BitcoinStu

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Last Notes

2024-09-15 04:11:47

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I don't trust them either, but it's very unlikely they are rehypothecating Bitcoin. If you think it through you'll see.
1. The supply of bitcoin is fixed. If blackrock claims to hold 21 million bitcoin, the jig is up. Therefore this scam cannot run forever like it does with Gold where the supply is unknown.
2. The ETF holders are not plebs to be scammed. These are wall street investors. Bernie Madoff died in prison because he tried something like that. SBF probably could use a roommate, I bet he's lonely.
3. The price of bitcoin isn't going down much, so a short-term rehypothecation would only mean that coinbase/blackrock will be forced to settle up at higher prices in the future.
The reality is that people are just impatient. When you study bitcoin enough to realize that $60,000 is far too low for a realistic market price, it makes you think someone must be mAnIpUlAtInG it. But that's extremely unlikely.
Just be patient.

2024-09-02 23:45:06

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I don't think there is any way they let Trump be president again. And they are probably due for another major crisis to justify the liquidity injection required to finance the debt through 2025.
Who knows what those fuckers have up their sleeve.
I suppose one option they have is to let Trump be president and then create a crisis big enough that they can just completely override anything he wants to do. Like let of a nuke in some European City and blame it on Russia. In that case the military would just step in and run the show, creating such chaos that Trump's domestic policy would go nowhere.
Another option would be to do a proper assassination of Trump. Just put a sidewinder missile into his private jet. If the CIA can really control the military they could probably do that. Just blame it on a terrorist bomb or something like that.
The one thing that seems completely unlikely to me is they let Trump be president, let him stop the war in Ukraine, let me drive his domestic agenda, let me defund large aspects of the federal government, let the US treasury market implode when the debt rolls over in 2025, and quietly sit by while we all build freedom technologies. That seems pretty unlikely.
So a crisis coming? Yeah, probably. And the money print they need this time is going to require something bigger than 911, bigger than GFC, and bigger than Covid.

2024-08-30 22:29:17

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Yes. And you're saying your 16 year old son is a child. When is he an adult in your eyes? The day he turns 18, or is this a process that happens gradually over time?
You see what I'm getting at? And thanks for your response. Genuinely interested in your opinions on this.

2024-08-29 17:22:28

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Max pain for whom? Short calls, long calls, short puts, or long puts?

2024-08-29 09:21:55

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I just fucking did it for you, lol. Run that script and see for yourself.

2024-08-29 09:01:20

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Your argument seems to focus around what _I_ do.. It's not about me. The point is ANYONE can audit it. In Monero, no one can.
If you still don't understand the difference between active auditing and an inability to audit the total supply then I am not sure how much more I can help you understand.

2024-08-29 08:43:13

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In short. To remain thin ANYONE can lift weights. It's possible to make others thin if enough people lift weights. Unlike Monero where you rely on cryptographic proof to lose weight.
I hope you now understand this fundamental difference.

2024-08-29 08:40:11

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Your analogy of lifting weights to auditing the Bitcoin ledger misses a critical distinction: the default state of a Bitcoin node.
When running a Bitcoin node, the software inherently audits the entire ledger, validating every block, every transaction, every input and output. This process is automated but fully transparent and open to verification at any point. Even if node operators don't manually check each transaction, the protocol ensures that every node is in agreement, validating the integrity of the entire blockchain continuously.
Contrast this with Monero: While it’s true that Monero’s cryptographic methods verify transactions under the hood, the privacy mechanisms mean you cannot independently verify the actual amounts or track the flow of funds. If there were a flaw in the cryptographic assumptions or an undetected bug, inflation could happen unnoticed. The auditability here is limited to what cryptography allows, not to the same degree of direct transparency Bitcoin offers.
Yes, most Bitcoin users might not manually audit every transaction, but they don’t need to. Bitcoin's transparency means anyone can verify and the collective effort of thousands of nodes ensures that fraudulent transactions are spotted and rejected. With Monero, that level of transparency isn't an option due to its privacy focus. The two systems operate under fundamentally different trust models: one based on open transparency and collective verification, and the other on private cryptography. It’s not about what you can do in theory but what the system allows you to verify independently at any time

2024-08-29 07:14:45

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In Bitcoin, every node independently verifies every transaction against a fully transparent ledger. The amounts, addresses, and transaction history are all visible and can be checked manually if desired. You don’t just trust the software; you can verify the entire ledger yourself.
In Monero, you can't manually verify individual amounts or trace transactions due to the privacy features like Pedersen commitments and range proofs. You have to trust that these cryptographic methods are flawless and implemented correctly.
So, the key difference in practice is that Bitcoin’s auditability is direct and transparent, while Monero’s is indirect and relies heavily on cryptographic assurances.
Hopefully this quite important difference is clear now.

2024-08-29 06:56:14

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Sometimes you have to just let them learn. It seems to be the case that when a parent is too strict with exposure to the world then the day they turn 18 they go off the deep end. I have a good friend still recovering from drug addiction from a situation like that.
A gradual exposure is best I think.
But out of curiosity, what exactly are you worried your 16 year old is going to do with a phone that you see as a problem?

2024-08-28 23:38:55

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with a discount, please do some research

2024-08-28 23:04:05

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before segwit spam had to compete with legit transactions for space. The witness discount was core basically saying "ok you can spam, but put it in the witness section so it doesn't bloat the utxo set.
And then taproot took out the witness limit and now our blocks are full of dickbutts.
Personally I'm of the opinion that if spam had to compete for blockspace on an even playing field you would see a lot less of it.
The moral of the story, especially with taproot, is that when you start fucking around with "perfect money" all you can really do is make it less perfect....
If it aint broken, dont fix it.

2024-08-28 21:53:36

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Both of them are true. 4mb blocks can contain a lot more spam than 1mb blocks and the witness discount made it cheaper

2024-08-28 20:43:21

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No one said Segwit allowed spam, it simply made giant blocks full of it possible and added financial incentives to do it.

2024-08-28 19:57:39

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Anyone who tells you that adding new opcodes will scale bitcoin is either ignorant or malicious. In this guy's case I don't know which it is, I've never heard of "the guy who's read more about bitcoin than anyone else I know" which is an absurd assertion and should tell you right away he's full of shit. But in either case he's endorsing an attack on Bitcoin, it's really that simple.
Study BIP-119 if you want to know more.

2024-08-28 19:53:33

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The point is this podcaster wants to turn bitcoin into a shitcoin by adding new opcodes. Taproot was a disaster and lead to massive spam. Segwit, not much better.
I'm a professional software engineer with 30 years of experience and I've been studying the protocol on a technical level since before this guy knew what Bitcoin was.
His videos get 100 views, and this guy is your hero?
Covenants are an attack on bitcoin, they will only allow further exploitation of the protocol

2024-08-28 19:47:42

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He's a shitcoiner endorsing an attack on the protocol, that's really all you need to know.

2024-08-28 19:44:22

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Oh son, I was studying PR's before you were in diapers.

2024-08-28 19:41:44

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Bitcoin is feature complete. Your new shitcoin opcodes are nothing more than an attack on the protocol. Fuck off with your shitcoins

2024-08-28 19:40:22

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Yeah and based on the utter mess that segwit and taproot were, I'm in no hurry for more changes.
Bitcoin is, in my opinion, feature complete.
You're welcome to do all the shitcoining you want. See you back here in a few years when you've studied more. No shame though, takes many of us a lot of years to realize why it's Bitcoin only

2024-08-28 10:23:50

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wild speculation and conjecture. Provide some proof of this?

2024-08-28 09:53:18

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No, ebay uses paypal which has fraud protection. There is no such protection when you are trying to trade bitcoin for some goods and services remotely.
The only way this works is with a bitcoin custodian that provides fraud protection.

2024-08-28 09:02:02

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yes i'm trying to help you understand but you keep saying the same thing "they will rehypothecate" and then i explain why that's not really possible but then you said it again.
You're also confused about what fork signaling is, you're confused about why the node operators control the network, you're confused about many things.
Just like previously when I was trying to help you understand what the real threats are, like the covenants you are so fond of.
But you don't listen or learn, you just stubbornly stick to your fantasy theories about blackrock controlling all the hashpower somehow, even when i explain why that's not possible.

2024-08-28 08:15:22

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Use your logical mind a bit.... What happens when the total ETF AUM of bitcoin is 15 million? You cannot fractionally reserve an asset with a fixed supply where the majority of it IS known.
Where is blackrock going to get the money to subsidize it's miners? It's going to steal investor money? It's going to do this as a minority investor in these companies? How does it actually control the miners as a minority investor? It's like you don't understand how an ETF manager actually operates.
Node operators do not signal, miners signal, you have to make blocks to signal. Ok so we've determined that you don't actually know enough about how bitcoin works to be having a conversation about the way hardforks are driven in the space. Nodes don't vote, that's not how it works.
Study more, speculate less.

2024-08-26 21:50:05

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I use AI all the time, every day. It's an amazing tool, but it's pretty stupid too. These things come in bursts. Just because we have these fancy LLMs doesn't mean AGI is here in a decade.
How long was the bronze age before they finally got the fire hot enough to smelt iron? Long fucking time.
Technology grows in fits and spurts. We just had a big spurt in AI tech... time to digest that and wait for another major breakthrough before anything reaches the heights that the hype has built
Open AI might end up as Pets.com

2024-08-26 20:50:08

#bitcoin is a ponzi scheme.
#bitcoin is an undebaseable, uncensorable, unconfiscatable store of value
#bitcoin connects the physical world of energy to the digital world
#bitcoin turns time into money
It takes several steps to get it.

2024-08-26 05:08:57

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I don't spend bitcoin and i would never suggest to a newbie that they do so.... i would never suggest it to anyone actually.

2024-08-23 20:15:36

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Genesis 2:19 (NIV):
"Now the Lord God had formed out of the ground all the wild animals and all the birds in the sky. He brought them to the man to see what he would name them; and whatever the man called each living creature, that was its name."
the Lord God, on Bitcoin

2024-08-23 14:09:28

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I think you are not up to speed on the quality, or lack there-of, of geek poetry.

2024-08-23 08:49:56

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No ETF provider is going to rehypothecate the most bullish asset on Earth, which has a fixed supply and can be settled globally in 5 minutes.
What happens when bitcoin blasts to 250k and people take profit? The ETF provider goes bankrupt and it's directors all go to prison.
We don't know wallet addresses but we know how much they claim to have, which must be the amount to cover their ETF holders and that liability. If they rehypothecate, at some point they will say what?
"Currently Blackrock holds 23.5 million bitcoin". How's that going to work?
Dilution is not what you should be worried about. Mining pool centralization is a big problem, an attack, that is going on right now as we speak.
Another problem to fear is them soft-forking some bullshit into the code that adds new opcodes that can be exploited. Covenants and other horseshit are a great example.
Plenty of things to worry about. ETF managers lying about how much they have in custody is not one of them.

2024-08-23 08:46:03

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It's their bitcoin too

2024-08-21 08:03:38

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Not possible. This would crash the stock markets and put the US into a depression the likes of which are hard to imagine. Unemployment at 90%, complete lawlessness. It just can't happen.
They could try to do this to bitcoin exclusively though. I've been waiting for this to happen for years.

2024-08-17 19:24:14

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Yes this is how most humans operate. I have a personal theory that it's a product of evolution. Hear me out:
In a hunter-gatherer situation, a tribe of 150 people, what's more important.... being right, or agreeing with the tribe? In that situation you only need 3 or 4 guys to think for themselves and figure out what to do, and the other 147 people need to get the fuck in line and follow along. If every decision your tribe makes requires elaborate debate amount 150 rational actors you will never get anything done and the other tribe from over the hill is going to kill you and take your shit.
As with so many of our evolutionary aspects, this does not really work very well in the modern world. And that's the dilemma of us half-monkey, half-primitive tribesman trying to build a global society.
I also believe that most people are simply hard-wired to be followers and there is literally nothing you can ever do to turn them into honest and opening minded humble thinkers. At best you can simply convince them that you are right and to follow you instead of someone else.
Anyway... maybe I'm just cynical, but the few people I know who are like you say, honestly open minded, have been that way their whole lives... they seem hard-wired for it. And the rest are hard-wired to be sheep... or so it seems to me.

2024-08-17 19:17:50

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There is only enough bitcoin for about 100 million people anyway, the rest will be stuck using custodians. So the people who are not open minded enough to listen, if they hear "have fun staying poor" ... well, too bad for them.
The lifeboat does not have enough space for everyone.

2024-08-17 13:12:30

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Supply is 21 million, impossible to inflate. What you are describing is issuance.

2024-08-17 12:20:11

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Inflation typically refers to the decrease in purchasing power of a currency over time due to an increase in the supply. When more money is printed or gold is mined, the value of each unit of currency decreases, leading to higher prices for goods and services.
Since the supply of Bitcoin is fixed and cannot be increased, it does not suffer from inflation in the same way golds does. The inability to create more Bitcoin ensures that it remains scarce.
What you are calling inflation is simply the issuance of an absolutely scarce commodity. It doesn't matter that it hasn't been issued yet, all that matters is that no more than 21 million can be created.

2024-08-17 01:04:44

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I certainly do time the market. As I've said previously I opened a futures long in Oct 2023 when price was $27,500. I'll be dropping that leverage somewhere in the next 6 to 12 months.
At that point I'll probably sell some call options and wait.
Bitcoin's 4 year cycles are pretty clear and obvious. It doesn't take a savant to understand those cycles and apply leverage at the right points in time.

2024-08-17 01:02:35

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Borrowing money to purchasing bitcoin is using leverage, that's exactly right. And what's the difference between that and taking a futures position using bitcoin as the equity? No difference at all, it's all just leverage.
I pay less per year for a futures long than you do on that mortgage I bet.

2024-08-17 00:35:19

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Saylor uses leverage and he has more sats as a result. I use leverage to increase my stack and have been doing so since 2017.

2024-08-17 00:34:25

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no one said it was easy.

2024-08-17 00:33:52

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Saylor uses leverage, is he gambling? Just because you don't understand it doesn't mean it's not possible to apply leverage successfully.

2024-08-17 00:31:47

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Saylor uses leverage, is he a clown? I've had a futures long since Oct of last year which is currently 2x, is that gambling?
Just because you can't do it doesn't mean no one can. Suggesting it's gambling just suggests you don't understand it

2024-08-17 00:28:41

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Because the entire future issuance is known it is not considered inflationary. You can simply assume 21 million supply, and with that, it's actually deflationary. Unlike gold which is an unlimited supply. See the difference?

2024-08-16 16:18:03

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Gold is devalued at least 2% a year... it's not going up, it's actually going down. But fiat is going down fast.
Only Bitcoin is absolutely scarce.

2024-08-13 19:52:27

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If you build houses for a living then you should know that building one with the butt and pass construction style using logs uses a chainsaw as a primary tool. Sorry that is lost on you.
Claims it's impossible to trade bitcoin, then blocks someone who can prove otherwise. Typical close minded behavior. "I mute those who disagree with me"

2024-08-13 19:48:01

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My trade has been in place since Oct, so doing very well. As far as the chainsaw, I built my home using it. You are obviously unfamiliar with log home construction.
Gambling on a slot machine relies on luck. So that is a terrible analogy. Bitcoin has very clear and obvious high timeframe behavior, going in cycles of 4 years. Bull market, bear market, repeat. Leveraging into that, if you know what you're doing, is perfectly reasonable.
As for your 90% stat, that's clearly some shit you made up. Either way, I've been trading bitcoin on leverage using high timeframes, using futures and options, for years. My stack is dramatically higher now than it was then.
Just because you can't do it doesn't mean no one can.

2024-08-13 19:18:24

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I opened a leveraged long on Bitcoin in October of last year at just under $28,000. Not possible? Bullshit. Certainly a bad idea for most people, but leverage can be a powerful tool. it's like a chainsaw, you can build a house with it, or cut off your legs.
If you use higher timeframes, low leverage, and proper risk management, it's absolutely possible to increase your bitcoin stack.
Even Saylor does it. His use of bonds is a form of leverage to hold a long position larger than he can afford to hold in spot only.

2024-08-01 11:50:51

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I doubt they created it, but I wouldn't be surprised if they control Satoshi's keys.
But it doesn't matter. Bitcoin is only useful for net producers. Net consumers, like the CIA, are punished by bitcoin. If they have it, then to use it they have to spend it, then they don't have any bitcoin anymore.
All good, bitcoin working as intended. It doesn't matter who built it or who has the keys to any of the addresses in the long run.

2024-08-01 11:47:43

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"intense speculation and intrigue"... not really. It just suggests that Tether is Mr 100... that's not surprising at all.

2024-07-31 12:16:33

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Bitcoin cannot be used as a bully stick to oppress the citizens of a society, unlike fiat can be used. If you use your bitcoin, that's it, it's gone.
Bitcoin only benefits net producers. It punishes net consumers. A government that has a bitcoin reserve will either become a net producer, globally, or will not hold it's bitcoin for long.
The US government cannot "borrow against it's bitcoin" to somehow gain power over other people and nations. It can only spend it's bitcoin.
You imagine that the US government will give it's strategic bitcoin reserve to china as a custodian, who will then lend the US dollars, and the US will be a net producer with those dollars and eventually pay off the loan and get their bitcoin back from China? That doesn't make sense.
If you are a net consumer bitcoin does you no good. But any government that buys bitcoin is good for global adoption. Especially the richest country on Earth.

2024-07-31 08:16:49

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nothing is stopping them, other than the fact that it would accelerate their financial crisis. It would both increase inflation and drive global bitcoin adoption as a treasury reserve asset. The US wants the treasury reserve asset to be US treasuries, not bitcoin.
If the USD itself is not pegged to bitcoin then the destruction of the US bond market will continue. You cannot, as you said in your previous post, simply "borrow against your bitcoin". The US is spending 3 trillion a year. There is no way for them to somehow buy trillions of dollars worth of bitcoin and then simultaneously borrow against it in the amount of 10's of trillions of dollars.

2024-07-31 08:02:04

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no it can't supercharge them. Their out of control spending is predicated on currency debasement. The US government is the largest net consumer on Earth. Bitcoin rewards net producers and punishes net consumers.
Without fiscal discipline the US will be unable to hold bitcoin because it's credit globally will continue to decline. Without the sale of US treasuries the US is screwed.
If the US government openly adopted a bitcoin reserve it would be a green light for every government on Earth to do it. .

2024-07-31 06:13:19

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Bitcoin is for everyone. You, your friends, and your enemies alike. A bitcoin reserve could begin to bring sanity back into government. If you think that the global financial system failing in sudden and catastrophic fashion would be a good thing, then you are naive.

2024-07-30 18:46:29

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You can invest money in money. I have purchased some Yen with my Dollars in the hopes the value of Yen will increase vs the dollar.
Bitcoin is not really money, not yet anyway. But it's certainly a commodity. Some day it may be money as well.

2024-07-30 16:58:02

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A man is a man, a man is also a person, a human, an animal, a living organism. Things can be more than one thing.
Money is money, and it's also a commodity. I know this is getting complicated but try not to over-simply things so that it fits into your narrative that bitcoin is "only money".
And to be completely honest as of today bitcoin is pretty shitty money. That will, hopefully, change with time. But as of right now it sucks as money.
Money is an asset (read commodity) that serves the following purposes:
1. store of value
2. medium of exchange
3. unit of account
Bitcoin is a poor medium of exchange because only a tiny fraction of people will trade with it. And bitcoin is a terrible unit of account because it's purchasing power varies wildly by the hour making it inappropriate to use for accounting, at least for now.
In any society "money" is the asset that exists within that society which has the best mix of the following properties:
1. portability
2. fungibility
3. durability
4. verifyability
5. divisbility
6. scarcity
Bitcoin is the best mix of those properties. This is why I believe that over time it will become the defacto "money" for the world. But money must be a commodity before it can become money.
Hopefully this helps you understand better the relationship of these concepts to each other.

2024-07-30 15:20:22

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I also already gave you the example of time. Time cannot be eaten and is not a raw material but is certainly a commodity.
A commodity is something useful or valuable and there was no "intentional redefinition" of commodity. That's been the definition for hundreds of years.

2024-07-30 15:18:37

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Gold was used as money for 10,000 years and it's a raw material. Money is a commodity used for trade.

2024-07-30 14:12:28

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Bitcoin is certainly a commodity. A commodity can be used as money if it has the correct properties. The "meaning" or better stated definition of commodity is "a useful or valuable thing, such as water or time.". Bitcoin fits that definition very well.

2024-07-30 13:31:29

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to answer that question well would require some extensive testing. But from what i can tell, coldcard is the safest. Clear plastic to help detect tampering, tamper-proof bag with verification code printed on it, ability to init it with dice rolls, ability to connect it to power-only usb, and other features I have not seen on other wallets.

2024-07-29 04:50:17

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I never said a US strategic bitcoin reserve was a solution to anything. Other than perhaps a solution for the oligarchs in the west to retain power during hyperbitcoinization, if it happens.

2024-07-29 04:00:18

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Sure you can. You run MMP on your fiat and then you hoard the bitcoin and wait for the entire global credit system to collapse, leaving you with the biggest stack of bitcoin when the dust clears (and the world's largest millitary)

2024-07-28 21:26:18

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What made you laugh? The idea that if a government holds bitcoin it's economy will improve? That's pretty much Austrian economics 101. Bitcoin works for everyone. People, clubs, unions, pensions, annuities, trusts, corporations, cabals, governments, nation states...
Perhaps if you found it funny you don't fully understand why any organization would want to use the best capital reserve asset available?

2024-07-28 14:05:21

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it appreciates and can therefore offset some of your debt or unfunded liabilities in the future.

2024-07-27 07:31:55

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So if everyone just agreed with your choice then he would win? That's not reality. Reality is that without ranked-choice voting it's impossible for a 3rd party candidate to win.
You don't have to worry about tyranny creeping in, it kicked the door down, moved in, fucked your mother, and made her make it a sandwich afterward.

2024-07-27 04:02:58

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The biggest difference between them is that one can actually win.

2024-07-23 05:33:17

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Bitcoin is for everyone, your friends and your enemies alike. Trump speaking about it is literally bitcoin adoption. It doesn't matter if you like it or not it's part of the process. The Republicans were always going to be the first of the two US parties to adopt it. It's all just part of the process.

2024-07-23 01:53:13

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Hal explained that bitcoin will scale with custodians back in 2011. Not all banks and banking are bad. Not all banks fractional reserve their deposits. This is a problem of government and banking regulation, not banks themselves.

2024-07-11 14:16:10

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if you are looking at a 2 hour window then it's not a "down day". It would be two hourly closures not a daily closure. Unless I do no understand what you're trying to describe.

2024-07-11 14:09:45

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you are claiming that during a two hour period, every week day, for 5 months, there have been no green hourly closures? And if I prove this is not correct, then what will you say?

2024-07-11 14:04:48

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Since late june at the local high, there have been 26 trading days on CME and 8 of them have closed up. So I'm sure sure where you're getting you're data but "no up dates" is just factually inaccurate.

2024-07-11 14:02:40

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well for starters that's simply not true. You can look at the CME bitcoin price, which does not trade on weekends. Plenty of up days.

2024-07-11 14:01:27

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Look at the total history of bitcoin price. You'll see that it has the behavior you are experiencing many times before, over and over again. Were "they" manipulating it when it went from $1000 to $90 in a week?
Nothing new is happening. Bitcoin is a nascent asset and therefore highly volatile. It has large swings in price that last weeks and months. Totally normal.

2024-07-11 13:54:26

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Yes that's called selling. When people sell the price goes down. Do you claim manipulation when bitcoin goes straight up for months?

2024-07-11 13:50:05

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your presumption is that some nefarious group of actors is somehow controlling the price of bitcoin?
Bitcoin is the most free market on Earth. No one is controlling it's price.

2024-07-04 15:24:13

#coldcard is by far the best hardware wallet for #bitcoin. It's not even close. So well made, tight hardware, tight software. Bad ass little piece of engineering.

2024-07-02 11:12:44

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stablecoins buying treasuries will help keep bonds strong. Soon they will be the largest buyer and soon after that the largest holder.
US economic collapse not happening yet.

2024-07-01 14:21:28

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Best practices is never re-use addresses. As a result most people who hold bitcoin have many addresses in use. So you cannot count the addresses in the UTXO set and assume that each address represents one person. It's far less than that.

2024-07-01 12:28:08

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That's not how addresses work

2024-06-25 19:19:46

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Major advances that make it superior to fiat.
Bitcoin is, in fact, a bank.

2024-06-25 05:19:05

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Bitcoin got segwit, taproot, and other advancements that allow it to be used on lightning which makes it instant and free, while maintaining it's use as the greatest store of value over time in the history of human civilization.

2024-06-25 01:12:27

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It is in the process of replacing fiat as we speak, but these things take time. It's going to be another decade or two.
And fiat is certainly not "moving forward" whatever that's supposed to mean. The only thing fiat is doing is being debased by constant money printing.
Bitcoin is not "standing still" it's being adopted by people, companies, families, corporations, annuities, trusts, pensions, unions, and governments.

2024-06-24 22:51:30

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cheap ass junk. Flimsy crappy poorly engineered.
Cold Card is far superior.

2024-06-24 22:43:57

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The whole point of bitcoin is that it's better money that fiat and replaces it with a superior alternative. Anyone who tells you different doesn't understand bitcoin

2024-06-24 22:21:34

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trade bitcoin for fiat? That suggests you don't understand bitcoin well enough yet.

2024-06-14 21:36:48

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I certainly don't "know it all" but seems pretty clear I understand futures, options, trading, arbitrage, derivatives, and probably bitcoin far better than you. So instead of getting your panties in a bunch you should take my advice and listen when the subject is something you are ignorant of.
It's better to remain silent and be thought a fool than to open your mouth and prove it.

2024-06-14 20:26:21

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This is another example of you not understanding things. There are many reasons to short bitcoin that can be quite profitable. For example you can perform a cash and carry trade, effectively an arbitrage between futures and spot. CME futures is running an $800/month premium right now so a futures short and a spot long is free yield.
Again man, it seems like you don't really understand these things very well so instead of pontificating about something you have little to no knowledge of, you might be better off just being quiet about it and keeping your eyes open.

2024-06-14 16:24:05

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You short using options with long puts. It's ok that you don't understand futures or options, but better to just be quiet and learn rather than talk about something you dont understand.

2024-06-13 21:31:39

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Naaa, max is just being silly again. No one is naked shorting Bitcoin. The futures shorts are just cash and carry trades for risk free yield. And there will be no god candle to 150k that's silly as well.

2024-06-13 21:29:09

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most of the futures shorts are just cash and carry trades, getting risk free yield. The CME futures premium is still like $600-$800/month. Not bad for free money.

2024-06-12 01:30:00

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yes. At least we've got Saylor going public on the subject now. Good to have such an articulate and vocal supporter.
"Why doesn't Saylor support core devs"? Cause fuck core, they can't even fix their filters. Those guys do nothing but fuck the network up with their soft fork attacks.
Core is the biggest threat to Bitcoin by far. If Bitcoin fails it's going to be because they soft-forked some bullshit in there that allowed it to be captured.

2024-06-11 22:01:56

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This irresistable desire some people have to mess with the thing just blows my mind. My only explanation is that the kind of people who want to mess with a perfectly functional network just don't have any bitcoin in their stack and are therefore more interested in "iNnoVat1on" than they are protecting the hardest money ever created.
Bitcoin, in it's current form, solves the problem of the hard money. Messing with it in an attempt to make it do other shit, like parlor tricks, is nothing but risk and adds no significant value.
Innovation in Bitcoin is nothing more than an attack on a perfectly functional network.
If it aint broken, don't fix it. Simple wisdom but so few people actually understand it.

2024-06-11 20:39:20

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or we could leave it the fuck alone.

2024-06-11 19:02:30

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Because human nature is that they just can't leave well enough alone. Have to monkey with it. Have to mess it up. Impossible to just sit quietly and watch. Everyone wants to be a hero.
But thank you for articulating clearly the silliness of their argument. A couple more cups of coffee on L1 indeed...

2024-06-11 18:59:18

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insightful post indeed. "we knew the risks" is worse in my opinion than "we had no idea how bad we were fucking up" as it implies malice.
Core fucked up massively with segwit, then again with taproot, and now they won't even fix their filters or address their prior mistakes. Ego or malice, I'm not sure which. Either way core is not to be trusted.
The good news is that more people are realizing just how vulnerable Bitcoin is to the addition of new opcodes and softforks and are starting to gather around the idea that "if it aint broken, don't fix it". Meanwhile vain developers with small bitcoin stacks yearn to make a name for themselves by adding new bullshit to a perfectly functional network. And that's why I tell them to stuff their new opcodes up their asses. Nothing but an attack on bitcoin and deserves no debate on ridicule.

2024-06-11 12:04:47

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There is a difference between maintenance and new feature development.

2024-06-11 12:02:44

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The good news is that more and more people understand this position, especially with Saylor's recent podcasts where he says the same thing. Over time it becomes more and more difficult to initiate any kind of soft fork attack on bitcoin, which is excellent news.
You can have 1 new opcode every 100 years, starting 100 years from now. Plan accordingly.

2024-06-11 12:00:49

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When did you get the idea that I give a shit about lightning? Of course lightning is impossible without segregating the witness data, that was the point of the softfork. But the result was abuse of the witness section, particularly after taproot opened those floodgates.
I do not care about lightning. If you can scale bitcoin without adding more opcodes going forward, good for you. You probably can't which is why you, in your vanity, would attempt to attack bitcoin by adding new opcodes which will inevitably compromise the network's security.

2024-06-11 11:58:01

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Incorrect. segwit and taproot decreases density by filling the witness section with spam data and creating utxos without monetary value.

2024-06-11 11:51:17

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I have been a professional software engineer for 25 years and studying bitcoin specifically for 7. I can assure you I understand the details of the protocol quite well. If you do not understand how the witness section is abused to produce spam then you should study bitcoin more deeply. I am not your tutor.

2024-06-11 11:36:04

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You will notice I do not provide a lightning address in my profile to be "zapped" to. However I would not avoid lightning since it already exists. But Bitcoin would be better without segwit and it's witness discount and would also be better without taproot and it's complete opening of the witness section.