1/ A short thread on mistakes I’ve made along the way that (hopefully) other’s can learn from before they fall into the same traps:

Please don’t laugh at me 😂

P.S. — these are in no particular order.
2/ Trusting that Bitcoin is anonymous by default.

This one is common, but I still dread the trail I’ve most definitely left behind in my early days for all time.

Thankfully I’ve found people in Bitcoin that provide good advice and options, but early on I had no idea.
3/ Believing and buying whatever is shilled the most.

I may or may not have put substantial money into VeChain and Litecoin early on before realizing the drawbacks and issues that come with them.
4/ Believing that blockchains were great for things other than money.

This one led to part of the VeChain idiocy, but it seems there was a lot of “blockchain is the future” that ignored the clear drawbacks of blockchains. They have *very* limited useful scope.
5/ Trusting in whitepapers as a source-of-truth to show legitimacy for coins.

Fell for a lot of crappy coins early on because of flashy or well-written whitepapers, needless to say 😅
6/ Thinking that coins that I could have “a lot” of would be more valuable long term.

This pulled me into clear scams like TRON along with zombie chains like Litecoin. Once you realize that Bitcoin etc. are divisible it helps get past the “I need 1mil coins!” phase.
7/ Believing that Bitcoin would integrate any innovation that came along through altcoins.

This was a big reason I became a bit of a maximalist before I grew more open — I fell for the influencer pitch of “Bitcoin can be anything” despite ossification.
8/ Listening to #NumberGoUp influencers.

I fell for the Pomps and the Helds who seem to always be pushing the #NgU ability of Bitcoin as the cure to all technical issues. Easy to fall for this when the number is going up, but bear markets help to cleanse it a bit.
9/ Leaving coins on exchanges.

Early on I didn’t grasp the need and importance of self-sovereignty and often just left most or all of my cryptocurrency on exchanges for easy trading.

Took a while to realize that strips cryptocurrency of all of it’s power!
10/ Believing that everything outside of Bitcoin is a “shitcoin”.

I missed out on so much innovation and research by falling for the trap of maximalism. Even when a coin is technologically sound (like Monero) there is always *so much* to be learned and pulled from other coins.
11/ Falling for affinity scams.

As I found great projects like Monero I soon fell prey to many affinity scams that used proximity or forked code with Monero (among others) and tried to leverage Monero’s rep for their own gain.

I’ve helped perpetuate these in the past, sadly.
12/ Falling for PnDs because they’re shilled/created by people I trusted.

This one is primarily about ArrowChain, but I fell for the concept and chose to ignore the glaring flaws because a Twitter personality I trusted was behind it.

Don’t trust, verify. I wasted time/money 😬
13/ That’s all I can think of right now (longer list than I’d like 😅) but I’ll add more if I think of them.

Hopefully this helps open up some questions or eyes and helps show that *everyone* makes mistakes.

The important thing is to learn from them and stay open to learning.

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More from @sethisimmons

28 Apr
1/ Wired gets it:


Tl;dr — Mixing service operator arrested for money laundering (while banks/bankers go free for worse versions) because of a 10y old Bitcoin transaction being traced.
2/ “This is yet another example of how investigators with the right tools can leverage the transparency of cryptocurrency to follow the flow of illicit funds.”

Investigators and governments are quickly learning to *love* #Bitcoin for it’s transparency.
3/ The operator used methods that at the time were supposedly private, but the permanent record of Bitcoin allowed those attempts to be traced later on.

Those methods were sufficient at the time but failed later due to tracing research.
Read 10 tweets
19 Apr
From 34:00 to 47:00 is quite possibly the best primer and discussion on fungibility I've ever heard.

Thanks for such an open and clear discussion on such an important topic, @PeterMcCormack!
If you'd like to chat more about fungibility from a neutral perspective I would love to jump on WBD and have an open and honest discussion.

No Monero shilling.
Clearly laying out tradeoffs of each approach to privacy.

What do you say, @PeterMcCormack?
The best thing for the world would be that Bitcoin wakes up to the threat of a lack of fungibility and takes the steps necessary to protect fungibility and the privacy of its users.

Raising awareness is a huge step towards that, and WBD334 was an awesome beginning.
Read 4 tweets
19 Apr
$207 in fees for a reasonably private spend, LN vulnerable to theft and fund locking attacks due to high fees, and the simplest of transactions costing $16 in fees.

Don’t embrace fee spikes caused by poor design and mining centralization.

Find a better tool.
Fees are only necessary at a very low level for spam prevention — the real reason Bitcoin needs fees to “pump forever” is because the narrative of a hard-cap has made network security 100% reliant on fees long-term.

Tail emission is an elegant solution:

If you’re currently struggling with Bitcoin’s usability there is an incredible tool waiting for you.

It’s called #Monero, and you can transact for $0.0248 in fees while protecting both your privacy and that of the recipient, with no extra hoops to jump through.
Read 4 tweets
19 Apr
1/ I’ve finally been able to put together a new blog post to celebrate the growth in #Monero in the past year:


Take a look below for some highlights, and at the full post for all the awesome details (and charts!).
2/ One of the most important ways we can deduce what has been happening in Monero is to look at the (thankfully, sparse) blockchain data available publicly.

Let’s start diving into the data:
3/ Transactions:

Monero went from ~10,000TX per day to ~23,000TX per day 👀

There were 5,868,096 total TXs, for an average of 16,076TX per day for the year

Monero’s on-chain usage via private-by-default transactions that protect sender, receiver, and amounts, grew 208% YoY!
Read 12 tweets
13 Apr
1/ In the latest twist to this odd situation MobileCoin bailed on their own AMA and instead put out a coordinated blog post with Signal:


2/ The blog post essentially says that now they are open to integrating existing currencies once they reach characteristics only available to centralized currencies ATM, but will integrate MobileCoin in the meantime.

3/ It also intentionally mentions Zcash as a future possibility (with speed improvements) without mentioning Monero, who MobileCoin have to thank for their entire privacy protocol.

Full quote:
Read 9 tweets
12 Apr
Not sure where all of this “Lightning Network will destroy all outside of #Bitcoin” is coming from lately, but important reminder that if LN succeeds, it can be implemented on #Monero:


Monero has *proven* itself capable of implementation of improved tech
This is a big “if”, as there are still serious issues with the LN protocol that, to my knowledge, have yet to be fixed:

But if all of those issues are able to be resolved (among others), Monero can implement LN on top of a private and scalable base-layer, which would make it *better and cheaper* than LN on Bitcoin.

Bitcoin has proven it cannot iterate, Monero has proven the opposite.
Read 4 tweets

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