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FOU
freeonlineuser@primal.net
npub1myh7...mpph
#Bitcoin ₿ is humanity’s best hope - Brisbane #Austrich
When bitcoin exchange rates reduce, bitcoin doesn't devalue, its value is concentrated. The work that created every bitcoin in the market has already been proven, it will never reduce, it will never cease to have taken place. This is why 1btc=1btc is often and correctly stated during times of short term volatility.
If the satellites went dark, and the undersea communication were destroyed, bitcoin networks would run independently on each continent. All transactions would be processed by local miners but in regions with less miners the transactions would initially be slow until the difficulty adjustments corrected for this. It would take around a month for a continent with only one percent of miners to adjust back to ten minute blocks. When finally the divided networks rejoin, a process known as a reorg takes place. The 'longest chain' the network with the most mined blocks is adopted by all nodes, the shorter network is discarded but transactions on these short chains are not lost. These transactions are put back into the mempool ready to be confirmed again by the longer chain network of miners. The dynamics here are amazing to me, larger mining operations in smaller regions will turn off, knowing that their mining reward bitcoins will vanish when the chains rejoin. Hobby miners can keep a functional bitcoin network running after some time passes and difficulty reduces. Gaming this out this scenario helps understand not only how resilient the bitcoin network is, but also just how bitcoin works and why it is designed the way it is.
Investor Joseph Kennedy Senior, sold all of his stocks and investments right before the 1929 stock market crash that introduced the world to The Great Depression. While not causing the crash, a high profile investors selling is potential fuel for contagion. Weakened after WW1 this depression caused the UK and a number of other countries including Australia and Canada to suspend the gold standard never to return, to support their economies with 'financial stimulus' money printing. Joseph Kennedy Sr. made large financial investments at these bargain basement prices, cementing his families fortune. President Roosevelt then made Kennedy the first chairman of the US Security Exchange Commission SEC in 1934 the same year that the Gold Reserve Act was passed, restricting individuals from owning gold. And he passed the first law preventing insider trading.
@Cory 🦢 Swan you may want to review potential image cropping issue with substack mobile, reminds me of nearly every top gear episode. image
#bitcoin is the first and only 'risk on' AND 'risk off' asset
Every time I notice little steps have been taken to remove my online freedoms and privacy, I take little steps in the other direction and gain them back.
Memorising a seed phase is worth the effort. After you can recall it easily, it's the feeling you have a new skill, like juggling or learning to drive.
I think future nostr users could have extra privacy, if the protocol allowed generation of new npubs from the master nsec, like bitcoin receive addresses. It would make tracking and direct marketing difficult. There would be challanges, as right away searching for npubs would be broken.
I recommend watching the independent movie 'Mr Fantastic'