resistancemoney
Andrew M. Bailey
I’m here to chew bubblegum and talk about bitcoin and I’m all out of bitcoin
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2024-05-15T05:17:51+02:00 Event JSON
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Last Notes npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney We’ve approached three merchants who sell books for bitcoin, but none of them are interested in stocking this volume. We will keep on trying until we find someone who will, though. Unfortunately we can’t take on the merchant role ourselves — we have day jobs and can’t afford the time and expense of stocking and shipping books; that work is best left to experts. If anyone is reading this and interested in selling our book for bitcoin, drop me a line. We can hook you up with a significant author discount (30% off list price, shipped anywhere in the world — roughly $22 USD/each), and you’d be free to mark it up from there and pocket the difference. npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney Amazing. Thank you! npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney Cash is good. Bring back supernotes, and in bigger denominations — $500, $1,000, even $10,000. But for better financial privacy, we need supercoins too, without serial numbers. This is perhaps my most unusual money policy stance: the US should mint $100 and $1,000 coins. npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney immediately implementing a jubilee: closing all browser tabs, marking all messages as read, restarting laptop It is good to be free. npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney Unfortunately, Saifedean blocks the authors of the book on Twitter and doesn’t take kindly to folks who have the temerity to disagree with him. But we don’t hold a grudge and would love to see our book for sale on his site for bitcoin! npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney There is virtually no chance that Saifedean will sell our book on his site, I think. He blocks the authors on Twitter and doesn’t seem to care for dissenting views. Sad! npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney Do you know who runs that site? We’d love to hook them up with discounted copies of ‘Resistance Money’ to resell for sats. If you’d like an ebook, it can be downloaded for free at all of the usual sites (DM for more info if you’re not familiar with these) npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney On this, and other Frequently Asked Questions, see: https://www.resistance.money/faq/ npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney Where do you usually buy books with bitcoin? I would try there first, as the book is available basically wherever books are sold. We are still working on getting a dedicated merchant on this, of course — but that will take time. npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney There are some very bad objections to the idea of a strategic bitcoin reserve on the part of the US Federal Government. For example: 1. Bitcoin is bad for the world (false; our best science shows that, on net, bitcoin is good) 2. Bitcoin isn't valuable (false; bitcoin is precious, and useful) 3. Buying or holding bitcoin undermines American values and empowers foreign adversaries (false; bitcoin embodies American values, and a huge chunk of bitcoin is held by Americans) 4. Buying or holding bitcoin weakens the American dollar (this one is complicated, and depends on what it means to 'weaken' the dollar, and how the reserve strategy is actually implemented) 5. People only like the strategic reserve idea because it pumps their bitcoin bags (this one is very psychologically important -- but irrelevant to the merits of the policy as such) Following are some other objections that strike me as more sensible. What do you think? What are the best replies to these objections? Are there other sensible objections I'm missing? 6. A bitcoin-stockpiling strategy gives the state more incentive to seize bitcoin 7. The state should be neutral between asset classes and assets within them; to hold or buy bitcoin is to pick a winner 8. Massive state holdings confer powers in contentious fork wars that the state shouldn't have (e.g., to massively sell off the more freedom- or privacy-oriented side of a hard fork, and thus move markets in that direction) 9. A sovereign wealth fund should aim at yield-bearing assets to displace taxes or debt, but bitcoin doesn't offer any yield 10. Policy should be neutral about a 'number go up' thesis; but stockpiling bitcoin is pretty plainly a bet on that thesis 11. Impoverished and indebted governments should pay down debts rather than acquire assets npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney I’m putting together a strategic bitcoin reserve — a stockpile if you will. https://image.nostr.build/eaea2bc1e4c828e0449bb58e0bcfb5bf3ed973032ca0cebd5f443285f27c60bd.jpg npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney You know what doesn't shut down when Windows goes haywire? Cash. Today is a good day to act accordingly. npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney Everything you say in public will be recorded and remembered forever. We are all surveilled by the future, more so than even Caesars and prophets of old. Your great-grandchildren will judge you for any intellectual dishonesty. Act accordingly. npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney Thank you so much, Tim! npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney Depends on your threat model. Signal is a good step up from WhatsApp or, god forbid, Telegram; avoid the desktop app if there’s a ’hance your desktop device is compromised, of course. Those who face more sophisticated adversaries will want to try out more sophisticated tools like Session. npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney Bitcoin is a powerful force for freedom — and, I argue in a new op-ed in Newsweek with T. Cross, B. Rettler, K. Saunders, and C. Warmke — to win elections too. If Trump's opponents hope to defeat him, they should pivot to supporting bitcoin as he has. https://www.newsweek.com/bitcoin-can-protect-freedom-help-win-elections-opinion-1925491 npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney Are Trump's most enthusiastic critics *correct* that he'll crack down on civil liberties? I have no strong view here except this empirical fact: Operations Chokepoint 1 and 2 — the most dramatic cases of blocking bank access for political enemies — were under Obama and Biden. npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney This is my view. npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney I suspect our editorial will be the first positive mention of Nostr (this is the 'decentralized publication protocol' we link to, and have in mind) in a mainstream publication with wide circulation. That's pretty cool. (And if I’m wrong about that, please correct me; I’d like to know who was first, if we aren’t!) npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney Trump's most enthusiastic critics predict political repression if he wins. If they're right, the thing to do now is to prepare. That means mastering freedom technologies that protect civil liberties: bitcoin, encrypted messaging, and censorship-resistant publication protocols. We have an op-ed coming out tomorrow with Newsweek that argues this point, among others. Stay tuned, and be prepared to share it widely! npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney From a goodreads review: "I've read a lot of books about Bitcoin, and I enjoyed this book significantly more than I expected to. I expected to find myself slogging through another dry read, but instead I found an engaging, funny, and exquisite set of arguments that kept me reading." Wow! Thanks, Jason! https://image.nostr.build/693c81f3e98b24f52aaa30e91fa8ac5eebb1b724a348c45102d4091818424025.jpg npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney Thank you for your kind attention, Roger! I will return the favor soon, as soon as I get the time to dig in to your new book! npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney I would love that, and I’ll be available to record in person. DM me, please! npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney I'll be in Austin, TX in the week immediately after the big Nashville conference — July 29 to August 2. I know Austin is a bitcoin citadel, so help me use my time there well: what events should I attend while I'm there? And does anyone want to have me on their podcast? npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney The more success bitcoin enjoys, the greater reason central banks have to seek out ways to crush it. The authoritarians will turn to repression and the boot. Believers in genuine democratic governance and good outcomes will seek to out-compete bitcoin, though — to the good. In that spirit, here is a hypothesis. Central banks can demolish bitcoin forever with three easy steps: 1. Privacy and censorship resistance: Chaumian ecash 2. Sound money: algorithmic supply management 3. Innovation: an open API Game over. Imagine the pumpanomics at play here: 1. Freedom goes up (digital cash) 2. Number goes up (sound money) 3. Innovation goes up (open architecture) Embrace the pump, central banks, and kill bitcoin while you're at it! npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney Today is a good day to act accordingly: submarine swaps, consolidations or splits, atomic swaps, peg-ins and outs, and any other on-chain maintenance required for better privacy and future usability of one's UTXOs. npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney It is a good day to act accordingly npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney An academic philosopher who shall remain nameless — someone who has no connection to bitcoin, or philosophy of money, or any of that stuff, really — read our book and had this to say. Wow! https://image.nostr.build/97245025832a277e2e1653546bf42dd8e056a3e80c581433e0af89549a79fc77.jpg npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney The fire rises https://image.nostr.build/a0fced2d403f9e94779b3c2acb19719b817f45cf66fb335f5ccf9b9c1a43ae30.jpg npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney ⚠️ Resistance Money Bug Bounty Alert! ⚠️ Help us identify and fix errors in the text, and you will receive credit on our 'errata' page. Once there's a decent number of these, I will select a few folks at random for some free sats! Why collect and publicly document errors? Because this is a piece of actual scholarship, not an exercise in cheerleading. It's the open source way: transparency, collaboration, honesty. Found a spelling error, a factual mistake, or an infelicity of some other kind? We would be most grateful to know of it. DM me; and let me know if you'd like credit on the Errata page for spotting the mistake. The Errata thus far: https://www.resistance.money/errata/ npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney Don't trust; verify. So before you buy a copy of Resistance Money, read Chapter 1 for free! PDF: https://www.resistance.money/resistance_money_chapter_1.pdf https://image.nostr.build/f00cbe80e8d1f31f65b47ee30c69be8d0b104c3baeff7dff5ebbc0d411f1dfe1.jpg npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney We’re working on setting things up with a merchant partner who will accept bitcoin! Sadly, Amazon and Routledge do not do so themselves. npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney Sometimes you just need a box of these bad boys on hand https://image.nostr.build/67098298c49e2aca71ddb813c27f3037f51c203a0c2b0fb9f3d6e3f5022f6b36.jpg npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney Sounds like someone’s been reading Chapter 5 of a certain monograph! npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney I’ve been on my college's integrity committee for over a decade, often as its chair. Plagiarism, academic dishonesty, cheating, and the like: these are our remit. I've seen it all. But times are changing. A few thoughts, then, on ChatGPT. The most important message I have for students is not that using ChatGPT in completing their assignments is unethical, or plagiarism, or pawning off someone else's ideas or words as your own. It can be those things, but needn't be. My message about ChatGPT, instead, is this: you've got to cover your tracks. The advice is not about hiding misconduct or dishonesty. Because if you actually do as I suggest, you'll have no misconduct to hide. ChatGPT-generated prose has some well-known signs, including: - vague generalities - hemming and hawing, especially in a summative sentence or paragraph - 'delve', and other artifacts of the way large language models are currently trained - pointless filler words everywhere ('complex dynamics', 'multi-faceted analysis') - generic verbs instead of specific ones ('explores the topic' instead of 'argues that') - claims without backing textual citations (or worse, with fake ones: pure hallucinations) - repetitive and flattening use of the present participle There's an architectural reason why ChatGPT and similar tools have these irritating tics. They write to the statistical median. And the statistical median isn't ungrammatical. It is, instead, mediocre. Boring. Flat. Without any real voice or message. Dull in both style and substance. It doesn't sound like anyone in particular, because it's a blend of everyone all at once, sort of like those generic 'average faces' you can find online — all smoothed over and sort of vaguely pretty but also off-putting and inhuman. If you can identify and eliminate infelicities like the ones noted above — and doing this thoroughly requires a sentence-by-sentence look at the entire document — no one need ever know that you used ChatGPT to write your essay. Your secret will be safe. But along the way, you'll also have made the essay your own. You'll have thought about every word. You'll have exercised agency. The words that remain will be there because you put them there, and for a reason. You'll have actually done some writing. So, ChatGPT-using students, here is my advice once more. Cover your tracks. Ruthlessly eliminate the junk ChatGPT generates. In doing so, you'll make your paper better, and you'll make it only yours. And that is precisely what your instructors wanted from you anyways — your own best work. npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney "Resistance Money informs without inflaming and teaches without preaching... It's at the very top of my suggested reading list for anyone curious and open-minded about bitcoin." — Troy Cross, Reed College https://www.resistance.money/images/troy.png npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney Tough but fair! It was a test, linking to a Twitter-hosted image. It’s from a Reuters article, and it’s a statement from the Prime Minister of Egypt about plans to block remissions outside of their (recently debased and poorly managed) banking system. He thinks it helps. It just drives people towards bitcoin and stables. npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney What the central bank tinkerers don't understand is that blocking the exits doesn't quell demand for alternative monies. It stimulates it. Every time you set up a chokepoint, a new person googles 'what is bitcoin?' (or 'ما هو البيتكوين؟'). https://pbs.twimg.com/media/GIGtH-wWgAAIFVc?format=jpg&name=large npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney Baby steps — I’ll add the app to my dock now so I see the icon every day, which will remind me to get on here and participate! npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney Thank you! npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney Haha, do not order the hard copy just yet! In negotiations with the press, we pressed hard on the paperback price, and if it has good sales, other options will open up (audiobook, cheaper hard cover, more markets, translations, etc.). npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney Thank you! We’re working on pulling that release date forward. Strong pre-order numbers will help. npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney Pre-order your copy of Resistance Money today! Just $29.95 (USD, paperback, Amazon) gets you the most meticulously researched, lively, comprehensive, and measured evaluation of bitcoin to date — peer-reviewed, and published by a leading academic press. https://www.resistance.money/book/cover.png npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney The real story is not that bitcoin continues to flourish after fifteen years. Nor is it that SBF is a convicted criminal. It’s that the worlds of credentialed academia and journalism got both SBF and bitcoin exactly wrong. The press darling is in jail. Bitcoin roams free. npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney One week later, Wallet of Satoshi is gone from the USA app stores. Were you ready, anon? Are you still “onboarding” people with a banking app they may not be able to access in the future? #note15um…dwrq npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney Shotgun KYC; see quoted note. It’s when someone else has your stuff and won’t give it back until you prove your identity and answer intrusive questions. Happens all the time with this sort of app. Wallet of Satoshi is a bank, and shouldn’t surprise us if it turns out to do bank-like things. npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney Folks who continue to use Wallet of Satoshi (and recommend its use) would do well to write down some guesses about these three scenarios (rug, shotgun, honeypot). How likely is each, and how does the sum probability of those three dire scenarios compare to a graceful WoS exit or ongoing functionality? It’s called risk management. You either do this, or reality does it for you. #note126e…jzxy npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney Common argument: 1. Halvings introduce no new information about supply. 2. If so, halvings cannot influence price. 3. Therefore, halvings cannot influence price (1 and 2). I think halvings are priced in, but reject both premises. Against 1: halvings can introduce new information about supply. They show, with certainty, what was before only expected to some high degree -- that new supply coming to market will soon dramatically click downward. Against 2: halvings can also introduce new information, not about supply, but about demand. What if you discover, time and again, that people quite stupidly respond to halvings by buying? The first few times, that's new information! And when it stops, that's new information too! Why do I think halvings are still priced in? Because they're *now* priced in. These effects are known, and known to be known, and negligible after the first few halvings. npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney I knew the Bank of Lebanon was no good. But until today, I didn't know quite how no good. They didn't just print too much money. Officials embezzled from the bank, invested in Ponzi schemes, and then lied and printed to cover it all up. Result: Lebanese Pound down 98% vs. USD. There are a lot of sources that go into more detail on this, and the story isn't over yet. For one recent overview, see: https://www.dw.com/en/how-lebanon-was-plundered-by-its-own-central-bank/a-66613994 When the World Bank released a report about your monetary and fiscal system entitled "Ponzi Finance?" you know you messed up: https://www.worldbank.org/en/news/press-release/2022/08/02/lebanon-s-ponzi-finance-scheme-has-caused-unprecedented-social-and-economic-pain-to-the-lebanese-people One interesting element of this particular case is how authorities across monetary, banking, financial, and fiscal systems conspired to create a crisis. And 'create' is not an exaggeration, according to the World Bank. They call it a ‘Deliberate Depression’. npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney One can reflect on why counterfeiting might “oppress the poor — and learn from the exercise — without being Catholic, I hope! npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney “Whoever knowingly makes or intentionally spends counterfeit money shall be separated from the communion of the faithful as one accursed, an oppressor of the poor and a disturber of the state” Lateran 1, Canon 13 (15 in some numberings), 1123 AD What’s interesting to me isn’t just that counterfeiting is singled out for condemnation — it’s that one of the reasons given is that it amounts to oppression of the poor. These guys were onto something. “How, exactly, do counterfeit bills oppress the poor?” is a good question. Think about it, and you may come to some unexpected conclusions! https://image.nostr.build/2f18379c96e426f23289ff0d78319a8cd42af59ea8c31862096684ca02376e9b.jpg npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney Unfortunately no! We’re finished with revisions (116 people helped us improve the manuscript with sometimes ruthless and penetrating comments and critique). But since this is an academic press, the process doesn’t end there, not by a long shot. This delay is the price of trying to do it right, instead of self-publishing or publishing with BTC Inc or something like that. Hopefully it'll be worth it, and find new audiences beyond the already orange-pilled who buy bitcoin books! npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney I'm working on a taxonomy of digital goods — especially rivalrous, excludable ones that can be transferred. What are paradigm cases or important kinds to keep track of? How would you add to a list like this? - domain names - digital dollars, debts, bonds - NFTs - gaming assets (skins, etc.) - bitcoin (of course) - ether Some key properties I'm keeping track of include marginal cost of production, non-monetary (use) value, cash flow, aesthetic value, possible Veblen status, mode of issuance/creation, and self-custody. What else comes to mind? npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney Make Cash Great Again — pentuple reporting thresholds and bring back or mint new supernotes ($500, $1,000, even $10,000 denominations) https://image.nostr.build/ce181aecb74fd5a5a8679d36bdc9008cdae12f936b6e40ea29a616cc84b3d6c4.jpg npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney Academia matters to bitcoin because a sewage pipe is feeding misinformation into the public sphere. And the only way to fight lies is with the truth. Bitcoin is too important to not study with care, and with all the tools we have. https://youtu.be/LkbeFnYi2xs?si=s9mDQcfu1ngkIrwI npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney Bali, for Indonesia Bitcoin. If you’re here too, drop me a line and let’s hang out! npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney Just got off a call with a bitcoiner working with some cutting edge projects — L2s and more. We agreed on this: the greatest threat to bitcoin isn't the state, or anything like that. It's complacency. Suffering is probably the only way we overcome. Price pumps in the near future may be dangerous for bitcoin's long term future. They'll boost complacency. When we're fat and happy, we don't invest in scaling and privacy and extensibility. Unfortunately, near term price pumps are also the most obvious path to better funding for bitcoin research and development. We have no token to print at zero marginal cost, no foundation, no company, no lawyers, no marketing office, no trademark holders, no CEO. A real dilemma! What kind of suffering could do the job here? I'm afraid many of my readers will hate the answer. It can be expressed in one word. No, not 'dump'. It's 'flippening'. Imagine the seething, the cope, the fury, the wild cognitive dissonance, were eth to flip bitcoin. Now that's suffering. Suffering sucks, of course. But if I learned anything from all those Greek tragedies, it's that suffering is also the only path to wisdom. Some will be quick to add that eth has already flipped bitcoin — in daily fee revenue, in L2 proliferation, in TVL, in daily volume (when measured in just the right way). I reply: sure, but we always had the market cap cope ready to hand. What if that were gone? Suffering. npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney Worldcoin is bad. https://blockworks.co/news/worldcoin-privacy-concerns npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney When someone prints a token for free, and sells it to you for something else, they reveal a preference to hold that something else, rather than their own invented token. What does this tell us? npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney I’m more concerned that my future self will not like it! npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney Curious if anyone else is in this boat: I’m more cautious about saying things on Nostr than on Twitter — because deletion is much more straightforward on Twitter. I feel this way even though I know that deleting on Twitter doesn’t actually remove it (the internet never forgets), and even though I know there’s a much smaller audience on Nostr. npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney Not equally so, no. It might be slightly authoritarian, sure, but in a much less distressing and significant way (no long term implications for First Amendment protections if sustained, for example). npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney Pick two: 1. The United States should ban TikTok 2. The United States cannot ban TikTok without expanding capacity for overreach, surveillance, and censorship 3. The United States should not expand capacity for overreach, surveillance, and censorship - Digital authoritarians pick 1 and 2 and reject 3; this is wicked. - The starry-eyed dreamer picks 1 and 3 and rejects 2; this is silly and naive. - The lover of liberty picks 2 and 3 and rejects 1; this is the way. npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney Hi, Sean. npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney True or false: there is no known way to cryptographically prove that you've deleted some data. npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney Few things* give me greater joy than overconfident prognosticators getting punished by markets. Especially when bitcoin is involved. *actually many things; but this joy remains special npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney This is really nice, Seth — measured, focused on the values that actually matter, and pragmatic. A model. npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney It's easy to focus on buying power — number go up, number go down — which messes with your peace of mind. This is a cost. I find that self-custody compensates for it, and more. I sleep better knowing that my money isn't someone else's liability and can't be rugged. As usual, this is not financial advice. It is spiritual advice. Self-custody is self-discipline. It is also freedom. npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney Not exactly (I focus on bitcoin); it’s a goof. npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney What a 24 hours it's been, and it still doesn't top FTX day in November: - Ether a security - 30% tax proposed on bitcoin mining - Silvergate, dead - Another big bank, dead Me, a crypto person: bored, unstimulated, hoping for more. npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney Seems like a fine time to meditate on Satoshi's words: "The root problem with conventional currency is all the trust that's required... Banks must be trusted to hold our money... but they lend it out in waves of credit bubbles with barely a fraction in reserve." npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney Dude drops some gross antisemitism on Nostr. Relays drop him. But if you really want to tune in, you totally can — exactly as one would hope for with a protocol rather than a platform. Nostr is working as designed, in other words. Very cool. npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney I am at my best when I know I am Ralph. Humble, stacking, no trade signals newsletter. npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney Rules one and two are Socratic. We do best when we know our limits. Rule three reminds us: despite rules one and two, prices encode real information (this does not mean markets are perfect). The rules are practical, too. For example: Will I subscribe to your market signals newsletter? No; see rule one. Will I start a market signals newsletter of my own? No; see rule two. Will I invest in your pamping ponzi and stake/lock my tokens for years on end? No; see rule three. npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney Thinking about the first three rules of Bitcoin Uncensored: 1. You are an idiot 2. I am an idiot 3. Markets are efficient Pure wisdom. And the three hang together well -- better together than any one or two rules in isolation. npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney Given what we know of the author — he was not nice, or a good person, or wise — I think it more likely that he found other people hellish only because of the hell already within him! npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney Heaven too. npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney Trial and error with smaller and smaller payments, unfortunately. It doesn’t have a reliable “empty this Lightning wallet” payment mechanism, last time I checked. npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney BlueWallet is sunsetting their custodial lightning product. Self-custody, without trusted managers, is the bitcoin way. So this move is for the best. Unless everyone just moves their sats to Wallet of Satoshi, that is — in which case custodian risk is amplified and centralized! This is something I worry about. The more usable and liquid Wallet of Satoshi is, the greater the risk it imposes on those who perhaps can least afford a rug pull. People for whom a million sats is a significant chunk of money, and who may not know what ‘custodial’ means. So: now is an excellent time to upgrade your mobile lightning setup. And if you’re an Uncle Jim type, to help those in your obit do the same. There are options: Breez, Phoenix, Muun. Personally, I’ll keep on using custodial lightning for amounts lower than 100-200k sats or so. Cashu is coming along nicely, for example, and has significant privacy guarantees. Anything beyond that threshhold goes on-chain, though. https://bluewallet.io/sunsetting-lndhub/ npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney Howdy! npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney Biola Class of 2006 here. This was my world. npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney Deal. npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney You’ll need to host the file somewhere and paste its URL to use it as a profile photo. I host my profile photo on my own web server. What others do, I don’t know — maybe ask around to find out! npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney So far so good! npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney This book on bitcoin’s game theory is going to give me a pretty serious mental workout. Can’t wait! https://www.amazon.com/Bitcoin-Game-Theoretic-Analysis-Gruyter-Textbook/dp/3110772833 npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney Beautiful. npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney Is this how to quote-re-note? #[0] npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney ser. ser. npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney 🙏 npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney Nostr/bitcoin entanglement means that every misstep by Facebook or Twitter is a setup for new people to hop aboard the bitcoin ship. Social media refugees are looking for alternatives that don’t surveil or censor. Nostr welcomes them — and invites them into the bitcoin world too. npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney 1. Follow more people than you’d follow on Twitter (I look for who else has liked note I like). Can always unfollow if they prove to be annoying! 2. Lots of relays. This works best on desktop, not mobile, where it’ll eat your battery before noon. npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney https://www.resistance.money/pics/wsd.png On Presidents' Day, Americans celebrate the civic virtues of founding fathers like George Washington. There is another founding father who deserves celebration too: Satoshi Nakamoto. Like Washington, Satoshi walked away from power. And so bitcoin now roams free. The abstract above is from a new paper with #[0], to appear in "The Satoshi Papers" (pending review). It's going to be a cool and totally unique collection. npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney Yes, this is a working paper (not peer-reviewed). And it’s a SoK — a survey piece, not new research. The authors, I believe, plan on building much more substantive quantitative research atop the basic ideas explored here. npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney Bitcoin is my favorite controlled substance npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney I wonder how things would change if you could — on the 1040 form, for example — choose how some portion of your taxes got spent. Today’s shower thought brought to you by doing my taxes and wondering how much of what I’ll pay this year underwrites agencies who’ll undo any good I do elsewhere (undermining bitcoin, say, or spreading misinformation). A sobering thought. A quick search reveals that this is something people talk about: https://en.m.wikipedia.org/wiki/Tax_choice npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney Why have attempts to launch and sustain a “Bitcoin Foundation” and the like flopped so badly? What are your favorite stories of failure along these lines? #[0] and I are writing about bitcoin’s unruly social layer and would love stories ‘n sources! npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney Hard agree. It’s giving me hope by reminding me of so many things I used to love about the internet. npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney I like Nostr, RSS, self-hosted blogs and podcasts, BitTorrent, Tor, PGP, and bitcoin. Which web is that again? 1.5? I'll have that number of web, please. npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney Not usually — unless you’re at George Mason, a program known for more heterodox faculty (and a long history of Austrian connections). npub1yezu4atsdgchvlyjz5efwks8n7ze2rssq674qe04m5pp8e5y32tqfdawc7 resistancemoney Some invoices can. This was apparently one of them.