Confusedzius

#Bitcoin | money without state ⚡

[Udi Wertheimer @udiWertheimer]

every capital allocator in the world looking at bitcoin is asking about quantum safety and meanwhile the bitcoin devs are entering their fourth year of arguing about jpegs

this isn’t a parody this is real life

[Stack Hodler @stackhodler]

Tell me another kind of private property that you can take with you anywhere in the world without any third party permission, and without anyone noticing (you can only shove so many gold bars up your ass)

Private property that can be bought and sold in tiny amounts 24/7, and has a finite supply.

Finite, liquid, sovereign, private property is pretty useful

[Charles Edwards @caprioleio]

Starting to think we will just need a huge bear market to wash out the idiots who think the Quantum threat to Bitcoin is a joke, and to incentive the maxis into taking action to upgrade the network. If We haven't deployed a fix by 2028, I expect Bitcoin will be sub $50K and continue to fall until it's fixed.
We have to fix this next year, or bon voyage enjoy the biggest Bitcoin bear market in history. FTX will look like a cakewalk.

[Confusedzius @confusedzius]

@WolfgangFluegel @marcfriedrich Oh doch, wir bräuchten die FDP dringend! Allerdings eine FDP, die die liberale Idee so gut erklären kann, dass die Menschen verstehen, wie sie konkret helfen kann. Bisher wird die FDP als Partei der Porschefahrer wahrgenommen, die gegen ein Tempolimit sind.

[Confusedzius @confusedzius]

@jack When in germany?

[jack @jack]

our sellers can now receive btc to btc, btc to fiat, fiat to btc, or fiat to fiat.

[Confusedzius @confusedzius]

@CFinckelstein @BachmannRudi https://t.co/ZOfQn6vAT2

[Stefan Kooths @StefanKooths]

Interview für @ZDFheute: Aussichten in #Argentinien nach den Zwischenwahlen und Hintergründe der dortigen Reformprozesse.
https://t.co/KasGxbG3dG

[Eric Wall @ercwl]

my for you page:

1 - a tweet about someone who sold a $20m car collection (from an acc i don’t follow)
2 - a rijndael tweet about labitbu
3 - a tweet about how you mustn’t lose in chess against your girl (don’t follow)
4 - a normie venn diagram meme (don’t follow)
5 - cowboy bebop meme (don’t follow)
6 - frog mage meme (don’t follow)
7 - rothmus jail meme (don’t follow)
8 - a levelsio tweet
9 - a tweet from an account which covers the collapse of the west about how a remote pub in the UK had no customers at 6pm (don’t follow)
10 - a photo from justin bieber (don’t follow)
11-18 just memes and inspirational quotes (don’t follow)
19 an elon musk tweet (don’t follow)
20-26 memes and inspirational quotes (don’t follow)

why am i scrolling this shit. this is absolutely pointless

yes i DO curate my feed by clicking interesting/not interesting

and before you say ”just use the following tab” you’re retarded, i want an ALGO to show me stuff i’d be interested in, in no particular chronological order, with a healthy amount outside of the accounts i’ve followed

i don’t want to read some low effort tweet from a follower about something unimportant just because i follow him. this isn’t rocket science

this app is trash until they fix this shit, and so is CT, and by effect our industry

[Confusedzius @confusedzius]

@kirawontmiss We owe it to our planet and future generations. We have extracted $324 trillion worth of resources and energy and lived beyond our means. And every generation will do it again unless we fix our monetary system. #money #bitcoin

[calle @callebtc]

sending bitcoin over bluetooth between bitchat android and iphone. both have a native cashu ecash wallet built in.

the ecash travels directly from phone to phone. the sender needs no internet. like instant and untraceable digital cash.

work in progress. it's going to be insane.

[Stack Hodler @stackhodler]

Bitcoin is $110,000 per coin and climbing.

All the major players are onboard for what is potentially the most bullish Bitcoin setup of all time.

The next six months may change your life forever.

But you need a plan.

As Bitcoin summer approaches, the last thing you want to do is be glued to charts or stressing about a "top."

So today I'm releasing something I've been building for myself for the past 6 months.

As the value of my Bitcoin stack grew, I realized I didn't have a prudent plan for using it to actually improve my life.

Nor did I have a clear system for navigating the bull market.

After beating melanoma at age 25, I'm acutely aware of how scarce our time is.

Which is why I put so much focus on living well today while still securing my family's financial future.

But to do that, I needed a tool that would let me project my plans into the future and see exactly how my buying and selling would perform in bearish, base case, and bullish scenarios.

The end result is @stackwisely - which is now the tool I personally use for navigating the Bitcoin market.

Those of you who have been following me for a while know that my focus on here has always been to help you live well today and secure your family's fortune for tomorrow.

That journey continues with Stack Wisely.

Stack Wisely, enjoy life 🫡

[calle @callebtc]

Tap-to-pay with @CashuBTC ecash — for bitcoin.

Fiat credit cards nailed the UX: fast, offline, works anywhere.
I always wanted that for Bitcoin.
Now it’s open-source. Private. Instant. Beep, done.

[Confusedzius @confusedzius]

@_FriedrichMerz Es gibt keinen einzigen Grund sie für irgendetwas ernst zu nehmen oder ihnen auch nur eines ihrer Worte zu glauben. Sie sind der größte Wahlbetrüger der deutschen Nachkriegsgeschichte.

[Eric Wall @ercwl]

we have one last shot at inserting new functionality into bitcoin before all of us, every last soul, will become the remnants of an ”early bitcoin fan club” that no one cares about anymore

if we do not take this shot, this is where the story ends. bitcoin as digital gold, impotent as p2p money, in the best case funnelled around the web through hosted centralized service providers with no privacy, too tricky to self custody for normies

replacing gold is cute. we need lightning without channels, we need vaults for safe custody, we need second layers for privacy. that is the difference between bitcoin gunning for a $17 trillion target as digital gold and gunning for a $170 trillion target (to start with) as universal hard money

this decision is yours. we need to oil the softforking machinery before it becomes completely stale and stuck in its tracks. we have momentum now. we have near-universal developer consensus on covenants as the next softfork. we just have to agree on the last specifics.

bitcoin is the most important asset in crypto, and the most important project you’ve dedicated yourself to in your life. the time to act is now. one last ride for the rohirrim. now for ruin, now for wrath, and a red dawn

[Confusedzius @confusedzius]

@schaaf_jurgen https://t.co/HBCWa6h098

[Stack Hodler @stackhodler]

The @ecb is crying about Bitcoin again.

They argue that early holders are impoverishing non-holders and late adopters.

They also state that Bitcoin doesn't have an economic function.

Two quick responses before I go spend some filthy euros at the Saturday market:

1. Bitcoin is a tech product that solves one of the biggest problems in the world.

An iPhone helps you access the web on the go.

A Tesla drives you around.

Bitcoin protects your wealth with the world's strongest computing network.

Everyone wants to protect and grow their wealth.

Bitcoin is a product that everyone needs.

Far from being useless, it's extremely useful.

Failure to steel-man Bitcoin's obvious utility kills any credibility the authors have.

2. Early adopters took incredible risk for deserved reward.

Are people who bought the Google or Facebook IPOs impoverishing investors who buy Google or Meta today?

Are homebuyers who bought a home for $200K in 1995 and sell it for $2 million today impoverishing home buyers?

Of course not.

This is a intellectually lightweight argument.

Yes a handful of people have gained purchasing power due to their foresight, intelligence, and courage to hold through inhuman volatility.

But trying to legislate against Bitcoin because of that is like trying to ban Google stock because the IPO buyers who held have become multi-millionaires.

The real thieves are the people who can create fiat money out of thin air and dilute entire populations behind their back.

Something the ECB and big banks perform as a primary function.

Bitcoin simply allows anyone to protect themselves from fiat debasement and reliably improve their standard of living.

That's as true for those who bought in 2012 as it is for those who bought in 2022.

[Confusedzius @confusedzius]

@stackhodler Every word just perfect. Thank you for that! 🙏🏼🥂

[Confusedzius @confusedzius]

@danheld @stephanlivera @renepickhardt Many want to hodl AND pay with Bitcoin. There would need to be a service that exchanges the fiat money from the bank account into Bitcoin at the moment of payment and then enables payment via Lightning. You would have your savings (hodl) and the small change to spend every day.

[Confusedzius @confusedzius]

@litexo Has the oracle problem already been solved? Have I missed something?

[Confusedzius @confusedzius]

@balajis Brilliant 👌🏻

[Balaji @balajis]

HYPERDEFLATION > SAVINGS > EQUITY > DEBT

In a Bitcoin-backed economy, the hypothetical debt-deflation issues would be avoided by (a) minimizing debt and (b) funding more things with savings and equity as well as (c) leaning into technological hyperdeflation of costs.

To take those points in turn:

1) We have way too much debt in society. At the individual level it’s student loans, 30 year mortgages, credit cards, and even AfterPay. At the state level it’s dysfunctional municipal debt, constant bond issuance, and soaring interest payments.

This world is ending. As Dalio has also discussed, the sovereign debt crises are beginning and the debt deleveraging is coming. Many debts will face hard default because they won’t be paid. Others will experience soft default where a sovereign prints away the debt, satisfying it in nominal but not real terms.

But overall, many who owe money won’t pay, and many who think they are owed money won’t be getting paid. It may be a debt jubilee of a very messy kind, and it’ll mean long-term skepticism towards debt.

2) If you zoom out, many faith traditions from Christianity to Islam to Judaism have had taboos against usury. Yet somehow interest rates have recently been put at the very center of what was once Western civilization, as everyone fixates on the Fed’s rate gyrations.

Of course, you can’t completely remove the concept of interest rates — they are a power user tool to compare different kinds of investments — but you can radically reduce the emphasis on them by prioritizing technological hyperdeflation of cost over savings, savings over equity financing, and equity over debt — in that order.

3) Why put technological hyperdeflation of cost as first priority? Well, in the absence of the Fed monkeying around with things, we should be able to see that the real prices for things decline as technology improves. Eg with better tech we use fewer joules of energy to produce a smartphone or a tomato. So, sharply reducing real costs with tech is the first priority.

4) Why savings over equity as second priority? Well, most things shouldn’t need to be financed with external parties. You just save up and buy them yourself. And don’t buy till you need them. But the focus on technological hyperdeflation means real cost keeps coming down — so savings can be viably used to buy more things.

5) Then why equity over debt as third resort? Equity is how tech does financing and it is good for ambitious things and people. It’s far more tolerant of uncertainty than debt and is more suited to our time of ultra-high volatility. It’s also suitable only for high potential people and projects, as opposed to our current practice of saddling everyone with debt.

6) Finally, debt is an absolute last resort for financing. It will be frowned upon in the next generation after the upcoming debt deleveraging. Debt should just be an extremely uncommon thing, used only by power users in highly certain circumstances.

7) And how do you save at scale then, if governments aren’t issuing bonds? Ideally, you invest in Bitcoin. In practice, for technical reasons not everyone will be able to hold BTC directly, but there will be enough who do that it’ll keep the global economy honest.

Bitcoin is the index asset of the entire technologically hyperdeflating economy. It’s like a combination of gold and Vanguard. It’s a simple “no op” which is valued in every country and which everything else is benchmarked against, as is already happening in the cryptoeconomy.

8) Finally, what about money for innovation? Yes, only really good investments will be worth risking the natural appreciation of your Bitcoin — but a state limited by Bitcoin is also far less able to jack up costs by uselessly NIMBYing new technologies, so the overall ability to innovate will be increased.

The Wild West era where a gold standard coincided with immense American technological innovation is the most obvious historical parallel.