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- 🧠 Bitcoin has never bene this secure
🧠 Bitcoin has never bene this secure
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GM - Arsen here. ☕
Welcome back to Bitcoin Therapy. We’re like your Bitcoin wingman - always supporting you with knowledge and ensuring you don’t make a fool out of yourself.
First, happy and relaxing Sunday to 3,239 patients reading today. 👋
I’m writing this week’s email from the snowy slopes of Lapland.
I’ve never missed a week since I started writing this thing last February. And this week is no exception. ❤️
Alright, here’s what I got for you this week:
Ethereum is centralized garbage
Bitcoin has never been this secure
“Bitcoin is volatile” = DEBUNKED
Estimated read time: 2 minutes and 45 seconds
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ETHEREUM IS CENTRALIZED GARBAGE
In case you’re new here, this is a Bitcoin-only newsletter.
This means I ONLY talk about Bitcoin. No shitcoin talk is tolerated here.
However, I have 1 exception: I talk about altcoins ONLY when I make fun of them.
And shitcoiners make it very easy to laugh at them.
This next news is no exception: Overlord Vitalik wants to change the ETH rules. Again.
The reason? Vitalik and co. know ETH cannot scale technically.
Now, before telling you about the change, let’s refresh your memory on how ETH works (compared to Bitcoin). I promise it will be quick and painless. 🙏
Bitcoin: The consensus mechanism is based on Proof of Work (PoW), where miners compete with each other to guess a random number. The winner gets to mine a block.
This is pure free-market competition.
Ethereum: The consensus mechanism is based on Proof-of-Stake (PoS), where validators who hold a certain amount of ETH propose and validate new blocks.
In other words, oligopoly.
So, what’s the proposed change? Raise the minimum deposit for validators to 4096 ETH (~$1 million) and make a total cap of 4096 validators.
In other words: make it even more centralized.
Why the number 4096? No idea. Must be another of Vitalik’s brainfarts.
Here’s what the “decentralized” Ethereum would look like:
Massive protocol changes can be activated when Vitalik feels like it
You need $1M to be a validator
You need to be part of the select few of the 4096 validators that Vitalik and co have approved (usually big corps)
And this, kids, is your head on mETH.
BTW, I know a guy who would like these changes:
So, what’s the reaction from the ETH community?
“yay! This will make eth more secure. It’s now ultrasound money!'”
But this couldn’t be further from the truth. Changes like this make Ethereum LESS secure.
More difficult it is for normal users to validate the network —> more centralization —> less security.
ETH is a banker coin.
If they had any cypherpunks in the beginning, they are long gone.
EDUCATION, EDUCATION AND MORE EDUCATION
That’s the key to Bitcoin adoption. As you might’ve noticed, education is essential to me. I always try to have a good mix of humor and knowledge.
That’s why I use Yzer - a free and fun Bitcoin education app.
Here’s why you HAVE TO try it out:
You earn free sats for completing lessons (free sats = best sats)
It’s bite-sized lessons on the go (ain’t nobody got time to read a 4000-word blog post)
Perfect for both beginners and advanced learners
I’ve used Yzer for a while now and can 100% vouch for them. You can install Yzer on both Android and iOS.
Use referral code RY6FLD9 to get 50 sats in your Yzer app!
You support me by installing the app ❤️
BITCOIN HAS NEVER BEEN MORE SECURE
Sex is great, but have you tried owning money that is secured by tens of thousands of computers worldwide?
I wouldn’t know what sex feels like, but let me tell you something cool about Bitcoin’s security budget (aka how much Bitcoin miners earn for securing the network):
Bitcoin’s security budget was $1.55B in the last 30 days
This will be the first year when Bitcoin’s annual security budget (as % of the market cap) will be higher than the year before (from 1.8% to 1.9%) 🥳
Confused? Think of Bitcoin as ultra ultra-secure bank safe and and miners as hired security guards who are paid to protect it.
Bigger security budget = more security guards
Bitcoin’s security makes Fort Knox look like this guy:
This is really good to see. As Bitcoin’s security grows, more people will trust to store their wealth in it.
Don’t: cheer when Bitcoin price goes up
Do: cheer when Bitcoin security goes up
That has been Bitcoin’s #1 boogeyman. It has prevented so many people from buying it.
And rightly so: Bitcoin’s price has been more volatile than a toddler’s mood swings during mealtime.
But looks like that’s slowly changing: 2023 was the first year in its history Bitcoin didn’t do a 30% pullback!
Now you know me, I don’t like talking about the price.
But this is significant because it means Bitcoin is getting less volatile with time.
Long gone are days with a daily 25% swings (and that’s good).
Bitcoin is stabilizing. Less risk-averse investors will become more comfortable owning and buying Bitcoin long-term.
“Bitcoin is too volatile” narrative = DYING ☠️
Now, if you could make my girlfriend less volatile too, that’d be great.
*ducks a frying pan*
THIS WEEK IN A MEME 📅
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See you next Sunday,
Bitcoin Therapy Team
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