evanbaer on Nostr: Bitcoin at 100k makes me remember why I started Rigly I missed the boat on early ...
Bitcoin at 100k makes me remember why I started Rigly (npub1t6e…3scu)
I missed the boat on early bitcoin adoption and only really started to learn about it in 2020. The most striking thing about it, to me, was mining and proof-of-work. To me this is what made bitcoin peer-to-peer: where those who use bitcoin do their part to secure the network.
Except that by then, mining was centralized, and today almost no bitcoiners do any mining.
It doesn't have to be that way.
I started Rigly to make it so every bitcoiner could buy hashrate without getting rugged.
Hashrate is like any other compute resource. There is no technical blocker preventing you from buying hashrate and mining with it yourself - there's only the rug pull risk, as seen in countless cloud and hosted mining scams.
The rug pull risk is solved with a trustless escrow, with funds held on-chain in a 2:2 or 2:3 escrow - where the mining farm can't take your funds and fail to deliver the hashrate.
Bitcoin fixes this.
If we just free ride and let the big mining farms dominate mining, we're not going to get freedom money. We will be stuck with a 21M token version of Paypal.
As bitcoin hits new price highs, it's a good day to remember that bitcoin is more valuable than its price.
I missed the boat on early bitcoin adoption and only really started to learn about it in 2020. The most striking thing about it, to me, was mining and proof-of-work. To me this is what made bitcoin peer-to-peer: where those who use bitcoin do their part to secure the network.
Except that by then, mining was centralized, and today almost no bitcoiners do any mining.
It doesn't have to be that way.
I started Rigly to make it so every bitcoiner could buy hashrate without getting rugged.
Hashrate is like any other compute resource. There is no technical blocker preventing you from buying hashrate and mining with it yourself - there's only the rug pull risk, as seen in countless cloud and hosted mining scams.
The rug pull risk is solved with a trustless escrow, with funds held on-chain in a 2:2 or 2:3 escrow - where the mining farm can't take your funds and fail to deliver the hashrate.
Bitcoin fixes this.
If we just free ride and let the big mining farms dominate mining, we're not going to get freedom money. We will be stuck with a 21M token version of Paypal.
As bitcoin hits new price highs, it's a good day to remember that bitcoin is more valuable than its price.