/ zach is on Nostr

Bitcoiner

Last Notes

2024-06-20 05:56:57

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Bitcoin Journey @npub103m…d3h5

2024-05-29 06:17:04

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https://zachsbtcthoughts.substack.com/p/a-fast-death-in-inflationary-times-96e?utm_source=substack&utm_content=feed%3Arecommended%3Acopy_link

2024-05-29 06:16:12

#plebchain #bitcoin #nostr #grownostr #asknostr
A Fast Death in Inflationary Times: Part 2 (of 3)
As the 2008 financial crisis unfolded, the government made a fateful decision, albeit one that only took what was already happening to an exponential level, resulting in what we see today. This decision was to bail out the banks, via Quantitative Easing, and socializing this cost to the taxpayers. You and me.
Fast forward to present day, and the US government is on track to add $2 trillion dollars to the deficit just this year alone. To pay this back, it would not only require the government to balance its budget, but to actually create a surplus and allocate said surplus to deficit reduction (see the previous sentence, not happening). In addition, long term liabilities have built in a structural deficit for many decades to come.
Do you see it yet? I’ll make it a little easier to understand and keep it mild.
We’re fucked.
And, adding insult to injury, it’s important to highlight that every new dollar printed continues to add to the Cantillion effect, basically meaning the rich get richer and the poor get poorer. Inflation is socialism that benefits the rich.
We need a way out. And, as Jeff Booth would say, you can’t escape a system by looking within it.
Where to turn? Bitcoin.

2024-05-29 00:49:35

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meh the boomers can come out on the bad side of something just once - they'll be fine 😅

2024-05-28 20:00:15

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https://m.primal.net/IQXo.png

2024-05-28 19:48:37

peak fiat summarized https://youtu.be/aGTFHiFgkRI?si=QLai3a5rWRea0ksl

2024-05-27 23:42:34

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its interesting you say that, I did a quick 5 whys in an article I wrote yesterday and guess what the root cause was
https://m.primal.net/IPWg.webp

2024-05-27 19:48:58

"In it’s most extreme scenario, let’s take Venezuela as a crude example of where hyperinflation may lead us. During hyperinflation, stocks were the best performing in the world in relative nominal and percentage value. Unfortunately, it was cheaper to wipe your ass with the currency than using it to buy toilet paper."
https://zachsbtcthoughts.substack.com/p/a-fast-death-in-inflationary-times
#bitcoin #nostrplebs #grownostr

2024-05-27 05:18:23

#plebchain #bitcoin #nostr #grownostr #asknostr
Hello fellow Plebs!
I cannot recommend highly enough the consultant services I received from @npub1f7m…ank9! Although I don’t necessarily consider myself a beginner, I was seeking help in ensuring my setup was right the first time.
In my scenario, for example, we set up a Sparrow wallet with multi-sig ColdCard setup
and appropirate UTXO consolidation and management, among other various things I needed.
As a true Bitcoiner, I can’t highly recommend enough the services I received from Bitcoinium.
You can reach out here on Nostr @npub1f7m…ank9 or by website: https://simsaa.live/contact/

2024-05-26 22:42:26

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Part 2:
https://zachsbtcthoughts.substack.com/p/no-reason-to-reinvent-bitcoin-part?utm_source=substack&utm_content=feed%3Arecommended%3Acopy_link

2024-05-26 20:03:39

No reason to reinvent Bitcoin: Part 2
To understand how Bitcoin can be thought of like the wheel, we have to go back to the beginning.
Satoshi Nakamoto launched the Bitcoin protocol in January 2009 to provide a new monetary option that couldn’t be controlled or manipulated by untrustworthy third parties.
To do this, the first need was to solve for the double-spend problem, thus removing the need for third party trust to reconcile transactions among two parties. This in itself is worthy of a Nobel prize. However, on it’s own, does not make Bitcoin analogous to the wheel.
For a trust-less, computational based monetary system to work, it needs two key components that allow the protocol to operate. This forms the “wheel” that can be built upon and thus used in endless applications.
These are:
Decentralization –
All nodes confirm transactions following the protocol rules at an average of every 10 minutes in the blockchain, creating one shared verifiable record among these thousands of record keepers (nodes) from the Genesis block to current day
Security –
Miners, through use of real world energy (electricity), are continuously incentivized via block rewards and transaction fees to secure the network through Proof of Work cryptographic hashing, thus achieving consensus among the decentralized nodes
With the decentralized and secure protocol in place, the “wheel” has been created.
With the wheel in place, subsequent layers and applications can be built on top, bringing an endless amount of value to humanity. Some of this we’ve seen already (examples Lightening, Liquid, Fediment), and many more are to come.
It’s key to remember, the wheel was iterated and improved over thousands of years, and it will take time for the additional layers and applications to form, providing incredible value to humankind.
Just as all cars have wheels; people, companies, and countries will choose the Bitcoin protocol to wheel their financial system to the 21st century and beyond.
No one today questions why we use the wheel. In the future, Bitcoin will be so integrated into the financial system, no one will question or need to realize why it’s being used in the first place.
There’s been no legitimate reason to date to reinvent the wheel.
There’s no reason to reinvent Bitcoin.
https://zachsbtcthoughts.substack.com/p/no-reason-to-reinvent-bitcoin-part

2024-05-26 03:35:35

Part 1: No reason to reinvent Bitcoin
How Bitcoin is analogous to the Wheel
“No reason to reinvent the wheel.” Why do we say that?
A couple weeks back I had a realization; breaking down to it’s fundamentals; Bitcoin as a monetary system is analogous to the wheel for transportation.
Starting with the wheel, it must first be broken down to it’s most fundamental components to begin to understand why it’s a simplified protocol in physical representation.
To call something a wheel, it must have two things:
1. A circular rim that rolls on a surface
2. an axle hole that allows it to rotate
Without both, it’s not a wheel but fundamentally something else.
With these two rules of the protocol in place, we now have the foundation for which a nearly limitless number of applications can be built upon, and improvements in society realized. In the wheel’s case, it was scaled and applied in endless use cases over thousands of years:
~3500 BCE: wheeled vehicles begin in Mesopotamia, marking it’s first known use in transportation
~3000-2000 BCE: the concept spreads to other cultures (Egypt, China) where its applications evolve for agriculture and militaristic uses
~2000-1000 BCE: the design is improved upon, examples being spokes and wheel hubs, increasing efficiency and durability
~1000 BCE-500 CE – innovations such as the chariot further expand utility for uses in transportation
18th-19th century – industrial revolution breaks through greatly expands the uses for wheels, such as trains, machinery, and steam powered engines
Note: (one could refer to this period as the S curve in adoption)
20th century – cars, airplanes, industrial machinery expands use cases
A couple key takeaways here:
- The wheel is the underlying component existing through time and space
- The applications built on top of the wheel allowed for endless inventions advancing human civilization
It’s key also to note that it’s not the wheel alone providing the value. It’s only when it’s built upon is value realized. But removing the foundational wheel itself; no value is realized.
Understanding this background, in Part 2 we’ll pivot the focus to Bitcoin.
https://zachsbtcthoughts.substack.com/p/coming-soon

2024-05-25 06:24:10

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but Bitcoin is already MJ

2024-05-24 18:59:54

When @npub1s05…eyhe says we're in fold 34 and 50 folds would get us to the sun, here's what he means
Here is the table showing the value of doubling starting from 1 over 50 iterations:
| Iteration | Value |
|-----------|----------------------|
| 0 | 1 |
| 1 | 2 |
| 2 | 4 |
| 3 | 8 |
| 4 | 16 |
| 5 | 32 |
| 6 | 64 |
| 7 | 128 |
| 8 | 256 |
| 9 | 512 |
| 10 | 1024 |
| 11 | 2048 |
| 12 | 4096 |
| 13 | 8192 |
| 14 | 16384 |
| 15 | 32768 |
| 16 | 65536 |
| 17 | 131072 |
| 18 | 262144 |
| 19 | 524288 |
| 20 | 1048576 |
| 21 | 2097152 |
| 22 | 4194304 |
| 23 | 8388608 |
| 24 | 16777216 |
| 25 | 33554432 |
| 26 | 67108864 |
| 27 | 134217728 |
| 28 | 268435456 |
| 29 | 536870912 |
| 30 | 1073741824 |
| 31 | 2147483648 |
| 32 | 4294967296 |
| 33 | 8589934592 |
| 34 | 17179869184 |
| 35 | 34359738368 |
| 36 | 68719476736 |
| 37 | 137438953472 |
| 38 | 274877906944 |
| 39 | 549755813888 |
| 40 | 1099511627776 |
| 41 | 2199023255552 |
| 42 | 4398046511104 |
| 43 | 8796093022208 |
| 44 | 17592186044416 |
| 45 | 35184372088832 |
| 46 | 70368744177664 |
| 47 | 140737488355328 |
| 48 | 281474976710656 |
| 49 | 562949953421312 |
| 50 | 1125899906842624 |

2024-05-24 02:36:07

*Absolute* scarcity is absolute

2024-05-23 02:13:58

in honor or Bitcoin pizza day, had to make a pie from scratch. to save some sats of course :)
https://m.primal.net/IKQY.jpg

2024-05-15 16:42:40

this is such a big deal! the Wisconsin pension fund it one of the largest and best run in the country. just putting in an extremely small fraction of the fund into the ETF means they own half in fiat value what El Salvador owns in Bitcoin. https://www.coindesk.com/business/2024/05/14/state-of-wisconsin-buys-nearly-100m-worth-of-blackrock-spot-bitcoin-etf/

2024-03-29 22:14:13

just joined nostr - what's a zapathon exactly? 😂🥴