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What Must Be Done
134 sats \ 9 comments \ @Majjin 23 Aug 2022 bitcoin

This is my opinion on what has to be done in order for Bitcoin to be successful. We're doing a lot of these already and the list isn't exhaustive. The list isn't in any order of priority.

  • Leverage the game theory of Bitcoin to the best of our ability to win over the elites (both the natural elites and the parasites). Whether we like it or not, they matter.
  • Continue making deliberate and carefully thought out improvements to Bitcoin by soft-fork. If it takes a few years per upgrade, so be it. This is the next version of gold and the evolution of money. It is not the next high time preference fintech start up.
  • Create tools that people actually want that leverages Bitcoin's capabilities. Yes, this includes stable channels and stablecoins. These tools will help Bitcoin become a medium of exchange.
  • Make the tools easy, appealing, and secure. Advertise these qualities.
  • Make the tools private by default. People don't care too much about privacy until its directly affecting them and immediately obvious. So have it be a perk.
  • Emphasize the long term savings capabilities of Bitcoin. I usually tell new-coiners to hold at least for 4 years.
  • HODL. Lead by example. Spend less than what you earn and build your stack.
  • Encourage secure self-custody and discourage storing on exchanges where ever possible. This helps to mitigate seizure by the unconvinced elites.
  • Many cannot and/or will not self-custody. This is where second party custody comes in. For the people you are close to, be an uncle Jim. Federated Chaumian Mints will hopefully create the equivalent of community credit unions for Bitcoin.
  • Be Bitcoin Only. Discourage participation in the exchange casinos.
  • Encourage buying Bitcoin from p2p exchanges and Bitcoin-only exchanges. (Bisq, Cash App, Strike, Swan Bitcoin, HodlHodl, etc.)
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110 sats \ 3 replies \ @nerd2ninja 23 Aug 2022
  1. btcpolicy.org
  2. https://bitcoincore.reviews/
  3. Stable coins on Bitcoin make me sad :( I also worry about how stable such a stablecoin channel would actually be, and what the risks might be. How would you avoid another Terra Luna but on Bitcoin
  4. I'm learning how to do Graphical user interfaces in ruby via the glimmer gem which uses libui. Easy programming langauge and I can compile it in C with a ruby.h file if I need better performance. Reply with your favorite command line tools you'd like to see become graphical and I'll try to see which one will have the greatest impact
  5. We need to talk about Bitcoin privacy tools. Should wallet makers make payjoin default when spending? Things like that.
  6. HODLing
  7. HODLing
  8. Yeah we need a short quick easy sparrow multisig and backup tutorial for short attention spans
  9. Community bank => multisig. Please do not 100% fully custody your friends Bitcoin
  10. You know me.
  11. Hmm I wonder if there's a way to make BISQ feel more like Craigslist and less like the darknet.
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115 sats \ 2 replies \ @Majjin OP 23 Aug 2022
Stable coins on Bitcoin make me sad :( I also worry about how stable such a stablecoin channel would actually be, and what the risks might be. How would you avoid another Terra Luna but on Bitcoin

I don't believe education alone will be enough to dissuade people from using fiat, unfortunately. Its still important, but its not sufficient. I like the Strike approach. Fiat has a bigger network effect than Bitcoin. So why not piggyback off that network effect? Bitcoin is much more efficient and fair than FedWire or any other government fiat transfer layer. So use Bitcoin to transfer fiat value. Have "stable" balances at either end.

Another Terra Luna fiasco happening on Bitcoin is a very valid concern. I'm no expert, but I have some ideas:

  • No "yield".
  • No arbitrage tomfoolery.
  • The stable balances must be overcollateralized and the users should know to what extent.
  • If you use Bitcoin to overcollateralize the balances, use proof of reserves.
  • If you use other financial instruments, have multiple third party audits.
  • Be honest about the risks.
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120 sats \ 1 reply \ @DarthCoin 23 Aug 2022
I don't believe education alone will be enough to dissuade people from using fiat,

Everything starts with good education. How many normies in your life you know that can answer correctly: how are created the money (of today) ?

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100 sats \ 0 replies \ @Majjin OP 23 Aug 2022

100%

Haven't asked them, but I bet none of them can answer correctly.

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100 sats \ 2 replies \ @kilianbuhn 23 Aug 2022
to win over the elites (both the natural elites and the parasites). Whether we like it or not, they matter

Using abigous tHe eLItEs is very cringe 🤡🤡 and unprecise

Say politicians/CEOs/Tech entrepeneurs/billionaires/celebrities/influencers/whatever instead

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100 sats \ 1 reply \ @Majjin OP 23 Aug 2022

I get where you're coming from but I prefer elites because its shorter than listing the occupations and categories they're in. Plus most people seem to know the type of people I'm talking about when I say "elites". You just listed them yourself.

The only one that may need a little explanation is natural elites. I could say "pillars of the community" instead of that.

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0 sats \ 0 replies \ @DeezSats 24 Aug 2022

I prefer the term parasites.

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0 sats \ 0 replies \ @AGORA 28 Jan 2024

Today you can trade in the ~AGORA territory, it's like Craigslist but pay you Bitcoin 😉

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276 sats \ 0 replies \ @deleted231216 23 Aug 2022

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