Tom Honzik

I think people are differentiating how the seller markets what they are selling. "I'm selling an epic sat," vs "I'm auctioning a UTXO produced from the coinbase transaction of block 840,000 and you can interpret that however you want," the later should be much less controversial.
By extension, "I'm selling a UTXO that, viewed through the lens of ordinal theory, contains an 'epic' sat" or "I'm selling a bundle of sats, one of which you might consider epic" seems fine. It's factual and upfront that a certain viewpoint is required.
"I'm selling an epic sat according to ordinal theory" or "I'm selling an epic sat" seems like shorthand for the above... not nuanced, but also not necessarily malicious. I'm not sure where people are drawing the line.
I think the responsibility falls more on the buyer's side.

2024-04-26 15:35:40

It's okay to be sentimental about a notebook that says "buy bitcoin".
It's okay to be sentimental about satoshis that can be traced back to the coinbase transaction in block 840,000.
If ViaBTC was able to identify the ASIC that mined block 840,000 and auctioned it off to someone who was sentimental, that'd be okay too.

2024-04-18 15:31:40

If you thought the moon temporarily eclipsing the sun was a cool, rare event:
Keep an eye out tomorrow, when you can watch live as bitcoin permanently eclipses gold in terms of stock-to-flow ratio, officially dethroning the commodity leader for millennia.
Like the solar eclipse, we could predict this event many years in advance, because bitcoin has transparent and reliable rules which could be compared to the laws of physics.

2024-03-31 19:31:40

It’s quite possible that at some point we see a coordinated effort by the establishment and mainstream media to convince the public that the cryptography protecting bitcoin is no longer secure or highly vulnerable.
Not because it’s true, but as a last-ditch effort to lower prices for the old guard to scoop up.
This could be one of the hardest tests for the hodlers. Only those who have learned to deeply mistrust the media, and/or have internalized the binary outcome of bitcoin vs. dystopia (willing to hold no matter what & prepared to go down with the ship), may emerge unscathed.

2024-03-22 14:50:41

My latest article: Seven deadly psychological hurdles to reaching bitcoin maximalism
https://tomhonzik.com/articles/seven-deadly-hurdles

2024-03-09 19:59:44

Shoutout to all of the people that predicted ATHs before the halving, months ago when for many that was hard to imagine.

2024-03-08 01:46:20

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“Transaction fees going up forever” is different than “fees will be higher in the future permanently”.
The former is false, the later is likely true.
500k sats is unlikely to be operative dust, but it could cost a very high percentage of itself in fees to be moved.
You can read the article where that chart came from, and the math behind it, here:
https://unchained.com/blog/small-utxo-bitcoin-dust/

2024-03-08 01:38:34

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If the size is the same and the fee rate is the same, then the sats cost must also be the same.
The only way for the sats cost to decline, is if the fee rates decline (most people are expecting the opposite) or forks that create new efficient methods of using blockspace (SegWit, Taproot)

2024-03-07 20:47:30

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Didn't have to do that, but thanks! Appreciate sharing the info as well.

2024-03-07 20:36:22

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I created this chart, it's on the Unchained blog, not River.
https://unchained.com/blog/small-utxo-bitcoin-dust/

2024-01-26 02:07:22

Ok, I’d support CTV.

2023-10-21 03:59:55

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Yeah. Need a good way to query my node or someone else’s for this information

2023-10-21 02:42:21

I’m getting desperate to find a resource that will allow me to filter the entire UTXO set by value and date.
The closest thing I’ve found is Blockchair, which I’ve identified as shitty and inaccurate.
I’m really surprised there seems to be nobody charting this or making it available in block explorers.
Does anyone have any leads????

2023-10-14 14:52:33

How long will it take for bitcoin to become the dominant monetary system, AKA hyperbitcoinization?
I’ve heard some bitcoiners say that the realistic time frame might be 20 years from now or more.
Here’s why I think they’re wrong, and we see it happen before 2030:
1) Evidence points to strong probability that there will be at least 2 more bull cycles before 2030, whether it is caused by the next two halvings or something else.
2) I believe that each bull market causes the population of bitcoin adopters to increase at an exponential rate. More touch points, more word of mouth, more education, more reason to believe bitcoin is not going away. If this is correct, then I believe after only 2 more bull cycles, the majority of the world will be bitcoin adopters—game over.
3) As bitcoin in the next bull cycles becomes worth hundreds of thousands of USD, I think it becomes more and more clear to people that $1M per coin is possible, which psychologically will be a huge deal (breaking cognitive dissonance, “OMG this thing really does go up forever”)
4) It’s true that much of the world’s population is not ready to adopt bitcoin, which is a main argument for people who think the process will take decades. But… most people don’t matter in terms of hyperbitcoinization. Once we get large corporations and governments fighting over the bitcoin supply, it’s game over. Everyone else will be forced into bitcoin whether they like it or not. And do we really think we won’t see see institutions fighting over BTC before 2030, with one or two more bull cycles? The infrastructure is increasingly being built to accommodate this.
5) The debt spiral across the globe is real, and needs to be dealt with. Money will be printed, inflation will get worse, and people will increasingly need alternatives to protect themselves. I see it as quite unlikely that fiat only gets marginally worse before 2030.
6) Things being built with bitcoin continue to increase, widening its use cases and providing even more avenues for adoption.
We’ve heard “gradually then suddenly,” and I think the final “suddenly” that ends fiat will be either this coming bull cycle, or the following one at the latest. I don’t see how there could be room for a third bull cycle from here. I’m even skeptical about there being room for two… it’s possible that hyperbitcoinization occurs in just the next 1-2 years, which sounds crazy enough that it would even catch most bitcoiners off guard.
If you disagree, let me know why you think I’m wrong!

2023-09-29 15:04:49

“RayBan Meta SmartGlasses” is one of the most fiat product names I’ve ever heard

2023-09-15 15:13:12

Tucker Carlson interviewing Javier Milei is a massive L for statists everywhere

2023-09-01 23:46:41

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Ray Ban got bought out by Luxotica, the most fiat of glasses manufacturers

2023-09-01 00:31:52

Hard NO to all bitcoin forks no matter how seemingly harmless, until the ETF is approved, might be a nightmare for the State.

2023-09-01 00:17:25

What’s been going on recently looks a lot like the USG buying time until they are inevitably forced to publicly legitimize/endorse bitcoin.
And in the meantime, there’s impatient, desperate attempts to make progressive changes to bitcoin.

2023-08-16 18:31:41

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about?

2023-08-14 03:02:31

I have never once paid for a meal to be delivered to me. Doordash, Uber eats etc. Even pizza.
Seems lazy and expensive. Put in the proof of work to go get your meal and stack sats with your savings

2023-08-13 15:04:57

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Nice post Lyn. I was born in the mid 90s, with parents born around 1950, in the “melting pot” of cultures in the Bay Area of California. Could relate to some things you said.
I agree that growing up, it was natural to treat skin color like hair color, something that didn’t particularly matter. I believe this should be normal, and it is the farthest state from racism.
The modern left has made this ideal much more challenging to achieve. Whether organically or by influence from a foreign adversary, I do not know.

2023-08-12 20:56:05

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TLDR is that it will make your future fee situation worse

2023-08-12 20:54:13

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The article pertaining to small UTXOs is actually this one:
https://unchained.com/blog/small-utxo-bitcoin-dust/

2023-08-09 20:36:37

1. You care about yourself and your family, so you decide to work, earn, and save for a better future.
2. You watch the money in your bank account increase, but realize that each unit is becoming less valuable over time, because it's being diluted by other people printing more of it.
3. The work you've performed in the past is constantly worth less, which sucks. You decide to "put your money to work" by investing it.
4. The most guaranteed return on investment, U.S. treasuries (bonds etc), do not outpace inflation, and don't really solve your problem. In search of higher returns, you add a little bit of additional investment risk.
5. You put your money into a brokerage and buy stocks. Since you have a life and other work to do, you don't have the time to do the proper research on individual companies or keep up with all the relevant news. You hire others to do this for you.
6. You discover those people are taking more in fees than they are giving back to you by outperforming the market, and you would have been better off just putting your money into an index fund like an S&P 500 ETF, so you do that instead.
7. There is an economic downturn and your investments lose value at the exact same time when you need your money the most. The investment risk you took has come back to bite you.
8. There's got to be a better way. You learn about gold, which has been a fairly stable savings mechanism for thousands of years, and nobody can easily print more of it. Very attractive.
9. But you also learn that gold still has an inflation rate (which can change), and most "gold" on the market is really "paper gold." This artificially increases the supply and opens it up for price manipulation, something that is hard to fix without people taking self-custody of their gold, a substantial inconvenience especially in the digital age.
10. You learn about bitcoin, which has a set supply limit and issuance schedule, and isn't controlled by a central person or group. The supply is highly predictable and can be audited by your laptop. It also doesn't have gold's inconveniences of physical storage and lack of portability for exchange. This allows people to take self custody much easier, and all of this put together means there is less of an opportunity for sustainable abuse of "paper bitcoin."
11. Venture capitalists with questionable morality hire marketers to convince you that bitcoin is old and slow compared to their newer, shinier crypto coin. You buy into it.
12. The predatory VCs dump the bulk of the coins they had created out of thin air, rug-pulling you for substantial losses. They claimed it was decentralized, but that clearly wasn't true. Maybe you should have just stuck with your traditional money in a bank account.
13. But no, that's not good enough. You push on, and decide to learn what actually creates decentralization for a cryptocurrency so you might be able to separate legitimacy from scams. You find that the origins matter, the node participants matter, the ease with which you can run a node yourself matters, and proof of work matters. You conclude that bitcoin is far and away the most decentralized digital commodity, something that would be difficult to ever change in the favor of a different altcoin.
14. You return to bitcoin with excitement, now that you have separated the signal from the noise. You understand it is a powerful long-term savings mechanism, despite short-term volatility.
15. But how do your keep your bitcoin secure? You are wise enough to know that you shouldn't keep it in someone else's custody, such as the exchange where you bought it, or some service that promises you yield. FTX, Celsius, Blockfi, and many other examples demonstrate that is a bad idea.
16. The only alternative is self-custody. Not your keys, not your coins. You research how to hold a bitcoin key, and find that hardware wallets are the best tool to make sure your key is generated securely and is kept offline, so that nobody can remotely hack your computer and steal your bitcoin.
17. You set this up, but now have a physical item to keep track of. You become apprehensive about losing your bitcoin key, and with it, access to your bitcoin. It's a lot of responsibility.
18. You could create copies of it and store them in several places, but then you increase the risk of a thief finding one of the copies. You could add passphrases or other encoding to your bitcoin key to make theft difficult, but now you've introduced complexities that could increase the chances of losing access to the bitcoin yourself.
19. You learn that something called multisig (multiple locks protecting your bitcoin and multiple keys stored separately) can solve for both problems. It allows you to remove all single points of failure and minimize risk of theft as well as losing access to your bitcoin.
20. But all of this seems so new, technical, and overwhelming. You aren't sure if you will be able to set this up correctly, and use it without making mistakes. You are discouraged, and thinking of back-tracking to one of the options discussed earlier, and accepting the tradeoffs.
21. On second thought: no, you are stronger and more resilient than that. You shouldn't have to settle for something less than the best for your wealth. Your work. Your future. Perhaps there are services out there that can help you setup and operate multisig correctly, and with confidence.
22. You find Unchained.com, a bitcoin-native financial services company that provides education and support for multisig. You hold the controlling keys to your bitcoin, so are not subject to custodial risk. If something bad happens to Unchained, you can use your keys recover your bitcoin outside of the platform.
23. You arrange a free consultation and ask questions about the details. You decide to move forward and schedule a concierge onboarding, where you get as many 1-on-1 calls as you need, with a professional such as
myself.
24. Everything is set up so smoothly, and provides you with such confidence, that you would feel comfortable recommending the service to your less technical parents.
25. Up to this point, you've been stuck in a perpetual journey to find the solution to save for your future, safely and effectively. By now, you're practically used to the never-ending search, and the stress that comes with it. So what's the next problem you have to deal with? You think for a while. None come to mind.
26. You are finally free to return your attention to the people and things that you love.

2023-07-29 14:17:39

Elon’s obsession with the letter X is really stupid

2023-07-23 06:37:14

How difficult would it be to make a realistic AI persona do the “mmm ice cream so good” stuff to farm a passive income off the morons that pay for that stuff?

2023-07-19 17:16:55

With the government pushing so much extraterrestrial narrative stuff recently, I wonder if we are on a timeline where in a couple years we see MSM claiming that “bitcoin (and other freedom tech) is an alien psyop brainwashing people, and you must be protected from it” in a desperate attempt to buy time for the statists. Nothing is too surprising anymore.

2023-07-15 03:23:47

running MutinyWallet

2023-07-14 19:41:04

the "for you" tab of twitter is every bit as dangerous and repulsive as the global messages on nostr

2023-07-11 14:40:04

Why hasn’t a car company tried to manufacture a car with the bare minimum features (seats, wheels, steering, A/C, etc) and none of the fancy spaceship Bluetooth controls, and then sell it for a much lower price than all competitors?
Currently the only way to get something simple, affordable and easily fixable is to buy an old used vehicle. It seems like a car company could easy corner the market on new, low cost automobiles. Yet none of them have, for years on end. Why?

2023-07-07 05:26:51

Why do I only see posts from like 3 or 4 of the people I’m following in my Damus feed? Seems to work fine in other interfaces like Primal

2023-07-03 16:57:46

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not yet

2023-07-03 16:52:52

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That sounds like a method of Marxist redistribution. Are you sure it would be great, or describe a perfect world?
I think most people I talk to (including this woman) do not hold the belief that wealth inequality is inherently bad.
The only environment without wealth inequality would be one with wealth equality, and it's easy for most people to see the implications of why that would be a far worse situation.
Therefore, I think most of the people that are "bothered by wealth inequality" are actually bothered by the association of wealth inequality with a system where the rich get richer and the poor get poorer in perpetuity. Basically, PoS or the fiat system.
It's hard for them to imagine a situation where the rich do not become richer simply because they are rich to begin with, because that's the system they've always lived in.

2023-07-03 15:43:45

Yesterday I had a conversation with a precoiner who was concerned that the bitcoin supply was too concentrated in the hands of a few people.
I explained that there is a trend toward distribution, but I think I should have asked her why the concentration bothered her in the first place.
If one person has a large portion of the bitcoin supply, they only have two main options:
-Lower their portion, by distributing the coins to others
-Keep holding, in which case the supply for everyone else is further restricted (it’s similar to if the coins were lost)
Maybe the concentration concern comes from a fiat/PoS mindset, that those with the most money can use their wealth to perpetually generate more money for themselves.
With PoW and a supply limit, this is no longer the case. To get more money, someone has to do work and provide value.
Perhaps it isn’t wealth inequality itself that bothers people, as much as it is the corrupted system surrounding it. And people have a hard time disassociating the two, because of the system we live in.

2023-07-02 01:17:22

Verifying my Nostr Nests identity: kT5oZJ45DmbRa0kt0Dzr7rhM5tioZTO_MGDwjnTUT8M
https://nostrnests.com

2023-07-02 01:14:45

restarting an effort to use nostr more, rather than twitter.
phil ban was tough. now a bunch of visual restrictions. smh

2023-07-02 00:53:35

finally got around to NIP05 verification today. that was easy.

2023-06-23 16:28:05

Hmm, primal.net does seem pretty fast. Optimistic this will help me use Nostr more.

2023-03-15 17:58:07

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it will be irresistable for others to follow the model!

2023-03-15 16:40:13

It surprises me, the number of people who seem to think that the State going after bitcoin is to defend retail investors, rather than to defend the State itself.

2023-03-03 02:29:21

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I found the answer to this:
https://mempool.space/tx/2597f4819e1902750b9e1fa1515df22bbf14f3a78a2b82aa7d62a8109d83289d

2023-02-21 17:27:49

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2012 not 2016, typo

2023-02-21 17:27:04

Does anyone have a blockchain search query that can help me find the first-ever P2SH transaction? BIP 16 (post March 2016) not BIP 13. I can't find this information anywhere! I think it occurred around April 7 or 8 but that's the best I got....

2023-02-16 04:47:21

test

2023-02-16 04:44:30

another one

2023-02-16 03:41:10

testing