bitcoin

Article Version: https://europeanbitcoiners.com/rfi-response-climate-implications-ofdigital-assets/
Original : https://t.co/UCh2TUurGd

RFI Response: Climate Implications of Digital Assets - Bitcoin Policy Institute

USDT Losing its Peg! Lol 

Bitcoiners understand that Bitcoin is our only solution to fix the money. Diversifying in crypto is a false belief since it comes always with a cost of complete failure or worse rugpulls. Despite the failure rate there is also more to the Bitcoin only approach also lived on european bitcoiners: Trust.

Satoshi developed a system which is self-evident in a way that is impossible to replicate. Therefore trust in other crypto assets than bitcoin is non existent as each of them is lacking the unique properties of Bitcoin, which are already set in code for the next hundred years to come. Some might not see the full economic potential of a finite monetary supply, but what we see today is the transparent issuance and perpetual audibility of the blockchain. What our goal should be is to accelerate the the voluntary transition to the yet to be most hard asset on the planet.

We need you to spread of hope, educate and start orange pilling to make humanity aware of THE solution. We will live in a multi currency environment for the decade to come but what pains as a bitcoiner to see is that the dominance of Bitcoin is around 42 percent as of May 2022. This means that Bitcoin could easily double if there was a coordinated effort to exchange shitcoin to bitcoin. However for this to happen people must come to the right conclusions: There is no second best bitcoin and it is our only solution to fix the money.

Think about the cause, not about the profit. Hyperbitcoinization will be one of the biggest advances for humanity in the 21st century just being based on 21 million coins, proof of work, the strength in number (vires in numeris) and the freedom to share information. Bitcoin may not be to the liking of different organisations, companies or individual actors in the global picture, but bitcoin is a free to join monetary network and a bottom up approach from the people to the people. Bitcoins timeline is the most calculable part of  a unpredictable world, therefore we have trust in our economic machine of truth.

You will have trust in satoshi too after having understood what fractional reserve banking, debt, the cantillion effect and (hyper)inflation is based on. Namely debt that creates artificial demand that creates artificially increased prices that requires more debt to pay for the artificial prices caused by the artificial demand caused by debt.Bright minds, extraordinary characters, strong opinions, contrarians, idealists are trying to change the world for the better — all those and more make up the loose collective we might call bitcoiners. But care most be take on the naysayers and related FUD as well as polictics: Restriction in our freedom to transact, to save and to remain private are at stakes. Governments are already telling that certain kinds of mathematics and open-source software is illegal.

This is how far Bitcoin and Satoshi progressed with the idea of sound money from the people for the pople. We must aim to bundle our strength into Bitcoin as it is our only hope as a famous economist once said:

“I don’t believe we shall ever have a good money again before we take the thing out of the hands of government, that is, we can’t take them violently out of the hands of government, all we can do is by some sly roundabout way introduce something that they can’t stop.” F. A. Hayek

There is no second best Bitcoin - Simon Satoshi (EuropeanBitcoiners.com)

Lawmakers seek AI-based checks of all message content & images directly on users' devices.

Critics say this is an attack on the digital privacy of correspondence and leads to mass surveillance. German Chaos Computer Club protests against the planned "chat control" law in an open letter. Says it is a "fundamentally misguided technology" and an "unprecedented surveillance tool". 
https://t.co/wU9LzUCHNL

EU Commission is expected to publish the draft law on "chat control" tomorrow. 

BTC at $32.8k ! BTFD Stack those Sats!

https://twitter.com/BitcoinMagazine/status/1523330470590787585?s=20&t=yZiE5at_jYjj8ddYlzm1jg

French African colonial central bank sent Central African Republic’s President a letter stating its Bitcoin adoption will have a "significant negative impact" on the colonial franc system.

https://europeanbitcoiners.com/the-power-to-hodl-a-bitcoiners-perspective/

HODL - You may come across this acronym, but the true meaning of holding on to your satoshis for dear life will only be realized after understanding the road to hyperbitcoinization.
Hyperbitcoinization depicts the Bitcoin network becoming the global settlement layer for trustless transfer of value in an uncensorable manner. However there will be resistance in various forms as this means giving away the power to control the monetary supply for governments. This monetary supply is basically what makes holding bitcoin special. No matter what: 1 bitcoin will always be 1/21 milllionth of the value stored in the network and will only become more scare due to the halving events every four years.

The perspective to hodl onto your bitcoin will be thought by some as a way to generate a profit due to the fiat price increase of BTC. However from a bitcoiners perspective hodling appears differently. First and foremost we understand that Bitcoin is the unevitable democratisation and digitalization of money and value. Secondly we understand  that the price discovery in fiat terms will be a bumpy rollercoaster. Hodl means to be blind for the fiat exchange rate of your BTC. However what it does not mean is that the price of BTC is irrelevant.

The fiat exchange rate is ultimately our measuring stick to see how far hyperbitcoinization has progressed. The genesis of Bitcoin in itself is a zero to one moment after which it can not be undone. However hyperbitcoinization is the zero to zero moment, where Bitcoin started with a value of zero leading to fiat being of value zero. Embracing this concept will lead to the conclusion that no matter what, the price of BTC will rise as it will become the black hole of the financial world.

Ultimately the Bitcoins system of sound money will prevail, but the length of the struggle to get there will depend on our actions today. Therefore bitcoiner strictly obey the rule number: You never sell bitcoin. After being a veteran bitcoiner you understand that this hodling through the dips, crashes, news, tweets is just what builds a (bitcoiners) character. Our measuring stick for personal wealth is the satoshi balance which increases day by day through our daily charitable act (DCA) to the system of sound money.

The power to hodl means to self-custody your coins knowing that humanity will need to wake up or is woken up by the force of bitcoin's price discovery.
At the time of writing bitcoins fiat exchange rate is falling, but our BTC balance is constant and increasing. By the time most of humanity has woken up from the legacy fiat system, strong hands with the low time preference mindset are well ahead stacking satoshis and can build back better on a standard that treats everyone equal. There is no one that can withdraw your right to HODL BTC.

In the end HODLING will be the greatest tool to accelerate hyperbitcoinization since no one can stop you to decrease the available supply of BTC.
This will lead to increased perception of scarcity, the most distinct feature of bitcoin. The fiat price will follow supply which follows scarcity beautifully implemented by satoshi in a way that is slow to be felt but fast to be understood. And that is the power of a bitcoiner: Understanding the monetary framework and embracing it, while potentially suffering in fiat terms during the transition process for a greater social good.

For further reading on the daily charitable act of the DCA Army that will drive price to new all time highs and a more detailed mathematical model of hodling the following two articles are suggested:

https://bitcoinmagazine.com/markets/the-hodl-model
https://bitcoinmagazine.com/markets/dca-army-drives-1-million-bitcoin-price

PS: RULE 2 - KEEP YOUR COINS OF EXCHANGES! 

The Power to HODL: A Bitcoiner's Perspective - by Simon Satoshi (European Bitcoiners)

Bitcoin Europe Meetup Update: Belgrade, Serbia - 8 May 2022

https://home.treasury.gov/news/press-releases/jy0768

- Its suspected that Blender often relied on Wasabi coinjoin as part of their mixing procedure
- more than $500M worth of bitcoin have gone through Blender since 2017

U.S. Treasury Issues First-Ever Sanctions on a Virtual Currency Mixer, Targets DPRK Cyber Threats

THE AFRICAN CONTINENTAL FREE TRADE AGREEMENT CAN SUCCEED WITH BITCOIN 

Its the same. Doesnt need spamming. And here its a discussion on some other views.

https://bitcoinmagazine.com/culture/african-free-trade-can-succeed-with-bitcoin - Bitcoin Magazine

What do you guys think?

Even though there is this AfCFTA, the monetary colonialism from the french Franc CFA might cause a lot more trouble than anticipated, nearly controlling 14 countries.

Argentina's Central Bank has blocked banks from offering Bitcoin just days after the nation's 2 biggest banks announced plans for Bitcoin services. (could be linked to the IMF baillout in March 2022 - link attached)

“FIAT” MINDSETS IN A BITCOIN WORLD (Bitcoin Magazin - by HEIDI PORTER ) 

Why Bitcoin? Bitcoiners' argument for PoW (by Simon Satoshi for European Bitcoiners)

For the same reason it has been updated to a new one today @EuropeanBTC21 on twitter. The bird site sucks!

Original article on EuropeanBitcoiners.com : https://europeanbitcoiners.com/why-bitcoin-a-bitcoiners-argument-for-pow/

'Absolute mathematical Scarcity' achieved by consensus in a sufficiently decentralized distributed network was a discovery rather than an invention. It cannot be achieved again by a network made up of participants aware of this discovery since the very thing discovered was resistance to replicability itself.
Decentralized systems, by definition, do not have a single source of truth. Satoshi's discovery was to build a system that allows all participants to zero in on the same truth independently. Proof of work is what allows this to happen.


The point of 'Proof of Work' is to create an irrefutable and immutable history. If two histories compete, the one with the most work embedded in it wins. The chain with the most work is the truth, by definition. Computational work requires energy which is the foundation for the security of bitcoin. PoW makes the cost of writing a block extremely high and the cost of verifying its validity extremely low, almost eliminating the incentive for anyone to try to create invalid transactions. If they tried, they would be wasting electricity and processing power without receiving the block reward. Bitcoin can thus be understood as a technology that converts electricity to truthful records.

In Bitcoin, work is computation. Not any kind of computation, but computation that has no shortcut: guessing. There is no shortcut because there is no progress. Every guess stands on its own. The beautiful thing is that the computational work itself is embedded in the solution leading the generation of a new block. The work is implicit in the data due to the probabilistic nature of guessing a large random number. Therefore your private key for your cyber vault is so hard to guess that your BTC are safe to hodl.

Other mechanisms, such as proof of stake, don't have this property. You can never be sure that what you are looking at is actually the truth since there is no external cost to create an alternative truth. Basically it is money out of thin air = fiat. Computation is the only bridge between the realm of information to the physical realm. When dealing with information, all we have is information and the transformation of information: computation. Computation requires energy. Energy is the bridge. Energy is real. Therefore Bitcoin has an inherent energetically value costly to produce and is inelastic to increased demand for sound money leading to verifiable scarcity.


Other mechanisms, such as proof of stake, don't have this property. You can never be sure that coin XYZ  is actually sound money since there is no external cost to create an alternative truth, which is basically a cryptographically fiat system based on the discovery of bitcoin. Additionally Proof of stake has plenty of other problems, such as fair validator selection (who decides?), naturally centralizing effects (more stake = more reward = more stake), and having no natural resistance to timestamp manipulation attacks, for example. Not to speak of the huge premines, venture capitalist, leverage traders, rug pulls and so forth.


This leads to question of whether proof of work computation is wasteful or not can't be asked without understanding the problem it solves. Understanding the problem of trust properly will lead you to the conclusion that there is no other way to solve it in a trust-less manner with proof of work. It decentralizes the selection process, creates physical proof of what happened, has real externalized costs, and decentralizes time. Thus, the question becomes: How useful is trust-less digital sound money? Is it worth the energy expenditure?

For a Bitcoiner the societal benefits of sound and censorship-resistant money leads to the conclusion that it is well worth the energy in relation. Therefore you can not argue about proof of work with a real bitcoiner.  Proof of work is not only useful but absolutely essential. Trustless digital money can't work without it. You always need an anchor to the physical realm. Without this anchor, a truthful history that is self-evident is impossible. Energy is the only anchor we have. Proof of work means to trust in physics and mathematics whereas proof of stake trusts humans to determine what happened. Bitcoin is therefore rooted in computational power, whereas fiat is rooted in military power. History made it very clear what humans will do with power and ingenuity. The days of clipped gold coins, unlimited spending on wars and unlimited money supply debasing the peoples value of time and savings shall have passed.

The halving based monetary policy enforces the rule that every 210 000 blocks the supply inflation or else block reward gets halved. Ultimately this leads to a constant base money supply of less than 21 million coins and a final debasement of your precious satoshis with 1 satoshi or else a 100 millionth BTC every 10 minutes.

This concept is what we call Nakamoto consensus. People that agree with this social consensus are true bitcoiner. Our goal as bitcoiner should be the spread of hope for sound money since the BTC share of total extractable value is still miniscule. We are all satoshi and demand free(dom) money for free people. Rules instead of rulers with a single satoshi as the standard unit for measuring value. Your act of stacking sats is the greatest proof of your work and the value you have already created for mankind. This is our bitcoin standard for the current epoch of digitalization and technological progress.