AMA: Bitcoin

Posted by Eudaimonia 1 year, 3 months ago to Going Galt
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In my relative absence from this forum over the past 6.5 years, I have discovered Bitcoin.
Not "Crypto", Bitcoin.

I've searched the content of this site, and I haven't found a single post referencing it.

That's a problem.

For those of you who don't know me - Hi, I'm Eudaimonia (Rick).

For all you Feds in the audience - Disclaimer: My Bitcoin advocacy is my personal opinion, is meant for educational purposes only, and is not presented as investment advice.

Now that that's out of the way, if anyone in the Gulch is interested in an uninflatable, unconfiscatable, protected by unfathomable security, decentralized, peer-to-peer store of your value and medium of exchange (and I think that you should be), then Ask Me Anything.

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  • Posted by VetteGuy 1 year, 3 months ago
    I have watched bitcoin from afar. I like some aspects, but I am concerned that in a true SHTF scenario, including loss of power and internet. It seems in my scenario, silver, gold, possibly ammo, food and gas could be bartered.

    What is the scenario you are preparing for that you feel Bitcoin is the superior choice?

    Thanks, VG
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    • Posted by 1 year, 3 months ago
      Hey, VetteGuy, long time.

      Thanks for bringing this up, it is a sticking point for a lot of people.

      The Bitcoin network is distributed across the globe: thousand of nodes keeping a copy of the current state of the global ledger, thousands of miners securing the network by ensuring against double spends.
      These nodes and miners are in every country of the world, including China where they've been banned.
      No one government or corporation owns them all.
      They are owned by regular everyday people - like me: I run a node and two miners.

      In order for the Bitcoin network to go down, the powers that be will have to shut down power and internet to the entire planet, all at once, forever.
      In that particular case, yes, Bitcoin is useless - but then we would have other problems.

      In the much more likely case of intentional blackout by region, the network will work just fine and adjust for the missing nodes and miners.
      People in the affected areas can still access the network through packet ham radio powered by generator or solar.
      If available, they can also access the network by Starlink - personally, I think this is Elon's goal.

      Also, in the event of a regional shutdown, offchain transactions can be conducted by bearer assets such as Opendime, or even limited use of the offchain Lightning Network.

      For me, Bitcoin is the superior choice because we are Gulchers.
      Gulchers are not about bunker mentality when SHTF, but Gulch mentality: rebuilding away from the sinkhole.

      Bitcoiners have this same mentality: rather than Gulches, they call their redoubts Citadels.

      Bitcoin was developed by people who knew that SHTF is possible and who have a Gulch mindset.

      The Venn diagram of Gulchers and Citadelers would be really close to a circle.
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  • Posted by mhubb 1 year, 3 months ago
    you cannot eat bitcoin
    you cannot drink bitcoin

    it has no value, unless the other person wants it

    lead, ammo
    water filters
    medical supplies

    all have real value
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    • Posted by 1 year, 3 months ago
      You cannot eat lead.
      You cannot drink medical supplies.
      These are category errors.

      Nothing is valuable to another unless they want it.

      All the things you listed have real utility, as does Bitcoin - a permissionless (no government interaction needed) store of value and medium of exchange.

      If you want to go back to bartering hay for seed stock and desperately hoping that the guy with the seed stock actually wants your hay, you are welcome to do so.

      However, I know of something that can act as a medium of exchange and get you that seed stock more quickly.
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      • Posted by mhubb 1 year, 3 months ago
        some medical supplies are to be drunk

        lead allows you to hunt (you make bullets from it)

        you really need a clue
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        • Posted by 1 year, 3 months ago
          All that effort and inconvenience.

          I’d much rather drink a glass of milk from grass fed cows than subsist on medicine.
          And I’d much rather eat the beef from those grass fed cows than hunt for necessity.

          Thanks to the Beef Initiative, both the beef and the milk can currently be bought with Bitcoin.

          mhubb, I appreciate your perspective.
          You follow your clues, and I’ll follow mine.
          Time will prove out who flourishes.
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