sebbunney
Seb Bunney

https://sebbunney.com/the-hidden-cost-of-money/

Exploring the world in search of understanding. Co-founder of Looking Glass Education & author of The Hidden Cost of Money. Link below. #Bitcoin

Public Key

npub1tm2048gau5mp8u5kfnxk68y7wzzpv5ggpuluqmhlhrtaldl49kzs7elpna

NIP-05 Address

sebbunney@nostrplebs.com

NIP-57 Address

sebbunney@walletofsatoshi.com

Profile Code

nprofile1qqs9a486n5w72dsn72tyentdrj08ppqk2yyq707qdmlm347lkl6jmpgpz3mhxue69uhhyetvv9ujuerpd46hxtnfduqs6amnwvaz7tmwdaejumr0dsg6jcvu

Publishing to

relay.damus.io

nos.lol

Author Public Key

npub1tm2048gau5mp8u5kfnxk68y7wzzpv5ggpuluqmhlhrtaldl49kzs7elpna

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Last Notes

2024-04-27 18:44:31

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Warren for sure. (When I typed Warren it autocorrected to Satan 🤦‍♂️)

2024-03-05 10:07:07

Wanted to thank @npub1tdc…8r0y, & everyone at @npub1etg…8n6e for putting on Bitcoin Atlantis. What an absolutely incredible event 🥰 Feeling grateful!
For anyone who missed my MainStage talk, “Your Role in the Revolution”, here’s the link:
https://www.youtube.com/live/h2ljazAVDUE?si=8yesme-nloo4xUsk&t=143m49s

2024-03-03 22:55:10

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Greatly appreciate the mention alongside such phenomenal authors.

2024-03-03 22:54:23

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No way! Thanks for the support. Hopefully you’re finding a few snippets of value ☺️ If you ever have any questions, don’t hesitate to reach out.

2024-03-02 13:00:50

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Ahh I appreciate the support ☺️ Don’t ever hesitate with any questions.

2024-03-02 12:54:13

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❤️ Truly appreciate the comment Jake. It means a lot. Also… I am pumped it resonates given the examples. I definitely find examples close to home make it feel so much more real. Thanks for the support ☺️

2024-02-26 20:32:29

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Understanding their importance and adopting strategies to prevent Bitcoin from getting stuck in small UTXOs is key.
Hopefully, you found value in this thread. Comment below if you have any questions!
Still lost? @npub1jqc…akee & I will be discussing UTXOs at @BitcoinAtlantis.
🧵15/15

2024-02-26 20:31:44

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You'll have a single UTXO instead of multiple smaller ones.
In conclusion, UTXOs matter. While they may sound like technical jargon gobbledegook, it's vital to grasp their significance, especially with the potential for rising transaction fees.
🧵14/15

2024-02-26 20:31:31

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Additionally, fees fluctuate— they're not on an endless upward march. During periods of lower fees, it's a good time to consolidate your UTXOs. With @SparrowWallet, it's simple. Just choose the UTXOs you want to consolidate, pay the transaction fee, and presto!
🧵13/15

2024-02-26 20:31:12

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For me, I approach UTXO management by accumulating purchases on exchanges until reaching an amount that I would feel uncomfortable losing, say ~$500, before withdrawing to a hardware wallet. This strategy ensures UTXOs remain sufficiently sized as fees continue to rise.
🧵12/15

2024-02-26 20:31:00

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For instance, if fees rise to $25 in five years, having numerous small UTXOs, each worth less than $25, renders our entire stack unusable. So, how do we get around this?
🧵11/15

2024-02-26 20:30:50

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This is especially true if we have UTXOs smaller than the transaction fee. In such cases, our BTC becomes impractical to send, as the fee would surpass the UTXO value. Therefore, when receiving Bitcoin/ managing our wallets, it's crucial to consider future fee scenarios.
🧵10/15

2024-02-26 20:30:39

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So why does this matter? Simply put, transaction fees are rising. If we have many smaller UTXOs—such as when DCA'ing directly to cold storage—the transaction fees can quickly eat into our stack when we go to transact with our Bitcoin.
🧵9/15

2024-02-26 20:30:28

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The latter scenario above is more cost-effective, as it involves fewer UTXOs, reducing the transaction weight. You could also think of an efficient UTXO transaction like paying for $20 worth of groceries with a $20 bill instead of 200 dimes—the single bill is far simpler.
🧵8/15

2024-02-26 20:30:16

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Transaction weight/size grows with the number of UTXOs involved. Imagine having 10 UTXOs of $10 each and needing to send $100 to a friend. Compare this to having a single UTXO of $100 for the same transaction.
🧵7/15

2024-02-26 20:29:59

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For example, if we receive $100 worth of Bitcoin today, we'll have a UTXO for 0.0015 Bitcoin. Essentially, this UTXO represents unspent Bitcoin in our wallet awaiting use— hence the name.
🧵6/15

2024-02-26 20:29:47

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You're probably wondering, "What factors contribute to increasing transaction size?"
One of the primary factors is UTXOs (Unspent Transaction Outputs). When Bitcoin enters our wallet, a UTXO is generated.
🧵5/15

2024-02-26 20:29:36

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The more space your transaction takes up, the more expensive it will be.
Let's break down a hypothetical transaction: If your transaction is 250 bytes in size & the current fee rate is 10 sat/vB, then your fee (250 x 10) would amount to 2,500 sats or approximately $1.29.
🧵4/15

2024-02-26 20:29:19

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If you pop over to http://mempool.space (@mempool), you'll notice fees are quoted in "sat/vB", which stands for satoshis per byte. Since there are 1,000,000 bytes in a megabyte, and blocks have a maximum size of 4 megabytes, each block has limited space.
🧵3/15

2024-02-26 20:28:57

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Bitcoin transaction fees aren't based on the amount sent, but on the transaction's weight. More data in the transaction equals higher fees.
You're probably thinking, what is Seb on about... "what does transaction weight mean?"
🧵2/15

2024-02-26 20:28:42

Unsure what a #Bitcoin UTXO is, why they are important to understand, and how managing UTXOs could save you a lot of #BTC in the future? 🧐
Here's a 🧵 for you!
UTXOs, or Unspent Transaction Outputs, can be tricky to grasp, so let's do a UTXO 101.

2024-02-26 20:25:07

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Haha! Thanks for giving the episode a listen. Always great to meet likeminded Bitcoiner MTB'ers.

2024-02-15 03:47:07

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I greatly appreciate you taking the time to give the pod a listen. So glad you found value 🥰

2024-02-14 17:39:38

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I truly appreciate you giving the pod a listen. It means the world. And… I hugely appreciate the comment. You never quite know how your thoughts will be received, so I’m glad you’re enjoying them.

2024-01-21 04:56:07

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Truly appreciate the support. It means the world. I hope you find some snippets of value in the book 😃

2024-01-21 04:52:33

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Truly appreciate the comment, and the support. Thank you. So glad you're finding value in the book.

2023-12-28 03:02:43

Success! Nothing beats prime rib 🤤
#note1t47…zy0r
https://m.primal.net/HVdO.jpg

2023-12-27 06:03:22

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The butcher only had either a 1.2kg prime rib or 3.7kg one. 1.2kg just didn’t cut it 😉

2023-12-27 00:57:35

You can’t have a camouflaged orange pilling book without some subliminal #Bitcoin messaging on the cover. Has anyone spotted the hiding-in-plain-sight #BTC logo yet? 😉
https://m.primal.net/HVSQ.jpg

2023-12-27 00:30:48

It’s started! Dry brining this prime rib for the next 24hrs. Can’t wait till tomorrow 🤤
https://m.primal.net/HVSI.jpg

2023-12-26 00:44:59

🎅Merry Christmas, everyone🎅
With the release of The Hidden Cost of Money, this year has been a wild one, but if there is one thing I know for sure, I feel so lucky to be involved in this incredible community of passionate people building for a brighter future. Thank you!!!

2023-12-23 17:47:22

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🙏 I appreciate the mention amongst the list of truly inspiring people. Canada punches well above its weight on the #Bitcoin front 🤓

2023-12-21 00:59:38

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Totally!!!!

2023-12-20 23:44:46

Monthly reminder: If you need permission to use your hard-earned money, you're not free, and it's not your money.
#Bitcoin

2023-12-20 23:40:44

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Ahh I greatly appreciate. You know I wish I could say there was. The issue with translations is the expense that goes into them and just bringing the english version to market sucked me dry haha! You never know. If there is the opportunity, I'll let you know.

2023-12-20 17:25:34

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Hmm… haven’t listened. Will check it out for sure 🤓 Thanks.

2023-12-20 17:24:21

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That’s a great series 🤓

2023-12-20 17:23:57

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I’ve had a few people recommend this now. Going to have to give it a listen. Thanks Dumon ☺️

2023-12-20 04:57:47

Looking for content to listen to for a 5hr drive. What has been your favourite podcast recently, or favourite book???
Any subject goes 🤓

2023-12-19 06:43:01

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🥰🥰🥰 Cannot thank you enough for the support.

2023-12-19 01:33:29

First batch of books arrived 🥰
It’s a wild feeling to see this thing you’ve dedicated a couple thousand hours over the last year into, tangibly in your hands.
Thanks again for all the support everyone. Hugely appreciated 🙏🙏🙏
If you’d like a signed copy for sats, DM me ☺️
https://m.primal.net/HUTP.jpg

2023-12-17 06:20:20

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Jon! I greatly appreciate the comment it really means a lot. It is comments like this that motivate me to continue writing. Thanks for taking the time to give the podcast a listen. It means a lot.

2023-12-16 17:10:21

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🤤

2023-12-16 17:09:45

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Spot on!
Soon we’ll be unable to think for ourselves. Just like many of us lost the capacity memorize your friends home phone numbers when the cell phone came out.

2023-12-16 17:05:22

While skimming The Hidden Cost of Money before hitting publish one fact in particular stood out to me!
When money no longer serves as a store of value, we seek to store value in other assets i.e. ETFs. The often overlooked consequence is the IMMENSE power granted to ETF issuers.
https://m.primal.net/HUBu.png

2023-12-16 07:38:52

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Thanks Tim. Hugely appreciated 🥰

2023-12-16 07:38:33

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Hey Michael! I appreciate you taking the time to give this a listen. As for the audio version, it’s in the works. Not quite sure on a timeline but still a month or so out I anticipate. Thanks for the support ☺️

2023-12-16 07:36:44

#note1ukj…k2fc
Such a great discussion this evening. Nothing beats a round table talk with fellow Bitcoiner’s 🤓
If you’re looking for something to listen to tomorrow morning, give this a play.

2023-12-16 07:34:44

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Truly appreciate the support 🙏🙏🙏

2023-12-14 23:43:32

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I’d love to check it out. Thanks for the share 🥰

2023-12-14 23:43:02

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Thanks Enzo. I appreciate the comment. It means a lot that you’d take the time to give it a listen.

2023-12-14 00:12:01

Closing out this year, I didn’t foresee having the opportunity to join
@PrestonPysh on The Investors Podcast to discuss my new book, The Hidden Cost of Money.
Truly humbled & appreciative. From the depth of my heart thank you for the opportunity, & the phenomenal conversation. 🙏🙏🙏
https://youtu.be/JoxqSbwWx-c?si=VlKupztBIHhBMfO-

2023-12-14 00:06:57

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Thanks for taking the time to give it a listen. You comment truly means a lot. Super excited that you found value in the chat.
I greatly appreciate you ordering the book.

2023-12-12 02:48:26

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Here is a link to read more about the book. And as mentioned, it is also available at your local Amazon—search: The Hidden Cost of Money.
https://sebbunney.com/the-hidden-cost-of-money/

2023-12-12 02:48:14

Unbelievably excited to release The Hidden Cost of Money. A book tailored to ordinary folks, investigating how our monetary system shapes who we are & how we act, & what we can do to create positive change!
Available at your local Amazon!
https://a.co/d/8p6zZF8

2022-12-28 20:36:38

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Ahh for a second I thought I had missed one. 100% you have to get Will to come chat.

2022-12-28 03:55:59

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Hey! It's great to see you on here. Still gotta catch up one of these days at a BTCVan Meetup.