I'm the only one that love tipping strangers on the internet?, People say that deflationary money is doomed because no one spend money that will value more tomorrow.
While for me is like "let share some wealth with some stranger!!!".
PS: I'm just an average guy living with their parents, not a wealthy one. Still feels good donate to strangers.
Finished reading "When Money Does" - 6/10 rating. A lot of repetitive stories and introduction of too many people/events makes the book hard to follow.
Unrelated but related: While reading X, Y, Z, I had a hard time following the story as well. Not only does the story of Enigma contain a lot of people but a lot of them also had multiple cover names under WW2
Great day ahead: continue editing a book of short stories by one of our more prolific authors; perform a deeper dive into NOSTR, and brainstorm ways to adopt V4V for current and future authors at Warner House Press and the organization itself. Oh, and cook dinner tonight for the family.
While I was anticipating at least one 1K+ day (daily uniques on SN) in the past week -- which didn't happen, yesterday (Saturday) at 869 was the highest print ever for a Saturday.
Usually homeless people shout that they’re Jesus or something. But the guy across the street here keeps saying he’s Bernie Madoff and doesn’t want money.
How would he know who that was? Unless he got screwed by him in the past….ooooh maybe.
It seems to me that the biggest challenge the world faces right now is inflation and the way in which governments will respond to it(most likely making it worse) but lets say in 10 years, by some crazy amount of luck, we manage to not have a complete meltdown and most people are using Bitcoin. What might be the biggest challenges we face be then?
I read this essay on "Vanishing People". It's a summary of the fertility/demographic trends across the globe -- and it's pretty dark.
It made me wonder what Bitcoin's role will/could be. Both are trends at the same horizon.
Feels unavoidable that fiat deficits and printing are structural for the next 100 years.
Could Bitcoin be used as an escape?
I had a hypothesis that, if you timed it right, and incentivized it correctly, a Bitcoin-only economic region could gain economic power equal and opposite to the decline of other global economies. Basically, use the new-hope-like effect of learning about Bitcoin, and the fact that it's legit sovereign, to rebuild in parallel instead of waiting for some collapse that will probably feel more like back-to-back shit-sandwiches with a side of money-printing-based can-kicking salad.
Bitcoin is financial sovereignty, is the way each individual can break the chains of state slavery an became a sovereign individual, NOT depending on state to feed, protect, educate him.
For many this is fucking scary, because all their life they had "somebody" to protect them and now is hard to understand that in order to be really free you need to take care of yourself and not be a burden for others.
It made me wonder what Bitcoin's role will/could be.
If it plays out like in the movie Children of Men, bitcoin would be the money of the fugees (refugees), since it becomes illegal to hire, buy from, or otherwise financially (or physicall) support them. Not sure about how some details would work -- the fugees have their phones and valuables taken by security forces or when they enter the gates. Essentially the fugees get "deplatformed" from the economy, like having a social credit score of zero.
It made me wonder what Bitcoin's role will/could be.
If it plays out like in the movie Children of Men, bitcoin would be the money of the fugees (refugees), since it becomes illegal to hire, buy from, or otherwise financially (or physicall) support them. Not sure about how some details would work -- the fugees have their phones and valuables taken by security forces or when they enter the gates. Essentially the fugees get "deplatformed" from the economy, like having a social credit score of zero.
I woke up in the middle of the night, likely from a mix of work-exhaustion and food coma. Feeling quite awake after about five hours of sleep, I let myself get a big caught up in things, but eventually took the opportunity to write an essay to write at today's bitcoin brunch, which happens every Sunday in Miami at Naomi's Garden.
I try to acquire as much knowledge about bitcoin, bitcoin development, and bitcoin culture as I can, however the Sunday meetup represents my more general commitment to trying to participate in that as well.
I look forward to meeting some of you eventually. Have a good day.
It's not security. They allow failed projects like luna and failed smart contracts.
For me is fees and limit users ability to buy/sell. They can foresee what users are trying to do when because they can check the Blockchain. With lightning there is no Blockchain, just an amount of money arriving suddenly.
My guess is that its a chicken and egg thing. But also they make alot of money from people trading altcoins, and a big reason altcoins exist is because bitcoin is percieved as "incomplete". Adding the LN support will make Bitcoin seem more complete, and could make interest in altcoins fade a little, which is not in exchanges immediate interest so far it seems.
Exchanges, on average, are just like every other business - they respond to the demand from users. Right now, the user-count of lightning is measured in 1000s or 10000s and those users have small amounts of capital on LN compared to their main stack.
It's too low to justify business-investment -- they will only get some fraction of LN's users.
Classic Chicken-Egg. Now, a few exchanges take the leap, and then start seeing growth, then users demand it from the competition.
Look at deribit.com. They were a BTC-only platform for forever. Then once demand existed for Ethereum, they added that. Now, it's an explosion of shit-coin derivatives and you can't count all the junk they've added to trade. Why would they focus on junk instead of LN? Perceived or actual user-demand. Plain and simple.
Nonsense. It's for the same reason that explains why Binance charges like $30 to withdraw in bitcoin. That gives you an incentive to trade into a shitcoin. Binance gets the BTC/LTC trading fees and liquidity for LTC sellers.
You pay three times -- trades BTC for shitcoin (e.g., LTC) on Binance, then pay a (small) fee to withdraw the LTC (e.g., to Kraken), then let's say you then convert LTC to USD there (third fee you pay), and then withdraw the USD.
Nonsense. It's the same reason why Binance charges like $30 to withdraw in bitcoin. That gives you an incentive to trade in to a shitcoin. Binance gets the trading fees. You pay three times -- trades BTC for shitcoin (e.g., LTC) on Binance, then pay a (small) fee to withdraw the LTC (e.g., to Kraken), then let's say you then convert LTC to USD there (third fee you pay), and then withdraw the USD.
LN is not so easy to integrate for an exchange.
Do you run a LN node? If you run it you will understand how hard it is to manage and keep a good level of inbound/outbound liquidity.
Is all about liquidity and how you manage it.
Exchanges mostly they will have more outbound transactions (people withdraw through LN). In order to achieve this, they will need to open a bunch of big channels with good other nodes, so they can send fast , reliable and cheap all those withdrawals.
Users that want to sell their BTC (losers), usually will use onchain to deposit, so the exchange will not need too much inbound liquidity.
Could Bitcoin be used as an escape?