Guy's Take_091 - The Path of Greatest Pain

I think you misunderstood the fire movement. They're not trying to get a 25x return. They're trying to reduce their spending so that having a nest egg that is 25x their annual spending is easier. And then live a lifestyle that allows them to withdraw 1/25th (4%) every year. The growth they need to sustain that is to merely match inflation. They don't need 25x to do that.

Also, "Bitcoin is already an index of human incentive" is the most insightful thing I've heard in a while. I'm shamelessly stealing that.

As a PNRI, not all of us are stuck in the fiat mindset. I personally am as all in on Bitcoin as I can be until I actually retire. It's my long term savings. It's my checking. My paycheck goes directly into Bitcoin. We are not beholden to our generational ideas. And it is each of our responsibility to question our assumptions. Which has fed my orange pill.

Thank you sir

Thank you sir

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I recently started to re-embrace English football and my beloved Arsenal for the first time since Covid. I had completely stopped watching because of what cunts all pro sports organizations were regarding Covid and vaccines. But yous twos disrespect of @npub16djxdyd6t… has me questioning myself. An American badass like our boy @npub1luwkteu2e… would never disrespect such a hard working man like Jordan. Fucking Brits!!!🖕🖕🖕🔫🔫🔫🇺🇸➕🇨🇦🟰🥇🏴󠁧󠁢󠁥󠁮󠁧󠁿🟰💩

@npub16djxdyd6t… is the fucking man, basically foundation of the show! You 2 brutish cunts better show that man some respect! 🖕🖕🖕🔫🔫🔫🇺🇸➕🇨🇦🟰🥇🏴󠁧󠁢󠁥󠁮󠁧󠁿🟰💩 I was done with the England equals poop emojis. But this one was for @npub16djxdyd6t…!

Yoooo what’s wrong with eating crayons?!?! That’s how I get my daily fruits and vitamins!

I used to drink a lot years ago. Then I was sober for a while and not sleeping much, so then I started smoking a ton of weed. But recently I cut down a lot to try to save my lungs 😂. There’s nothing wrong with munchies, you just need to stock up on healthy snacks like beef jerky, trail mix and fruits. Weed and 🍄are the key to sanity and prosperity of the soul!

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The most bullish conversation I’ve heard in a long while.

LFG!!!!!!!!

V4V🍄💪

Let's test out these different possible probabilities and distributions of what if hypotheticals with Warnet!

Let's do more attacks over simulation to better prepare! I gotta support some good math influencers :)

Yo yo yo🍄💪

Thank you sir

Meant to say filtering. Dyac.

I don't think keeping transactions with op_return > 80 bytes is censorship. In exactly the same way that I don't think letting minors create more than 21 million Bitcoin is censorship. Calling both of those censorship is demagoguery.

Thank you gentlemen for always providing great information. 🫡🍄💪

Thank you for your courage stay safe

Stay safe!

Thank you for your courage

ITM! Thank you gentlemen!

V4V

Hey Chris, I'm not sure which part of what Saif said that you disagree with, but 100% of it is correct. The miners ARE service providers to Bitcoin. They can't change Bitcoin rules. If they try to produce a block that violates the rules, the nodes will reject it. So what is the risk of a 51% attack? It's not changing Bitcoin's rules. It's an attack that happens within the rules. In particular: double spending. Someone with 51% of the hashrate could attempt to respend bitcoin that's already been spent in a prior block, by directing all of that hashrate to producing a longer chain and negating an already produced block. But that is still incredibly hard to do. Suppose the transaction that is being targeted for a double spend is in the current top of chain. To double spend, the attackers have to produce 2 blocks before the honest miners produce one. Those two blocks will become the longest chain and the previous block will be abandoned. If they fail to produce 2 blocks before the honest miners produce 1, now the task becomes harder for the attackers. They have to produce 3 blocks before the honest miners produce 1. And here's the thing: it would be absolutely transparent any time a pool operator succeeded. Because someone who received Bitcoin that was mined into a block would pipe up about having their bitcoin stolen from them. A successful double spend would be huge news. Pool operators may control what template to mine, but they don't actually control hashrate. The individual members of the pool control the hashrate. As soon as a pool operator pulled off a double spend 51% attack, almost all of the invidivuals who provide hash power to that pool would abandon the attacking pool. That attack cost them money. Pool operators have the sword of damocles hanging over their head. There is certain power that they technically have, but as soon as they try to exercise it, they lose that power. I think mining centralization is a risk. And I like what ocean is doing. But I…

We need more of this old school New Yorker energy.

He reminds me of one of my old timer BA’s from my Union, when times were good and the mob was running things!💪💪💪

I like this guy’s firie NY/NJ spirit! 🤣

When I use a hardware wallet, I have my private keys on that wallet. I don't have them on a mobile wallet. So I don't understand what you mean by trusting a mobile wallet when it's paired to a hardware wallet. As far as supporting the show, I didn't even know you existed until you showed up in fountain. And I immediately trusted the fact that it was users sending in their support as an indication that this was a quality podcast way more than fiat marketing. Thanks for not blasting my ear holes with fiat mindset ads.

#40HPW

Thank you gentlemen

“Hit in the face with a wet salmon” 🤣 🤣🤣

ITM! Thank you for your courage! Stay safe!

Re video, it's great when there are visuals that help convey information. But as soon as people do that the audio version suffers and I tend to switch to the video version only. Is there some way to stream sats while watching the link to the video feed?

Thank you sir

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Marty sound board addition is hilarious! 🤣

Merry Christmas gentlemen. Stay humble & stack sats.

LFG!!!!!! USA USA USA 🇺🇸 🤣

V4V #40HPW 🇺🇸🟰🥇🏴󠁧󠁢󠁥󠁮󠁧󠁿🟰💩

Coldcard is shitty UX.

Stay humble & stack sats….. then zap sats! LFG!!!!

Bullish af! LFG!!!!

“All hells gonna break loose and your are gonna need a Bitcoin”

Thank you for your courage, stay safe!

😎

“STAY HUMBLE & STACK SATS”, great advice

Thank you gentlemen

V4V🍄💪, LFG!!!!!

V4V🍄💪LFG!!!!!!

Always love hearing from @npub160t5zfxal… 🍻

Orangeman kept his word. Actually went beyond with full pardon, not just commutation.

Haven’t started listening yet but I’m sending the rest of the sats I have on Fountain to yous twos mother fuckers! LFG!!!! Bouyaka Bouyaka 🔫🔫🔫🍻🍻🍻🍻🍄💪💪💪💪🇺🇸🟰🥇🏴󠁧󠁢󠁥󠁮󠁧󠁿🟰💩

Haven’t started listening yet but I’m sending the rest of the sats I have on Fountain to yous twos mother fuckers! LFG!!!! Bouyaka Bouyaka 🔫🔫🔫🍻🍻🍻🍻🍄💪💪💪💪🇺🇸🟰🥇🏴󠁧󠁢󠁥󠁮󠁧󠁿🟰💩

Haven’t started listening yet but I’m sending the rest of the sats I have on Fountain to yous twos mother fuckers! LFG!!!! Bouyaka Bouyaka 🔫🔫🔫🍻🍻🍻🍻🍄💪💪💪💪🇺🇸🟰🥇🏴󠁧󠁢󠁥󠁮󠁧󠁿🟰💩

Thank you sir

Boosting because I don't want ads.

Love you guys, persistence is key and the math is worth the slow grind.

🫡🍳🥩🍄💪

Thank you gentlemen 🫡 #40HPW

Another good one, I like where the conversation is going with this pod. If bitdevs isn't doing the math, let's just do it here :)

tldr: Bullish.

V4V #40HPW

Bring on the Bitcoin knitting club!

#40HPW

Great rip. Side note: Ian needs a NIP-05.

V4V #40HPW

Hahahaha Jack faces the final podcast boss

LFG!!!!🍻🍄💪

Re: a soft fork, I have posted a question on Matthew Kratter's videos: if we only have 20% of node runners switching to knots why do you think we have sufficient consensus to force the miners to mine the soft fork blocks?

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I'm posting this below the 2000 sat limit because I don't need you to read it on the pod but I know you read all of these and wanted to give a different perspective As a pilot, there are some outcomes that are so catastrophic that we build in lots and lots of mitigations so that we don’t EVER encounter them. An example is fuel. Running out of fuel increases the likelihood of a crash to nearly 100%. Meanwhile the actual incidence of fuel related crashes in commercial aviation is very close to 0. The fact that the incidence is close to 0 doesn’t mean we can safely remove fuel reserve requirements, or proper fuel planning processes. This is how I see the SPAM debate. There are some outcomes (e.g. illegal data in the chain) that are so bad that, even if we haven’t seen it yet, we have to build as many mitigations as possible. If the US government can prosecute the samourai developers despite Section 230, it’s hard to imagine that node operators that knowingly host illegal data would also be immune from prosecution as a way to attack Bitcoin. So we have to build in multiple layers of mitigation to prevent that catastrophe. With Core deciding to open up OP_RETURN to 100k bytes, they’ve taken away one of those mitigations. For me personally, best case scenario: OP_RETURN goes back to 83 bytes and the inscriptions bug gets fixed. Barring that, what is the next best mitigation in order to prevent the catastrophic result of illegal data on the chain? Certainly a soft fork is a far worse option. But it might be the next best option. Still I’d much rather that core come to their senses. If not, that more people run knots - or some other bitcoins that allows for filtering OP_RETURN. Only after both of those fail, would I like to see a soft fork. Because we can’t tolerate the catastrophic result of illegal data on chain.

Thank you sir