https://www.zerohedge.com/crypto/china-selling-seized-crypto-top-coffers-economy-slows-report
haha trading ban
i think that this is the headwind that #bitcoin is currently facing, governments are using it to shore up their balance sheets, when shitcoins go down, people cash out, or at best they sell bitcoin to shore up their balance sheets
the fact that gold is going up though is bullish for bitcoin in the medium term, some number of the goldbugs are gonna dump their yellow metal for the orange coin, and i don't think we have seen the end of this gold rush by far, because if trump reshores industry that means they have to export and keep the dollar down which means that everyone else will be dumping dollars to buy something else... which is also going to mean bitcoin, probably, after gold and then silver
there's a circular logic to all of this but the most strong sign is that if the dollar stops being a reserve asset, then what else could step up to take its place, other than gold, but bitcoin
bitcoin is inflating slower than gold is, so it's inevitable
https://www.zerohedge.com/personal-finance/its-main-streets-turn-restore-american-dream-us-treasury-secretary-warns-wall
as i commented before from nostr:npub1a2cww4kn9wqte4ry70vyfwqyqvpswksna27rtxd8vty6c74era8sdcw83a 's commentary on the US trade deficit and tarriffs because of USD reserve currency status
there is a conflict here that is going to not play out well for the trade00rs in wall street - and notice this article briefly refers to them as degens (ha, funny that)
but this is the thing, Trump has also said that he would not see the USD deprecated from reserve status
you can't solve for these two problems at the same time
unless you forget this stupid USD and switch to #bitcoin - which we are told to "have fun playing with"
so, is the script simply, "we pretend to try and MAGA and then when the stock market crashes and everyone's bank rugs their savings we then say, 'see, we told you so, now back to the regularly scheduled broadcast'"...
that's not gonna work, sorry plutocrats, you want to burn down the house with war, next, i suppose, like you did last time 100 years ago
that's not gonna work either, all your agitating for commie equity diversity shit has led to a situation where nobody's interested in having a war with their trading partners
which means that the plutocrats are gonna start playing REALLY dirty at this point
and we know they have ample radical islamist and nationalist goon sleeper cells ready to unleash hell on europe, and china communism, the darling of the plutocrats, is ready to unleash hell on everyone else outside of europe thanks to the giant funnel of money that they have been pumping them with to maintain their structural integrity, and yet on that side as well, china people are not really gonna be that easy to pull into the war, it may lead to a cultural counterrevolution where they start saying "bùyào"
one of the biggest problems with the whole constellation of culture that sprang out of the seed of #bitcoin is this
that everything needs a peer to peer, flat architecture
the internet is a thriving business environment and it functions with a minimal consensus on protocols like HTTP and similar, small specifications
it is composed out of various sized infrastructure from single VPS services to clusters to dynamic cloud hosting to large scale, distributed, pubsub/replicated architectures like you see with facebook, twitter, amazon, and the rest
similarly, to achieve anything out of the constellation of bitcoin/lightning/nostr we have to think about architecture the same way
build stuff to work as a single unit, then create mechanisms to replicate across clusters and distributed and make services redundant, rinse and repeat
there is no great mysteries in this, but people think there is because of how in their mind it seems like bitcoin came out of nowhere
a) it didn't come out of nowhere, there is a whole constellation of technologies and mathematics behind it that satoshi combined
b) the need for it was obvious to people for at least a decade before it happened (i was in communities that perceived this need also back in those days)
bitcoin's consensus is a real one-off, it's extremely rare to find any system design that enables such broad collaboration, and its scalability has been the main problem... it's broad scale and coherent, it allows unlimited participants, it is basically invulnerable to corruption
but...
it can only keep a small amount of data, it has limits on how fast that data can become canonical and distributed, and these limitations all are tied to the fact that it is a global consensus
in actual fact NOTHING else needs a global consensus, this is the error of thinking of shitcoins and the error of thinking of the centralised infrastructure plays like amazon, microsoft and google
it just requires a good, solid set of protocols and a competing ecosystem of developers aiming to outdo each other in quality, performance and capabilities
stop thinking in terms of building the social network equivalent of bitcoin
we don't need it
that would be a very dull conversation... 1-4 megabytes of data every 10 minutes? that's not even enough for an audio stream except maybe a single voice encoded in speex codec or something
inconsistency is good, we want the network to be a hive of competing and cooperating small units of various scale
social communication is not a common good, but money is
social communication does not need a consensus, or, more exactly, it can use any kind of consensus that suits your purposes, as it already is being done with
what we #nostr devs are here to do is not so much create a global social consensus, as a means to have your own little village in cyberspace
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