Ali

The separation of money and state is the single most important matter in the world. All other problems are downstream of money controlled by a few. NO ONE should work for money someone else creates for free. This is the greatest form of tyranny man has been subject to.

I couldn't make it this year to @BTCPrague but as always, the team crushed it like they have been doing so for the last 4 years. @V4BTC highlighting the true ethos of Bitcoin as always on stage🔥 Can't wait for this again next year to be with the @Thebitcoinway_ crew!🚀

@Thebitcoinway_ @Mtobwh Lookin good fellas🔥

How Bitcoiners celebrate 🥂

@secsovereign *Coinkite

@secsovereign This is more of an education problem. Why on earth was he entering his seed on Coinbase even if it was real? We need more education rather than architectural solutions involving custodians holding keys.

A Bitcoiner I know, weeks away from getting married and trying to start a family, just lost his life savings by entering his seed phrase into a fake CoinKite website. We argue endlessly about Saylor. We fight over BIPs. We have infinite energy for tribal warfare and almost none for the thing actually destroying people, that we hand newcomers their own keys and call it freedom without ever teaching them how to hold them. He did what we told him to do. He took self custody. Nobody taught him how to keep it, and his wallet gave him zero margin for a single mistake. The deeper failure is architectural. We built a culture where one secret, typed into one wrong website, ends a family's financial life in seconds. It does not have to work that way. This is exactly why @BitvaultApp is being built. Multisig means a phished seed phrase is one key out of three, useless on its own. Time delayed spends enforced on chain mean nothing moves instantly even when something goes wrong, and you get alerted while there is still time to act. Single secret means instant loss with no recourse is a design choice, and we should stop defending it. If you orange pilled someone, check their setup. The next story like this might be someone you brought in and then left alone. More on this soon.

@V4BTC blew the roof off last year @BTCPrague with his speech: Code of Defiance 🔥 And this year he's back on the mainstage! If you want to learn what freedom demands from us now, and the unflinching reflection #Bitcoin holds up to every one of us, then don't miss his keynote: "After the Collapse: The Mirror of Bitcoin" Head to the mainstage at 15:50 today if you don't want to miss a powerful, inspiring speech that's packed full of signal 👀

@uvas23 @Mtobwh Proper redundancy still beats a "fire safe and metal backup phrase".

@Mtobwh Meh, fire safe and metal backup phrase

Most people think a hardware wallet is all you need. Buy it. Set it up. Done. Secured. Except your hardware wallet is a single device. It can break. It can get stolen. It can malfunction. And if your seed phrase backup is in the same location, one house fire takes out both. That's not a security setup. That's a single point of failure with extra steps. The people who actually sleep well at night aren't the ones with a hardware wallet. They're the ones who built redundancy around it. PS: All our clients sleep comfortably at night, as they have redundancy around their self custody and more importantly, a plan for beneficiaries to access the Bitcoin.

@GrassFedBitcoin @MajorianBTC Bitcoin's L1 is optimized for final settlement which makes it unfeasible for everyday txs. Mass migration to L2s is inevitable for the masses. I hate having images on the chain but that's what you end up with when almost no one is transacting onchain.

If Bitcoin is not optimized for financial activity, people will transact off chain using trusted third parties, and the blockchain will increasingly consist of junk data no one wants to store. The assertion that Bitcoiners will out-price spammers is contrary to all evidence.

@JaneBTC2069 @hodlonaut However the handwaving of a means that is being actively exploited to bloat the UTXO set currently in my view is an issue which has been neglected.

@BitcoinAli_ @hodlonaut If it's just a patch, why temporary? And didn't it all start about OP-RETURN? This is as old as #Bitcoin. I agree Taproot had some negative unintended consequences, but there was no opposition then, almost full consensus. Seems a lesson to be careful with forks

I support BIP-110 Because Bitcoin is money The mission is to separate state and money Not to be data storage to enrich grifters

@JaneBTC2069 @hodlonaut OP_RETURN was introduced to store minimal amounts of arb data so it doesn't bloat the utxo set. I don't actively support BIP110 btw because of its potential to cause a chain split and I agree with your conclusion of having more conservative node implementations.

@JaneBTC2069 @hodlonaut I'm talking about means of active exploitation of bitcoin's codebase. Most "spam" is data inscribed using the taproot exploit. An exploit is meant to be patched! It is a no-brainer to fix this problem yet core ignored it.

@BitcoinAli_ @hodlonaut Funny that you use 'arbitrary', The decision whether something is spam is arbitrary too. That's why the fee market is the only decentralised arbiter, the rest is all arbitrary choices by humans which is censorship. P.S. on node level is also not censorship, it's your property

@JaneBTC2069 @hodlonaut I read the article and I'd like to point out that BIP 110 seeks to limit the paths which are being actively exploited to stuff arb data. Labeling this as "censorship" is incorrect.

@hodlonaut Imagine reacting to someone you think is a bot 🤣🤣🤣 Maybe because this 'bot' has actual arguments while the space cat only has empty cultist slogans. Here an article this 'bot' wrote today about #BIP110. Something to think about. open.substack.com/pub/janebtc206…

@TheDesertLynx @over21m Bitcoin is a superior UoA and the market will eventually figure this out. Adoption has been steadily increasing over the last 17 years. Re revenue generation, bitcoin is money… Why does the very medium created for exchange require further revenue generation?

So much confusion in this post! First, it's not a superior unit of account, not without global adoption. If it were, you'd use it as such, today. You don't. Second, yes it does need to generate revenue to be valuable, because without revenue it becomes insecure and the blocks stop coming. Anything scarce can be a debt market exit. It's not a "life raft" when you're hopelessly dependent on fiat and the banking system.

Crypto is NOT primarily an investment! If you believe it is, you're partaking in the greater fool theory. Crypto is a tool for lots of stuff that, provided it finds product-market fit and gets a bunch of users, can generate enough revenue to be an investment for some. But it can't make money if it doesn't, you know, make money.

@SteveSimple You're largely right but you don't think institutions/nations who'll be making the largest value txs would want the security of BTC's base layer when engaging in trade with one another?

Feature not a bug. Bitcoin is for individuals, not companies and not POS systems. The median on chain tx will reflect an individual’s monthly-ish debt settlement. This means the purchasing power of BTC can be measured by median utxo size instead of by fiat

Institutions won’t make on-chain txs. They won’t even self custody Individuals won’t make daily on chain txs. Coffee payments don’t fit on-chain, and L2s/credit money is better for that On-chain will forever be for individuals saving, L2 rebalancing, and debt settling

@GrassFedBitcoin Maybe, just maybe, more people need to start transacting more on-chain to fill blocks that are otherwise mostly empty hence the sub 1s/vB txs.

"Fees from non-spam will out price spam" Well they aren't. So maybe stop saying that?

@francispouliot_ You're a smart guy Francis, so don't say retarded shit like this🤦🏻‍♂️

@francispouliot_ Last I checked, to generate the invoice on BULL still requires KYC.

@w_s_bitcoin @Davincij15 Running a LN node is a pain in the ass to manage.

@Davincij15 Nobody needs another fake L2 secured by a multisig that can be rugged at any moment. If you want a real 2nd layer with unilateral exit, then you should look into running a Lightning node, or check out Ark, which is still in its infancy.

I'm looking for a Bitcoin second layer that gets it right. Balances are easy to withdraw. Self-custody is the default. Reserves are visible to everyone. Censorship is obvious when it happens. Risk is capped. Settlement to Bitcoin is always possible. If it doesn't exist yet, I'll build it. Who's working on this? 👇

@lukedewolf @JeremyPoley @Fundamentals21m It's those very same people that initiate those new use cases (Ordinals/inscriptions/runes etc). We may not necessarily like it but the protocol doesn't discriminate between the contents of a tx as long as it's consensus valid.

@JeremyPoley @Fundamentals21m Luke is 100% right here. Permissionlessness and censorship resistance are about individuals being allowed to move UTXOs. Nothing else about the protocol guarantees anything. The network has no obligation to support every so-called use case.

Oh he’s so based.

@shane3628 @ZekajEndi @DigiDollarsBTM I understand there will always be multiple use cases but the tradeoffs imo of introducing counterparty risk are far greater vs the tradeoffs of self-custody which is why I reject any product that introduces an intermediary between a user and their money.

I get it, and I agree with self custody based strategies and tools. For The puritans who aren’t looking to use Bitcoin as collateral to power their lives, businesses, retirement, investment strategies, etc, there’s no need for additional counterparty risk. But just as I can acknowledge that reality, the puritans and self custody maxis need to acknowledge: millions of people aren’t just looking to hold Bitcoin in self custody, they’re looking at ways it can be used more strategically to achieve their goals. This group of Bitcoiners are who we work with, and who are benefiting from our services. How much Bitcoin has been lost in self custody over the past decade through which time our insured, resilient, institutional grade MPC custody environment has remained safe, and allowed us to maintain a 100% collateral return rate? How much Bitcoin was lost recently due to forced liquidations which offer borrowers no recourse to get their coins back? The question isn’t about self custody or lending, it’s about who you partner with if lending is the path you choose, and that’s where we have the best story in the business.

Doing this is a bad idea, you keep feeding the legacy system and you keep it relevant. Instead, stay solvent, stay out of debt and save what you can in ice cold, cold storage. We have gotten 100s of messages in the last week from people having to give up their savings to avoid being liquidated because of loans like this. If there is something we should have learned from the last two weeks, it is to NOT do this. The market can stay irrational longer than you can stay solvent. NOTHING IS RISK FREE, AND THERE IS NOTHING CALLED FREE MONEY

@shane3628 @ZekajEndi @DigiDollarsBTM The purpose of Bitcoin has always been to remove intermediaries between people and their money. Anything that introduces an intermediary is a deviation from the original philosophy.