Ecash has given me a reason to be on Nostr. It feels like a more intimate topic I can have a conversation about outside of the noise of Twitter. For some reason it just feels right sharing my excitement here. I can use the bird app for everything else.

Nostr: your network as an extension of your public key

Financial consolidation is a fiat psyop. Ecash can return banking back to its smallest common denominator. Payments and the lower functions of finance will be completely commoditized. Interoperability and the absence of friction or barriers to entry will drive the market towards efficiency. Where protocols attempt to eliminate trust, markets seek to align it.

I want a blue zap icon for Bitcoin backed stablenotes Who's going to make it happen?

Who wants some USD nuts?

I do not want to backup my ecash wallet with a seed phrase. This is backwards UX. I’m assuming it is as good as app developers can provide for now but this is not a long term solution.

I believe Nostr is ground zero for the upcoming Bitcoin payment revolution Its social dynamism is the perfect breeding ground for the ecash virus to propagate. Every zap will be a cashu nut 🥜 Everyone will be minting. We will first make it ubiquitous here until it leaks into every parts of the Bitcoin economy. View quoted note →

Finance is local while money is global. Treating the decentralization of one like the other is an exercise in futility.

“The simple fact of the matter is that no entity has control over its own future, outside of the regular application of some simple rules that allow for its preservation and perpetuation.” - MP Nostr operates from cause, not purpose. This is why it is so strikingly reminiscent of Bitcoin. It is a set of rules we have to adapt to but its cause makes it valuable to rally around, therefore aligning incentives.

Nostr is your economic memory It will carry every information you might ever need to establish reputation on any market It will work w/ every Bitcoin payment applications. It will leave its signature on every contract you participate in It will change digital markets forever

@ODELL One of the interesting observation about Boardwalk.cash I’ve shared with Bob is the idea that many users could fund a single mint and share backend costs. This would potentially allow participants to share Lightning channels and distribute risk in an interesting way. It’s not a federation, just multiparty funding with NWC It’s also pretty interesting to consider that the interest from a margin long position could be user to fund the lightning channels cc. @called 👁️⚡👁️ d

hashwars are coming View quoted note →

AHHHHHHHHHH I’M MINTING

GM Nostr

Good evening Nostr #becomethemint 🥜

@calle @ ALL THE MINTS EVERYWHERE ALL AT ONCE

Conduition

Discreet Log Contracts with Ecash Notes

Settling Bitcoin smart contracts instantly off-chain using a Chaumian Ecash mint as a trusted blind intermediary.

Good evening Nostr ✌🏻 Ecash is a virus It is the purest manifestation of money as data. It will permeate everything.

Some Bitcoin thoughts I was asked to share a while ago... A theory of Bitcoin motivation At its core, Bitcoin leverages human behavior to align participants in the network and enforce its monetary properties. Since human action propels this system, understanding what motivates us is vital. A common heuristic used to reason about this topic is Maslow’s pyramid. The theory outlines sequential levels of incentives associated with human flourishing. Interestingly, we can use this template to guide our trajectory towards hyperbitcoinization by addressing Bitcoiners’ own hierarchy of needs. Self-Custodial Layer Self-custody forms the base of our experience with Bitcoin. Not your keys, not your coins. We know that agency over one’s resources is fundamental to the emergence of a sound economy. Without it, property rights can trivially be stripped away from us. The financialization of Bitcoin is a pretty hot topic these days. With the headwinds of an ETF looming, it’s crucial that the conversation around self-custody adapts to this new reality. While considerable effort has gone into improving the state of key security over the last decade, it’s not clear that the solutions available today are sufficient to cross the chasm of mainstream adoption. Unfortunately, it appears to be in the average person’s nature to trust third-parties to secure and handle their finances. The burden of responsibility associated with Bitcoin seems incompatible with this behavioral conditioning. We can address this is by expanding the design space of self-custody to account for the expectations of future users. It’s possible to replicate and improve on the security assurances of centralized services without compromising users’ sovereignty. Novel concepts such as reactive security using vaults or social recovery methods that leverage multi-signature schemes and timelocks can assuage the perceived risks of self-custody. Collaborative services can provide co-signing features that limit the exposure of user funds to hot key compromises while preserving their spending authority. The tradeoffs usually associated with involving third-parties in custodial arrangements no longer hold in the context of Bitcoin. Improving user experience to reflect this change can positively shift incentives toward self-custody. Social Layer Next in the hierarchy is the social layer. Beyond value and money, data is the next great battlefield of our time. A free society is incompatible with the pervasive centralized platforms that have taken hold of the internet as we know it. Individuals should be able to communicate and coordinate with other market participants in ways that uphold the permissionless tenets required of censorship resistance. Without control and sovereignty over their data, Bitcoiners have their work cut out for them. Censorship risks stifling progress and the adoption of Bitcoin for those that need it most. The arrival of Nostr radically changes the course of things. We are offered an opportunity to reimagine the exchange of information on the Internet and remove central points of failure. The value-enabled web can introduce a new set of incentives which challenges the status quo and frees the next generation of internet users from the shackles of centralized platforms. Financial Layer The financial layer, positioned above, represents the set of tools and services allowing economic agents to transact and enter into contracts at scale. Much ink has been spilled lately about the uncertain road ahead.1 Extending the trust-minimized properties of Bitcoin to billions of users is no trivial matter. The pace of technical innovation in that regard is promising but it’s clear that any solution will have to involve careful socio-economic engineering. Despite the interest in exotic technical proposals that promise to address every concern, it’s unlikely that we’ll stumble on any silver bullet that doesn’t come with its own set of tradeoffs. There is no free lunch. An entire financial infrastructure must be developed based on the same incentive alignment principles that make Bitcoin possible.2 The key here is to avoid trying to replicate existing systems but, rather, build something new and so superior that it obsoletes the fiat alternative. Market Layer At the very top is the market which emerges from the individual actions facilitated by the underlying layers. The departure from the fiat paradigm will require an adequate replacement for the rules and standards that make up the fabric of modern trade. Trade laws and fiat courts should be replaced by global protocols where liquidity is borderless and prices aren’t at the mercy of state interference. Proposals like CivKit illustrate how the hierarchy we’ve outlined can culminate into a stack that meets the requirements for market actors to congregate and participate in trade. Utilizing Nostr as a communication layer, CivKit users can engage and exchange in a permissionless and non-custodial manner through Bitcoin-native contracts. A Web-of-Trust system is integrated to enable various actors to provide adjudication services, all while preserving the privacy of every participant involved. The path to transcendence The challenge that lies ahead is to actualize each layer of this hierarchy without undermining the one below. Realistically, we are only scratching the surface of things required for an individual and its collective to flourish within the context of a full-fledged Bitcoin economy. Sometimes lost in the scope creep of technical matters is the behavioral shift required to achieve this. It’s important to return to the first principles approach that guided Satoshi’s hand. The human component must be placed at the center of everything that we build.

Theirs build jpeg vending machines Ours build computers We do a lil magic 🎩

Bitcoin's hierarchy of needs Market layer ^ Financial layer ^ Social layer ^ Custodial layer