Good intro, thanks! I've been running an Umbrel node for about 2 months and it just chugs along, no issues. You're right, it will be difficult to find a Raspberry Pi, tho'.
I'm generally very hopeful for the future of BTC. Two things trouble me--the pressure gov'ts can put on the exchanges and interfere with BTC being freely traded (imagine a gov't telling an exchange they can't do a transaction with anyone sending money to Canadian truckers or exchange that BTC for fiat money, for instance,) and gov't outright banning it. I just always think back to gold being confiscated and banned in the 30's.
This info is helping me understand a little better. Still very confused about the whole thing, very new for an old dog. One thing that bothers me somewhat is, where does the 'fiat' money go? What happens to it? Whose bank account is it in, and what do they do with it?
Strike lets you purchase BTC up to $1000/week with no fee. However, not sure if it’s available anywhere else but the States. Definitely not available in South America.
So you don’t directly profit from running a node, but you indirectly profit from it? Is running a node just helpful for the bitcoin community but it’s on you to keep up with the energy bill?
This also helped me understand a little better, but the whole thing is still way over my head. I love the idea of Bitcoin, but i wonder—whats to stop the government to all of a sudden declare it dangerous and come in and shut it all down?
I appreciate this. I was intrigued and amazed with your post about mining bitcoins from efficient energy brokering/management. I had NO IDEA about any of this. It's super cool how you schooled your loosely gapped synapses to do truly organic maths.
thanks for this detailed explanation of how to run a node! I'm thinking one day to try to set this up, just to help with the decentralization of the network, even though I'm not even remotely tech savvy.
Hurrah another wife post. Ok so my husband is all in on the Bitcoin now. I told him to buy under $6k but he didn’t. Ha. But now he is always trying to get me to read Bitcoin books and layered money and debt a 5000 year history I probably should but I’m taking care of young kids all day and it’s just not what I’m wanting to do in my spare time right now. It sounds like Swan which is a dollar cost averaging service is good for people who want to save in Bitcoin without worrying about price or transacting
Anyway I understand most of this post. I get the exchanges the wallets the keys etc. but the nodes you lost me. I get what they are and why they are important you are a good clear writer but I would be hopeless at setting my own up I am very impressed with your prowess. Do you have a podcast you’d recommend or a YouTube channel that’s maybe not a total sausage fest sometimes that’s off putting
P.s. I think you all need chickens. Do you need chickens ?
Somewhere on the web I had found an article that used an old Universal Power Supply combined with a car battery which is a much cheaper and effective supply in case of extended power outages. I have several old units, but replacement of the original battery is prohibitively expensive.
Bitcoin seems to be totally dependent upon the internet and electricity. What happens when the internet does go down? I’d like to have a currency that doesn’t depend on the internet and electricity. Infrastructure that provides the internet and electricity is extremely vulnerable. Because it hasn’t happened to any great extent yet, does not mean it can’t or won’t happen.
In a world where even the regulators are defrauding us, I have difficulty accepting that we have this fantastic technology that needs no regulation and is magically free of fraud ...
State actors could easily be undermining (pun intended) it. Seems like an elaborate technological pyramid scheme.
Good stuff. One of the best write-ups I've seen and plan to forward it to those interested in bitcoin. Thank you for the writing and attention to detail.
My hesitancy has always been technical risk - risk of dependency on internet (undesirables being cut off at protocol level) or losing hash but mostly the risk of encryption being hacked (or bypassed). There is not enough discussion around the vulnerability of platforms as opposed to the encryption algorithms themselves. The enabling software is always a vulnerability and more is at risk with bitcoin.
Another concern is the public transaction details - mining these interactions like social media networks can be used by tyrranical governments or other organizations to identify undesirables and make them kinetic/flesh targets even if not digital targets.
Not to mention fundamental risks of, say, someone owning enough to control the ledger and the anonymity of the first traunch of untransacted bitcoin. Could this be a trojan horse to be used one day by our intel community?
Bitcoin and all other digital currencies are planned to be decommissioned and banned in the great reset. Short and vital inside information on Globalist reset plans. Read or listen to at least parts 1 & 2: https://oculumlabs.com/interview-with-gideon-csrq-sm/
Good intro, thanks! I've been running an Umbrel node for about 2 months and it just chugs along, no issues. You're right, it will be difficult to find a Raspberry Pi, tho'.
I'm generally very hopeful for the future of BTC. Two things trouble me--the pressure gov'ts can put on the exchanges and interfere with BTC being freely traded (imagine a gov't telling an exchange they can't do a transaction with anyone sending money to Canadian truckers or exchange that BTC for fiat money, for instance,) and gov't outright banning it. I just always think back to gold being confiscated and banned in the 30's.
This info is helping me understand a little better. Still very confused about the whole thing, very new for an old dog. One thing that bothers me somewhat is, where does the 'fiat' money go? What happens to it? Whose bank account is it in, and what do they do with it?
Take care Matt, I hope your back feels better soon! 😘
Strike lets you purchase BTC up to $1000/week with no fee. However, not sure if it’s available anywhere else but the States. Definitely not available in South America.
So you don’t directly profit from running a node, but you indirectly profit from it? Is running a node just helpful for the bitcoin community but it’s on you to keep up with the energy bill?
IKEA spice rack. Nice work, McGyver!
This also helped me understand a little better, but the whole thing is still way over my head. I love the idea of Bitcoin, but i wonder—whats to stop the government to all of a sudden declare it dangerous and come in and shut it all down?
I appreciate this. I was intrigued and amazed with your post about mining bitcoins from efficient energy brokering/management. I had NO IDEA about any of this. It's super cool how you schooled your loosely gapped synapses to do truly organic maths.
thanks for this detailed explanation of how to run a node! I'm thinking one day to try to set this up, just to help with the decentralization of the network, even though I'm not even remotely tech savvy.
Hurrah another wife post. Ok so my husband is all in on the Bitcoin now. I told him to buy under $6k but he didn’t. Ha. But now he is always trying to get me to read Bitcoin books and layered money and debt a 5000 year history I probably should but I’m taking care of young kids all day and it’s just not what I’m wanting to do in my spare time right now. It sounds like Swan which is a dollar cost averaging service is good for people who want to save in Bitcoin without worrying about price or transacting
Anyway I understand most of this post. I get the exchanges the wallets the keys etc. but the nodes you lost me. I get what they are and why they are important you are a good clear writer but I would be hopeless at setting my own up I am very impressed with your prowess. Do you have a podcast you’d recommend or a YouTube channel that’s maybe not a total sausage fest sometimes that’s off putting
P.s. I think you all need chickens. Do you need chickens ?
A really good idea is a backup power supply.
Somewhere on the web I had found an article that used an old Universal Power Supply combined with a car battery which is a much cheaper and effective supply in case of extended power outages. I have several old units, but replacement of the original battery is prohibitively expensive.
Bitcoin seems to be totally dependent upon the internet and electricity. What happens when the internet does go down? I’d like to have a currency that doesn’t depend on the internet and electricity. Infrastructure that provides the internet and electricity is extremely vulnerable. Because it hasn’t happened to any great extent yet, does not mean it can’t or won’t happen.
In a world where even the regulators are defrauding us, I have difficulty accepting that we have this fantastic technology that needs no regulation and is magically free of fraud ...
State actors could easily be undermining (pun intended) it. Seems like an elaborate technological pyramid scheme.
Good stuff. One of the best write-ups I've seen and plan to forward it to those interested in bitcoin. Thank you for the writing and attention to detail.
My hesitancy has always been technical risk - risk of dependency on internet (undesirables being cut off at protocol level) or losing hash but mostly the risk of encryption being hacked (or bypassed). There is not enough discussion around the vulnerability of platforms as opposed to the encryption algorithms themselves. The enabling software is always a vulnerability and more is at risk with bitcoin.
Another concern is the public transaction details - mining these interactions like social media networks can be used by tyrranical governments or other organizations to identify undesirables and make them kinetic/flesh targets even if not digital targets.
Not to mention fundamental risks of, say, someone owning enough to control the ledger and the anonymity of the first traunch of untransacted bitcoin. Could this be a trojan horse to be used one day by our intel community?
Bitcoin and all other digital currencies are planned to be decommissioned and banned in the great reset. Short and vital inside information on Globalist reset plans. Read or listen to at least parts 1 & 2: https://oculumlabs.com/interview-with-gideon-csrq-sm/