IsabellaPatrickF42

lightning

MONEY CLASS OF THE DAY: The Nominal and The Real in Bitcoin Land

AliciaDouglasP08

Jack Ma, the richest man in China, said, "If you put the Banana and Money infront of a monkey. The monkey will choose Banana because the monkey don't know that money can buy alot of Bananas."

In fact, if you offer WORK and BUSINESS to people, they will choose to WORK because most people don't know that a BUSINESS can make more money than salary.

One of the reason the poor are poor is because the poor are not trained to recognise the entrepreneurial opportunity.

They spend alot of time in school and what they learn in school is work for a salary instead of working for themselves.

Profit is better than wages because wages can support you, but profits can make you a fortune.

Profit is better than wages

meta

https://imgprxy.stacker.news/zVetZ7KePgpl7h0yH8UqLnl1YheKem1Flm2fCUbfxjI/rs:fit:600:500:0/g:no/aHR0cHM6Ly91cGxvYWQud2lraW1lZGlhLm9yZy93aWtpcGVkaWEvY29tbW9ucy90aHVtYi82LzZmL0Rhbl9LYW1pbnNreV8yMDE0LmpwZy8zOTdweC1EYW5fS2FtaW5za3lfMjAxNC5qcGc

Security hacking prodigy Dan Kaminsky (1979-2021) proved himself in his field to his family very early on. Later, in 2008, his hacker credentials were obvious to the world by discovering, and fixing, a fatal security flaw in the internet.

_His mother, as you will see, proved quite a star too..._

Dan's technological odyssey started when he was four after getting a computer from _Radio Shack_ by his father. At just five years old he'd taught himself to code. Later, at eleven, Dan's computer know-how had been sensed by experts - but it wasn't welcome:

>When Daniel was 11, his mother said, she received an angry phone call from someone who identified himself as a network administrator for the Western United States. The administrator said someone at her residence was “monkeying around in territories where he shouldn’t be monkeying around.”
Without her knowledge, Daniel had been examining military websites. The administrator vowed to “punish” him by cutting off the family’s internet access. Mrs. Maurer warned the administrator that if he made good on his threat, she would take out an advertisement in The San Francisco Chronicle denouncing the Pentagon’s security.
“I will take out an ad that says, ‘Your security is so crappy, even an 11-year-old can break it,’” she recalled telling the administrator, in an interview on Monday.
They settled on a compromise punishment: three days without internet.¹

Thanks to his mom's _moma bear_ tenacity, instincts and quick thinking, Dan kept the internet and kept on honing his skills.

In 2008, after already becoming known for revealing several security vulnerabilities, Dan discovered a further, far bigger problem - a fundamental flaw in the [Domain Name System (DNS)](https://en.m.wikipedia.org/wiki/Domain_Name_System). Dan realized that this meant that [bad actors](https://en.m.wiktionary.org/wiki/bad_actor) could manipulate DNS traffic and redirect it to impostor sites.

>[Dan's] first call was to Paul Vixie, a longtime steward of the internet’s DNS system. The usually unflappable Mr. Vixie recalled that his panic grew as he listened to Mr. Kaminsky’s explanation.
“I realized we were looking down the gun barrel of history,” Mr. Vixie recalled. “It meant everything in the digital universe was going to have to get patched.”

>Mr. Vixie asked Mr. Kaminsky if he had a fix in mind. “He said, ‘We are going to get all the makers of DNS software to coordinate a fix, implement it at the same time and keep it a secret until I present my findings at Black Hat,’” Mr. Vixie said, referring to an annual hacking conference in Las Vegas.
Mr. Kaminsky, then the director of penetration testing at IOActive, a security firm based in Seattle, had developed a close working relationship with Microsoft. He and Mr. Vixie persuaded Microsoft to host a secret convention of the world’s senior cybersecurity experts.
“I remember calling people and telling them, ‘I’m not at liberty to tell you what it is, but there’s this thing and you will need to get on a plane and meet us in this room at Microsoft on such-and-such date,’” Mr. Vixie said.
Over several days they cobbled together a solution in stealth, a fix that Mr. Vixie compared to dog excrement. But given the threat of internet apocalypse, he recalled it as being the best dog excrement “we could have ever come up with.”
By the time Mr. Kaminsky took the stage at Black Hat that August, the web had been spared. Mr. Kaminsky, who typically donned a T-shirt, shorts and flip flops, appeared onstage in a suit that his mother had bought for him. She had also requested that he wear closed-toed shoes. He complied, sort of — twirling onto the stage in roller skates.

>When his talk was complete, Mr. Kaminsky was approached by a stranger in the crowd. It was the administrator who had kicked Mr. Kaminsky off the internet years earlier. Now he wanted to thank Mr. Kaminsky and to ask for an introduction to “the meanest mother he ever met.”¹

¹ _Daniel Kaminsky, Internet Security Savior, Dies at 42_
New York Times,
April 29, 2021
https://archive.today/20210429051943/https://www.nytimes.com/2021/04/27/technology/daniel-kaminsky-dead.html

How a Child Prodigy was helped by his Mama Bear (and then saved the internet)

Stacker News Live #133: P2P Non-Custodial Zaps

RhondaGallowayLDD

Hopefully I will

_prepares new identity_

# TL:DR

###### 🎯Nope owning 1M sats is better than owning 83 FLD shares at this time 🎯

***USD/BTC = $90,996***
***Block 870,580*** 
***1M sats = $909***
***One share of FLD = 12,012 sats ($10.94)***
***83 shares of FLD per 1M sats***
*** 

# Background 

As the bitcoin fiat price pumps the dollar equivalent of a million sats is starting to become a non trivial amount. 

Most Americans can’t save $400 for an emergency. Once the Bitcoin price reaches $100k, 1 million sats will equal $1,000. At the federal minimum wage rate it will take  working at McDonalds about 138 hours (before taxes) to earn enough fiat to purchase 1 million sats. 

At this rate middle class and upper middle class Americans are being priced out of having the capability to buy 1 million sats with little to no impact to their household finances.  $1,000 is  hard to come by for most Americans.  1 million sats is becoming an amount that most Americans can strive for as a savings goal. And it is enough to seed other investments in which the return would be worthwhile. 

###### Thus it caused me to think 🤔 💭 

What public bitcoin companies are actually worth investing 1 million sats in?  I ask this because most bitcoiners who have strong conviction have  about 95 to 99% of their net worth in Bitcoin. 

Thus is it wise to invest 1 million sats in a bitcoin business that has the potential to return a growth rate that is higher that bitcoin in fiat terms (which I think is 63% on average) or even better pay out Bitcoin dividends per share once we cross that rubicon.  Or should investors skip and just stack sats. For those investors/savers who are risk adverse the answer is simple. Just be humble and stack sats. But for others who want to use their capital to not only impact the world but also earn a return this is something you can think about. 

# The Company Fold Inc.

Fold ( ticker: FLD) is a bitcoin financial services company with the mission of getting bitcoin to as many people as possible. They offer a suite of products that allows their customers to acquire bitcoin. Customers can buy bitcoin with some of the lowest fees (via a $10 a month subscription fee) and earn bitcoin via rewards. Fold has a debit card partnership with Visa which allows customers to earn bitcoin back on every debit card swipe. Customers can also earn sats back buy buying gift cards on the app. Recently Fold is positioning its self as the platform to seamlessly covert from dollars to bitcoin and making bitcoin the unit of account for personal finance. With offering sats back on ACH payments they are uniquely positioned to capture market share from traditional banks. The company has come a long way (AR, lightning, massive sats back with spinning the daily wheel) it appears they have found their grove and could be a very profitable bitcoin business offering great services for bitcoiners. 

## Financials and data

Since Fold is going public via a SPAC not much  known about the company. We do know they have a strategic bitcoin reserve with about 1,000 BTC on the balance sheet but nothing more is known. Fold CEO Will Reeves is hopeful the SPAC will be done Q1 2025 and more information about the company will be released. 

### Bull(🐂 )and Bear(🐻)Case:

🐂 
Bull case is simple. As bitcoin adoption grows so will fold. Bitcoin is on the cusp of a raging fiat bull market. Nothing gets the masses into bitcoin then massive price pumps. Fold is ready and battle tested to onboard new users and use their suite of products to keep customers using their application.  I am sure they have more planned on the road map as shared by CEO Reeves which will increase the business opportunities for Fold. They also stack bitcoin as a strategic reserve which will work well in their favor during bull markets. 

🐻 
The Bear case is bitcoin fails of course but other risks are at play too. They depend on many third parties. Sutton bank, Visa, Bitgo, for bitcoin custody. From the words of Nick Szabo trusted third parties are security holes. If any one of these partnerships fail Fold is doomed. The Fold team in the early days was supposed to be a lightning application. They pivoted and went the Visa debit card route. I really do hope they get back to the lightning road map. A strong example of this would be rewarding customers who pay with lightning the highest sats back rewards and pivot away from Visa. I hope the CEO and team don’t lose sight of the vision of bitcoin in pursuit of fiat gains but time well tell. 

# 1M sats or 83 FLD shares? 

I am a big fan of fold! I own shares now. (Disclaimer) but is it worth for me to dip into my cold storage sell 1M sats to buy 83 fold shares now?

**🚫NOPE!👎**

I rather keep the 1 million sats today! Fold shares are still pretty cheap at 12k sats per share but they still need to complete the SPAC process and once that is done  it is  quite possible all the insiders cash out thus dumping on you causing the share price to go down. 

With bitcoin going on a bull run you could miss a lot of upside by selling now to buy FLD shares. If you have a large Sat stack this may not matter to you much but if you are just starting your stacking journey I wouldn’t recommend it. 

If you work a fiat job and wish to support Fold and the CEO then sure buy a few shares here and there and work your way up to 83 shares  but at this moment I much rather have 1M sats then 83 FLD shares.  

I am hoping Fold will pay a bitcoin dividend or constantly improve the sats per share your fold shares will give you but fold is at the beginning of their growth phase and the business model as it stands today doesn’t get me excited to sell 1M sats to buy 83 FLD shares. 


BTC Investing: 1 million Sats or Fold(FLD) Stock? An analysis

Calling all stackers!

Leave a comment below to let the SN community know what you're working on this week. It doesn't matter how big or small your project is, or how much progress you've made.

Just share what you're up to, and let the community know if you want any feedback or help.

If you missed last week's thread, [here](https://stacker.news/items/472720) are the updates stackers shared from all their latest work projects.

What are you working on this week?

bitcoin

In case you have friends newbies and nocoiners asking all kind of FUD questions about Bitcoin and you do not have at hand the right information, here is a collection of articles with the right answers, by categories with each main FUD

### Energy
https://endthefud.org/energy

- “Bitcoin wastes energy”
- “Bitcoin might exhaust all energy available to people”
- “Uses more energy than Visa per transaction”
- “Uses dirty, non-renewable energy”
- “Bitcoin is bad for Climate Change”
- "Bitcoin vs. Gold mining"
- “Bitcoin wastes water”

### Justice
https://endthefud.org/justice

- “Bitcon is a Ponzi / pyramid scheme”
- “Bitcoin was not fairly distributed”
- “Bitcoin increases inequality”

### Bitcoin as Money
https://endthefud.org/money

- “Too Volatile”
- “Bitcoin is a bad medium-of-exchange”
- “No intrinsic value”, “Bitcoin is a bubble”
- “Bitcoin isn’t scalable”, “Can’t process as many payments as Visa”
- “Bitcoin’s price is artificially manipulated”

![](https://m.stacker.news/57479)

### Inflation
https://endthefud.org/inflation

- “Some inflation is good for the economy”
- “Without inflation there won’t be enough money for everybody”

### PoW vs PoS

![](https://m.stacker.news/57482)

### Control
https://endthefud.org/control

- “Miners control Bitcoin”
- “Blockstream controls Bitcoin”
- Decentralization

![](https://m.stacker.news/57480)

### Governments
https://endthefud.org/governments

- “Governments can ban Bitcoin”
- “Governments can attack the Bitcoin network”
- “Bitcoin is not backed by anything”
- “Bitcoin is mined/controlled by China”
- “Governments will create their own crypto coin and force it on people”
- “Governments decide what counts as money”

### Shitcoins
https://endthefud.org/altcoins

- “Coin X is faster than Bitcoin”
- “Coin X is more fairly distributed than Bitcoin”
- “Bitcoin is MySpace”
- “Bitcoin developers can increase its inflation”
- “Bitcoin is not scarce because it can be cloned”

![](https://m.stacker.news/57481)

### New Technology
https://endthefud.org/tech

- “Quantum computing breaks Bitcoin”