Kracken Will Have Lightning

https://www.google.com/amp/s/www.coindesk.com/kraken-exchange-integrate-bitcoin-lightning-2021%3famp=1

Taking Down the One Percent

We figured out a way to take out the insider class. They are being taken down now silently as bitcoin starts to rise again. Little bitcoiners need to get on board and be on board. People need to ask questions and figure this out. If you don't, you stick with the 1% and you might caught up with the elites on their way out. It's a distributed underground movement of millions working together but you need to be curious, or you just need to pick a side. The swarm or the 1%? Bitcoin is changing the world and it can change it for you, it only takes one pizza worth.

Break Financial Hardship

Many people are struggling this year. It only takes a little knowledge to break out.

Be an Anarchist Bitcoin Saver

 This is peace

Infura Fury

A developer at etheriums main node Geth snuck throu a hard fork and didn't tell anyone about it. Months later Infura, etheriums main data service went down and we are all finding out about it. Two chains, but which is correct? Defi is effected staking is affected. Which chain is the right one? Its Dao all over again but this time I feel the problematic philosophical issues are coming to light. Security by the obscura, not so secure, Infura.

https://www.google.com/amp/s/nz.news.yahoo.com/amphtml/ethereum-unannounced-hard-fork-trying-230144206.html

Are The Great Pyramids a Proof of Work System?

It's a great mystery how people could be so motivated to build the Great Pyramids with bare hands so many thousands of years ago. With the bitcoin blockchain building to similar digital proportions, hash rate and computer farms growing across the world and a sense of permanence appearing in the code and in the blocks, a comparison to the pyramids doesn't seem so far fetched. Early bitcoin provides an element of prestige and a means of staking ones place and having ones say in history.

Could the builders of the pyramids have been individually motivated for similar reasons? If you or your family put a block into the base of a pyramid, generations after you, your grand children and their children could be motivated to also put a block on top in order to build on the legacy. The larger the block the greater the proof of work. The unmarked blocks symbolizing the dedication to the single goal of a cohesive society. Once completed the larger the pyramid the greater the proof of work.  

Here's my meme. I think we need more of them, for societies sake. 

https://imgflip.com/i/4l8rg8

<a href="https://imgflip.com/i/4l8rg8"><img src="https://i.imgflip.com/4l8rg8.jpg" title="made at imgflip.com"/></a><div><a href="https://https://midwaycrypto.blogspot.com/2020/11/are-great-pyramids-proof-of-work-system.html">from Midwaycrypto blog</a></div>

What is Bitcoin's Escape Velocity?

When investment gurus Paul Tudor Jones and funds Micro Strategy are getting in on bitcoin we are at a point where we have to consider where we are on our metaphorical route to the moon. With the price for a full coin at around 10k it can be intimidating, but we are on the satoshi standard now and you can have 100 of them for 1 cent. So as that number bias will fade out. Escape velocity to the next moon I think is approaching and is more about a comparative entry point. Bitcoin, at least as it is now, is a tool for bringing everyday people out of poverty so the escape velocity price is going to be about the moment, what you can afford in one go and the current volatility and price direction. 

At the moment the price is moving generally up but can fluctuate a lot. I don't think many average people would fork out more than 20k for a bitcoin investment in this situation. This means 

Its not scientific, its emotional, but this is what matter as it comparative wealth not just the number that makes the difference. In the face of a 20x bull run from here the stash of sats would be worth 400k something that many people would never be able to save and invest.

When the price starts going straight up the amount people will spend will actually go up, because it seems like a better risk, leading to the moon ramps we have seen. The early investor out paces this though because the commitment value does not increase as much or as fast as the price. 

So the escape velocity is different for everyone. The challenge is getting everyone to feel it before big organisations and governments get in on it at that stage you want to be above your escape velocity line. the best way I would say is to slowly and consistently save The question to be clear on in your own head is, in this moment are you at or above the escape velocity line? Do you have more than 2 BTC or I should say 200 million sats? Maybe a million sats is enough.      

Scam Alert! Scammers Take Advantage of Chamath

 I know he seems generous, but in any case he wouldn't do it like this. Scams can catch the bets of us at the wrong time. Be careful, don't send bitcoin anywhere you wouldn't make a bank transfer to. Chamath Palihapitiya is great, and Elon Musk for that matter, but not so great that he will double your bitcoin for you just for the Social Capital.If it to good to be true, then check the blockchain first and do a thorough web search. 

See details here: https://news.bitcoin.com/btc-giveaway-scam-chamath-palihapitiya-elon-musk-not-giving-away-bitcoin/

NZ Long-term National Bitcoin Strategy

NZ government takes on bitcoin as reserve currency backstop. Purchases a growing bitcoin stash covertly with current account surplus/overseas funds.

After the stash is sufficient a law is passed and announcement is made. Every year the NZD cash rate to redeem bitcoin is set at a certain ratio. Citizens can redeem notes for btc.

If btc goes down, NZD goes down, which is good for exporters. Which leads to increased btc holdings for the next year. This creates a country buying during downward market situation.

If btc goes up, NZD will tend to go up also, but it is not directly correlated. We don't know what the next redemption ratio will be. The government could at the year end set it low, which would wipe out the redemption value of the nzd and control it's price going up too much.

Cash redemption would initially be the only method and would have to be done in person in New Zealand and notes checked for counterfeiting. This would not stop people overseas from doing it themselves overseas and the possibly aggregating in nz before the ratios are reset. Possibly creating more volume towards the end of each period.

This situation can be continued taking advantage of btc movements to support money printing and currency stability. Note there is a two way effect here as the countries own currency fluctuations can move the btc price. It can effectively put a floor on the btc price.

The nzd will next become a crypto currency itself and this would be exchanged for btc in existing markets. At this time the nzd becomes free floating against btc. The ratio can be removed and the government btc stash sold. The country could have made a huge amount on capital gains on btc, printed a lot of nzd and spent it all over and by this stage there is little need for a national reserve as citizens have their own bitcoin.

The Moon after Next

I was listening to an interview with Richard Werner the author of The Prices of the Yen today https://youtu.be/OdYmdKUiQNw and had a a new clearer insight into the likely path of bitcoin in the next few decades. This current bitcoin moon is likely to come from the general public getting in as a safe harbor to the current economic crisis. The one after this had seemed unclear to me, the basic concept of hyper bitcoinisation was there, but before this it wasn't clear how it could be different and on a scale higher again.

The idea that central banks during this current crisis, will create national (or super national) crypto currencies as a way to combat the current economic issues and banking issues. We are seeing this already with the ECB, China and he USA at varying levels. This comes into play in my new idea here as when implemented these countries will gradually eliminate the need for banks as transaction hubs. Using crypto technology this function can be automated. this is something bitcoiners have aspired to do for a while and the enforcement of this by countries will help fast track crypto infrastructure. 

These central bank cryptos will likely have a good amount of success for some time. Eventually however they are likely to run everything into a bubble and create a crisis again, due to conflicts of interest and over spending etc, Like we are seeing now and have seen before it will be bound to happen again and at this moon after next everyone will have some kind of crypto. these cryptos will be interchangeable with bitcoin, banks will be severely diminished and people will all be able to quickly switch to bitcoin. The national cryptos will be transferable and interchangeable with bitcoin because its compatible technology and it makes sense. If some nations try to black list transactions they will get serious negative feed back. At this stage bitcoin becomes the world decentralized central bank.

On the way we should look at developing decentralised local bitcoin banks and micro lending facilities. Hopefully in the next few months will be able to afford it. 

#socialanarchy #socialunion #intercellularpsudonation

What you value is society can be directly reflected in the physical value of society. I've been getting into the anarchist vibe. I think it is more moral to be anti hierarchy. Ultimate responsibility is our own and violence sucks. We can grow this, make a movement with crypto.

100 Exahash Past in a Flash

I did a cartoon when bitcoin reached one exahash and then when we hit two. Now we have blown through one hundred and before I get a chance to post this we are at something like 160. So much for NUDT Tianhe-2, this is leaves the new IBM Summit and Fujitsu Fugaku feeling dusty. See my previous post on this https://midwaycrypto.blogspot.com/2016/01/exahash.html

Check out details on teh current hash rate here; https://www.blockchain.com/charts/hash-rate

HEX

Richard Heart's bitcoin derangement syndrome has resulted in a new ERC-20 crypto-currency with so many pumpamentals.

It is up 93x from its start just a few months ago. Right now for every bitcoin that you have you can get 10,000 Hex worth around $53USD.

https://hex.win/
https://youtu.be/wswrTWqjyMM

DAO

The Decentralised Autonomous Organisation

As the world goes through crisis induced reformation the concept of the decentralised autonomous organisation may take a more prominent role in the future. Existing organisations have failed to distribute wealth fairly and protect us from pandemic. The DAO may have had a shaky start with the  etherium/etherium-classic scandal but with new developments on bitcoin, RSK, Taproot and of course bitcoin the crypto currency itself we should see a movement towards this kind of self organisation. In the future everything could well be DAO.

RGB on Bitcoin Lightning

Coloured coins are now on the bitcoin lightning network.

https://rgb-org.github.io/
https://github.com/rgb-org/spec
https://www.coindesk.com/startups-debut-first-protocol-for-issuing-tokens-via-bitcoins-lightning-network

and learn to use it here
https://medium.com/@danrobinson/understanding-simplicity-implementing-a-smart-contract-language-in-30-lines-of-haskell-827521bfeb4d
also look at Ivy first posted here which can also be used on lightning.
https://midwaycrypto.blogspot.com/2018/01/ivy-easy-smart-contracts-for-bitcoin.html

Breez

Lightning is now making transactions for everyone virtually free. Its a slick looking, easy to use wallet and point of sale system.


https://breez.technology/technology.html

Taproot

Taproot is the new Segwit. Scaleability improvements, on chain multisig and time lock improvements, master keys. P2SH, MAST Schnorr, privacy! It is the next wave of upgrades. People are scrutinizing and testing this and if it doesn't make sense to you, let's just say its looking good. The metaphor says in all. It makes bitcoin stronger and features will make it more institutionally entrenched in a decentralised way. it's in the name, it's like evolving a taproot.

https://bitcoinmagazine.com/articles/taproot-coming-what-it-and-how-it-will-benefit-bitcoin

https://bravenewcoin.com/insights/bitcoin-taproot-privacy-update-on-track-for-2020

Bitcoin Union

Here's an idea in the face of huge money printing by governments devaluing our work. No Bitcoiner shall work for less than 10 Satoshi's an hour. if you have a few already you probably wouldn't need to anyway. With a bitcoin based working union nobody will be able to destroy the value of our fixed forward wage contracts. Its more power to the people. It's a world wide decentralised union.

Collaborative Custody

What is this? Seems weird, but it can be. Bitcoin is the best way to run your commune safely.

https://unchained-capital.com/collaborative-custody/

Bonds vs Bits

With world wide economic turmoil brewing a new battle is coming into frame and it is on a whole new level. US bonds or Bitcoin?

Battle of the Payment Processors

It heating up, Bitpay have a new competitor BTCpay. With all its deployments its open source, its   decentralized and its got lightning! Its pretty cool.

42 Million in 20 42

Is this a price target or a fork proposal? Both are risky to the roasting. Either way its interesting to thin think about long forward dating a plan to create a fork air drop with double the sacred 21 million coins. A planned new forked bitcoin could provide a second tare for features and transactions to whilst adding to pumpability to the original in the preceding years.

B is for Billions

What's the bitcoin price guna be? Billion$

Ironically provided to you with freeware

Transcend Money

Insert psychedelic cartoon. Lots of B. I just found this. You can actually transend money you just need bitcoin.

Image courtesy of this old haters hilarious post. 

Putting The Bitcoin Price in Perspective

Bitcoin Market cap, the total value of all bitcoin, is currently 145 billion USD.

For many people this seems like a lot and at thousands of dollars per coin, it feels like a lot. The numbers just seem silly high, but what is it in reality. People can feel like bitcoin is all about the number, trading and mad gains, but actually many would argue it's not at all.

"Chancellor on the brink of second bank bailout" is written permanently on the first bitcoin transaction. This is a political statement, a social solution, that is a main component of what bitcoin is about.

It is fitting then to use this the bank bail outs as a measure to put perspective to the bitcoin price. The bank bail outs of the financial crisis were for many more dollars than the bitcoin market cap even now. Wikipeadia calculate that all bitcoin is worth less than a quarter of what the bailouts cost.

"The maximum cost of a $700 billion bailout would be $2,295 estimated cost per American (based on an estimate of 305 million Americans), or $4,635 per working American (based on an estimate of 151 million in the work force)."

This is quite a lot per person and most people didn't see a cent of that money. They would have preferred it in their pockets, QE for the people as we say.

Now with the current REPO market issue, the bailouts are happening again, just through a different channel. The Fed have printed 400 billion over the last 4 months. This is more than double the bitcoin market cap, but did you feel it? Did you notice a boost in your back pocket? Likely not. Its more likely you know someone who is feeling plush from there bitcoin savings plan over the last 5 years. They are more likely to help you out to.

In the numbers we can see how this new "money" from bitcoin is making a real difference to real peoples lives.

Why Eth When You Can Tron and EOS?

https://www.google.com/amp/s/blokt.com/guides/eos-vs-ethereum-vs-tron-review%3famp

BItcoin as Retirement Savings

The volatility of bitcoin has effects that we don't yet fully understand. It can be scary and exciting which temps many people to speculation in the short term, but in the long term this tends to fade out. The hodler perspective is long term.

For me I treat my stash of sats like retirement savings.  In a way over the long term the investment performance is more certain and when compared to my regular retirment savings plan, it out performs and has many benifits. in some ways it is more secure. For example in NZ the goverments controls when you can withdraw from your Kiwi Saver scheme, Ie; only to buy your first home, in an emergency or when you retire. These rules can be changed. In addition to this the funds are actually held by banks, who charge fees and have some counterparty risk. This makes two trusted parties.    

Overtime counter party risk with traditional retirement investments adds up and gains from long term investment in bitcoin become more predictable. I think it could become the worlds retirment plan for the new 2020 decade.