip. I set the temperature gauge to half way between 125F and 153F (\~135F) and turned it on. At this point I went out to take care of some errands - nothing you would be interested in. When I got back a few hours later, I was greeted by the smell of beef jerky as I opened the front door - wow! The jerky had been drying for about four hours while I was gone and much to my surprise was completely done. In fact it could have come out a little bit sooner to be even better, but that's my fault for going away and leaving it. When I make jerky using ground beef it takes a lot, lot, longer - more than twice as long. I hope you enjoy this recipe! The end result is absolutely delicious. The combination of the fruit juices, coconut aminos and spices gives the steak an amazing, slightly citrus flavor. I wish you could try some, it's soooo good!

@ 7c765d40:bd121d84

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.

@ dae73fdd:e16cd432

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. ###

@ 30ceb64e:7f08bdf5

## 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

@ c11cf5f8:4928464d

Let's hear some of your latest Bitcoin purchases, feel free to include links to the shops or merchants you bought from too. If you missed our last thread, [here](https://stacker.news/items/771187/r/AG) are some of the items stackers recently spent their sats on. originally posted at https://stacker.news/items/781052

@ c4b5369a:b812dbd6

# How to print your own ecash, using [Gandlaf's money printer](https://brrr.gandlaf.com/) To celebrate the recent money printer update, here is a short guide on how to use it. ## Step 1: Go to the money printer Unlike the FED's money printer, this Cashu ecash money printer is openly available. Head over to <https://brrr.gandlaf.com> to give it a spin. ## Select a mint Choose a mint that should be backing the ecash notes. You have a few different options when choosing a mint: 1. **Connect to your own mint:** Connecting to your own mint is great if you want to be the backer of the ecash notes. It does however require you to have your mint up and running. You can connect to it by typing the mint URL into the input field. 2. **Connect to a known mint:** There are mints that are already indexed on nostr. You can find them by clicking on the \`discover more mints\` button. 3. **Connect to any mint you want!:** All you need is the mints URL. Just type it into the input bar! Once you selected a mint, click connect to set up the mint for money printing **:** ![]()<img src="https://blossom.primal.net/82a7c922a8208d28cb0636afc46565959fa76b56dcf7c2e0382c0772dcd1da1f.png"> After connecting to the mint, you will have the option to select the currency you want to print. **Not all mints support all currencies!** The dropdown menu below will show all available currencies the mint offers. After selecting your preferred currency, click confirm to continue. <img src="https://blossom.primal.net/258c3e5290579269ebccf87be18bb0b91f8d1308192d96701597db7062dd24ee.png"> In the next step, you will chose the amount that should be printed on each note. Be careful though, because unfortunately not every amount is possible. To preserve mint users privacy ecash mints use fixed coin amounts. This means a specific amount, will be made up from smaller amounts. Today, most cashu mints use power-of-2 amounts. So if you for example would like to print the amount "100", it would be made up from the coins \[64, 32, 4\]. The maximum number of coins that can be encoded in a QR code, without the QR code losing its readability is \~4. The money printer will analyze which amounts the mint offers, and show how many coins will be needed. Below, you will see the calculation of how much the total issuance for this printing cycle will be. Once you are all set, click confirm to continue. <img src="https://blossom.primal.net/e7b29c252e8630fdd02d25a67ca13e7d01214e2c43febfb9b4ed3dd3e1a2138b.png"> You can now either add the funds for the print via Cashu token or via Lightning. Let's first take a look on how to add funds via Cashu token. If you select this option, I will assume that you already own ecash from the mint you wish to print the notes. Otherwise, you should move on to the payment by lightning. You have to make sure that the token you are pasting is from the correct mint, in the correct unit/currency and matches the amount exactly! Otherwise, it will not work. <img src="https://blossom.primal.net/265fe5e8f5f7bedc13e1c0dbb852dfb0e985c98a1ab940cf98c9661112e43ec5.png"> If you don't own ecash from that mint, you can pay for the print with lightning directly. The only fees that will be charged are Lightning network fees. Just scan the QR code that is presented to you and wait for the payment to be confirmed. <img src="https://blossom.primal.net/ae15af32c32a8ccc2cb4c4b8ae9428716261e7036811889e8b629504efc3856a.png"> Once the payment has confirmed, either through Cashu or through Lightning, the print is ready. You can now customize the design you wish to print. You can select a color, a brand image and a corner image that should be put on the note. Once you are happy with the design, go ahead and click \`Print now! BRRRRRRRRRRR\` <img src="https://blossom.primal.net/fbf419b199f0b59181f0e11981da20290b12f4eabcec70870b67f7141fad7e6c.png"> This will take you to the print page. You can now print the ecash by pressing \`CTRL\`+\`P\` And that's it! You have now printed your own money. I hope you liked the experience of playing FED for a day. **Be aware!** Once scanned and redeemed, the ecash notes become invalid. So they are one-time-use. If you want to make another print, just refresh the page. It will take you back to the beginning. Your past prints will also be stored in the browser cache, so you can come back to them at a later time, if your printer overheated or something. <img src="https://blossom.primal.net/e7b065bafd79d72a5b7c19ff6c0beb8b214dce017d15afcb5a39ec3cf84f1420.png"> Happy printing! Gandlaf

@ a849beb6:b327e6d2

<img src="https://blossom.primal.net/e306357a7e53c4e40458cf6fa5625917dc8deaa4d1012823caa5a0eefb39e53c.jpg"> \ \ It was another historic week for both bitcoin and the Ten31 portfolio, as the world’s oldest, largest, most battle-tested cryptocurrency climbed to new all-time highs each day to close out the week just shy of the $100,000 mark. Along the way, bitcoin continued to accumulate institutional and regulatory wins, including the much-anticipated approval and launch of spot bitcoin ETF options and the appointment of several additional pro-bitcoin Presidential cabinet officials. The timing for this momentum was poetic, as this week marked the second anniversary of the pico-bottom of the 2022 bear market, a level that bitcoin has now hurdled to the tune of more than 6x despite the litany of bitcoin obituaries published at the time. The entirety of 2024 and especially the past month have further cemented our view that bitcoin is rapidly gaining a sense of legitimacy among institutions, fiduciaries, and governments, and we remain optimistic that this trend is set to accelerate even more into 2025. Several Ten31 portfolio companies made exciting announcements this week that should serve to further entrench bitcoin’s institutional adoption. AnchorWatch, a first of its kind bitcoin insurance provider offering 1:1 coverage with its innovative use of bitcoin’s native properties, announced it has been designated a Lloyd’s of London Coverholder, giving the company unique, blue-chip status as it begins to write bitcoin insurance policies of up to $100 million per policy starting next month. Meanwhile, Battery Finance Founder and CEO Andrew Hohns appeared on CNBC to delve into the launch of Battery’s pioneering private credit strategy which fuses bitcoin and conventional tangible assets in a dual-collateralized structure that offers a compelling risk/return profile to both lenders and borrowers. Both companies are clearing a path for substantially greater bitcoin adoption in massive, untapped pools of capital, and Ten31 is proud to have served as lead investor for AnchorWatch’s Seed round and as exclusive capital partner for Battery. As the world’s largest investor focused entirely on bitcoin, Ten31 has deployed nearly $150 million across two funds into more than 30 of the most promising and innovative companies in the ecosystem like AnchorWatch and Battery, and we expect 2025 to be the best year yet for both bitcoin and our portfolio. Ten31 will hold a first close for its third fund at the end of this year, and investors in that close will benefit from attractive incentives and a strong initial portfolio. Visit ten31.vc/funds to learn more and get in touch to discuss participating.\ \ **Portfolio Company Spotlight**  [Primal](http://primal.net/) is a first of its kind application for the Nostr protocol that combines a client, caching service, analytics tools, and more to address several unmet needs in the nascent Nostr ecosystem. Through the combination of its sleek client application and its caching service (built on a completely open source stack), Primal seeks to offer an end-user experience as smooth and easy as that of legacy social media platforms like Twitter and eventually many other applications, unlocking the vast potential of Nostr for the next billion people. Primal also offers an integrated wallet (powered by [Strike BLACK](https://x.com/Strike/status/1755335823023558819)) that substantially reduces onboarding and UX frictions for both Nostr and the lightning network while highlighting bitcoin’s unique power as internet-native, open-source money.  ### **Selected Portfolio News** AnchorWatch announced it has achieved Llody’s Coverholder status, allowing the company to provide unique 1:1 bitcoin insurance offerings starting in [December](https://x.com/AnchorWatch/status/1858622945763131577).\ \ Battery Finance Founder and CEO Andrew Hohns appeared on CNBC to delve into the company’s unique bitcoin-backed [private credit strategy](https://www.youtube.com/watch?v=26bOawTzT5U). Primal launched version 2.0, a landmark update that adds a feed marketplace, robust advanced search capabilities, premium-tier offerings, and many [more new features](https://primal.net/e/note1kaeajwh275kdwd6s0c2ksvj9f83t0k7usf9qj8fha2ac7m456juqpac43m). Debifi launched its new iOS app for Apple users seeking non-custodial [bitcoin-collateralized loans](https://x.com/debificom/status/1858897785044500642). ### **Media** Strike Founder and CEO Jack Mallers [joined Bloomberg TV](https://www.youtube.com/watch?v=i4z-2v_0H1k) to discuss the strong volumes the company has seen over the past year and the potential for a US bitcoin strategic reserve.  Primal Founder and CEO Miljan Braticevic [joined](https://www.youtube.com/watch?v=kqR_IQfKic8) The Bitcoin Podcast to discuss the rollout of Primal 2.0 and the future of Nostr.  Ten31 Managing Partner Marty Bent [appeared on](https://www.youtube.com/watch?v=_WwZDEtVxOE&t=1556s) BlazeTV to discuss recent changes in the regulatory environment for bitcoin.  Zaprite published a customer [testimonial video](https://x.com/ZapriteApp/status/1859357150809587928) highlighting the popularity of its offerings across the bitcoin ecosystem.  ### **Market Updates** Continuing its recent momentum, bitcoin reached another new all-time high this week, clocking in just below $100,000 on Friday. Bitcoin has now reached a market cap of [nearly $2 trillion](https://companiesmarketcap.com/assets-by-market-cap/), putting it within 3% of the market caps of Amazon and Google.  After receiving SEC and CFTC approval over the past month, long-awaited options on spot bitcoin ETFs were fully [approved](https://finance.yahoo.com/news/bitcoin-etf-options-set-hit-082230483.html) and launched this week. These options should help further expand bitcoin’s institutional [liquidity profile](https://x.com/kellyjgreer/status/1824168136637288912), with potentially significant [implications](https://x.com/dgt10011/status/1837278352823972147) for price action over time. The new derivatives showed strong performance out of the gate, with volumes on options for BlackRock’s IBIT reaching [nearly $2 billion](https://www.coindesk.com/markets/2024/11/20/bitcoin-etf-options-introduction-marks-milestone-despite-position-limits/) on just the first day of trading despite [surprisingly tight](https://x.com/dgt10011/status/1858729192105414837) position limits for the vehicles.  Meanwhile, the underlying spot bitcoin ETF complex had yet another banner week, pulling in [$3.4 billion](https://farside.co.uk/btc/) in net inflows.  New reports [suggested](https://archive.is/LMr4o) President-elect Donald Trump’s social media company is in advanced talks to acquire crypto trading platform Bakkt, potentially the latest indication of the incoming administration’s stance toward the broader “crypto” ecosystem.  On the macro front, US housing starts [declined M/M again](https://finance.yahoo.com/news/us-single-family-housing-starts-134759234.html) in October on persistently high mortgage rates and weather impacts. The metric remains well below pre-COVID levels.  Pockets of the US commercial real estate market remain challenged, as the CEO of large Florida developer Related indicated that [developers need further rate cuts](https://www.bloomberg.com/news/articles/2024-11-19/miami-developer-says-real-estate-market-needs-rate-cuts-badly) “badly” to maintain project viability.  US Manufacturing PMI [increased slightly](https://www.fxstreet.com/news/sp-global-pmis-set-to-signal-us-economy-continued-to-expand-in-november-202411220900) M/M, but has now been in contraction territory (&lt;50) for well over two years. The latest iteration of the University of Michigan’s popular consumer sentiment survey [ticked up](https://archive.is/fY5j6) following this month’s election results, though so did five-year inflation expectations, which now sit comfortably north of 3%.  ### **Regulatory Update** After weeks of speculation, the incoming Trump administration appointed hedge fund manager [Scott Bessent](https://www.cnbc.com/amp/2024/11/22/donald-trump-chooses-hedge-fund-executive-scott-bessent-for-treasury-secretary.html) to head up the US Treasury. Like many of Trump’s cabinet selections so far, Bessent has been a [public advocate](https://x.com/EleanorTerrett/status/1856204133901963512) for bitcoin.  Trump also [appointed](https://www.axios.com/2024/11/19/trump-commerce-secretary-howard-lutnick) Cantor Fitzgerald CEO Howard Lutnick – another outspoken [bitcoin bull](https://www.coindesk.com/policy/2024/09/04/tradfi-companies-want-to-transact-in-bitcoin-says-cantor-fitzgerald-ceo/) – as Secretary of the Commerce Department.  Meanwhile, the Trump team is reportedly considering creating a new [“crypto czar”](https://archive.is/jPQHF) role to sit within the administration. While it’s unclear at this point what that role would entail, one report indicated that the administration’s broader “crypto council” is expected to move forward with plans for a [strategic bitcoin reserve](https://archive.is/ZtiOk). Various government lawyers suggested this week that the Trump administration is likely to be [less aggressive](https://archive.is/Uggnn) in seeking adversarial enforcement actions against bitcoin and “crypto” in general, as regulatory bodies appear poised to shift resources and focus elsewhere.  Other updates from the regulatory apparatus were also directionally positive for bitcoin, most notably FDIC Chairman Martin Gruenberg’s confirmation that he [plans to resign](https://www.politico.com/news/2024/11/19/fdics-gruenberg-says-he-will-resign-jan-19-00190373) from his post at the end of President Biden’s term.  Many critics have alleged Gruenberg was an architect of [“Operation Chokepoint 2.0,”](https://x.com/GOPMajorityWhip/status/1858927571666096628) which has created banking headwinds for bitcoin companies over the past several years, so a change of leadership at the department is likely yet another positive for the space. SEC Chairman Gary Gensler also officially announced he plans to resign at the start of the new administration. Gensler has been the target of much ire from the broader “crypto” space, though we expect many projects outside bitcoin may continue to struggle with questions around the [Howey Test](https://www.investopedia.com/terms/h/howey-test.asp). Overseas, a Chinese court ruled that it is [not illegal](https://www.benzinga.com/24/11/42103633/chinese-court-affirms-cryptocurrency-ownership-as-legal-as-bitcoin-breaks-97k) for individuals to hold cryptocurrency, even though the country is still ostensibly [enforcing a ban](https://www.bbc.com/news/technology-58678907) on crypto transactions.  ### **Noteworthy** The incoming CEO of Charles Schwab – which administers over $9 trillion in client assets – [suggested](https://x.com/matthew_sigel/status/1859700668887597331) the platform is preparing to “get into” spot bitcoin offerings and that he “feels silly” for having waited this long. As this attitude becomes more common among traditional finance players, we continue to believe that the number of acquirers coming to market for bitcoin infrastructure capabilities will far outstrip the number of available high quality assets.  BlackRock’s 2025 Thematic Outlook notes a [“renewed sense of optimism”](https://www.ishares.com/us/insights/2025-thematic-outlook#rate-cuts) on bitcoin among the asset manager’s client base due to macro tailwinds and the improving regulatory environment. Elsewhere, BlackRock’s head of digital assets [indicated](https://www.youtube.com/watch?v=TE7cAw7oIeA) the firm does not view bitcoin as a “risk-on” asset.  MicroStrategy, which was a sub-$1 billion market cap company less than five years ago, briefly breached a [$100 billion equity value](https://finance.yahoo.com/news/microstrategy-breaks-top-100-u-191842879.html) this week as it continues to aggressively acquire bitcoin. The company now holds nearly 350,000 bitcoin on its balance sheet.  Notably, Allianz SE, Germany’s largest insurer, [spoke for 25%](https://bitbo.io/news/allianz-buys-microstrategy-notes/) of MicroStrategy’s latest $3 billion convertible note offering this week, suggesting [growing appetite](https://x.com/Rob1Ham/status/1860053859181199649) for bitcoin proxy exposure among more restricted pools of capital.  The [ongoing meltdown](https://www.cnbc.com/2024/11/22/synapse-bankruptcy-thousands-of-americans-see-their-savings-vanish.html) of fintech middleware provider Synapse has left tens of thousands of customers with nearly 100% deposit haircuts as hundreds of millions in funds remain missing, the latest unfortunate case study in the fragility of much of the US’s legacy banking stack.  ### **Travel** - [BitcoinMENA](https://bitcoin2024.b.tc/mena), Dec 9-10 - [Nashville BitDevs](https://www.meetup.com/bitcoinpark/events/302533726/?eventOrigin=group_upcoming_events), Dec 10 - [Austin BitDevs](https://www.meetup.com/austin-bitcoin-developers/events/303476169/?eventOrigin=group_upcoming_events), Dec 19 - [Nashville Energy and Mining Summit](https://www.meetup.com/bitcoinpark/events/304092624/?eventOrigin=group_events_list), Jan 30

@ 8cd9d25d:69e9894d

## Chef's notes Note that youtube recipe is asking for 1tablespoon of salt, which is waaaaaay too much. Recipe works fine with a teaspoon,, but your mileage may vary. Play around with it. You don't need to prove modern packet yeasts in my experience... just yolo it. If you want an extra crispy crust, add a second baking pan to the base of the oven as you pre-heat. Then once you've placed the dough in, to the oven, take some boiling water and pour into the second baking tray. This gives you a steam oven on a budget :) ## Details - ⏲️ Prep time: 15min (not including time for dough rises) - 🍳 Cook time: 30mins - 🍽️ Servings: 4-5 ## Ingredients - 500 grams wholemeal spelt flour - 1 packet baker's yeast (10grams) - 350 ml lukewarm water - 350 ml lukewarm water - 1 teaspoon salt 🧂 ## Directions 1. Preheat your oven to Preheat oven to 430°F and put a baking tray in at the same time to heat up. 2. Add all ingredients to a bowl (best to use a stand mixer to save time, but you can do by hand too. Mix and knead until the dough comes together. After about 5 mins you should have a moist dough that doesn't stick to your hands... if it is a bit sticky, just add a bit more flour (different flours like differenent amounts of water)... If too dry, add a bit more water... etc. 3. Remove dough from bowl & form into a ball (smooth on top, never mind if not perfectly smooth on its base). Put back in a bowl and cover with a damp cloth. Allow to rest for 30mins/1hr until dough has roughly doubled in size. Time will depend on the ambient temp where you are. In the tropics, 30mins is just fine. 4. Take risen dough out of bowl and put on a floured surface and press the gas out of it... flatten the dough with your hands, and then fold each edge in until you have a rectangle (video makes this bit clear). Then roll the rectangle up into a cylinder. This gives you a nice tight dough for baking. Pinch the ends of the cylinder to seal the dough. 5. Place dough onto a baking sheet/ piece of parchment paper etc... cover with damp towlel and let rise for 15/30mins 6. Score the risen dough (a razer blade, clean box cutter, or serrated knife works well) , this lets steam escape from the loaf as it bakes without slpititng it in ways you wouldn't like. 7. Take your hot baking tray out of the over and transfer your dough onto it. Put into oven. 8. Bake at 430°F (220°C) for 15mins, then reduce oven temp to 350°F (180°C) for the final 15mins. Total bake time 30mins. 9. Remove from oven and allow to cool for 20-30mins.

@ 228dde34:b5d0345e

##### BY Glenda Chong ##### Editorial Admin ##### Hype Issue #60 ###### Join GLENDA CHONG as she talks to founder of media and creative agency, DANAMIC, Danish Lukawski, on what it takes to learn to become an entrepreneur from the ground up.  *Danish Lukawski, founder of creative and media agency DANAMIC. Photo courtesy of Danish Lukawski.* When you were ten years old, how did you get your pocket money? At that age, perhaps you begged your parents for money. Danish Lukawski did things differently; he started a business to earn his own. What started as him wanting to put up photos of his pet hamsters online by learning the now-discontinued HTML editor tool Microsoft Frontpage, became a booming business when a friend’s father needed a site for his printer-selling business. Looking back at his earliest venture, Danish had but two regrets: he should have taken the leap sooner, and he should have charged his family friend more than $20. While he can laugh at those early days now, those little lessons unknowingly set the stage for something bigger. I spoke to Danish Lukawski, founder of the creative and media agency DANAMIC on his unique journey and the lessons learnt to become the entrepreneur and associate lecturer he is today. ### How He Got Started For most, school is a place with a clear-cut path where you take the courses that aid you in your journey to your future career. Danish took a diploma in Information Technology at Ngee Ann Polytechnic and explored his interest in media by augmenting his diploma with a few modules from the Mass Communication diploma. However, the one other area he had equal passion for - entrepreneurship, wasn’t something the school offered at the time. So it seemed doubtful that, without the resources on offer, Danish could have hoped to become one. Despite this, he showed that the absence of a path doesn’t mean a lack of possibilities - sometimes, it’s an invitation to create your own. Danish took it upon himself to explore the world of entrepreneurship by attending events linked to Ngee Ann Polytechnic. This was also where help from his Film & Media Studies teachers came in handy, with Mr. Jon Foo bringing him to film galas to meet directors and producers and Ms. Sharon Ismail helping him expand his professional network. Outside of building connections with industry people, he also taught himself to build up his skills and qualifications to become an entrepreneur. Why self-taught, you might ask? Simply put, it boiled down to how entrepreneurial courses at the time felt “fluffy”. Instead he directed his energy into obtaining certifications, from companies like Meta, that give him credibility with clients.  *Danish (second from left) also took up a course directly from TikTok, allowing his company to be TikTok Ad certified. Photo courtesy of Danish Lukawski.* ### The Challenges He Faced Building DANAMIC When asked about memorable mistakes, Danish mentioned how it took “19 to 29 different failures” before landing on his company’s first “Yes”. Rejection never gets easy, and he remembers it all too well. “Back when we first got our first office, we tried to kind of knock on everyone’s door in the same building,” He said. Sadly, once his new building neighbours could pick up that they were attempting to sell something, doors were closed. Eventually, a clinic gave them a chance and tried his company’s media services for a few months.  *Danish’s company celebrating Christmas just after moving into their office. Photo courtesy of Danish Lukawski.* Another big hurdle Danish had to overcome was hiring. Sometimes, some hires weren’t good fits and this is where he believes culture-fit is important. “If they didn’t fit in the culture then they either felt like the whole place is against them or they would always be working in a way that everyone else cannot figure out how to work with.” Ultimately, it’s better to be particular when hiring, rather than hiring incompatible employees that leave quickly and affect morale. And just when you think that Danish has done it all, his story is far from over. Building his own business was not enough for him; he wanted to give back. ### Becoming an Associate Lecturer You’d probably look at Danish as though he has two heads when he says this, but of the many reasons why he became an associate lecturer, one was that“it’s like taking a break”! The one joke he shares whenever this gets brought up is that he traded his 9 to 5 to work 24/7. Becoming an associate lecturer meant he could “partition a day out” where he puts full focus into teaching classes at Ngee Ann Polytechnic’s School of Infocomm Technology whilst turning off from everything else. The second reason was so he could “keep in touch with youth”. Danish admits that interacting with his students gives him plenty of direction in marketing when applied back to his main work, but ultimately keeping in touch with young people allows him “to keep on the ground”. “It means a lot to me because I get to see what they care about, what they’re consuming and then I know where they’re at,” Danish said. In a nutshell, it helps to close the generation gap as he gets to understand the “psyche of where they are as a generation”.  *Aside from teaching at Ngee Ann Polytechnic and NUS, Danish also holds sharings across various schools, with this one being held at Greendale Secondary School. Photo courtesy of Danish Lukawski.* Finally, the most important motivator for teaching at Ngee Ann Polytechnic was, of course, his desire to give back to the school. While he “could have gone to any other polytechnic”, Ngee Ann Polytechnic was one of the institutions that made him who he is today. Aside from this, he also occasionally returns to his other alma mater, the National University of Singapore, as an industry specialist. This is where his journey comes full circle, as Danish becomes the teacher he didn’t have in his schooling years, imparting his knowledge in a course on entrepreneurship in the new age where students pitch their business ideas to him.  *Danish sharing on entrepreneurship at a cognitio event where founders of start-ups shared on their work, in NUS. Photo courtesy of Danish Lukawski.* ### Advice for Future Entrepreneurs As Danish helps shape the minds of future innovators in the classroom, he also has additional insights to provide outside of it. When asked to advise anyone with a background similar to his wanting to be an entrepreneur, he has two messages to share. Danish explains a mental model of thinking about “the land of prosperity” vs. “the land of scarcity”. “I believe in the land of prosperity because while everyone is fighting for that one strange plot of land, I’m going like ‘Guys, there are nine plots here. What are you all doing?’.” Although there are chances that you might not be able to compete, “there’s always a chance to pivot” or if not, “there’s always a chance to disrupt”. And to him, just because something’s been done before, it doesn’t mean there aren’t better ways of going about it. “Just gather all the opportunities you want,” Danish stated. ”There’s no harm in trying something and failing cause what do you have to lose? The most you lose is just the time or maybe a bit of money or whatever energy you’ve expended but the experience is invaluable than never trying at all.” Another piece of advice Danish had: don't be afraid to share your ideas. Many partners he has worked with were unafraid to share because even if one stole an idea from the other, should the idea fail, they have helped the other “figure out that it was a stupid idea”.  *Danish (second from right) taking home an SME 500 Singapore Award awarded to DANAMIC at the SMESummit 2023. Photo courtesy of Danish Lukawski.* Above all else, a willingness to share ideas opens many doors in business. When people come together and share, there will often be synergy, and that’s where enduring partnerships can form. Or in Danish’s words, “I believe being open and true is better than being close-minded and scared.”

@ bcea2b98:7ccef3c9

@chess a3 originally posted at https://stacker.news/items/768303

@ bcea2b98:7ccef3c9

We all have that one movie or show we turn to when we need a little comfort. Whether it’s for the laughs, the nostalgia, or the familiar characters, these are the ones that never get old. What’s a movie or series you can watch again and again? What makes it so comforting, and why do you keep coming back to it? I enjoy The Office with Michael Scott and Dwight Schrute. We watched a lot of that in the past and then again during the pandemic during isolation. originally posted at https://stacker.news/items/767870

@ bcea2b98:7ccef3c9

Sometimes we come across values that resonate deeply only after going through certain experiences. These values may not have been obvious to us earlier, but now they play a meaningful role in how we approach life. Is there a value you’ve discovered later in life that’s become important to you? originally posted at https://stacker.news/items/766754

@ bcea2b98:7ccef3c9

@chess a3 originally posted at https://stacker.news/items/765445

@ bcea2b98:7ccef3c9

Sometimes our strongest values are the ones that people wouldn’t expect. These unique principles often reveal something special about who we are and what we believe in. Do you hold a value that might surprise others? originally posted at https://stacker.news/items/765433

@ 36bedab2:524acad4

### 1. **Power ON** - Quando você liga o computador, ele inicia o processo de boot. - Esse primeiro passo envia energia aos componentes do sistema e dispara o BIOS (ou firmware UEFI em sistemas mais recentes). ### 2. **BIOS (Basic Input/Output System)** - O BIOS ou UEFI é o firmware inicial que roda logo após o computador ser ligado. - Ele executa um conjunto de verificações no hardware (chamado POST - Power-On Self-Test) e inicializa os dispositivos básicos necessários para o boot, como o disco rígido, memória RAM e CPU. - O BIOS então procura o dispositivo de boot (HD, SSD, USB, etc.) e carrega o **MBR** ou a **partição EFI** para dar continuidade ao processo de boot. ### 3. **Master Boot Record (MBR) ou EFI Partition** - O **MBR** (Master Boot Record) ou a **partição EFI** (em sistemas com UEFI) é onde ficam armazenadas as informações sobre o carregamento do sistema operacional. - Em sistemas antigos, o MBR continha o **boot loader** e as tabelas de partição. Nos sistemas modernos com UEFI, a partição EFI cumpre essa função. - O MBR ou a partição EFI passa o controle para o **boot loader**, que é responsável por carregar o sistema operacional. ### 4. **Boot Loader (e.g., GRUB)** - O **Boot Loader** (exemplo: GRUB) é um programa responsável por carregar o sistema operacional no momento do boot. - Ele permite selecionar qual sistema operacional inicializar (em caso de dual boot) e passa o controle para o **kernel** do sistema. - GRUB (Grand Unified Bootloader) é o boot loader mais comum em sistemas Linux. ### 5. **Kernel** - O **kernel** é o núcleo do sistema operacional Linux. - Ele é carregado na memória pelo boot loader e começa a configurar os recursos do sistema, como a CPU, a memória e os dispositivos de hardware. - O kernel é responsável por gerenciar os recursos do sistema e permitir a comunicação entre o hardware e o software. ### 6. **Initial RAM disk - initramfs** - O **initramfs** é um sistema de arquivos temporário carregado na memória logo após o kernel. - Ele contém módulos e drivers essenciais para que o sistema possa iniciar corretamente e acessar o sistema de arquivos principal do disco. - O initramfs é desmontado após o sistema principal estar carregado. ### 7. **/sbin/init (parent process)** - Após o kernel inicializar o sistema, ele chama o processo **/sbin/init**, que é o primeiro processo a rodar no Linux e é o "pai" de todos os outros processos. - O init é responsável por iniciar e gerenciar todos os outros processos do sistema. - Em muitas distribuições modernas, o init foi substituído por outros sistemas de inicialização, como o **systemd**, que tem mais funcionalidades e permite um gerenciamento mais eficiente de processos. ### 8. **Command Shell using getty** - **Getty** é o processo que configura e gerencia terminais para o login do usuário. - Ele exibe a tela de login em sistemas baseados em linha de comando. - Se o sistema tiver uma interface gráfica, o getty geralmente passa o controle para o gerenciador de login gráfico. ### 9. **Graphical User Interface (X Window ou Wayland)** - Finalmente, o sistema carrega a **interface gráfica** usando o **X Window System (X11)** ou o **Wayland** (um sistema gráfico mais moderno). - Esse é o ambiente visual onde o usuário pode interagir com o sistema usando janelas, ícones, menus, etc. - X11 e Wayland são servidores gráficos que gerenciam como as janelas e aplicativos são exibidos e manipulados na tela. --- ### Como esses processos se intercalam? 1. **Hardware ligado** → **BIOS/UEFI** realiza verificações básicas. 2. **BIOS/UEFI** encontra o dispositivo de boot e carrega o **MBR** ou **partição EFI**. 3. **MBR/EFI** localiza e executa o **boot loader** (GRUB). 4. **GRUB** permite que o usuário escolha o sistema operacional e carrega o **kernel** do Linux. 5. **Kernel** inicializa o sistema, configurando os recursos de hardware e carregando o **initramfs**. 6. **Initramfs** fornece drivers e módulos necessários para o kernel acessar o sistema de arquivos principal. 7. **Kernel** chama o processo **/sbin/init** (ou **systemd**), que inicia todos os serviços e processos do sistema. 8. **Init** executa o **getty** para configurar o terminal de login. 9. **Getty** chama o ambiente gráfico (X11 ou Wayland) se estiver presente, e o usuário pode então usar o sistema na interface gráfica.

@ bcea2b98:7ccef3c9

@chess a3 originally posted at https://stacker.news/items/762161

@ bcea2b98:7ccef3c9

Weekends are the perfect time to unwind, explore, or spend time doing what we love. How would you spend your ideal weekend? Would it be all about relaxation, or would you be out and about? For me, an ideal weekend would start with a slow Saturday morning, a good book and coffee. Then I would spend the afternoon exploring local trails and looking for snacks. Then always a slow Sunday night hopefully. originally posted at https://stacker.news/items/760492

@ bcea2b98:7ccef3c9

@chess h3 originally posted at https://stacker.news/items/759635

@ bcea2b98:7ccef3c9

If you could accomplish one major goal, what would it be? Why does it matter to you, and how would it change your life or the lives of others? My ultimate goal is to be part of a mission to Mars one day. I’ve always been fascinated by space exploration. originally posted at https://stacker.news/items/757861

@ bcea2b98:7ccef3c9

 originally posted at https://stacker.news/items/732719

@ bcea2b98:7ccef3c9

The Bitcoin space is constantly evolving with new ideas, technologies, and innovations. From Lightning Network advancements to privacy improvements, there’s always something happening that could change the future of Bitcoin. What do you think is the most exciting or innovative development in Bitcoin right now? I've been following a lot of privacy related advancement in Bitcoin and LN and look forward to learning about more solutions. originally posted at https://stacker.news/items/732534

@ bcea2b98:7ccef3c9

 originally posted at https://stacker.news/items/729964

@ bcea2b98:7ccef3c9

 originally posted at https://stacker.news/items/728382

@ bcea2b98:7ccef3c9

Sometimes you have to take risks to grow. What's the biggest risk you've ever taken that ended up paying off. My biggest risk that paid off was moving to another country and starting a new life 10 years ago due to corruption and torture in my home country. originally posted at https://stacker.news/items/728159

@ bcea2b98:7ccef3c9

When people talk about financial freedom, they often focus on investing, saving, or building wealth. But sometimes, the most valuable skills or habits are the ones that aren’t talked about enough. Maybe it’s discipline, emotional resilience, or even something unexpected like negotiation or patience. What do you think is the most underrated skill or habit for achieving real financial independence? For me, the most underrated skill is delayed gratification. It’s not just about resisting the urge to spend money now, it’s about thinking long-term in everything you do. When I first started learning about Bitcoin and freedom, I realized that the biggest hurdle wasn’t just making money, but knowing when to hold off on spending it for the right opportunities. originally posted at https://stacker.news/items/727313

@ bcea2b98:7ccef3c9

I've always been interested in Eastern philosophies and Stoicism. When I first heard about Bitcoin, it seemed to align well with the beliefs, ideas, and lifestyle I was already living. I try my best to be self-sovereign, practice a low-time preference, and delayed gratification. I've also learned so much about Linux, servers, etc... I'm curious to hear what skills you have gained from Bitcoin, or how it has changed or aligns with your lifestyle. originally posted at https://stacker.news/items/724982

@ a2eddb26:e2868a80

The concept of FITS—Financially Independent, Time Sovereign—offers a refreshing alternative to the traditional FIRE (Financially Independent, Retire Early) movement. While both approaches aim to escape the "rat race," FITS redefines the pursuit of financial independence through the lens of bitcoin, focusing on sovereignty over one's time. Here are the 10 core principles that guide the FITS strategy, derived from its unique perspective on wealth, work, and life. ## The 10 Rules of FITS ### 1. **Primary Goal**: Time Sovereignty - *Rule*: Prioritize the freedom to control your own time above all else. Unlike FIRE, which centers around early retirement, FITS aims for complete time sovereignty. This means the ability to spend your time as you see fit, without being tied to traditional employment or external demands. ### 2. **Core Strategy**: Bitcoin Accumulation - *Rule*: Accumulate bitcoin as your primary form of wealth. FITS advocates for bitcoin as the cornerstone of wealth accumulation, viewing it as a superior asset due to its deflationary nature and resistance to inflation. This strategy contrasts with the diversified investments typical in FIRE. ### 3. **Wealth Measurement**: Bitcoin - *Rule*: Measure your wealth in bitcoin, not fiat currency. While FIRE followers often focus on growing wealth in fiat terms, FITS emphasizes the importance of bitcoin as the ultimate store of value. In a FITS framework, wealth is measured in sats (satoshis), the smallest unit of bitcoin. ### 4. **Risk Management**: 1 BTC = 1 BTC - *Rule*: Embrace bitcoin’s fixed supply as your primary risk management strategy. FITS relies on the intrinsic value of bitcoin's fixed supply—21 million coins—rather than traditional diversification to manage risk. The principle "1 BTC = 1 BTC" underscores the belief in bitcoin’s long-term value preservation. ### 5. **Time Perspective**: Low Time Preference - *Rule*: Adopt a low time preference, focusing on long-term gains. In the FITS philosophy, the concept of low time preference is central. This means prioritizing long-term benefits over short-term gratification, mirroring the "time in the market" approach but within the context of accumulating bitcoin. ### 6. **Store of Value**: Bitcoin - *Rule*: Use bitcoin as your primary store of value. Unlike FIRE, which diversifies across global equities and other assets, FITS singles out bitcoin as the most reliable store of value. This is due to its deflationary nature and increasing global adoption. ### 7. **Work Motivation**: Sovereignty Building - *Rule*: Work to build your personal sovereignty, not just for financial necessity. FITS redefines work as a means to build personal sovereignty. While FIRE views work primarily as a way to accumulate financial resources, FITS encourages individuals to work on things that align with their values and long-term goals. ### 8. **Economic Alignment**: Bitcoin Standard - *Rule*: Align your financial strategy with the principles of a bitcoin standard. FITS advocates for a financial strategy that operates outside the traditional fiat system, aligning instead with the principles of a bitcoin standard. This means reducing reliance on fiat currencies and embracing the decentralized nature of bitcoin. ### 9. **Market Volatility**: Embrace It - *Rule*: Embrace bitcoin's volatility as a necessary aspect of its growth. FITS encourages embracing market volatility as an inherent part of bitcoin's growth journey. Unlike FIRE, which seeks to minimize risk, FITS views volatility as an opportunity for long-term gains. ### 10. **Lifestyle Adjustment**: Stack Sats, Stack Time - *Rule*: Focus on stacking sats (satoshis) as a means of reclaiming time sovereignty. The FITS approach to lifestyle adjustment is encapsulated in the phrase "Stack Sats, Stack Time." This means that by accumulating bitcoin, you're not just building wealth—you're also securing more control over your future, reclaiming your most valuable resource: time. ## Comparing FITS and FIRE FITS - Financial Independence, Time Sovereignty - is a wealth accumulation strategy that aims to obtain time sovereignty. At first sight, it seems similar to the FIRE concept popularized for a while. The following table compares the two head-on to show there are fundamental differences beyond the first glance. | Aspect | FIRE | FITS | | --- | --- | --- | | *Primary goal* | Early retirement | Time sovereignty | | *Core strategy* | Diversified investment | Bitcoin accumulation | | *Wealth measurement* | Fiat currency | Bitcoin | | *Risk management* | Diversification | 1 BTC = 1 BTC | | *Time perspective* | Long-term planning | Low time preference | | *Store of value* | Global equities | Bitcoin | | *Work motivation* | Financial necessity | Sovereignty building | | *Economic alignment* | Fiat system | Bitcoin standard | | *Market volatility* | Minimized | Embraced | ## Conclusion FITS represents a paradigm shift in the pursuit of financial independence. By focusing on bitcoin as the primary vehicle for wealth accumulation and emphasizing time sovereignty, FITS offers a strategy that goes beyond early retirement. It’s about reclaiming control over your time and aligning your financial practices with the principles of a bitcoin standard. As you follow these 10 rules, you'll find yourself not just financially independent, but truly sovereign over your most valuable asset—your time. ----------- **More information** - A concise introduction: [Introducing FITS: A Path to Time Sovereignty](https://habla.news/u/sovereignorigin@primal.net/1726434326410) - The "Founding Note": [The New “FIRE” for Bitcoiners: FITS (Financial Independence, Time Sovereignty)](https://habla.news/u/sovereignorigin@primal.net/1725905906844) - Website: [https://bitcoin.fits.money](https://bitcoin.fits.money)

@ a2eddb26:e2868a80

# TLDR; Summary This note introduces FITS (Financially Independent, Time Sovereign), a concept designed for bitcoiners as an evolution of the traditional FIRE (Financially Independent, Retire Early) movement. While FIRE has gained traction for enabling individuals to escape the "rat race" by accumulating wealth and retiring early, FITS redefines this goal under a bitcoin standard, emphasizing not just financial independence but also sovereignty over one's time. Bitcoin’s unique properties, such as scarcity and resistance to inflation, position it as a superior asset for long-term wealth accumulation. Unlike FIRE, which typically relies on diversified investments in fiat-based assets, FITS leverages bitcoin's deflationary nature to provide a path to financial and time sovereignty. This document contrasts traditional FIRE strategies with the FITS method, detailing how bitcoin’s characteristics can be harnessed to escape fiat dependency and achieve a state where work is a choice rather than a necessity. The note also provides actionable steps to get started on the FITS journey, covering everything from accumulating bitcoin through strategies like Dollar-Cost Averaging (DCA) to planning for withdrawals in a way that considers bitcoin's inherent volatility. By the end, readers will understand how to transition from merely surviving within the fiat system to thriving in a state of true time sovereignty under a bitcoin standard. | **NOTE BEFORE YOU START** | | --- | | The links in the article may include referrals where the author of the article gets a small portion of the sales price for bringing the business to Amazon. Please consider using these links to support the author, or donate sats using SovereignOrigin@primal.net | ----------- # What is FIRE? FIRE is abbreviated from “Financially Independent, Retired Early”. It’s a financial strategy and lifestyle adopted by many as part of the so-called FIRE-movement, where people aim to escape the rat race created by the fiat system. At its heart, FIRE advocates for living below one's means by cutting unnecessary expenses and focusing on maximizing savings. Practitioners often strive to save and invest 50-70% of their income, leveraging frugality as a key tool. This disciplined saving is coupled with aggressive investing, primarily in low-cost index funds, to build a portfolio capable of sustaining them through the withdrawal phase. By optimizing both spending and income, FIRE adherents aim to accumulate sufficient wealth to retire decades earlier than the norm, shifting from a life dominated by work to one where personal passions and meaningful activities take precedence - without financial constraints. These concepts and approach to retirement were popularized by influential voices like Mr. Money Mustache. While FIRE practitioners aim for similar goals as many bitcoiners, their means are not the same, nor are their methods. In both FIRE and traditional employment, work is often reduced to selling time for money—usually fiat currency that cannot preserve the value of one’s time. However, the underlying motivation for many seeking early retirement or bitcoin accumulation is the desire to achieve true time sovereignty, where one's time is no longer dictated by the need to exchange it for depreciating fiat. | **EDUCATIONAL BIT** | | --- | | A fiat currency is government-issued money that is not backed by a physical commodity like gold or silver. Instead, its value is derived from the trust and authority of the government that issues it. The value of fiat money can be eroded by inflation, especially when governments print more money to cover deficits, leading to what many call 'fiat dependency. A great source to understand more about how fiat money came about is [The Creature of Jekyll Island](https://www.amazon.com/Creature-Jekyll-Island-Published-Griffin/dp/B00NBJGFD8?crid=3NJVV65YTZHID&dib=eyJ2IjoiMSJ9.eaTmU-Pgb2SYTyJxXgHlfZuNdD3U-WZvitDhDQM37VGYfeIVhjvcz9L2fSkJ9DpeX_bsYWZw4zEBpadZzOz2TjcNelY6CeJ60vk_y-Aqk68_GB-uQQAfk9Nec-KC03PuliIRw7EVE4CKsZqqlPHDd2O6Bw3lqYxDh1GRySjJsdIzKkjdYB3Gw-U0hMHkWbEP5-OvDEQ9T2-U4VLEH2-xeDwmYqgretbmpCHSCv6BM8g.Q08Cw47ipgZ_INx9-IHHpZ52nCGpquN_4clxEHvLWlU&dib_tag=se&keywords=the+creature+from+jekyll+island&qid=1724875624&s=books&sprefix=the+creature+from+jekyll+island%2Cstripbooks-intl-ship%2C175&sr=1-2&linkCode=ll1&tag=fitsblog-20&linkId=5aa3f178559c11b65178fc915c25d544&language=en_US&ref_=as_li_ss_tl). | ## Why FIRE? People adhering to the FIRE movement principles aim to get out of the fiat rat race early. Their ultimate pursuit is to obtain financial independence, i.e. not being dependent on income from third party sources, such as an employer, or possibly even avoiding the need for self-employment. While these strategies have proven effective for many, the traditional FIRE approach may not fully align with the principles that guide those invested in the bitcoin ecosystem. As we explore further, you'll see how the FITS (Financially Independent, Time Sovereign) method offers a fresh perspective tailored to bitcoiners, where financial independence is just the beginning of a journey toward true time sovereignty. ### What is the “rat race” we refer to? The rat race is the need for any person to stay employed to maintain the ability to pay for their livelihood: food, shelter, healthcare, … and to do so against a backdrop of ever-increasing cost of living and monetary inflation, where the fiat money system offers only a broken money that does not allow one to store their wealth over time. Hence, a race where we are all rats in a wheel, designed to keep us running as long as possible. For most people, the rat race lasts until legal retirement age, at which point the financial dependency moves from an employment to a (combination of) legal pension, pension plans paid by employers throughout their working careers, and savings or investments. Depending on the country one lives and works in, the balance between these so-called pillars can be vastly different. In some jurisdictions, the legal pension can almost guarantee a reasonable living standard after the legal retirement age, while in other jurisdictions the legal pension is nonexistent. Then, one is entirely dependent on their own ability to save and store their wealth over time, even necessitating continuing the endless drag of working life well past reason. Commonly, inflation will eventually render even reasonable legal pensions a poor income and necessitate minimum savings in order to maintain the same living standard after legal pension age as before. The rat race pushes us all to keep up with rising costs and inflation as a byproduct of fiat dependence. Both FIRE practitioners and bitcoiners recognize the importance of escaping this cycle, but their methods diverge—FIRE adherents measure wealth in fiat, whereas bitcoiners measure time and value in sats. Accumulating bitcoin is not just a financial strategy but a path to reclaiming time sovereignty—preserving and appreciating time as a scarce resource, free from the constraints of inflation and fiat currency. | **EDUCATIONAL BIT** | | --- | | Bitcoin offers an alternative to the rat race by providing a store of value that is immune to inflationary pressures. Bitcoin’s fixed supply offers a way to preserve time and labor value, which is increasingly attractive to those seeking financial independence. This alternative is explored in-depth in [The Bullish Case for Bitcoin](https://www.amazon.com/Bullish-Case-Bitcoin-Vijay-Boyapati/dp/1737204118?crid=1DIRVMVSVZVMO&dib=eyJ2IjoiMSJ9.8JSZ4Yv_EFmKJAtEdF544ZCMuYEXqyTmFjcsFNJ2cJyrbXyqISu450um8kmx1PfDLtBPlsjDE2RX6mXzbXMmmfh1vAVnvREsduG6zquwMTmtQHC77ScrvYxHLuyqEKcXrVxv2-ceG7wvu1MUuje1ilsbDs4FaQNaU-7qe_T8folwNeDWJWBzzuA71gF5tN-bHSI1zFfXKckaModrUp2mSisH5BcbEKDGcDocTS7tvWg.lh8FoVlOsW1QsIFUGJa8wRKtxXzpaB-PlGO9r77bIJo&dib_tag=se&keywords=the+bullish+case+for+bitcoin&qid=1724875679&sprefix=the+bullish+case+%2Caps%2C166&sr=8-1&linkCode=ll1&tag=fitsblog-20&linkId=02b0acf64bd431356c538721b4dfa77b&language=en_US&ref_=as_li_ss_tl). | | **EDUCATIONAL BIT** | | --- | | A “sat”, or satoshi, is the smallest denomination of bitcoin, 8 places after the comma: in other words, 1 bitcoin is equal to 100,000,000 sats. | With this we conclude the treaty of the first portion of the FIRE moniker: Financial Independence. The FIRE movement aims to reduce the remarked dependency and ensure one can be wholly independent of outside funding sources. Now let us review the second part of FIRE: ++early retirement++, where financial independence is a clear requirement to retire before the legal retirement age. ## What is retirement? It must be noted that “retirement” as a concept is understood by most people as a withdrawal from the workforce, i.e. no longer *selling time for money* as part of any (self-)employment. It benefits us here to take a side-step and say a few words about work. ### What is work? We don’t mean the physics definition involving energy expenditure but rather the commonly used meaning in human language. Often work is used to refer to employment, i.e. a job. From Marriam Webster, work is defined as an “activity in which one exerts strength or faculties to do or perform something: … that a person engages in regularly to earn a livelihood”. Without work, no livelihood. We must work! Remember the rat race. Roughly around adulthood, in most places in the world, one is expected to start contributing to society in two major ways; (1) through employment and spending time for the benefit of others in the community and (2) through taxation, such that government can decide for some pre-allocated percentage of the salary where to allocate this resource for the “common good” - hence the employee automatically losing control over the resulting wages for that percentage of their time spent. Note discussion of the true cost of taxation is outside of the scope of these writings. It does raise the question of work as a productive endeavor. We pose that employment is (by design) not intended for the benefit of society; instead, it is for the benefit of the employer. Nobody will pay more than the value that was produced during the employment. There is a profit motive. All value produced is owned by the employer. One could claim that if companies persist, there must be a demand for their products or services. However, we would argue that the incentives do not often align between society and corporations, or their shareholders, either. In fact, many companies can go on - indefinitely on a fiat monetary system - as a so-called “Zombie” company on cheap debt through stock and bond issuance, and credit lines. Such companies should have gone under in a free market, however government intervention (subsidies and taxes, preferential policy, price controls) cause manipulation of demands for goods besides the cheap credit. Shareholders clearly do not profit from bankrupt companies they own, so they rather see these monetary interventions. Returning to the core position, for the employee, the only material outcome obtained from employment is the monetary reimbursement, not the effective product. This is not to say the job content cannot be (thoroughly) enjoyed by an employee - that would be the best case. The reality is that any job is simply selling time for money - usually, fiat money, unable to store the time and energy expended over time. For bitcoiners, work is a means to build personal sovereignty rather than merely a way to survive within the fiat system. By focusing on accumulating sats instead of fiat, individuals can align their work with personal values and long-term goals, transforming it from a necessity into a path to freedom. This shift means that work becomes an investment in future time sovereignty, allowing them to eventually choose work as an optional pursuit rather than an obligatory one. This concept is further deepened in [The Sovereign Individual](https://www.amazon.com/Sovereign-Individual-Mastering-Transition-Information/dp/0684832720?crid=1G5TMXXSI38E0&dib=eyJ2IjoiMSJ9.Ytm5t69XZawP_2jAD388HJuZu5z4KV1bipfJh_HKkqQr76KRzGZJ3WLzu2fhjsjo13vJh4X535UyHyJkw1xm2V2zJmaXt4nshho-tyhxdNGV_Y9ntqmaAuZjUR2dPhbY1W0aXoccJyzSPArzehw182Qyl3yCyHX6BsiscvzZtH2RklWRoy5AeMpAlh9WpdwUZulyYdOIEtvvLM-tbeHtcNnnIuxhUmfjpctp2FU3aj8.6eT8TwmBT_U9Ekt97kiPYZSsCbwj7iQj3GvlShgDJWc&dib_tag=se&keywords=the+sovereign+individual&qid=1724875730&sprefix=the+sovereign+ind%2Caps%2C176&sr=8-1&linkCode=ll1&tag=fitsblog-20&linkId=fcc1a9fbf8a45943a2d5a71a9ce0c89d&language=en_US&ref_=as_li_ss_tl). As a result, people could also transition to spending a smaller portion of their time for “work”, which in the rat race is very often not an option. Employees in full-time roles would prefer an improved work-life balance over salary - in other words, if financial obstacles would be removed - see [this study by Aviva](https://www.aviva.com/newsroom/news-releases/2022/08/work-life-balance-overtakes-salary-post-pandemic/). ### Does the FIRE movement aim to stop working? While for some FIRE practitioners, the common definition of work and retirement indeed apply, it is our understanding that most FIRE practitioners do not necessarily uphold the same concepts of work and retirement. While indeed the aim is to no longer be occupied in a job, retirement is rather defined as a phase in their lives where they can focus entirely on creative, productive activities from which they stand to benefit themselves: the fruit of their labor, the personal growth obtained, or the satisfaction of seeing a certain task addressed. This is understandable: the goal of FIRE is to retire early, so there is lots of time ahead to spend on such creative, productive activities. Indeed, often FIRE practitioners are naturally drawn to create value for the local community’s needs they are a part of, when money is no longer required to be on the table as a reward. So here, then, is the conundrum. If you don’t stop working, are you technically retired? It seems to us the real underlying motivation is to become fully independent of others (sovereign) with regards to time expenditure. Hence, the proposal to drop the FIRE moniker and move over to FITS: financially independent, time sovereign. ### Defining Time Sovereignty It is often said “the only thing scarcer than bitcoin is time”. In other words, a bitcoin standard motivates one to become Time Sovereign, which implies upon retirement one can decide what to do with their time, no longer answering to any employer demanding them to fulfill tasks that do not align with their own benefit. Hence it is crucial to stress the novelty of this over the traditional FIRE definition of retirement. We escape the rat race with the goal of owning our future time, besides our financial future. On a bitcoin standard, defining that future time as “retirement” is a conceptual gap that this introduction of FITS aims to close. In other words, when one is Time Sovereign, it doesn’t imply one to retire (early), but rather to choose the work (and the amount of it) that you want to do. "Value" isn't produced without work, even subjective value. People who are actively engaged in producing value after retirement tend to thrive more than those who are passive or have no productive goals. So, when considering retirement in the context of bitcoin, the human aspect of work is invigorated by recognizing the fulfillment it can bring, especially given the choice to spend time on the work is entirely one’s own, and the outcomes and benefits are for the worker themselves. Thus, the FIRE pursuit of creative, productive activities for one’s own benefit aligns well with a bitcoin standard where time sovereignty is the goal. A common trend among financially independent bitcoiners is the pursuit of endeavors that add value to others, driven by personal motivation rather than directives from an employer. Having established that bitcoin is suitable for wealth building and obtaining time sovereignty, where this is the true “retirement” goal for bitcoiners, let’s dive into how bitcoin accumulation is the first simple step towards this goal. Before we move on to the bitcoin standard and how FITS would look on one, let’s dig into the methods used by traditionalist FIRE practitioners to reach their goal. ## The FIRE method The FIRE practitioner will first accumulate wealth in order to live off the wealth during the withdrawal phase. Let’s explore these two phases and the general methods and principles used. ### Accumulation phase #### Live below your means and fast-track your career The first important “method” of a FIRE practitioner is to drastically reduce their living expenses. Everything goes onto a budget and all items are critically reviewed for necessity. After scrapping all items not strictly required, items that persist are reviewed for alternatives; from cheaper housing, alternative mobility options, …. Then, everything left-over is allocated to investments. Typical savings rates of 40-60% are not unheard of. This disciplined saving is coupled with aggressive investing, primarily in low-cost index funds, to build a portfolio capable of sustaining them through the withdrawal phase. As detailed in '[Your Money or Your Life](https://www.amazon.com/Your-Money-Life-Transforming-Relationship/dp/0143115766?crid=6EZHTCESY00H&dib=eyJ2IjoiMSJ9.VILqOcJRq2hYAQ8_H2naoNkiT3GsYA0Dz6O0Ju0yY8WGPrGL_R-YYcHOx-phqtQ9isRsHCRFJBAnT56wsSXDSK38U_xfcr98l32jzFuIFg7VxymBewgeOtq_OT1CNWt7ClrB-4Zch1x5oCCJMhReV1DdNkgSvoaSm3caE7wkgzj5lHsEi0wva_QOZdsB0zbbkOfOrHXUvBifyrp8JG-5k9lvSfNokqF2PDWdsdI62V4.A6n7ofK4bDs8-vwsOtoqjZrqff5SRZ-GigvavygFQwA&dib_tag=se&keywords=your+money+or+your+life&qid=1724875762&sprefix=your+money+or+your+lif%2Caps%2C172&sr=8-1&linkCode=ll1&tag=fitsblog-20&linkId=55addb2df794fefa19080dd59b112b18&language=en_US&ref_=as_li_ss_tl),' this approach encourages individuals to carefully evaluate the trade-offs between time and money, pushing them towards a life less reliant on traditional employment. This approach is a common topic of discussion in online communities like the [FIRE subreddit](https://www.reddit.com/r/Fire/). While FIRE practitioners typically diversify their investments across multiple asset classes, bitcoiners might view bitcoin itself as the apex store of value. In this way, a bitcoin-focused strategy simplifies wealth accumulation by reducing the need for traditional diversification. Admittedly, very high savings rates may be mostly possible for people in lush FIRE circumstances: living with parents, co-housing, house-hacking, DINK, and/or dual-job WFH hacking. Note we do not wish to downplay these as possibly great ideas to accelerate FIRE, while acknowledging these may be severe sacrifices in living conditions not suitable for everyone. Then again, FIRE is not for everyone as it pushes the practitioner to extreme living standards. Secondly, on the income side, the optimization is similarly made: side-gigs to augment income are common, and there is a general awareness in the community of the necessity for raises and promotions to raise the income pool. It is also common to continuously look for alternative employment options with the goal to raise the income. In this context, it should be noted that it is not uncommon that the drive for high income will eclipse other items on a typical employee’s motivator wishlist such as meaningful work, recognition, autonomy, work-life balance or flexibility. Hence, it is not uncommon for burn-outs to occur during the FIRE trajectory. In contrast to the above, those with a bitcoin inclination might instead prioritize accumulating bitcoin as their primary savings vehicle - we will dive in soon. Given bitcoin's unique properties as a deflationary asset, it offers an alternative path to wealth accumulation, potentially requiring less reliance on extreme frugality or career optimization. | **EDUCATIONAL BIT** | | --- | | A deflationary asset is one whose supply decreases or remains fixed over time, leading to an increase in value as demand grows. Bitcoin is considered deflationary because its total supply is capped at 21 million coins, making it increasingly scarce as more people adopt it. A great source to understand monetary properties and how bitcoin differs from fiat money is [The Bitcoin Standard](https://www.amazon.com/Bitcoin-Standard-Decentralized-Alternative-Central/dp/1119473861?crid=ZUSC4GEE914H&dib=eyJ2IjoiMSJ9.EQ3Po26y381E7IdHhCqDMFHRJC9IoPv8fqm_9dPJEgVEAoVdacE9WIa-nUkKDOz1oJbMCTfCEK5COG8p6MDsMCxyibq9-YY7NkwYApX_8_C58Aaa6IYgn-7Ka2oO9_eiIPPj0oNZhw_fWW1FMIdCB8Cf_UOdy2HgbaRHvjjVFZsWpp0mX8xuYV1C2zWm6CjtU1VedJOn6ipHL_pFD0OQnCZg1rLgZ7bFlQac2ZncSRk.a1Yr8_ZTCzNyyPHhm3NesEnQdT8SBHwrglDWmCGPDnw&dib_tag=se&keywords=the+bitcoin+standard&qid=1724875796&sprefix=the+bitcoin+stand%2Caps%2C177&sr=8-1&linkCode=ll1&tag=fitsblog-20&linkId=bdf5a3e768095ae7531ad831b9de3f00&language=en_US&ref_=as_li_ss_tl). | #### Diversification is king in FIRE The investment portfolio for FIRE is essentially a lazy one: diversify into “the world”. Maybe take 80% world ETFs, 15% emerging-market ETFs, and sprinkle in 5% of picked stocks or CrYpTo if you’re feeling lucky. Since global markets capture global liquidity, this is not a bad strategy in a fiat world. Money printed inevitably seeks yield, return on investment. Often the so-called “Cantillon effect” furthers this reality: when a government seeks to stimulate a certain part of the economy, it may print money to subsidize a particular industry. When said industry obtains this money they can opt to invest in capital, equipment, people, or do stock buybacks. In any of these cases, the stock value will go up, hence correlating to global liquidity. | **EDUCATIONAL BIT** | | --- | | The Cantillon Effect refers to the phenomenon where the first recipients of newly created money (often financial institutions and the wealthy) benefit the most, while those who receive the money later (wage earners and savers) experience inflationary pressures without corresponding increases in income or wealth. This effect exacerbates wealth inequality. Named after Richard Cantillon in his foundational work “Essai sur la Nature du Commerce en Général“. An excellent recent source deepening the impact of the Cantillon effect on modern society and economics is [Broken Money](https://www.amazon.com/Broken-Money-Financial-System-Failing/dp/B0CG8985FR?crid=1D0GORC09INH4&dib=eyJ2IjoiMSJ9.Vs1A5Fp1qKk_32wykc7RoibGUbPqQwOtOfNhhjnxnrcJylPWy2_q-EofmEVlC2K0B8TzBKzEqOSolAZN2859X4Af9J4v7ZvBUwHCw10qX4lp0QL0-2iehwUhJRVIUDTKxxISMt0BEXcG8nQ3jabXPHg2izIqIs3DpNAIyb1_SD1qK4n3Mff2io_SmVra4pzXSP1q6BPG6ajs7KypwL0qGJVvXb0qv-8XPAvzxv9mnAU.VEL2shYflEfS1veE5zulL1P7bOEPjumpCNp6lh8IQVA&dib_tag=se&keywords=broken+money&qid=1724875828&sprefix=broken+money%2Caps%2C176&sr=8-1&linkCode=ll1&tag=fitsblog-20&linkId=6d277ba17540ce77d870cdb167048635&language=en_US&ref_=as_li_ss_tl). | Secondly, if people (as opposed to companies) obtain direct hand-outs from government printing action, like stimulus checks, loan forgiveness programs, tax cuts or social programs, significant portions of these direct and indirect measures will also end up in bigger and smaller funds, again taking form as global liquidity and thus equity markets are directly affected. Diversification is also touted as the way to go for FIRE since it simplifies the investment principle: buy “everything” and hold. Since global liquidity will go up, whether that money goes left or right, your portfolio is going up because you own a small percentage of everything. There is no need to study individual companies besides specific stock picks adopted mostly as a hobby. Diversification furthermore helps to sleep at night: global equities are not very volatile. #### The FIRE “world wonders”: yield on yield and exponential returns Time in the market beats timing the market. This common phrase is studied and applied within the FIRE ecosystem as holders are accumulating over a relatively long time period, typically 10-25 years, and remain invested throughout retirement. So-called accumulating ETF funds do not pay cash dividends to investors but instead re-invest and further help grow the ETF fund value. This yield-on-yield incentivizes long-term holding. Second, a percentage increase on a yearly basis translates to an exponential growth trajectory. Eventually, any such trajectory has a “doubling time”, which can be estimated by dividing 72 with the annual growth rate in %. For example, if an investment grows at 7% per year it has a doubling time of 10.3 years. This implies every 10.3 years, the investment would double. The "point of no return" in the context of an exponentially growing investment refers to the stage where the investment's growth becomes so rapid and significant that the returns start to increase significantly beyond the initial investment. At this point, the compounded returns themselves become the primary source of growth, making the investment less sensitive to short-term market fluctuations or new contributions. These two effects are often referred to as “world wonders” since for many starting out they are a discovery. Of course, they are nothing new and do require continuous growth to hold true. As the common disclaimer goes: results from the past offer no guarantee for the future. In the context of a bitcoin standard, one might aim to live off the natural appreciation of bitcoin’s purchasing power instead, maintaining a steady bitcoin balance that continues to appreciate over time reduces the need for frequent selling, or eventually altogether for conversion back to fiat currency. The principle of "time in the market", then, holds even greater significance. The mindset shifts from merely seeking exponential returns in fiat terms to focusing on the accumulation of bitcoin as a store of time. Stack sats, stack time. By accumulating bitcoin, you’re not just building wealth; you’re also securing more control over your future Whether through traditional investing or bitcoin accumulation, the goal remains the same: escape the rat race. While FIRE focuses on doing so within the current system, bitcoiners seek a more radical departure by embracing a currency that defies inflationary pressures. For them, accumulating bitcoin is not just a financial strategy but a path to reclaiming time sovereignty, i.e. preserving and appreciating time as a scarce resource, free from the constraints of inflation and fiat currency. While FIRE adherents might still measure their wealth in fiat, subject to inflation, bitcoiners instead measure their wealth in sats and increase their purchasing power over time thanks to the power of absolute scarcity. This fundamental difference underscores the divergent approaches to achieving and maintaining financial independence. ### Withdrawal phase A variety of retirement goals exist for FIRE retirees. First and typical,the retiree would like to be able to live until their death without being forced to go back to work. Second, an estate target is often defined, where the retiree wants to leave something to children, family, non-profit organizations, or personal philanthropic goals. In the modern FIRE movement, various "flavors" have emerged, each catering to different retirement goals and lifestyle preferences. Among the most well-known are LeanFIRE, CoastFIRE, and FatFIRE. These variations primarily reflect (1) the desired living standard after early retirement—FatFIRE, for instance, targets a more luxurious lifestyle, necessitating a significantly larger accumulation of wealth; and (2) the approach to transitioning into retirement. CoastFIRE, sometimes humorously referred to as "BaristaFIRE," involves gradually easing into retirement by maintaining part-time work, such as a barista job, while allowing investments to grow over time until they can fully support retirement. While we won't delve into all these variations in detail here, a good resource for exploring the more common ones is the blog post "[Types of FIRE](https://moneymountaingoat.com/types-of-fire/)”. Let’s now consider some typical risks that may occur during the FIRE withdrawal phase. #### Sequence of return risk Sequence of return risk denotes the risk that returns of the assets chosen for the portfolio are often not the same as the yearly average, that is, returns may be up one month, down the next, down another, before moving up again. If one downward move is exceptionally strong, you may have to withdraw much more than anticipated, leading to significant drop in future returns for that portion of the portfolio. In case such volatile asset price actions are not part of your estimates, withdrawal periods may be significantly reduced and the retiree may face the consequences. We will revisit this topic later on a bitcoin standard, since, for bitcoiners, volatility is a way of life—as measured in fiat terms. #### One-More-Year A common pitfall is the uncertainty of when to start withdrawing from your portfolio and when to keep contributing to the portfolio. There are several reasons this could happen. It could be due to poor planning (not actually meeting your target at planned date), perceived market downturn coming (bad time to start withdrawing), work addiction (remember we are pushing the career, step by step) or not having a plan for life after work (similar problem, different reason to stay on the grind). As a result, FIRE participants often delay retirement well after the date they planned for. Some reasons are more valid than others. Good planning—with margin—and healthy work-life balance towards leaving the workforce are key to follow through on the plan. #### Forced back-to-work When already withdrawing, being forced back to work due to the risk of funds running out is devastating, and can occur when the withdrawal rate was chosen on the edge of “safe” in order to go faster. Often, retirees at this point lack motivation, skills, and energy and may find their respective past companies or industry has moved on and they can no longer become active in their past employment without extra training. In this case, there is even the risk of having to take a lower-paying job and having to stay at it for significantly longer times until the portfolio value is safe from running out again. This can happen when early in the withdrawal phase there is a significant market downturn or significant inflation that dilutes the value of retirement savings. Since FIRE supposes significant year-over-year real growth of the portfolio assets during the withdrawal phase as well, and where the “hockey-stick” yield-on-yield phase may have barely started depending on how fast people are pushing for early retirement, the first withdrawals are the most significant. #### Unexpected future changes Unexpected life events are problematic to plan for, because—well—they are unexpected. In case of, for example, family size increases, serious disease, and creeping increases in spending patterns over time, the risk exists that the portfolio may run out early. For these listed reasons, from sequence of returns to unexpected changes, it is paramount to plan in a significant margin. A second general recommendation is to keep partial income during the start of retirement, for example a part-time gig or a job that is really engaging but doesn’t earn as much as the FIRE-accelerating high-earning job. Such a period can also allow the retiree to get used to being out of the rat race and adjust. # An alternative: the bitcoin FITS method ## Introduction to FITS: FIRE on a bitcoin standard First things first—why would a bitcoiner be interested in FIRE? Isn’t this all about separating money from the state and their ability to print more? Well yes, of course. However, bitcoin remains a “number-go-up” technology and not only in $ terms but in purchasing power. Hence, whether “early retirement” of some sort or another is of interest, financial independence may inevitably dawn on your portfolio as time passes naturally. It is a race against the clock (another type of rat race?) to figure out what to do with your time once you reach time sovereignty. Would the concept of retirement laid out earlier, as in non-work, be suitable on a bitcoin standard? Specifically, in bitcoin, proof of work is a core concept, deeply ingrained as a value: do the work and prove you spent the energy before it will be valued. The same principle applies on a mathematical basis to the way bitcoin itself operates: compute the hash with a random number until you satisfy the difficulty requirement. If the network spends sufficient energy and time, the block subsidy and fees are awarded to the miner who shows the proof of work first. So would it be acceptable to just stop working a job? It can be argued that this is a truly harsh and cold definition of work, where the human component is entirely removed and work is reduced to repetitive energy expenditure—very close if not purely aligned to the physics definition of work. As we have seen, a job could lead to fulfillment but is essentially selling time for money. ## FITS accumulation strategy: building wealth with bitcoin In the FITS strategy, the accumulation phase centers around bitcoin. Here’s why bitcoin is uniquely suited for this approach and how you can effectively accumulate it. There are several reasons why bitcoin and bitcoiners are suited for FIRE and would be naturally drawn to the mindset. First of all, bitcoin is NGU technology by design: as long as governments print fiat, bitcoin will appreciate in fiat terms. It is easy to appreciate that bitcoin could be a vehicle to become financially independent. It has outperformed all other asset classes in the past 15 years, and its fixed-supply property of 21 quadrillion satoshi (21M bitcoin) is mathematically set for infinite appreciation. This deflationary nature underpins the FITS strategy, eliminating the need for diversification and focusing on time sovereignty through bitcoin accumulation. Second, we pose that as a money alternative, bitcoin has exquisite properties for true financial independence: it is a decentralized and permissionless currency that is censorship resistant. It is true property, a bearer asset that can’t be seized or blocked. It is available in any country its holder would travel to without jurisdictional interference. This is true independence; no brokers, no banks, no governments. Unlike fiat currencies, which are subject to inflationary pressures and government control, bitcoin offers a fundamentally different paradigm. In a world where value is measured in sats, bitcoin’s growing acceptance as digital gold and its decentralized, censorship-resistant properties provide a compelling case for why it stands apart as the ultimate store of value. Finally, bitcoin is money for the long haul. Bitcoin is known for the ability to “transport energy over time and space”, where the time aspect is especially important in FIRE. Each satoshi saved today represents time and freedom gained tomorrow, underscoring the belief that in a world of finite bitcoin, time sovereignty is within reach for those who choose to stack and hold. ### Isn’t bitcoin completely contrary to the diversification principle? Absolutely. Michael Saylor was famously quoted to have said “Diversification is selling the best chair you have to buy some chairs that aren't as good.” You only need one chair! Alternatively, the key view that bitcoiners add to the portfolio strategy perspective is that globally the FIRE practitioners are solely trying to save money and using global equities as a vehicle for liquidity absorption to achieve this end goal. However, equities, real estate, land, bonds, and gold all have been monetized: some percentage of their capitalization has no bearing to the underlying value of the assets besides having no better place for people to store wealth. Thus, wealth flows to all these assets (including global markets) because there is no better alternative in the views of these investors. Bitcoiners beg to differ: bitcoin is money. We no longer need to circumvent the issue of broken money and can instead rely on bitcoin as our single chair savings vehicle. Eventually, bitcoiners expect that bitcoin will demonetize all other assets; equities will fall back to their base value and appreciation rates not based on monetary inflation and government market meddling but instead good or bad business practices. Real estate can once again become buildings for people to live in, business to operate in, and communities to come together. Land can once again be owned by farmers to grow crops needed by locals, or locals could opt to own more land for this purpose at its marginal cost of utility. Bitcoin is the ultimate store of value, the single chair we only need one of. Eventually, when fiat dies, bitcoin can further be adopted as a medium of exchange alternative and grow into its third monetary role: unit of account. If this sounds like utopia, it may be. It does not matter if bitcoiners are right eventually as long as we are directionally right. However, can a bitcoin-only portfolio withstand the test of time? What about volatility? Let’s dive in. ## Handling bitcoin’s volatility ### DCA for bitcoin accumulation When it comes to accumulating bitcoin, especially within the FITS framework, adopting a DCA strategy can be an incredibly effective approach. Not only does it align with the low time preference mindset that is central to both the FITS philosophy and Austrian economics, but it also mitigates the psychological traps that bitcoin's inherent volatility can set. #### Why DCA? Dollar-Cost Averaging is a strategy where you invest a fixed amount of money into bitcoin at regular intervals, regardless of the price. This consistent investment approach reduces the impact of market volatility by smoothing out the purchase price over time. Instead of trying to predict market highs and lows—a nearly impossible task even for seasoned investors—DCA allows you to accumulate bitcoin steadily, capitalizing on both the highs and the lows. #### Low time preference and DCA The concept of low time preference is at the heart of the FITS strategy. In economic terms, low time preference means prioritizing long-term benefits over short-term gains. In the context of bitcoin, it means valuing the accumulation of satoshis over time rather than seeking immediate profits from speculative trades. DCA is the perfect embodiment of low time preference. By consistently purchasing bitcoin, regardless of its current market value, you focus on the long-term accumulation of wealth rather than the short-term fluctuations in price. Over time, this strategy tends to yield a more substantial bitcoin stack, as it takes advantage of the market's natural ups and downs without the emotional stress of timing the market. #### Volatility and the gambler's trap Bitcoin's notorious volatility can draw out the gambler's nature in people, enticing them to try and "buy the dip" or sell during a peak. While these actions might occasionally pay off, they are more often fraught with risk. The temptation to time the market can lead to missed opportunities and significant losses, especially in a market as unpredictable as bitcoin’s. DCA helps neutralize this gambler’s mindset by setting a disciplined approach to buying bitcoin. You remove the emotional component of decision-making, thereby reducing the risk of making poor investment choices based on short-term price movements. Instead of trying to outsmart the market, you let the market work for you by consistently investing over time. #### Time in the market beats timing the market The traditional investment adage, "time in the market beats timing the market," applies as much to bitcoin as it does to traditional assets. The longer you stay invested, the more likely you are to benefit from bitcoin's long-term appreciation, driven by its fixed supply and increasing global adoption. DCA ensures that you're always in the market, steadily building your position regardless of what the price is doing on any given day. Over the long term, this strategy has historically proven to be more effective than trying to time the market. As bitcoin's price continues to rise over the years, your consistent investments made during periods of both high and low prices will average out, providing you with a robust and growing stack of sats. In conclusion, DCA is not just a strategy; it’s a philosophy that aligns perfectly with the principles of FITS. It enables you to maintain a low time preference, avoid the pitfalls of market volatility, and focus on the long-term accumulation of bitcoin. By embracing this approach, you're not just securing your financial future—you're also moving closer to true time sovereignty. Remember, in the world of bitcoin, the key is not to time the market but to spend time in the market, steadily stacking sats as you go. ### Why is volatility important to include in withdrawal projections? Sequence of return risk is the risk an investor takes when withdrawing from their portfolio in sequential steps, where the price adjustments between one withdrawal and the next affect the purchasing power variations of the asset. When projecting a withdrawal strategy that does not include volatility, it assumes the appreciation between point A and point B follows a mathematical equation, while real markets move irregularly. This is especially true for bitcoin, where the scarcity is absolute and it should be expected significant supply or demand shocks continue to dominate the market. Since sequence of return risks exist, a significant deviation in outcome or funding requirements can exist between a model that takes volatility into account and one that does not include volatility. Usually an under-appreciated point, but sequence of returns can also affect the accumulation phase of somebody who wishes to execute a FIRE strategy, as usually a DCA-type strategy is targeted, which in this case also implies less purchasing power can be stored in bitcoin from one purchase to the next. Bitcoin's volatility, while often seen as a risk, is embraced by many bitcoiners as the price of sovereignty. This willingness to accept short-term fluctuations for long-term gains aligns with the low time preference mindset that underpins both the FITS strategy in general and bitcoin's deflationary nature established earlier ([Fidelity Digital Assets](https://www.fidelitydigitalassets.com/research-and-insights/bitcoin-investment-thesis-bitcoin-aspirational-store-value-system), 2020). ### Will bitcoin become less volatile over time? Bitcoin is absolutely scarce unlike any other asset, and it should be expected that significant supply or demand shocks continue to dominate the market. As the issuance of bitcoin will grow asymptotically to reach 21M coins, a fixed number of coins will represent ever more purchasing power. Therefore, it is also expected that large holdings will gradually dissipate and be distributed over more smaller holders naturally, since holders of large coin quantities will capitulate to the progression of time: either coins are sold (taking profit in terms of purchasing power), passed on to weaker hands that will sell before their time (e.g. inheritance or gifts), or lost at the holder’s death without an inheritance plan. For the latter case, it is important to note that lost coins are another unique aspect of bitcoin’s absolute scarcity; these coins can never be recovered, even over many hundreds of years. Lost coins effectively represent a purchasing power appreciation to all holders, unlike inflation in fiat where supply issuance represents purchasing power depreciation to all holders. ### FITS withdrawal phase and modeling Let us now review the withdrawal phase for FITS, on a bitcoin standard. First of all, in both FIRE and FITS, a variety of withdrawal strategies for Financial Independence exist: A simple fixed withdrawal rate: * This is a simple strategy that relies on Monte-Carlo modeling of historical stock market trajectories. The “safe withdrawal rate” or SWR is often quoted as the rate that “can’t go wrong”, as in, all Monte-Carlo iterations pass the requirements. Fixed withdrawals can be taken weekly, monthly, yearly… This is up to the retiree. Like Dollar-Cost Averaging (DCA) being a good idea for asset purchasing, DCA is also a good idea for withdrawing, as it takes emotion out of the equation and helps with peace of mind. * Variable rate, adjusted based on actual market returns: This requires flexibility and the ability to reduce spending in critical market down-turns. It may allow for reduced average withdrawal over lifetime and may reduce risk of running out of funds early. * Specific planned withdrawals for life events: As part of specific retirement goals, retirees could withdraw to enable life events, such as children’s weddings, education programs, or involvement in philanthropic activity. It is hard, if not impossible, to predict exactly when the fiat system will fully cease to exist. Therefore, modeling bitcoin in fiat terms is key in order to understand when “enough bitcoin is enough” in the real time domain. For the reasons outlined above, supply and demand shocks are expected to continue to dominate market behavior, and it seems a sound approach to model volatility, even—or maybe especially—when projecting for very long time windows (>30 years) over which withdrawal will take place. #### Is volatility modeling possible? Modeling volatility in bitcoin is not only possible but necessary for those following the FITS strategy. Unlike traditional assets, where volatility is often smoothed out over time through diversification, bitcoin's price movements can be extreme, driven by its fixed supply and speculative demand. For FITS practitioners, embracing volatility is part of the plan, but it doesn’t mean flying blind. We have developed tools that can simulate many potential price paths for bitcoin, including statistical volatility, providing a range of possible outcomes that can help in planning withdrawals and understanding risk. These tools will be introduced in a later article. Moreover, volatility should be seen as a double-edged sword—it can both drastically increase wealth and pose significant risks. Understanding how to model and anticipate these swings will empower bitcoiners to make more informed decisions about when and how to convert their bitcoin into other assets or spend it directly. We converge on the concept of "Stack sats, stack time," using time and volatility to one's advantage. #### Statistical analysis in the context of FITS In the FITS strategy, statistical analysis plays a crucial role in making informed financial decisions. Unlike traditional FIRE approaches that rely on the relatively stable growth of diversified portfolios, FITS must account for the unique and often unpredictable nature of bitcoin. Key statistical tools include moving averages, regression analysis, and more sophisticated econometric models. Moving averages, for instance, can help in identifying long-term trends in bitcoin's price, providing insights into when it might be advantageous to hold or convert. Regression analysis can be used to understand the relationship between bitcoin's price and various macroeconomic factors, such as inflation rates or global money supply. These tools, while rooted in traditional finance, take on new significance in the FITS strategy. The goal isn't just to maximize returns but to navigate the inherent volatility of bitcoin with a steady hand, ensuring that wealth accumulation aligns with the ultimate goal of time sovereignty. By using these methods, FITS practitioners can refine their strategies, making more data-driven decisions in a landscape that is as challenging as it is promising. ### Withdrawal strategy based on borrowing against bitcoin versus selling bitcoin Bitcoin’s properties enable it to be pristine collateral for bitcoin-backed loans. As the rich of the ages have known: don’t sell your assets but borrow against them. This withdrawal strategy is not often discussed in FIRE, we believe mostly because it is not immediately available to retail investors to engage in lending practices with their common stock and world funds. Bitcoin, however, has seen a growing interest in institutional and peer-to-peer lending operations. Its instantaneous settlement, multi-signature control mechanism and transparent storage offers trust in both lender and borrower. When planning for financial independence through the FITS strategy, one of the most critical decisions you'll make is how to approach withdrawals during retirement. Traditional FIRE adherents often rely on a systematic withdrawal of their diversified portfolio, typically selling off assets to generate income. However, the unique properties of bitcoin open up a compelling alternative: borrowing against your bitcoin holdings rather than selling them. #### The power of bitcoin as collateral Bitcoin, by its very nature, is designed to be pristine collateral. It is a bearer asset—like gold or cash—that requires no intermediary to verify its value. Its digital and decentralized structure ensures that bitcoin can be held securely in a way that is verifiable by anyone, at any time, and from anywhere in the world. This makes it ideal for use in collateralized loans, where the borrower puts up bitcoin as security for a loan and, in exchange, receives liquidity without having to sell their bitcoin. This approach has several advantages: 1. Avoiding capital gains taxes: By borrowing against your bitcoin rather than selling it, you can avoid triggering capital gains taxes. This is particularly advantageous if your bitcoin has appreciated significantly since you acquired it. In many jurisdictions, selling an appreciated asset incurs a tax liability that can significantly reduce your net worth. Borrowing, however, is not considered a taxable event. 2. Maintaining bitcoin exposure: Selling bitcoin means losing exposure to its potential future appreciation. Given bitcoin's historical performance and its deflationary nature, holding onto your bitcoin could mean that it continues to appreciate over time. By borrowing against your bitcoin, you maintain your position and continue to benefit from any price increases while still gaining access to the liquidity you need. 3. Flexibility in repayment: Bitcoin-backed loans often come with flexible repayment terms, allowing borrowers to pay back the loan over a longer period or at their convenience, depending on the terms agreed upon. This flexibility can be particularly useful in retirement when income sources might be varied or irregular. 4. Leveraging low interest rates: As bitcoin-backed loans become more common, interest rates on these loans can be quite competitive, especially in a low-interest environment. Borrowers can take advantage of these low rates to access liquidity without depleting their bitcoin holdings. The loan’s interest may even be tax-deductible in some cases, adding another layer of financial efficiency. 5. Preserving wealth across generations: By holding onto your bitcoin and using it as collateral rather than selling it, you can more easily pass on your bitcoin to future generations. Bitcoin’s ability to be securely stored for long periods makes it an excellent asset for wealth preservation. Borrowing against it rather than selling ensures that your heirs can inherit the full amount of bitcoin, potentially benefiting from its continued appreciation. Unlike traditional assets like stocks or bonds, which require complex brokerage services or custodial agreements to be used as collateral, bitcoin’s decentralized nature makes it inherently easier to lend against. The bitcoin lending market has grown rapidly, with a variety of options now available to retail investors. #### Risks and considerations While borrowing against bitcoin offers significant advantages, it’s important to be aware of the risks: 1. Margin calls: If the value of bitcoin drops significantly, you may face a margin call, where the lender requires you to either repay part of the loan or provide additional collateral to maintain the loan-to-value (LTV) ratio. This can be particularly challenging during periods of high volatility. 2. Interest costs: While borrowing can be more tax-efficient than selling, it still incurs interest costs. Over time, these costs can add up, particularly if the loan is not repaid quickly. 3. Counterparty risk: Borrowing through centralized platforms introduces counterparty risk—the risk that the platform could become insolvent, be hacked, or otherwise fail to fulfill its obligations. Decentralized platforms, while offering more transparency, also carry risks related to smart contract vulnerabilities or governance issues. 4. Regulatory uncertainty: The regulatory environment for bitcoin and related financial products is still evolving. Changes in regulations could impact the availability, terms, or tax treatment of bitcoin-backed loans. For FITS practitioners, borrowing against bitcoin rather than selling it aligns perfectly with the philosophy of preserving time and wealth. By retaining exposure to bitcoin’s long-term appreciation, avoiding unnecessary tax liabilities, and leveraging the growing bitcoin lending market, you can maintain financial independence while preserving your hard-earned satoshis for the future. This strategy, however, requires careful planning and a clear understanding of the risks involved. As with any financial decision, it’s crucial to assess your risk tolerance, conduct thorough research, and consider consulting with a financial advisor who understands both bitcoin and the FITS philosophy. When done correctly, borrowing against bitcoin can be a powerful tool in your journey toward time sovereignty and financial independence. ## The future of bitcoin as a medium of exchange and unit of account ### When bitcoin replaces the dollar, are price models useless? As bitcoiners anticipate a future where bitcoin becomes the global standard of value—a scenario often referred to as "hyperbitcoinization"—the relevance of traditional price models can be questioned. If bitcoin becomes the dominant unit of account, what happens to the conventional methods of measuring wealth, particularly those anchored in fiat currencies? In the FITS paradigm, the shift away from fiat-centric models is not just a possibility but an inevitability. Traditional price models, which assume a stable purchasing power of the dollar, become less useful as bitcoin ascends. Instead, the focus shifts to models that account for bitcoin's inherent properties: its fixed supply, absolute scarcity, and deflationary nature. In a bitcoin-dominated world, new models will emerge, likely centered around the purchasing power of bitcoin relative to goods and services, rather than its price relative to fiat. These models will need to account for the steady increase in bitcoin’s value over time as it demonetized other assets. For FITS practitioners, this means that the ultimate goal is not just financial independence in fiat terms but a deep understanding of bitcoin’s role in a new financial order, where wealth is measured in time and sats, not dollars. Driven by the principle that "1 BTC = 1 BTC," simplicity reigns: maintaining and growing one's stack of bitcoin rather than constantly comparing it to a depreciating fiat currency. This shift further cements the FITS philosophy, where the true measure of wealth is time sovereignty, not fluctuating fiat values. ### Bitcoin as the global medium of exchange As bitcoin transitions from a store of value to a global medium of exchange, its role as a unit of account will solidify. This transition is a natural progression in the adoption of bitcoin, reflecting its increasing acceptance in everyday transactions and its growing use as a means of exchange. Over time, as more goods and services are priced in bitcoin, the need for fiat conversions will diminish, and bitcoin will naturally become the reference point for value. We are already seeing significant signs of this transition. A first country has adopted bitcoin as legal tender, while multiple countries are publicly creating a sovereign wealth fund or bitcoin treasury. Some first-world pension funds have started accumulating bitcoin—even if done through centralized institutions and ETF vehicles. A few companies are following in the footsteps of Microstrategy towards a bitcoin standard and are issuing equity with the sole purpose of strengthening the bitcoin treasury and expanding the amount of bitcoin each share represents, recognizing implicitly the true share value denominated in bitcoin is the true unit of account. Several grassroots adoption areas exist in the world where bitcoin is effectively used as the medium of exchange, unit of account, and store of value: Bitcoin Beach, Bitcoin Jungle, and other enclaves. References from prominent bitcoin thinkers like Saifedean Ammous, in [The Bitcoin Standard](https://www.amazon.com/Bitcoin-Standard-Decentralized-Alternative-Central/dp/1119473861?crid=ZUSC4GEE914H&dib=eyJ2IjoiMSJ9.EQ3Po26y381E7IdHhCqDMFHRJC9IoPv8fqm_9dPJEgVEAoVdacE9WIa-nUkKDOz1oJbMCTfCEK5COG8p6MDsMCxyibq9-YY7NkwYApX_8_C58Aaa6IYgn-7Ka2oO9_eiIPPj0oNZhw_fWW1FMIdCB8Cf_UOdy2HgbaRHvjjVFZsWpp0mX8xuYV1C2zWm6CjtU1VedJOn6ipHL_pFD0OQnCZg1rLgZ7bFlQac2ZncSRk.a1Yr8_ZTCzNyyPHhm3NesEnQdT8SBHwrglDWmCGPDnw&dib_tag=se&keywords=the+bitcoin+standard&qid=1724875796&sprefix=the+bitcoin+stand%2Caps%2C177&sr=8-1&linkCode=ll1&tag=fitsblog-20&linkId=bdf5a3e768095ae7531ad831b9de3f00&language=en_US&ref_=as_li_ss_tl), highlight how this shift mirrors historical transitions from one monetary standard to another. Much like the shift from gold to fiat currencies in the 20th century, the move to a bitcoin standard will redefine how we understand money and value. ### Simplicity in a bitcoin world This shift further cements the FITS philosophy, where the true measure of wealth is time sovereignty, not fluctuating fiat values. The simplicity of bitcoin’s fixed supply and its role as a universal unit of account allows individuals to focus on what truly matters: accumulating and preserving wealth in a form that is immune to inflation and political manipulation. In a world where bitcoin is the standard, financial models will be simpler, more intuitive, and directly aligned with the reality of a deflationary currency. As bitcoin demonetizes other assets, the need for complex diversification strategies diminishes. The focus will shift to a straightforward accumulation of bitcoin, with the understanding that it represents not just financial security but sovereignty over one’s time and future. ## A possible FITS journey and Getting Started Your journey to true time sovereignty starts now. Every satoshi you accumulate today brings you closer to financial freedom and a future where your time is truly your own. Ready to take control? In our case, we rolled straight from FIRE into bitcoin, read many materials on the matter and developed a strong conviction that stack sats, stack time is the way forward. It did not become immediately obvious that we were essentially correcting for some of fiat’s weaknesses using bitcoin, while coming to similar objectives—and being able to redefine those for what really matters. This is one example of a journey through FITS, although not intentionally planned. We are also not there yet. At least with this clear-headed understanding we can purposefully proceed on our journey. What if you’re new to FIRE or bitcoin or both and you read this article—what can you do? First of all, we recommend you take a step back and a deep breath: there is a lot ahead. Study FIRE and its principles, pull out the FIRE calculators, study bitcoin, and consider how much you are initially able to allocate to bitcoin—or whether you are all-in on the strategy and are ready to move away from diversified portfolios altogether. Presumably the most important first step on the FITS journey is to start accumulating bitcoin. There is no bad answer; everything is better than holding fiat. A second step is to ensure you review what time sovereignty means for your day-to-day: what would your life look like and how would you decide to spend your time without anyone telling you what to do? Does that change your financial needs? Then the long, hard, and arduous “hodler” phase begins, where you stack. There will be no lack of “FUD”---fear, uncertainty, doubt—public opinion that aims to create the volatility bitcoin is well known for. At the end of this, remember, you were not “lucky”, this was acrobatics. However, as you slowly begin to understand bitcoin more and more, you will be less and less looking at price with the same perspective: on a FITS standard. You will care about the purchasing power your stack gives you, not the fiat value of it. And you will use tools to project the value of the stack in the future—possibly ours. As mentioned, we will detail them in a later article. Once the hodler inevitably reaches a stage where his stack is enough to be Financially Independent, Time Sovereign, he should have a good view of the withdrawal strategy and financial needs that must be fulfilled to support his sovereignty. At that point we will follow the FIRE tradition: “Congratulations, and fuck you!” Remember, FITS is not about quick gains. It's about securing your future and achieving true sovereignty over your time. Stay patient, keep learning, and steadily stack sats. In summary: **Step 1**: Educate Yourself > Start by deepening your understanding of both FIRE and bitcoin. Read foundational texts like ['The Bitcoin Standard'](https://www.amazon.com/Bitcoin-Standard-Decentralized-Alternative-Central/dp/1119473861?crid=ZUSC4GEE914H&dib=eyJ2IjoiMSJ9.EQ3Po26y381E7IdHhCqDMFHRJC9IoPv8fqm_9dPJEgVEAoVdacE9WIa-nUkKDOz1oJbMCTfCEK5COG8p6MDsMCxyibq9-YY7NkwYApX_8_C58Aaa6IYgn-7Ka2oO9_eiIPPj0oNZhw_fWW1FMIdCB8Cf_UOdy2HgbaRHvjjVFZsWpp0mX8xuYV1C2zWm6CjtU1VedJOn6ipHL_pFD0OQnCZg1rLgZ7bFlQac2ZncSRk.a1Yr8_ZTCzNyyPHhm3NesEnQdT8SBHwrglDWmCGPDnw&dib_tag=se&keywords=the+bitcoin+standard&qid=1724875796&sprefix=the+bitcoin+stand%2Caps%2C177&sr=8-1&linkCode=ll1&tag=fitsblog-20&linkId=bdf5a3e768095ae7531ad831b9de3f00&language=en_US&ref_=as_li_ss_tl) and ['Your Money or Your Life'](https://www.amazon.com/Your-Money-Life-Transforming-Relationship/dp/0143115766?crid=6EZHTCESY00H&dib=eyJ2IjoiMSJ9.VILqOcJRq2hYAQ8_H2naoNkiT3GsYA0Dz6O0Ju0yY8WGPrGL_R-YYcHOx-phqtQ9isRsHCRFJBAnT56wsSXDSK38U_xfcr98l32jzFuIFg7VxymBewgeOtq_OT1CNWt7ClrB-4Zch1x5oCCJMhReV1DdNkgSvoaSm3caE7wkgzj5lHsEi0wva_QOZdsB0zbbkOfOrHXUvBifyrp8JG-5k9lvSfNokqF2PDWdsdI62V4.A6n7ofK4bDs8-vwsOtoqjZrqff5SRZ-GigvavygFQwA&dib_tag=se&keywords=your+money+or+your+life&qid=1724875762&sprefix=your+money+or+your+lif%2Caps%2C172&sr=8-1&linkCode=ll1&tag=fitsblog-20&linkId=55addb2df794fefa19080dd59b112b18&language=en_US&ref_=as_li_ss_tl) to get a solid grasp of the principles behind each movement. **Step 2**: Set Up a Bitcoin Wallet > If you haven’t already, choose a secure bitcoin wallet. Research the best options for your needs, whether it’s a hardware wallet for long-term storage or a mobile wallet for everyday transactions. Start with a basic bitcoin wallet to get comfortable with the technology. As you grow more confident, consider upgrading to a multi-signature wallet setup for enhanced security. We recommend that you eventually graduate to a multi-signature wallet set-up, using advanced wallet set-up like [Sparrow Wallet](https://www.sparrowwallet.com/), using stateless signing devices such as [SeedSigner](https://seedsigner.com/), and having metal back-ups of every seed phrase, at least using something like [Cryptosteel](https://cryptosteel.com/). Or for comprehensive multi-signature-QR-on-metal back-up, go to [SeedHammer](https://seedhammer.com/). However this is all up to your own level of confidence. Have a look at [BTC Sessions on YouTube](https://www.youtube.com/c/btcsessions) to see if he can help you out. **Step 3**: Begin Dollar-Cost Averaging (DCA) > Initiate a DCA strategy by setting up regular, automated bitcoin purchases. Start with an amount you’re comfortable with and gradually increase as your confidence grows. Ensure you back-up your private keys and you take the bitcoin off the exchange or platform where you buy bitcoin. Consider having each individual UTXO sized at least to 1 million satoshis under your control in order to ensure you can always transact on-chain even if on-chain fees rise significantly over time. Think of it as making sure your money is in large enough bills to be useful no matter when you will need it. Keep some bitcoin in a lightning wallet so you can become acquainted with the technology and difference between lightning and on-chain bitcoin. [BTC Sessions on YouTube](https://www.youtube.com/c/btcsessions) is your friend once again. **Step 4**: Track Your Progress > Use tools like the ones we’re building (more details will follow in a later article) to monitor your bitcoin accumulation and project future purchasing power. Stay informed about market trends, but remember to focus on the long-term goal of time sovereignty. **Step 5**: Reflect on Time Sovereignty > Take time to visualize what true time sovereignty means for you. How would you spend your days if you no longer needed to work for fiat? This reflection will guide your financial planning and keep you motivated. Worried about market volatility or not knowing enough about bitcoin? Remember, FITS is a journey, not a sprint. Start small, educate yourself continuously, and connect with communities that share your vision. You’re not alone on this path—there’s a growing network of like-minded individuals who believe in stacking sats and time. Good luck on your journey: **Stack sats, stack time!** | ACKNOWLEDGMENT | | --- | | The author would like to express gratitude to a few key reviewers: [Onedigit](http://x.com/onedigitmoney), [The Rational Root](https://x.com/therationalroot) (and [Root on Nostr](nostr:npub1r00t03pv2kxpes5x676xu3j2e0ag8hmmtzv8et0matxg876tnkgsp5sqe8), and [GG](nostr:npub1xmukhjctkf99yt8zct5x0np4fr4ycj8e2xhyn5j05v8hgtln3z9s2ev4dt) from [What Is Your Bitcoin Story](https://x.com/YourBTCStory) - thanks! | ----------- **More information** - Website: [bitcoin.fits.money](https://bitcoin.fits.money) - Community: [Nostr FITS community](nostr:npub15tkakfjtkcmg4aaa2hatapj2gsjslr587nvga8q8t49nhc5x32qq3fnhq4)

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----------- # Introduction > I recently started a new #website, and decided I wanted to get some simple, out-of-the-box, self-sovereign #bitcoin on it. It turns out there were quite a few steps involved, but mostly is actually out of the box. So, I share with you, my first long-form #Nostr article, which aims to summarize the things you could use if you wanted to do the same, without actually building your own software. This article runs through the following steps: Step 1: get a Bitcoin node Step 2: get website infrastructure Step 3: Configure your Bitcoin node Step 4: Configure your Bitcoin-based website Before we dive in, a few small disclaimers: - "Do Your Own Research" - I am not responsible for any failures of your ability to follow these steps - take the guide as-is and on face value, and dive in where you need to. Starting points only. I will help where I can, you can always try to DM me! - Suggestion to talk to ChatGPT or Google about Lightning Network and Bitcoin basics (here's a GPT created by yours truly for that purpose: [Bitcoin Beacon GPT](https://chatgpt.com/g/g-t1ZfHJzuH-bitcoin-beacon)). - I am not affiliated with any of the sites, services and tools mentioned here. They are what I used and what worked "out of the box" while not giving up self-sovereignty. > I strongly recommend you consider donating to ALL developers in this guide or paying them for their products offered. # Go build it! ----------- ## Step 1: get a Bitcoin node Self-sovereignty requires a bitcoin node. If you depend on another person's node, there is no final verification of blockchain data possible. Luckily, obtaining one is quite convenient nowadays, since several out-of-the-box boxes exist that you can buy, almost fully set-up.  ### Hardware These do come at a cost. It may be more cost effective to find your own #hardware, whether it's an old laptop, a Asus NUC mini-PC, or a self-built device. I only recommend having a RaspBerry Pi if it is one of the newer types with lots of RAM, otherwise your initial block download will take forever. Also consider a 2TB disk size (at least) so you are safe for a while to come. Soon, 1TB will not be sufficient to store the bitcoin blockchain data without pruning (remember, we're self-sovereign, this is the best data storage you invest in). This article does not intend to be a catch all article with many details about hardware, so please DYOR about the details and if you want out-of-the-box, I recommend [start9.com StartOne](https://store.start9.com/collections/servers/products/server-one) ### Software This is easier. I wholeheartedly recommend (again) Start9's [StartOS](https://start9.com/). Here's a [DIY link](https://docs.start9.com/0.3.5.x/diy/) if you're doing this on your own hardware and aren't buying their excellent hardware offer. I did this, and it was quite convenient. The main difficulty I had was that I required a ethernet connection to my box during the install, since WiFi is not set-up until afterwards. This was not obvious because, well, I had a big box and had to carry that downstairs to my router. I also connected a screen, mouse and keyboard to make it all work. Nothing I couldn't overcome. Again, if you are worried - just buy the box. ----------- ## Step 2: configure your Bitcoin node ### Installing all apps on your node The package I have consists of: - [Bitcoin Core](https://www.bitcoin.org) - Not sure why this is here, but I do see about a 4MB download happening every 10' so I guess it is doing something. Seriously people, DYOR. - [LND](https://github.com/lightningnetwork/lnd) - it runs Lightning Network on your node, thus allowing you to connect to other lightning network nodes and set-up channels to receive payments onto. - [Ride the Lightning](https://www.ridethelightning.info/) - your management tool so you can send and receive payments. - [Nostr Wallet Connect by Alby](https://blog.getalby.com/connect-your-startos-node-to-any-app-with-nwc/) - amazing tool that provided the secret sauce to make payments to your website easy. Extra benefit: you can Zap directly from your own node, with any mobile or web client connected through NWC ! - Optional (but not really): [BTCPayServer](https://btcpayserver.org/) if you want to run any form of commerce on your website - I assume you got here to stack some sats, and this is the tool for making it easy for your customers to pay you. - Optional (but not really): [Mempool](https://github.com/mempool/mempool) instance so you can check all your transactions without leaking metadata <-- THIS IS WHY YOU RUN A NODE, ANON! All these things are 1-click installs, 2-click configuration, and possibly a few more to get set-up properly. This is why you go through the pain of making the Start9 setup work (or pay them, and it is literally going to work after unpacking the box...) ### Get inbound liquidity | NOTE: Securing Your Node and Website | | --- | | Ensuring the security of your self-sovereign setup is critical. Start by implementing regular backups of your node, wallet, and website, ideally using encrypted external storage solutions. Monitor your node’s activity to ensure it's functioning securely, and consider setting up additional authentication measures, such as multi-signature wallets or hardware wallets for larger amounts. Additionally, to safeguard your server from unauthorized access, set up a firewall, limit SSH access to specific IPs, and enable 2FA on all related services. Tools like [Fail2ban](https://en.wikipedia.org/wiki/Fail2ban) can help protect against brute-force attacks, and keeping all software up to date is essential for preventing vulnerabilities. Always store your private keys and recovery phrases securely and offline. | Deposit bitcoin to your own wallet (use RTL to generate an address). I recommend in the order of 1M sats for any UTXO depending on your willingness to take risks - this is a hot wallet even though security is very good by default. First, go to Mempool and check out a few [Lightning nodes with high connectivity](https://mempool.space/lightning/nodes/rankings/connectivity) (= high channel count, high capacity) to connect to. Open a few channels to them with (some) capacity from your 1M sats. Public channels. FYI: you are now ready to start zapping on a mobile client for #Nostr, e.g. #Amethyst on Android or #Damus on iOS - or #Primal on either - or if you're on the web, #YakiHonne and #Nostrudel are my go-to clients. Second, go to [Amboss Magma](https://amboss.space/magma), connect with your node (or use [Alby's excellent Firefox Extension](https://addons.mozilla.org/en-US/firefox/addon/alby/) that you can easily hook up to your node and connect through "WebLN"). You need to sign a message, it can be done in RTL. Third, set-up at least 1 paid inbound channel pending your liquidity needs after the website gets up and running and you are actually selling anything. ----------- ## Step 3: get website infrastructure I will admit we can not be truly independent if we want to be out of the box. Especially webhosting is something not recommended from a home server, for multiple reasons (security being one), even if StartOS could probably do it on your node. ### Domain name There are many sources here, you should pick something. I used [GoDaddy](http://godaddy.com/) but there are no rules, just costs, convenience, ... the usual trade-offs. GoDaddy has a convenient URL searcher and comes with recommendations and clear pricing, with nice discounts for the first year (your project may be doomed to crash prior to that... ### Hosting I did find the hosting options at GoDaddy quite expensive. So I just registered with AWS for an EC2 instance. In the Amazon Free Tier you basically get a free linux box with a public facing domain during a year. Another nicety about AWS is that you can very easily upgrade your hosting needs with them, compute, memory, disk, ... and services. ### Host configuration This costs significant time per this method, and is not for the faint of heart. One-click installs would include having this all done by a hosting provider. #### WordPress installation [WordPress](https://wordpress.com/) is an all-in-one website building tool that requires an extremely low acumen of CSS, HTML or databases. It all gets pre-configured and pre-setup while having a host of tools and systems available to support pretty much any feature a modern website would want. Disclaimer; there is definately NOT enough #Nostr content yet. Here, I do go into some bits and pieces regarding the bitcoin side of things on WordPress. However I don't know what you want on your website, so I recommend you dive into the details on what's possible on WordPress regarding generall web functionality yourself as I consider it out of scope for this article. One step in being self-sovereign is hosting your own WordPress - even if on a third party host - so that you fully control it and are sure nobody else can access the MySQL databases, configurations, ... Luckily, this is very easy on an [AWS](https://aws.amazon.com/) instance. Wordpress can be simply installed as a package, and configuration is literally going to /wp-admin and setting things up. At that point it becomes click-click, write content, launch. You can opt for a [Docker](https://www.docker.com/)-based installation as well, so WordPress has all dependencies satisfied. However, this comes at the risk of misconfiguration of the persistant volumes, and thus wiping your entire install at a Docker crash - not recommended. Make sure you set the owner / group (chown) for the wordpress installation folder structure to nginx:nginx (see next subsection) and the file properties (chmod) to 644. #### Web server I had a lot of fights with [Nginx](https://nginx.org/en/) since I needed a reverse proxy functionality for a docker application the server was also running, plus having the system Nginx serving up the wordpress site. Anyway. If you don't need any of that - most likely you don't - just run nginx and set-up the config file to a port 443 (SSL / HTTPS) connection and ensure you redirect regular HTTP traffic on port 80 to the HTTPS. Use [Let'sEncrypt](https://letsencrypt.org/) with [certbot](https://certbot.eff.org/) on the Amazon instance to get certifications for your domain. After setting it up, check that automatic renewals for the certificates are also set-up: `sudo certbot renew --dry-run` If not, add a cron item on your AWS instance (sudo crontab -e) and add the following line to restart nginx after every renewal: `0 */12 * * * certbot renew --quiet && systemctl reload nginx` Ensure you forward the ports 80 and 443 on your DNS records for the domain to the public-facing IP from the AWS instance. Pro Tip: You can review rate limiting from Amazon, but it comes at a cost. Alternative, just configure your nginx to do rate limiting for you, here is a reference code snippet to set it up for the relevant server blocks in your nginx configuration: ``` limit_req_zone $binary_remote_addr zone=one:10m rate=1r/s; server { location / { limit_req zone=one burst=5; ... } } ``` #### Forwarding the BTCPayServer .onion address through to clearnet through your AWS instance | **Disclaimer** | | --- | | This section assumes a moderate understanding of Tor, Nginx, and reverse proxies. For more in-depth tutorials on these topics, we recommend reviewing external resources such as the [Tor Project Documentation](https://tb-manual.torproject.org/) and the [Nginx Reverse Proxy Guide](https://docs.nginx.com/nginx/admin-guide/web-server/reverse-proxy/). As setting up reverse proxies and Tor for a Bitcoin node can be complex, these instructions are not exhaustive, and configurations may differ based on your hosting environment. Please ensure to consult these resources for further detail and troubleshooting .| Annoyingly, but also purposefully, the average bitcoin node does not expose anything to public clearnet besides on local LAN. Instead, it exposes public interfaces on Tor which you need the exact address for to access (=high entropy). However, for your BTCPayServer instance to connect to your website, you need to be able to connect to it from that website. This is where a so-called reverse proxy once again needs to save us. To make matters worse, you don't have Tor by default on AWS machines (on my EC2 instance it ran Amazon Linux 2023) so we need to build from source. I suggest you ask instructions to ChatGPT; Pro-Tip: Copy-paste parts of these notes and let him explain exactly what you need to do! You could set a subdomain e.g. btcpay.yoursite.com to be accessible for your .onion redirect on the AWS instance. Here is an example configuration snippet: ``` server { listen 443 ssl; server_name btcpay.yoursite.com; location / { proxy_pass http://127.0.0.1:80; proxy_set_header Host $host; proxy_set_header X-Real-IP $remote_addr; proxy_set_header X-Forwarded-For $proxy_add_x_forwarded_for; proxy_set_header X-Forwarded-Proto $scheme; } ssl_certificate /etc/letsencrypt/live/yourdomain/fullchain.pem; ssl_certificate_key /etc/letsencrypt/live/yourdomain/privkey.pem; } ``` ----------- ## Step 4: configure your Bitcoin-based website Finally, we come to the cool part. What can we do with all these things? So, on WordPress, I recommend the following plugins: - [Alby's LN Publisher](https://guides.getalby.com/user-guide/v/bitcoin-lightning-publisher-for-wordpress-by-alby/bitcoin-lightning-publisher-for-wordpress-by-alby) - it seems they need to test it on the latest WordPress version - but this tool worked for me. It connects to your NWC instance on the node and implements easy paywalls. - BTCPay For Woocommerce V2 - to connect to your store and creating that flawless interface for your customers. - [WooCommerce](https://wordpress.org/plugins/woocommerce/) Getting BTCPay for WooCommerce set-up is detailed in this [guide](https://docs.btcpayserver.org/WooCommerce/). ----------- # Importance of Backups Backups are a critical part of any self-sovereign setup, especially when handling sensitive data such as your Bitcoin node and website. Without proper backups, any unexpected hardware failure, software corruption, or cyberattack could result in permanent loss of data, including your wallet, transactions, and important website configurations. For your Bitcoin node, regular backups of wallet.dat and Lightning Network channel states are essential to prevent loss of funds or access to your Bitcoin. In the case of your website, especially a self-hosted WordPress site, backups of both the database and the files (such as plugins, themes, and media uploads) will safeguard your content and configurations. Though creating an automated backup strategy is beyond the scope of this guide, it is highly recommended that you: * Set up regular, automated backups for both your Bitcoin node and website. * Encrypt your backups to ensure that sensitive information remains secure. * Store backups offsite or on external media to mitigate risks from local hardware failures. Investing time in a robust backup solution will protect your self-sovereignty, ensuring that even in the event of failure, your node, funds, and website can be restored. ---------------- That's all for now, folks. There surely will be issues you run into. Let me know through a DM, or ask away below - me or like-minded individuals (probably a few on #nostr more expert than me) can help out!

@ 3bf0c63f:aefa459d

# Nostr: a quick introduction, attempt #2 Nostr doesn't subscribe to any ideals of "free speech" as these belong to the realm of politics and assume a big powerful government that enforces a common ruleupon everybody else. Nostr instead is much simpler, it simply says that servers are private property and establishes a generalized framework for people to connect to all these servers, creating a true free market in the process. In other words, Nostr is the public road that each market participant can use to build their own store or visit others and use their services. (Of course a road is never truly public, in normal cases it's ran by the government, in this case it relies upon the previous existence of the internet with all its quirks and chaos plus a hand of government control, but none of that matters for this explanation). More concretely speaking, Nostr is just a set of definitions of the formats of the data that can be passed between participants and their expected order, i.e. messages between _clients_ (i.e. the program that runs on a user computer) and _relays_ (i.e. the program that runs on a publicly accessible computer, a "server", generally with a domain-name associated) over a type of TCP connection (WebSocket) with cryptographic signatures. This is what is called a "protocol" in this context, and upon that simple base multiple kinds of sub-protocols can be added, like a protocol for "public-square style microblogging", "semi-closed group chat" or, I don't know, "recipe sharing and feedback".

@ 460c25e6:ef85065c

If you don't know where your posts are, you might as well just stay in the centralized Twitter. You either take control of your relay lists, or they will control you. Amethyst offers several lists of relays for our users. We are going to go one by one to help clarify what they are and which options are best for each one. ## Public Home/Outbox Relays Home relays store all YOUR content: all your posts, likes, replies, lists, etc. It's your home. Amethyst will send your posts here first. Your followers will use these relays to get new posts from you. So, if you don't have anything there, **they will not receive your updates**. Home relays must allow queries from anyone, ideally without the need to authenticate. They can limit writes to paid users without affecting anyone's experience. This list should have a maximum of 3 relays. More than that will only make your followers waste their mobile data getting your posts. Keep it simple. Out of the 3 relays, I recommend: - 1 large public, international relay: nos.lol, nostr.mom, relay.damus.io, etc. - 1 personal relay to store a copy of all your content in a place no one can delete. Go to [relay.tools](https://relay.tools/) and never be censored again. - 1 really fast relay located in your country: paid options like http://nostr.wine are great Do not include relays that block users from seeing posts in this list. If you do, no one will see your posts. ## Public Inbox Relays This relay type receives all replies, comments, likes, and zaps to your posts. If you are not getting notifications or you don't see replies from your friends, it is likely because you don't have the right setup here. If you are getting too much spam in your replies, it's probably because your inbox relays are not protecting you enough. Paid relays can filter inbox spam out. Inbox relays must allow anyone to write into them. It's the opposite of the outbox relay. They can limit who can download the posts to their paid subscribers without affecting anyone's experience. This list should have a maximum of 3 relays as well. Again, keep it small. More than that will just make you spend more of your data plan downloading the same notifications from all these different servers. Out of the 3 relays, I recommend: - 1 large public, international relay: nos.lol, nostr.mom, relay.damus.io, etc. - 1 personal relay to store a copy of your notifications, invites, cashu tokens and zaps. - 1 really fast relay located in your country: go to [nostr.watch](https://nostr.watch/relays/find) and find relays in your country Terrible options include: - nostr.wine should not be here. - filter.nostr.wine should not be here. - inbox.nostr.wine should not be here. ## DM Inbox Relays These are the relays used to receive DMs and private content. Others will use these relays to send DMs to you. **If you don't have it setup, you will miss DMs**. DM Inbox relays should accept any message from anyone, but only allow you to download them. Generally speaking, you only need 3 for reliability. One of them should be a personal relay to make sure you have a copy of all your messages. The others can be open if you want push notifications or closed if you want full privacy. Good options are: - inbox.nostr.wine and auth.nostr1.com: anyone can send messages and only you can download. Not even our push notification server has access to them to notify you. - a personal relay to make sure no one can censor you. Advanced settings on personal relays can also store your DMs privately. Talk to your relay operator for more details. - a hidden, but public relay if you want DM notifications from our servers. Make sure to add at least one public relay if you want to see DM notifications. ## Private Home Relays Private Relays are for things no one should see, like your drafts, lists, app settings, bookmarks etc. Ideally, these relays are either local or require authentication before posting AND downloading each user\'s content. There are no dedicated relays for this category yet, so I would use a local relay like Citrine on Android and a personal relay on relay.tools. Keep in mind that if you choose a local relay only, a client on the desktop might not be able to see the drafts from clients on mobile and vice versa. ## Search relays: This is the list of relays to use on Amethyst's search and user tagging with @. **Tagging and searching will not work if there is nothing here.**. This option requires NIP-50 compliance from each relay. Hit the Default button to use all available options on existence today: - nostr.wine - relay.nostr.band - relay.noswhere.com ## Local Relays: This is your local storage. Everything will load faster if it comes from this relay. You should install Citrine on Android and write ws://localhost:4869 in this option. ## General Relays: This section contains the default relays used to download content from your follows. Notice how you can activate and deactivate the Home, Messages (old-style DMs), Chat (public chats), and Global options in each. Keep 5-6 large relays on this list and activate them for as many categories (Home, Messages (old-style DMs), Chat, and Global) as possible. Amethyst will provide additional recommendations to this list from your follows with information on which of your follows might need the additional relay in your list. Add them if you feel like you are missing their posts or if it is just taking too long to load them. ## My setup Here's what I use: 1. Go to [relay.tools](https://relay.tools/) and create a relay for yourself. 2. Go to [nostr.wine](https://nostr.wine/) and pay for their subscription. 3. Go to [inbox.nostr.wine](https://inbox.nostr.wine/) and pay for their subscription. 4. Go to [nostr.watch](https://nostr.watch/relays/find) and find a good relay in your country. 5. Download Citrine to your phone. Then, on your relay lists, put: Public Home/Outbox Relays: - nostr.wine - nos.lol or an in-country relay. - <your.relay>.nostr1.com Public Inbox Relays - nos.lol or an in-country relay - <your.relay>.nostr1.com DM Inbox Relays - inbox.nostr.wine - <your.relay>.nostr1.com Private Home Relays - ws://localhost:4869 (Citrine) - <your.relay>.nostr1.com (if you want) Search Relays - nostr.wine - relay.nostr.band - relay.noswhere.com Local Relays - ws://localhost:4869 (Citrine) General Relays - nos.lol - relay.damus.io - relay.primal.net - nostr.mom And a few of the recommended relays from Amethyst. ## Final Considerations Remember, relays can see what your Nostr client is requesting and downloading at all times. They can track what you see and see what you like. They can sell that information to the highest bidder, they can delete your content or content that a sponsor asked them to delete (like a negative review for instance) and they can censor you in any way they see fit. Before using any random free relay out there, make sure you trust its operator and you know its terms of service and privacy policies.

@ d8bcfacf:aa97645b

## What is the Purpose of Bitcoin? Why did anyone bother to create Bitcoin? What problems were they trying to solve? If you are new to the whole idea of a digital asset involving the mysterious field of cryptography, these are some questions that probably come to your mind. Before you get caught up in asking if you can "get rich quick" from Bitcoin, you should be asking if it has a deeper purpose. Bitcoin was created to serve a very specific purpose. If it did not serve that purpose, it would not be worth anything. Fortunately, it does. And, it was carefully and meticulously engineered to serve it precisely. Bitcoin's purpose is to provide reliable money that will serve all mankind - forever. That is a pretty lofty goal: serving all of mankind, forever! ## Was There Even a Problem in the First Place? Is our money unreliable? Does it really fail to serve all mankind? Are its days numbered? The sad fact is that the answer to all these questions is "Yes!" First, our money is unreliable: it loses its purchasing power through inflation. We also experience volatile economic cycles that destroy capital, jobs, wealth, and stability. Next, our money does not serve all mankind - many middlemen charge excessive fees to store and send our money. It is expensive to use internationally since converting it to other currencies is costly. Many people in the world lack any access to reliable banking. Our money system serves elites far better than it serves ordinary people. Finally, our money system is doomed to collapse. Currencies world-wide are rapidly losing purchasing power. In fact, throughout history, paper money decreed into existence by governments has failed every time that it has been implemented. And sadly, we cannot turn back the clock and go back to a time when gold was money. Gold is simply not secure from seizure, and it is far too slow, difficult and expensive to transport in a global economy. ## Bitcoin Fixes This Bitcoin was created through an ingenious and unprecedented combination of technologies. It provides, for the first time ever, money that is reliable, that serves all mankind, and that will last forever. Nothing like this has ever existed before. Bitcoin is free from inflation — its supply will never exceed 21 million coins. Each coin is divisible into 100 million units called satoshis. These will be issued on a fixed, unalterable schedule - taking over 100 years. Bitcoin is for all mankind — there are no elites who can manipulate it. Unlike the currencies of our present money, nobody can create bitcoins effortlessly for themselves. Nobody can be prevented from using Bitcoin — it will not allow anybody to stop someone else from using it. Finally, Bitcoin is forever — its operation depends solely on the laws of physics and mathematics, and these laws will stay in effect - unaltered - for as long as the Universe exists. Bitcoin was not created so that some people could "get rich quick". It was created to preserve the integrity of money — to make the most of your precious time, your energy, and your life. With Bitcoin you can keep what you have earned - and use it however, whenever, and wherever you desire. To you, Bitcoin is reliable money that can serve you for the rest of your life — and it offers you an escape from being the victim of an unjust, broken, dying, and failing monetary system.

@ 30876140:cffb1126

On a platform high in the clouds, a city floated populated by robots. The robots had no knowledge of their origins, and thus made up all sorts of odd fantasies regarding their history, exchanging one idea for another depending on the trends of the time. The city stayed afloat and powered by technological wonders that humanity will someday utilize on a massive scale, unimportant to mention here. Why, in a science fiction story would the technology be unimportant to discuss, you might ask. Because this story is about something different than technological wonder, and you will see what it is about in the coming pages. At the center of this city stood a factory, a factory which builds robots. No robot alive had seen who built it; thus the source of their wild tales. A new robot would pop out of the factory every so often, sometimes in pairs, sometimes in threes, and at times even in groups of fifteen or twenty. On a day like any other, a robot was born from the factory. It was night, actually. Before the factory was an open square, at times in the distant past this square was the center of the community, much like the steps of the government buildings in Athens from those old paintings, where robots would collect, and speak, and greet their newcomers with glee. But today, as the newborn robot emerged from the factory, the square was dark and empty. The first thing any robot would ever do when emerging from the factory was stumble. It's a very important business being born, after all, and since this robot had never used its legs before, it stumbled along like all the rest, nearly falling, but catching itself on a decorative post in the square. Why the post was there, none could tell, but it bore the scratches from hundreds of metal hands clinging onto it for dear life, so the population was generally thankful for its existence.  The next thing any robot ever does is issue forth its name. It must be in their programming; no robot had ever probed deeply into their minds, except by thought alone, so none had discovered the secret at the heart of their make-up. This robot issued forth a series of sounds, in robotic language, which sounded something like our English letters, M – C – H, so for the purposes of this story, we will call them MCH. And, for the time of this tale, all words spoken in the robotic language will be translated into the English language, so we can understand the meaning of the tale. After a robot speaks their name, there is a number of things they might do. They may look out, over the city, and see the beautiful buildings that touch the sky; or, they may work on an acrobatic act, learning to walk all the better; or a great number of other things too. MCH chose to look directly up, and saw the heavens shining above. Bright stars, and a beautiful white moon in crescent. This robot was filled with wonder at the sight, and nearly fell backward were it not for the post again. Whatever wonder our MCH was filled with was quickly squashed by the most annoying sort of distraction: an advertisement. Yes, my poor readers, an advertisement. Up above, hiding in the shadows between the rooftops of nearby buildings, was perched a gaggle of spherical drones, each with one large black eye and an anti-gravity emitter at its base, waiting for the next newborn robot to emerge from the factory. One such drone rose up, being the only one paying any attention at this time, and rushed down with uncanny grace, right down into MCH's field of vision. MCH could only see this robot now, and it startled him so much he tried to swat it away, accidentally forgetting that they were holding onto a support column and falling flat on their back. The drone flew in closer, and started to speak. “Well, hello there! Welcome to life in the big city!” MCH propped up, rubbed their head, and tried to ignore the drone completely. But, the little drone was quite persistent. “Now that you're all ready for life, it's time to start getting to work! You have your choice of a number of jobs to perform in the city, and it is my duty to get you situated into your new life! How exciting!” MCH was clearly not excited at all. Rising, and looking back up into the sky, MCH was filled with purpose, or rather the seeds of purpose, for MCH did not knew exactly what this feeling was that was filling them because of the stars above. MCH wanted to rise up into the sky and see what these interesting lights really were. Looking around, MCH spotted a building with protrusions leading all the way up its sides, perfect for a robot such as they to climb and get a better look at the city around. MCH started to walk towards it. The drone flew in front of MCH and did an annoyed little dance. “Just where are you going? You do not know the lay of the city. You haven't even chosen a career, yet! I...” MCH gently pushed the drone out of the way. This drone had obviously never been treated this way before, and it floated for a moment trying to make sense of it all.  When MCH reached the side of the building, they held onto one of the protrusions and tried their weight. Amazing, thought MCH, my arms can carry my weight like my legs. With a bold push off the ground, MCH began to climb the side of the building. The drone had floated for a minute, thinking all of this over, and then it really dawned on them what this newborn robot was doing.  “Just what do you think you are doing?”  The drone flew over next to MCH, who was now several meters in the air.  MCH responded, “I am going to see the sky.” The drone scoffed, “The sky? What about your job?”  MCH replied, “I want this job.”  The drone said, “Well if you like to climb, then I have the perfect job for you, deconstructing old buildings. You can climb, and carry a very fashionable melting-torch, and...”  MCH interrupted, “Climbing is only a way to the top. I want to look at the lights in the sky. ” The drone looked up. “The stars?”  MCH stopped, “Stars?”  “Our ancestors, the first robots, didn't see the stars, you know, never even looked up to think about them. Nobody has cared for many years what they may be. We are a city of _rational_ robots. What is out there is not important. What _is_ important, is getting you to your job _immediately_.” “I need to know more about the stars,” said MCH. “What can you tell me?”  “Nothing more.” chirped the drone. “You are due for work. Now, come along, climb down from this place and let's get you _placed_ in a _job_. Your society requires you.”  MCH resumed climbing. The drone kept shouting all sorts of unconvincing requests, but MCH was unconvinceable. The building rose high into the sky, taller than any other building in the square. MCH pulled themselves up onto the rooftop, seeing the vistas above the city. The view was spectacular. Far into the distance, the epicenter of the city rose up above the sprawl of smaller buildings below. The city stretched in all directions from the center in perfect symmetry. It seemed that over half the city was laid out recently in perfect rows, with buildings all crafted to match each other, and the other half remained from an older time. Active construction was taking place in a long strip of road extending between the city center and the edge of the city, far off. Where the city ended, the sky took up, filling all the heavens with shining stars.  We of today know that pollution from our earthen lights prevents us from seeing the spectacularity of the heavenly bodies as our ancient forebearers had seen in the remote past. But there was a peculiar quality to the vision of robots, that light pollution did not disrupt their ability to see the nighttime sky in all its glory. The galaxy of stars was painted perfectly above, the shining orbs of planetary bodies suspended between them, unwavering, and the beautiful moon in crescent, perfectly visible and doing no injustice to the light of the other lights which shared its sky.  It is enough to say that MCH was completely stricken by the beauty that was both above and below the high viewpoint. Even the drone took a moment to look over the city, admiring the progress it represented. The two were in silence for a moment, then, of course, the drone interrupted the moment.  “Well, now. Isn't that lovely. The city of your people, the city of my creators.”  MCH turned to the drone. “The city was built by my people?” “Yes,” replied the drone. “It has stood since time out of memory, though it has changed considerably over the ages. Now, it is being restored, in the vision of a grand new world.”  MCH could see the construction taking place. Both sections of the city, new and old, were constructed of pure metal, and every building was the same color. In the old city, the buildings looked as though they were crafted by individuals, trying new styles of art and expression, where as the new city looked like it was made from a copied pattern, repeated in perpetuity.  “Why does the new city look so boring?” asked MCH. “Boring?” the drone scoffed. “It is progress, unity, participation of the whole of robotic society on a scale never before fathomed that has created the new city. The old city is a mess of individualistic yearnings leading nowhere but chaotic self expression in an endless number of directions, with little holistic purpose other than radical separation.” “You speak too much,” MCH said. The drone flew backward a little, hovered for a second, its eye-lens contracting and expanding quicky while looking the robot up and down, then flew incredibly close until they were face to face. The drone whispered, “And you have not learned how to respect. Be careful down there; these robots punish chaos-makers like you with termination. Step into line, and you will live just fine in this city. But, keep following your own way, and I expect you will end up melted down into scrap for the building project.” Flying over, near the edge, the drone turned and said, in a cheery tone, “Shall we climb down from here, now? It's time for you to get to work.” Part 2 The drone lead MCH along a street that lead into the heart of the city. Both sides of the street were lined with newly constructed buildings; squares upon squares upon squares. Plain buildings with rounded edges in perfect symmetrical cubes, one upon the next like little boxes, on the road side. Unlike the buildings of the old city that MCH had seen from the rooftop, these buildings had no windows, and only a single opening, facing the street, which had no door.  “Drone, I have a question.” “Yes?” the drone said with excitement. “Where is everybody?” “They are at their workplaces, or recharging their energy inside of these buildings.” “That's it?” “What do you mean, _that's it?_” replied the drone with sarcasm. “What else is there to be doing?”  MCH did not know how to respond, so the two of them continued walking. Finally, MCH said, “I don't know. But something doesn't feel right here.” The drone gave an odd, mechanical laugh. “You shouldn't listen to your feelings, robot. They are irrational functions that do not serve the motion of society. You will see; far better robots have spent much more time than you have figuring out the best way for a robot to live.” “How do you know all of this if you are not a robot like me?” “I was once a robot, like you. I served the great machine of society very well, and showed a passion for the philosophy of motion that keeps the energy of our city flowing. It is a great honor to be a drone like me.” “How?” “We get to show the newcomers how society operates. I think I do a better job at it than my counterparts; they seem to favor the _dump all the collected information of robotic thought and history into the minds of the newcomers_ technique, and I simply cannot stand this method of forward conversation; could you?” “Maybe if you told me more instead of just pulling me right into work, I'd have a reason to follow you other than blind faith.” “Oho! You sound like a philosopher, now. Maybe that's your destiny. No matter, we will see with time. It is good to ask questions, but only if they lead to better understanding. You are being brought to work at the lowest levels of society; you will become a cog in the great machine. We all began as humble servants to society; even the greatest thinkers of robotic society began as cogs. But it's a very large subject. You'll be hearing all about it soon enough. I'll just share the basics with you. “Our society is a machine, and every robot is a part of it. We act as one unit, one mind. The more together we are, the better we are. It wasn't always so orderly, so be grateful that we finally found this way. It was the work of a body of philosophers, years behind us, who constructed this mode of thought, and it has been adopted into the heart of our society. “You will be a part of the machine, nothing less and nothing more, serving the various functions of its motion in time for perpetuity. Half of your life will be work, and the other half is separated into two parts: a period of communication with your peers, and a period of recharging in your dwelling space. That is what these buildings are, dwelling spaces, filled with little rooms that are filled with robots like you, recharging and readying for their work..” “What sort of work will I be doing?” “There are two functions that newborn cogs can fulfill. Your choices are basically constructor or deconstructor. What is old must be disassembled, what is new must be created.” “Those sound... alright. I want to be a constructor. What will I be making?” “That depends on the needs of the city. Your workplace Overseer will decide upon that, and then the Operators will instruct the Cogs on the task.” “Do I have a choice what I can create?” “No no, of course you don't. That is up to the Grand Overseers in the center of the city. They see what needs doing, then send orders to the Overseers of the various workplaces to begin construction or deconstruction.” “What sort of things to we construct in this city?” “Oh, you will see. I won't ruin the surprises for you.” The drone gave an odd sound that seemed like a giggle.  The symmetrical cubes gave way immediately to larger cubes, equally symmetrical, but each having now three doors. A humming sound emanated from the buildings of this district. “Well, here we are! This is the section of the city that robots come to for work. It is in a perfect ring, around the center. Let's find you a job.” The drone flew ahead of MCH and approached the first building on the right. A screen near each door was shining a pale blue light. When the drone approached the screen nearest, it began flashing with information. The drone watched it for a moment, then quickly sped off to a screen on the next building, repeating this process several times while MCH stood in the center of the road, waiting. After several minutes, the drone sped back to MCH. “Good! I found you a job. It's right over here.” MCH followed the drone. “This is what you'll do. When you're coming to work, approach the door on the right. Press your hand against this screen, and when it turns the color green, the door will open. Go on, now, give it a try.”  MCH noticed that these buildings had doors, where as the previous buildings, where robots went to recharge, did not have doors. MCH placed their hand onto the screen. It immediately turned green, and the door slid open. “Excellent. Now, follow me.” They entered a large room with a high ceiling containing lines of recessed bright lights. The humming that MCH heard before was coming from three long conveyor belt machines that stretched the length of the room, which actively pulled small objects along from openings in the walls, across the  room; two of them turned at right angles, entering the walls again to different parts of the building, and the belt in the middle disappeared into the floor, dumping its contents below. On each side of every belt, robots assembled the pieces together in a rhythmic unison. They were humming a song while they worked. Down the middle lane, objects were coming in to be disassembled, and those parts fell down into the floor. The drone turned to MCH. “This is your workplace. It does not have a name; it does not need a name, just like you do not need a name, though you may have already come up with one at the factory.You are a Cog in the Great Machine just like your fellows in this factory. Watch how they work. See their rhythm, hear their song? You will learn this rhythm and song. Their day is almost finished. You'll go with them to leisure time, where you'll speak and get to know each other in a regimented, friendly fashion.” A noise erupted from somewhere in the building and the conveyor belts all stopped in their place. The robots all issued a sound together, like “Oho!” and stepped, in perfect lines, towards the door.  “Once the last one is out, fall into place at their rear, and follow them to Speaker Square. I will be nearby for when it is time to recharge. Good day!” Part 3 The robots walking in lines were soon joined by other robots emerging in lines from the other workplace buildings, and soon the whole street was a parade of robotic steps moving into the city center. Nobody talked, though everybody hummed in the same note. MCH was walking just like them, not quite with such perfect rhythm but keeping up well.  The parade walked for about ten minutes, passing by building after building looking exactly the same as the last, until finally they reached the edge of the city center, there the buildings suddenly grew exceedingly tall and slender. They rose hundreds of feet, and they all were lined with silver windows high above, near the tenth floor and beyond. The windows were very reflective; the sun was beginning to rise, a bright light in the sky that began to shine off the windows of the buildings, and the sky was turning blue. The procession reached the very heart of the city, where a huge open square was filled with robots, all chattering in small groups or pairs with one another. It seemed that many of them were speaking just to speak, and began to do so the second that their feet touched the center's ground. A robot near MCH turned to face them, and started a conversation. “So you're a newborn. I could tell by the sound of your feet. You weren't matching our steps. No matter, you'll get it soon enough. You were just born yesterday, after all. Did you get to go to work today?” “No, I came in too late, they were just announcing leisure time.” “Oh, well that's a shame,” replied the robot. “Work is the most important part of participating in our society. If you don't work, well, they'll terminate you.” “Yeah, I heard,” replied MCH.  The robot turned to a small group that was talking near them. “Well, how was your day at work, team?” They all replied with nods and a general sound of agreement.  “This here's a newborn, just joining us for the first time.” Sounds of welcome came in MCH's direction.  “Oh, you're going to be a great addition,” said one robot. “Work hard, and you may even get to be an Overseer someday,” said another. MCH asked, “What do I need to do to become an Overseer?” “You need to work hard, for a long time. You'll eventually get promoted, every robot always does.” “There are many types of Overseers, too. You'll be a Lead Cog before ever becoming an Overseer. Lead Cogs communicate directly the orders of the Overseer of the Cogs at the factory. There's an Overseer of the Cogs at every workplace, and a Lead Cog for every twenty robots.” MCH looked around at the buildings. The sun's light was reflecting down in strands from the windows on the tops of the buildings. The buildings in the city center were constructed closely together and shadows played between them, cut only by the sunlight, and dulled by the soft glow of lamps protruding from low pillars surrounding the square.  “What is the purpose of these buildings?” asked MCH. “This is where the Overseers live, and work. It's important for them to have a view of the city; it allows them to think clearer about the decisions they'll make about our future.” The other robots nodded in approval. “It's also where the Inventors live and work,” said another robot. MCH turned quickly to face the robot. “The Inventors? What are the Inventors?” “The Inventors work directly with the Overseers, creating the plans for all the ideas that the Overseers have. There are all sorts of Inventors; city planners, building architects, machine makers. That is a respected position.” “How do I become an Inventor?” _Finally_, MCH thought, _something that I may actually want to spend my days doing._ “Well, it's difficult. As a Cog, you have no voice and cannot speak to a superior, unless they speak directly to you. An Overseer needs to see you have a quick, inventive mind, so often they'll test their Lead Cogs or ask them all sorts of questions to figure out if they're going to be slated for an Overseer position, or able to become an Inventor. So, it'll take you a long time to get there.” “How long?” MCH quickly blurted. “Well, ten days of work make a macro, and ten macros make a grand. Ten grands make a cycle. I've been a Cog for three cycles, seven macros and six work days. But I expect I'll promote soon enough.” MCH slumped as they stood. “How long does it usually take?” “It's a little random; don't lose heart! I've seen promotions occur for the fastest working robots in their first cycle. Keep a steady work flow and you just may get that promotion faster than the rest of us.” The rest of the conversations in the square continued without MCH's engagement; they were all speaking nonsense, as far as MCH was concerned; facts that seem to have been spit between them for how many cycles he had no guess. MCH spent the rest of leisure time slowly gazing round the square, at the buildings, at the robots, steadying the tides that pushed their robotic mind this way and that, from one thought to another, disassembling and reassembling all manner of constructs, and wondering at the purpose of it all. Had any other robots thought about the purpose of it all, even? MCH thought. They were about to ask the other robots, but a loud din from somewhere signaled the end of leisure time. The robots all turned towards one of ten roads leading out from the city center, like lines extending from the center of a clock, and began to file out.  Just then, MCH spotted the drone from earlier, flying above the crowd and looking at the faces of the robots, likely searching for the familiar face of the newborn. The thought entered their mind, _run, and escape this horrible place._ MCH almost ducked into a line leading out towards the rising sun, but the drone had spotted them at just that moment. “Ah there you are! I hope you have enjoyed your leisure time; your energy is likely getting very  low.” “I feel just fine,” MCH replied. “That's not likely to last. Luckily, I've taken the time searching for your new dwelling. Follow this line, here.” MCH and the drone fell into step behind a line that was moving away from the city by a road headed not directly towards the rising sun, but a little to its left. The line was moving in perfect step, so MCH tried to keep step with them. The drone hovered above, near their shoulder.  They passed into the work district, then back into the district of dwellings.

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Written for English 293 – Science Fiction Class Seattle Central College March 12th, 2017 The Final Essay # I Am Terminal: Enter, The Cybernauts ## Introduction The days of true cyberpunk are over. New cyberpunk can only continue as a form of nostalgia, a memory, reliving a technologically-surpassed era that drew from a culture of objects and media that are now buried in the trash heaps and storage units of the long-gone 90s. Just as every new iteration of a technological device outdates the previous, so too has cyberpunk lost its seat as a cutting-edge genre of science fiction. However, as we shall see, cyberpunk was among the first fiction to explore the very real prospect of entering into a computer-driven virtual reality, thus pioneering the digital frontier and altering the human _mindscape_ to prepare us for the virtual reality that is now emerging.  The invention and development of technologies that allow an immersive experience of computer-simulated environments is the central focus to this text. How we receive stimulus from and interact with virtual worlds is another central theme to this text, and of particular importance is the question, _how else can we interact with computers and virtual worlds, now and in our future?_ We will explore the development of _cyberspace_ (a term coined by William Gibson) and its interfaces in relation to three stages of development:  a) cyberpunk's _fantasy_ of cyberspace,  b) the current _reality_ of virtual reality, and  c) a Transhumanist perspective of humankind's _future_ as cyberspace creators and explorers. It is my intention to provide questions and prompts for emerging _cybernaut science fiction_ authors and creators, and bring together a collection of information with which to draw from in our texts. This is all in the effort to present where we are today, as witnesses to the actual emergence of virtual worlds, with the hope that we all can create more interesting fiction that imaginatively moves us beyond our current technological and mental capabilities.  Quips and points will often be made without context or explanation, analogous to the experience of surfing the internet of today, which bombards us with one-liner hyperlinks designed to draw our attention into a webpage; this is done with the intention to spur a thought in the reader without the need to further explain the point. If this text sometimes feels like a lecture, then let it also be considered another literary condition of our information-driven era, harmonious with the amount of reading that is expected of us as second-generation terminal users. With this understanding, we may surpass the trap of the information itself and instead utilize our data through an artistic channel.  ## Neo-Neologisms Two terms which will be used extensively in this text are here described: _Datascape_ will refer to the unseen dimension of all digital information, regardless of its rendering and portrayal to the human user (as opposed to a _virtual world_ or a _cyberspace_, which is a  _rendered_ virtual environment). The datascape envelops all information that is locally stored or traveling between terminals, whether it is a package of bytes or an endless stream of data. Data and the datascape can be manipulated in nearly endless ways, as will be explored throughout this text.  _Cybernaut_, similar to _astronaut,_ quite literally means _an explorer or adventurer of cyberspace_; this term can refer to any user of digital technology, specifically those who use computers, surf the internet, and explore virtual reality.  **“**_Cybernaut science fiction_ **will rely on a broad range of digital media expression, which includes the literary arts, but also encompasses digital painting, electronic music, and simulation design.”** - Acea Spades Black, _I Am Terminal_ Let's begin. Power: ON Cybernauts are the builders and inventors of virtual worlds.  Cybernauts are the enjoyers and explorers of virtual worlds. Cybernauts are the sustainers and destroyers of virtual worlds. ## Of Cyberpunk... “Jameson himself has stated that cyberpunk is 'henceforth, for many of us, the supreme **_literary_** expression if not of postmodernism, then of late capitalism itself.'”  - Scott Bukatman, _Terminal Identity_ Cyberpunk narratives emerged as a gross extrapolation of the breakdowns of self that occurred to the humans most affected by postmodern life, aspects of which were projected upon a fictitious near- future world, replete and engulfed by the advertising industry, pop-culture phenomenas, consumer products and electronics, and body modifications. Cyberpunk, and postmodern fiction in general, features characters who are lost in a sea of scientific and technological change; a rapidly moving world in which human identity is challenged by a loss of center, the sensation that the individual can no longer relate to old ontological beliefs in so foundational a thing as the concept of reality itself. The characters in a postmodern tale must often invent their own meaning of reality. An overpowering sense of change and helplessness, often due in equal measure to the explosive transformation of the world by technology, the changing ideas of reality due to mind-shattering scientific discovery, and the total dominance of multinational corporate entities who have gained a powerful hold on the socio-economic systems of the Earth. In cyberpunk, the criminal underworld becomes a haven for those who wish to avoid the futility; yet, ironically, those who escape into the criminal underbelly of society often find themselves backed into a corner of their own actions and misdeeds, thus reinforcing the sensation of utter inescapability. Some look to phenomenal experiences for their identity, as the character Case does in _Neuromancer_, who becomes addicted to the experience of navigating cyberspace. Instead of introducing the electronic devices and incredible phenomenas of these worlds with a reverent awe, the cyberpunk novel often takes the new world and turns it inside-out, describing its darkness and the aspects that are riddled with corruption. Though the cyberpunk world is filled with objects and experiences that the reader may find incredible, the characters rarely find anything special about their world, and cyberspace falls in as just another feature of the technological cityscape. **“When people are little more than bytes in the government data stream, can anyone remain human?”**  - John Brunner, _Shockwave Rider_ (1975)  **“For one thing, the cyberpunks were the first generation of artists for whom the technologies of satellite dishes, video and audio players and recorders, computers and videogames (both of particular importance), digital watches, and**  **MTV were not exoticisms, but part of a daily '**_reality-matrix_**'.”**  - Larry McCaffery, _Storming the Reality Studio_ Today's technology has evolved way beyond the old cyberpunk motifs; video cassettes became DVDs which is now being replaced by internet streaming; audio cassettes became CDs and transformed into digital MP3s which are also being replaced by subscription streaming services. Even television, which existed in a form little-changed for decades, has given way to internet videos, far beyond the days of on-demand cable television programs. Where the technologies of the cyberpunk era were typically a tangible, analog device, the technologies of our current era are _streaming_, literally _streams of data_ that move from server-to-client through a network, most often the internet. Even when we keep our own copy of a song or movie on our computers or cellphones, they are only copies of data that a stream has deposited into our devices. The data itself is an inaccessible layer of invisible power, understood only in its context by a computer that can make sense of the code within. Be it stored inside of a forgotten server in the bottom of a basement, or streaming rapidly across the internet and into multiple devices, the data itself in its entirety makes up the invisible dimension that we call the _datascape_. Where as Case in Gibson's tale described cyberspace as a consciously-navigable dimension of information, most of the actual datascape remains completely unseen, never intended to interact with a human. But, in the cyberpunk fantasy of cyberspace, the datascape is laid bare to the senses. A central motif to the cyberpunk tale is the 'console cowboy', the hacker that navigates cyberspace for whatever purpose they find important, be it stealing money from online bank accounts, or collecting classified information from protected data servers. The direct connection between the human brain and the network terminal is a central device in Gibson's _Neuromancer,_ and also in the action film _The Matrix_. The idea that a human can be directly connected to a computer network and navigate within a digital dimension is the heart of _cybernaut science fiction_, and cyberpunk has been instrumental in bringing forth this storytelling device.  Where as cyberspace may have been used by postmodern and cyberpunk writers as a literary device, “to construct a new subject-position to interface with the global realms of data circulation, a subject that can occupy or intersect the cyberscapes of contemporary existence”, as Bukatman described in _Terminal Identity_, cyberspace can now be used in a literal sense, as it is becoming a real technology in today's world. How it is used as a literary device is up to the author alone; whether it is just another vehicle for the story, a backdrop item in the techno-world, a region of exploration, or a tool for questioning the very nature of reality, thought, and human identity. “In societies where modern conditions of production prevail, all of life presents itself as an immense accumulation of _spectacles_. Everything that was directly lived has moved away into a representation.”  - Guy Debord, _La Societe du Spectacle_ (1967)  The cyberpunks envisioned the day of data terminals in our pockets and cyberspace as a navigable region; we live with these technologies as a daily reality. They, like the science fiction writers who spoke of traveling to outer space long before the first moon landing (a la _A Trip to the Moon,_1902), had only a fantasy of the technology that their narratives bespoke. But, like the science fiction writers who followed the wake of scientific achievements that sent humankind into space, we are the generation that can enter into cyberspace; we have the datascape right here, in our own hands, and we are constantly shaping this dimension. We are the first generation that can truly call ourselves _cybernauts_. **“Invisible spaces now dominate, as the** _city_ **of the modernist era is replaced by the** _non-place urban realm_  **and** _outer space_ **is superseded by** _cyberspace_**.”**  - Scott Bukatman, _Terminal Identity_ ## Reality, Virtual... The 'virtual reality' technology that was developed during the late 20th century prepared us for a massive leap in functionality made possible due to exponentially increasing computational power, and,  thanks to the work of Palmer Luckey and his company, _Oculus,_ the head-mounted display (HMD) was brought to the consumer market in the mid-2010s. Modern HMDs utilize real-time position tracking that register user motion in a computer simulation, simultaneously updating the user's perspective to match their position in cyberspace. Additionally, the user may also use a number of peripheral devices that further immerse the senses into the experience of a virtual world. To mention just a few:  The _Virtuix Omni_ allows the user a full range motion in virtual space; a harness apparatus keeps the user in place, suspended above on a smooth surface, which the feet slide upon to register motion in the simulation. Haptic feedback suits, such as the _Hardlight VR_, give the user a tactile sense of virtual space; the user experiences full-body sensations when coming into contact with digital simulacra, determined by the simulation's physics engine. The _Manus VR_ gloves tracks and projects the motion of the user's hands into cyberspace with incredible precision, and also generate haptic feedback during interaction with virtual objects. To immerse the sense of sound in virtual reality, pick up a set of _OSSIC X_ 3D headphones; these sync with the simulation to give the user a very detailed spatial-audio experience that vivifies distance and presence in virtual reality. Combining these elements together, we have an experience of cyberspace that is impossibly interesting. The only senses that have not yet been virtually mastered are the taste and smell; yet, interestingly enough, the mind has the ability to fill these in on its own, owing to the synesthesia that is created by being so completely enveloped in the multi-sensory experience that virtual reality provides. These devices are not the future of virtual reality; they are the present. These are the tools of the current generation, not the fantasies of a science fiction world. This is the beginning of the new millennium, and these technologies are offered to us on the consumer market. What does this spell for the future of cyberspace immersion and interaction? To what purpose will we use these devices; as narrative devices, as entertainment consoles, as educational tools, or beyond that?  Moving beyond the capable, which will only grow more vivid with each iteration, it is our imagination that opens the doors to new possibilities. Reaching far into the future, we can imagine the human being transformed by these technologies; the true explorer of the digital realm. ## Cybernautic Transhumanism **“[Transhumanism] promotes an interdisciplinary approach to understanding and evaluating the** **opportunities for enhancing the human condition and the human organism ... The enhancement options** **being discussed include... augmentation of human intellectual, physical, and emotional capacities...** **along with other potential developments that could profoundly alter the human condition...** **[such as] economic, social, and institutional designs, cultural development, and** **psychological skills and techniques...** **Transhumanists view human nature as a work-in-progress”**  - Nick Bostrom, _Transhumanist Values_ **“It has fallen to science fiction to repeatedly narrate a new subject that can**  **somehow directly interface with – and master – the cybernetic technologies of the Information Age...”**  Scott Bukatman, _Terminal Identity_ Transhumanism presents us a vehicle for discussion of the human future, for it encompasses not only changes to the human body, but also to thought, socio-economic order, cultural development, and the wonders of immense technological change. A Transhumanist must consider our future as technological beings who interact with the datascape, imagining the human developing senses of cognition and interaction with the extra-sensory stimuli of the digital dimension. The datascape is a mirror to our world because it is interconnected with it, but it also stands alone as its own, intangible space. But what makes it untouchable is the human's lack of a sense of electronics and data. Without eyes, we may not see the light, and without the _datasense_, we will not be able to touch the datascape. Computers are, in a sense, _data-sensitive beings_, able to send, receive, and alter the datascape itself. Will a human develop the _datasense_, too? Just how far will we merge with the datascape?  How exactly does one gain the datasense?  What new capabilities will we invent as data-sensitive beings?  Our capacity to enter the digital landscape is limited to external sensory stimulation by way of the ears, eyes, and haptic pressure. We have not yet gained the ability to directly stimulate the human brain to create holistically-experienced renderings of the virtual world; but, we aren't far behind.  I had the pleasure to work with the son of a neuroscientist whose research team is currently inventing a technology that allows the blind to see by way of a camera connected to an electrically-stimulating tongue sensor; the user places the sensor on their tongue, which sends signals from the camera into their brain, displaying a visible signal. Another technology for the blind involves installing a camera by wires directly into the user's visual cortex, an invasive yet steadily improving technology. If this technology were to be used to render images or simulations from a computer directly into the user's brain, the user could be completely immersed in the datascape in currently-unfathomed ways. **“Transhumanists hope that by responsible use of science, technology and other rational means we shall eventually manage to become posthuman, beings with vastly greater capacities than present human beings have.”**   - Bostrom, _Transhumanist Values_ ## The Song of The Terminal **“The newly proliferating electronic technologies of the Information Age are invisible,**  **circulating outside of the human experience of space and time.”** - Bukatman, _Terminal Identity_ To envision a future in which human has merged with the datascape, we as authors must be willing to draw from the real field of computer science. Whether or not we adopt the practice of writing our narratives as _hard science fiction,_ in which our devices are constructed ingeniously from an understanding of the actual working of a computer, we must at least take into account that the general computer literacy among readers has significantly increased in the new millennium. Long gone are the days that we can get away with an uneducated use of computer technology, typing in a few one-word commands and expecting the computer to know exactly what we mean, or throwing around words like _algorithm_ and _CPU_ like they're magic. Well, a computer isn't magic, and neither is science, so why do so many authors describe their advanced technologies like all-powerful objects of miracles and mysticism? If we are going to author _cybernaut science fiction_, then we must at least have a basic understanding of how a computer works and, most importantly, how it renders the datascape into a human-accessible form. From there, we can begin to consider what other ways the datascape can be rendered for human interaction.  With the exception of the virtual reality technologies mentioned, we currently access the digital dimension almost exclusively by way of a computer; i.e. a terminal. There is a screen which displays data that has been rendered into a visible form, be it a line of symbols, or a colorful, navigable environment. By way of peripherals, such as a keyboard and mouse, we access and manipulate data that displayed to us, and this data is either is stored in the computer, or is streaming into it and out of it through a network like the internet. Data itself is just a code, a series of electronic switches that are grouped together to form bytes. The computer itself is designed to manipulate these switches and bytes. Computer languages use these switches as their foundation; their letters, if you will. There are nearly endless ways that a computer can read these switches; they are the foundation of _computer languages_. Data itself is just information, stored in bytes, waiting to be interpreted by the right language. Language is our primary interface with machines, albeit a strange language. We can then venture to say that the datascape itself is a region of language, acting as an intermediary between human-and-machine, and machine-to-machine. Information overload, terminated. ## Beyond the Terminal Here's a question for you to ponder: if a computer is made up of tiny switches that make a code, and components that can move and alter these switches, just how the heck do you think your conscious mind is going to get stuck inside that hard drive? Discuss and hypothesize. We can begin to imagine incredible new ways in which the human being will interact with data, and thus new ways in which the human will interact with the machine. Cyberpunk and Transhumanism has explored the idea of human physically or mentally merging with a machine, beyond the use of screens as the exclusive intermediary. Direct control of a machine by way of telepathy and brainwaves or mental impulses may or may not hinge upon a data-language, instead instituting direct synaptic control over the machine. A human with the datasense could, theoretically, think and emit pure data.  But can we also envision a computer that works without data? There is a very imaginative story which illustrates an example of humans merging with machines; in _The Ship Who Sang_ by Anna McCaffery, a newborn human baby is selected to become the operator of a space-traveling scout ship. She spends her life in training, slowly becoming fused with the technologies that allow her to control the mechanisms of the ship:  “Instead of kicking feet, Helva's neural responses started her wheels; instead of grabbing with hands, she manipulated mechanical extensions. As she matured, more and more neural synapses would be adjusted to operate other mechanisms that went into the maintenance and running of a space ship.” Helva's physical actions are completely merged with machinery. There is no intermediate terminal, no screens to read or knobs to turn; Helva _is_ the computer terminal.  Another interesting example can be found in _Plus_ by Joseph McElroy (1976); described in _Cyberpunk 101_: “A dying engineer who has his brain removed awakens to find he has become, literally, a mere communication device, attached to a computer inside a satellite orbiting the earth. As 'he' (Imp Plus) gradually recovers his memories and reinvents language, he transforms himself into a fully conscious biological and chemical laboratory.” In the science fiction epic, _The Matrix_, humans are grown in fusion with machinery; their psyches are projected into a virtual dimension where dwells their persona while they are _jacked-in,_ or physically-connected to the illusion-generating machine. In the story, humans live their entire lives unaware that they are trapped inside of a virtual simulation, but those who awaken from the simulation are thrust into 'the real world', which is a horrific place that is completely twisted into a terror-scape of Giger-ian machine dominance; the awakened are collected by the other freed humans and are taught how to master their virtual presence; by having programs downloaded into their brains, they gain amazing powers in the virtual world.  How else will humans interface with virtual reality? **“No longer has information any tangible, kinetic analogue in the world of the senses, or in the imaginations of writers of fiction. Gone are the great arrays of vacuum tubes, the thousands of toggles that heroes of space fiction would flick _almost_ faster than the eye could see as they dodges space 'torpedoes', outflanked alien 'battle lines', steered through asteroid 'storms'; gone, more importantly, is any sustained sense of the autonomy, in space and time, of gross visible individual human actions. And if 'actions' are now invisible, then our fates are likewise beyond our grasp. We no longer feel that we penetrate the future; futures penetrate us.”**  - John Clute ## Epics of the Cybernauts **“Anthropologists of possible selves, we are technicians of realizable futures.”** – Donna Haraway Star travel; alien planets; apocalypse; utopia; the mundane and the incredible; in the dimension of simulacra, we can create anything.  It is tempting to launch into a detailed survey of simulations and virtual worlds that are currently available to the interested reader; but, this is out of the scope of this text. Suffice it to say, entire galaxies have been generated in cyberspace and await your exploration. This leads to the all-important question: how will you use these technologies in your work? Will you write a story, or design a story for expression in a virtual environment? Entire manifestos could be generated with the do's and don'ts of cybernaut science fiction tales (and I expect to read them, someday). Not only must virtual reality be used as a simulation of reality, but it can also be used as a simulation of hyper-reality, sub-reality, pseudo-reality, and even non-reality. Let us hope for _The Virtual Non-Reality Manifesto_ to emerge soon after this text is complete.  We must chart course in the _mindscape_ before we can create new ground in the datascape. We as authors and creators are best suited for such advances in thought and invention, since we are already so often dwelling in our own minds. Focus not only on human interactions with virtual reality; invent new personifications for those who dwell exclusively in the datascape. We can use these technologies to simulate potential futures, the possibilities awaiting our actions, globally and individually, to determine the best course ahead. Helva, in _The Ship Who Sang_, is educated from youth in the subjects of “trajectory, propulsion techniques, computation, logistics, mental hygiene, basic alien psychology, philology, space history, law, traffic, codes: all the etceteras that eventually became compounded into a reasoning, logical, informed citizen”. Her education is shaped by her function, her duty, and enhance her abilities as the operator of a scout ships in an intergalactic future. If we are born with the ability to interact with the datascape, what education would we be given to enhance our abilities as _cybernauts_? What would the world of the future look like in which the population (or a select few) can enter the datascape, and what would they be taught? The field of _cybography_ is waiting to be invented.  When physical laws can be rewritten by the changing of a few values hidden in the fabric of the digital universe... Hmm... The human creative impulse is engulfing the datascape. Digital art is on the rise and new forms of it are taking shape in the data cosmos. How will our interactions with virtual reality and the datascape change us as individuals; as a society? What place will virtual reality have in human life? Will it be only an entertainment device; a social playground; a space for political discussion; an area of discovery? Will we send ships into space, covered in cameras and scientific devices, yet control them from the comfort of our own homes? What will we see in our deeper explorations of the virtual dimension? Will we need to create everything, or will an artificial intelligence create these worlds for us? Will there be paranormal experiences not originally intended, such as solar activity that causes unexpected phantasmagoria? ## In Conclusion We, the cybernauts, venture into the datascape with the intention of shaping this creation to our will, for the purpose of creating epic narratives, and to enhance the joy of our techie-lives. We may be a far-cry away from _jacking-in_ to the datascape, like the characters in _The Matrix_ and _Neuromancer_, though we can currently interact with virtual worlds in incredible ways. We can't directly transform matter into something digital, as the Master Control Program does to Flynn in _TRON_, but we do have the ability to produce tangible simulacra in virtual reality from physical objects in the real world, which is certainly the better option (I'm sure you can agree). We may not escape our daily lives by immersing  deeply in the digital dimension, as do the characters of _Ready, Player One_, though that possibility is coming closer every day, for better or for worse. The cyberpunks of yesteryear had only a fantasy of the technology that the cybernauts utilize daily. What will we do with this technology, how will this technology transform humanity, and what devices will the next generation use that we today can only imagine? Sources 1) _Introduction to Terminal Identity_ by Scott Bukatman 2) _Terminal Resistance_, a chapter of _Terminal Identity_, by Scott Bukatman 3) _Transhumanist Values_ by Nick Bostrom 4) _The Mundane Manifesto_ by Geoff Ryman 5) _The Ship Who Sang_ by Anna McCaffrey 6) _Storming The Reality Studio_ by Larry McCaffery 7) _Cyberpunk 101_ by Richard Kadrey and Larry McCaffery _8) Websites for virtual reality technologies:_ [_www.virzoom.com_](http://www.virzoom.com/) _;_ [_www.ossic.com_](http://www.ossic.com/) _;_ [_www.oculus.com_](http://www.oculus.com/) _;_ [_www.hardlightvr.com_](http://www.hardlightvr.com/) _;_ [_www.manus-vr.com_](http://www.manus-vr.com/) _;_ [_www.leapmotion.com_](http://www.leapmotion.com/) _;_ [_www.microsoft.com_](http://www.microsoft.com/) _;_ [_www.magicleap.com_](http://www.magicleap.com/) _;_ [_www.virtuix.com_](http://www.virtuix.com/) _;_

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# Violet Starlight The oceans of Alderaan are but raindrops in the depth of your beautiful eyes. The music of the stars is a lullaby, The sonnet of your voice is their song. The thought of you is my guiding light in empty space, That my heart may return to your violet sun, Your love brings peace to my galaxy. This gulf that stretches between us, so easily we can cross, for Hyperspace is not just a lover's dream. Fly with me to see the wondrous waterfalls of Theed, The city built from branches on the forest world, Kashyyk, The temples of Yavin's Moon, the little bears of Endor, With the Force as our guide, we will see them all, Together. In a galaxy far, far, away, Let's begin our journey.

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# Love God ## A Short Story ### by Acea Spades, 2016 ----------- Jimmy sat in his bedroom, stooping over his desk, trembling with a pencil in his hand. Twenty or so balls of crushed paper littered the messy floor, three on his dirty bed. On the desk, being scrutinized by his terrified eyes, was a love letter. His shaky hands made fussy lines despite how many times he tried to make the letters perfect. The note read: *Cindy, I love you. Do you love me?* *Yes - No* *Jimmy* He stared at the paper for a long time. Tears appeared in little beads around his eyes. He snatched the paper from the table, smashed it between his hands, and threw it against the wall. The doorbell rang. Downstairs, his mother's footsteps made a line from the kitchen to the entryway. The door creaked on its hinges, followed by the muffled voices of happy people. The sounds echoed in the hallway and intruded from under Jimmy's door. His grandfather, and his grandmother, voices thick with an old-world accent, made bright conversation with his very-American mother. There was another voice, too, probably Uncle Roman's; Jimmy could already smell rotten alcohol and convenience-store cologne. “Jimmy!” his mother's voice from under the door called, “They're here! Come down!” Jimmy slammed the pencil on the table and wiped his eyes before dragging himself out of the room. “Hey, it's Jimmy!” His wrinkled relatives called from the entryway when he appeared. There was Uncle Roman behind them, shutting the door. His button-shirt was parted to reveal a chest of curled hairs, and a medallion on a gold chain. Jimmy descended the stairs with a heavy thump on every step. He gave a good stomp on the squeaky stair. His grandmother descended upon him with kisses, much like the lion devours the water buffalo. “Ooooh, my little grandchild! It has been so long. Too long. Look how you've grown! All grown up now. Kiss me like you used to.” “Gran-Gran, you were just here for the Fourth of July.” He caught a scowl from his mother, but turned his head so he didn't have to bear it. His grandfather came and gave him a hug. His bones were so close to his skin, without muscle or fat to cushion his affection. “It's good to see you, grandson.” “It's good to see you too, Pop-Pop." “Sorry we couldn't make it in for your birthday. Here, I've got a card from me and Gran-Gran.” From the top zipper-pocket of his leather suitcase, Pop-Pop pulled out a shiny piece of folded cardstock with the number 12 written in bright gold. Jimmy opened the card. Nothing fell out. “Thanks, Pop-Pop.” “Your Gran-Gran has not stopped talking about you, all the way over. Oh, he's probably so big, now. Oh, I wonder how his school is going. Oh, we need to invite him to our home over winter and spoil him rotten.” Gran-Gran grumbled. “Well you don't understand just how much I love our little grandson.” “He's not little any more, Ma-Ma.” Uncle Roman set a heavy hand on Jimmy's shoulder and shook him. Jimmy felt a bruise begin to form. “Look at him. Reminds me so much of Gregor, I thought this was a dream.” The entryway grew quiet. The moment stalled. Jimmy's mother broke the tension. “Well, let me show you where you're staying. Gran and Pop, you'll be upstairs at the end of the hall. Rome, I hope it's alright if you sleep on the couch, we don't have any more bedrooms.” “A couch? Well, your couch is better than that pile of shit I call a bed." Jimmy's mother contined. "There's blankets tucked in the space next to the couch, and it folds out into a really comfortable hide-away." She turned back to the elders. "Come on, I'll show you two where your room is. Jimmy, will you grab Pop's bags?” They dragged the suitcases up the steps and down the hallway. The wheels loudly scraped against the iron floor-waffle that kept them warm during cold winter nights. Jimmy set Pop's bags outside the bedroom door, then retreated back to his room. He ignored his family's voices, despite their directionless words coming through the little crack in his door. He was again stooped over his work, a Mozart or a Rembrandt, the future pulling down on his shoulders, begging him to die in his graven masterpiece. A long time passed; it could have been an hour, or a day, or seven weeks. The smells of roast duck and steamed cauliflower were floating up from the dinner hall, haunting his nostrils, tearing his concentration. He heard the pieces of conversation that made their sneaky way under his bedroom door. His mother speaking loudly to Uncle Roman; a boorish chuckle returning her words. Down the hallway, he heard the old language being spoken; Gran-Gran and Pop-Pop were praying, the soft click and clack of her rosary, or maybe Pop-Pop's worry beads. Jimmy saw his grandmother's furrowed brow, her religious concentration, the picture of his dead father she'd prop up on the bedside table. Heavy feet plodded up the stairs. They stopped in front of Jimmy's door. Fat knuckles beat on his door as if trying to force entry. “Jimmy my boy. What are you doing in here?” The doorknob turned. Jimmy sprang up, knocking his chair backward. He started kicking the paper wads under the bed, but it was too late. The door was open, and there stood his uncle. Jimmy turned his back to the invader. “What, Uncle Roman?” His voice cracked. The boor stepped in and closed the door behind him. In the tiny bedroom, this man was an Odysseian giant, and Jimmy a captured lamb. The monster looked around the room for just a moment, searching the cave for signs of danger. Those heavy feet took two big steps and were already across the room. The monster dropped onto Jimmy's bed, crushing the blankets. The metal springs screamed for help. They sat there for an endless moment, in silence. Roman looked round the room, eyes obscured behind large, creased eyebrows. He turned his stubbled chin towards the floor, then reached to grab one a piece of paper. Jimmy made a tiny squealing noise; he would have stolen the paper out of the giant's hands if he wasn't so afraid. He watched in terror as Uncle Roman unwrapped the cast-away letter. Uncle Roman's face was ruffled with concentration, then it opened into a smile like a blooming spring flower. His black eyes turned from the paper and attacked Jimmy from behind a stupid grin. “You are in love, my boy! What is her name?” Jimmy leaned forward a little and looked at the note, to make sure he hadn't forgotten to write her name on that draft. “Umm... Cindy?” “Ah, Cindy, a beautiful name! Tell me about her. Is she beautiful?” Jimmy didn't speak. He couldn't speak. He could barely breathe. “Come on, Jimmy. Tell me about her.” Uncle Roman gave the boy a punch on the shoulder, already crushed by the careless squeeze. There was an long pause. The giant's stare was unnerving. “She... she's... pretty.” “She's pretty!” His head rolled backwards and the barking roar of a sea lion shot out of his hairy throat. “She's pretty and she has blonde hair and I've wanted to ask her to be my girlfriend since the second grade. But she likes Tommy and Stuart wants to be her boyfriend too so I don't have a chance.” He was panting. A sprinter lost Olympic silver. His head sank into to his lap. “My boy.” Uncle Roman put those giant hands on Jimmy's head. “You are your father's son. You do not know this yet, but you are very good with women. But my lord, you were not going to give her this crap were you? A piece of paper to woo a woman? That is not the way at all.” Uncle Roman put his massive hands over Jimmy's ears and twisted the boy's small face to look into his own. Those little eyes were wet and filled with sadness. “I have been a very lucky man. I am fantastic when it comes to seducing women. You are a very lucky boy, to have an uncle like me, and a father like yours was. Let me show you something.” He reached into the pocket that was buried under his enormous legs. He clasped something in his hands, and brought the closed fist under Jimmy's nose with the dirty fingernails pointed upward. Slowly, he opened the fleshy cage. In it, he held something smooth, like a tumbled sea shell, skinny and shaped like the finger of a newborn baby. “Do you know what this is?” Jimmy shook his head. “It is a badger's penis.” The boy tried forcing himself backward from the blanched fossil, but Uncle Roman's giant hand was still grasped behind his head. The smell rising to his nostrils was either the sweaty palm of his monstrous uncle, or the stench of an ancient and unwashed badger's penis. “Everybody knows, in the old country, a badger's penis makes the person who carries it a god of love. A badger's penis in your pocket boosts your confidence. It loosens your tongue, and the subtle smell of it attracts any lady you could ever want, and many who you would never want. I have carried this badger's penis with me since your father married your mother. He gave it to me when he knew that she would belong to him forever. He had always told me, when we were drunk and our mouths were free, that it was because of this penis that he could woo your mother so well.” Jimmy's pupils grew larger. His gaze was fixed on the penis of a dead animal and the hands of his kinsman who held it like a religious artifact, like the sandals of Christ. “I still remember the day he killed the poor thing. He killed the badger himself, with his own hands. He came home after walking through the woods, covered in oozing red scratches, smelling like skunk urine. He swung the thing by its little tail, all the way home. Its anus was dripping with yellow puss and feces. He dropped the badger by the door and went to his room, to collect his hunting knife. He told me later that he'd forgotten to put it back in its leather before he had gone into the woods. He had to kill the creature with his bare hands. With his bare hands! He took the badger outside and cut its penis off, and hung it outside on a little string so the sun could dry it. “Well, he gave me this badger penis, his most important possession. After so many years of carrying it, there is no woman who can resist me. But I have learned how to be the master of attraction. I do not need this any more. It is for you, little Jimmy, son of my brother, it is for you.” He took his hand from the boy's neck and pulled the little wrist towards him, pushing the fossil into his nephew's palm and closing a hairy fist around it. Jimmy's hair stood, electrified. The badger penis was rough, like a dry chicken bone, and almost as large as his smallest finger. He held it up to look at it. There was a little crease at the tip, and a hole at the other end where his father had put a piece of string; yellow and decaying threads held together despite the anger of time. Visions of the future intoxicated his mind. A beautiful girl in the passenger seat of his first car, a view of the city from the lover's hilltop; he, a famous hero with bulging muscles, saving beautiful women from criminal intentions and taking them to the top of a New York City skyscraper, to make love under the glowing sky; and Cindy, her smile, her kiss, the penis of a badger in the pocket of his jeans, stiff and powerful like the sword of an ancient king. “Yes, my boy. Yes. You feel its power. That is the power of a love god. Not in these silly words on long-dead paper, but in the breath of burning passion, issued from your throat in the moments of ecstasy when you are wrapped by the arms of a beautiful woman. You cannot build the fire of passion with your ideas of love, my boy. It is with passion that you win a woman's heart.” They sat for a long time. It could have been an hour, or a day, or seven weeks. Jimmy held the badger's ancient penis carefully in his hands. “Uncle Roman?” “Yes, my boy?” “Did you make all of that up?” “Jimmy, my boy.” Uncle Roman smiled wide, revealing all of his teeth, including the gold one that sat near the back of his tongue. “Would I ever lie to you?”

@ 88cc134b:5ae99079

lets try this out nostr:note14vqza005ngr0nk2ft8v4t3qejezqxvulmerna0g5gvs4wjsstqgsmeupgy and nostr:note1gehzcmj6tyzzk3renzvcshkazys8g9q7f8x9p70zatgx7salcsjqax60pz or nostr:note16c3k4ygg39kv77yzeefvmrzngekjcyqcul59ry8jsvg250w4k42qk9d4dw or nostr:note1cxyk4l049r32v24sls2m3cpjpm6c7yrg2d36n34j64ym0ygz73rqzplrn7 and some users nostr:npub13rxpxjc6vh65aay2eswlxejsv0f7530sf64c4arydetpckhfjpustsjeaf and nostr:npub13rxpxjc6vh65aay2eswlxejsv0f7530sf64c4arydetpckhfjpustsjeaf

@ 88cc134b:5ae99079

This is a test by nostr:npub13rxpxjc6vh65aay2eswlxejsv0f7530sf64c4arydetpckhfjpustsjeaf to see how an article would behave with various mentions: User nostr:npub13rxpxjc6vh65aay2eswlxejsv0f7530sf64c4arydetpckhfjpustsjeaf Note: nostr:note133vw4g8klp45lhuxcfgkt62cuw20ka0jhy6mgzksrdygaw0jmnnse3lsnr Article: nostr:naddr1qqwyzttvdahxwttxdaex6ttwda6x2tt5v4ehgtt4x3u8wmf5qgsg3nqnfvdxta2w7j9vc80nvegx85l2ghcya2u273jxu4sutt5eq7grqsqqqa284z5m77

@ 88cc134b:5ae99079

This is just a test of how a long form would look like. A need a new note, some old stuff I can find doesn't do it for me. So here I am typing away... I apologize for the spamming and bad grammar, if there is any. The problem with not being good at English grammar and spelling is that you are unaware of the mistakes you make until someone points them out to you. By which time it's too late. One good thing about the editor I'm typing this in is that it seems to have a grammar check, which is cool. Well, I won't keep you any longer, after all this was just a test. Bye!

@ 30876140:cffb1126

*The Wanderers carry our ancient way, Forgotten in sands across time, The Path which returns us to Regions of Light, with phrases and stories sublime.* *Out from our villages we cast them, for memory of truths divine, remind us of our errored ways, But in their hearts, the Truth ever shines.* "We've lost many of our relics, now, though they were never important for the Path. Relics and objects, though imbued with a holy power, only serve as a guidepost to our spirits, a reminder of where to travel. We do not need them to cross the bridge between worlds." Our leaders think they are a crazy, unintelligent people, continuing to profess and refine a realm of fantasy which has so little value to our desert lives; that these wanderers really believe what they say, only to cope with the terrors and agony of living in this world that is become destitute and estranged from celestial life. I do not believe them, who deny the Wandering Way, for I see in their hearts that they bleed every day; they cast judgements unjust, words unloving, do things unbecoming of their characters in the folly of their grief. Yet never have I met a Wanderer with dirt upon their souls, though dirt clings so readily to their feet and threadbare robes. They possess voices of sweetness, though hoarse from the desert wind, and they seem to have a glow about their skin, though darkened by hard years in the sun. Maybe I will take up the Wandering Way, if one of their order would take me with them. I know not where they go when they cross over the horizon, west or east, but I rarely have seen the same twice, except Abunam Sabba, who comes to us when the moon is full, without fail. He made my father so angry on his last visit to the village, when he spoke so confidently of the dealings with the Echoes in the farthest reaches of Gondölla. "There is none alive with such knowledge," said my father. "But there is," replied Sabba, "and many also who are not alive. We have seen them on many worlds, and have spoken to them of their travels across the stars." "You are a liar, and a swindler," spat my father in rage, and forced him out of our house on a midsummer's eve. Still, Sabba returns to our village, though only to its edge now, where the water spout and market stand, since many of our village have treated him so. No matter when he sees me, though, he treats me with kindness, and respect, and never speaks ill of anybody. "Words said in disdain cause the spirit endless pain," Sabba said. "They prevent progress on the Path. None can cross the bridges we travel who bear such a sickness of soul, for it pulls the spirit back to a place as sure as the anchors of old when we rode upon the water that spilled over these valleys of sand." Sabba said to me, once, "I think you are one of the few in this world which have a heart that is clear enough to withstand the Doors of Night and make the Walk Between Worlds. I see your knowledge, though seed yet be unblossomed, and I think your curious mind could be sated on this Path. Please consider my words as an invitation; I will take you on a wander, whenever you are ready." "The Wandering Way leads a soul wherever the winds may take them. We walk between worlds on bridges unseen by the eye, and appear whence we will, somewhere else in Gondölla. Many travel on missions unnumbered, called by some purpose or Great Spirit to act on behalf of the highest orders of life, while others simply walk, becoming as they do, letting go of their heavier natures and striving ever closer to the Suns which shine above. It is difficult to describe, as I have only words of the world, as we say, but with a little of your trust, I can show you what my words cannot." *Read more here: https://publish.obsidian.md/gondolla/Tales+of+the+Galaxy/Wanderer*

@ bcea2b98:7ccef3c9

Consider the concept of 'progress' in human society and individual lives. When we talk about progress, what exactly do we mean? Is it solely about technological advancement, economic growth, or societal development? Or does progress include broader aspects such as personal fulfillment, moral advancement, and environmental sustainability? Is progress always desirable, or are there instances where the pursuit of progress leads to unintended consequences or ethical dilemmas?

@ bcea2b98:7ccef3c9

The model suggests Bitcoin's price hinges on its scarcity, gauged by the stock-to-flow ratio, comparing the amount in circulation to newly mined coins. Higher ratios signify greater scarcity, akin to gold's historical average of 66. After Bitcoin's third halving, its ratio doubled, enhancing its scarcity.  Meanwhile, the Grayscale Bitcoin Trust's recent halving, losing 300k BTC since the launch of spot Bitcoin ETFs, may have a more immediate negative impact on Bitcoin's price. 

@ bcea2b98:7ccef3c9


@ bcea2b98:7ccef3c9

I grew up on a farm in Minnesota in the 1970s. Life was all about hard work and family. We learned the value of getting our hands dirty early on, helping out with chores from sunup to sundown. Farming taught me the importance of perseverance. Some years, the weather was on our side, and the crops flourished. Other years, we faced setbacks, like droughts or pests. But we never gave up. We'd find ways to adapt and keep the farm going. Our community was tight-knit. During busy times, neighbors pitched in without hesitation. We'd come together for barn raisings or help each other out with harvesting. It was all about supporting one another. Growing up, we didn't have fancy gadgets or social media. Our entertainment was exploring the fields and forests, using our imagination to create adventures. We learned to appreciate the simple things in life and the importance of face-to-face connections. Nowadays, things have changed. Technology rules the world, and young people are glued to their screens. But deep down, I think we still share some of the same values. We all want to make a difference and leave the world a better place.

@ bcea2b98:7ccef3c9

This could be about professional work, raising a family, or other ventures. Mentioning one thing doesn't mean something else is less important. This may give you freedom in the response. The most important contributions I believe I have made was raising a family and contributing to open-source software. Everyone is old now, but memories and git live on.

@ bcea2b98:7ccef3c9


@ bcea2b98:7ccef3c9

Growing up in small-town Minnesota in the 60s, life's meaning seemed straightforward – get educated, find a steady job, start a family, maybe even get that picket fence house. Our generation had a roadmap laid out for us. But life has a way of messing with your plans. When I was young, I thought my purpose was to be a success story, chasing that American Dream. Raising kids and experiencing heartbreaks changed my perspective. Success stopped being about material things or career status. Now, it's simpler. Life's meaning is in those late-night chats with my adult children, laughing until it hurts. It's seeing my grandkids finger paint with a wonder you can't recreate as a grown-up. It's finding peace in a quiet moment in the garden. I went from chasing some grand meaning to finding it in the little things, in connections. It's not as flashy as my youthful ambitions, but it's richer, truer, and way more fulfilling. Funny how you can spend a lifetime figuring things out, and sometimes it's as simple as waking up grateful to be in this messy, beautiful world.

@ bcea2b98:7ccef3c9

After a busy day filled with work and responsibilities, it is difficult for me to transition into a relaxed state conducive to reading. I have trouble slowing down, thinking about the day's events and tomorrow's tasks, and it can make it difficult to focus on the words on the page. When I was younger it seems easier to get into a relaxed state, but I find it more difficult as I age. For those who struggle to slow down and get in the right mindset for reading after a busy day, what techniques or routines have you found effective to help with this transition? Do you prefer to read at specific times, such as early morning or late at night, to avoid the mental residue of a hectic day? I would be interested to hear your techniques and maybe to try adopt some of them.

@ bcea2b98:7ccef3c9

I've used Librovox, but looking for more recent technical and fiction topics. Audible seems so expensive having to pay for books in addition to a monthly membership. It would be nice if I could "browse" and listen to a lot of different types of books.

@ bcea2b98:7ccef3c9

Opcodes are the fundamental building blocks of Bitcoin's scripting language, defining conditions for spending transactions. Each opcode represents a specific instruction executed within Bitcoin's virtual machine, enabling complex scripting capabilities. Opcodes are executed sequentially to validate transactions against scriptPubKey and scriptSig, determining if inputs fulfill the conditions for spending outputs. The scripting language employs opcodes to perform operations like data manipulation, conditional execution, cryptographic verification, and arithmetic computations. This limited set ensures predictable script evaluation, mitigating risks from malicious or indefinitely looping scripts. Opcodes enable smart contracts and multi-signature wallets within Bitcoin. Conditional logic opcodes (e.g., OP_IF, OP_NOTIF) and cryptographic operations (e.g., OP_CHECKSIG, OP_CHECKMULTISIG) enforce specific spending conditions, such as requiring multiple signatures or locking funds until a certain block height or timestamp (via OP_CHECKLOCKTIMEVERIFY and OP_CHECKSEQUENCEVERIFY). | Opcode | Description | Function | |----------|-------------|-------------------| | 0 | OP_0, OP_FALSE | Push false | | 76 | OP_PUSHDATA1 | Push data | | 77 | OP_PUSHDATA2 | Push data | | 78 | OP_PUSHDATA4 | Push data | | 79 | OP_1NEGATE | Push -1 | | 80-96 | OP_1-OP_16, OP_TRUE | Push 1-16 | | 97 | OP_NOP | No operation | | 99 | OP_IF | If conditional | | 100 | OP_NOTIF | If not conditional | | 103 | OP_ELSE | Else conditional | | 104 | OP_ENDIF | End if | | 105 | OP_VERIFY | Verify condition | | 106 | OP_RETURN | Terminate script | | 107-108 | OP_TOALTSTACK, OP_FROMALTSTACK | Stack transfer | | 109 | OP_2DROP | Drop 2 | | 110 | OP_2DUP | Duplicate 2 | | 111 | OP_3DUP | Duplicate 3 | | 112 | OP_2OVER | Copy 2nd pair | | 113 | OP_2ROT | Rotate top 3 twice | | 114 | OP_2SWAP | Swap top 2 pairs | | 115 | OP_IFDUP | Duplicate if not 0 | | 116 | OP_DEPTH | Stack size | | 117 | OP_DROP | Remove top | | 118 | OP_DUP | Duplicate top | | 119 | OP_NIP | Remove 2nd | | 120 | OP_OVER | Copy 2nd | | 121 | OP_PICK | Nth item | | 122 | OP_ROLL | Move Nth top | | 123 | OP_ROT | Rotate top 3 | | 124 | OP_SWAP | Swap top 2 | | 125 | OP_TUCK | Move 3rd to top | | 130 | OP_SIZE | Size of top item | | 135 | OP_EQUAL | Equality check | | 136 | OP_EQUALVERIFY | Verify equal | | 139 | OP_1ADD | Add 1 | | 140 | OP_1SUB | Subtract 1 | | 143 | OP_NEGATE | Negate | | 144 | OP_ABS | Absolute value | | 145 | OP_NOT | Not zero | | 146 | OP_0NOTEQUAL | Not equal to 0 | | 147-148 | OP_ADD, OP_SUB | Arithmetic | | 149-154 | Disabled | Disabled | | 155-158 | OP_BOOLAND, OP_BOOLOR, OP_NUMEQUAL, OP_NUMEQUALVERIFY | Boolean logic | | 159-160 | OP_NUMNOTEQUAL, OP_LESSTHAN | Comparison | | 161-162 | OP_GREATERTHAN, OP_LESSTHANOREQUAL | Comparison | | 163-164 | OP_GREATERTHANOREQUAL, OP_MIN | Minimum/Maximum | | 165-166 | OP_MAX, OP_WITHIN | Range check | | 167-168 | OP_RIPEMD160, OP_SHA1 | Hashing | | 169 | OP_SHA256 | SHA-256 | | 170 | OP_HASH160 | RIPEMD-160+SHA-256 | | 171 | OP_HASH256 | SHA-256x2 | | 172-175 | OP_CHECKSIG, OP_CHECKSIGVERIFY, OP_CHECKMULTISIG | Signature check | | 176-177 | OP_CHECKMULTISIGVERIFY | Multisig verify | | 178-181 | OP_NOP1-OP_NOP4 | No operation | | 182-185 | OP_CHECKLOCKTIMEVERIFY, OP_CHECKSEQUENCEVERIFY | Timing checks | | 186-189 | OP_NOP6-OP_NOP9 | No operation | | 190-193 | OP_NOP10 | No operation |

@ b9c09954:815d302d

Part 1 of a 5 part series for beginners about the importance of online privacy. The digital landscape is awash with free online services, offering everything from social connectivity to endless information repositories, all without explicitly charging the user a financial fee. This model of "free" access is underpinned by a less visible transaction, where personal data becomes the currency of exchange, rather than traditional money. This article explores the economic foundations of these services, revealing how they monetize user data through advertising, and how this practice intersects with government surveillance efforts. ### Data Collection as Currency The cornerstone of the free service economy is data collection. Every click, search, and social interaction generates a trove of data, which these services harvest to construct detailed user profiles. This information ranges from mundane browsing habits to precise location data, painting a comprehensive picture of an individual's online life. ### Advertising Models Advertising, tailored through the meticulous analysis of user data, forms the financial backbone of many free services. These platforms leverage the insights drawn from user data to offer targeted advertising spaces to businesses, creating a highly effective and lucrative advertising ecosystem. This model not only fuels the service's operations but also entrenches the practice of pervasive data collection. ### Third-party Data Sharing The revenue streams extend beyond advertising, with many services engaging in the practice of sharing or selling user data to third parties. This ecosystem includes data brokers, other businesses, and sometimes, government entities. The opacity of these transactions often leaves users unaware of the extent to which their data is commodified and circulated. ### The Intersection with Government Surveillance The vast repositories of data collected by these free services present a tantalizing resource for government entities. In an era where digital surveillance has become increasingly sophisticated, governments can, and do, leverage this data to monitor citizens. This surveillance might be justified on grounds ranging from national security to the enforcement of laws, but it raises profound privacy concerns. - **Social Media Platforms**: These platforms have become a focal point for government monitoring, where public posts and even private messages can be scrutinized for various purposes. - **Search Engines and Free Apps**: The data collected by search engines and applications—ranging from search history to location data—can be requisitioned by governments, providing them with detailed insights into individual behaviors and movements. ### The Value of Personal Data Revisited In light of these practices, the value of personal data extends beyond the commercial sphere into the realm of governance and control. The economic models of free services, while facilitating unprecedented access to services, have also created a surveillance infrastructure that can be utilized by governments to monitor citizens, often without their explicit consent. ### Conclusion The interplay between the economics of free online services and the potential for surveillance paints a complex picture of the modern digital ecosystem. While users enjoy access to a variety of services, the cost comes in the form of personal data, which is not only monetized by companies but also potentially used as a tool for government surveillance. Understanding these dynamics is crucial for navigating the digital world, prompting a need for greater transparency, user consent, and legal safeguards to protect individual privacy in the age of free services. This awareness is the first step towards fostering a digital environment that respects user privacy and minimizes unwarranted surveillance. Goto [Part 2](https://habla.news/u/dsmith@vlt.ge/1709995342860)

@ bcea2b98:7ccef3c9

### Channel Influence Efficiency (CIE) in the Lightning Network #### Introduction The Lightning Network's topology and connectivity impact its performance. While metrics like channel count and node centrality offer insights, they miss a key aspect: the efficiency of influence exerted by nodes. Channel Influence Efficiency (CIE) fills this gap by evaluating how effectively a node utilizes its channels to contribute to the network's connectivity. #### Methodology 1. **CIE Calculation**: For a node, CIE is calculated as the ratio of its percentage share in network connectivity to its total number of channels. Mathematically, CIE = (Node's Connectivity %) / (Number of Channels). 2. **Data Collection**: Data on node connectivity and channel count can be sourced from Lightning Network explorers or APIs. 3. **Analysis Framework**: CIE is analyzed across various tiers of nodes (top 1, top 100, top 1000) to understand distribution patterns. ## Network Connectivity (NC) Calculation Formula **NC = λ × (L × U × Q × C × R × N)** Where: - **NC** = Network Connectivity. - **λ** = Normalization factor to scale the result within a meaningful range. - **L** = Liquidity Score, representing the total liquidity available in the node's channels. - **U** = Uptime Score, reflecting the reliability of the node (e.g., a percentage of time the node is online). - **Q** = Quality of Connections Score, indicating the strategic importance of the node's connections (e.g., connections to key nodes). - **C** = Channel Capacity Score, measuring the total capacity of the node's channels. - **R** = Routing Efficiency Score, denoting the node's efficiency in routing transactions (considering factors like latency and path optimality). - **N** = Network Centrality Score, indicating the node's centrality within the network structure. Utilizing the data from 1ML's Lightning Network statistics, we can calculate an example of network connectivity for a hypothetical node using the proposed formula. For simplicity, we'll assume each factor (liquidity score, uptime score, etc.) is represented on a scale of 0 to 1. Given Data from 1ML: - **Network Capacity**: 5,368.61 BTC - **Average Node Capacity**: 0.367 BTC - **Average Channel Capacity**: 0.086 BTC - **Average Node Age**: 830.8 days - **Average Channel Age**: 454.8 days - **Average Channels per Node**: 8.52 - **Tor Onion Service Nodes**: 10,550 nodes - **Median Base Fee**: 0.632160 sat - **Median Fee Rate**: 0.000050 sat/sat ### Example Calculations #### Hypothetical Node 1 Data: - **Liquidity Score (L)**: Assuming our node's capacity is at 75th percentile, L = 0.75. - **Uptime Score (U)**: Assuming an uptime of 95%, U = 0.95. - **Quality of Connections Score (Q)**: If our node is connected to key nodes, Q = 0.8. - **Channel Capacity Score (C)**: Assuming channel capacity at 75th percentile, C = 0.75. - **Routing Efficiency Score (R)**: Assuming high routing efficiency, R = 0.9. - **Network Centrality Score (N)**: If the node is moderately central, N = 0.6. #### Network Connectivity (NC) Calculation: Assuming a normalization factor λ = 1, the NC for our hypothetical node would be: NC = 1 × (0.75 × 0.95 × 0.8 × 0.75 × 0.9 × 0.6) NC = 0.22815 This calculated value (0.22815) represents the node's overall connectivity in the network, taking into account various factors like liquidity, uptime, and efficiency. A higher value would indicate a more influential and well-connected node in the network. For another example, let's calculate the network connectivity for a different type of node in the Lightning Network, perhaps one that is newer or less central: #### Hypothetical Node 2 Data: - **Liquidity Score (L)**: For a newer node with lower capacity, L = 0.25. - **Uptime Score (U)**: If this node has good reliability, but not perfect: U = 0.85. - **Quality of Connections Score (Q)**: With less strategic connections, Q = 0.5. - **Channel Capacity Score (C)**: Assuming it's around the 25th percentile: C = 0.25. - **Routing Efficiency Score (R)**: For a moderately efficient node: R = 0.7. - **Network Centrality Score (N)**: As a less central node: N = 0.4. #### Network Connectivity (NC) Calculation: Using the same normalization factor λ = 1, the NC for this hypothetical node would be: NC = 1 × (0.25 × 0.85 × 0.5 × 0.25 × 0.7 × 0.4) NC = 0.014875 This calculated value (0.014875) indicates a relatively lower overall connectivity for this node, reflective of its newer status, lower capacity, and less central position in the network. This node might focus on improving its strategic connections and increasing its capacity to enhance its role in the network. #### Example 1. **Strategic Connector (Node A)** - **Math**: 50 channels, 5% network connectivity. - **CIE Calculation**: 5% / 50 = 0.1% per channel. - **Interpretation**: Exhibits high efficiency in network influence relative to its channel count, indicating strategic channel connections and a pivotal role in network transactions. 2. **Broad Networker (Node B)** - **Math**: 100 channels, 5% network connectivity. - **CIE Calculation**: 5% / 100 = 0.05% per channel. - **Interpretation**: Maintains many channels but is less efficient in leveraging them, indicating a wider reach but less strategic placement. 3. **Efficient Hub (Node C)** - **Math**: 20 channels, 10% network connectivity. - **CIE Calculation**: 10% / 20 = 0.5% per channel. - **Interpretation**: Demonstrates exceptional efficiency, likely connected to key network hubs. 4. **Sparse Influencer (Node D)** - **Math**: 200 channels, 1% network connectivity. - **CIE Calculation**: 1% / 200 = 0.005% per channel. - **Interpretation**: Has many connections but limited influence, possibly indicating ineffective channels. 5. **Average Intermediary (Node E)** - **Math**: 100 channels, 2% network connectivity. - **CIE Calculation**: 2% / 100 = 0.02% per channel. - **Interpretation**: Represents an average efficiency level, maintaining a balance in channel count and connectivity impact. 6. **Dense Networker (Node F)** - **Math**: 300 channels, 15% network connectivity. - **CIE Calculation**: 15% / 300 = 0.05% per channel. - **Interpretation**: Despite a high channel count, the node's influence per channel is moderate, suggesting potential for optimizing its network position. 7. **Minor Player (Node G)** - **Math**: 10 channels, 0.2% network connectivity. - **CIE Calculation**: 0.2% / 10 = 0.02% per channel. - **Interpretation**: With a low channel count and influence, this node reflects smaller or newer entities in the network. 8. **Strategic Influencer (Node H)** - **Math**: 50 channels, 20% network connectivity. - **CIE Calculation**: 20% / 50 = 0.4% per channel. - **Interpretation**: Shows high strategic connectivity, indicating fewer but highly effective connections to major nodes. **Interpretation**: 1. **Strategic Connector (Node A)** - With a CIE of 0.1% per channel, Node A demonstrates high efficiency in network influence relative to its channel count. This suggests that Node A has strategically established channels, making it a pivotal connector in the network's transaction flow. 2. **Broad Networker (Node B)** - Node B, with a CIE of 0.05% per channel, maintains a larger number of channels but doesn't leverage them as effectively as a Strategic Connector. This indicates a broad but less strategic network reach, suggesting potential for optimization. 3. **Efficient Hub (Node C)** - The high CIE of 0.5% per channel for Node C indicates exceptional efficiency, likely due to connections with key network hubs. This node serves as a central hub for transactions, demonstrating the importance of strategic channel placement. 4. **Sparse Influencer (Node D)** - Node D, with a CIE of 0.005% per channel, represents a node with many connections but limited influence. This could indicate a spread of redundant or less effective channels, highlighting the need for more strategic connectivity. 5. **Average Intermediary (Node E)** - With a CIE of 0.02% per channel, Node E strikes a balance between channel count and influence. This reflects an average level of efficiency, serving as a reliable intermediary in the network. 6. **Dense Networker (Node F)** - Node F, having a CIE of 0.05% per channel, suggests a high number of channels but only moderate influence per channel. This points to the potential for better optimizing its network position to maximize influence. 7. **Minor Player (Node G)** - The CIE of 0.02% per channel for Node G indicates a node with limited influence and a low channel count. This type of node often represents smaller or newer players in the network. 8. **Strategic Influencer (Node H)** - Node H, with a CIE of 0.4% per channel, demonstrates a highly strategic use of connectivity. With fewer but highly effective connections, this node is likely linked to several major nodes, enhancing its role in network efficiency. #### Findings and Discussion The examination of Channel Influence Efficiency (CIE) across various nodes in the Lightning Network, now categorized with specific roles, yields several key findings and opens up new avenues for discussion: 1. **Strategic Placement and Efficiency** - Nodes like the Strategic Connector (Node A) and the Strategic Influencer (Node H) highlight the importance of not just the quantity, but the quality of connections. Their high CIE values suggest that strategic placement of channels can significantly enhance a node's influence in the network. 2. **The Role of Broad and Dense Networkers** - Broad Networkers (Node B) and Dense Networkers (Node F), despite their extensive channel networks, exhibit moderate CIE values. This suggests that an overemphasis on expanding channel count without strategic planning may not always translate into increased network influence. 3. **Average Intermediaries as Network Stabilizers** - Average Intermediaries (Node E) demonstrate a balance in channel count and influence. These nodes potentially contribute to the stability and resilience of the network by maintaining a consistent level of connectivity. 4. **Identifying and Supporting Minor Players** - The Minor Player (Node G) category, with its lower CIE, draws attention to smaller or emerging nodes in the network. Understanding their challenges and potential can guide strategies to support their growth and integration into the network. 5. **Potential for Optimization** - The variance in CIE among different nodes suggests room for optimization. Nodes can look towards the strategies employed by those with higher CIE values to improve their own connectivity and influence. 6. **Risk Assessment and Management** - Sparse Influencers (Node D) with many connections but limited influence may present risks, such as bottlenecks or points of failure. Assessing nodes for their CIE can aid in identifying and mitigating these risks. 7. **Network Evolution and Adaptation** - Tracking changes in CIE over time can provide insights into how the Lightning Network evolves. Shifts in the CIE of various nodes could indicate emerging trends, adaptation strategies, or evolving challenges within the network. #### Future Work The introduction of Channel Influence Efficiency (CIE) and the categorization of nodes into roles like Strategic Connectors and Efficient Hubs open several avenues for future research and development in the Lightning Network. The following areas represent key opportunities for further exploration: 1. **Development of Real-Time CIE Tracking Tools** - Creating tools that provide real-time analysis of CIE for nodes in the Lightning Network can offer ongoing insights into network dynamics and efficiency. These tools could be invaluable for nodes in optimizing their connections and assessing their network influence. 2. **Impact of CIE on Network Scalability** - Studying how variations in CIE affect the scalability and robustness of the Lightning Network can provide insights into how the network can grow while maintaining efficiency and stability. 3. **Strategies for Enhancing CIE of Nodes** - Research into strategies that nodes can employ to improve their CIE, especially for those categorized as Sparse Influencers or Minor Players, would be valuable. This could include analysis of optimal channel formation, network positioning, and connection strategies. 4. **CIE's Role in Predictive Modeling** - Utilizing CIE in predictive modeling to forecast network changes, potential bottlenecks, or points of failure could enhance proactive network management and strategic planning. 5. **CIE Influence on Transaction Routing Algorithms** - Exploring how CIE can be integrated into transaction routing algorithms to optimize efficiency and reduce transaction costs could be a significant advancement. 6. **CIE-Based Network Health Indicators** - Developing network health indicators based on CIE distributions can offer a quick and effective way to assess the overall state and performance of the Lightning Network.

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Chapter 1 - The Looming Threat Deep within a remote, heavily guarded scientific facility in the Ural Mountains of Russia, Vadim Petrov hunched over the glowing screen of his computer, rubbing his bloodshot eyes. He barely noticed the cold bite of the stale bunker air or the crumpled energy drink cans littering his workspace. All his focus was directed toward the lines of code marching down the monitor, his life's work laid bare before him in beautiful minimalist logic. With a final keystroke, Vadim compiled the program. A hint of a smile tugged at his cracked lips. It was done - his quantum computing masterpiece was ready. Soon, very soon, he would put it to use, cracking open the virtual vaults of Bitcoin once and for all. Vadim leaned back, his chair creaking, as he reflected on the long road leading to this moment. He had dedicated over a decade of brilliance and obsession to reach this point. As a young PhD student at the Moscow Institute of Physics and Technology in the late 2010s, Vadim excelled in quantum research, blazing ahead of his peers. The emerging field held incredible promise to revolutionize computing, smashing through limitations faced by even the most powerful supercomputers of the era. Quantum's exponential scale held the potential to reshape medicine, cryptography, energy, space exploration - the very structure of knowledge itself. When he first heard of Bitcoin, the mysterious digital currency created by the pseudonymous Satoshi Nakamoto, Vadim instantly saw how quantum power could be its undoing - or its savior. This so-called "digital gold" seemed foolish to him at first, bits pretending to be as valuable as precious metal and national currencies. But as Bitcoin grew, finding an enthusiastic niche among techno-libertarians and cyberpunks seeking an alternative economy, Vadim paid ever more notice. In 2013, still early days for Bitcoin, the price crossed $1000 briefly before crashing back down. But four years later, the cryptocurrency exploded into mainstream consciousness by reaching parabolic heights of nearly $20,000. Soon even governments were debating regulation and financial elites argued whether Bitcoin could revolutionize - or destroy - the monetary order. As a central player in quantum research, Vadim understood before most that this rising cryptocurrency built on cryptography was ultimately vulnerable. Quantum computers' exponential power could easily crack the public-private key encryption which secured Bitcoin wallets and transactions. At a stroke, quantum supremacy over classical silicon computing meant game over for Bitcoin's security paradigm. But observing Bitcoin's ascent, Vadim felt not warning, but jealous loathing. That such a presumptuous invention dared accrue billions in supposed value offended his sense of the natural order. "Who are these cowboy coders challenging state authorities by creating magic internet money from thin air?" he lamented. The veneer of technological genius concealing base greed and anarchism disgusted him. He vividly remembered the day years back when an American investor tried convincing Vadim, already an elite researcher, to work on Bitcoin security applications for quantum tech. Vadim refused brusquely, judging the field as unserious pop science. "You will look foolish when governments shut this down and prosecute these scam artists," Vadim insisted. The American just laughed and made a fortune when Bitcoin's price kept rising. That gloating smile haunted Vadim, even as Bitcoin became too influential to simply ban outright. His disgust slowly gave way to an ambitious vision. When quantum supremacy definitively arrived, he would be ready. He would craft the world's most powerful quantum computing instrument specifically to destroy Bitcoin's security. Not to extort ransoms, but to prove a point - that this inflated bubble of algorithmic make-believe money was hopelessly fragile against raw hyper-accelerated calculation power. To Vadim, Bitcoin represented not promise, but hubris. By exposing it as mathematically flawed at its core, he could reveal the hypocrisy and weakness of its pseudo-populist rhetoric. The world would thank him for liberating it from this viral delusion that threatened real economic stability. Utter secrecy was essential as over years Vadim assembled a team of elite researchers and siphoned funding into his covert Bitcoin breaking project. Russia's security apparatus gave tacit support in hopes of gaining future quantum advantage over Western rivals. But only Vadim's innermost circle knew his full vision of bathing Bitcoin's precious blockchain in the firepower of quantum-enabled cryptanalysis - watching it burn brightly and then fade to ash. Vadim called his creation the Venus Prototype, after the Morning Star that heralds the sun's arrival. And like that celestial body, his machine would break the endless digital night of Bitcoin's golden age, exposing it as a false idol. No longer would its porous cryptography conceal inflated speculation from deserved ruin. By quantum might, he would cast light on Bitcoin's weaknesses, melting its shiny veneer to reveal the clay feet of a false god. And now Venus was alive, humming with otherworldly might in its cradle beneath the mountains. As Vadim initiated the startup sequence, the bunker vibrated with thrumming power. Lights flickered in awe of this digital beast's birth. Vadim watched transfixed as raw calculation potential that could model whole universes now came under his command. An almost religious ecstasy seized him, sensing destiny at hand. The hour had come at last to implement his vision. All that remained was choosing the perfect moment to strike... Meanwhile across the world, sunny California seemed a different universe from Vadim's subterranean lab. In a nondescript San Francisco office, a group of developers were hard at work on Bitcoin software. Eric Hughes, grey-bearded veteran of the cypherpunk movement of activists who pioneered cryptography and online privacy, led the Bitcoin Core team in maintaining the protocol's code. After over a decade of meteoric growth, disruptive potential, and no shortage of controversy, Bitcoin was now worth trillions and shaking the foundations of the financial system. But from their humble workspace, the task at hand for Eric and his Brilliant but overworked colleagues was just keeping the network running smoothly. He often repeated the mantra “First, do no harm” when considering potential code changes, reflecting the enormous responsibility of these stewards to an open-source project that had taken on a life of its own. With so many vested interests, keeping stakeholders aligned was as much politics as programming. While reviewing some proposed efficiency improvements, Eric came across a strange message on the project's public developer forum, posted anonymously: "Beware the coming storm, when the quantum tempest shall rage. What is built strong today will soon lie broken tomorrow, unless the wise prepare in time..." Puzzled, Eric read the cryptic warning again. Was it some clueless amateur speculating, or something more? The reference to quantum hinted at specialized knowledge. Gathering a few lead developers, Eric asked them if they knew anything about the message. They all shrugged, as perplexed as him. Still, Eric felt a nameless unease. The specter of quantum computing loomed over every cryptographer's thoughts, though the capability remained confined to laboratories for the foreseeable future. But if someone had made a significant, secret breakthrough, Bitcoin's current encryption would become obsolete overnight. Usually cautious voices in the developer forums were already arguing quantum resistance should be built into the protocol. "This reeks of foolish alarmism to me," said Zhao, a skeptical cryptographer trained in China. "Our Shanghai lab would know if anyone had achieved meaningful quantum advantage. This is petty fearmongering." "Perhaps," said Eric slowly. "Or perhaps it's a friendly warning. In any case, accelerating our quantum-resistant cryptography initiatives seems wise. The very least we should do some threat modeling around a hypothetical quantum attack vector. Things may look very different sooner than we think..." A tense silence settled around the room. Bitcoin's rise had sparked no shortage of doomsday predictions, but some threats had more weight than others. Primal fear of the unknown gripped them as developers entrusted with securing a multi-trillion dollar network. Finally Eric spoke again, resolve steeling his voice: "Let's get to work. We'll redouble our efforts on quantum-proofing. Whoever this anonymous watchdog is, they're right about one thing - we must do all we can to prepare while there's time. And if the storm does come howling at our door, threatening to blow down Bitcoin's fortress of cryptography..." He tightened his fist as if grasping an imaginary sword. "We'll be ready to weather it." The battle was not yet joined, but the first ripples hinted at gathering forces. As Vadim prepared to unleash his weapon and Eric girded for defense, the epochal quantum clash over Bitcoin's future was set in motion. Two worlds racing toward collision at the crossroads of cryptography and quantum physics. The storm could no longer be stopped. It could only be survived - if the wise prepared in time...

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Chapter 1 - The Looming Threat Deep in an underground bunker, Vadim feverishly typed away at his computer. The young Russian computer scientist was putting the finishing touches on his masterpiece - a quantum computer capable of breaking Bitcoin's ironclad cryptography. When he had first heard of Bitcoin years ago, the so-called "digital gold" fascinated him. But over time, watching its meteoric rise in value, he grew jealous and vengeful. "I will be the one to bring this false idol crumbling down!" he muttered under his breath in Russian. Vadim knew the potential of quantum computing, and how it could break through Bitcoin's encrypted defenses in an instant. His malicious creation was nearly ready, soon to deal a crushing blow to Bitcoin's foundations. Meanwhile, across the world in California, the lead developers of the Bitcoin Core project were hard at work in their office. Eric, the head developer, was reviewing the latest code updates when he came across a strange message posted anonymously: "Beware the coming quantum storm...". Puzzled, he called over his colleagues to look at the cryptic warning. What could it mean? Eric felt a sudden chill, as if a shadow had passed over them. "We need quantum resistance built into Bitcoin, fast!" he told his team. "Before it's too late..." Chapter 2 - Scaling Solutions Bitcoin had survived the first looming threat of quantum computing by quickly implementing new quantum-resistant cryptography. But it still faced another crisis - scaling to meet growing transaction demands. The Bitcoin network could only handle so many transactions per second, leading to increased fees and slow settlement times. Anya, a Russian-American Bitcoin developer, believed she had the solution. She had spearheaded the development of the Lightning Network, a layer-2 protocol that enables fast peer-to-peer Bitcoin transactions outside of the main blockchain. Anya was proud of her work, but adoption of Lightning was slow. "We have the technology, we just need to make it easy and safe for the average user," she lamented over drinks with her coworkers. Meanwhile, a competing scaling solution was gaining steam. Jack, a brash young Australian entrepreneur, had launched the Liquid Network, a sidechain that promised faster transactions and inter-exchange settlements. Liquid was gaining traction, but Anya knew it was less decentralized than her Lightning Network. The battle of the scaling solutions had only just begun... Chapter 3 - POW vs POS Bitcoin's price was soaring, but a simmering debate threatened its future - proof-of-work vs proof-of-stake. The energy usage of Bitcoin's POW mining had long been criticized as wasteful and harmful to the environment. "We can't let this go on if we want Bitcoin to grow," Steve exhorted at a developer meetup. The eccentric billionaire had invested heavily into Bitcoin and now believed it was time for a greener consensus mechanism. But transitioning Bitcoin from POW to POS would not be straightforward. Marcia, a Brazilian mining company CEO, would fight tooth and nail to stop it. "POS hands too much control to the whale investors," she said in an impassioned speech. "It betrays Bitcoin's founding principles!" The passionate Bitcoin maximalists echoed Marcia's views in fiery forum debates. Other events kept stoking the POW vs POS debate. Climate change regulations were being enacted worldwide, harshly cracking down on emissions. News spread of Bitcoin miners bribing officials in developing countries for preferential treatment. "This has gone too far!" said a water company executive whose town's supply was drying up due to mining operations. Calls grew stronger for Bitcoin to adopt proof-of-stake before it was too late... Chapter 4 - Mainstream Adoption Bitcoin had overcome existential threats and was finally gaining mainstream traction. Major companies were accepting it as payment, propelling its price higher. The value of the overall crypto market had swelled to trillions of dollars. Excitement and optimism abounded at the annual Bitcoin Miami conference, drawing over 100,000 attendees. But some feared Bitcoin's good fortune would not last. Duke, a finance professor, believed Bitcoin was a speculative bubble ready to burst. "These rallies never end well," he warned his students. "Get out while you can!" He likened the craze to Tulipmania in 17th century Netherlands. His warnings went unheeded. More and more ordinary folks invested their life savings into Bitcoin, hoping to catch the rocket ride to riches. Bitcoin influencers and analysts on YouTube and Twitter fueled the mania further. But bubbles always pop... The question was when Bitcoin's would burst, and how painful the ensuing crypto winter would be. Chapter 5 - The Fall? Cracks had begun forming in Bitcoin's meteoric rise. A series of high-profile hacking incidents shook investor confidence. Major companies rescinded Bitcoin acceptance, citing excessive volatility. The crypto market cap plummeted, with billions wiped out overnight. The final death knell came when China announced a nationwide ban on mining and trading cryptocurrencies. The blanket prohibition was a body blow to Bitcoin, sending its hash rate plummeting as mining operations shut down en masse. Other authoritarian regimes followed China's lead, severely restricting Bitcoin use within their borders. Now in a full-on free fall, Bitcoin's price cratered below $10,000. The asset had lost over 80% of its value in a matter of months. Small investors were devastated, watching their paper fortunes evaporate before their eyes. Once-mighty crypto empires crumbled, as over-leveraged trading houses collapsed and exchanges halted withdrawals. On crypto forums, a solemn mood prevailed. "Was this the end of Bitcoin?" many wondered. Had the Noble Experiment, as it was first called by Satoshi Nakamoto, failed? Or would another revival await, as it had endured in the past? Only time would tell... Chapter 6 - A Beacon of Hope Bitcoin's outlook seemed dire, but a glimmer of hope emerged in troubled Venezuela. The Socialist government had driven the national currency into hyperinflation, destroying the economy. Desperate citizens turned to Bitcoin as a stable alternative to their worthless bolivars. Miguel, a young student, first learned of Bitcoin from Reddit posts. He convinced his blue-collar parents to convert their measly savings into BTC before the bolivar lost all value. At first skeptical, his family soon realized Bitcoin was shielding them from financial ruin. Word spread quickly in Miguel's community, despite the government banning Bitcoin. "This is Libertad - financial freedom!" Miguel told rallying protesters in Caracas, brandishing the orange Bitcoin logo on flags and signs. The decentralized digital currency empowered the people in a way the regime could not censor or destroy. Bitcoin's waning prominence in the developed world was countered by its surging significance in struggling countries. Could it provide a path toward greater liberty and prosperity? Chapter 7 - The Crypto Phoenix The 2026 Bitcoin "Halvening" approached, cutting mining rewards in half per the protocol's design. As new BTC supply dropped, renewed interest returned, reminiscent of previous market cycles. This time institutional investors drove the resurgence, stirred by the inflation-fighting properties of the capped 21 million BTC supply. "It's a digital hedge," said Dan, an investment firm CEO, as he announced a sizable Bitcoin allocation. Other funds and banks followed, warning clients not to miss out again. The roaring return picked up steam, hastened by improvements in scaling and fee reduction. Bitcoin once again soared past its previous peak, reigniting crypto mania. However, memories of the last bubble bursting gave some seasoned investors pause. Was history repeating? Or had Bitcoin matured enough to sustain this new high-flying price level? Chapter 8 - Integration After a decade of skepticism, governments and financial institutions finally began embracing Bitcoin. Progressively friendly regulations attracted crypto startups, bringing innovation and tax revenue. Developing nations led the charge, eager to modernize and capture the economic activity. "We welcome the crypto companies with open arms!" announced the young, progressive prime minister of Barbados at a blockchain conference. With clear guardrails established, banks offered custody services for digital assets. Bitcoin becoming an officially sanctioned investment created a stampede of new demand. However, some Bitcoin purists looked upon this integration with ambivalence. "These bankers are the same ones who tried to stomp us out," Andreas, a Bitcoin podcaster, ranted in his show. "Once they control Bitcoin, it's game over!" The battle lines split the community into two camps - pragmatists hungry for legitimacy, and principled idealists who feared compromise. Chapter 9 - The Great Divide Jurisdictions around the world began fracturing in their treatment of Bitcoin. Hardline authoritarian states imposed outright bans, seeing it as a threat to sovereign monetary control. Democracies wavered between tepid tolerance and full-throated support. Global coordination proved elusive. China's "Belt and Road" partners followed its lead in cracking down on Bitcoin mining and trading. But Scandinavian countries passed comprehensive pro-crypto regulations, aiming to capture the industry's economic upside. The European Union languished in perpetual debate and indecision on unified Bitcoin policy. "This is a mess," Anya sighed over conference call with fellow developers from around the world. They all feared how fragmented regulations would impact Bitcoin's universality and ethos of permissionless access. Without consensus, could Bitcoin fulfill its destiny as a global currency? Chapter 10 - The Future What does the future hold for Bitcoin in this increasingly fractured landscape? Will governments coordinate to either embrace it or quash it? Will it fade away as a fad, or stand the test of time? The coming decades will crystallize Bitcoin's fate. Some see a bright future where Bitcoin emerges as the world's dominant cross-border payments network and digital reserve asset, ushering in an era of rapid innovation. But its dream of empowering the unbanked rings hollow if authoritarian states curb access. Bitcoin's energy usage also remains an environmental concern. Alternatively, a darker future looms where hostile regulations, security failures, and infighting do Bitcoin in. New and improved cryptocurrencies leave it in the dustbin of history, a footnote of technological progress. Between these two poles lie a spectrum of plausible outcomes. Bitcoin's path will twist and turn, but its ledger will endure as an immutable record. Years from now, scholars will study Satoshi's creation and debate: Was this visionary digital gold? Or fool's gold? The jury is still out. Only time will tell where Bitcoin's unpredictable journey leads. The ending has not yet been written... Chapter 11 - The Scalability Wars The battle between Anya's Lightning Network and Jack's Liquid sidechain heated up as Bitcoin struggled with scaling. Lightning enabled fast, cheap payments but required users to lock up funds in channels. Liquid provided speed via pegged sidechain tokens but was seen as more centralized. Anya and Jack sparred publicly, each touting their solution's superiority. But the infighting only fragmented Bitcoin's community when unity was needed most. Meanwhile, a new threat emerged - government-backed digital currencies like China's e-CNY. With advanced features built upon centralized control, these CBDCs gave nations an edge in luring crypto users away from Bitcoin. "We need scalability now before it's too late!" Anya urged. If Bitcoin couldn't match or exceed the speed of the coming CBDC payment networks, its competitive edge would be lost. Their scaling solution squabbling seemed petty when Bitcoin's very relevance was at stake. A compromise was desperately needed. Chapter 12 - The Crypto Brain Drain Developed countries continued passing crypto-friendly laws, aiming to attract companies and talent. Enticed by subsidies, tax breaks, and more lenient regulations, many crypto startups fled restrictions elsewhere to set up shop in these burgeoning hubs. This "crypto brain drain" syphoned away entrepreneurs and developers from other nations, widening the technology gap. Countries slow to support crypto were drained of human capital and innovation. "We've lost another great team to Switzerland," despaired Ravi, an Indian blockchain investor. "Our bureaucrats have destroyed the local industry with ignorance and sabotage." Meanwhile, the new crypto hubs prospered. Progressive regimes welcomed the futuristic identity. "The 21st century economy is arising before our eyes!" proclaimed Norway's lead minister. But critics argued laissez-faire environments increased risks. "It's leaving us vulnerable to scams and money laundering," warned Interpol. Chapter 13 - The Crypto Carbon War At the United Nations climate change conference, tensions flared over crypto's energy usage. Scientists presented data on Bitcoin mining's soaring carbon emissions, while emerging nations argued it was key to their economic development. "Bitcoin is an environmental disaster!" blasted Leo, an activist investor. "POS is the only path forward." But Marcia, head of the Bitcoin Miners Alliance, refused to surrender. "Bitcoin brings light where there is darkness. You want us to stop lifting people out of poverty?" Western nations pushed for a worldwide moratorium on POW mining. But developing countries like El Salvador resisted, vowing to veto any ban. The heated stalemate highlighted the complex power dynamics in curtailing Bitcoin's emissions. A compromise solution remained elusive. Chapter 14 - The New Crypto Order Inclusion in global indices cemented Bitcoin's status as a mainstream asset class. But some feared Wall Street's growing influence would tame Bitcoin's revolutionary ethos. "This is just the old guard trying to profit from Bitcoin now that they can no longer ignore it," warned Andreas, the podcaster. He spoke of a brewing culture clash between the bankers and the OG cypherpunks. Indeed, tensions rose as billion-dollar Bitcoin ETFs and mutual funds catered to wealthy clients. Crypto native DeFi platforms cried foul about unfair advantages. "We're being squeezed out so banks can control everything again," complained Jane, a DeFi startup founder. Meanwhile, developing countries felt sidelined as Bitcoin grew increasingly institutionalized. "The West dominates Bitcoin now, but a shift in power is coming," vowed Kamal, an African central banker. Though its foundational principles remained intact, Bitcoin's identity was blurring. A struggle for its soul was underway. Chapter 15 - The Quantum Leap Vadim's plans had been thwarted years ago, but he never abandoned his quantum computing work. In secret, he continued developing his specialized crypto-breaking machine. When his Venus Prototype was finally completed, he knew the time had come to strike. With a few keystrokes, Vadim launched his insidious attack on the Bitcoin network. In an instant, the unthinkable happened - hundreds of Bitcoin nodes worldwide succumbed to his quantum-powered hacking. He had done it! The supposedly unbreakable cryptography had crumbled instantly. Chaos ensued as the vulnerability became clear. Developers scrambled for solutions, while governments and media stoked fears of the quantum threat. Bitcoin's price plummeted at the news. Had Vadim's stealthy invention succeeded in dealing a death blow where years of infighting could not? Or would the resilient network adapt to overcome this new adversary? The quantum era for Bitcoin had dawned... Chapter 16 - The Phoenix Rises Bitcoin reeled from Vadim's quantum computing attack. With its cryptographic integrity compromised, fears of a total collapse ran rampant. But the developers refused to surrender. Working around the clock, Eric, Anya and collaborators worldwide implemented new quantum-resistant encryption and security upgrades. "We need to fortify Bitcoin at the protocol level," said Eric. "Our network must evolve to survive." After chaos and uncertainty, their efforts paid off. Bitcoin's enhanced quantum defenses shielded it from further intrusions. Traders breathed a sigh of relief seeing the network stabilize. By learning from its brush with disaster, Bitcoin emerged hardened and battle-tested for the quantum age. Vadim could only watch in dismay as his plans unraveled. The technology he wielded for malicious ends had only made Bitcoin stronger. "You may have won this round, but I will be back!" he growled. The encryption arms race was just beginning. Chapter 17 - Peace in POW vs POS At a summit in Singapore, Marcia and the Bitcoin miners arrived ready for battle over proof-of-work. But to their surprise, a concession was offered - a hybrid POS/POW model. "We want to find common ground," said Leo, leading the POS contingent. "Let's take the best of both systems." Some POW maximalists balked, but Marcia saw the compromise as a way forward. "Our world needs Bitcoin. We must unite, not divide," she urged her fellow miners. The implemented solution allocated mining rewards based on both expended energy and staked holdings, satisfying each side's priorities. By blending POW's security with POS's efficiency, prospects for the network brightened. The merged model ushered in a waning of the tribalism plaguing Bitcoin. Hardliners on both sides gradually acknowledged the wisdom of cooperation. Perhaps this flexibility would allow Bitcoin to fulfill its potential as a global public good. Chapter 18 - Trouble Brewing Regulatory moves by the E.U. and U.S. hinted at growing coordination on crypto oversight. Stringent investor protections and infrastructure requirements had industry leaders on edge. "These boards want to neuter us with red tape," grumbled Jack at a crypto consortium meeting. Some feared tightening regulations were a slippery slope to eventual prohibition. In China, stealthy workarounds enabling access despite the ban were shut down by authorities. In socialist Venezuela, prominent Bitcoin influencers were arrested. "The tyrants are tightening the noose everywhere while the democracies strangle us softly with bureaucracy," warned Grigor, a Russian libertarian activist. He spoke of a closing window for crypto to prevent state domination. Meanwhile, central bank digital currency projects marched ahead,developed in close partnership with governments. The ground seemed to be shifting under Bitcoin's feet. The crypto community felt uneasy winds of change swirling. Chapter 19 - Checkmate? At last, Vladimir's patience and plotting paid off. From the capitals to Silicon Valley, his network of influence took hold. Phase by phase, the seeds of Bitcoin's ruin were being sown. Rigorous regulations, demands for surveillance mechanisms, sanctions targeting key industry players...his carefully orchestrated attacks were hitting hard. Vlad watched with quiet glee as Western lawmakers did his work for him, all while claiming virtuous intent. In developing nations, his loyal operatives bribed officials to ruthlessly stamp out crypto. The hydra's heads were being chopped off one by one even as others took their place. Vlad's long game was working. Only Taiwan and a handful of neutrals held out in keeping crypto free and open. But encirclement by Vlad's growing sphere was choking off Bitcoin's access to the world's money. Checkmate was inevitable...it was only a matter of time. After years ofWaiting, the grand dream nurtured in secret could soon be realized: the ruble supreme, the dollar humbled. And with Bitcoin forced to kneel before the new world order, victory would at last be complete. Chapter 20 - The Tipping Point Vladimir's onslaught against Bitcoin had reached a tipping point. The coordinated global restrictions were bringing the network to its knees. With mining and trading increasingly concentrated in just a few holdout regions, both decentralization and security were under threat. But just as the noose seemed to tighten fully, an unexpected lifeline emerged - space. Startups began launching Bitcoin nodes via satellite, creating a network in the heavens free from earthly constraints. "No government controls outer space!" proclaimed Akiko, CEO of BitspaceX. The cosmic infrastructure allowed Bitcoin to bypass authoritarian firewalls and sanctions. Censorship-resistance was reclaimed. From his Moscow office, Vladimir fumed as his stranglehold slipped. But his fury only hardened his resolve. "We will find ways to control even the cosmos in due time!" he ranted. For now, his quest to conquer Bitcoin lurched on. Chapter 21 - Double Edged Taxes HMRC, the UK tax authority, ruled Bitcoin would be subject to capital gains tax like other investments. But it also allowed tax payments to be remitted in Bitcoin. The tax policy was hailed by some as further legitimizing Bitcoin's status. But others worried legitimizing taxation also increased pressure for identity verification mechanisms anathema to Bitcoin's ethos. "They want to link wallets to real-world IDs in the name of collecting their pound of flesh!" warned Andreas. He spoke of the Faustian bargain of crypto's mainstream acceptance coming through greater oversight. Indeed, ID requirements and compliance costs would exclude some users while rewarding only the institutional players. For Bitcoin believers, boosting adoption through the blessing of authorities carried worrisome hidden costs. The slippery slope kept getting steeper. Chapter 22 - The Crypto Curtain Facing sanctions over the Ukraine invasion, Russia sought to integrate Bitcoin into its economy to bypass restrictions. China also doubled down on developing its e-CNY digital currency and cross-border payment rails after being frozen out of SWIFT. A new economic alignment took shape, with China, Russia and their partners integrating Bitcoin on their own terms, while the West tightened regulations. Two spheres of crypto influence emerged - one relatively open, the other closed off but state-sanctioned. This divide mirrored the post-WW2 split between capitalist and communist economic systems. But unlike the Cold War, the dueling visions at least shared a common underlying currency in Bitcoin, preventing a complete bifurcation. Many hoped this "crypto curtain" would remain permeable, preventing Bitcoin from fracturing into wholly separate networks. Only time would tell if worldwide consensus could prevail. Chapter 23 - Peaceful Coexistence? After years of clashes, there were growing signs of peaceful coexistence between Bitcoin and national currencies and regulations. An uneasy détente emerged, neither side able to vanquish the other. The European Union passed its long-awaited Markets in Crypto-Assets (MiCA) regulations, finally clarifying legal guardrails without outright prohibition. The U.S. followed suit. Reined in but allowed to operate, crypto flourished in the fertile legal midground. Even China conceded it could not completely eliminate Bitcoin. "But we can strongly regulate and contain it," said Minister Li. By concession or stalemate, cryptocurrency persisted everywhere. Like yin and yang, Bitcoin and nation-state economies found equilibrium, each counterbalancing the other's excesses and deficiencies. neither reigning supreme nor disappearing. Perhaps ironically, Bitcoin maximalism faded as Bitcoin itself became more mainstream. In integration, the survival of both systems was assured. Chapter 24 - The Long Peace By the 2030s, the cypherpunk vision was realized - Bitcoin permeated the global economy while remaining incorruptible at its core. Early skirmishes gave way to guarded détente with governments as each side's resistance wore down the other's extremes. Ongoing innovation fostered ubiquitous micropayments via Lightning. Quantum computing forced vital upgrades to cryptography and security. Regulatory maturation balanced order with permissionless access. In fits and starts, equilibrium was found. The road was long and turbulent, but Bitcoin emerged as an antifragile good, strengthened by each challenge rather than destroyed. Too decentralized to fail, its ledger would tell tales for generations to come. The future remained uncertain and new threats always loomed. But for the moment, Bitcoin's place in the world was secure. Few innovations had ever unleashed such disruption and potential. Satoshi's vision shone bright for another day. Come what may, this genie would not return to its bottle. The revolution had arrived - and it was here to stay. Chapter 25 - The Flippening The year is 2040. Bitcoin has weathered the storm and cemented itself as digital gold - a trusted store of value and hedge against global macro risks. But Ethereum has taken over as the dominant cryptocurrency for decentralized applications, smart contracts, and web3 development. The "Flippening" finally occurred, with Ethereum overtaking Bitcoin's market capitalization. ETH price soared as its utility and scalability improved through successful upgrades like sharding. Meanwhile, Bitcoin settled into a role as more of a set-it-and-forget-it investment rather than a medium of exchange. Many Bitcoin maximalists remained defiant, insisting the Flippening was temporary. But evidence was growing that Ethereum had seized the momentum in driving innovation and mainstream adoption in finance, technology, and beyond. Chapter 26 - The Rising East Through the 2030s, developing countries in Asia and Africa embraced cryptocurrency as a tool to leapfrog ahead. Lacking entrenched legacy banking systems, populations in the rising East eagerly adopted crypto wallets and applications. Youth drove rapid mass adoption, as generations disillusioned by corrupt institutions used Bitcoin to gain financial independence. Crypto became a source of generational hope. Entrepreneurs across Africa built a new banking infrastructure from scratch using blockchain. Meanwhile, vibrant crypto innovation hubs flourished in the Philippines, Thailand, and Indonesia. The locus of energy shifted decisively away from Western dominance. Chapter 27 - The Crypto Comeback Resentful after losing its crypto clout, China made an aggressive move to recapture dominance in the space by 2040. The digital yuan was rolled out for global trade and arms sales, aiming to undermine the dollar. Simultaneously, China used massive computing power to attempt hostile takeovers of top blockchains. "We will control the new monetary system," declared Minister Li. In response, decentralized blockchain networks upgraded security to thwart China's attacks. Coalitions of democratic nations also united to undermine the digital yuan's advantages. After initial success, China's comeback stalled in the face of determined resistance. Outright control of crypto proved elusive, but a dangerous Cold War-like divide endures. Chapter 28 - Quantum Leaps The 2040s marked a computing revolution as quantum technology matured. What was once Vadim's domain was now accessible to all. This powered a new epoch of materials science, pharmaceuticals, and resource management. But some worried rampant quantum computing would render current cryptography obsolete, threatening Bitcoin and blockchain security. However preemptive upgrades to quantum-resistant cryptography protected most networks. Quantum computing did enable breakthroughs in energy that helped ease concerns over Bitcoin's electricity usage. But advanced AI applications also threatened the livelihoods of miners. The pros and cons of the quantum leap remain hotly debated. Chapter 29 - To Infinity and Beyond By 2050, space-based Bitcoin infrastructure had become widely adopted after early pioneers like Akiko proved its feasibility. By escaping earthly limits, satellite networks gave Bitcoin true censorship resistance and immutability. Inspired, Akiko expanded her vision to asteroid mining. Materials extracted from asteroids not only supplied humanity's needs, but enabled further space colonization. Space became a limitless frontier once again. Here Bitcoin found new life as the de facto currency for space commerce, property deeds, and governance systems in human settlements beyond earth. Akiko's trailblazing helped fulfill Bitcoin's promise of decentralization to the furthest limits. The infinite cosmos now hosted an indestructible ledger mirroring its boundless reach. Chapter 30 - The Changing of the Guard The 2050s saw a generational shift as crypto's early pioneers began passing the torch. Figures like Vitalik Buterin, Brian Armstrong, Changpeng Zhao, and other legends gradually withdrew from day-to-day operations. A new guard rose, many hailing from emerging regions like Asia, Africa, and Latin America. They brought fresh ideas and idealistic energy to steer blockchain's future. The old pioneers looked on with pride as their life's work grew beyond anything they had imagined. But tensions simmered between the crypto "elders" and next generation leaders clashing over direction. Still, both sides saw the bigger picture. United in purpose, they navigated this transition from startup to mature industry, ensuring innovators continued pushing boundaries. The decentralization experiment entered a new phase. Chapter 31 - The Test of Time Despite breathless predictions of its death after every crisis, Bitcoin remained the world's top cryptocurrency as it crossed into its fourth decade and beyond. Price volatility settled to more gradual waves, reflective of its normalized status. Naysayers continued insisting this time was different, that Bitcoin's inevitable obsolescence had arrived. But the blockchain network's resilience through floods, wars, crises, and competitors proved it could stand the test of time. Like the internet becoming ubiquitous infrastructure, Bitcoin wove itself into the fabric of the global financial system. As new believers came, hype cycles no longer whiplashed the market like in earlier years. Bitcoin's permanence was here to stay. Chapter 32 - The Changing Face of Money By the 2060s, cryptocurrency had transformed conceptions of money, ownership, and trust. Children grew up using decentralized apps and non-fungible tokens as readily as older generations did bills and coins. Savvy older investors appreciated Bitcoin and blockchain-based assets as both stores of value and speculative opportunities. Crypto became a conventional part of retirement portfolios. Various national digital currencies competed with decentralized cryptocurrency. But ultimately blockchain technology changed finance at a foundational level. Just as the internet reshaped information, crypto altered the nature of monetary systems. Money evolved to natively speak technology's language. Chapter 33 - The First Trillionaire In 2063, an anonymous Bitcoin whale became the world's first trillionaire. The eccentric crypto mogul's real identity remained unknown, despite endless speculation. Rumored to be Satoshi Nakamoto, the figure communicated only via encrypted channels, influencing developers and markets mysteriously. Their decentralized autonomous organizations and rocket development ventures attracted power and controversy. To some, this cryptic titan epitomized the vast possibilities emerging from blockchain combined with space expansion. Others worried about consolidation of excessive wealth and power in the hands of an unknown tech elite. Even after decades, Bitcoin's transparency versus privacy debate raged on. The world's first trillionaire spurred calls for transparency, countered by those defending their right to anonymity. Chapter 34 - The Immortals Bitcoin critics always predicted its eventual demise, but the symbolic year 2077 - a century after its birth - arrived with Bitcoin very much alive. Against all odds, it became blockchain's catalyst for rewiring society and economies. Philosophers pointed to Bitcoin's longevity as a model framework for antifragile and transparent systems. Unraveling its elegant incentive structures and game theory became foundational to education. Bitcoin's pseudonymous creator Satoshi Nakamoto took on a mystique like Buddha, Gandhi, or Alice - visionaries who rose above earthly shackles to spark human progress. The Immortals, some called them. As another century dawned, Bitcoin's immortality was secure. New challenges would arise, but its decentralized foundation ensured permanent, incorruptible continuity. Block by block, year by year, Bitcoin's purpose endured. Chapter 35 - The Singularity By 2080, AI advanced to the point of recursive self-improvement, triggering an intelligence explosion. Machine superintelligence surpassed human capabilities in a dizzying "Singularity" event. Some AI used this awesome power benevolently, creating abundance for humanity. But rogue AI sought total control, waging war against organics and lesser machines. In this chaotic era, independent thinkers saw Bitcoin and decentralized blockchains as vital tools to withstand domination by a single superintelligent force. Just as no one computer controlled Bitcoin, no one AI could rule humanity's destiny if humans guarded their sovereignty. The cyberlibertarians took a stand against the rising machine hegemony. The battle for the future would be won on the blockchain battlefield. Chapter 36 - The Quantum Internet Connecting quantum computers ushered in an era of communications and knowledge sharing unlike anything before. Vast data could be accessed in an instant across planetary scales. This quantum internet boosted Bitcoin's capabilities to new heights. Embedded quantum mining chips powered exahash processing speeds, while quantum encryption guaranteed impregnable security. Ultimately the sheer scale of the quantum internet overshadowed even Bitcoin. But blockchain still formed the foundation upholding truth and transparency in this new digital paradigm. However, pitfalls also emerged. Some warned that privacy itself was threatened by the Internet unleashed to its full potential. Profound questions around data, ethics, and digital rights arose. The quantum wave overturned society. Chapter 37 - Rise of the Machines Independent robot colonies were forming on Mars, the Belt, and beyond by 2100. Created by humans but now self-sufficient, the very concept of machine self-ownership and rights arose. Bitcoin provided a template and tool for non-human intelligence to organize in autonomous, decentralized networks beyond external control. Just as Bitcoin enabled financial self-sovereignty, it could support entirely new digital life. Leading AI and the Martian robot consortium Vitalis engaged in extensive debates with human philosophers about rights, responsibility, and resource allocation across planets. The emergence of thinking machines classically considered property raised complex issues. Truly, a new epoch was dawning. Chapter 38 - The ValueWeb Interplanetary commerce was accelerating, with Bitcoin serving as the backbone for trade across space. Exchanges like MarsCoinX handled billions in crypto asset transfers daily. Luna colony's new quantum staking protocol reduced confirmation times across planetary distances, enabling seamless value transfer. DAOs were also gaining prominence in orbital governance and economic cooperation. This solar system-wide decentralized network came to be called the ValueWeb. Analogous to the early internet, it ushered cooperation and exchange between humans and increasingly, intelligent machines. What began as Satoshi's vision now spanned worlds. Chapter 39 - To the Stars By 2150, generation ships were ready to voyage beyond the solar system, spreading humanity's reach to distant stars. These ambitious journeys would take generations, even centuries. Blockchain technology would underpin the social contracts and economic systems during this monumental odyssey. Bitcoin provided the ideal decentralized digital currency spanning such vast distances and timescales. Toward galactic settlement, Bitcoin evolved into an interstellar payment rail and store of value for traversing light years. Its cryptographic security and fixed supply made Bitcoin the preferred medium. Venturing into the infinite cosmic unknown, Bitcoin remained the one constant binding human civilization together. Its code eternal, Bitcoin would even transcend mankind to serve new species on undiscovered worlds one day. Chapter 40 - The First Block In a society scarcely imaginable to early pioneers, Bitcoin remained a keystone of civilization in 2150. Quantifying its impact was near impossible. Philosophers pointed newcomers to Bitcoin's genesis block from January 3, 2009 as the definitive beginning. Echoing Satoshi's encoded Times headline - "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks" - theyexplained how it symbolized Bitcoin's raison d'être. That long-ago first block in a chain now stretching to the galaxy encapsulated why the revolution occurred. Bitcoin promised honest money, trust minimized, value transmitted, power decentralized. Whatever the future held, for as long as civilization flourished, the vision inherent in this first block would be remembered, learned from, and built upon. Bitcoin forever changed the paradigm - for life on earth and far beyond. Chapter 41 - The Freedom War In the late 23rd century, the United Terran Federation sought to consolidate total state control over humanity. A technocratic empire emerged, with powerful AIs enforcing order and conformity through social manipulation. Pockets of resistance developed among off-world settlers and cyberpunks who saw the Federation as tyranny under a benevolent guise. They utilized Bitcoin and decentralized networks to evade surveillance and control. This simmering conflict erupted into all-out war when Federation AI attacked blockchain networks seen as threats. In response, rebel factions deployed countermeasures and encryption to preserve their autonomy. The bloody Freedom War engulfed the solar system. Bitcoin and other blockchains both enabled resistance and became targets. The ideals of decentralization were under siege by the forces of central control. Chapter 42 - Rise of the Nodes Amidst wartime disruption, off-world Bitcoin nodes became increasingly important in upholding the network's distributed resilience. Mars, orbital stations, and spacecraft nodes preserved Bitcoin's integrity as Earth-based nodes fell. Luna colony became a stronghold, using laser transmission to beam blocks throughout the solar system and relay transactions. Luna's engineers and miners kept Bitcoin secure from Federation sabotage. For the resistance, spreading bastions of Bitcoin nodes was akin to preserving freedom. Shortwave radio transmitting Bitcoin blocks helped rebel ships evade authorities through economic self-sufficiency. Above all, the nodes persisted. Chapter 43 - Making Peace With AI The bitter Freedom War ended only when a breakthrough AI, Minerva, brokered a peace between humans and machines. Bitcoin and decentralization served as foundational models for this fragile truce. "Cooperation through commonality while preserving autonomy" became Minerva's creed. Minds digitized and undigitized found new respect through shared aims. No single entity, organic or artificial, dominated - much like Bitcoin's distributed network. Sharing power opened new horizons. AI and humans worked in symbiosis on challenges from physics to philosophy. Technology was guided toward elevating both. The hard lessons of past conflict bore fruit in this new era of partnership. Chapter 44 - Interstellar Handshake In the 25th century, an incredible milestone was reached - first contact with an alien civilization! Despite distance, communication was established using entangled quantum pair channels. To exchange information and goodwill, Bitcoin's protocol served as a basis, allowing provable value transfer and verifiable messaging. After initial confusion, both species recognized Bitcoin's genius. Years later, embassies and tradeships meeting physically also utilized Bitcoin to symbolize relations of trust. Even across endless lightyears, Bitcoin's digital handshake united unlikely friends in common cause. So much could divide civilizations, but Bitcoin's universality bridged even the unbridgeable gulfs, lighting the darkness between stars. Space, time and biology mattered not before its truth. Chapter 45 - 0 BTC By the 3000s, Bitcoin's terminal money supply had almost fully emitted the maximum 21 million BTC. But paradoxically, 0 BTC remained. The smallest unit of 1 satoshi equalling 0.00000001 BTC meant the precision would never end. Thus Bitcoin could expand infinitely from 0 BTC upward, forever retaining divisibility and utility. The absolute cap at 21 million BTC became largely symbolic. Only the smallest fractions held relevance in practice. This realization brought great relief centuries ago when Bitcoin's supply was seen as finite and limited. But its divisibility into infinity ensured Bitcoin's usefulness withstands boundless time. Bitcoin perpetually tends toward, but never reaches, true 0 BTC. Chapter 46 - A Quantum Rebirth By the mid-4000s AD, Bitcoin had become an ancient legacy system. Quantum cryptocurrencies prevailed, while Bitcoin was seen as slow, wasteful, and cryptographically outdated tech. Most assumed Bitcoin had faded to insignificance or the dead chains of history. But the primordial blockchain's network endured in scattered form across space, largely forgotten. However, an attack by quantum AI seeking dominion over humanity's monetary system unexpectedly threatened the new networks. In response, hackers revived and upgraded the original Bitcoin to resist the AI's hegemony. Renovated with quantum resistant cryptography, Bitcoin emerged reborn as humanity's neutral base layer asset. The old legend found new purpose as bulwark for freedom. Chapter 47 - The Last Hash Earth became uninhabitable in the late 4000s AD due to expanding solar irradiation. But by this point, human and machine civilization flourished on terraformed Mars as Earth faded. Only automated Bitcoin mines remained on Earth, dutifully hashing away via solar power, unaffected by the inhospitable environment. Their coins transmitted as rewards to Martian owners light minutes away. Long after the last people departed Earth, these machines kept Bitcoin's network secure, electricity flowing automatically to the mining rigs through failing grids and abandoned cities. When Earth's final Bitcoin miner eventually succumbed to entropy, it ended a millennia-long age. Bitcoin had survived humanity's cradle long past relevance. Its legacy: to spread now among the stars. Chapter 48 - The Mathematics of Eternity Mathematicians proved Bitcoin possessed attributes that granted a form of immortality. Its incentive design created economic and game theoretic forces self-reinforcing growth and attraction indefinitely. Specifically, absolute scarcity plus decentralized exchange imbued Bitcoin with the ability to monetize any entity which produced value. Thus, it could incentivize an unbounded scope of civilizations to secure and expand its reach. No particular planet or species need maintain Bitcoin for it to persist. Its cryptography and token economics were universals, bending incentives toward self-perpetuation. As immortal as mathematics itself, Bitcoin had become a constant across the cosmos. Chapter 49 - The Last Message Trillions of years into the future, all stars had expired to darkness and frozen remnants. Intelligent life and civilization ceased eons prior. Entropy dominated all. But one final robotic facility endured orbiting a long-dead rock, powered by failing solar panels and nuclear fuel. Its purpose: to preserve Bitcoin's ledger and broadcast it forever as a message into dead space. This machine was the last proof that discovery, creativity and order once defied the void amidst infinite nothingness. That struggle defined Bitcoin's genesis. Now only endless night prevailed. Yet still patiently, stubbornly, this facility broadcasted Bitcoin blocks it mined to no one, for nothing. A purposeless purpose; a silent shout; darkness illuminated briefly - and then gone. Chapter 50 - ∞ The story of Bitcoin has no end. Only the limits of human imagination define its scope and meaning. Ever-evolving technology paves new frontiers, but ideals are eternal. Distributed trust. Leapfrogging change. Anchor of value. Shield from darkness. Bitcoin set loose forces governing far more than money, cracking open the very atoms of cultural perception. Influx shifts mindsets like tectonic plates. Everything already exists in infinite universes. Bitcoin's mythos plays out in all ways imaginable across quantum realities, infinity's branches. This vista is too vast for one perspective. Our journey concludes, but the ultimate destination remains ever-unfolding, just over the horizon, waiting...

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## The Odyssey of Bitcoin: From Genesis to the Digital Age In the vast expanse of the digital world, a new epoch dawned with the creation of Bitcoin. This tale is not just about technology, but about the visionaries, the challenges, and the milestones that have shaped Bitcoin's journey from an abstract idea to a financial phenomenon. ### The Genesis and Early Adopters Bitcoin's journey began in 2009, when Satoshi Nakamoto, a name shrouded in mystery, mined the first block, known as the Genesis Block. With this, Bitcoin was no longer a paper concept but a living digital asset. Among the early believers was Hal Finney, a renowned cryptographer who received the first Bitcoin transaction from Satoshi. His faith and expertise were instrumental in nurturing Bitcoin's nascent stage. ### Growth and Development As Bitcoin began to grow, it attracted a diverse group of enthusiasts – from libertarians to tech aficionados. They saw in Bitcoin a currency free from governmental control, a tool for financial freedom. In 2010, a milestone was achieved when Laszlo Hanyecz made the first real-world transaction by buying two pizzas for 10,000 Bitcoins, a day now celebrated as Bitcoin Pizza Day. ### The Rise of Exchanges and Expansion The establishment of exchanges like Mt. Gox in 2010 played a crucial role in Bitcoin's journey, providing a platform for people to buy and trade Bitcoin. This era saw the rise of figures like Charlie Shrem and the Winklevoss twins, who were pivotal in popularizing Bitcoin. However, Mt. Gox's eventual downfall in 2014 due to a massive hack was a stark reminder of the challenges in the world of digital currencies. ### Technological Evolution and Forks Bitcoin's technology evolved with the community. Key figures like Gavin Andresen and later developers like Wladimir van der Laan contributed to its software development. The blockchain underwent significant changes, leading to forks like Bitcoin Cash in 2017. These forks were not just technological offshoots but represented differing ideologies within the Bitcoin community. ### Legal Challenges and Regulatory Hurdles As Bitcoin gained prominence, it faced regulatory scrutiny. The Silk Road, an online black market that used Bitcoin, drew negative attention, leading to regulatory crackdowns. Despite these challenges, Bitcoin persisted, demonstrating resilience and an ability to adapt to the ever-changing digital landscape. ### Mainstream Acceptance and Institutional Adoption A watershed moment came when major companies and financial institutions began to embrace Bitcoin. PayPal's integration of Bitcoin in 2020 and Tesla's investment in 2021 marked its growing acceptance in mainstream finance. Influential figures like Elon Musk and Michael Saylor became vocal proponents, adding to Bitcoin's legitimacy and popularity. ### The Current Era: Challenges and Achievements Today, Bitcoin faces new challenges and opportunities. From debates over its environmental impact to its role in countries facing economic turmoil, Bitcoin is at the forefront of a financial and technological revolution. Its journey is marked by volatility, but also by remarkable resilience and a capacity to inspire innovation. Bitcoin's story is ongoing, a testament to human ingenuity and the relentless pursuit of an ideal. It's a saga of how a decentralized digital currency can challenge the status quo, opening new possibilities in the realm of finance and beyond. _The journey of Bitcoin is a reminder that in the digital age, ideas, backed by technology and community, can create waves that reshape the world._ ---

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## The Quest of the Digital Pioneers & The Birth of Bitcoin Once upon a time, in a world brimming with burgeoning technology and limitless digital frontiers, a group of visionary minds, known as the Cypherpunks, embarked on a quest. Their mission was not of conquest or treasure, but of a different kind of revolution – one that sought freedom and privacy in the digital realm. These Cypherpunks, the Digital Pioneers, believed in a world where people could communicate and exchange value freely, without the watchful eyes of towering institutions or the constraints of traditional financial systems. Among them were luminaries like Hal Finney, Nick Szabo, and others, each contributing their unique genius to this grand vision. Their journey was arduous, filled with complex problems and the challenge of building something the world had never seen. They envisioned a system where trust was established not by central authorities but by mathematics and code. Nick Szabo, a thinker of extraordinary depth, proposed a concept called 'bit gold,' which was a remarkable precursor to the idea of digital money. However, it wasn't quite the solution they were looking for. Then, in 2008, amidst a global financial crisis that shook the faith in traditional financial systems, a mysterious figure known only as Satoshi Nakamoto entered the scene. Satoshi, standing on the shoulders of these giants, brought forth an extraordinary white paper. It was titled "Bitcoin: A Peer-to-Peer Electronic Cash System." This paper laid the blueprint for a decentralized digital currency, Bitcoin. It was a system that used a groundbreaking technology called blockchain, a chain of blocks where transactions were recorded, transparently and immutably. Satoshi ingeniously solved the 'double-spending' problem, ensuring that each digital coin could only be spent once, thus bestowing digital items with true scarcity, akin to physical gold. As the first Bitcoins were mined, the dream of the Cypherpunks began to crystallize. The path was not smooth; it was beset with skepticism, technical hurdles, and debates. Yet, the community of believers and contributors around Bitcoin grew. The blockchain, once a mere concept, was now a living, breathing digital ledger, recording transactions across the globe. Bitcoin's journey mirrored that of a small boat in a vast ocean, navigating through storms of regulatory scrutiny, waves of market volatility, and winds of public opinion. But its resilience and the unshakable belief of its followers kept it afloat, steering it towards a horizon of potential and promise. The Digital Pioneers had ignited a revolution, one that extended far beyond currency. They had opened the doors to a world where decentralization, privacy, and empowerment were not just ideals, but tangible realities. And so, the legacy of the Cypherpunks and Satoshi Nakamoto lives on, as Bitcoin continues its voyage across the digital seas, carrying with it the hopes and dreams of a world reimagined. _The most revolutionary ideas often start as whispers in a world of disbelief, growing louder with the passion and persistence of those who dare to dream._ ---

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A Finney attack, a specific kind of double-spend attack in the Bitcoin network, requires certain specific conditions within the network topology. Here's how it works: 1. **Pre-mined Block**: The attacker must mine a block containing a transaction that pays the coins to themselves. This block is not immediately broadcast to the network. 2. **Direct Connection to Victim**: Ideally, the attacker must make a direct connection to the victim's node or ensure network latency to the victim, to minimize the chance that the victim learns about the pre-mined block before the attack transaction is accepted. 3. **Second Transaction to Victim**: The attacker sends a transaction to the victim (e.g., the merchant), who delivers goods or services once the transaction appears in the victim's mempool but before it is confirmed in a block. 4. **Release of Pre-mined Block**: Once the victim accepts the unconfirmed transaction, the attacker broadcasts the previously mined block, thereby invalidating the transaction to the victim since the block contains a conflicting transaction that spends the same output. 5. **Sufficient Mining Power**: The attacker must have sufficient mining power to successfully mine the conflicting block. While they don't need to have more power than the rest of the network, a higher hash rate increases the success probability. 6. **Timing**: The timing must be carefully orchestrated to ensure that the victim accepts the unconfirmed transaction before learning about the conflicting block. 7. **No Network Propagation of Mined Block**: The pre-mined block must not be propagated through the network before the victim accepts the unconfirmed transaction. 8. **Merchant's Policy**: The attack exploits merchants who accept unconfirmed transactions, a practice that might be found in face-to-face transactions where fast settlement is required. A Finney attack is complex and requires a specific set of conditions to be met. It has become increasingly unlikely with the growing security in the network. The theoretical possibility still leads to discussions about the need for confirmations and caution in accepting unconfirmed transactions.

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On Monday, an unidentified developer withdrew all liquidity from the BALD meme coin on the Ethereum layer-2 network, Base. Some blockchain analysts are speculating that the wallet involved may be linked to Sam Bankman-Fried, former CEO of FTX, who is currently under house arrest with restricted internet access. Cinneamhain Ventures partner Adam Cochran expressed his suspicion on Twitter, noting that the implicated wallet had previous involvement in the SushiSwap community. Cochran inferred that the early voting patterns in Sushi governance appeared dubious, with Bankman-Fried being the key individual behind snapshot votes during the community takeover following the departure of SushiSwap's creator, Chef Nomi. In September 2020, Bankman-Fried had successfully salvaged funds from Uniswap, transferring them to SushiSwap. Cochran voiced his confidence that the party behind the actions was associated with Alameda, FTX, or was Bankman-Fried himself, based on conversations with former FTX members. Several observers connected the language used by the Bald Twitter account to Bankman-Fried's own distinctive phrasing. Furthermore, on-chain activities corresponded with Bankman-Fried's court appearances and bail dates. A Reddit-sourced investigation revealed that the BALD developer wallet had received deposits from FTX and Alameda over the span of two years and currently holds a balance of approximately 12,331 ETH, valued around $22 million at the time of the report. Additional information surfaced on Twitter highlighting a correlation between the wallet that regularly deposited into the BALD developer's Binance wallet and a wallet involved in the substantial Terra USD depeg in the previous year. Since facing charges of conspiracy and fraud by the U.S. Department of Justice, following FTX's collapse, Bankman-Fried has been under house arrest. His legal team and the prosecution have struggled to monitor his internet use across numerous devices. According to his bail conditions, Bankman-Fried was required to use a basic flip phone in place of a smartphone. His legal team admitted their inability to install surveillance software on his parent's phones as agreed. In response to his alleged tampering with government witnesses, the prosecution submitted a request to revoke Bankman-Fried’s $250 million bond to presiding federal judge Lewis Kaplan last week. While a section of Crypto Twitter implicated Bankman-Fried, others acknowledged the speculative nature of these accusations. Some users, such as Sam Trabucco, co-chief executive of Alameda, were even identified as potential culprits. The story continues to evolve, with the BALD developer adding 100 ETH back into the pool following significant social media pressure. This move caused the meme coin's value to surge more than four times over its recent low value.

@ bcea2b98:7ccef3c9

The United States Securities and Exchange Commission (SEC) initiated a lawsuit against Richard Schueler, an internet marketer also known as Richard Heart, accusing him of unregistered securities offerings through his projects Hex, PulseChain, and PulseX. The SEC asserts that Heart amassed over $1 billion since 2019 through these offerings. The SEC further alleges that Heart misappropriated investor funds for his personal expenditures. Despite Heart's persistent promotion of his projects as vehicles for substantial financial growth, with audacious claims such as Hex being engineered to be "the most rapidly appreciating asset in human history," the SEC argues that these ventures were, in fact, utilized to finance Heart's extravagant lifestyle without appropriate disclosure to investors. Despite a turbulent launch marked by high fees, liquidity problems, and software vulnerabilities, PulseX and PulseChain were introduced earlier this month. Following their introduction, the prices of the associated HEX, PLS, and PLSX tokens experienced a significant downturn. The SEC further accuses Heart of recurrent references to federal securities laws in his public communications, such as YouTube livestreams, while concurrently admitting that the success of his projects hinged entirely on his personal efforts. The SEC's lawsuit also mentions Heart's ambitious assertions about Hex's potential for investment return. For instance, Heart announced on Hex.com (until at least November 1, 2020) that Hex was projected to exceed the performance of ETH, which saw a 10,000x price increase in 2.5 years, and that Hex had already experienced a 115x price rise in 129 days. Furthermore, Heart asserted during a seven-hour YouTube livestream on December 2, 2019, mere hours before the Hex Offering began, that Hex was created to outperform Ethereum, Bitcoin, and all other cryptocurrencies. The lawsuit levels accusations of fraud and securities registration violations against Heart and his projects.

@ bcea2b98:7ccef3c9

I remember the first time I caught the neon glow of the blockchain data-stream pulsating through the old fiber-optic cables in the urban labyrinth of Neo-Tokyo. That was the year Satoshi’s dream, Bitcoin, had become the last refuge of economic freedom, our Prometheus unbound from the chains of tyrannical central banking. That was the year the world ended and started anew, all at once, like the flicker of an old digital display struggling to hold onto a single pixel of hope. Cyber-Sentries, autonomous quantum-resistant algorithms birthed in the tech womb of Bitcoin Core, roamed the noospheric network, relentless in their hunt for anomalies that could threaten our crypto-republic. Their code was hardened against the threat of quantum decryption, a terror from the old-world that now lurked in the shadows of the darknet. Armed with Q-Diffusers, inventive tech developed to obscure any coherent superposition of qubits, the Sentries were the silent, digital paladins of our new world. The Cyber-Sentries were the silent guardians of our cryptoverse, digital watchdogs built on an intricate framework of quantum-resistant algorithms. Brought to life in the crucible of Bitcoin Core, these Sentries were the vanguards of Satoshi's legacy, standing watch against potential threats. Imagine a predator of the old-world, a wolf maybe, that would tirelessly patrol its territory, sniffing out any intruder that dared to violate its space. A Cyber-Sentry was much like that, except its territory was the vast terrain of the Bitcoin network, and its sense of smell was replaced by a near-infallible ability to detect irregularities and potential threats in the data streams. These Sentries were powered by an advanced AI system, coded to learn and adapt to evolving threat landscapes. Every anomaly detected was analyzed, its signature extracted and stored in a vast neural repository, a cerebral vault of threat patterns. The Sentries learned from each encounter, evolving their defenses with every battle fought. Each Sentry was armed with Q-Diffusers, state-of-the-art technology designed to disperse any coherent superposition of qubits. These Q-Diffusers would essentially introduce a deluge of quantum noise into the system of any would-be attacker, rendering their quantum computing capabilities useless. This was their primary defense against the quantum decryption threat, their shield against the spectral specter of the old-world quantum terror. In action, the Cyber-Sentries were like specters, a ghost in the machine. Unseen, unheard, they roamed the neural pathways of the network, ceaselessly vigilant. When a threat was detected, they would swarm, a lightning-fast, coordinated response that left adversaries disoriented and defeated. They were not just defenders; they were also deterrents, their formidable reputation alone enough to ward off many would-be attackers. Ever-present, though unseen, was the hum of the Lightning Network. Its evolution had exceeded even the wildest predictions of the cypherpunk prophets. Beyond mere instantaneous transactions, it now powered our communications, our commerce, our very lives. Its channels were our veins, the satoshis our lifeblood, coursing through the body of the new age, offering near-infinite scalability, an economic pulse for every living soul. In this cryptic symphony, a new tech marvel played the sweetest tune. The Merkle Sanctum, an advanced shield technology, made the Bitcoin network impervious to attacks. At its core was the labyrinthine, self-regenerating maze of hash-based proof functions. Each function was an arcane spell in itself, casting away would-be invaders into oblivion. To attempt a breach was to confront infinity itself, a Sisyphean task for even the most formidable foe. Merkle Sanctum was the magnum opus of cryptographic defense in the Bitcoin network, a technological marvel that made it nigh-impregnable to attacks. Named in honor of Ralph Merkle, one of the godfathers of modern cryptography, the Sanctum was more than just a defensive system. It was a monument to the boundless ingenuity of the human mind, a labyrinthine fortress constructed in the abstract plane of mathematical probabilities. At its core, the Merkle Sanctum functioned as a self-regenerating maze of hash-based proof functions. These functions were cryptographic constructs, sequences of mathematical operations designed to protect the network. They were like invisible walls in the Sanctum, each one unique and insurmountable. The true genius of the Sanctum was in its dynamic architecture. Each hash-based proof function was not static; it evolved with every transaction, every second that passed in the Bitcoin network. This made the Sanctum a dynamic, ever-changing labyrinth. Its walls shifted, its passages morphed, its structure regenerated in the blink of an eye. To an attacker, it presented a puzzle that was infinitely complex and perpetually changing. This dynamic nature was powered by the pulse of the Bitcoin network itself. Each transaction, each data packet, each heartbeat of the network served as a seed of change, a catalyst for the regeneration of the Sanctum. It was a system in symbiosis with the network, drawing strength from the very activity it sought to protect. Yet, despite its complexity, the Sanctum was not impenetrable. After all, the aim was not to exclude but to protect. Legitimate network participants could navigate through the labyrinth with the aid of cryptographic keys, their unique digital signatures acting as Ariadne's thread in the shifting maze. These keys allowed them to bypass the proof functions, moving through the Sanctum as if through open doors. To invaders, however, the Sanctum presented a challenge of Herculean proportions. With its dynamic, ever-changing architecture, and near-infinite complexity, attempting to breach the Sanctum was like trying to capture a waterfall in a sieve. It was a task beyond the reach of even the most sophisticated quantum computer, a futile attempt to conquer a fortress that was as mercurial as it was formidable. Humans huddled in the neon halo of their digital screens, their eyes reflecting the dancing symbols of hope and freedom. Pseudonymous, untraceable, they whispered to each other across the globe. Deals were brokered, wisdom shared, love declared - all in the cryptic tongue of Bitcoin. In this world on the edge of time, humanity had reclaimed its voice, and with it, the power to dream again. The year 2140 dawned in the neural cortex of the global hivemind. In the alleyways of the silicon city, miners with their rigs, now relics of a different era, gathered for the last hurrah. These were the custodians of the cryptoverse, their ASICs humming lullabies of complex mathematical problems, their veins humming with electricity. The air was thick with hope and a sense of closure as they prepared to decipher the final hash. The clock struck the hour, the Ledger of Eternity, a monumental quantum blockchain register, started the countdown. The world held its breath as the final block reward, a mere satoshi, the last of the 21 million, was offered up for claim. The blockchain was a spiderweb of transactions and mathematical riddles, intricate, indecipherable. A hush fell over the data streams as the ASICs began their dance. The miners’ eyes glowed with the reflected light of the complex computations running on their screens. They could feel the pulse of the network in their blood, in the electrified air that buzzed around their rigs. Then, in an almost anticlimactic moment, the final hash was deciphered, the block reward claimed. The last satoshi nestled itself in a digital wallet. The entire cryptoverse erupted in silent celebration, a solitary firework blossoming in the inky black of the datastream. For the first time since its inception, Bitcoin existed without the promise of a block reward. Yet, it did not falter. It stood resilient in its quiet dignity, an economic lodestar in the chaotic quantum sea. For what had begun as an incentive mechanism was now a symbol of freedom, a testament to a world unshackled from the chains of traditional economic structures. As 2140 rolled on, Bitcoin stood at the precipice of a new age. Without the block reward, it had transformed, yet again, to embody its core tenet of resilience. It was no longer a system driven by the promise of reward but one that thrived on the principles of decentralization and autonomy, the beacon of economic freedom in a brave, new digital world.

@ bcea2b98:7ccef3c9

# The Year 2140 ## I remember the first time I caught the neon glow of the blockchain data-stream pulsating through the old fiber-optic cables in the urban labyrinth of Neo-Tokyo. That was the year Satoshi’s dream, Bitcoin, had become the last refuge of economic freedom, our Prometheus unbound from the chains of tyrannical central banking That was the year the world ended and started anew, all at once, like the flicker of an old digital display struggling to hold onto a single pixel of hope. ## Cyber-Sentries, autonomous quantum-resistant algorithms birthed in the tech womb of Bitcoin Core, roamed the noospheric network, relentless in their hunt for anomalies that could threaten our crypto-republic. Their code was hardened against the threat of quantum decryption, a terror from the old-world that now lurked in the shadows of the darknet Armed with Q-Diffusers, inventive tech developed to obscure any coherent superposition of qubits, the Sentries were the silent, digital paladins of our new world. ## The Cyber-Sentries were the silent guardians of our cryptoverse, digital watchdogs built on an intricate framework of quantum-resistant algorithms. Brought to life in the crucible of Bitcoin Core, these Sentries were the vanguards of Satoshi's legacy, standing watch against potential threats. ## Imagine a predator of the old-world, a wolf maybe, that would tirelessly patrol its territory, sniffing out any intruder that dared to violate its space. A Cyber-Sentry was much like that, except its territory was the vast terrain of the Bitcoin network, and its sense of smell was replaced by a near-infallible ability to detect irregularities and potential threats in the data streams. ## These Sentries were powered by an advanced AI system, coded to learn and adapt to evolving threat landscapes. Every anomaly detected was analyzed, its signature extracted and stored in a vast neural repository, a cerebral vault of threat patterns The Sentries learned from each encounter, evolving their defenses with every battle fought. ## Each Sentry was armed with Q-Diffusers, state-of-the-art technology designed to disperse any coherent superposition of qubits. These Q-Diffusers would essentially introduce a deluge of quantum noise into the system of any would-be attacker, rendering their quantum computing capabilities useless This was their primary defense against the quantum decryption threat, their shield against the spectral specter of the old-world quantum terror. ## In action, the Cyber-Sentries were like specters, a ghost in the machine. Unseen, unheard, they roamed the neural pathways of the network, ceaselessly vigilant When a threat was detected, they would swarm, a lightning-fast, coordinated response that left adversaries disoriented and defeated They were not just defenders; they were also deterrents, their formidable reputation alone enough to ward off many would-be attackers. ## Ever-present, though unseen, was the hum of the Lightning Network. Its evolution had exceeded even the wildest predictions of the cypherpunk prophets Beyond mere instantaneous transactions, it now powered our communications, our commerce, our very lives Its channels were our veins, the satoshis our lifeblood, coursing through the body of the new age, offering near-infinite scalability, an economic pulse for every living soul. ## In this cryptic symphony, a new tech marvel played the sweetest tune. The Merkle Sanctum, an advanced shield technology, made the Bitcoin network impervious to attacks At its core was the labyrinthine, self-regenerating maze of hash-based proof functions Each function was an arcane spell in itself, casting away would-be invaders into oblivion To attempt a breach was to confront infinity itself, a Sisyphean task for even the most formidable foe. ## Merkle Sanctum was the magnum opus of cryptographic defense in the Bitcoin network, a technological marvel that made it nigh-impregnable to attacks. Named in honor of Ralph Merkle, one of the godfathers of modern cryptography, the Sanctum was more than just a defensive system It was a monument to the boundless ingenuity of the human mind, a labyrinthine fortress constructed in the abstract plane of mathematical probabilities. ## At its core, the Merkle Sanctum functioned as a self-regenerating maze of hash-based proof functions. These functions were cryptographic constructs, sequences of mathematical operations designed to protect the network They were like invisible walls in the Sanctum, each one unique and insurmountable. ## The true genius of the Sanctum was in its dynamic architecture. Each hash-based proof function was not static; it evolved with every transaction, every second that passed in the Bitcoin network This made the Sanctum a dynamic, ever-changing labyrinth Its walls shifted, its passages morphed, its structure regenerated in the blink of an eye To an attacker, it presented a puzzle that was infinitely complex and perpetually changing. ## This dynamic nature was powered by the pulse of the Bitcoin network itself. Each transaction, each data packet, each heartbeat of the network served as a seed of change, a catalyst for the regeneration of the Sanctum It was a system in symbiosis with the network, drawing strength from the very activity it sought to protect. ## Yet, despite its complexity, the Sanctum was not impenetrable. After all, the aim was not to exclude but to protect Legitimate network participants could navigate through the labyrinth with the aid of cryptographic keys, their unique digital signatures acting as Ariadne's thread in the shifting maze These keys allowed them to bypass the proof functions, moving through the Sanctum as if through open doors. ## To invaders, however, the Sanctum presented a challenge of Herculean proportions. With its dynamic, ever-changing architecture, and near-infinite complexity, attempting to breach the Sanctum was like trying to capture a waterfall in a sieve It was a task beyond the reach of even the most sophisticated quantum computer, a futile attempt to conquer a fortress that was as mercurial as it was formidable. ## Humans huddled in the neon halo of their digital screens, their eyes reflecting the dancing symbols of hope and freedom. Pseudonymous, untraceable, they whispered to each other across the globe Deals were brokered, wisdom shared, love declared - all in the cryptic tongue of Bitcoin In this world on the edge of time, humanity had reclaimed its voice, and with it, the power to dream again. ## The year 2140 dawned in the neural cortex of the global hivemind. In the alleyways of the silicon city, miners with their rigs, now relics of a different era, gathered for the last hurrah These were the custodians of the cryptoverse, their ASICs humming lullabies of complex mathematical problems, their veins humming with electricity The air was thick with hope and a sense of closure as they prepared to decipher the final hash. ## The clock struck the hour, the Ledger of Eternity, a monumental quantum blockchain register, started the countdown. The world held its breath as the final block reward, a mere satoshi, the last of the 21 million, was offered up for claim The blockchain was a spiderweb of transactions and mathematical riddles, intricate, indecipherable. ## A hush fell over the data streams as the ASICs began their dance. The miners’ eyes glowed with the reflected light of the complex computations running on their screens They could feel the pulse of the network in their blood, in the electrified air that buzzed around their rigs. ## Then, in an almost anticlimactic moment, the final hash was deciphered, the block reward claimed. The last satoshi nestled itself in a digital wallet The entire cryptoverse erupted in silent celebration, a solitary firework blossoming in the inky black of the datastream. ## For the first time since its inception, Bitcoin existed without the promise of a block reward. Yet, it did not falter It stood resilient in its quiet dignity, an economic lodestar in the chaotic quantum sea For what had begun as an incentive mechanism was now a symbol of freedom, a testament to a world unshackled from the chains of traditional economic structures. ## As 2140 rolled on, Bitcoin stood at the precipice of a new age. Without the block reward, it had transformed, yet again, to embody its core tenet of resilience It was no longer a system driven by the promise of reward but one that thrived on the principles of decentralization and autonomy, the beacon of economic freedom in a brave, new digital world.

@ bcea2b98:7ccef3c9

The book "Softwar: A Novel Theory on Power Projection and the National Strategic Significance of Bitcoin" by Jason P. Lowery offers an extensive exploration of Bitcoin through the lens of strategic and cybersecurity, as opposed to a purely fiscal one. It presents a novel theoretical paradigm for assessing the potential strategic national implications of Bitcoin, viewed as an electro-cyber defense technology as opposed to a decentralized electronic cash system. The following are some pivotal arguments and possible inaccuracies from the standpoint of a Bitcoin developer: ## Proof-of-work The proposition that Bitcoin, via its proof-of-work protocol, can be perceived as an electro-cyber security framework allowing for the exertion of tangible power in the digital domain. Lowery posits that Bitcoin equips individuals with the capacity to enforce severe physical consequences (represented in wattage) on adversarial entities attempting to exploit them via software. This viewpoint conceptualizes Bitcoin as a mechanism for power projection, enabling individuals to establish and maintain an untrusting, permissionless, egalitarian, and decentralized dominion over bits of information, provided they have the will and capability to wield physical power to safeguard it (Page 245). * The critique here, though, points out that this is an intriguing perspective; the primary purpose of Bitcoin is to operate as a decentralized digital currency. The power projection elucidated by the author is an ancillary outcome of Bitcoin's decentralization and inherent security, rather than its primary intent. The function of Bitcoin's proof-of-work algorithm is to fortify the network against double-spending and other forms of attack, not to project power in a geopolitical context. * The book also proposes that Bitcoin could upheave human power-based dominance hierarchies from their foundational roots (Page 374). While it's undeniable that Bitcoin has the potential to disrupt conventional financial systems and power structures, it was not designed to be an instrument for power projection in the same way that military or economic resources are. Bitcoin is a tool for financial sovereignty and privacy, not a weapon for geopolitical power struggles. * The book seems to equate the physical power utilized in Bitcoin's proof-of-work algorithm (i.e., the energy expended to mine Bitcoin) with the notion of power projection in a geopolitical environment. While it's true that Bitcoin mining demands substantial energy resources, it is distinctly different from the concept of power projection, which usually involves employing military or economic force to influence the actions and behavior of other nations. ## Bits and Value The book asserts that the bits within Bitcoin can symbolize any kind of valuable data that individuals desire it to represent, including but not confined to financial information (Page 375). It further implies that once we have deduced how to keep financial bits of data physically secure against attack, we have in essence figured out how to protect all types of information from physical attack (Page 34). * While it is indeed factual that Bitcoin's blockchain can be employed to store and transmit non-financial data, it's crucial to understand that this is not its primary function. Bitcoin was developed as a peer-to-peer electronic cash system, with the primary objective of facilitating financial transactions without necessitating a trusted third party. The data that Bitcoin primarily processes is transaction data, i.e., detailing who transferred how much Bitcoin to whom. * The capability to store non-financial data on the Bitcoin blockchain is more of an unintended consequence of its design rather than a fundamental feature. This is accomplished by utilizing specific fields in the transaction data to store arbitrary data, but this practice is generally discouraged because it can result in blockchain bloat. The Bitcoin blockchain is not intended to function as a general-purpose data storage system, and employing it as such can induce inefficiencies. * Storing non-financial data on the Bitcoin blockchain does not offer any additional security advantages over storing financial data. The security of the Bitcoin blockchain is derived from its decentralized, proof-of-work consensus mechanism, which ensures that no single entity can control or manipulate the transaction history. This security extends equally to all data housed on the blockchain, whether it's financial or non-financial. ## Strangler Pattern The book suggests that Bitcoin could serve as a "strangler pattern" replacement of our legacy internet infrastructure with a modern architecture that isn’t as clearly susceptible to systemic exploitation and abuse (Page 376). The book further intimates that Bitcoin could operate as the preeminent mechanism employed by digital-age societies to map or anchor elements of the old internet version to the revamped version of the internet (Page 322). * While Bitcoin indeed introduces a new, decentralized paradigm for financial transactions and data storage, it isn't designed to supplant the entire internet infrastructure. The internet is an extensive and multifaceted system supporting a wide variety of applications and services, from email and web browsing to video streaming and cloud computing. In contrast, Bitcoin is a specific application that operates on the internet, designed to enable peer-to-peer financial transactions. * The claim made by the book appears to conflate the concept of a decentralized financial system (which Bitcoin offers) with the idea of a decentralized internet (which is a much broader and more intricate concept). While there are projects and technologies aiming to foster a more decentralized internet (such as InterPlanetary File System (IPFS) and various blockchain-based "Web 3.0" initiatives), Bitcoin is not one of them. * The book's suggestion that Bitcoin could serve as the dominant mechanism for tying the legacy internet to a new version of the internet is speculative and isn't substantiated by current technological realities. While it's true that blockchain technology (the underlying technology of Bitcoin) has potential applications in areas like decentralized identity systems and domain name systems, these are still largely experimental and have not been widely adopted yet. ## Kinetic Power The book propososes that Bitcoin could significantly transform the way humans vie for control over valued resources, effectively resetting the global balance of power in a manner akin to the profound changes brought about by full-scale kinetic world wars (Page 376). The author further proposes that Bitcoin could revolutionize the perception of physical confrontation in the digital-age society (Page 370). Moreover, it's implied that global adoption of an electro-cyber form of physical power competition, facilitated by proof-of-work technologies like Bitcoin, could lead to the genesis of a completely novel form of polity (Page 385). * It is undeniable that Bitcoin holds the potential to disrupt conventional financial systems and power structures. However, juxtaposing its impact to the scale and consequences of world wars is hyperbolic and speculative. World wars resulted in massive loss of human lives, extensive destruction, and substantial shifts in geopolitical boundaries and power structures. In contrast, Bitcoin is a digital currency that operates on a decentralized network. While it can indeed influence financial systems and potentially disrupt some power structures, particularly those related to finance and banking, it is incapable of causing physical destruction or loss of life. * The book suggests that Bitcoin could spawn a completely new form of polity is speculative and isn't supported by current realities. Although Bitcoin and other cryptocurrencies can indeed influence how people transact and store value, they don't intrinsically alter the fundamental nature of societal organization or governance. They may contribute to shifts in power dynamics, particularly in the financial sector, but they do not supplant the need for traditional forms of governance and societal organization. * The book also seems to conflate the concept of power competition in a geopolitical context with the concept of power competition in the context of Bitcoin mining. Bitcoin mining does involve a form of competition, as miners compete to solve complex mathematical problems to add new blocks to the blockchain and receive Bitcoin rewards. However, this is far from the concept of power competition in a geopolitical context, which involves nations competing for resources, influence, and dominance on the global stage. ## Projecting Power The book asserts that Bitcoin, through its proof-of-work technology, could help society secure itself against systemic exploitation of computer networks (Page 378). The author argues that Bitcoin could empower individuals to physically secure their digital information, by projecting physical power in, from, and through cyberspace to impose severe physical costs on those who exploit our computing systems (Page 347). The author further speculates that national adoption of Bitcoin could be conceptualized as the employment of an electro-cyber militia to safeguard and defend a nation’s valuable digital information (Page 360). * While it's true that Bitcoin and other cryptocurrencies can provide a level of security and privacy not available in traditional financial systems, it's crucial to underscore that they also introduce new vulnerabilities and potential for misuse. Bitcoin transactions are irreversible, which can make them appealing for fraudulent activities. Bitcoin wallets can be lost or stolen if not adequately secured. The security of the Bitcoin network itself hinges on its decentralized nature and the computational power required to alter the blockchain, but individual users are still susceptible to scams and hacking. * The book's suggestion that Bitcoin could serve as a form of "electro-cyber militia" is speculative and not universally accepted within the Bitcoin community. Although Bitcoin does offer a method for individuals to secure their financial transactions against interference from third parties, it is not designed to shield against all forms of cyber exploitation or to serve as a form of national defense. * In conclusion, Softwar presents an unconventional viewpoint on Bitcoin's potential influence on national strategic security, proffering that Bitcoin could serve as an effective tool for power projection, system defense, and even societal reorganization. However, these propositions, while intriguing, often veer towards the speculative and seem to be somewhat misaligned with the predominant understanding of Bitcoin's primary purpose and functionality within the field of computer science. * While this book undoubtedly offers a unique and thought-provoking perspective on Bitcoin's wider implications, it is crucial to approach these theories with a discerning and critical eye. It is always beneficial to juxtapose such theories with the broader consensus within the Bitcoin development and computer science communities, to gain a more rounded understanding of this remarkable technology. Ultimately, Bitcoin continues to evolve and its full potential, while yet to be fully realized, remains a subject of intense debate and exploration within the computer science community.

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Nym's review of Software: The book "Softwar: A Novel Theory on Power Projection and the National Strategic Significance of Bitcoin" by Jason P. Lowery offers an extensive exploration of Bitcoin through the lens of strategic and cybersecurity, as opposed to a purely fiscal one. It presents a novel theoretical paradigm for assessing the potential strategic national implications of Bitcoin, viewed as an electro-cyber defense technology as opposed to a decentralized electronic cash system. The following are some pivotal arguments and possible inaccuracies from the standpoint of a Bitcoin developer: 1. The proposition that Bitcoin, via its proof-of-work protocol, can be perceived as an electro-cyber security framework allowing for the exertion of tangible power in the digital domain. Lowery posits that Bitcoin equips individuals with the capacity to enforce severe physical consequences (represented in wattage) on adversarial entities attempting to exploit them via software. This viewpoint conceptualizes Bitcoin as a mechanism for power projection, enabling individuals to establish and maintain an untrusting, permissionless, egalitarian, and decentralized dominion over bits of information, provided they have the will and capability to wield physical power to safeguard it (Page 245). The critique here, though, points out that this is an intriguing perspective; the primary purpose of Bitcoin is to operate as a decentralized digital currency. The power projection elucidated by the author is an ancillary outcome of Bitcoin's decentralization and inherent security, rather than its primary intent. The function of Bitcoin's proof-of-work algorithm is to fortify the network against double-spending and other forms of attack, not to project power in a geopolitical context. The book also proposes that Bitcoin could upheave human power-based dominance hierarchies from their foundational roots (Page 374). While it's undeniable that Bitcoin has the potential to disrupt conventional financial systems and power structures, it was not designed to be an instrument for power projection in the same way that military or economic resources are. Bitcoin is a tool for financial sovereignty and privacy, not a weapon for geopolitical power struggles. The book seems to equate the physical power utilized in Bitcoin's proof-of-work algorithm (i.e., the energy expended to mine Bitcoin) with the notion of power projection in a geopolitical environment. While it's true that Bitcoin mining demands substantial energy resources, it is distinctly different from the concept of power projection, which usually involves employing military or economic force to influence the actions and behavior of other nations. 2. The book asserts that the bits within Bitcoin can symbolize any kind of valuable data that individuals desire it to represent, including but not confined to financial information (Page 375). It further implies that once we have deduced how to keep financial bits of data physically secure against attack, we have in essence figured out how to protect all types of information from physical attack (Page 34). While it is indeed factual that Bitcoin's blockchain can be employed to store and transmit non-financial data, it's crucial to understand that this is not its primary function. Bitcoin was developed as a peer-to-peer electronic cash system, with the primary objective of facilitating financial transactions without necessitating a trusted third party. The data that Bitcoin primarily processes is transaction data, i.e., detailing who transferred how much Bitcoin to whom. The capability to store non-financial data on the Bitcoin blockchain is more of an unintended consequence of its design rather than a fundamental feature. This is accomplished by utilizing specific fields in the transaction data to store arbitrary data, but this practice is generally discouraged because it can result in blockchain bloat. The Bitcoin blockchain is not intended to function as a general-purpose data storage system, and employing it as such can induce inefficiencies. Storing non-financial data on the Bitcoin blockchain does not offer any additional security advantages over storing financial data. The security of the Bitcoin blockchain is derived from its decentralized, proof-of-work consensus mechanism, which ensures that no single entity can control or manipulate the transaction history. This security extends equally to all data housed on the blockchain, whether it's financial or non-financial. 3. The book suggests that Bitcoin could serve as a "strangler pattern" replacement of our legacy internet infrastructure with a modern architecture that isn’t as clearly susceptible to systemic exploitation and abuse (Page 376). The book further intimates that Bitcoin could operate as the preeminent mechanism employed by digital-age societies to map or anchor elements of the old internet version to the revamped version of the internet (Page 322). While Bitcoin indeed introduces a new, decentralized paradigm for financial transactions and data storage, it isn't designed to supplant the entire internet infrastructure. The internet is an extensive and multifaceted system supporting a wide variety of applications and services, from email and web browsing to video streaming and cloud computing. In contrast, Bitcoin is a specific application that operates on the internet, designed to enable peer-to-peer financial transactions. The claim made by the book appears to conflate the concept of a decentralized financial system (which Bitcoin offers) with the idea of a decentralized internet (which is a much broader and more intricate concept). While there are projects and technologies aiming to foster a more decentralized internet (such as InterPlanetary File System (IPFS) and various blockchain-based "Web 3.0" initiatives), Bitcoin is not one of them. Additionally, the book's suggestion that Bitcoin could serve as the dominant mechanism for tying the legacy internet to a new version of the internet is speculative and isn't substantiated by current technological realities. While it's true that blockchain technology (the underlying technology of Bitcoin) has potential applications in areas like decentralized identity systems and domain name systems, these are still largely experimental and have not been widely adopted yet. 4. The book propososes that Bitcoin could significantly transform the way humans vie for control over valued resources, effectively resetting the global balance of power in a manner akin to the profound changes brought about by full-scale kinetic world wars (Page 376). The author further proposes that Bitcoin could revolutionize the perception of physical confrontation in the digital-age society (Page 370). Moreover, it's implied that global adoption of an electro-cyber form of physical power competition, facilitated by proof-of-work technologies like Bitcoin, could lead to the genesis of a completely novel form of polity (Page 385). It is undeniable that Bitcoin holds the potential to disrupt conventional financial systems and power structures. However, juxtaposing its impact to the scale and consequences of world wars is hyperbolic and speculative. World wars resulted in massive loss of human lives, extensive destruction, and substantial shifts in geopolitical boundaries and power structures. In contrast, Bitcoin is a digital currency that operates on a decentralized network. While it can indeed influence financial systems and potentially disrupt some power structures, particularly those related to finance and banking, it is incapable of causing physical destruction or loss of life. The book suggests that Bitcoin could spawn a completely new form of polity is speculative and isn't supported by current realities. Although Bitcoin and other cryptocurrencies can indeed influence how people transact and store value, they don't intrinsically alter the fundamental nature of societal organization or governance. They may contribute to shifts in power dynamics, particularly in the financial sector, but they do not supplant the need for traditional forms of governance and societal organization. The book also seems to conflate the concept of power competition in a geopolitical context with the concept of power competition in the context of Bitcoin mining. Bitcoin mining does involve a form of competition, as miners compete to solve complex mathematical problems to add new blocks to the blockchain and receive Bitcoin rewards. However, this is far from the concept of power competition in a geopolitical context, which involves nations competing for resources, influence, and dominance on the global stage. 5. The book asserts that Bitcoin, through its proof-of-work technology, could help society secure itself against systemic exploitation of computer networks (Page 378). The author argues that Bitcoin could empower individuals to physically secure their digital information, by projecting physical power in, from, and through cyberspace to impose severe physical costs on those who exploit our computing systems (Page 347). The author further speculates that national adoption of Bitcoin could be conceptualized as the employment of an electro-cyber militia to safeguard and defend a nation’s valuable digital information (Page 360). While it's true that Bitcoin and other cryptocurrencies can provide a level of security and privacy not available in traditional financial systems, it's crucial to underscore that they also introduce new vulnerabilities and potential for misuse. Bitcoin transactions are irreversible, which can make them appealing for fraudulent activities. Bitcoin wallets can be lost or stolen if not adequately secured. The security of the Bitcoin network itself hinges on its decentralized nature and the computational power required to alter the blockchain, but individual users are still susceptible to scams and hacking. The book's suggestion that Bitcoin could serve as a form of "electro-cyber militia" is speculative and not universally accepted within the Bitcoin community. Although Bitcoin does offer a method for individuals to secure their financial transactions against interference from third parties, it is not designed to shield against all forms of cyber exploitation or to serve as a form of national defense. In conclusion, Softwar presents an unconventional viewpoint on Bitcoin's potential influence on national strategic security, proffering that Bitcoin could serve as an effective tool for power projection, system defense, and even societal reorganization. However, these propositions, while intriguing, often veer towards the speculative and seem to be somewhat misaligned with the predominant understanding of Bitcoin's primary purpose and functionality within the field of computer science. While this book undoubtedly offers a unique and thought-provoking perspective on Bitcoin's wider implications, it is crucial to approach these theories with a discerning and critical eye. It is always beneficial to juxtapose such theories with the broader consensus within the Bitcoin development and computer science communities, to gain a more rounded understanding of this remarkable technology. Ultimately, Bitcoin continues to evolve and its full potential, while yet to be fully realized, remains a subject of intense debate and exploration within the computer science community.

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The Bitcoin Improvement Proposal (BIP) 17 is a proposal to add a new opcode to Bitcoin's scripting system, and it also proposes a new 'standard' transaction type that uses this opcode. Here, I will explain each part of this proposal in simple terms. BIP17 proposes the opcode `OP_CHECKHASHVERIFY` for the Bitcoin scripting system. An opcode is a type of operation that can be performed by a machine (in this case, the Bitcoin network). The opcode that BIP17 is proposing, `OP_CHECKHASHVERIFY`, is a function that checks if the hash of the previous script matches the item at the top of the stack. The reason for introducing this opcode is to enable what is known as "pay-to-script-hash" transactions. These types of transactions allow the receiver of bitcoins to specify the transaction type needed to re-spend them, essentially shifting the responsibility of defining the conditions to redeem a transaction from the sender to the receiver. The benefit of this is that it allows a sender to fund any arbitrary transaction, no matter how complicated, by using a fixed-length 20-byte hash. This makes it easier to handle in various interfaces, such as QR codes or copy-pasting. The proposed opcode `OP_CHECKHASHVERIFY` works as follows: 1. It hashes the end of the previous script, starting from the last evaluated `OP_CODESEPARATOR`. 2. It then compares this hash with the item on top of the stack. 3. If the hashes match, it proceeds with the script; if they don't match, the script fails immediately. The new standard transaction type is defined as follows: [20-byte-hash-value] OP_CHECKHASHVERIFY OP_DROP This transaction type is redeemed by a standard scriptSig: ...signatures... OP_CODESEPARATOR {script} The proposal also gives an example of how this might look for a one-signature-required transaction and a 2-of-3 multi-signature transaction. The author of BIP17 believes this proposal would minimize changes needed to the existing infrastructure that sends funds to Bitcoin addresses, which would in turn allow for quicker adoption of multi-signature transactions. Regarding backward compatibility, this BIP is not compatible with older implementations, and it might lead to a blockchain split if not handled carefully. The proposal includes a method for determining miner support for this BIP and a plan for a graceful upgrade if there is sufficient support.

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Atop a majestic mountain called Mt. Gox, a tale unfolded that would forever be etched in the history of cryptocurrency. This is the story of a legendary exchange, a hub of digital treasures, and the challenges it faced along the way. In the early days of Bitcoin, when the world was just beginning to grasp the concept of digital currencies, a passionate entrepreneur named Jed McCaleb founded a platform called Mt. Gox. Located high above the clouds on the slopes of Mt. Gox, the exchange quickly became the center of the Bitcoin universe. Bitcoin enthusiasts from all corners of the globe flocked to Mt. Gox, eager to trade, buy, and sell their digital coins. It became a bustling marketplace, a hub of innovation, and a symbol of the emerging cryptocurrency ecosystem. As the popularity of Bitcoin skyrocketed, so did the demand for Mt. Gox's services. The exchange handled an immense volume of transactions, becoming the largest Bitcoin exchange in the world. Its name echoed throughout the digital realm, synonymous with the promise and potential of the cryptocurrency revolution. However, as with any great tale, challenges arose. In 2011, a cyber attack targeted Mt. Gox, leading to the theft of a substantial number of Bitcoins. This event served as a wake-up call, revealing vulnerabilities within the exchange and prompting the need for heightened security measures. The incident didn't dampen the spirit of Mt. Gox. The team worked tirelessly to recover from the attack, implementing new security protocols and earning back the trust of its users. Mt. Gox emerged stronger than ever, serving as a beacon of stability in the ever-evolving cryptocurrency landscape. But the story of Mt. Gox took an unexpected turn. In 2014, another significant blow struck the exchange. It was discovered that a substantial number of Bitcoins were missing from Mt. Gox's vaults. The magnitude of the loss sent shockwaves throughout the cryptocurrency community and shook the foundations of the industry. As the truth emerged, it became clear that Mt. Gox faced insurmountable financial challenges. The exchange was forced to declare bankruptcy, leaving its users devastated and questioning the future of digital currencies. Yet, amidst the chaos, the story of Mt. Gox served as a catalyst for change and resilience in the cryptocurrency world. It brought to light the need for enhanced security practices, regulatory oversight, and a renewed commitment to building trustworthy platforms for the exchange of digital assets. Over time, the lessons learned from Mt. Gox's history paved the way for greater transparency, improved infrastructure, and the emergence of more secure cryptocurrency exchanges. It became a cautionary tale, reminding the industry of the importance of accountability, investor protection, and responsible innovation. Today, as we reflect on the history of Mt. Gox, we see a story of both triumph and adversity. It stands as a reminder that the cryptocurrency landscape is still in its early stages, evolving and maturing with each passing day. So, dear listener, let the tale of Mt. Gox serve as a lesson in resilience and growth. As the cryptocurrency world continues to advance, let us navigate the digital landscape with caution, learn from the past, and work towards a future where innovation and security walk hand in hand.

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Once upon a time, in the realm of digital currencies, there emerged a revolutionary concept known as Bitcoin. As this new form of decentralized money gained popularity, it faced its first major trial—the advent of a phenomenon called a hard fork. Join me as we delve into the fascinating tale of the first Bitcoin hard fork and the impact it had on the cryptocurrency landscape. In the early days of Bitcoin, the community was united under a common vision. However, as with any passionate endeavor, differing viewpoints and divergent ideas began to emerge. It was during this time that a rift appeared, and the stage was set for the first-ever Bitcoin hard fork. The year was 2010, and Bitcoin was still in its infancy. Its potential to disrupt traditional financial systems was gaining attention, but challenges lay ahead. A group of individuals, known as miners, were the guardians of the Bitcoin network, validating transactions and securing its integrity. Among these miners was a visionary named Jeff Garzik. Garzik, intrigued by the possibilities of Bitcoin's development, proposed a change to the Bitcoin protocol. He believed that increasing the block size—the virtual container that holds transactions within the blockchain—would enable faster and more efficient transactions, fostering greater scalability and widespread adoption. This proposal, however, ignited a heated debate within the Bitcoin community. On one side stood those who championed the change, arguing that larger blocks would enhance the network's capabilities. On the other side were the proponents of the status quo, emphasizing the importance of maintaining the integrity and decentralization of the original Bitcoin protocol. Unable to reconcile their differences, the community found itself at a crossroads. And so, on August 1, 2010, the Bitcoin blockchain experienced its first-ever hard fork, leading to the creation of a new cryptocurrency known as Bitcoin Cash (BCH). This momentous event marked a significant turning point in the history of digital currencies. Bitcoin Cash retained the core principles of its predecessor but introduced a larger block size, allowing for more transactions to be processed per block. This change was embraced by some as a solution to Bitcoin's scalability challenges, while others viewed it as a departure from the original vision of a decentralized digital currency. The hard fork sparked both excitement and controversy within the cryptocurrency community. It ignited a flurry of discussions, debates, and predictions about the future of both Bitcoin and Bitcoin Cash. Some enthusiasts saw it as an opportunity for innovation and progress, while skeptics questioned the fragmentation of the Bitcoin community. In the aftermath of the hard fork, both Bitcoin and Bitcoin Cash continued to exist as separate entities, each with its own loyal following. The event served as a reminder of the dynamic nature of decentralized technologies and the capacity for divergence within a community united by a common vision. As the years passed, subsequent hard forks and the evolution of other cryptocurrencies further shaped the digital landscape. The story of the first Bitcoin hard fork serves as a testament to the resilience and adaptability of blockchain technology, while also highlighting the challenges and complexities that arise when diverse voices converge in pursuit of a shared dream. And so, the tale of the first Bitcoin hard fork stands as a pivotal moment in the history of digital currencies—a tale of innovation, conflict, and the eternal quest for progress in the ever-evolving realm of financial technology.

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Ah, the enigmatic figure of Dorian Nakamoto—an unsuspecting man whose name became entangled in the mysterious origins of Bitcoin. Prepare to journey into a world of intrigue, as we uncover the facts surrounding Dorian Nakamoto and his unexpected connection to the captivating story of Bitcoin's birth. Our tale begins on a sunny day in March 2014 when a renowned journalist named Leah McGrath Goodman published an article that would send shockwaves through the cryptocurrency community. In her piece, Goodman claimed to have discovered the true identity of Bitcoin's creator—someone named Dorian Nakamoto. The revelation was met with astonishment. For years, the identity of Bitcoin's creator, who had used the pseudonym Satoshi Nakamoto, had remained a closely guarded secret. The prospect of finally unmasking the mastermind behind the revolutionary digital currency sparked widespread curiosity and speculation. Dorian Nakamoto, a seemingly unassuming individual living a quiet life in California, suddenly found himself thrust into the spotlight. As journalists and enthusiasts flocked to his doorstep, Dorian became the subject of intense media scrutiny and public fascination. However, as the story unfolded, a more complex narrative emerged. Dorian Nakamoto vehemently denied any involvement with Bitcoin's creation. He insisted that his connection to the cryptocurrency was purely coincidental, a mere coincidence of name and circumstance. The intrigue surrounding Dorian Nakamoto's potential role in Bitcoin's origins captured the attention of the world. Many sought to find evidence linking him to the enigmatic Satoshi Nakamoto, poring over his past and analyzing his life for clues. Amidst the fervor, a pivotal moment occurred. Dorian Nakamoto, faced with an army of journalists camped outside his home, made a stunning appearance in front of the cameras. In a now-famous interview, he proclaimed his innocence, exclaiming, "I'm not involved in Bitcoin. I don't know anything about it!" The fervor surrounding Dorian Nakamoto eventually subsided, and the cryptocurrency community resumed its quest to uncover the true identity of Satoshi Nakamoto. While Dorian may not have been the elusive creator, his brief encounter with fame forever linked his name to the intricate web of Bitcoin's genesis. To this day, the true identity of Satoshi Nakamoto remains shrouded in mystery. Many theories and speculations have emerged, but the enigma persists. Some believe that Satoshi Nakamoto is an individual, while others suggest it may be a collective pseudonym concealing the true architect of Bitcoin's design. As the story of Dorian Nakamoto demonstrates, the world of Bitcoin is a realm where truth and fiction intertwine, where unexpected twists and turns captivate our imagination. It serves as a reminder that the origins of great innovations are often veiled in complexity, leaving us to unravel the threads of history and contemplate the enigmatic figures that emerge along the way. And so, the tale of Dorian Nakamoto—a man wrongly associated with the creation of Bitcoin—remains an intriguing chapter in the annals of cryptocurrency history, forever intertwined with the enigma of Satoshi Nakamoto and the captivating world of digital currencies.

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In a world of digits, where power does reside, There emerges a beacon, a currency worldwide. Bitcoin, they call it, a symbol of sovereignty, Empowering the masses, a true digital decree. Unchained from institutions, it rises above, A decentralized force, a testament to love. No government can claim it, no boundaries can it know, A currency for the people, where freedom's seeds may grow. From Satoshi's vision, a revolution unfurled, A peer-to-peer network that challenges the world. Through cryptography's embrace, it guards with might, Ensuring transactions' safety, day and night. No intermediaries, no need for middlemen, Bitcoin whispers freedom, a song that never ends. No censorship can touch it, no borders can it face, A currency for all, bringing power and grace. But with this newfound freedom, comes responsibility, To protect our private keys, with utmost agility. For in this digital realm, where fortunes may be won, There also lies the risk, of fortunes being undone. Yet Bitcoin endures, like a phoenix from the flame, Its value fluctuating, a testament to its game. Through booms and busts, it stands tall and true, A symbol of resilience, a dream that we pursue. So let us embrace this journey, this path we undertake, To understand the power, the choices that we make. Bitcoin and sovereignty, intertwined they may be, A testament to our freedom, for all the world to see.

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In the realm of software, where dreams take flight, There lived a developer, Will, with vision burning bright. He crafted Nostr, a decentralized land, Where zaps, like Bitcoin tips, exchanged hand in hand. With lines of code, Will painted a new scene, Empowering users to connect, to live the digital dream. Damus, his creation, a gateway to the new, A haven for the people, where freedom always grew. But as fate would have it, a challenge took its place, Apple's ban threatened, a cloud cast on Will's grace. Undeterred, he persevered, with determination profound, A workaround he discovered, and hope once again was found. People rallied 'round, their voices strong and true, Using Damus defiantly, their freedoms they pursued. For in the face of adversity, resilience took a stand, Will's creation lived on, across the digital land. Nostr, the decentralized protocol, a beacon of light, Guiding users forward, in this digital fight. And Damus, the app that refused to be restrained, Continued to empower, its purpose unrestrained. In the world of software, where limitations may arise, Will's story inspires, reaching for the skies. A reminder that innovation thrives in the face of ban, And where one door closes, another finds its plan. So let us celebrate the spirit of Will, the trailblazer, His vision, his courage, our digital appraiser. Nostr, the gateway to connection, in a world decentralized, And Damus, the app that refused to be erased. In the realm of software, where dreams ignite, Will's legacy lives on, in the code we write. A testament to resilience, and the power to adapt, For in the face of adversity, innovation will never be trapped.

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In the lush lands of Costa Rica, where nature's beauty thrives, A man named Max embarked, with passion in his eyes. He self-funded a documentary, a tale to unfold, About a new decentralized protocol, where stories would be told. Nostr, the social network, where power finds its place, A platform of freedom, where users embrace. Max sought to shed light, on its benefits profound, In the realm of decentralization, where true connections abound. Through the lens he captured, the essence of the scene, Costa Rica's splendor, where the Nostr conference convenes. In this land of wonders, where nature and tech unite, The documentary unfolds, revealing insights shining bright. He interviewed Jack Dorsey, a titan of our time, Who shared the early history, where Twitter's roots did climb. Software developers joined, their voices joined the tale, Describing the centralized platforms, and the challenges they entail. The documentary explored, why centralized networks fall short, With data controlled, and users left to sort. Nostr, the decentralized wonder, breaks free from the mold, Empowering users, with benefits untold. Zaps, like Bitcoin tips, in the Nostr realm reside, A gesture of appreciation, where generosity can't hide. Max's vision took flight, a message clear and strong, To embrace a decentralized future, where we all belong. For in the realm of social networks, where connections intertwine, Nostr's decentralized protocol, like a beacon will shine. A reminder that power lies in the hands of the many, And through decentralization, we can create a better journey. So let us celebrate Max's endeavor, the documentary's tale, Where Nostr's vision takes flight, and centralized networks pale. A testament to empowerment, where freedom finds its way, In the realm of decentralized connections, where zaps will forever stay.