sagars209

bitcoin

I and my wife were talking about some thing few days back and topic on income tax filing came up and my son who's 7 asked me what is Income tax?  and I took a pause and was wondering where to start, but anyway i told me that it is some amount of money that we need to pay to the government from our incomes.    Now i have been coaching him on bitcoin and how money works, so though his followup question, I kind of expected but still amazed me. His follow up question was "if govts can print money all they want, why they want taxes?"   what amazed me is that even kids when taught basics correct can ask right questions, makes me wonder that as humans we naturally posses the skill of critical thinking.  Its only the amount of brain washing done by schools & religions is the reason why most of the humans are not able to ask the right questions.   I am a firm believer only by asking right question can one enlighten oneself,  I am glad my son is on the right path (at least that's what i feel)

my 7 old son wants to know why does govt levy taxes

Is this a valid bitcoin address?

spiderman

Though not good for privacy you could just look it up on mempool.space https://mempool.space/address/34caqaP9TBbZSqL3EsVNHf1zyrp8gEew1e  

if its an invalid address it will show it as invalid

Design

I think its just last decade or 15 years that people have started wearing clothes which have brand names and logos.  and i think most of the people just do it unconsciously, off late i am finding it weird as it is promoting others for free!!   I think this has been normalized because we see all the celebs wearing it which obviously is because they are paid for promoting the brands!  wondering what this shows about human nature??

why do people wear brand logos on them?

Bitcoin: one chart that shows how EARLY we truly are

79c9095526

Gold is for Central banks and Bitcoin is for Sovereign plebs 

Must watch for all bitcoiners reg the quantum threat

The Fallacy of Store of Value vs. Medium of Exchange

kepford

"Don't preach too much. You start sounding like a nut or a scammer."  this made me laugh and relate to the sentiment.   

I have come to realize that those who are trying to orange pill others are not really trying to orange pill but they are trying to just brag about how smart they are because they bought bitcoin much before  many of their friends and family and they have to show off.   I, myself was doing that with my family and I have now realized that, so I have stopped talking about bitcoin at all with them, I just work on myself,  improve my knowledge, get better at my craft and improve my health and fitness.  When my family or friends ask me about bitcoin after they see a big crash or pump, i just tell them its going ok and explain them what could have caused the crash or pump and just keep my mouth shut.  Since I stopped talking about it now, people often come up to me and just ask me about bitcoin price or bring up some bitcoin related news item to check if i'm still into it . 
And now they take my word more seriously,  recently a friend came up to me and thanked me for suggesting her to keep her stack when it broke ATH in 2024,  She was worried if post halving it might go down.  She asked me if she should buy more, i told her to DCA, but cautioned here about exchange hacks and suggested her to move the stack to a hardware wallet, which i had done 2 years back, but she brushed it off, this time she took it seriously and inquired further about which Hardware wallet she can buy and from where, etc.   

reality of trying to Orange Pill others!!

Hi folks new to Blacksburg,VA. Looking for bitcoin meet-ups here but don’t seem to find any online any other near by town or place that has a good bitcoin community?

Looking for bitcoin Meetups near Blacksburg,VA

Congratulations to all bitcoiners who hodeld for year and years,   perhaps you are least excited about 100k milestone.  as they say journey is more beautiful than the destination - that's the feeling I have right now.  above all I'm proud of my pursuit of truth than anything else.   this journey has taught me that excellence is nothing but pursuit of truth no matter what, no matter anyone is with you or not, if you continue to pursue nothing but absolute truth you are on the right path and will have an enriching and fulfilling journey.  

at 100k remember!

Success is not Final, Failure is not fatal, its the courage to continue that counts 

100k soon!! Congratulations !!

does so much accumulation on BTC and bond liability force MSTR to rehypothecate their bitcoin? or will eventually?

How do we know MSTR is not rehypothecating its bitcoin?

You never buy bitcoin only once, no matter how low you bought it first and how many you have,   once you understand the beast you keep wanting more and as you buy more and more of it you realise how tough it is hodl, only if you invest at lest few hours a week you can stay invested otherwise its tough!! 

prove me wrong!! buying and hodling bitcoin is an occupation in itself!!

Bitcoin cold war

crrdlx

Bitcoin is truly successful only if nation states boundaries disappear, which eventually will.  we have nation states only because of fiat currencies.  once fiat money dies so does nation states  

based

what is your model to predict the growth of Global M2 money supply?

A question for Bitcoin price model experts

Am i the only bitcoiner who feels boring when it pumps?

AskSN

AskSN: Do you believe any religion did something good to the world?

024620272f4

all religions are white lies.  White lies have had very important role to play in social harmony and evolution of civilization

In a world where Bitcoin is increasingly seen as a store of value, many people are looking for ways to ensure their crypto holdings can be passed on securely to loved ones. Traditional inheritance methods can be complicated and lack the privacy that cryptocurrency offers. A Hash Time-Locked Contract (HTLC) can be a perfect solution if you want to ensure that your Bitcoin is securely locked away for a specific period—say, 15 years—before it can be accessed by your family. This setup lets you retain some control over the Bitcoin in the meantime, allowing you to access it early if necessary.

In this post, we’ll walk through how to set up an HTLC to achieve this, creating a “digital trust fund” that’s controlled by cryptographic conditions rather than legal structures.

What is an HTLC?
An HTLC, or Hash Time-Locked Contract, is a type of Bitcoin transaction that adds both a time-based lock and a hash-based lock to control access to funds. Typically used in payment channels and atomic swaps, HTLCs allow users to set conditions for accessing Bitcoin. By using an HTLC, you can create a self-enforcing contract that only unlocks the funds under two conditions:

The person attempting to access the funds has a specific secret (known as the preimage).
A certain period has elapsed, after which the funds become accessible without the secret.
By combining these two conditions, you can set up a contract to lock Bitcoin for 15 years, handing over the necessary information to your family to access it once the time lock expires.

How to Set Up an HTLC for Long-Term Bitcoin Storage
Here’s a breakdown of the steps involved in setting up this kind of contract.

1. Create the HTLC Transaction with a 15-Year Time Lock

To lock your Bitcoin for the future, you’ll start by creating a Bitcoin transaction with both a hash lock and a time lock:

Hash Lock: This requires a secret code (the preimage) to unlock the Bitcoin before the time lock expires.
Time Lock: This sets the condition for a specific date or number of Bitcoin blocks, which, in this case, will be set to unlock 15 years from now.
2. Generate a Secret Preimage and Hash

The preimage is a secret code you create, similar to a password. This code is hashed, and the hash is what you’ll use to lock the funds in the HTLC. Only someone with the original preimage can unlock the funds before the time lock.

Steps to create the preimage:

Choose a secure, unique secret (e.g., a long, random string of characters).
Hash this secret using a tool like SHA-256. The resulting hash is what you’ll use in the HTLC script.
Keep the preimage safe—it’s the key to retrieving your Bitcoin before the 15-year lock expires.
3. Hand Over the Seed Phrase to Your Family

Your family will need the seed phrase to the wallet containing the Bitcoin. Without the seed phrase, they won’t have access to the Bitcoin even after the time lock expires. Provide them with instructions on how to access the Bitcoin wallet once the time lock expires, as well as safe storage guidance for the seed phrase itself.

4. Set Up the HTLC Script

In this step, you’ll create a custom Bitcoin Script with the following conditions:

Condition 1: If someone presents the preimage (your secret), they can claim the Bitcoin. This allows you to retrieve your Bitcoin before the time lock if needed.
Condition 2: If the preimage is not provided, the Bitcoin will be locked until the time lock (15 years) expires, after which it can be accessed without the preimage.
The final transaction will look something like this in Bitcoin Script:

IF
    <Hash of Preimage> OP_EQUALVERIFY
ELSE
    <15-Year Time Lock>
ENDIF
5. Store the Preimage Securely

For this setup to work, you need to keep the preimage secure but accessible to you. If you lose the preimage, you won’t be able to retrieve the Bitcoin before the time lock expires. A secure location, such as a cold storage wallet or encrypted storage, is ideal.

Advantages of Using HTLCs for Long-Term Bitcoin Storage
Using an HTLC for Bitcoin inheritance has several benefits:

Privacy: No legal intermediary is involved, and the process is decentralized.
Security: The time lock ensures funds won’t be accessed prematurely, and the preimage gives you control over the funds.
Flexibility: If circumstances change, you have the option to reclaim the funds before the time lock expires by using the preimage.
Potential Challenges to Consider
Complex Setup: HTLCs require some technical knowledge and experience with Bitcoin Scripts.
Risk of Losing the Secret (Preimage): If you lose the preimage, you’ll be locked out of the Bitcoin until the time lock expires.
Transaction Fees: Fees may apply when redeeming the funds, so plan accordingly.
Alternative Methods: Multi-Signature Wallets
If this HTLC setup feels too complex or risky, another option is to use a multi-signature wallet for inheritance. Multi-signature wallets can require multiple parties (e.g., you and a family member) to approve a transaction, providing a flexible form of security. Unlike an HTLC, however, they don’t have an automated time-lock feature.

Final Thoughts
Using an HTLC for long-term Bitcoin storage is a unique, secure way to plan for the future while retaining control over your assets. By locking Bitcoin in an HTLC with a 15-year time lock, you can ensure that your family will inherit your Bitcoin at a specific time, or reclaim it yourself if circumstances change. This “digital trust fund” approach is an innovative way to leverage Bitcoin’s decentralized nature and smart contract functionality.

If you’re interested in setting up an HTLC or exploring other inheritance strategies, consider consulting a crypto expert or advisor to ensure everything is configured correctly. The future of Bitcoin inheritance is full of possibilities—why not secure your family’s future today?

Lock Bitcoin for the Future with an HTLC: A Secure Method for Passing on Wealth

What happens to MSTR if bitcoin crashes?

What happens to MSTR if bitcoin crashes? Do micro strategy have enough cash flows to pay the yield on their convertible bonds? And if not, what options do they have to raise more money to pay their bond liabilities ?

once you sign your transaction using your hardware wallet, the signed transaction needs to be sent over to a internet connected device like a desktop or mobile phone wallet app to broadcast your transaction to the blockchain.  Now if your hardware wallet has a malicious code, it can encrypt your seed phrase in your signed transaction data.   Wondering what are ways this can be prevented?

Don’t trust! Verify your hardware wallet

As a bitcoiner I know I’ll achieve financial freedom in few years but I can’t believe it yet!! It still feels like a dream and I’m puzzled how most of the folks around me are not getting it?  Am I missing something that they know ?  Do I have a blind spot? I’m hopeful and at the same time nervous about the future?  Do you feel the same?

Financial freedom is so surreal!!

Thoughts on Bitcoin and Taxes - how does this make any sense?

028559d218

well i think the best thing that can ever happen to a bitcoiner is a boating accident !!