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Reflection

As a node operator, my understanding of Bitcoin has evolved significantly. A theoretical framework has been transformed into lived, practical experience. I monitor the Mempool to check on my Lightning channel status. I engage with other node operators to create liquidity swaps. I scroll through 1ML and Amboss to find other Lightning peers. I collect sats for routing payments. It is a vivid demonstration of my previous notion; that Bitcoin, and by extension its timechain, may just be the the final word on financial freedom.

1 min
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Capitalism

Friday Reflections, Volume XVII
October 15, 2021
As a node operator, my understanding of Bitcoin has evolved significantly. A theoretical framework has been transformed into lived, practical experience. I monitor the Mempool to check on my Lightning channel status. I engage with other node operators to create liquidity swaps. I scroll through 1ML and Amboss to find other Lightning peers. I collect sats for routing payments. It is a vivid demonstration of my previous notion; that Bitcoin, and by extension its timechain, may just be the the final word on financial freedom.
Global Truth, Local Value
August 27, 2021
At this point, it is worth wondering what all this research represents. We seemingly have an answer crying out for a question. To that end, there are a few good candidates. Is Bitcoin a response to monetary distortion? Government largesse, perhaps? Is Bitcoin a dry, technical update for the internet? I would contend that it does all those things. And excellently so. But there is also a more profound, universal quandary to address.
All Things Bitcoin; Layer Cake
August 19, 2021
We have a robust protocol, but one that cares little for convenience or efficiency. And that presents a few issues for growth (and thus sustainability). It is like the British Labour Party in the 1980s; sticking true to its socialist ideals, and also completely useless at winning elections. Fortunately, an ecosystem has developed around Bitcoin that helps address the scalability conundrum. Enter the layer cake, my friends. A baking masterpiece that is worth the extra calories.
3 mins
All Things Bitcoin; Incentive Structure
August 13, 2021
Property rights are established by consensus. Time and energy is converted into security. Transactions are transparent. This creates a formidable flywheel; legitimacy encouraging growth, which in turn generates trust, resulting in more legitimacy. And so on. But Bitcoin cannot survive alone on impressive technical credentials. After all, there is a cost to all of this auditing, blocking and chaining. So for the flywheel to keep spinning, we must introduce an economic reward for participation.
All Things Bitcoin; Under The Hood
August 10, 2021
In essence, Bitcoin is the perfect marriage between long established record-keeping systems, cryptographic genius and networked computing. Add a sprinkling of economic incentive (scarcity, mining, fees) and we have something rather tangible. But it can still take a leap of faith to imagine a bunch of ones and zeros as the basis for our financial future. For me it clicked when I (rightly or wrongly) visualised Bitcoin as a far more sophisticated version of Kazaa or LimeWire; a peer-to-peer network for payments rather than music.
Your Money's no Good Here!
July 30, 2021
All is not what it seems, especially when you develop a strange fascination with assets, Nixon and monetary history. Jack attempts to settle his bill with a dollar from 1980 (when the film was released). But the barman, a figment of the 1920s, does not equate Jack's money with his own. How so? The clue is in the name; The Gold Room. The barman cannot accept 1980 dollars because they are a very different beast to 1920s dollars; they are no longer redeemable in gold.
Anthony in the Alps
July 16, 2021
I'm giving the floor to a two and a half hour epic from 2018, starring Grant Williams and Anthony Deden. It is a true masterclass in the investing long game. And filmed in a gorgeous Swiss setting for good measure. I could condense Anthony's outlook into neat soundbites, but that would be doing zero justice to the timeless wisdom on display. Instead I highlight his key preferences; assets that exhibit scarcity, endurance and independence.