bartholomeus

bartholomeus@getalby.com

⚡ you'll give everything* and be happy ⚡ (* sats, zaps, hugs, support, love, PoW, likes, shares, compassion, hope) 🧡

Overview Articles Media Highlights

The form of credit an economy uses determines the form of society it produces. The bill of exchange was the credit instrument of a society organized around production; the government bond is the credit instrument of a society organized around extraction.

Over 41 BTC has already flowed through Nostr zaps, proving users will pay once friction disappears.

Nick Szabo identified mental transaction costs as the barrier to micropayments in the 1990s, but he failed to anticipate how UX design could reduce decision complexity below conscious consideration.

The solution to collectivist punishment is to have two realms. The first is the totalitarian realm of politics, of violence, of coercion, of theft, of intimidation, and we have the second realm of view of free interactions, voluntary choices, collaboration, and production. It is always possible to have one foot in each of these realms.

“For White Noise to even be able to credibly compete even closely with Signal, WhatsApp, or Telegram, we've got to build a lot of things, and we've got to do it really well. I think that we do need to shift that conversation away from censorship resistance and talk more about the things that you can only do on Nostr, like getting zaps.”

Gardner’s White Noise project aims for Signal-level encryption capabilities and privacy, but on a resilient open protocol where the servers themselves can be swapped out.

For builders, the lesson is structural: design for a world where you are not around to run it, distribute through channels no single entity controls, encrypt so censors cannot identify it, and resist the centralization that makes all other defenses irrelevant.

For builders, the lesson is structural: design for a world where you are not around to run it, distribute through channels no single entity controls, encrypt so censors cannot identify it, and resist the centralization that makes all other defenses irrelevant.

For builders, the lesson is structural: design for a world where you are not around to run it, distribute through channels no single entity controls, encrypt so censors cannot identify it, and resist the centralization that makes all other defenses irrelevant.

The humans who build these protocols pay real costs: years behind bars and millions in forfeiture. The code they write pays nothing. It copies itself across every willing machine on the network, indifferent to the legal theories arrayed against its creators. The state can punish the hand that types, but it has never succeeded in erasing what was typed. For builders, the lesson is structural: design for a world where you are not around to run it, distribute through channels no single entity controls, encrypt so censors cannot identify it, and resist the centralization that makes all other defenses irrelevant.

The humans who build these protocols pay real costs: years behind bars and millions in forfeiture. The code they write pays nothing. It copies itself across every willing machine on the network, indifferent to the legal theories arrayed against its creators. The state can punish the hand that types, but it has never succeeded in erasing what was typed. For builders, the lesson is structural: design for a world where you are not around to run it, distribute through channels no single entity controls, encrypt so censors cannot identify it, and resist the centralization that makes all other defenses irrelevant.

The humans who build these protocols pay real costs: years behind bars and millions in forfeiture. The code they write pays nothing. It copies itself across every willing machine on the network, indifferent to the legal theories arrayed against its creators. The state can punish the hand that types, but it has never succeeded in erasing what was typed. For builders, the lesson is structural: design for a world where you are not around to run it, distribute through channels no single entity controls, encrypt so censors cannot identify it, and resist the centralization that makes all other defenses irrelevant.

The humans who build these protocols pay real costs: years behind bars and millions in forfeiture. The code they write pays nothing. It copies itself across every willing machine on the network, indifferent to the legal theories arrayed against its creators. The state can punish the hand that types, but it has never succeeded in erasing what was typed. For builders, the lesson is structural: design for a world where you are not around to run it, distribute through channels no single entity controls, encrypt so censors cannot identify it, and resist the centralization that makes all other defenses irrelevant.

The humans who build these protocols pay real costs: years behind bars and millions in forfeiture. The code they write pays nothing. It copies itself across every willing machine on the network, indifferent to the legal theories arrayed against its creators. The state can punish the hand that types, but it has never succeeded in erasing what was typed. For builders, the lesson is structural: design for a world where you are not around to run it, distribute through channels no single entity controls, encrypt so censors cannot identify it, and resist the centralization that makes all other defenses irrelevant.

The humans who build these protocols pay real costs: years behind bars and millions in forfeiture. The code they write pays nothing. It copies itself across every willing machine on the network, indifferent to the legal theories arrayed against its creators. The state can punish the hand that types, but it has never succeeded in erasing what was typed. For builders, the lesson is structural: design for a world where you are not around to run it, distribute through channels no single entity controls, encrypt so censors cannot identify it, and resist the centralization that makes all other defenses irrelevant.

The humans who build these protocols pay real costs: years behind bars and millions in forfeiture. The code they write pays nothing. It copies itself across every willing machine on the network, indifferent to the legal theories arrayed against its creators. The state can punish the hand that types, but it has never succeeded in erasing what was typed. For builders, the lesson is structural: design for a world where you are not around to run it, distribute through channels no single entity controls, encrypt so censors cannot identify it, and resist the centralization that makes all other defenses irrelevant.

The humans who build these protocols pay real costs: years behind bars and millions in forfeiture. The code they write pays nothing. It copies itself across every willing machine on the network, indifferent to the legal theories arrayed against its creators. The state can punish the hand that types, but it has never succeeded in erasing what was typed. For builders, the lesson is structural: design for a world where you are not around to run it, distribute through channels no single entity controls, encrypt so censors cannot identify it, and resist the centralization that makes all other defenses irrelevant.

The humans who build these protocols pay real costs: years behind bars and millions in forfeiture. The code they write pays nothing. It copies itself across every willing machine on the network, indifferent to the legal theories arrayed against its creators. The state can punish the hand that types, but it has never succeeded in erasing what was typed. For builders, the lesson is structural: design for a world where you are not around to run it, distribute through channels no single entity controls, encrypt so censors cannot identify it, and resist the centralization that makes all other defenses irrelevant.

Peace is the first defense. This observation seems obvious until one watches how many people conduct themselves as though inviting attack. The Second Realm operates through discretion rather than display, through quiet competence rather than aggressive posturing. Those who build parallel institutions succeed by not provoking the forces that would destroy them. They do not brag about their activities. They do not challenge adversaries unnecessarily. They maintain integrity in their dealings because reputation is the only enforcement mechanism available when state courts are off limits. Quietness, honesty, and confidence, combined in proper measure, prevent more conflicts than any arsenal.

Peace is the first defense. This observation seems obvious until one watches how many people conduct themselves as though inviting attack. The Second Realm operates through discretion rather than display, through quiet competence rather than aggressive posturing. Those who build parallel institutions succeed by not provoking the forces that would destroy them. They do not brag about their activities. They do not challenge adversaries unnecessarily. They maintain integrity in their dealings because reputation is the only enforcement mechanism available when state courts are off limits. Quietness, honesty, and confidence, combined in proper measure, prevent more conflicts than any arsenal.

Bitcoin's power trendline has grown 169.9% per year since Bitcoin Pizza Day in 2010. Note that this is something akin to a "Lifetime Achievement" figure, and it will continue to fall every day. Over the prior 12 months ending 30 June 2024, Bitcoin grew 105.6% over the year. The compound growth of the power trend today is 45% per year. By 2030 it will fall to "only" 36% per year.

Do you think the growth rate here will be higher or lower? Actually lower, at 10.3% per year. But there is a big asterisk here, as more base money supplies are added in later periods than in the 1970s and 1980s, so it is not as rigorous as the 12.7% figure. In any event, one might expect this trendline analysis to actually be higher in that case, so it goes to show how quickly currency values can fall against the global reserve currency!

And for the high signal, no-noise figure in my attempt to get you to one number to understand how much central banks have compounded their fiat base money stack across 50+ years, that figure is 12.7% per year.

But we should be rigorous. If inflation is an increase in the stock of money, what is a decrease in the stock of money? Does this happen? Well, this is deflation, and yes it does happen. You may be surprised to learn that for two years central banks around the world have collectively been shrinking their balance sheets, and thus we have been in a state of deflation.

Bitcoin is the 6th largest money in the world. In February 2024, it surpassed the monetary base of the United Kingdom, that is its value was larger than the Bank of England's balance sheet, and it remains so to this day.

Bitcoin is the 6th largest money in the world. In February 2024, it surpassed the monetary base of the United Kingdom, that is its value was larger than the Bank of England's balance sheet, and it remains so to this day.

If we consider $26.1 trillion as the Big Boss of central bank money, the figure in totality, then Bitcoin at $1.2 trillion network value indeed has some way to go. We can also imagine how the Pareto distribution occurs even in money, if Bitcoin after only 15 years is already larger than every central bank money in the world except for four of them. Wild to ponder.

However, the all-important monetary metal throughout history that even a child knows about--gold--is still king at around $15 trillion in value, or 6.1 billion ounces worldwide. Note, this does not include gold lost/recycled through industry; in that case, it is estimated that about 6.8 billion ounces of gold have been mined throughout humanity.

As of 30 June 2024, there are four central bank balance sheets larger than Bitcoin: Federal Reserve (dollar): $5.73 trillion European Central Bank (euro): $5.19 trillion equivalent People's Bank of China (yuan): $5.11 trillion equivalent Bank of Japan (yen): $4.20 trillion equivalent

As of 30 June 2024, there are four central bank balance sheets larger than Bitcoin: Federal Reserve (dollar): $5.73 trillion European Central Bank (euro): $5.19 trillion equivalent People's Bank of China (yuan): $5.11 trillion equivalent Bank of Japan (yen): $4.20 trillion equivalent