Read_806 – A Measure of Sacrifice, Part 1
“From an engineering perspective the mechanical clock with its novelty, the escapement, was by far the more important invention. In terms of its impact on contemporary temporal relationships, the mechanical clock and sandglass were of similar importance. The main innovations were the restructurings of the relationships themselves. Chief among these was the time-rate wage, which played a leading role the economic revolution that started in the late Middle Ages. — During this era physically coerced labor gave way to worker choice; serfdom and slavery succumbed to the time-rate wage.” ~ Nick Szabo
In this episode, we dive deep into the fascinating history of timekeeping and its revolutionary impact on society and our economy. Join me, Guy Swan, as we explore “A Measure of Sacrifice” by Nick Szabo, uncovering the profound connection between the evolution of clocks, the concept of proof of work, and our modern understanding of value and fairness. Don’t miss this journey through time—right here on Bitcoin Audible.
Check out the original article at A Measure of Sacrifice | Satoshi Nakamoto Institute. (Link: https://tinyurl.com/4dhej9dc)
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Read_805 – Dear Crypto & Fiat Bros
“Whether you’re a rekt crypto bro or a friend of fiat, there is one thing that is especially difficult to accept. The one thing that sets Bitcoin apart: it all works without anyone in charge.”
~ Gigi
The crypto and fiat bros of the world are likely in shock as Bitcoin, once again, has not died. Once again, rallies toward all time highs despite the clear “unbacked tulip mania bubble” that it really is if you ask the typical fiat and crypto minded. I think it’s valuable to go back to a piece written by the ever-thought provoking mind of DerGigi in the very heart of the bear market. How could it be so clear that we were headed back here? What could lead to such conviction? What do we understand, that others don’t? Find out in today’s excellent read.
Check out the original article at Dear Crypto & Fiat Bros. (Link: https://tinyurl.com/5n9byjh9)
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“Sometimes the questions are complicated and the answers are simple.”
~ Dr. Seuss
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Read_804 – The Past, Present, & Future of Offline Payments
“It might feel as if the promised future is perpetually out of reach, but building Lightning is a lot like climbing a mountain. Climbers never really see the summit until they’re standing on top of it. They often can’t even see over the next ridge. Planning the ascent is important, but most of the time you’re simply concentrating on the next foothold. But the steps add up. Just like the view from the top is the reward for all that effort, a brighter monetary future will be our reward for building the network bit by bit.”
~ Roy Sheinfeld
Today we dive into a short read covering an interesting technical challenge, but touches on a hint of truth that makes for a fascinating commentary to follow. It is easy to get lost and see where Bitcoin’s potential hasn’t lived up to impossible promises, but its critical that we not lose sight of where we have come from. To have a perspective rooted in reality weighing our progress from where we actually came, not lost in a foolish expectation and comparing to a falsely remembered past. Let’s dive into a great little piece from Roy Sheinfeld, CEO at Breez.
Check out the original article at The Past, Present, and Future of Offline Payments. (Link: http://tinyurl.com/mtmvatbx)
Mentioned in the episode
Chat_093 – P2P Payments for the World with Roy Sheinfeld (Link: http://tinyurl.com/3cv2ux2x)
Read_793 – How DigiCash Blew Everything (Link: http://tinyurl.com/2s49yer8)
Read_766 – Spiderchains, Proof of Stake L2. (Link: http://tinyurl.com/2vybksr8)
Chat_092 – Second Coming of the P2P Web (Link: http://tinyurl.com/37n6426t)
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“We can complain because rose bushes have thorns, or rejoice because thorns have roses.”
~ Alphonse Karr
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Read_803 – Inflation in a HyperBitcoinized World
“Izzy said there could be inflation in a hyperbitcoinized world. And she’s right. Calm down, maxis, calm down! Explaining why this is true sheds light on yet another of Bitcoin’s quasi-magical properties and paints our hyperbitcoinized future an even rosier shade of orange. This is good for Bitcoin.”
~ Allen Farrington
This may seem crazy, heretical even, but inflation can occur in a hyperbitcoinized world. How could that possibly be? When there’s only ever 21 million BTC? Is this nothing but fiat nonsense, or does it clarify an important distinction while at the same time revealing the absurdity of a major keynesian economic model? Listen to Allen Farrington’s 2021 piece on the topic today to find out.
Check out the original article at Inflation In A Hyperbitcoinized World (Link: http://tinyurl.com/yeyp6mk4)
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“It’s the questions we can’t answer that teach us the most. They teach us how to think. If you give a man an answer, all he gains is a little fact. But give him a question and he’ll look for his own answers.”
~ Patrick Rothfuss, The Wise Man’s Fear
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Read_802 – How Inflation Destroys Civilization
“The foregoing considerations are by no means an exhaustive account of the cultural and spiritual legacy of fiat inflation. But they should suffice to substantiate the main point: that fiat inflaiton is a powerhouse of social, economic, cultural, and spiritual destruction.”
Fiat inflation is more than a hidden tax on everyday folks—it’s the fuel for the worst parts of our system, feeding both the war monster overseas and a creeping police state at home. It fosters a culture where impulsive, harmful choices are rewarded, punishing those who live sensibly and plan for tomorrow. It’s a thief that strips us of our wealth, our values, and our spirit. Dive into today’s must-read from Jorg Guido Hulsmann at the Mises Institute, and see the society rotting symptoms of the fiat disease.
Check out Jorg Guido Hulsmann’s article:
How Inflation Destroys Civilization (Link: http://tinyurl.com/3xbzx6r5)
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“Don’t pay attention to ‘authorities’, think for yourself.”
~ Richard P. Feynman
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Read_801 – To Dust You Shall Return
“During the peak transaction fee times over the past month, our example transaction would be dust even for .001 BTC. That’s a little less than $50 at current market conditions. This feels incredible. 100,000 sats suddenly turned into dust. Gone. Unusable. This is terrifying.”
~ Joe Rodgers
While we have a short respite from the crazy fees that have hit the Bitcoin world recently, there couldn’t be a more important time to discuss the cost of moving UTXOs and just how to manage your bitcoin balances so they don’t get swallowed by high fees. Have you analyzed your bitcoin balances and transactions to know where you stand? Have you consolidated your weekly purchases? Don’t let your bitcoin turn to dust, listen to today’s episode to learn how to protect yourself.
Check out the original article at To Dust You Shall Return. (Link: http://tinyurl.com/kmuw7bn9)
Links to other things mentioned in the shownotes
Bitcoin Audible – Read_791 – Rethinking Lightning (Link: http://tinyurl.com/3j8yke2d)
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“The reason most people fail instead of succeed is they trade what they want most for what they want at the moment.”
~ Napoleon Bonaparte
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Read_800 – Mining Misinformation – How the UN Misrepresents Bitcoin Mining
“For too long, the world has had to endure the fallout of subpar academic research on bitcoin mining’s energy use and environmental impact. The outcome of this bullshit research has been shocking news headlines that have turned some well-meaning people into angry politicians and deranged activists. So that you never have to endure the brutality of one of these sloppy papers, I’ve sacrificed my soul to the bitcoin mining gods and performed a full-scale analysis of a study from the United Nations University, published recently in the American Geophysical Union’s Earth’s Future. Only the bravest and hardest of all bitcoin autists may proceed to the following paragraphs, the rest of you can go back to watching the price chart.”
~ Margot Paez
The battle for common sense in Bitcoin regulation and understanding of its energy use and environmental footprint may not ever be winnable, but in the course of the war on garbage research, if from time to time we get entertaining and scathing articles like this one from Margot Paez that tears apart their research… maybe it’ll all be worth it.
A major shout out to btcpolicy.org for their incredible work.
Check out the original article at Mining Misinformation: How The United Nations University Misrepresents Bitcoin’s Energy Use (Link: http://tinyurl.com/43f4ubtr)
For the other links and references shared in the angry rant following the read
The Latest United Nations Study on Bitcoin Mining is Fundamentally Flawed (Link: http://tinyurl.com/4utdzs2n)
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“Forming your worldview by relying on the media would be like forming your view about me by looking only at a picture of my foot.”
~ Hans Rosling
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Read_799 – Nostr Wallet Connect – Bitcoin App Collaboration
“NWC is useful for far more than simply integrating Lightning into Nostr applications as well. The entire design philosophy of Nostr itself as a protocol was centered around keeping it simple enough that the entire protocol could be easily implemented correctly by any developer with minimal time and resources. Applications that have nothing to do with Nostr can easily integrate NWC or similar protocols with almost no overhead or complexity to address the underlying issues of how to connect a Bitcoin wallet with their application without having to build it directly into the app.”
What if some of the biggest improvements in security, decentralization, and the power of Bitcoin and its app ecosystem, isn’t a new OP_CODE or functionality of the bitcoin client, but instead the utilization of something completely separate? What if we can use Nostr, or other decentralized protocols, as identity and coordination layers for Bitcoin apps, so new applications can quickly and easily communicate, and connect to other devices and wallets, without the incredible overhead and complexity that this usually entails? This, is Nostr Wallet Connect.
Check out the original article at Nostr Wallet Connect: A Bitcoin Application Collaboration Layer. (Link: http://tinyurl.com/3w7fe7nf)
References in the commentary
NWC.DEV – Nostr Wallet Connect (Link: https://nwc.dev/)
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Brian Trollz on X (Link: http://tinyurl.com/yksvbn7k)
Brian Trollz on Bitcoin Magazine (Link: https://bitcoinmagazine.com/authors/shinobi)
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“It occurs to me that our survival may depend upon our talking to one another.”
~ Dan Simmons
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Read_798 – Quantum Computing’s Reality Check
The main promise of quantum computing is the ability to solve problems far faster than classical computers, but exactly how much faster varies. There are two applications where quantum algorithms appear to provide an exponential speed up, says Troyer. One is factoring large numbers, which could make it possible to break the public key encryption the internet is built on. The other is simulating quantum systems, which could have applications in chemistry and materials science.”
~ Edd Gent
Is Bitcoin destined to fall when quantum computers make their debut? Is the encryption that underpins the entire design of the system at risk this year? This decade? This century? What is the real story behind quantum computing and is there anything we can know from looking at the industry today and where it has, or has not succeeded, in living up to its many promises? Find out in today’s episode.
Check out the original article at Quantum Computing’s Hard, Cold Reality Check Hype is everywhere, skeptics say, and practical applications are still far away. (Link: http://tinyurl.com/4xsrz2y3)
References made in the show
The Debt Doesn’t Matter (Link: http://tinyurl.com/mr2msz9a)
#014 A Million New Devs with Hope TS (Link: http://tinyurl.com/tztpez55)
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Edd Gent on X (Link: https://twitter.com/EddytheGent)
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There is only one kind of shock worse than the totally unexpected: the expected for which one has refused to prepare.”
~ Mary Renault
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Read_797 – The Next Big Thing Will Look Like a Toy
“One of the amazing things about the internet economy is how different the list of top internet properties today looks from the list ten years ago. It wasn’t as if those former top companies were complacent – most of them acquired and built products like crazy to avoid being displaced.
The reason big new things sneak by incumbents is that the next big thing always starts out being dismissed as a “toy.”
~ Chris Dixon
Why do so many miss the biggest innovations and most revolutionary technologies sitting right in front of their eyes? Sometimes, like Bitcoin, it is such a drastic change, or solves something so fundamental, that many aren’t even aware of the problem. It simply doesn’t fit in their worldview. But far more often disruptive technologies are dismissed because they find their first footing in a small, obscure, or purely explorative niche… in other words, they get mistaken as a toy, until they change the world.
Check out the original article at The next big thing will start out looking like a toy. (Link: http://tinyurl.com/3av4vk4d)
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Chris Dixon on X (Link: https://twitter.com/cdixon)
Read Write Own – Building the Next Era of the Internet Book (Link: https://readwriteown.com/)
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“All big things come from small beginnings. The seed of every habit is a single, tiny decision. But as that decision is repeated, a habit sprouts and grows stronger. Roots entrench themselves and branches grow. The task of breaking a bad habit is like uprooting a powerful oak within us. And the task of building a good habit is like cultivating a delicate flower one day at a time.”
~ James Clear, Atomic Habits
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Read_796 – Stranded – How Bitcoin is Saving Wasted Energy
“One night during my visit to Bondo, Carl asked me to pause as the sunset was fading, to look at the hills around us: the lights were all turning on, all across the foothills of Mt. Mulanje. It was a powerful sight to see, and staggering to think that Bitcoin is helping to make it happen as it converts wasted energy into human progress.”
~ Alex Gladstein
Can you imagine what it may be like to lack access to the most basic necessities like electricity, only to finally have the opportunity to turn your lights on as the sun sets, due to a room of computers, hashing away for the Bitcoin network? Alex Gladstein of the Human Rights Foundation brings us another incredible piece on how Bitcoin is freeing both the persecuted people and the wasted energy on the African continent. Not in some theoretical sense or some future hypothetical scenario, but today for real people. If you listen to any articles this week, this is the one not to miss.
Check out the original article on Bitcoin Magazine: STRANDED – How Bitcoin is Saving Wasted Energy in Africa. (Link: http://tinyurl.com/357c7f3p)
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HRF (Link: https://hrf.org/)
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“Sovereignty is not given, it is taken.”
~ Mustafa Kemal Atatürk
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Read_795 – Bitcoin is Dead (Long Live IBIT)
“To put it simply, there are now corporations with billions of dollars of investment in not just the asset, but the ecosystem. Mining is a huge economic drain on the system, and all it accomplishes is censorship resistance. If censorship resistance isn’t worth tens or hundred of billions or dollar per year to the corporations; they will find a way to end it. When they do try to end it, they can point to the ETFs enduring appeal and ignore any constitutional brinkmanship from OG Bitcoiners who threaten to reject the new rules or sell their stacks.”
~ Achim Warner
Does the approval and potentially massive success of the Bitcoin ETFs in the west change the incentive dynamics of the Bitcoin system? If the BlackRock ETF becomes the dominant form of liquidity for Bitcoin purchasing among the millions of fools who do not understand or care about its value or ethos, does this open a path to remove bitcoin’s mining process completely, as censorship resistance becomes nothing more than an arbitrary cost? Is this the inevitable end for Bitcoin given a long enough amount of time for the ideology that protected it to be watered down, until it is unrecognizable?
Find out in today’s read and the Guy’s Take to follow
Check out the original article at Bitcoin is dead (long live IBIT) by Achim Warner. (Link: http://tinyurl.com/2xresf8y)
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“The first principle is that you must not fool yourself, and you are the easiest person to fool.”
~ Richard P Feynman
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