LogicallyMinded

Crypto enthusiast. Interested in innovative models of decentralized governance. Banned from Twitter for thoughtcrime. Willing to change my mind when convincing arguments are presented.

Public Key

npub1s0fs9dwztm2rukm42vh6df4a5gwykclf75tgyeuc75t0cs2eh8rsu2rqf5

Profile Code

nprofile1qqsg85czkhp9a4p7td64xtax5676y8ztv05l295zv7v029hug9vmn3cppvkuq

Publishing to

nostr.bitcoiner.social

nostr.decentony.com

nostr.fmt.wiz.biz

nostr.inosta.cc

nostr.mutinywallet.com

nostr.portemonero.com

relay.bitcoinpark.com

Author Public Key

npub1s0fs9dwztm2rukm42vh6df4a5gwykclf75tgyeuc75t0cs2eh8rsu2rqf5

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Last Notes

2024-06-28 08:10:47

I don’t know what the “Democratic Elite” is panicking about. Don’t they want a technocratic society? In order to have it, you first need to destroy the current democratic structure. #Biden and #Trump serve this purpose perfectly. If that’s really the best options a democratic society results in then it certainly makes the case for a technocratic society runs by an #AI.
#democracy #technocracy #note1p8w…fe9g

2024-06-28 07:58:14

The main culprit to blame for this horrendous #debate aren’t even the protagonists but the mockingbird media which intentionally dumb-down the discussion. They hate #democracy and don’t want you to have one, so they make a mockery of it with the aim that people will lose hope. Democratic governance is still the best model we have to date to take decisions at the societal level but we need to revamp it seriously. The alternative they want is a #technocracy. No thank you.

2024-06-28 07:14:26

The learning from this #debate is that our democracies are confiscated by the mockingbird media. They arbitrarily choose the candidates and dumb-down the discussion with petty subjects. If we still want to live a in a democratic society in a few years we’re going to need a new toolbox.

2024-06-17 07:20:09

Did you know that World Economic Forum is also involved in covering-up #AncientHistory? Indeed, the #GobekliTepe archeological site is under management of the #WEF and its excavation has remained at 5% since 2017.
#History #Archeology
https://youtu.be/cPNgGnUrCKM

2024-06-16 21:24:57

Electronic voting is the threat to our #democracy. We need to terminate contracts with machine vendors and go back to hand-counted paper ballots.
#ElectionIntegrity #ElectionFraud
https://www.zerohedge.com/political/musk-says-eliminate-electronic-voting-machines-after-dominions-puerto-rican-imbroglio

2024-06-16 14:58:53

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They are going to have to wait one to two generations to pull out the pandemic card again. People are going to be immune to their pandemic #psyop for a while.

2024-06-16 04:02:17

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So the definition of a shitcoin is every coin that isn’t #Bitcoin? No offense but it is very low-IQ reasoning.

2024-06-14 12:24:18

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And like with the boosters, you can vote multiple times!

2024-06-14 12:22:40

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For the ruling class some knowledge must be kept secret as to not alter their plans.

2024-06-14 05:21:44

Societal evolution is driven by social consensus as such the oligarchy must constantly distort the reality of this consensus through the media lens to bent the consensus to fit their objectives. Without the ability to alter the perception of the true consensus, the oligarch class would have little influence on the societal evolution as the #plebs greatly overwhelm the former in numbers. For this reason, turning off the oligarch’s media (mockingbird and #bigtech) is an effective way to realign societal evolution with the desires of plebs and defeat the oligarchs’ plans.

2024-06-14 04:59:13

#Trump, the controlled opposition puppet touts #Bitcoin and now the mockingbird media refers to his stance to use discredit by association tactic that will push the normies away from #BTC. This is the same playbook that they’ve used to discredit Hydroxychloroquine during the #plandemic. #note1kd7…xket

2024-06-12 20:23:52

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Someone asking this question should first answer how many #Bitcoin they would have if buying #BTC with their entire savings.

2024-06-11 21:33:44

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True, but this mechanism isn’t as flexible as what would be allowed with recursive covenants.

2024-06-09 17:57:09

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- Fair voting (one person = one vote). It can be applied to digital democratic systems such as DAOs. Hollismo (https://holismo.org/roadmap/ ) uses Idena to establish a global digital democracy.
- Anti-sybil protection. Gitcoin passport (https://passport.gitcoin.co/) has integrated #Idena to its points system to prevent farmers from Sybil-attacking airdrop distributions.
- Quadratic rewards distribution. the Idena L1 (https://scan.idena.io/) uses this rewards distribution to guarantee the decentralization of the inflation rewards over time. The higher you stake the more your earn but the lower your stake, the higher your APY is so the stake share owned by whales decreases over time.
#ProofOfPersonhood #Crypto #Blockchain

2024-06-09 08:52:17

#Monero is outperforming the #crypto market without ETF approval or memetic hype. The market is starting to realize that private sound digital cash has been mispriced. The price readjustment is going to be wild for #XMR.

2024-06-05 08:34:43

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Proof-of-personhood systems will revolutionize democracies by allowing them to be digital and borderless. However, we can’t accept those systems to be controlled by a corporation and have them collect personal data. We need #ProofOfPersonhood #blockchain such as #Idena.io that are decentralized and do not collect personal data.

2024-06-04 09:29:59

It looks to me that a lot of #Bitcoin money is moving to #Monero 👀

2024-05-31 10:01:46

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The #Trump trial is obviously a farce but I suspect it’s well planned one which is part of a reverse psychology #psyop. Orange man, old man, same master.

2024-05-29 19:22:15

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Also, based on what I understand from this bill, I don’t think that the intent of the bill is to squash innovation in the #crypto industry or to make every dev an outlaw for publishing code. It also may put a halt to the blind enforcement actions we’ve seen from federal agencies. I think from a US dev perspective this bill would be a plus.

2024-05-29 07:19:02

Here is the best breakdown of #FIT21 that I’ve read to date.
#HR4763 #Blockchain #Crypto #Defi #SEC #CFTC #Web3
https://www.davispolk.com/insights/client-update/crypto-market-structure-bill-draws-closer-floor-vote-house

2024-05-27 06:21:41

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That’s why they let the petty crime rampant. You need a problem before deploying a solution. The « solution » would be a lot less acceptable if there weren’t a specific problem to solve. But hey, are you not for more #surveillance if it helps fighting crime? Same logic than for justifying KYC, online age verification and client-side scanning. People need to wake up before their #privacy is totally gone.

2024-05-27 00:01:49

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But you would be able to exchange this note for a new one at the bank so I would consider this as fungible.

2024-05-26 23:25:39

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Satoshi is innovator, I’m sure he would have been in favor of the wave of #crypto experimentations that emerged from #Bitcoin.

2024-05-26 20:52:58

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I just learnt about a bad bill aiming to ban algorithmic #stablecoin that was introduced by Sen. Lummis who’s viewed as pro #crypto.
https://www.coincenter.org/senate-bill-risks-innovation-and-free-speech-with-stablecoin-ban/

2024-05-25 06:59:10

Strategically, the US Treasury has no interest in killing the #DeFi ecosystem. However, it wants to ensure that a treasury backed stablecoin remains the dominant #stablecoin in the ecosystem as to grow the global demand from US treasuries from this ecosystem.
As we are seeing with the #Mica regulations coming for the EU, the US Treasury cannot count on centralized exchanges regulated by foreign jurisdictions to keep US backed stablecoins on those platforms.
Also, the US Treasury doesn’t want to see the emergence of #crypto backed stablecoins that could compete against US backed stablecoins.
If you look at the #FIT21 bill and other proposed US bills, it seems that keeping DeFi out of reach of the regulators plus establishing a standard for a US backed stablecoin are two strategic moves that would align with the interest of the US Treasury to grow an emerging demand channel for US treasuries.

2024-05-24 17:56:14

« A complete list of countries blocked from the Lend service include: The United States of America, Cuba, North Korea, Iraq, Iran, Puerto Rico, Somalia, Syria, Sudan, or any state, country, territory or other jurisdiction that is embargoed by the United Nations. »
Find the anomaly among this list of countries.
#Bitcoin #note1hnd…2p8w

2024-05-24 17:18:42

If #FIT21 was in place before the creation of #Bitcoin, Satoshi would likely have had to register #BTC as a security with the SEC. Also FIT21 states that every #crypto should be regulated either as a security by the #SEC or as a commodity by the #CFTC. Asset issuers need to file an intent to register but what if there is no clear asset issuer? Would Satoshi have been considered an asset issuer?
So far this bill leaves me with more questions than answers. It has the potential to strongly change the incentives and risks to launch new #blockchain projects but I still don’t see much chatter about it. I think most people (me included) don’t really understand what impact it will have on the #crypto industry.
#HR4763

2024-05-24 01:26:12

Wait until your immunization history is required to receive your #CBDC paycheck.
#X #DigitalID #KYC #Musk
https://reclaimthenet.org/x-id-verification

2024-05-24 01:10:51

With the #ETH #ETF being approved, one must wonder what was all this chatter around the #Ethereum foundation being investigated by the #SEC.
Market manipulation?
#ETHETF

2024-05-24 00:09:23

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#meme #memestr #memes #FIT21 #HR4763 #Blockchain #Crypto #Web3 #SEC #CFTC https://image.nostr.build/6d232c92cd5bda83c0f0df23185d8aa664e6d05608d6608536ed64e235a376ef.jpg

2024-05-24 00:08:42

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#meme #memestr #memes #FIT21 #HR4763 #Blockchain #Crypto #Web3 #SEC #CFTC https://image.nostr.build/81e0959b9cf5d877a9128e1293348984baff0815188547705baf2d3c4e8d87f5.jpg

2024-05-24 00:06:16

I’m still trying to figure out the implications of the #FIT21 bill but here is my cynical take on it:
#HR4763 #Blockchain #Crypto #Web3 #SEC #CFTC https://image.nostr.build/e8b78168f98d388cfa6db209ca7981f10954ee8aee9251d29a6a68bd13a5052b.jpg

2024-05-22 13:31:01

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In 2019, the guy got arrested by the FBI and was given a list of #crypto influencers including Roger Ver and Naomi Brockwell, and pressured him to give dirt on them so they can go after as many people as possible in exchange of softening the charges against him. After three years of legal procedure he got released with no charge against him.

2024-05-22 07:54:06

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He’ll do more of the same. TruthSocial blocks VPNs so privacy right is the least of his concerns.

2024-05-22 06:40:12

Insightful interview of Steven Nerayoff (one of the #Ethereum founder) by Aaron Day. Some information are so insane that I had to double check their veracity and while I still have to do more in-depth research, I wasn’t able to poke holes in Nerayoff’s story. Definitely worth a listen.
#Crypto #ETH #SEC
https://www.youtube.com/live/DJ4tw6XNJVs

2024-05-22 00:13:47

Can we pressure the controlled media enough so they extend the invite to #Kennedy24 to debate #Trump and #Biden?
https://www.kennedy24.com/debate-petition

2024-05-21 23:36:16

I really wonder what will be the long term impact of internet users increasingly substituting their use of search engines for #AI agents on the incentives to produce and publish original content. Even if we’ve seen the trend with Google search engine offering answers on the search page which reduces click-through-rate, there is no doubt that AI agents are accelerating this trend.
I guess that the production of evergreen content for commercial purpose may become less valuable. However, it’s likely that non-commercial content production will remain strong.
After all, AI agents quality would be doomed if human stop producing original content as AIs feed out of it. Hence, there may be a risk of starting a vicious circle in which AI agents disincentivize content production from humans which in turns would drain AI agents of knowledge which would create a stagnant knowledge for humanity.

2024-05-21 22:49:43

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I’m not familiar with OpenSats but it looks like they promote the funding of common goods.

2024-05-21 22:33:00

« Farmers grow foods, shoemakers make shoes ». Has Yuval ever wondered with farmers and shoemakers find it fair to exchange their production for something that can be printed at will with a clap of a finger? Maybe if they could produce shoes and foods so easily they would.
#Bitcoin #note1gmc…yu8q

2024-05-21 21:38:56

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I don’t think the original structure of the United Nations is fundamentally bad but a lot of bad actors have taken partial control of it. I think you can say the same for any National government. If a Nation decides to exit the UN they certainly can do so. The problem is that in general the people are not sovereign anymore both at the national and higher levels.

2024-05-21 21:32:56

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If you’re referring to privacy tech such as mixers I think there is still solutions out there such as Railgun. Tornado cash smart contract is still functional as far as I understand even if particular nationals are prohibited to use it. In general, I would say that the Ethereum community is privacy aware of course it remains a transparent ledger.

2024-05-21 21:23:53

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Something you’ll see being mentioned a lot in the Ethereum community that you won’t see in other communities is the funding of common goods and the rise of network states.

2024-05-21 20:54:38

The coming wave of #crypto #ETF to be listed will mark the end of the speculation frenzy era. After this, projects with strong fundamental (=organic adoption) are the ones that will do the best.
#blockchain

2024-05-21 20:32:58

Did you know that the right to #privacy is stated as a human right in a couple of texts from the United Nations?
As it pertains to financial privacy, the United Nations Special Rapporteur on the Right to Privacy stated in 2017: "the right to privacy encompasses the right to financial privacy, which includes the right to confidentiality of financial information, the right to privacy in financial transactions, and the right to freedom from arbitrary or unlawful interference with one's financial affairs."
On public ledgers, KYC procedures infringe with the right to privacy hence it is crucial that we have methods to regain our privacy when using #crypto. Using #Monero or other coin mixing technology is not a crime.
#Bitcoin #BTC #XMR

2024-05-20 04:39:18

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I don’t do drugs. Call me a pussy for it if you’d like.

2024-05-20 04:09:17

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Only legal product and services.

2024-05-20 03:59:48

#meme #memes #memestr #monero #xmr #privacy https://image.nostr.build/7d5f64a610d9c7c38fdba011f062b938305900ec1b719b2c5c04f44bc34ecc70.jpg

2024-05-20 00:33:37

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And states influence federal laws: https://youtu.be/Wro98jQn1Nk?t=550

2024-05-20 00:31:53

This victory for #crypto in Oklahoma isn’t just a victory for one state. As it has been proven throughout American history, laws being passed at the state level can build to a tipping point and result in massive federal change much faster that we could think.
#Blockchain #Bitcoin #Monero #Politics
https://youtu.be/Wro98jQn1Nk?t=550 #note18l9…92hl

2024-05-19 23:14:14

Is Oklahoma about to become the new #blockchain El Dorado?
House Bill 3594 just got passed. Here are the rights that are guaranteed under the bill:
- Purchasing goods and services with #crypto
- Self-hosting of crypto
- Mining or running a node without obtaining a money transmitter license
Plus, transactions under $200 (adjustable for inflation) are not taxable.
#Bitcoin #Monero
http://webserver1.lsb.state.ok.us/cf_pdf/2023-24%20INT/hB/HB3594%20INT.PDF

2024-05-19 20:23:30

#meme #memes #memestr #monero #xmr #crypto #privacy https://image.nostr.build/27d6ba7074797fb97f006d396ac11c1b2e79d6849efb1d7f9b97827cbf797529.jpg

2024-05-18 08:53:19

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Leaving for the EU? The exact same system is coming soon to all EU countries.

2024-05-18 08:43:55

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I don’t know if that a bunch of us opting-out is going to be enough. 97% of Icelandic citizens have adopted the #DigitalID because they have no viable alternative. Until we built a strong circular economy based on #crypto, we are not out of the wood. We’re running out of time.

2024-05-18 07:27:14

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Of course you can’t blame people for fleeing dictatures but this is a global agenda. Running away will only buy you so much time (which may be enough in some cases).

2024-05-18 06:23:55

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So the solution is to leave your country? It seems like admitting defeat.

2024-05-17 06:54:24

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If this type of attack was common I would imagine that sooner or later we would hear complaints from the merchants who got scammed. Also, I’m not sure what this attack would really achieve for a state actor. Distrust in the network? I think it would be easier for them to bribe merchants claiming to be scammed to support a disinformation campaign. I think your point that we wouldn’t discover the attack as fast as on Bitcoin is valid but I don’t think it would remain undetected forever.

2024-05-17 00:10:57

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Max supply is a meme but in practice it is irrelevant. #Bitcoin supply is elastic so it doesn’t matter whether or not there will be a finite amount of whole BTC being emitted. Here is what matters:
- Predictability of the rate and volume of the coin emission
- To whom the emission is being distributed
- Decentralization of coin ownership

2024-05-15 22:01:13

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👆 @npub1uav…x9cn It would be great if you could provide more details on the attack scenario you mentioned.

2024-05-15 21:59:37

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👆@BitcoinStu It would be great if you could provide more details on the attack scenario you mentioned.

2024-05-15 19:15:51

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@npub1w72…wyhg I’m curious if you have heard of this concern and if it had been addressed regarding #sidechains.

2024-05-15 18:39:49

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Since you seem to have studied #Bitcoin a lot more than me, maybe you can point me to a resource that goes in depth with the particular risk that you’re describing. I haven’t seen any such analysis but if it’s such a concern, I’m sure the critics have posted a write-up on it.

2024-05-15 18:20:07

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That wouldn’t change the security assumptions on the base layer. Of course if you break this assumption, all sort of attacks are possible.

2024-05-15 17:09:09

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How is this a bad thing? It seems it would help securing the base chase over the long run.

2024-05-15 17:07:41

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I don’t disagree that it changes the incentives offered to miners but again it doesn’t compromise the security and integrity of the base layer because even if a miner participate in securing a #drivechain, he still has to secure the main chain.

2024-05-15 17:04:32

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I know this argument and I don’t find it compelling. My initial point was that #covenants would mess up with the integrity of the base layer and that #drivechains wouldn’t. I maintain this view. The scenario that you outlined doesn’t show that the integrity of the base layer would be compromised. If you keep your #Bitcoin on the base layer you won’t by affected by whatever wrong thing could happen on a #drivechain.
In terms of impact, a drivechain is no different than wrapping your #BTC and sending them on another L1. Of course when doing so you’ll have to accept different security assumptions and it’s up to each of us to make this assessment.
When it comes to potential reputational damage followed by more regulations, these are second-order effects which can arise for a multitude of reasons and which are broadly out of control of the network. The strength of an unstoppable system like Bitcoin is that if it does what it’s supposed to do, it doesn’t have to worry about second-order effects as those wouldn’t directly impact the way it functions. I actually had the exact same concerns when researching drivechains (you can check out my previous posts if you want to verify) and came to the conclusions that I just discussed.
To sum it up I would say that what happens on the drivechain stays on the drivechain we can’t say the same about covenants which can profoundly change the nature of the base layer such as the emergence of parasitic on-chain KYC that would greatly impact the fungibility of your bitcoins even if you never interact with a covenant.

2024-05-15 07:30:03

I disagree that #Bitcoin is good enough and it’s time for it to ossify but I also disagree that we should add more OP codes such as OP_CAT and OP_CTV that would compromise the integrity of the base by for instance enabling the implementation of parasitic on-chain KYC. A good compromise seems to be #drivechains that would allow for more experimentations in the area of scaling and #privacy without the parasitic nature that recursive #covenants would bring on the base layer.
#BTC #drivechain

2024-05-15 07:24:43

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If you want more programmability for your #Bitcoin without compromising the integrity of the base layer, then #drivechains are a good solution.

2024-05-15 07:21:59

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Enforcing KYC check through a multisig provides less flexibility than through a #covenant. It’s true that no one can force you to generate a recursive covenant for your self-hosted #Bitcoin but any outputs that at any point in time will touch a regulated entity (exchange, ETF, corporation etc.) will be required to generate a recursive covenant enforcing KYC check to send the coins out. This means that the Bitcoin network will see an ever growing share of its supply being compliant with on-chain KYC. You can keep holding your non-KYC #BTC but these won’t be fungible with KYC addresses. The liquidity of your assets will decrease over time with the risk of seeing two exchange rates, one for KYCed bitcoins and one for non KYCed bitcoins. The only way your bitcoins will be usable is through a circular economy that is accepting non-KYC bitcoins.

2024-05-15 01:13:58

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OP_CAT + OP_CTV = recursive #covenants = immutable on-chain KYC for #Bitcoin
Seriously, who can be in support of this?

2024-05-14 23:00:02

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Also hybrid POS/POW blockchains like #eCash may be harder to attack as you would need both majority hashpower and stake.

2024-05-14 18:59:36

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I agree that cost of attack for a state actor would be marginal but I don’t think those attacks could achieve much in the long run because there would be a reaction from the network either through upgrades and/or brining more hash power online. This would ultimately strengthen the network in the long run even if it can undermine the trust in it at first. Also, specifically on #Monero it would be challenging to selectively censor transactions. Double-spending would undermine trust in the network but wouldn’t achieve much. I guess empty blocks could be mined but for how long?
My point is that, I don’t think this type of attack is practical for a state actor to conduct. That’s also not how they proceed to attack blockchains. If a state actor were to be caught conducting this attack (through whistleblowers or other leaks), it would strongly undermine their credibility which is a key factor for states to maintain.
As we see, state actors prefer attacking those systems through regulations, weaponization of their agencies and propaganda.
Again, I’m not saying that such attacks are out of reach of state actors but until proven otherwise, it doesn’t appear that those are the most effective to conduct.
I’m curious what other are your thoughts on other Sybil resistance mechanisms such as PoS. Would you say that those tend to be more resistant to state actors? Which mechanism would you favor? There are more and more blockchains adopting hybrid PoW/PoS models.

2024-05-14 17:24:00

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Plus a lot of the mining power for Bitcoin comes from corporations with multi-year contracts so for those, shifting pools isn’t economically viable.

2024-05-14 17:18:48

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KYCed miners are to some extent in the hands of the government.

2024-05-14 17:15:40

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I’m not disputing this but the same goes for all PoW chains including #Bitcoin. What seems to be more important is the capacity for the network to respond to an attack. In this regards, I think the elasticity of the resources requires to counter an attack on the #Monero network is a plus.

2024-05-14 16:44:29

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But wouldn’t the fact that mining is more accessible also enables a higher degree of response from users in case of an attack on the network? I feel that Bitcoin security now strongly relies on large actors (mostly state powers with divergent interests) that are involved in mining as more and more of the smaller miners can’t stay in business (and I don’t see the trend reversing). I don’t think an attack on #Bitcoin mining is practical but I don’t think it is on #Monero either. Still it’s concerning that half of the hashpower is now KYCed. It seems that this could be used to influence the outcome of a contentious fork. I don’t think miners are going to be as free to support an upgrade that would go against the interests of the state for which they had KYCed. Also, Bitcoin is all about access to cheap energy which is certainly an area in which state actors are going to outcompeted independent actors so again, the security increasingly relies on actors having divergent interests on the future of Bitcoin. CPU is a highly available commodity to consumers so as long as RandomX isn’t cracked, there is a case to be made that Monero mining is actually more secured in the long run.

2024-05-14 16:26:18

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I think until we see an attack taking place from someone attempting to take over the hashpower, it’s impossible to tell if such an attack is practical on the #Monero’s network. I would agree that blockchains with SHA-256 algo and no other protection mechanisms are vulnerable to this type of attack because of the existing amount of hashpower that can be directed by a malicious actor but this scenario doesn’t apply to Monero. RandomX had been around for a while now and the only attempt we’ve seen at gaming the system is from Bitmain that released a “miner” which consists in a bunch CPU assembled in series. So saying that the security depends on devs changing the algo is to this date pure speculation. Also, we would need to factor the response from users in case of an attack against Monero. It’s likely that if Monero were to be attacked we would see a much stronger response from users than we will see in the case of a similar attack on #Bitcoin. Everybody has a CPU at home whereas the supply of miners that can be added to the Bitcoin network isn’t elastic. I’m not saying that Bitcoin is less secure than Monero but I’m skeptical of the claims saying that Monero isn’t secure due to its hashing algorithm.

2024-05-14 06:59:07

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Okay, do you think that Bitcoin can remain censorship resistant if a third party is involved in approving a transaction? Because that is exactly what we may see happening on #Bitcoin if covenants are enabled and as far as I understand that’s not something that would be possible on a privacy coin. Also you seem to imply that #Monero isn’t censorship resistant and immutable but maybe I’m misunderstanding your point.

2024-05-14 06:30:02

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It depends on what you mean by “surviving”. Large state actors will try to suppress every viable alternatives to #CBDC. If an attacker succeeds at making a viable alternative not viable anymore then, maybe you can call it “surviving” but it’s certainly not a win anymore. It’s more akin to cooptation or surrender. #Bitcoin has never meant to be a surveillance coin, if we get there, sorry but it won’t be called a win.

2024-05-14 06:06:03

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I can’t wait for the government to pass a law forcing me to use #Monero

2024-05-14 06:04:47

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Using the currency of your choice isn’t a sign of dependance.

2024-05-14 05:55:47

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Gotcha, yes that’s a possible scenario although I really don’t know how it’s going to play out. But this validates my warning folks who think they won’t be unaffected by other people’s #bitcoin being KYCed while theirs won’t be.

2024-05-14 05:39:46

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The metaphor of “hiding like rats” is yours. Personally, I don’t see it this way. #Privacy is the fundamental human right and like for all these rights, they need to be exercise to be maintain as such.

2024-05-14 05:32:00

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Correct me if I’m wrong but I guess you meant to say that price of non-KYCed #bitcoin would reduce in supply and so increase in price.
I’m not convinced it will play out this way. First it will be interesting to see if we end up with two different exchange rates and whether those rates will be official listings or only surfaced through grey markets.
After, even if we have two rates, it’s not clear at all that non-KYCed Bitcoin will trade at a higher price because that is the Bitcoin that will be excluded from easy access to global liquidity. Also, it is the Bitcoin with the smaller network of acceptance so although non-KYCed Bitcoin will become more rare, their utility may also decrease. Also, non-KYCed bitcoins would directly compete with other #crypto such as #monero that are built for this specific scenario and that have feature that make them more attractive.
It’s also possible that we won’t see two different rates but in this case, it’s critical for non-KYCed #BTC to grow the network of acceptance because off-ramp to the fiat system won’t be allowed. Without a way to spend your bitcoins in a circular economy, you may end-up with a high priced but illiquid asset.

2024-05-14 05:18:01

Without #privacy, freedom of transacting is a temporary privilege, if you want it to be a permanent right you must transact privately.
#Monero #XMR

2024-05-14 05:11:03

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I don’t think multisig could be used to attached spending conditions to an output forever like recursive covenants could. How would multi-sig do this?

2024-05-14 01:34:47

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True no one can lock your #Bitcoin into a #covenant but are you not concerned for the value of your bitcoins that an ever growing share of the supply will be forcibly KYCed? With convenants, every Bitcoin that at one point touches a regulated entity (centralized exchange, ETF, miner, MicroStrategy, etc) will become a KYCed Bitcoin forever.

2024-05-14 00:51:37

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Just wait about the horrible nightmare in which you can only spend #Bitcoin to and from KYCed addresses because of #covenants.

2024-05-13 23:29:41

I’m surprised there is no more outrage from bitcoiners regarding #covenants. After doing a cursory research on the topic, it seems that covenants would mean the end of permissionless #Bitcoin and the generalization of #KYC-ed #BTC.
- Covenants can enforce spending outputs to KYCed addresses only.
- Covenants can enforce receiving BTC from KYCed addresses only
- #Covenant rules applied to a given output would propagate to future spending of this output.
In short, all BTC leaving a regulated entity could only be spend to KYCed addresses forever.
Maybe I missed it, but I haven’t seen the plebs being outrage about this risk for Bitcoin. I heard a lot more criticism about #drivechains though. This tell me that some of the vocal opposition is either controlled opposition or uninformed.
#OPCAT #OPCTV #drivechain

2024-05-13 21:23:41

I really like Venice.ai, a decentralized, uncensored and private alternative to #ChatGPT launched by Erik Voorhees on the #MorpheusAI network. You can switch between models including Llama3 and Stable Diffusion). Also, if you have #MOR tokens on your wallet you’re directly upgraded to the PRO plan (which gives you access to a share of the decentralized compute network). This is definitely the future of #AI agents!
#VeniceAI #OpenSource
https://venice.ai/blog/venice-ai-privacy-architecture

2024-05-13 19:04:12

The US administration is advancing its plan for the implementation of a #DigitalID.
#CBDC #TheGreatReset
https://reclaimthenet.org/biden-cybersecurity-plan-vows-to-support-development-of-a-digital-identity-ecosystem

2024-05-13 08:43:49

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I don’t think privacy is typically a property for a store of value (not that it’s not an important property especially for medium of exchanges). However, I considered privacy in the “acceptability” property as we can see that non-private coins can make them less fungible and less likely to be universally accepted.

2024-05-13 08:40:36

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Stability is seen as tracking inflation. Cryptos don’t do that very well as they have huge variation during bull and bear market cycles which last one to three years. If you buy the top of the market you can expect to be underwater for at least two years. Cash is stable on the short-mid term but always lose value in the long term. So far the goldbacks have been rising with inflation quite nicely. Only during covid their prices became irrational.m for a little bit.

2024-05-13 04:27:39

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Let’s rank #Bitcoin, #Goldback, #Cash and #Monero to determine which one is the best store of value.
Scarcity: The supply of the store of value should be limited to maintain its value. For example, gold, Bitcoin, or other commodities with restricted supplies.
Bitcoin -> 3/3
Goldback -> 2/3
Cash -> 1/3
Monero -> 2.5/3
Stability: A store of value should maintain its value over time, ideally with low inflation or deflation. For example, assets like gold, real estate, or certain types of bonds can serve as stable stores of value.
Bitcoin -> 1.5/3
Goldback -> 2.5/3
Cash -> 1.5/3
Monero -> 1.5/3
Durability: A store of value should have a long lifespan to ensure its worth doesn't diminish over time. Precious metals like gold and silver, as well as digital assets like cryptocurrencies, typically possess this characteristic.
Bitcoin -> 2.5/3
Goldback -> 2.5/3
Cash -> 2/3
Monero -> 2.5/3
Portability: The store of value should be easily transferable from one person to another or from one location to another. For example, physical assets like gold or silver can be transported, while digital assets like cryptocurrencies can be sent through a blockchain network.
Bitcoin -> 2.5/3
Goldback -> 1.5/3
Cash -> 1.5/3
Monero -> 3/3
Divisibility: The store of value should be divisible into smaller units for practical use. For example, gold can be melted down, refined, and minted into smaller coins or bars, while cryptocurrencies can be divided into smaller fractions.
Bitcoin -> 3/3
Goldback -> 1.5/3
Cash -> 2/3
Monero -> 3/3
Acceptability: The store of value should be easily recognizable and accepted by others. For instance, gold, silver, and fiat currency are universally recognized and accepted.
Bitcoin -> 2/3
Goldback -> 1.5/3
Cash -> 2.5/3
Monero -> 1.5/3
Total #StoreOfValue ranking:
🥇 Bitcoin -> 14.5/18
🥈 Monero -> 14/18
🥉 Goldback -> 11.5/18
4th Cash -> 10.5/18
Do you agree? Let me know if you think I got it wrong.
#SoV #BTC #XMR #golbacks

2024-05-13 03:49:20

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Is #Cash a good store of value? Store of value can be ranked according to the six following properties:
- Scarcity: no-capped supply and no predictability of the supply over time.
- Stability: continuously loose value against an inflation index but quite stable over short period of time.
- Durability: good durability, hard to lose, not indestructible.
- Portability: good portability, except for online payments and cross border migration.
- Divisibility: good divisibility but not flexible. Loss of value against inflation guarantees that current divisibility will suffice.
- Acceptability: great acceptability within national borders except for online payments. Used as a unit of account.

2024-05-12 21:38:00

Is #Bitcoin a good store of value? Store of value can be ranked according to the six following properties:
- Scarcity: yes, Bitcoin has hard-coded scarcity.
- Stability: stability increases after each cycles but overall, Bitcoin isn’t a stable asset. You can’t buy bitcoin at any time and expect its value to remain around the same level relative to an index tracking inflation.
- Durability: yes, although hack and key mismanagement presents a risk of loss.
- Portability: great portability.
- Divisibility: yes, but currently fixed and hard-coded. May require to be updated as prices keep on rising.
- Acceptability: good but not as good as fiat currencies within a country of acceptance. Also this property is being challenged by AML/KYC procedures.

2024-05-11 20:15:37

The recent crackdown on #Bitcoin #privacy tech totally killed the medium of exchange use case for #BTC. Nobody wants to use a #crypto as a medium of exchange in a non privacy preserving way. There is still #lightning and maybe silent addresses can help a bit but these will be good enough for most people.

2024-05-11 16:29:45

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A good way to spend your Monero but I’m afraid those aren’t going to be around forever. Cards providers have to comply with AML/KYC regulations and touching any crypto services is a risk.

2024-05-10 09:00:25

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No I have not but it seems to be working well from what I’ve heard.

2024-05-10 08:36:58

I have no doubt that the tech once well decentralized will be out of reach of governments but we should not forget that to make the tech relevant we also need to win the social consensus. Those working for the power structure are masters at brainwashing people. It’s not going to be an easy fight but we have the truth and reason on our side.
#Bitcoin #Crypto

2024-05-10 08:17:48

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It would say the main difference is that atomic swaps are more secure but less user friendly (less liquidity). You don’t keep custody of your funds when swapping on #ThorChain. Also, in this particular instance, ThorChain doesn’t offer #Monero as an option