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Bitcoin Tech Talk #514

Interesting Stuff

Parting with something scarce should hurt. That puts the brakes on consumption.

Bear markets are like discipline. Hurts while you're in the middle of it, but pays off in the long run.

Fiat money turned real estate into a consumption good, where most people just live in it. A bit ironic since most people treat it as an investment, but most real estate doesn't generate any cash flow and degrades over time.

Forks change the dynamic in such unpredictable ways

We would know so much more if we had prices. Economically, prices are critical information.

Funny how the BIP110 PoW selection is running into the non-corrupt entropy problem that we all saw with ColdCard.

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Bitcoin Tech Talk #513

Interesting Stuff

What I learned from yesterday is that game theory doesn't work without prices to help all the actors assess the risk.

Bitcoin is being hit with third order effects of being able to scale developers

Once we have self sovereign AI maybe self custody can be for normies

Bitcoin software should have: open source code Reproducible builds Security bounties A warrant canary What else?

In retrospect, there were a multitude of failures at many different levels. I never took any sponsorship money, but I did say good things about ColdCard. For that I'm sorry.

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Bitcoin Tech Talk #512

Interesting Stuff

No doubt ColdCard screwed up massively. Hopefully they open source their software and hardware so multiple vendors can improve on their software and hardware. I don't see any other way the project survives.

Generating true entropy is really, really painful. Rolling dice 100 times, or flipping coins 256 times is not easy. It also doesn't help that most people have the attention span of insects. I've argued in the past that the easiest entropy is very thoroughly shuffling a deck of cards and using the first 40 or so cards. I actually coded this feature into Armory back in the day. The problem with that one is it's not so easy to convert those cards to a seed phrase, at least without some hardware device. Still, it's better than the hardware generating the seed phrase on your behalf.

If you're going to do dicerolling and creating your own seedphrase, go the whole way and do it in a room with no windows and no recording devices (including phones) and back up straight to metal plates.

If you want to be taken seriously, make serious predictions and own up to the predictions you got wrong. It's amazing how few people do this.

Talk is so incredibly cheap now and debased to the point of near-irrelevance. Make talk great again.

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Bitcoin Tech Talk #511

Interesting Stuff