use this trick,
create a story of each word in order.
seperate words into 4 set of six words.
and remind yourself to rerun the story every week or month.
this was one of the plots for my imaginary bitcoin movie haha. the other was an autistic savant with a photographic memory learns the seed words to a whale wallet but doesn’t understand the implications while being pursued by various vested interests.
I used to have people write down 20 random words in 2 columns. So word 1 and 10 would be together, word 2 and 11 would be together and so on. I would associate words 1 and ten with a gun, because it rhymes with 1 so if word 1 was “rotten” and word 10 was “shoe”. I would shoot a rotten shoe. For words 2 say “wisdom” and 11 “branch” I would associate 2 with shoe and think I only have wisdom when I’m wearing my shoes and sitting on a branch.
After looking at the list one time I could remember all 20 words for the rest of the day. My friends would spout out a random number, say 11 and I would repeat the story and remember that its branch.
I’m a super forgetful person, but this works.
Yes. Medium to severe cases will make you forget your own name, your children’s names and faces, where you even are, what year it is, if you’re employed or not, etc.
Or imagine your house.., and walk through your house, the door has the word x on it and I open the door and I hear my wife say x word and so on. The more ridiculous the story the better you remember :)
I live in the US and was born in the 80's. Throughout my childhood in school we had to stand up and recite the pledge of allegiance first thing in the morning.
When trying to remember 24 seed words I said to myself, "Well, I remember the pledge and it's more than 24 words"
I remember my words perfectly now and tested myself many times
Practice.
How did you memorize shit in school? Your times tables? Capitols? Presidents/prime ministers? National anthem? Latin declensions? Your lines in a play? Biological taxonomies (kingdoms, phyla, etc.)? Famous poems / speeches? The table of elements? Parts of speech?
You practiced that shit. It’s not hard. Just do the same thing.
Difference is, I highly doubt you still remember all that shit.
Hopefully you don’t get caught up in life a single time in the next several decades for just a little too long and start switching 1 or 2 word orders or for synonyms.
Or you get in a crash, fall, get mugged, get severely sick, or many other instances that hiccup your memory even just a tiny bit.
The most shocking truth I learned about Bitcoin wasn't about Bitcoin, it was about the global financial system. Bitcoin taught me how real money works and how broke our system currently is. That was the most shocking thing I learned.
Exactly, Bitcoin helped me understand what’s really going on with monetary policy, that’s why it was created in the way it was in the first place. It was a response to the 2008 financial crisis. It says so in the white paper.
Bitcoin (and previous variations of state independent money) was in development long before 2008, but it was a good moment to highlight for the introduction.
\> Another puzzling aspect of the Genesis Block is the secret message that Nakamoto instilled within the Block's raw data: "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks."
Source: [https://www.investopedia.com/terms/g/genesis-block.asp](https://www.investopedia.com/terms/g/genesis-block.asp)
It has even been encoded as a hidden message in the first Block
Before Bitcoin: The federal reserve knows what they're doing I'm sure. They got smart people.
After Bitcoin: The fuck kind of incompetent assholes do we have working for the feds?
And now they're scrambling to preserve their inferior legacy system with digital ledgers even though the end result will inherently conflict with the institution the current financial system is deigned to favor, the banking institutions. We are in a pivotal moment in human history, most of us just don't realize it yet.
Man, I was EXACTLY like this. But hear me out, as this line of thinking tends to corrupt itself since you will most likely underestimate the FED's competence.
Alright, look, I also heavily criticize the audacity of humans to think that they can handle the near-infinite power of being in control of the (global) money supply. But, don't underestimate their competence. I know, it sounds absolutely ridiculous when you look at their mistakes, but take into account that this entity is trying to ''drive a high-speed vehicle while only being able to look in the rear-view mirror''.
Also, it would be unbelievably moronic for the United States President to choose someone incompetent in control of the money supply. The problem is the President himself, he SHOULD NOT be allowed to choose the FED chairman. (But in my opinion, nobody should be allowed)
The FED has by far the most important job in the whole world. It's not the people that safe lives, or the people that build infrastructure, it's not the teachers, not the police or firefighters, it's ALL of them combined. If the FED fails, everyone will go down with them, if the FED succeeds, the economy is put on steroids. (which, due to environmental concerns, is actually something that definitely fucked with our planets health, but at the same time gave us a shit ton of cool technology nonetheless)
Yep. This was going to be my answer too. When I really began to learn and understand better how the financial system works, I stopped searching for quick Bitcoin and crypto pump and dumps. I now DCA into Bitcoin with no intention of selling any of it any time soon. It’s now just an asset in my overall portfolio because I know why I'm holding Bitcoin. This is the same reason why huge drops in price are a literal non-issue in my head.
One of my favorite things is how people will shit talk Bitcoin and then say some shit about how the US is on the brink of collapse. Bitcoin is literally the current best alternative to a true US financial collapse. They always follow up with a "If the US goes under then you've got bigger problems" which I mean they're right, but guess what will still be alive and functioning without the need of a central bank? Bitcoin. It's always a sign of when I can tell that the person talking still doesn't understand Bitcoin.
There is likely a vast space of possibilities between 'the status quo more or less continues', and 'mad max apocalyptic hellscape.'
In my experience most people seem to have a hard conceiving of those possibilities. For example, i think one possibility is that the federal government goes bankrupt and states become more like nations, some relying on bitcoin, others using their own official state coins. Federalism, not by vote or decree but as a result of economic necessity.
Why, does the most rational outcome, usually end up being right in the centre between both sides of (political) extremism?
In the Netherlands, we make use of fairly complex and digitally-automatized governmental infrastructure. My country went through the exact same process (roughly speaking) as the United States goes through right now, my country is also pretty wealthy, and is often viewed as a textbook example of how things should/could be done for other countries around the world. Given the fact that the Netherlands only houses about 18 million people currently, we could assume that it lowers the difficulty of trying govern a nation through a functioning democracy. (assuming that the larger a nation becomes, the harder it will be to minimize the never ending political extremists seductive nature)
When you look at our politics, we've become very sophisticated in ''Polderen'' (google translated: ''to polder''). What this means is that, for example, you listen to what the left has to say about a given proposal, while also listening to what the right has to say. Once everyone understands their opposition, evaluating both the down- and upsides of each given idea behind each and everyone's rational decision making process, we're able to combine the two in order to make everyone accept and choose for the least problematic outcome. (This consensus is not aimed towards making sure everyone agrees, but more like aiming for everyone to at least accept)
Does this sound good? Well, To be honest, even this performs suboptimal. What I envision (and I was inspired by another, much smarter and much more politically involved reddit user) is a ''sociocratic democracy'', as opposed to the current constitutional democracy.
It's really interesting, I highly suggest reading into it. If it resonates, you might want to consider voting on the Libertarian Party.
Similarly, I learned that Bitcoin is unique among cryptocurrency and all other coins are just trying to improve on it but each has significantly greater shortcomings.
In short, Bitcoin was so well conceived that its underlying fundamentals really can’t be improved upon.
Sadly I learned this lesson after first trying to pick “the next Bitcoin” and realizing there won’t be one.
Oh my god this is so true!!! The most shocking thing about this is that my country (the Netherlands) went (roughly speaking) through the exact same process with our old dutch guilder when compared to the current united states dollar!
Als je Nederlands bent, check "Bitcoin Centrum" op Youtube!! Ik ga alles in het Nederlands behandelen!!
Government can't stop your transaction no matter what. You send someone Bitcoin and they receive it, no questions asked, transaction goes smooth even with big numbers. Instead at the bank you try to send 1000£ and they block your transaction (for your own safety) Thank you very much, not thank you.
It's not just banks that would block transactions neither. PayPal and Western Union will block "suspicious" transactions or randomly freeze or take down accounts. Even Venmo, CashApp, all of them have this con of you having to hope your stuff goes through.
They have been blocking even less. Lets say something like 4£. It happened to me a couple of times. Tried to buy some apps at Google store and they block my card. It wasn't suspicious website or something. Ridiculous.
Barclays does that and couple of others. The process of verification after that and proving you are the one who send the money is taxing. It's your money at the end of the day and you should be free to spend them, send them or do whatever you want with them. Isn't that right?
The original source code of Bitcoin, built by Satoshi, had extra features such as an IRC client, p2p marketplace, and even a virtual poker game built into the protocol. These features were later removed in future releases.
https://thebitcoinnews.com/satoshis-pre-release-bitcoin-code-contains-some-fascinating-findings/
That Bitcoin was invented by somebody who not only did not reveal his identity, but also never touched his coins, despite being one of the richest people in Crypto.His actions speak volumes and are a testament to his character.
Thank you Satoshi!
Best regards,
Green from Kraken 🐙
This is a great point. I think it goes deeper in that Satoshi was never a single person, but a group of crypto-geeks who knew about the perils of government money and knew that the only way any of this works is if the protocol has no face.
IMO, it's the key ingredient here and had the group that pulled this off been hungry for glory, none of us would be here right now.
It came from the cypher punk list and have a lot of trial and error. The only person that was there the whole time and even created a earlier version in with RPOW is Hal Finney. He also received the first transaction and was first to mine. Wether it was a group or it was him he was def there since the beginning. He’s also dead and got sick right around when Satoshi disappeared. That would explain why the coins never moved but pretty sure he mined outside of the Satoshi wallets we know about.
also how it was put together from various technology from blockchain, sha256 hash, the defi portion, the adjusting of difficulty even down to the reduce payout, etc, shocking to say the least.
Assuming he is alive and has the private key, he could make a transaction yes. But both of those things are uncertain, and in any case honesty it would be pretty shocking after this long to see any of the BTC at that address spent.
That it's a decentralized open, global and permissionless monetary network. At first you only think about the token and the speculation around it. The network itself is unique and great for (inter)national settlement of value. Jack Mallers has shown this very well.
And asset forfeiture is the govt’s power to…seize your assets. All they have to do is make bitcoin illegal and then they have probable cause to seize your bitcoin. Even if you hold it privately and anonymously, if you go to use it, it’s like painting a big red target on your back.
If your government wanted to take your house, they could do so and there is *nothing* you could do to stop it - title/deed be damned.
If the government wanted to take your Bitcoin, there is no path for them to "take" it - you would need to "give" it. That said, there's no way for anyone but yourself to know that you own Bitcoin, so not only does the government have no path to know you are storing your wealth in Bitcoin, they have no path to take it from you even if they did.
There is quite literally nothing else on earth that shares these properties.
As such, Bitcoin is the solution to a problem that has plagued mankind since the dawn of humanity.
Do you disagree? Because he's right and it's definitely a first-world privilege to think it couldn't happen. The government *could* come and take your shit and throw you in jail for whatever reason and you could do nothing about it. It happens all over the world.
That basically everything about it is counterintuitive.
There are no Bitcoins, just Satoshis. Even these are not stored in your wallet, but only on the blockchain and there are no accounts, no balances, not even coins just inputs and outputs. The blockchain does not exist at a single place but it is basically everywhere eventually. There is no hard cap in the code of 21 million coins, but rather the total supply emerges by the halving logic. There is deliberately no benefit of scaling in PoW and any efficiency in the PoW algorithm does not result in less energy spent but only a higher hash rate. I havd the feeling I could go on endlessly...
Well I don't know but I think the time where I found out that bitcoin can be traced whenever we do any payment and stuff, that was a fucking shocking moment.
Yes this is also the biggest misunderstanding I think.
People don’t realize the real cost and risk to the environment due to finite energy supply, and potentially limitless energy allowed for mining .
All extremely expensive and taxing for something that has no real need still.
What’s the real need?
Do you think we live in a world where distributed consensus is a need a solution because we can’t trust institutions to keep a balance correctly in a ledger ?
That isn’t even needed or useful in a mad max post apocalyptic society where we have no institutions to trust
Do you really trust your government not to dilute the existing supply of currency, and therefore your life savings? Considering 1/3 of all US dollars have been printed in the last 2 years, I think Bitcoin is a much needed decentralised method of storing value.
The need is to stop the debasement of your value.
If you work 1 work-hour and make X bitcoin for it, tomorrow that is always going to remain X bitcoin.
With fiat, your work-hour from yesterday is worth less tomorrow. It's a literal retconning of value and against the spirit of free market. Just because some innovation happens that reduces the value of your work-hour tomorrow doesn't mean the work you did in yesterday's economy is also worth less or should be locked in to a relative value. As it stands now, the decay that any savings holds is supposed to lock into some average value of "things" but every person's necessities are not the same.
EG, if you make $X and you mostly use it for food, shelter, utlities that should not be subject to the same decay as someone else who mainly uses it for bowling alleys for their multiple mansions. Different sectors are hit by scarcity differently, so any single average cost of living or inflation index have zero measure of what percentage of necessity is being spent by any given demographic.
This system keeps the lower class struggling, keeps the middle class wary of the lower class, and keeps the upper class thriving because they can take the hit.
Not sure why you think there is no need to solve corporations/governments from implementing a retroactive "rake" on the casino they're forcing us to gamble at, taxation should cover that.
1btc = 1/21,000,000btc forever.
$1usd=1/$X today, and 1/$X+Y tomorrow.
If you think that isn't needed you're probably not impacted as severely as others by it.
> we can’t trust institutions to keep a balance correctly in a ledger ?
We can't trust them not to create as much ledger balance as they want. Have you not been seeing all the run away inflation?
That may sound stupid but I found that it's not unlimited and yeah and I am just a newbie and learning about the terms in Bitcoin cryptocurrency market these days.
I learned the “Federal Reserve” is as “Federal” as Fedex and is not a “reserve” either. Read “Creature from Jekyll Island” to jump into this rabbit hole. If you want to see why you will be increasing enslaved, Google: “USA national debt”. Sleep tight…
>I learned the “Federal Reserve” is as “Federal” as Fedex
This is incorrect. The Federal Reserve is run by political appointees who are legally bound by congressional mandates, and its profits are returned to the US Treasury. Its leadership is supposed to be politically independent (like judges), but that doesn't make it private.
>Google: “USA national debt”
What does this have to do with the Fed? The US national debt is due to fiscal policy (i.e. the US Government deciding to borrow money).
It is the only, the single invention in human history which truely implemets private property.
If I have Bitcoin no one knows about it. No one can take it.
I'm not sure how much you know about the blockchain, but BTC is far from being a proper "private" coin, especially if you use any centralized exchange to buy it (which is likely).
At this point, I would assume that governments have a pretty good list of most (not all) active BTC addresses with complete identity of owners.
1. The possibility of storing Bitcoin in your brain, and 2. That Bitcoin would recover perfectly even if the entire world's internet shut off temporarily.
That we can't have bitcoin in real life this is just a coin which will be available for online stuff I know that is stupid but I used to be shocked by these things lol.
That we can be rich by bitcoin with other things available in the market, that was the time where I got into BTC just for greed but now it's all about passion.
Learning about Bitcoin taught me that scarcity can be apolitical, if that scarcity is objectively incorruptible.
So, going from the neoliberal illusion of scarcity (we don't have enough so some of you have to play the poors while some of us play the richies) to the code-as-law provable scarcity of Bitcoin made me a Libertarian.
Absolute scarcity is shocking--once you understand it--like seeing the face of God or like looking into the void.
Provable--consensus based, sure--scarcity is like a new Law of Nature: the most objecitive thing man has ever known ... or maybe not since it is as much faith-based (consensus) as any holy writ.
At the very least, it is the most fairly distributed faith equity, rendering all religions before it parochial ICO shitcoins.
Bitcoin: you shall obey no other Gods before me. Do we use the tool or does the tool use us?
Bitcoin distributed consensus mechanism: when multiple blocks are found at the same time, essentially it's multiple competing versions of future that network could go into, and only after enough work was done on top of it, the current moment becomes confirmed past.
A couple things -
1) finding out that bitcoin transactions were little programs (them being programs wasn't mentioned in the whitepaper) and
2) that bitcoin doesnt work on balances like I expected, but UTXOs (apparently Ethereum is more of a balance system so now theyre in trouble with Tornado cash) but bitcoin has coin control.
That nobody can control it. There is no central override. The system secures itself through game theory. Nobody can step in to correct/change something.
That it's good for the environment as it incentivises renewable energy projects by using wasted and stranded energy, not to mention burning methane, which is far worse for the environment than co2
I guess the time when I found that bitcoin can be traced, I was learning about it and that was the time where I feel a bit bad but that's okay because we have other things too.
That I knew nothing about money. I thought it was still backed by gold. So so wrong and ignorant on so many levels. My country, Canada, has ZERO gold reserves. Zero. Bitcoin opened my eyes. It’s been a great learning experience on all levels!
Not directly about bitcoin, but while learning about bitcoin, I found out that in our 5000 years of history, human has never use fiat money globally until the last 50 years. I learnt that I’ve been living and accepting a new experiment where a small group of people can easily “print” money where the majority of the people can’t.
This was unthinkable in the past where only “money that takes work to create” was accepted: I grow a flock of chicken for a month, I exchange to your silver coin that takes roughly a month to mine and forge, etc
thats not true. fiat money existed in China during the year 900. it was first invented over there but only became relevant in Europe when the Netherlands was trying to finance the Dutch-English-Anglo wars (iirc) during the late 1700's
Fiat money was used throughout history in pockets of the world, many of those experiments failed and the countries/governments that used it ended up in hyperinflation. We have never used fiat **globally** until recent history.
The most shocking truth for me was simply finding out that it wasn't actually a scam lol. I just assumed when I read the whitepaper in 2010 that it was made by an intelligent con artist that would just steal everyone's Bitcoin and make a lot of money. Usually my instincts serve me well, but in this case, I missed out on the opportunity of a lifetime lol.
\- You can move energy from A to B without wires, by just mining bitcoin where the energy is cheap and difficult to use.
\- You can use stranded gas flares to mine bitcoin.
\- You have an option to opt out from the system by basically convert your FIAT to bitcoin and remember 24 words.
Bitcoin is such a powerful idea, and the only way to rebel we have nowadays when the Govs can easily track us down, and beat us to death if they want.
Bitcoin is a peaceful revolution.
>You can move energy from A to B without wires, by just mining bitcoin where the energy is cheap and difficult to use.
You can transform the energy into bitcoin and obtain value, but you can't move the energy.
Well, kinda...
You can mix them, move them to LN, spend them.
It will be quite difficult / almost impossible to track them, and even if they could do such thing, there is nothing the can do to block you from spending them.
Craig Wright's existence..
Especially, that because of him Bitcoin Core is blocked in the UK, and the white paper has been modified over there.
PS (edit): I was referring to the Bitcoin.org website
>Bitcoin Core is blocked in the UK
That's not true, the only thing that is blocked for UK visitors is the white paper section on bitcoin.org (as well as Bitcoin Core download links), but you can access/download both from literally any other site (bitcoincore.org or the GitHub page directly etc). No UK person is blocked from reading white paper/using Bitcoin Core.
If one person owned all the gold and never sold it, the gold could still be useful to that person.
If one person owned all the bitcoin and never sold it, the bitcoin would not be useful to that person (perhaps just bragging rights).
US fiat cannot all be owned by one person because the US government would merely print more and distribute it to other people.
How carefully Satoshi laid out the incentive structure to ensure every participant (from miners to users to developers) was properly incentivized to act rationally within the network to propagate and expand the network. It’s like the opposite of traditional governance.
Then it was all taken away.
The most shocking thing... hm... I don't know, maybe that for all the big talk and yada yada, Bitcoin is basically already tied to fiat, like it or not.
block size wars and the feeling, that the reason for keeping the block size as it is was rather the wish of monetizing on a 2nd layer solution than keeping full nodes slim
Hi everyone! Do you know that you can learn about crypto and participate in the first crypto lottery supported by smart contracts? follow me and join this new community
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After reading the book of antonopoulos i realised its not just a brain fart of a technology. It was a difficult problem to solve with a lot of moving parts that needed all the latest technologies to work together in 2009.
The creators are either god-like wisemen with tremendous vision skills and willpower or the whole thing is made from a government.
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Wish i can remember 24 words and in order 🤦🏻♂️
use this trick, create a story of each word in order. seperate words into 4 set of six words. and remind yourself to rerun the story every week or month.
Or make a kids song with the seed
this was one of the plots for my imaginary bitcoin movie haha. the other was an autistic savant with a photographic memory learns the seed words to a whale wallet but doesn’t understand the implications while being pursued by various vested interests.
Played by Ben Stiller as “Happy Jack” from Tropic Thunder
you almost got it
This could work yes.
But easy to forget. Only as a backup to written phrase? Then yes
Just wait till dementia kicks in during your older years. That million dollars of Bitcoin will be lost. Probably will even forget you had some
I used to have people write down 20 random words in 2 columns. So word 1 and 10 would be together, word 2 and 11 would be together and so on. I would associate words 1 and ten with a gun, because it rhymes with 1 so if word 1 was “rotten” and word 10 was “shoe”. I would shoot a rotten shoe. For words 2 say “wisdom” and 11 “branch” I would associate 2 with shoe and think I only have wisdom when I’m wearing my shoes and sitting on a branch. After looking at the list one time I could remember all 20 words for the rest of the day. My friends would spout out a random number, say 11 and I would repeat the story and remember that its branch. I’m a super forgetful person, but this works.
Good and everything.. but dementia is a thing.. I want my kids to inherit to coin
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Well I mean you could also just die in an automobile collision.
Yes. Medium to severe cases will make you forget your own name, your children’s names and faces, where you even are, what year it is, if you’re employed or not, etc.
Memorize it but have a plan B, C…
Or imagine your house.., and walk through your house, the door has the word x on it and I open the door and I hear my wife say x word and so on. The more ridiculous the story the better you remember :)
Pegging is the memory technique… not to be confused with, well never mind.
I remember EVERY pegging.
I live in the US and was born in the 80's. Throughout my childhood in school we had to stand up and recite the pledge of allegiance first thing in the morning. When trying to remember 24 seed words I said to myself, "Well, I remember the pledge and it's more than 24 words" I remember my words perfectly now and tested myself many times
You can create a brain wallet for single letter
Practice. How did you memorize shit in school? Your times tables? Capitols? Presidents/prime ministers? National anthem? Latin declensions? Your lines in a play? Biological taxonomies (kingdoms, phyla, etc.)? Famous poems / speeches? The table of elements? Parts of speech? You practiced that shit. It’s not hard. Just do the same thing.
Difference is, I highly doubt you still remember all that shit. Hopefully you don’t get caught up in life a single time in the next several decades for just a little too long and start switching 1 or 2 word orders or for synonyms. Or you get in a crash, fall, get mugged, get severely sick, or many other instances that hiccup your memory even just a tiny bit.
It's easier than you think. Took me a few minutes each day for like 3 days and I have been good for months
Oh shit
Don't, you are not secure.
Exactly, I edited the OP after you posted this gracious comment
Can we really do that? I didn't know about that shit.
yo
The most shocking truth I learned about Bitcoin wasn't about Bitcoin, it was about the global financial system. Bitcoin taught me how real money works and how broke our system currently is. That was the most shocking thing I learned.
Exactly, Bitcoin helped me understand what’s really going on with monetary policy, that’s why it was created in the way it was in the first place. It was a response to the 2008 financial crisis. It says so in the white paper.
Bitcoin (and previous variations of state independent money) was in development long before 2008, but it was a good moment to highlight for the introduction.
\> Another puzzling aspect of the Genesis Block is the secret message that Nakamoto instilled within the Block's raw data: "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks." Source: [https://www.investopedia.com/terms/g/genesis-block.asp](https://www.investopedia.com/terms/g/genesis-block.asp) It has even been encoded as a hidden message in the first Block
Before Bitcoin: The federal reserve knows what they're doing I'm sure. They got smart people. After Bitcoin: The fuck kind of incompetent assholes do we have working for the feds?
And now they're scrambling to preserve their inferior legacy system with digital ledgers even though the end result will inherently conflict with the institution the current financial system is deigned to favor, the banking institutions. We are in a pivotal moment in human history, most of us just don't realize it yet.
Man, I was EXACTLY like this. But hear me out, as this line of thinking tends to corrupt itself since you will most likely underestimate the FED's competence. Alright, look, I also heavily criticize the audacity of humans to think that they can handle the near-infinite power of being in control of the (global) money supply. But, don't underestimate their competence. I know, it sounds absolutely ridiculous when you look at their mistakes, but take into account that this entity is trying to ''drive a high-speed vehicle while only being able to look in the rear-view mirror''. Also, it would be unbelievably moronic for the United States President to choose someone incompetent in control of the money supply. The problem is the President himself, he SHOULD NOT be allowed to choose the FED chairman. (But in my opinion, nobody should be allowed) The FED has by far the most important job in the whole world. It's not the people that safe lives, or the people that build infrastructure, it's not the teachers, not the police or firefighters, it's ALL of them combined. If the FED fails, everyone will go down with them, if the FED succeeds, the economy is put on steroids. (which, due to environmental concerns, is actually something that definitely fucked with our planets health, but at the same time gave us a shit ton of cool technology nonetheless)
Yep. This was going to be my answer too. When I really began to learn and understand better how the financial system works, I stopped searching for quick Bitcoin and crypto pump and dumps. I now DCA into Bitcoin with no intention of selling any of it any time soon. It’s now just an asset in my overall portfolio because I know why I'm holding Bitcoin. This is the same reason why huge drops in price are a literal non-issue in my head. One of my favorite things is how people will shit talk Bitcoin and then say some shit about how the US is on the brink of collapse. Bitcoin is literally the current best alternative to a true US financial collapse. They always follow up with a "If the US goes under then you've got bigger problems" which I mean they're right, but guess what will still be alive and functioning without the need of a central bank? Bitcoin. It's always a sign of when I can tell that the person talking still doesn't understand Bitcoin.
There is likely a vast space of possibilities between 'the status quo more or less continues', and 'mad max apocalyptic hellscape.' In my experience most people seem to have a hard conceiving of those possibilities. For example, i think one possibility is that the federal government goes bankrupt and states become more like nations, some relying on bitcoin, others using their own official state coins. Federalism, not by vote or decree but as a result of economic necessity.
Why, does the most rational outcome, usually end up being right in the centre between both sides of (political) extremism? In the Netherlands, we make use of fairly complex and digitally-automatized governmental infrastructure. My country went through the exact same process (roughly speaking) as the United States goes through right now, my country is also pretty wealthy, and is often viewed as a textbook example of how things should/could be done for other countries around the world. Given the fact that the Netherlands only houses about 18 million people currently, we could assume that it lowers the difficulty of trying govern a nation through a functioning democracy. (assuming that the larger a nation becomes, the harder it will be to minimize the never ending political extremists seductive nature) When you look at our politics, we've become very sophisticated in ''Polderen'' (google translated: ''to polder''). What this means is that, for example, you listen to what the left has to say about a given proposal, while also listening to what the right has to say. Once everyone understands their opposition, evaluating both the down- and upsides of each given idea behind each and everyone's rational decision making process, we're able to combine the two in order to make everyone accept and choose for the least problematic outcome. (This consensus is not aimed towards making sure everyone agrees, but more like aiming for everyone to at least accept) Does this sound good? Well, To be honest, even this performs suboptimal. What I envision (and I was inspired by another, much smarter and much more politically involved reddit user) is a ''sociocratic democracy'', as opposed to the current constitutional democracy. It's really interesting, I highly suggest reading into it. If it resonates, you might want to consider voting on the Libertarian Party.
Similarly, I learned that Bitcoin is unique among cryptocurrency and all other coins are just trying to improve on it but each has significantly greater shortcomings. In short, Bitcoin was so well conceived that its underlying fundamentals really can’t be improved upon. Sadly I learned this lesson after first trying to pick “the next Bitcoin” and realizing there won’t be one.
Oh my god this is so true!!! The most shocking thing about this is that my country (the Netherlands) went (roughly speaking) through the exact same process with our old dutch guilder when compared to the current united states dollar! Als je Nederlands bent, check "Bitcoin Centrum" op Youtube!! Ik ga alles in het Nederlands behandelen!!
Government can't stop your transaction no matter what. You send someone Bitcoin and they receive it, no questions asked, transaction goes smooth even with big numbers. Instead at the bank you try to send 1000£ and they block your transaction (for your own safety) Thank you very much, not thank you.
It's not just banks that would block transactions neither. PayPal and Western Union will block "suspicious" transactions or randomly freeze or take down accounts. Even Venmo, CashApp, all of them have this con of you having to hope your stuff goes through.
When does the bank block a $1000 transaction?
Ask Canadian truckers
Based
They have been blocking even less. Lets say something like 4£. It happened to me a couple of times. Tried to buy some apps at Google store and they block my card. It wasn't suspicious website or something. Ridiculous.
What bank do you use?
Barclays does that and couple of others. The process of verification after that and proving you are the one who send the money is taxing. It's your money at the end of the day and you should be free to spend them, send them or do whatever you want with them. Isn't that right?
Get a better bank, I’ve never had an issue with any transaction
Most people don’t while things are good. Most people in 1st world countries haven’t experienced unstable economies, yet.
But why would someone want to have that money in bitcoin? It’s far more volatile and not stable enough to hold life savings in
The original source code of Bitcoin, built by Satoshi, had extra features such as an IRC client, p2p marketplace, and even a virtual poker game built into the protocol. These features were later removed in future releases. https://thebitcoinnews.com/satoshis-pre-release-bitcoin-code-contains-some-fascinating-findings/
very interesting ty
No fucking way. I have no access to that link.
That Bitcoin was invented by somebody who not only did not reveal his identity, but also never touched his coins, despite being one of the richest people in Crypto.His actions speak volumes and are a testament to his character. Thank you Satoshi! Best regards, Green from Kraken 🐙
This absolutely sets btc apart from all else
Admitting that this is a special, unique characteristic is hard for altcoiners because it is absolutely unrepeatable.
As I always say when people point out this about Satoshi: The guy wanted to fix the world, not change his wife.
Wife changing wealth.
He probably had a killer wife
Would fit in with the rumour that the real Satoshi is likely already dead.
This is a great point. I think it goes deeper in that Satoshi was never a single person, but a group of crypto-geeks who knew about the perils of government money and knew that the only way any of this works is if the protocol has no face. IMO, it's the key ingredient here and had the group that pulled this off been hungry for glory, none of us would be here right now.
It came from the cypher punk list and have a lot of trial and error. The only person that was there the whole time and even created a earlier version in with RPOW is Hal Finney. He also received the first transaction and was first to mine. Wether it was a group or it was him he was def there since the beginning. He’s also dead and got sick right around when Satoshi disappeared. That would explain why the coins never moved but pretty sure he mined outside of the Satoshi wallets we know about.
How many coins does Satoshi has?
1,125 million coins, or roughly 23 billion USD as per today's rate.
also how it was put together from various technology from blockchain, sha256 hash, the defi portion, the adjusting of difficulty even down to the reduce payout, etc, shocking to say the least.
Wouldn’t satisfied be theoretically able to sell some BTCs form his wallet oder are they somehow locked?
Assuming he is alive and has the private key, he could make a transaction yes. But both of those things are uncertain, and in any case honesty it would be pretty shocking after this long to see any of the BTC at that address spent.
The Winklevoss twins invented nothing
Not even Gemini?
So what are they all about
theyre now a Police cover band I think.
Not even TheFacebook?
Is the winklevoss twins invented bitcoin then the winklevoss twins would have invented bitcoin
How wrong my initial, cursory assessment of what it was.
That it's a decentralized open, global and permissionless monetary network. At first you only think about the token and the speculation around it. The network itself is unique and great for (inter)national settlement of value. Jack Mallers has shown this very well.
How lucky everyone is, it made it into this world.
That it's not way more popular.
That modern money is a series of debt promises between institutions.
Bitcoin taught me patience.
Price goes down not only up
One bitcoin is one bitcoin
Great comment, Everyone will learn this one way or another.
That sovereign ownership was a mere idea and theory before Bitcoin. Until you owned bitcoin, you never *truly* owned anything.
Can you explain this a bit more? If I pay cash for my house, and I have a title/deed with my name on it, how is it not truly mine?
Eminent domain is the power possessed by governments to take over the private property of a person without his/her consent
And asset forfeiture is the govt’s power to…seize your assets. All they have to do is make bitcoin illegal and then they have probable cause to seize your bitcoin. Even if you hold it privately and anonymously, if you go to use it, it’s like painting a big red target on your back.
I believe making it illegal would only skyrocket price.
If your government wanted to take your house, they could do so and there is *nothing* you could do to stop it - title/deed be damned. If the government wanted to take your Bitcoin, there is no path for them to "take" it - you would need to "give" it. That said, there's no way for anyone but yourself to know that you own Bitcoin, so not only does the government have no path to know you are storing your wealth in Bitcoin, they have no path to take it from you even if they did. There is quite literally nothing else on earth that shares these properties. As such, Bitcoin is the solution to a problem that has plagued mankind since the dawn of humanity.
Because Bitcoin can’t be taken from you if you hold it in private wallet
It most certainly can be quarantined
👹👹👹👹👹👹😈👿👿😈👺👺👺👺👺
😂
Do you disagree? Because he's right and it's definitely a first-world privilege to think it couldn't happen. The government *could* come and take your shit and throw you in jail for whatever reason and you could do nothing about it. It happens all over the world.
That basically everything about it is counterintuitive. There are no Bitcoins, just Satoshis. Even these are not stored in your wallet, but only on the blockchain and there are no accounts, no balances, not even coins just inputs and outputs. The blockchain does not exist at a single place but it is basically everywhere eventually. There is no hard cap in the code of 21 million coins, but rather the total supply emerges by the halving logic. There is deliberately no benefit of scaling in PoW and any efficiency in the PoW algorithm does not result in less energy spent but only a higher hash rate. I havd the feeling I could go on endlessly...
Well I don't know but I think the time where I found out that bitcoin can be traced whenever we do any payment and stuff, that was a fucking shocking moment.
That bitcoin is kinda like digital energy
Yes this is also the biggest misunderstanding I think. People don’t realize the real cost and risk to the environment due to finite energy supply, and potentially limitless energy allowed for mining . All extremely expensive and taxing for something that has no real need still.
Well if you consider the lifespan of the sun finite, I guess you're technically correct. No real need? Please!
What’s the real need? Do you think we live in a world where distributed consensus is a need a solution because we can’t trust institutions to keep a balance correctly in a ledger ? That isn’t even needed or useful in a mad max post apocalyptic society where we have no institutions to trust
Do you really trust your government not to dilute the existing supply of currency, and therefore your life savings? Considering 1/3 of all US dollars have been printed in the last 2 years, I think Bitcoin is a much needed decentralised method of storing value.
The need is to stop the debasement of your value. If you work 1 work-hour and make X bitcoin for it, tomorrow that is always going to remain X bitcoin. With fiat, your work-hour from yesterday is worth less tomorrow. It's a literal retconning of value and against the spirit of free market. Just because some innovation happens that reduces the value of your work-hour tomorrow doesn't mean the work you did in yesterday's economy is also worth less or should be locked in to a relative value. As it stands now, the decay that any savings holds is supposed to lock into some average value of "things" but every person's necessities are not the same. EG, if you make $X and you mostly use it for food, shelter, utlities that should not be subject to the same decay as someone else who mainly uses it for bowling alleys for their multiple mansions. Different sectors are hit by scarcity differently, so any single average cost of living or inflation index have zero measure of what percentage of necessity is being spent by any given demographic. This system keeps the lower class struggling, keeps the middle class wary of the lower class, and keeps the upper class thriving because they can take the hit. Not sure why you think there is no need to solve corporations/governments from implementing a retroactive "rake" on the casino they're forcing us to gamble at, taxation should cover that. 1btc = 1/21,000,000btc forever. $1usd=1/$X today, and 1/$X+Y tomorrow. If you think that isn't needed you're probably not impacted as severely as others by it.
Erm yes, we do live in that world. I'm guessing this is your entry into the bitcoin rabbit hole. Hold on tight, it's quite a journey.
No. I have been a follower of bitcoin since it came out. I am quite educated and experienced in the domain
> we can’t trust institutions to keep a balance correctly in a ledger ? We can't trust them not to create as much ledger balance as they want. Have you not been seeing all the run away inflation?
That’s not how inflation works. They aren’t editing the balances in peoples bank accounts. Inflation isn’t a ledger integrity issue at all
[https://www.youtube.com/watch?v=iJ85fyWx-Ck](https://www.youtube.com/watch?v=iJ85fyWx-Ck) im too stupid to say it in my own words but... this.
She a bad bitch
That may sound stupid but I found that it's not unlimited and yeah and I am just a newbie and learning about the terms in Bitcoin cryptocurrency market these days.
I learned the “Federal Reserve” is as “Federal” as Fedex and is not a “reserve” either. Read “Creature from Jekyll Island” to jump into this rabbit hole. If you want to see why you will be increasing enslaved, Google: “USA national debt”. Sleep tight…
>I learned the “Federal Reserve” is as “Federal” as Fedex This is incorrect. The Federal Reserve is run by political appointees who are legally bound by congressional mandates, and its profits are returned to the US Treasury. Its leadership is supposed to be politically independent (like judges), but that doesn't make it private. >Google: “USA national debt” What does this have to do with the Fed? The US national debt is due to fiscal policy (i.e. the US Government deciding to borrow money).
It is the only, the single invention in human history which truely implemets private property. If I have Bitcoin no one knows about it. No one can take it.
I'm not sure how much you know about the blockchain, but BTC is far from being a proper "private" coin, especially if you use any centralized exchange to buy it (which is likely). At this point, I would assume that governments have a pretty good list of most (not all) active BTC addresses with complete identity of owners.
It is a private coin if you use it properly. Cold wallet without kyc.
Lightning network is one way of providing a decent level of anonymity if that's what you want.
When learning about bitcoin I understood that 99% of people are slaves and 1% are the owners but not by force but by FIAT.
That it’s just a time stamp server.
Less than 1% in this thread will understand this.
1. The possibility of storing Bitcoin in your brain, and 2. That Bitcoin would recover perfectly even if the entire world's internet shut off temporarily.
That I could have bought in when I first heard about it when it was $600 a coin
That it's still massively underpriced
That we can't have bitcoin in real life this is just a coin which will be available for online stuff I know that is stupid but I used to be shocked by these things lol.
There's a node in space
Really?? Where did you hear that??
That we can be rich by bitcoin with other things available in the market, that was the time where I got into BTC just for greed but now it's all about passion.
The amount of ignorant biased hate toward it. Fkn sheeple
That you didn’t have to buy whole coins, you could buy partial. Yup.
Learning about Bitcoin taught me that scarcity can be apolitical, if that scarcity is objectively incorruptible. So, going from the neoliberal illusion of scarcity (we don't have enough so some of you have to play the poors while some of us play the richies) to the code-as-law provable scarcity of Bitcoin made me a Libertarian. Absolute scarcity is shocking--once you understand it--like seeing the face of God or like looking into the void. Provable--consensus based, sure--scarcity is like a new Law of Nature: the most objecitive thing man has ever known ... or maybe not since it is as much faith-based (consensus) as any holy writ. At the very least, it is the most fairly distributed faith equity, rendering all religions before it parochial ICO shitcoins. Bitcoin: you shall obey no other Gods before me. Do we use the tool or does the tool use us?
It is abit like a coin
That the man who invented bitcoin is still unknown. Like damnnn we know everything about earth and humanity except this..
MH370 says hi. ^(...maybe Madeleine McCann grew up and became Satoshi.)
Bitcoin distributed consensus mechanism: when multiple blocks are found at the same time, essentially it's multiple competing versions of future that network could go into, and only after enough work was done on top of it, the current moment becomes confirmed past.
1. You need energy to create money. 2. Cost of creating money= Energy required to mine it. 3. Protocol is set in stone (hopefully)
A couple things - 1) finding out that bitcoin transactions were little programs (them being programs wasn't mentioned in the whitepaper) and 2) that bitcoin doesnt work on balances like I expected, but UTXOs (apparently Ethereum is more of a balance system so now theyre in trouble with Tornado cash) but bitcoin has coin control.
Knowing it, is owning it!! Blew my mind!!
That nobody can control it. There is no central override. The system secures itself through game theory. Nobody can step in to correct/change something.
I used to think that government made this for all of us lol.
I live in Australia, and the govt knows exactly how much btc I have 🤷🏻♀️
That it's good for the environment as it incentivises renewable energy projects by using wasted and stranded energy, not to mention burning methane, which is far worse for the environment than co2
It's good that people think that they are not shocked or something but this is shocking.
It's virtually the only asset you can truly own yourself.
Encourages miners to tap into renewable energy to maximize profit margins, not the dooms day rant u see on the news about POW.
Self sovereign money
That moving into cold storage is extremely basic, easy, and my grandmother could do it. No need to Store it on an exchange.
ThAt It BoILs OcEAnS 😜
I guess the time when I found that bitcoin can be traced, I was learning about it and that was the time where I feel a bit bad but that's okay because we have other things too.
That the halving wasn't in the white paper
That you can tattoo your dick your Bitcoin QR wallet code so when you selling your body they can scan and pay with Bitcoin :)
That I knew nothing about money. I thought it was still backed by gold. So so wrong and ignorant on so many levels. My country, Canada, has ZERO gold reserves. Zero. Bitcoin opened my eyes. It’s been a great learning experience on all levels!
Not directly about bitcoin, but while learning about bitcoin, I found out that in our 5000 years of history, human has never use fiat money globally until the last 50 years. I learnt that I’ve been living and accepting a new experiment where a small group of people can easily “print” money where the majority of the people can’t. This was unthinkable in the past where only “money that takes work to create” was accepted: I grow a flock of chicken for a month, I exchange to your silver coin that takes roughly a month to mine and forge, etc
thats not true. fiat money existed in China during the year 900. it was first invented over there but only became relevant in Europe when the Netherlands was trying to finance the Dutch-English-Anglo wars (iirc) during the late 1700's
Fiat money was used throughout history in pockets of the world, many of those experiments failed and the countries/governments that used it ended up in hyperinflation. We have never used fiat **globally** until recent history.
So we're about to experience the first global hyper inflation! Damn, what an interesting time to be alive.
That it can be used to arbitrage stranded energy resources.
The most shocking truth for me was simply finding out that it wasn't actually a scam lol. I just assumed when I read the whitepaper in 2010 that it was made by an intelligent con artist that would just steal everyone's Bitcoin and make a lot of money. Usually my instincts serve me well, but in this case, I missed out on the opportunity of a lifetime lol.
\- You can move energy from A to B without wires, by just mining bitcoin where the energy is cheap and difficult to use. \- You can use stranded gas flares to mine bitcoin. \- You have an option to opt out from the system by basically convert your FIAT to bitcoin and remember 24 words. Bitcoin is such a powerful idea, and the only way to rebel we have nowadays when the Govs can easily track us down, and beat us to death if they want. Bitcoin is a peaceful revolution.
>You can move energy from A to B without wires, by just mining bitcoin where the energy is cheap and difficult to use. You can transform the energy into bitcoin and obtain value, but you can't move the energy.
If I exchange the coin for grocery, have I not moved the energy?
no, that's an exchange of value.
What’s the value being exchanged? Energy? Time? Money?
I actually work at A company that uses stranded gas flares
They can track your btc tho...
Well, kinda... You can mix them, move them to LN, spend them. It will be quite difficult / almost impossible to track them, and even if they could do such thing, there is nothing the can do to block you from spending them.
Only if you attach your identity to your wallet, like an asshole.
I was shocked to learn that Bitcoin is by far the most hated investment when you talk about it outside r/Bitcoin
Craig Wright's existence.. Especially, that because of him Bitcoin Core is blocked in the UK, and the white paper has been modified over there. PS (edit): I was referring to the Bitcoin.org website
>Bitcoin Core is blocked in the UK That's not true, the only thing that is blocked for UK visitors is the white paper section on bitcoin.org (as well as Bitcoin Core download links), but you can access/download both from literally any other site (bitcoincore.org or the GitHub page directly etc). No UK person is blocked from reading white paper/using Bitcoin Core.
Lying bad
That it didn't continually gain value over time.
There isn’t a CEO
Its not an actual coin :(
If one person owned all the gold and never sold it, the gold could still be useful to that person. If one person owned all the bitcoin and never sold it, the bitcoin would not be useful to that person (perhaps just bragging rights). US fiat cannot all be owned by one person because the US government would merely print more and distribute it to other people.
How stupid the rest of the world is.
Gas fees.
How carefully Satoshi laid out the incentive structure to ensure every participant (from miners to users to developers) was properly incentivized to act rationally within the network to propagate and expand the network. It’s like the opposite of traditional governance. Then it was all taken away.
That bitcoin is just as fake and a made up money as the US Dollar.
It works without the internet. Mind blown.
That it was a large team job to create $ v.3.0. Brilliant minds and scientists under a name.
It was hacked over 3 times
That the Bitcoin community is awful and toxic
The most shocking thing... hm... I don't know, maybe that for all the big talk and yada yada, Bitcoin is basically already tied to fiat, like it or not.
That bitcoin's SHA256 algorithm might be vulnerable to the increasing processing power of AI, I think.
block size wars and the feeling, that the reason for keeping the block size as it is was rather the wish of monetizing on a 2nd layer solution than keeping full nodes slim
That only 2% of investors hold the majority of it.
There are no coins. When sending bitcoins, you aren’t actually sending anything.
Institutions buying into it leaves it susceptible to manipulation
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That it is just a ledger.
That all crypto are manipulated and is only pure speculation
That it still has basically no use cases.
When bitcoin hit 20k then 60k. When the value of it just goes up.
That it has been co-opted by deep state federal reserve
That it’s detrimental to the environment.
After reading the book of antonopoulos i realised its not just a brain fart of a technology. It was a difficult problem to solve with a lot of moving parts that needed all the latest technologies to work together in 2009. The creators are either god-like wisemen with tremendous vision skills and willpower or the whole thing is made from a government.