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Wednesday, 1 February 2023
Tuesday, 31 January 2023
Bitcoin as the first profitable location independent energy consumer
There is this excerpt we found very profound:
Bitcoin mining is the only profitable use of energy in human history that does not need to be located near human settlement to operate.
The long-term implications of this are world changing and hiding in plain sight.
Before Bitcoin, the problem of energy has never been its scarcity, but only our ability to channel it geographically where it is needed most. Before Bitcoin, that was exclusively where humans lived.
In contrast, Bitcoin’s mining energy is solving a different problem. Because of satellites and wireless internet connections, Bitcoin mining can be located anywhere.
For example, remote, destitute areas blessed with moving water can monetize their natural resource good fortune by creating clean, hydro energy and using it to mine Bitcoin. Thus, Bitcoin can make monetizable isolated energy sources all over the world – like waterfalls, running rivers, or creatable dams – now entirely untapped because they would be cost-prohibitive to connect to electric grids close enough to residential or industrial areas.
In doing so, Bitcoin can fundamentally change the economics of energy by introducing a highly profitable use of electricity that’s location independent.
The world has never had a profitable use of energy that’s location independent. Now it does.
And since fossil fuels are already too expensive to be a profitable source of Bitcoin mining energy, the only long-term, profitable Bitcoin mining will be powered by hydro.
Imagine a future with Bitcoin mining firms, unsubsidized, in extraordinarily isolated locations – visualize a waterfall in a largely population-free part of an African country suffering from abject poverty – easily connected to the Bitcoin network, building serious energy infrastructure to monetize the local clean energy source for mining. However, once the industrial-strength, profitable infrastructure is in place, let’s extend it. Let’s build roads. And housing. And schools. And hospitals. Ultimately leading to human settlement. The net result can be people locating around new, Bitcoin-driven hydroelectric energy infrastructure, with more and more of humanity clustering around cheap, clean energy sources.
Historically, our energy challenge has been to move the power to the people.
With Bitcoin, we can move the people to the power
Consider that the world’s major population centers – think New York, London, Paris, Tokyo – each developed where they are geographically because of natural seaports, waterways, and trade routes. Energy was a nonfactor because placement of these cities was all pre-energy (i.e., pre-fossil fuels). As Bitcoin finances the for-profit development of cheap, clean energy infrastructure on a massive scale, it can lead to a future in which more and more of the world’s population lives near abundant energy with an extraordinarily low marginal cost of production. This matters because cheap energy equals human flourishing. That’s an equation. Cheap energy = human flourishing. Beyond the revolution in monetary policy that Bitcoin already represents, Bitcoin may also represent the biggest catalyst the world has ever known for developing abundant, clean, cheap energy. And, therefore, one of biggest catalysts in the world for human flourishing.
-- an excerpt from the Stone Ridge 2020 Shareholder Letter, its 2-minute version can be found here https://www.2minutebitcoin.org/blog/stone-ridge-2020-shareholder-letter
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Recommended hot wallet for Android?
Title, and yes I know not safe for large amounts of Bitcoin just curious if there's any recommended hot wallet for Android?
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How to Un-KYC my BTC?
I have been buying btc from centralised exchanges since 2020, Binance & OKcoin, now I want to become untraceable for the govt in case in the future they enforce us to sell our btc. What ways do you guys think it’s best to do this? The best I can think of is either transferring my btc to a P2P exchange like Bisq, and then either directly send it from there to a new cold storage device through my node, or just sell it and rebuy the same quantity and send it to a new cold storage through my node. Is this worth it? Or is it better to just leave this accumulated quantity there and, start from scratch and buy a new cold storage device, connect it to my node and start to do DCA in a decentralised exchange?
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Be Bitcoin!
I have an anecdote to share. One of my colleague said to me
- I'm sick of some people around me [family] . Everything I undertake businesswise, ideas, project... they are like going to come and bark to me about every single possible and imaginable scenario which will make me fail and I feel sick of that regular barking because it affect my motivation to start or continue my work.
I told him, then Be Bitcoin!
- What do you mean?
Since Bitcoin came to the world, everyone kept on barking and barking and barking and barking against it. And yes, there are always bumps and dumps on the way but look where are those haters now and where Bitcoin is? So Be Bitcoin!
100% efficiency!
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"X was a softfork-- it couldn't allow anything that the consensus rules didn't already allow." - Gregory Maxwell ⬛️ Softforks from BlockstreamCore are poison to Bitcoin. You can for example add inflation forever. Already allowed by the consensus rules according to him.
Monday, 30 January 2023
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