Mastodon Bitgnostic LLC: February 2020

Friday, February 28, 2020

The Beginner’s Guide To Bitcoin | What Bitcoin Did

The Beginner’s Guide To Bitcoin | What Bitcoin Did
The Beginner’s Guide To Bitcoin | What Bitcoin Did

Peter McCormack does a an excellent job podcasting. If you want to learn about what is going on with the Bitcoin space and you are not interested in Shitcoins[1] then Peter is your man. Here we have outlined the What Bitcoin Did Podcast Series: The Beginner’s Guide To Bitcoin

Besides being very opinionated about cryptocurrency Peter has achieved another goal. He has learned to ask questions, learn from his mistakes and teach others about his progress in as honest a way as he can possible. His style is refreshing and his knowledge of the Bitcoin space deepens to match his fascination and curiosity. 

This podcast series The Beginner's Guide to Bitcoin is, hands down, the best! His guest are all people who have worked very hard to improve the Bitcoin space and these guest are not salespeople. If anything they will warn you about the potential pitfalls, scams and bad practices. Some of the talk is extremely technical but Peter is there in the interview to advocate for the totally clueless. None of his guests were born with this knowledge and the only reason they even attempt to teach and help others is due to their own undeniable passion.

This is a time that we are in that is very similar to 1997 of the early days of the internet.  This is the time where the internet of Decentralized Money is at hand. Bitcoin is over 11 years old and we are beginning with a well developed exciting tool. Follow Peter as he chases the rabbit down the hole.

All of the links directly point to Peter's website. In some ways it is kind of silly to copy this but we feel that the series is so important that it has to be shared in as many places as possible. We hope Peter will forgive us for doing this redundant task. We can always say, "We're sorry."


  1. Why We Need Bitcoin with Andreas M. Antonopoulos
    Part 1: Why We Need Bitcoin with Andreas M. Antonopoulos
    Andreas explains why the current monetary system is no longer fit for purpose and why Bitcoin is the answer.

  2. What Is Money with Parker Lewis
    Part 2: What Is Money with Parker Lewis
    Parker answers the question, what is money? We also discuss the history of money and the characteristics of sound money.

  3. Bitcoin's Pre-History and the Cypherpunks with Aaron van Wirdum
    Part 3: Bitcoin's Pre-History and the Cypherpunks with Aaron van Wirdum
    Aaron explains the cypherpunk movement and the digital money projects which paved the way for Bitcoin.

  4. What is Bitcoin with Stephan Livera
    Part 4: What is Bitcoin with Stephan Livera
    Stephan explains how Bitcoin works, its key features such as decentralisation and censorship resistance and the reasons why people might want to own it.

  5. The History of Bitcoin with Marty Bent
    Part 5: The History of Bitcoin with Marty Bent
    Marty explains the key events in Bitcoin’s history from the launch of the protocol to the Silk Road and the Scaling Wars.

  6. How Bitcoin Works with Shinobi
    Part 6: How Bitcoin Works with Shinobi
    In this episode, we are looking at how the Bitcoin protocol works. We discuss the supply & halvings, transactions & UTXOs, consensus rules, mining and nodes.

  7. Bitcoin's Monetary Policy with Dan Held
    Part 7: Bitcoin's Monetary Policy with Dan Held
    In this episode, we discuss how the economy works, the 21 million hard cap, the release schedule and block rewards.

  8. How is Bitcoin Legal with Peter Van Valkenburgh & Jerry Brito
    Part 8: How is Bitcoin Legal with Peter Van Valkenburgh & Jerry Brito
    In this episode, we discuss the regulations and laws regarding Bitcoin.

  9. Altcoins, A History of Failure with Nic Carter
    Part 9: Altcoins, A History of Failure with Nic Carter
    We discuss the history of altcoins, their inferiority to Bitcoin, and why the failure rate is so high.

  10. Buying, Spending and Earning Bitcoin with Matt Odell
    Part 10: Buying, Spending and Earning Bitcoin with Matt Odell
    In this episode, we discuss the best way to buy Bitcoin, privacy as well as how to spend and earn Bitcoin.

  11. Bitcoin and the Macroeconomy with Travis Kling
    Part 11: Bitcoin and the Macroeconomy with Travis Kling
    We discuss the great big fiat experiment, monetary and fiscal policy, social unrest and where Bitcoin fits into all of this.

  12. Bitcoin Privacy & OpSec with Jameson Lopp
    Part 12: Bitcoin Privacy & OpSec with Jameson Lopp
    We discuss Bitcoin privacy, best practices and operational security.

  13. The Lightning Network with Jack Mallers
    Part 13: The Lightning Network with Jack Mallers
    We discuss the Lightning Network, the scaling debate, fees, settlement and the future of the protocol.

  14. Bitcoin Things You Need to Know with Peter McCormack
    Part 14: Bitcoin Things You Need to Know with Peter McCormack
    We discuss Satoshi and the whitepaper, the 21 million hard cap, block rewards and size, mining, running a node and privacy.

Tuesday, February 25, 2020

Bitcoin as a 2nd Amendment Right against Weaponized Currency

Bitcoin is a hedge against Tyranny and it is a fundamental right of the 2nd Amendment of the Bill of Rights of the United States Constitution.

"2nd Amendment" by Ben Taylor55 is licensed under CC BY 2.0
"2nd Amendment" by Ben Taylor55 is licensed under CC BY 2.0

“A well regulated Militia, being necessary to the security of a free State, the right of the people to keep and bear Arms, shall not be infringed.”

In order to maintain a well regulated Militia and keep the security of a free State the right of people to keep and bear Arms is currently infringed upon by Fiat currency that is dependent on a centralized bank controlled by a few members of various states.  Increasingly the currency in question, the United States Dollar, is weaponized and its use is to control citizens, foreign interests, elections, education, healthcare and the bare necessities of life like food, water, clothing and shelter.

Bitcoin as a 2nd Amendment Right against Weaponized Currency. 

There are many reasons to get into Bitcoin. Maybe you want to learn about the technology. Maybe you want to diversify your portfolio. Are you curious? Regardless of your reasoning there is a technology that exists without borders. All players involved have something to lose if there is any disruption. 

If you are are citizen of this country you have already seen how our US Dollar has been used to control us by fines, taxes and labor. It has also been used against schools, cities, states, libraries and military units with regards to resources. In commerce there have been use cases where funding has been withdrawn, and accounts have been mysteriously closed. Even in retirement, pensions have been liquidated. 

The rub is that we have to trust another party to hold our earnings, build our wealth by lending and spending and hopefully we get a return on this. Instead we have banks with low to zero interest rates. Banks charge us to cash checks. Money management funds charge us to hold our money. In the background the Federal Reserve prints new money and gives it to the banks for little to no interest rate and the banks while receiving this cash bounty do not pass on the savings to me and you.

Our homes are dependent on the ability of us to come up with currency to continue to enjoy heat, air-conditioning, water, sewage, supplies, exterior upkeep, local taxes, insurance and many more requisites. If at any point our external holdings are confiscated, lost or blatantly stolen we are forced out and onto the street. 

Recession 101

In 2008 and 2009 we had a Great Recession. Banks were in liquidation due to the risky mortgages that many of their portfolios held. These securities were pegged onto the backs of sub-prime mortgages. These mortgages were pegged to adjustable rates.  These adjustable rates were pegged onto the big tax breaks you would get for paying them. Taxes were pegged onto income. Income was pegged onto ability to earn. Earning ability was pegged onto education which was pegged onto student loans. Student loans were pegged onto tax breaks and tax breaks were pegged onto income. Income was pegged again on the ability to earn. Wages were pegged onto the "Minimum wage."

As of July 24, 2009, the current Federal Minimum Wage was and still is $7.25 (Federal Minimum Wage is $7.25 ) . In our state, Virginia, it is currently the same. This year 2020 is eleven years later. An item that was $7.25 USD now costs $8.86 according to the CPI Inflation Calculator. (The language is a bit misleading when it says buying power.) If we scale this, what was bought for $725.00  now costs $886.00 that is $161.00 more! Yet the current minimum wage is the same!  

The average tax rate for US workers is 30%. So you can take Minimum wage $7.25 and get rid of $2.18 of that. Your disposable income is now: $5.08! Live on that!

Weaponized Money

The US Dollar is not pegged to anything other than conflict. Interesting no one really understands this. The case for this idea is strong. Our dollar is as effective as it is in the ability for it to violently solve conflicts. Without these conflicts we don't have much value in the cash because our ability to obtain its flow is based on the numerous military facilities, contracts and properties distributed throughout the United States. 

Once you have a contract you are working for the value placed upon it and that value is controlled by banks.  There is nothing evil here, it is just a fact. In return for working we all get paid in Fiat currency which is pegged onto the relationship it has with contracts around the world. Our fiat currency and other central bank fiats all have this relationship. That's just the way things are. 

Governments, all governments, control this and use it as a weapon. It's the stick and carrot. Like many types of weapons governments like to regulate them so that criminals do not have access to to it. This makes all of us guilty before we are accused. Law abiding citizens pay dearly for the the privilege of Fiat. Criminals on the other-hand continue with their enterprises based upon obscurity and pleasure. Pleasure, you see, is the motivator for crime and it is empowered by the strict regulation of the state to control the ability of citizens to get goods, shelter, pleasure and bare necessities of life.

Bitcoin to the Rescue

In 2008 the Bitcoin Whitepaper was released:  Bitcoin: A Peer-to-Peer Electronic Cash System 

This peer to peer electronic cash system has been alive since that time. The trade from USD Fiat has risen from 0 to $20,000 and Currently it is valued at $9,500 +/- . Here is a chart: All Time Bitcoin $USD. From the middle 2017 the USD value of Bitcoin has not dropped below $3,000!  In 2017 that $3,000 buying power now has to compete with $3159.41 or in other words it is worth $2840.59 today.

What makes Bitcoin resilient is its Open Source Software and Anyone can run a node philosophy. A node verifies transactions.  A node also allows you to send and receive Bitcoin.  Bitcoin is mined by miners who verify transactions. Node runners and miners protect the network from attack, corruption  and deception. Any bitcoin address can be validated.  Any transaction made on the network can be verified by anyone. It is not anonymous but it is open and both transactors can see that funds were in A and then they were in B and they did not need C to verify.  

Of course this is not the exact truth about Bitcoin it is much more sophisticated. The basic idea and reality is this. It is a peer to peer payment system and protocol. It allows people to send value back and forth without intervention, censorship or control by governments. You can exchange your goods or Fiat for this Bitcoin! It can be transferred at 100,000,000th of a Bitcoin which is called 1 Satoshi. It is supported by many volunteers, professionals, non-government organizations and regular users like me and you. 

The Wallet

Since you don't need government or a bank to hold your Bitcoin how does it work? It's a simple principal of encrypted ledger.  The ledger that is open and redundantly verified throughout the planet also uses public encryption to control transactions. Wallets are accounts that are on the ledger. These wallets are controlled by the people who have the encryption keys.  These keys are two part. One key is public so that someone can send to this address and the other is private so that the address holder can resend his or her funds to someone else. 

The beauty of this is that the keys can be written down or memorized in a 12 word phrase.  This phrase can be written on paper, stored electronically or stamped on a piece of metal and put into a safe. You can write a novel and put the phrase in the text and post it only for the world to see, but only you know where the words are!

You can travel with no electronic devices to anywhere in the world and you can at destination get a cheap smart phone. Install an Open Source Bitcoin Wallet. Put you key phrase in and Viola! your funds are available for you to use. This is good for everyone.  Even a special ops team can use this. Spies can use this. Criminals can use this. Grandma can use this. It's like oxygen. 


We here at Bitgnostic (BitGno) want to help propagate this technology and teach others to learn about it. We want all human beings to be able to have a Bitcoin account. We want all human beings to have the choice to engage in equal commerce with any other human being. 

There are other Cryptocurrencies but we are focused on Bitcoin here. If you are interested in learning about this we offer workshops to teach you the ins and outs of Bitcoin from a novice perspective. We help you to remove obstacles, gain education, find your own path and become an ambassador of this wonderful technology. 

It's like 1997 of the internet of money.  This is the time now to jump on board make mistakes and find solutions. 

You can invest only $1.00 USD and hold onto it. That's a small investment to get started.  Really it's best to start with a couple hundred.  That's it. Best of all. You control your own Bitcoin! 

It's your fundamental right to bear arms and if money is weaponized you too should have the ability to hedge yourself against this threat.

Sunday, February 23, 2020

Teaching People about Bitcoin

There are a lot of great podcast, apps, news and many other resources for learning about cryptocurrencies, blockchain (decentralized), Bitcoin and decentralized finance (deFi) but somehow you need to put it all together.

In order to successfully enter the world of Bitcoin, cryptocurrencies and decentralized finance you need to have ways of obtaining the digital currencies. For most people who hear about investing it seems to be something for experts or high risk takers and not for ordinary people. But, in fact, cryptocurrencies and specifically Bitcoin are meant for everyone on the planet to enjoy freedom without being slaves to fiat currency.

We are going to help you to get your foot in the door without having it lopped off. You will be able to become an investor and avoid many of the pitfalls into this new economy. Starting with where you are and moving you to a border-less freedom of wealth.

There are risks but once we show you what they are and how to mitigate your own risks you will be able to practice your skills, share your experience and develop your own strategies to specialize in this unlimited economy.

Let's face it. Your US Dollar in the beginning of the year of 2019 was worth $0.97 at the end of that year with 3 to 4% inflation.  Your bank gives you .01% interest.  Maybe a "high yield 1%" what a joke and the credit cards that they give you are at a whopping 27%.  What a joke!

Time to take charge and get into the big game to win your labor, time and money back.