Luke⚡

Contractor | #Bitcoin | #Economics | #Macro | #Poker | Supplying Orange Pills to the Masses | Tick Tock Next ₿lock |⚡Reckless

[Luke Broyles @luke_broyles]

#Bitcoin has 5.7 million members on reddit.

If they each bought 0.33 #BTC there would be no more #BTC.

This is how we know most people "into #Bitcoin" actually have no clue what it is and are not buying it.

There are FAR fewer #Bitcoin holders with conviction than you realize.

[ziggie @uu7201]

Payments on the lightning network below the bitcoin dust limit are said to be trusted I don't think it is that way and I will explain why: a short thread 👇(source: https://t.co/JmrkhBfFfk) 1/10 #Bitcoin #LightningNetwork

[Farooq Ahmed @FarooqAhmedX]

If you deposit $10,000 into a bank 🏦

Here’s what happens…

The bank set asides a 10% and loans out the rest of your money.

How it works, say another person comes in and asks for a car loan of $9,000.

At this moment the banks loans out $9,000 from your original deposit, it isn’t there anymore.

The borrower then pays the person selling the car and they deposit the money into another bank which is the part of the same central banking system.

This $9,000 is treated as a new deposit.

The process continues…

The money gets redeposited and re-loaned until the initial deposit of $10,000 becomes $100,000.

The banking system just created $90,000 by loaning out your money.

Banking system is a fraud. Learn #Bitcoin

[FRANCIS ⚜️ BULLBITCOIN.COM @francispouliot_]

The vast majority of people will not adopt Bitcoin to make payments because it is superior technology, after doing hours of research and a rational comparative of the alternatives.

They will adopt Bitcoin spontaneously as a payment method... because they need to eat.

The food merchant will only accept Bitcoin. For a while, before this occurs, the merchant will offer a significant discount (or better products) if the payment is in Bitcoin. And people invariably prefer more food than less for the same amount of money.

The merchant prefers Bitcoin simply because he is getting rekt by alternatives, and his competitors operating on the Bitcoin Standard are not.

Accepting Bitcoin payments will become the path of least resistance for his business. There are two major drawbacks to accepting Bitcoin: Price volatility and Saleability. The penalty of accepting inferior currencies will eventually become greater than these two drawbacks. Inferior currencies will become equally volatile (and trend downward). Other payment accounts will become less saleable (e.g. paypal or bank withdrawal restrictions, cash hard to liquidate, worthless currencies, CBDC spend restrictions).

On a long enough timeline, given enough consistent transactional volume, the Bitcoin-friendly merchant will also be rewarded with increased purchasing power by the Bitcoin held in his treasury.

Refusing all other forms of payment other than Bitcoin has a significant drawback for the merchant: diminished sales, because you are eliminating from your potential customer base all people who are not able or willing to pay with Bitcoin. However, the drawbacks of accepting inferior currencies will become so massive that the merchant will actually be making a loss on these transactions. In this scenario, he does not lose any revenue from refusing these inferior currencies, and he may even be cutting some losses. Doing business for fiat payments? Simply not worth it.

In combination to this, the merchant may become unable to find suppliers that will accept currencies other than Bitcoin (or, which offer significant discounts for Bitcoin payments).

One or many of his suppliers will be operating under the same logic: accepting payments in inferior currencies for goods and services just isn't worth the trouble of doing business anymore. The merchant's suppliers will either increase their prices if the payment is not made in Bitcoin or they will simply refuse payments other than Bitcoin, knowing full well that there are other merchants accepting Bitcoin payments are willing and able to pay in Bitcoin.

The merchant's competitors gain an advantage over him because they have started operating partly or fully on a Bitcoin standard.

Ultimately, a critical and irreplaceable participant in the supply chain of goods and services (or a significant cluster of participants) will refuse to be paid in a currency other than Bitcoin, and will force other participants downstream in the chain to adapt to his needs. An intolerant minority will emerge and dictate its preferences. If this minority is of high enough quality and importance, its preferences will become the standard terms of business adopted by all.

The merchant which does not accept Bitcoin payments will be compelled by economic reality to convert some of his fiat currency (or shitcoins) into Bitcoin in order to benefit from the supply chain arrangements that make him a competitive business, or to protect the purchasing power of his treasury. This conversion will come with financial and operational costs. It is much easier to acquire Bitcoin by placing a strong preference on accepting Bitcoin payments.

In addition, it is quite possible that in a hyperbitcoinization scenario (rapid and dramatic devaluation of fiat currencies against Bitcoin), accepting Bitcoin for payments and services becomes the only method to acquire Bitcoin, because of restrictions and costs associated to buying Bitcoin with fiat currency either via regulation, or because of increasingly high exchange spreads. Liquidity on exchanges will start to become thinner, because Bitcoin holders no longer want to cash out for fiat. But hodlers will always be hungry, and they cannot avoid spending Bitcoin on food.

In this case, participants in the supply chain will have an even stronger inventive to refuse payments in currencies other than Bitcoin, because for each payment received in other currencies, they are suffering the opportunity cost of not owning Bitcoin as a treasury management vehicle (or a personal investment), a cost which may prove ultimately greater than all the net revenues made from payments received in alternative currencies combined. If they are not able to acquire Bitcoin, they may be unable acquire the goods and services necessary for them to run their business, or at least remain competitive (because of certain parts of the supply chain, which only accept Bitcoin, will be inaccessible to them).

On a long enough timeline, the merchant that refuses to accept Bitcoin will gradually be eliminated from the marketplace. Via negativa. Adoption by natural selection.

People will adopt Bitcoin because an intolerant minority of merchants and/or their suppliers will start refusing to be paid in currencies other than Bitcoin. It is not the desire to spend Bitcoin that will drive Bitcoin adoption, it is the desire to be paid in Bitcoin that will be the catalyst. Spending Bitcoin will become a requirement, reluctantly.

Further reading:

Speculative Attack, by @BitcoinPierre https://t.co/C6f1NJhUsP

Hyperbitcoinization, by @DanielKrawisz
https://t.co/MllnPmtNIB

[Alex Gladstein 🌋 ⚡ @gladstein]

Bounty #10: @CashuBTC

0.5 BTC for a fully-functional iOS Cashu app

0.5 BTC for a fully-functional Android Cashu app

0.5 BTC for an open-source Cashu web widget for anonymous paywalled content

0.5 BTC for Cashu-TS backup restore

https://t.co/rxcyfStMX0

[Alex Kaplan @alexkaplan0]

Today might have seen the biggest physics discovery of my lifetime. I don't think people fully grasp the implications of an ambient temperature / pressure superconductor. Here's how it could totally change our lives.

[Michael Saylor @saylor]

Wall Street is waking up to the power of #Bitcoin.

[Documenting ₿itcoin 📄 @DocumentingBTC]

A bitcoin skeptic went on CNBC this morning.

Watch @JoeSquawk's amazing response, "You said you did a deep dive, but it only took me 20 pages of The Bitcoin Standard to understand how this can help the unbanked" 👏🤣

[calle @callebtc]

Let's not get caught up on semantics. Let's focus on the outcomes:

All funds of every user on a Drivechain can be seized by a hashrate majority.

You can't do the same with a timelock-based L2 like Lightning. Huge mental gymnastics needed to make it remotely comparable.

[Preston Pysh @PrestonPysh]

“Remember all the fighting and drama around the 2008 bank bailouts and Occupy Wall Street?  That was all because of ~$1T.  We just added that in a month and nobody made a peep.”

[Stack Hodler @stackhodler]

Storing the majority of your wealth in a home works great until you can't find a company to insure it.

This is becoming more frequent in fire and hurricane prone areas.

What is your home worth if the insurance company decides it's not worth the risk to insure it?

How easy will it be to find a buyer if they know they would lose 100% of their investment in a natural disaster?

Homes are touted as a great way to beat inflation.

But when that same inflation causes insurance companies to spike premiums due to staggering losses on their bond portfolios...

That "inflation hedge" suddenly becomes a bigger financial burden than expected.

The world has a store of value problem, and #Bitcoin is the obvious solution.

https://t.co/CvVTQWjK6K

[Dylan LeClair @DylanLeClair]

Wow. New release from Lightning Labs is WILD.

A new standard for developers to connect AI to #Bitcoin and Lightning, enabling dynamic pricing for APIs, while allowing the AI to send/hold/receive bitcoin.

Future is here.

[Preston Pysh @PrestonPysh]

Checkout the yield curve for the UK gilt market.
Already well beyond the aggressive SEP 2022 intervention when they rescued everything.

The selling is relentless.

None of this is under control….

[Jack Mallers @jackmallers]

Episode 1 - @moneymatterzpod with @jack

[Luke Broyles @luke_broyles]

Blackrock wants #Bitcoin ETF.

Fidelity wants #Bitcoin ETF.

Banks buying MSTR as proxy #BTC.

@Saylor just bought 0.66% of remaining exchange coins.

NOW... North Carolina has passed a bill to explore holding #Bitcoin in their treasury.

REMEMBER:... 1.88 million #Bitcoin left.

[Alby 🐝 @getAlby]

Seamless Zaps in Nostur with Alby and NWC🐝⚡️

The introduction of Nostr Wallet Connect (NWC), an open standard pioneered by Alby, makes wallet-to-app connections even easier.

With NWC, users can effortlessly link any lightning wallet and make native payments within Nostr apps.
Alby is the first to bring this #1tapzap experience to Nostur. A new mobile Nostr client.🎉

[jack @jack]

https://t.co/LZmNol22Ho

[Cashu @CashuBTC]

We've come a long way! When Adam gave this presentation, the Cashu protocol just launched and there was merely a command line interface client. Now there are four independent mobile wallets in the making.

Check out this fantastic presentation to learn more about ecash!

[Doomberg @DoombergT]

1/ The California Coastal Records Project was founded in 2002 to create and maintain a complete photographic record of the Golden State’s spectacular coastline. Its primary aims were to track coastal resource degradation and expose violations on the part of developers.

[Blixt Wallet @BlixtWallet]

Blixt Wallet and Blixt Wallet Testnet have been suspended from the Google Play Store.

We are working with Google on figuring out why.

In the meantime, you can download the wallet APK on GitHub.

https://t.co/CI7sIG7eUQ