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0 sats \ 0 replies \ @Solomonsatoshi 5h \ parent \ on: Bitcoin and the anthropology-economics divide - Natalie Smolenski econ
Interesting read.
Bitcoin certainly is an interesting anthropological phenomenon!
As pointed out by the article sophisticated economy relies upon MoE to enable complexity and Bitcoin now provisions an alternative to the state imposed fiat monopoly that has become dominant.
The state clearly does not want Bitcoin to develop as a serious competitor to their fiat money because their fiat hegemony gives the state and the bankers so much power and leverage.
Power corrupts and fiat money has corrupted our politics and monetary system.
The politicians and bankers have too much power and leverage - restore a free market to money and fix the crony capitalist politics that are destroying our economies and societies!
'The usb can't sign on its own, so it needs to be stuck in a computer. That becomes the risk.'
The USB stick uses the host computers hardware and controls that hardware.
A good quality USB stick used only for this purpose should last many decades.
The signing is done remotely by transferring the unsigned and signed transactions between the online and offline devices.
Agree you definitely want to back up the seed phrase as well as you should with any cold wallet. The seed phrase storage is the most important set of all and often overlooked by people depending on HWs.
Here is one way to store seed phrase cheaply and conveniently- tip if using this method is to use a pdf ebook version and store it in several locations ie usb stick and maybe on cloud/s storage.
https://www.reddit.com/r/BitcoinNewZealand/comments/zyvngp/low_tech_low_cost_secure_seed_phrase_solution/
Learn how to install linux on a usb stick.
https://itsfoss.com/intsall-ubuntu-on-usb/
Learn how to build your own cold storage and how to remotely sign transactions.
https://electrum.readthedocs.io/en/latest/coldstorage.html
Long term and secure cold storage free of third party HW gadgets for under $10.
How does stacking sats unlock productivity?
If bond rates go up the US govt is facing insolvency.
China has won the trade war.
200 sats \ 0 replies \ @Solomonsatoshi 17h \ parent \ on: A Real SPAM solution: People using Bitcoin bitcoin
Most merchants are not interested because of the perception that Bitcoin is a fringe currency and in many places because of the risk of debanking and general FUD around Bitcoin, plus the fact that so few people want to use Bitcoin so the potential for sales using Bitcoin is tiny. Merchants simply do not have sufficient incentive to accept Bitcoin.
If a merchant asks his accountant 'whats involved with accepting Bitcoin' most accountants will advise its not worth the trouble of setting up the required systems.
I believe it is a combination of FUD/misinformation and deliberate obstruction by banks and governments.
Also 70% of humanity live under autocracies and few if any of those autocracies allow Bitcoin MoE.
Of the 30% of humanity who live under so called liberal democracies the subtle but effective obstruction via tax obligations/implications prevents any real MoE use.
Bankers and governments do not want Bitcoin challenging their fiat MoE hegemony and they have succeeded in obstructing it.
So few Bitcoiners are even prepared to admit this problem that it seems unlikely to ever be addressed, let alone solved.
The obstruction of Bitcoin use for MoE is overwhelming.
If you are prepared to break the law repeatedly you can conveniently use Bitcoin for MoE via LN or on chain, but very few people will and even fewer businesses are accepting.
Otherwise in almost all jurisdictions you must record each and every transaction and the fiat price of bitcoin at the time of the transaction and calculate the CGs and tax due- a huge and impracticable obligation for any normal person.
They have made lawful MoE use of Bitcoin for everyday transactions effectively impractical.
The sly but very determined strategy of the fiat debt slavery bankers cartel to obstruct MoE into oblivion is succeeding.
The capture and control via FUD, Taxation, debanking and ETFs is winning.
Bitcoin as a P2P payments protocol is dying.
Too few people understand what is at stake.
Too many 'bitcoiners' are dazzled and distracted by NGU.
If you value the P2P payments MoE freedom Bitcoin provides- USE IT or LOSE IT.
Otherwise the current trend of Bitcoin being increasingly used only as a speculative commodity plaything, mostly held by corporate custodians KYCed and taxed, will continue.
The freedom of P2P payments may be lost and with it the revolutionary potential and true value of Bitcoin.
Children and relationships are more ultimately important than Bitcoin.
My son and wife only 'get' Bitcoin as far as NGU and most people I know don't even get that much of it.
Yes it is frustrating but not worth ending important relationships over.
Do not give up gently educating but some people simply do not have the mindset or inclination to understand Bitcoin to a deeper level.
Stick with it and work toward your loved ones ultimately being capable of understanding Bitcoin while realizing there are substantial forces working against that in the MSM and societal narratives pushed by fiat operators.
The price of debt was steadily and constantly declining from the late 1980s until the end of Covid.
That naturally drove up real estate prices.
That paradigm is now over.
Interest rates cannot rise a lot without triggering collapse of the fiat system, nor can they go much lower without triggering crippling inflation which could in turn collapse the fiat system also.
The end of fiat monetary easing and 'Greenspans put' has arrived.
Real estate prices will stagnate for the foreseeable future, if not decline.
This is not widely voiced, but widely understood by those who are quietly exiting the fiat debt leverage real estate bubble.
Smart woman.
Most people get caught out by the shitcoin hype early on, yet she already sees through it.
You are a lucky man Siggy...and I think you know it.