Bitcoinfinger

I’m the man; The man with Satoshi’s touch.

[Lord Bebo @MyLordBebo]

A relaxing Sunday video, how to taste whisky.

Dude’s passion makes it fascinating.

[Bitcoinfinger @Bitcoinfinger]

@BitcoinMagazine

[Willy Woo @willywoo]

Ethereum is NOT a protocol, you know things like TCP/IP and HTTP.

The crypto world is in a mass psychosis. VC funds have blossomed on the thesis that L1s are “protocols” for finance.

Nope, these are language and compute environments.

ETH was the first language to gain popularity for DeFi apps. But it was created before we knew what DeFi needs were.

We have seen this before… COBOL, Fortran, Lisp, C, JS, Rust. Each language builds from learnings of the past and upon the needs of new domains.

Old languages continue to be used, but many wane, while new languages come and gain adoption.

ETH’s Solidity is like COBOL, early and unlikely to be matched for future needs.

To be clear:
- a PROTOCOL is a simple standard for MESSAGING
- a LANGUAGE is a complex standard for COMPUTE

The former has longer and stronger network effects, while the latter tends to fade over time to new challengers.

Bitcoin is more of the former while Ethereum is more like the latter.

Like COBOL it’s quite unlikely Solidity will be what we build DeFi apps on in say 10+ years. If you think it will evolve over time to compete, remember blockchains are very hard to upgrade.

In other words, don't believe the VC hype that these are protocols like TCP/IP that has long term winners, expect stiff competition in L1 networks, it's unlikely they will gain long term increasing dominance over the long arc.

[Jameson Lopp @lopp]

Fake bitcoin has a dangerous effect on the real #bitcoin market. Here's an explanation of how the supply of bitcoin is being manipulated and what we can do to fight back. https://t.co/JQJyEAGh4H

[Michael Saylor @saylor]

Why does the world need #Bitcoin?

GPT-4: While it's a matter of perspective whether the world "needs" Bitcoin, there are several reasons why Bitcoin and other cryptocurrencies have gained popularity and are seen as valuable by many people:

1. Decentralization: Bitcoin operates on a decentralized network, meaning that no single entity, such as a government or financial institution, can control it. This decentralization can provide more freedom, autonomy, and resistance to censorship or manipulation.

2. Financial inclusion: Bitcoin can provide access to financial services for individuals who are unbanked or underbanked, particularly in regions where traditional banking infrastructure is limited or unavailable. With a smartphone and internet access, anyone can use Bitcoin for transactions, remittances, and storing value.

3. Lower transaction fees: Bitcoin transactions can have lower fees compared to traditional financial services, especially for cross-border transactions. This can benefit both consumers and businesses by reducing costs associated with international transfers.

4. Transparency and security: Bitcoin transactions are recorded on a public, tamper-resistant ledger called the blockchain. This provides transparency and security, as transactions can be easily verified and traced, reducing the risk of fraud and corruption.

5. Limited supply and inflation resistance: Bitcoin has a capped supply of 21 million coins, making it a deflationary currency. This limit reduces the risk of inflation, which can erode the purchasing power of traditional currencies over time.

6. Privacy: While not fully anonymous, Bitcoin offers a greater degree of privacy compared to traditional financial transactions, as transactions are only linked to a public address rather than personal information.

7. Investment and diversification: Many people view Bitcoin as a valuable investment and a way to diversify their financial portfolios. As a digital asset, Bitcoin has shown the potential for significant growth in value over time, although it's essential to note that it also carries risks and volatility.

8. Programmable money: Bitcoin and other cryptocurrencies enable programmable money through smart contracts, which can automate and streamline various financial processes and transactions, leading to increased efficiency and new business models.

It's important to note that Bitcoin and other cryptocurrencies also have their drawbacks, such as volatility, scalability issues, and energy consumption. The perceived need for Bitcoin can vary depending on individual perspectives, financial situations, and regional circumstances.

[Bitcoin Archive @BitcoinArchive]

NEW: 🇺🇸 The "Right to Mine Bitcoin" bill was passed in the US state of Montana by a vote of 8-2. 🙌

[Lyn Alden @LynAldenContact]

After the dust settles from a major event, whether inflation was just caused by temporary supply shocks or by monetary debasement is answered by one key test:

Did aggregate prices go back to their previous level, or no?

🧵

[Bitcoinfinger @Bitcoinfinger]

@imodernman Stalin

[Bitcoinfinger @Bitcoinfinger]

@PeterMcCormack 😂
Moscow, on its worst day is better in every way. London was a great city till about 2010. It’s a fucking toilet now.

[Lyn Alden @LynAldenContact]

If an exchange has all customer deposits reserved by the right amount of coins, then they can just say, "Sure, withdraw whatever you want. Come at us, test us, let's go." Simple as that.

There would be no reason for verbal gymnastics.

[Brekkie⚒️ @BVBTC]

At first I bought bitcoin to make money. Now I make money to buy bitcoin.

[Jake Woodhouse @jakewoodhouseio]

Why are so many people drawn to #bitcoin to such an extent they want to work on it full time?

[Willy Woo @willywoo]

Gold is not scarce.

Mining asteroids for more becomes viable when orbital launches drops to $500/kg.

Present cost is $1000/kg with Falcon Heavy, but with Starship this drops to $10/kg. Starship may be operational by 2025.

If #Bitcoin is discovered on asteroids we’re screwed.

[Murad 💹🧲 @MustStopMurad]

FTX collapse makes this bear market shorter not longer.

[Bitcoinfinger @Bitcoinfinger]

@jack Don’t trust, verify

[Bitcoin Archive @BitcoinArchive]

FTX HELD ZERO #BITCOIN
They were selling fake Bitcoin.

👉Take your Bitcoin OFF exchanges!

[Bitstein @bitstein]

I've literally never been more bullish on #bitcoin than I am right now.

[Michael Saylor @saylor]

If anyone had a better idea than #bitcoin...

[Bitcoin is Saving @BitcoinIsSaving]

10 BTC to be a billionaire