/ Henry J is on Nostr

Bitcoiner. Software Engineer.

Last Notes

2024-03-11 23:20:02

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Wow didn’t know my name was doot

2024-03-07 21:02:39

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Preceded, by the way, by the Bitcoin price denominated in fiat going to infinity.

2024-03-07 21:01:13

In the final stages of hyperbitcoinization, the velocity of fiat money being sold for Bitcoin rapidly grows as the velocity of Bitcoin being sold for fiat money goes to 0. Infinity / a positive number is infinity, but infinity / 0 is undefined. This is the binary switch from a fiat to a Bitcoin standard.

2024-03-02 01:51:51

“Just be” - @npub1uac…99rx @npub1rw7…sl3w 2024 words of wisdom

2024-02-19 23:03:53

Just uploaded some old Bitcoin blog posts I had laying around to my website. I’m of the opinion that hyperbitcoinization will cause fiat hyperinflation, rather than fiat hyperinflation causing hyperbitcoinization. Here’s some quotes from my blog post detailing how exactly this might play out:
“Bitcoin will go to infinity against the dollar when you can spend Bitcoin practically everywhere, or to purchase pretty much anything you might need, without selling it for dollars first. This will happen when merchants believe Bitcoin is a form of money, or at least a store of value, and accept Bitcoin directly as payment. This would create 0 Bitcoin outflows and only inflows, quickly driving the price of Bitcoin to infinity against the dollar.”
“One event that could trigger such a mindset shift is Bitcoin reaching market-cap parity with physical gold. That could trigger a sudden narrative shift and realization that Bitcoin is the real deal. Suddenly, a wave of merchants adopting Bitcoin as payment takes hold, and the hyperbitcoinization process begins in earnest.”
“Once merchant adoption happens globally, the price of Bitcoin will SKYROCKET. Outflows will completely cease. Suddenly, overnight, Bitcoin will scream higher in price.”
“Up to this point, even as Bitcoin mooned, prices remained denominated in dollars and stayed stable. But as any and all people who own Bitcoin suddenly become millionaires, billionaires, and trillionaires, the wealth effect will become too powerful, and inflation will begin to kick in.”
“As every such common man and woman becomes Bitcoin-rich (think every single person is a millionaire), prices will begin to climb higher in dollars. Real estate will go up. Rents will go up. Prices of services will go up. Wages will go up.”
“…inflation will not only be limited to the earliest Bitcoin economies. As Bitcoin literally goes to infinity in fiat terms, many economies that adopted Bitcoin will experience wealth effects and begin to see inflation. Fiat wealth will spill over everywhere due to the Bitcoin bubble effect.”
Full blog post here:
https://sovrynn.github.io/blog/0041/index.html

2024-02-19 22:27:00

Daniel Krawisz on hyperinflation:
“in a hyperinflation, the government expands the money supply to outpace people's inflation expectations… As the government forms a habit of inflating the money supply, its people form a habit of anticipating rising prices. This prevents the government from gaining as much each time it inflates. Thus, to get the same kick, the government must inflate more. The money loses value once people anticipate such heavy inflation that they can't spend it fast enough and it no longer functions as a currency.”
https://nakamotoinstitute.org/mempool/hyperbitcoinization/

2024-02-19 02:44:53

I know I’m preaching to the choir here, but I’ll share this simply for future reference.
Daniel Krawisz explains why money, in contrast to other kinds of networks/protocols, can only have one winner:
“Owning any one currency carries a high opportunity cost of owning any other. I cannot use the same money to buy an investment in bitcoins and in silver coins or Canadian dollars. If I want more of one, I necessarily must have less of another. If any one currency is acknowledged to be the winner over the rest, then there is no additional benefit for anyone to own other currencies.”
Food for thought.
https://nakamotoinstitute.org/mempool/why-bitcoin-will-continue-to-grow/

2024-02-18 23:29:42

Some thoughts I’ve been having recently:
Everything you are is a suggestion to others.
Every time you do something, you’re inherently suggesting to others, “Hey, I think doing this is a good idea”.
Every time you communicate certain worldviews, originating from your thoughts, you’re suggesting, “Hey, I think this is a good way to think”.
In that sense, if you care about those around you, you’d ideally be mindful about the things you’re suggesting and how that may affect those around you. And vice versa, you should be thoughtful in the people you surround yourself with. Because the suggestions from those people will naturally work their way into your life.
But humans are inherently self-interested creatures. If you weren’t, you probably wouldn’t exist today. You’ll buy food for yourself before you buy food for others; house yourself before you house others, and so on.
However, the one time this dynamic may not hold true is when you have kids. It would take a truly backwards human to, generally speaking, not prioritize the wellbeing of their children, regardless of one’s self-interested nature, or conversely, how much one doesn’t care for their own wellbeing. You may only care for yourself so much, but a parent’s love for their child is endless.
From the seed of a parent’s boundless love for their child may be born the fruit of supreme self-improvement.

2024-02-16 06:44:23

Pretty funny to think that the fiat central bank money printer huckster empires will be ended by open source hackers.

2024-02-15 23:26:12

Bitcoin is a self-fulfilling prophesy. Bitcoin likely passed it’s zero-to-one moment many market cycles ago, after its value was first bootstrapped and it survived its first “bear market”. At this point, barring a quantum computing advancement that undermines the cryptography used in Bitcoin, a Bitcoin standard is pretty much inevitable in my view. Even an attack by the state would in most cases be an attack on Bitcoin holders, not on Bitcoin itself.
“The government puts the people in a Prisoner’s Dilemma against one another, and Bitcoin does the same to government agents.” - https://nakamotoinstitute.org/mempool/bitcoins-shroud-of-subtlety-and-allure/

2024-02-15 23:13:28

Grokking Bitcoin has to have been my most enjoyable and fruitful endeavor yet. Physical skills experience diminishing returns, and are often quickly lost once abandoned, but knowledge-based pursuits produce compounding returns, and stay with you much, much longer.

2024-02-15 23:04:28

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Where’s the proof of work sir

2024-02-15 22:59:41

Bitcoin is a bubble of epic proportions that need not ever be deflated. Instead, as more and more people become willing to use it as a medium of exchange, the Bitcoin bubble crystallizes into a mass of rock-solid, spendable cash.

2024-02-14 22:42:57

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AYYAAA

2024-02-14 00:40:59

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😅😅😅

2023-07-01 22:24:55

We are so early! Excited to be here.