Fire away your questions! I'm also a reliability engineer in oil refining and a libertarian. A big thanks to @Scoresby for inviting me to do this!
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Fire away your questions! I'm also a reliability engineer in oil refining and a libertarian. A big thanks to @Scoresby for inviting me to do this!
F*ck, kill, marry?
Is this question a hidden ad for Chillderberg?
Marry Car, kill him, then marry Paz. Kill bird. None of the other thing since we honorable men wait for the confines of marriage.
Smart idea, you get to inherit Car's Bitcoin.
I'd be marrying him for his looks, not his Bitcoin.
Live fast, die young, leave a pretty corpse and your wallet seed phrase.
why do you think places like mises.org are not very friendly to bitcoin? my impression is that libertarians in general view it with strong skepticism.
I was at a farmer's market recently and there was a guy there who advertised that he accepted some kind of gold-based bills (i think they had gold leaf woven into them or some silliness) and I asked if he would take bitcoin. He said it was a scam.
I think there are probably a number of things at play, but it is frustrating.
Awhile ago, someone write an op-ed on Mises about Bitcoin and Gresham's law and it was absolutely awful. I submitted a rebuttal and never even got a response. So I sent it to Bitcoin Magazine and they published it (also posted on my site):
Why does your podcast have 20 minutes of Philly sports discussion before you get to the topic of week?
It's an inside joke...lots of Bitcoin podcasts have ten minutes of ad reads, so its our way of making fun of that. We also just like talking about it haha
Why do you think there are so many Catholic bitcoiners?
Love this question. In a nutshell, I think it's because both are true. Some interesting books like De Moneta by Nichole Oresme and The Ethics of Money Production by Guido Hulsmann are Catholic-based Bitcoin books about the economics of money before Bitcoin existed.
Its also in the "Von Mises" space. Jeffrey Tucker, Thomas Woods, and the founder Lew Rockwell were catholics as well....
Bob Murphy was raised Catholic. I think we'll get him back eventually!
There are even more in the Mises.org circles.
Wow, I didn't know about Bob....I knew he was an active protestant but I never knew about his Catholic upbringing. Yes, hopefully he returns....
I always wondered why he went the reformed route and I heard him on a podcast somewhere about it and they asked why he didn't return to Catholicism. He said that he hasn't really read any of the Catholic apologists since his return, which kind of explains a lot in my view.
It took me many years to recognize that Rothbard (an ethnic Jew / Atheist) consistently used "Natural Law" arguments to defend various premise he had....and the main proponent of that term was Thomas Acquinas.....
Point being, the Catholic game is so strong that even ethnic Jew / Atheist must reference it.
Aquinas is a beast,
what does Luke Dashjr, a self-proclaimed Catholic, misunderstand about catholicism?
I've never had a conversation with him about his sedevacantism (the belief that the office of the pope is currently vacant...meaning the current pope and however many previous popes aren't legitimate), so I'm not really sure. But the conceit of the sedevacantist is that they are better equipped at understanding and navigating the truth of God better than the magisterium (teaching authority) of the Church. I do hope he does repent and come back into communion with the Church.
thanks for clarifying!
what are your thoughts on SSPX?
What are your thoughts on usury? Do you think we need fractional reserve banking?
Congrats on sticking with going on zero. I tried it and I found it really difficult to sell sats for dollars when I needed them. Plus getting paid and seeing your purchasing power melt as Bitcoin tanks if not a good feeling when the fiat debt is still due.
It depends on what you mean by usury.
We definitely don't need fractional reserve banking and it causes more problems than good (how can you make economic plans if the money you have doesn't tell the truth about the resource you are able to command since multiple people would have a claim to the same resources?).
Thanks! I've been doing it since the fall of 2021, so I know what it's like to see the value go down. Feel free to DM me (or ask here) if you want to give it another shot and would like some help.
Yeah maybe I can use some advice to find my way back to zero fiat. I got a pretty nice system going on now with bitcoin but recently I been building up my fiat balances for peace of mind oddly as it sounds. Having lots of fiat obligations is no fun!
I think paying interest on money created with the push of button is usury. Even these bitcoin backed loans charging 10% APR is ridiculous.
As believers in Jesus we should be lending at cost or even at the detriment of our own financial gain.
Having available lines of credit was very helpful to me (perhaps ironically given the question haha).
Okay, yeah, just being able to create money out of thin air is definitely problematic and leads to all kinds of problems. I think the high interest rates for Bitcoin backed loans is just what the market rate is. At least for Strike, I don't think they're creating money...they're going out into the market to get fiat funds for the other side of the loan.
I just briefly skimmed this now, but here's the Catholic perspective on usury (it's kind of a confusing topic).
Thanks!
As a podcaster, what do you think of the v4v stuff? will zaps ever be a meaningful source of income for podcasters (or writers)?
That's a good question. I really like the idea of streaming money for however much of a product or service that you use. I think subscription based models are often used in the hope that you buy the subscription but never actually use it. I'd actually pay for more stuff if I could just pay for however much I use of it.
There's also anti-spam benefits...you want someone to read your message? Attach some sats to it that they can claim if they read/respond.
I think once the markets and infrastructure mature, I do think it can be a meaningful source of income for people who provide valuable content.
by whom? Where do you think the money would come from? Take market share from tradfi ads, additional income/subscription?
Yeah, I don't think ads necessarily go away, but direct payments from listeners to content providers would definitely lessen the demand for ads.
There are other ways to have direct revenue like putting up a bounty to unlock content (let's say there's an invoice for 10,000 sats per episode and when the payments hit 10,000 sats, then the episode can be listened to). If someone wants to listen right away, then they can make a larger contribution to the unlocking the content.
One critique I often hear is the Nick Szabo "mental cost of micro transactions" or that subscriptions are popular because it takes too much effort to think about paying for as much of a service as you use (especially when we are talking small differences).
I do think it there's something to be said for the amount of effort a person has to put in to think about making the payment, versus the up front commitment of a subscription.
I'm optimistic about zaps, but it might just be fantasy land.
Yeah, it remains to be seen how it all works out, but the fact that alternatives are getting rolled out will only make things better. It's amazing what programmable money can do and we haven't even remotely scratched the surface!
Good to have you here welcome 🙏
What are your thoughts on the child safety act and subsequent proposals worldwide
Aka doxx yourself to use social media
Do you think SN Nostr can play a part in a freedom movement
Thanks! I'm glad to be here and having lots of fun!
"Save the children!" from the government is always code for "we actually don't care about the kids and will make life worse for everyone."
I have a Nostr account but I barely use it. I'm not against it but I don't really see it beating out other forms of social media with the way things currently are. BUT if we have to dox ourselves to use Twitter or whatever, then I'm going to be very glad Nostr exists.
how long do you think we have until government ID is required to access the internet?
(I suspect it's less than five years)
Maaaaan...I don't even want to think about that. In places like England? Probably next week. Here in the States? I don't know. I can see things going either way.
Do you have an opinion about the usefulness of alternative Bitcoin node implementations?
I think they're most likely to be used as an attack vector and there's risk to them inadvertently not agreeing on consensus rules. If Core fails to fulfill its obligation one day, then they will need to be replaced. Obviously, it would take some time for that transition to occur and it will be a bit hairy, but ultimately, you'd want Core 2.0 to take over.
Have you read Voskuil's Cryptoeconomics or followed much of his work on the libbitcoin node implementation?
I have not, but libbitcoin rugged people, so that's enough of a reason for me to dismiss Voskuil and his stuff.
I'd disagree with the characterization that libbitcoin rugged people. I think it was a case of Voskuil being stubborn and people using testing instructions as a guide for production software. But i don't really have a pony in the race.
I've learned a lot about Bitcoin from Voskuil. And of all the alternative implementations, I'd say libbitcoin is the most interesting.
There's also something called Hornet Node being developed by Toby Sharp. As much as I agree with the idea that I want my node and wallet software to have the absolute maximum of eyes on it and review, I don't see how we continue very long with only one primary implementation.
Okay, that's fair.
Some other issues are you have to cannibalize engineering resources to review the other implementations, so I'd rather have all of those resources looking at just the one. And even if we reach a point where there's an abundance, if two implementations disagree on the state of the chain, which one is correct?
yes, the "which one is correct" problem is real. I don't really know the answer to it, but I've always had a bit of a knee jerk reaction against a single dominant implementation.
One counterargument is that every single version of Core is really a separate implementation and we could just as easily have a problem where a new version disagrees with a previous version and we won't know which one is correct.
Personally, i think I'm willing to risk the messy situation in order to have options.
As to cannibalizing engineering resources: there are quite a number of very good developers who don't work with Core (for various reasons), and in the case of a dominant implementation, it's not surprising that there are interpersonal conflicts (we are all human). The problem is it's hard to do any effective work without someone or some group being in charge.
I've also appreciate Jon Atack's commentary lately. He strikes me as someone who is a solid engineer, but who has found it difficult to work with the main Core repo. I don't mean to imply that Core engineers have done anything wrong, but rather that it's difficult to expect all people who want to work on Bitcoin to get along with the leadership of a single project.
I think the version that didn't create the conflict would be the real Bitcoin, all else equal. Core would figure out what went wrong with a much lower likelihood of a competition developing over which one is the legitimate one.
Yeah, I'm not suggesting anyone who works on Bitcoin would be a Core contributor, but to get another one or two implementations with enough eyes on it to be comparable to Core would require a lot more people.
I'm not familiar with Atack. I just found his Twitter handle though. I'll give him a look.
I've been following the yeti wallet stuff for a while (i think it's heavily armed clown and jw weatherman's project?) - but the majority of the bitcoin world never seems to talk about them.
what do you think is up with that?
For lack of a better term, I think there's a bit of a "hardware wallet industrial complex" in Bitcoin. It's not very profitable to do something like yeti, but it is to sell someone hardware with pre-loaded firmware/software. And on the consumer side, people just want the "easy" solutions without really considering the cost/benefit.
I am pretty partial to it. if memory serves, ben westgate even made a DIY version that was just a guide to making your own multisig in core and backing up the keys and descriptors.
It always amazes me how many different groups there are in bitcoin.
I think it's great. I've had multiple noobs set it up and use it without issue. It's not hard but it is tedious.
Yup, I forget what Ben's version was called, but it was pretty streamlined.
it wasn't Bails although Bails is pretty cool.
I was thinking of a very simple document guide that didn't require any software beyond Tails and Bitcoin Core.
I'd love to see further work on projects like Bails.
Yep, we definitely need more people working on stuff like this.
What's the story of your path to working in oil refining?
I have a degree in mechanical engineering but was working in pharmaceuticals (bleh!). Someone referred me to a job opening in a refinery in 2012/13 and during the interview they asked if I was okay with going out into the field and getting dirty. I thought about how I have to get clean to go out into the field in my current job and said, yes I am great with that. It ended up being a great fit for me.
What has been one of the best things about getting on zero?
Peace of mind. I think that's something that a lot of us feel. I worry a lot less about my financials now that I don't have fiat weighing me down.
do you find it adds mental burden around accounting and taxes?
Nah, I've always kept a very detailed budget and tracked all of my finances, so the accounting stuff was easy for me.
On the tax side, I've lowered my tax bill since you can select any sale to be associated with any tax lot, so you can optimize your capital gains. I've accumulated a lot of capital losses that I can carry over indefinitely. And I use Cointracker to do all that for me, so it's just another 30-60 minutes each year when I use Turbotax. Probably even easier if you use a tax accountant.
What's the most surprising thing you learned getting on zero?
How much Bitcoiners love fiat. Lots of "hardcore" Bitcoiners really hated us for doing it and would declare us dead a lot haha.
Do you believe in getting in debt as part of get on zero? Getting on negative?
Yes. I'm technically on negative (I have a mortgage, HELOC, and some other loans I've taken). Debt can be an incredible tool since you can pay an interest rate that will be much less than the appreciation of Bitcoin over time, so you can hopefully spend less Bitcoin overall even if you end up paying a larger amount of fiat. The big key, though, is managing that debt well. For as great as a tool as it can be, it can also trap and enslave you if you're not responsible. You HAVE to be able to manage your cash flows.
I've never used a Bitcoin-backed line of credit or loan. I'm not opposed to them in theory, but the come with a risk to your Bitcoin and there are a number of dubious companies out there.
If you had to predict what the next two or three months of Bitcoin look like, how would you describe it?
The same as it is today. haha...that's not a fun answer. Borrowing from Jack Mallers, financial markets seem to like to take the summer off, so as we get into the fall, hopefully we'll start to see the price start to climb up. If not, let's keep stacking cheap sats.
Oh, and hopefully everyone freaking out about Knots all sold their Bitcoin for the chain split BIP-110 coin and we don't have to hear from them anymore.
What are the two or three most useful tools for a bitcoiner looking to get rid of their checking account?
What do you think about the alt layer 2s like cashu, spark, liquid, and ark?
I just started learning about ark and it sounds really promising. I don't know much about spark other than a lot of people complaining about it since apparently whoever's coordinating it ultimately controls your Bitcoin (I think).
I think cashu and fedimints are really cool. I think Liquid's got some potential as well. I have played with Liquid in the past and I still have some LBTC on a wallet.
There will be multiple layers for a Bitcoin standard, so it's interesting to see how they all play out. The key will be balancing out the benefits (speed, cheapness) with the risks (whatever degree of custodial relationship another party has).
do you have a favorite lightning wallet?
I run two Lightning nodes, so on desktop I use Ride the Lightning. I do have Zeus connected to one and also have a LNDHub set up using Bluewallet, which is pretty cool.
Is anyone in your oil refining circles also a bitcoiner?
I've gotten some coworkers to start buying Bitcoin. And there are a few others that are into cRyPtO that I make fun of.
The beauty of how Bitcoin works is naturally appealing to engineers, so it's fertile ground.
Welcome.
Thanks!