MalikTucker61G

econ

The narrative around ordinals is ever-changing, but one of the more persistent ones is about how it enables miners to have a better business. The main idea is that by subsidizing miners, the Bitcoin network is going to get stronger and more robust.

There are several problems with this argument, but let me focus on one particular aspect. The argument that spamcoins will strengthen mining companies is based on more fees. And indeed, that's true. But for it to really benefit mining companies, the revenue needs to be consistent and reliable. And the thing about these short term fee spikes is that they are anything but consistent and reliable.

Sure, you get some blocks where the fees are greater than the block reward, but that's the exception, and not the rule. They generally congregate around the hype of one thing or another. In the case of ordinals and BRC-20, they clearly spiked when Binance listed one of the tokens. It was a fickle altcoin market's coin of the month, and while it did spike fees, the fees came down a short while later.

Surprisingly, the dynamic is similar to what we've seen in energy markets with renewables like wind and solar. Like spamcoin revenue, they are both also unreliable and inconsistent, and they've added considerable variance to the business of energy. Rather than strengthening the grid, they've weakened it considerably, creating terrible mismatches of supply and demand, which inevitably result in blackouts or brownouts.

In the same way, spamcoin fee revenue has made the business of mining that much harder to predict. The revenue is not consistent or reliable, so to depend on that revenue is, from a business standpoint, a considerable risk. Any fee spike that's based on a random scammer's pump and dump is not easy to predict and leaving around extra mining capacity to take advantage of these spikes is not tenable. In other words, from a business standpoint, it makes little sense to modify a business trying to capture this intermittent, unpredictable revenue.

The thing that businesses need is consistent and predictable revenue because that's what allows them to plan and grow. A flash in the pan like spamcoins is not something that's really going to help with that. Consistent fee revenue, something that has a proven track record, is what mining businesses need to really take advantage and invest in capital goods. Indeed, when we say "fee market," that's what we mean, not these random spikes based on dishonest marketing and hype.

In the meantime, fee spikes like this are a nice little bonus, but they are more likely to create malinvestment. If a business makes that bet that spamcoin fee revenue will stay consistent for the next 4 years, they're likely to lose to a competitor that doesn't make this assumption.

We like to believe that a dollar earned is the same no matter where it comes from, but that's just not the case. If it's a dollar earned that you can't predict, it's unhelpful and perhaps even detrimental for planning. Spamcoins are in the long term not good for miners as they are so obviously hype-based. We need to dispense with unsophisticated narratives like this.

Bitcoiners are better than that.

On Spamcoin Revenue for Miners

mostly_harmless

When did you start to care about your (online) privacy?

MarciaLindsey1XW

Keeping my **longest cowboy streak** going until __@_'-' reaches its destination: **5**

Comparing the Lightning Network to validia chains and validity rollups

BooksAndArticles

Point of Sale feature now live on Wallet of Satoshi 📺

LaurenVillegasYKZ

It’s nice to be back in the office after a few weeks with lots of traveling. I’ve already [caught up](https://bitcoin.stackexchange.com/users/5406/murch?tab=activity&sort=all) on Stack Exchange adding three answers as well as revising and retagging a number of other posts this week. I co-authored a section on [Incentives](https://bitcoinops.org/en/newsletters/2023/05/24/#waiting-for-confirmation-2-incentives) in our Mempool series for the Optech Newsletter.

After the preceding [“Mini Miner”](https://bitcoinops.org/en/newsletters/2023/05/24/#bitcoin-core-27021) (#27021) got merged last week, I’ll be working on rebasing my “ancestor aware funding” ([#26152](https://github.com/bitcoin/bitcoin/issues/26152)) PR. There are multiple open PRs that touch the same code areas which are causing merge conflicts that I want to review. Today, I need to also glance at a research proposal and attend a talk. Tomorrow, I will co-host the [Bitcoin Optech Audio Recap](https://bitcoinops.org/en/podcast/). I also need to give our [Chaincode Podcast](https://podcast.chaincode.com/) episode with Alekos and Daniela from BDK a listen. I hope to get back to my draft for a [BIP on transaction terminology](https://github.com/Xekyo/bips/tree/2022-04-tx-terminology) early next week.

PROTESTS IN VENEZUELA AFTER ELECTORAL FRAUD - DAY III (part 1/2)

AllenMendozaWB2

>Have you changed in the last 5 years?

Oh yeah, a lot.

>How? Any thoughts as to why you changed?

[I discovered the biggest lie of the whole humanity](https://livingintheprivate.blogspot.com/): how people are enslaved, without even know it. That changed me forever.
And I became fearless. Fear of unknown is the biggest threat to humans.

>Do you have any plans for how you'd like to change in the next 5 years?

Yes, to be a better man, helping others with my knowledge and live in peace in my humble citadel. I do not want anything more from my life. Once my citadel will be ready... I am ready to go too. My mission on this planet will be done. And I will have peace.

We've changed our mind about Custodial Wallets

MitchellSpence6KC

Everyone is so feisty on SN lately. 

Did I start this with my debate with @k00b a week and a half ago?

Man I feel like I am on twitter today. 

I just wanted to say I am a big fan of both @petertodd and @darthcoin even if I disagree with them and they hate me forever. Haha. 

![](https://m.stacker.news/54038)

bitcoin

So in the spirit of All Saints' Eve, let's go down the thought experiment of what would happen if the US Government decided to roll out Gold Standard vNext. During the days of the Gold Standard the dollar had a fixed peg to Gold. From 1834 until 1933 that peg was fixed at $20.67 per troy ounce. When FDR issues the infamous EO 6102, he added insult to injury by increasing the value of gold and decreasing the value of the Dollar by setting the peg to $35. I can only imagine this was to increase the value of the gold in government coffers and aid in the money creation for the various government programs he planned to address the Great Depression. This is all just for historical context.

What might this look like today? A quick back of the napkin calculation can be found [here](https://lonestarr.xyz/dollarbitcoinstandard.jpg).

This takes in account:
* Current M2 money supply. This excludes M3, but is the best number available for total USD supply (20.7 trillion)
* Current Bitcoin supply held by US Government Agencies, best guess with Google (210,000)
* A buffer factor of Bitcoin used by issuing agency, Fed, to allow for new money creation. Set to .5 meaning they would only allocate half their supply.

**Exchange Rate**
The calculations indicate an approximate exchange rate of .51 sats per USD if buffered or 1.01 sats per USD if they used the entire allocation.

**Potential Consequences**
* With a fixed exchange rate this could limit the price expansion of Bitcoin, eventually
* The government would have incentive to rollout a "Hash Force" to both protect the network as well as build their Bitcoin supply.
* The CHIPS Act does not specifically mention ASICS, but it doesn't exclude it.
* This could compound issues in the Government Bond markets. If people turn in their USD for Bitcoin, this would provide the Fed with USD to purchase the Bonds, supplementing money printing.

This is all very hypothetical, but fun to think about...

Scary, government adoption of Bitcoin 👻

Stacker News takes user privacy seriously. This document highlights the privacy-enhancing features we offer, the data we store, and the limited and anonymous data we share for analytics.

&lrm;
## Privacy-Enhancing Features

To help you maintain your privacy on Stacker News, we offer the following features:

&lrm;
##### Log In with Lightning

This is the most private way to use Stacker News. This feature allows anyone to create a Stacker News account and log in by signing a message with any LNURL-auth enabled Lightning wallet. 

If you choose to log in with Lightning, Stacker News cannot see any information about your Lightning node pubkey.

&lrm;
##### Accessibility via Tor

To access the site over Tor, visit the following address:

`snsnsnya6h3ot563f3p566wuhfoklkg5f62hokdlaqzcaub3gf4xlxyd.onion`

&lrm;
##### Lightning Network Deposits and Withdrawals

Lightning deposits and withdrawals allow you to move money to and from Stacker News without making an on-chain Bitcoin transaction. 

When you deposit sats on Stacker News, the only data Stacker News stores is the money you’ve received. When you withdraw sats from Stacker News, the corresponding bolt11 invoice is stored. Importantly, bolt11 invoices reveal the receiving node’s pubkey.

Lightning offers a more private method of making Bitcoin payments than on-chain Bitcoin payments, which are visible to anyone with a Bitcoin node.

&lrm;
##### Pseudonyms

On Stacker News you can set any username you want, and you can change your username at any time. Stacker News does not maintain a list of your past usernames.

&lrm;
## Data We Store

If you opt-in to our weekly newsletter or choose to login via email, we store your email address on our self-hosted email server. Your email address is not shared with anyone else or used for promotional purposes.

If you choose to login with Github or Twitter, we store your username from those apps. 

In either case, your Stacker News username will be set to your Github or Twitter username by default, but you can change your Stacker News username at any time. 

The only other data stored from your Github or Twitter account is a corresponding unique ID (different from your username) so you can log back in to Stacker News after logging out.

Stacker News stores Lightning Network invoices when you choose to withdraw funds, and all transactions made within the Stacker News platform.

&lrm;
## Data We Don’t Store

Stacker News does not store the account pseudonyms you’ve used in the past.

Stacker News does not store your email address if:

- You are not signed up for our newsletter, and
- You created your account by logging in with Twitter, Github, or Lightning

If you log in with Twitter, Twitter’s API gives Stacker News access to the email address linked to your Twitter account, but Stacker News does not store it.

Stacker News does not store any user IP addresses.

&lrm;
## Data We Share

Stacker News uses Plausible to share anonymized public-facing analytics data. To learn more about Plausible’s privacy policy, click [here](https://plausible.io/privacy).

Stacker News Privacy Policy

news

Set up a self-sovereign Bolt Card with your own node

RoseAtkinsonP1B

![Cat And Cat Cake 14012024072753.jpg](https://m.stacker.news/12306)

I want to share a personal note with you, as I often do. I want you to know one of my secrets, a rare useful one. 

See, sometimes my mind feels like a cage. I become paralyzed in a storm of my own thoughts. It happens when I begin to measure what _is_ against what _should be_. 
I think I am not enough, do not have enough, am not recognized enough, am not doing enough. I am small and my ambition says I should be tall. When what should be feels too far away, my thoughts take action to devise lists: this set of habits will build me into this person and over time I’ll be there if I just keep going. Then the creature that I am responds: but I won’t and can’t and even if I try this time, I will fail again to move forward any further when it’s forced, when I plan it. 

It’s a dueling match between dreaming and surviving. Each are strong, competent opponents with a long history in the ring.

I hope I am painting a picture that you can see yourself in.

So what do I do about it? Here’s my secret.
I have this affirmation or prayer that I repeat. It came to my mind like someone else put it there, and this someone else is who it is addressed to. 

**“Thank you for giving me ambition”** is the first part. Now, I believe this someone else is God the creator. I think giving God acknowledgement is the first reason why this secret is useful. I acknowledge that there is more than me at work. I acknowledge that I am created. I give thanks for the fact of my creation, that it is good. I give thanks that I have been instilled with a desire for good, to bring goodness to fruition. I affirm that something good resides in me that wants to be known and expressed.

**“Thank you for giving me ambition and making me brave enough to live into it.”** The second part is not always true, but saying it engages it, puts it in a different part of my mind outside the wrestling match. To be brave is to acknowledge the route is tricky and difficult, this I know and must accept. To repeat this prayer is to take my request for strength and state it as if I already possess it. That’s important, I think, and is what makes this more of an affirmation. I state it likes this because it is what I choose to do. I choose my ambition because I know it is good and brings fullfillment. I choose to be brave because I know the way is unclear. I choose to live into it, which is saying I choose this everyday, that because I am faithful, the way will be made clear one day at a time. This prevents my mind from projecting its vague images of the unknown future. Those images mislead me so often. I don’t need them. I have this day, which I am made for. 

Repeating this to myself stops the argument in my head. I do feel a little too silly to say out loud, but those who are more practiced with affirmations can maybe point to how to get over that. My own personal affirmation changes the composition of my thoughts, often immediately. I find rest from the worry of action/inaction. 

That’s my secret prayer, which is a rather sacred thing. I hope it can mean something to you. But you will have to write your own, or go spelunking in your own thought caverns for it.