HaveFunStayingPoor.com
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Receive periodical letters from poor bitcoiner Udi Wertheimer. Let’s strengthen our hands and end poverty together!
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More coming soon. For now, @HaveFunStayingPoor.

And remember, DO NOT TELL YOUR FRIENDS
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So emotional seeing y’all here 🥵

(🎧 click for sound)

It’s getting close now, it’s almost time to @HaveFunStayingPoor

But whatever you do... DO NOT TELL YOUR FRIENDS
I'm just a journalist, I'm not supposed to state my opinion...

But this guy knows how to @HaveFunStayingPoor. More details soon

DO NOT TELL YOUR FRIENDS!
Tell your favorite nocoiners to @HaveFunStayingPoor!
Keith McCullough is about to @HaveFunStayingPoor!

This is going to be the most fun channel on Telegram... but DO NOT TELL YOUR FRIENDS!
It's true, BTC failed to break 2019 highs and Udi deleted his account 😭

His soul will live on in this channel.

Please click here to let your twitter friends know 😥

To ease the pain, you may say a few words here in the comments. @HaveFunStayingPoor.
Udi is gone but @HaveFunStayingPoor is growing strong. Ramp Capital approves.

We're going mainstream fam! We won't stop until Kanye tells Joe Rogan to buy bitcoin or have fun staying poor...

Click to spread the word on twitter, because Udi no longer can 😭💔
“Millions of rabid dogs chasing the same food”

“Twitter terrorist organization”

“I’ve never met a billionaire”

🥵 Nocoiners are capitulating! Soon they will all become bitcoiners, or they’ll @HaveFunStayingPoor...

📣 Please click here spread the word on Twitter. It really helps! Udi is too poor to tweet 😭
Udi would've been disappointed 😢

We looked through the replies, and no one's telling Stephanie to have fun staying poor...

Click here to fix that. 😈
Udi died for our sins and now BTCUSD finally broke the 2019 highs.

@HaveFunStayingPoor, Udi!

Click to thank Udi for his ultimate sacrifice 💔
OK that’s enough pooring around...

I’ve been putting some thought into Twitter lately and how we use it in the bitcoin community; or does it use us? Hard to tell sometimes if we’re not getting the short end of the stick in this deal.

Twitter can be useful for extending your reach far and beyond your usual circles, and that’s very useful, whether you’re running a business or trying to spread the word of Satoshi to a larger audience.

But it can also give Twitter a lot of power over your voice. Just this week we’ve seen the NY Post being banned, bitcoin businesses forbidden to advertise, and multiple bitcoin personalities being suspended for various reasons. Twitter also controls your reach: having followers isn’t enough. You need to constantly play the engagement game.

So, many of us are playing that game, but are we playing it well? When the algorithms favor us, do we make the most of it? Or do we just collect ephemeral likes and @HaveFunStayingPoor?

Surely there’s a way us bitcoiners can leverage the reach we can get on twitter and spread our ideas, while also moving towards reducing twitter’s control?

I’d love to get your views while I continue thinking about this. What’s some great value you get from twitter, and in what ways do you think twitter is... keeping you poor?

Please let me know in the comments, and don’t forget to tell your friends to @HaveFunStayingPoor.
Some more thoughts on Twitter.

Today, Twitter seems to have restricted Pierre Rochard's account. This follows a week of unprecedented censorship of political tweets following the US elections, but also of multiple accounts and tweets related to bitcoin (and probably accounts and tweets many other communities and topics).

@HaveFunStayingPoor, Pierre! 😢

What many people seem to miss when discussing Twitter “censorship”, is that twitter’s main role isn’t as a place for you to store 280 characters of information. It’s about making your tweets discoverable by large audiences. Twitter doesn’t just make your content available.. it makes sure people see it.

When we build our bitcoin communities on Twitter, we let it have control over the discoverability of bitcoin content. With nocoiners getting sick of staying poor and becoming bitcoiners in this bull market, many of them will get all their bitcoin information from Twitter. That makes Twitter a great tool to learn about bitcoin, but also gives Twitter way too much power. At any point in the future, it can decide to censor any Bitcoin narratives that don’t play along with Twitter’s future interests!

When we use Twitter, we don’t have direct access to other bitcoiners. Even if they clicked the follow button, they will only see our tweets if Twitter lets them. Very often it doesn’t let them. Few understand!

Please leave a comment to help Poor Udi: how do you use Twitter as a tool for converting nocoiners to bitcoiners, while limiting Twitter’s control over the discussion? Or do you just give up and let Twitter do its thing?

Don’t forget to tell your friends on telegram to @HaveFunStayingPoor. You can forward this message if you liked it.

And please click here to tweet about it, Poor Udi can’t tweet 😭
Hey frens, quick question

What date should we set for the Ethereum Remembrance Day? I'm thinking July 20th to signify the DAO fork but open for suggestions

I think it's important that as nocoiners turn into fresh bitcoiners, they are told the story of Ethereum, the altcoin that once was, and pay respect to the fallen hodlers.

If we don't remember our history we might as well @HaveFunStayingPoor
Reach out to a loved one with 0 bitcoins today, and tell them to @HaveFunStayingPoor
These beautiful ETH thought leadership pieces were posted precisely at the ETH/BTC top late September.

It dropped 33% since then and still going...

Reach out to an ETH thought leader today and tell them to @HaveFunStayingPoor
Some ATH thoughts on giving bitcoin wallet recommendations to poor people (aka nocoiners):

This is a long post. If you don't like long posts, @HaveFunStayingPoor.

Since leaving Twitter, I don't actually have any idea what the Bitcoin price is*. The only way I even find out about price movements is because nocoiner friends call to ask me "how to buy bitcoin". Or... former-poor, hodling friends call to ask how to tell if the sats I helped them acquire ago are still safe.

There's an interesting dynamic there, that I think you only fully realize after going through a couple of bull runs. It turns out, that the wallet recommendation you make for starting out, might no longer make sense 3 years later when that person suddenly remembers they have some sats stored somewhere.

For example, these days I often recommend Blue Wallet for newcomers. It's relatively user friendly, It's bitcoin-only, so no flashy casino lights to separate your friends from there sats. And it offers an upgrade path to advanced features like hardware wallets, full nodes, multisig, and more.

But... is it a good choice for the long term? We'll get back to this soon.

—————

So lately, former nocoiners who I helped acquire sats in the previous cycle, reached out again, fearing that their scary bitcoin wallets might make them poor soon.

See, years ago, I used to recommend mycelium for android users and breadwallet for iOS users. They weren't amazing but they were good. Open-source, self-custody, bitcoin-only... you know, the good stuff.

Fast forward a few years, today mycelium is recovering from a failed ICO, pretty much abandonware, only ever updated to add more monetization schemes.

Breadwallet rebranded to BRD, ran an ICO, and became a shitcoin wallet.

BTW, if you want to make sure you stay poor, take a mortgage on your house and use the money to buy "wallet app coins". Quickest way to generational poverty!

So it's kind of difficult to trust these wallets now. And you might not realize it, but you do need to trust them:

Even though they're open source, you can't really tell if the version on the app store is identical to the source code on GitHub. The source code could be safe and secure, but the version on the app store could be built from another codebase!

For mobile wallets, you also have to trust the automatic updates. The app could be safe and secure today, but the devs can create an updated version that steals your keys whenever they want! The phone will update to that version, and you might not even know an update occurred.

So... Open source is great, self custody is great. But you still have to trust the wallet devs (or @HaveFunStayingPoor).

—————

So.. what should I recommend to nocoiners buying their first sats? I'll probably get a lot of hate for this, but... My new strategy is to only recommend a self-custody wallet** if I know the nocoiner is going to learn and stay on top of things.

Or, if I know a pro is going to help them out for years of hodling.

Why? I think that wallets like Blue Wallet and the teams behind them are great, but who knows what will happen in 5 years. Maybe they have to sell the company, and the new owners aren't as trustworthy?

I do recommend that people learn about Bitcoin before investing, but most won't. For those who won't, I usually recommend going for a custodian (Square/Swan/Gemini/Greyscale/etc). At least that way they won't call me years later to ask about their wallet... 🤭

💬 Please comment below to inform of me your hatred towards this blasphemous text. Or, alternatively, tell me how you get nocoiners to use a self-custody wallet safely, for the long term.

👥 And don't forget to tell your friends to
HaveFunStayingPoor.com!

* If you actually believed that I don't follow the price, let me know. I might have a bridge to sell you.

** If you're thinking "but sir, muh hardware wallet / multisig"... imo they're not a good fit for newcomers on day one. They have no idea what they're doing. If they stay committed to managing self-custody for a while, they can migrate to hww/multisig later.
Some Bitcoin news you should know about, or @HaveFunStayingPoor:

1️⃣ Make sure you tell your friends/family about this fantastic letter about bitcoin from James O'Beirne.

James is a contributor to open-source bitcoin projects, but his letter doesn't bog readers down with technicalities. It explains what they really want to know: why number go up?

I recommend sending an email to friends and family right now:

Email body: A link to James' letter.
Email subject: "Read this right now or have fun staying poor".

2️⃣ Earlier this week Brian Armstrong tweeted about rumors of new US regulations affecting withdrawals from US exchanges to self-custody wallets. I saw many misinterpretations.. First, this is a rumor. Second, the rumor is concerning exchanges, not developers of self-custody wallets.

We will see how this folds out (if at all), but if you're American, maybe get proficient with VPN and the Tor Browser. More on this later :)

💬Do you like the amazing new @HaveFunStayingPoor logo from Bitko? Comment below!
Janet Yellen, Former Chair of the Federal Reserve and nominee for US Secretary of the Treasury, just joined Twitter.

SHOCKINGLY, none of you told her to have fun staying poor.

So we fixed it!

https://twitter.com/havefunstaypoor/status/1333516492902703111
🐷Some thoughts on the STABLE Act's goal of keeping Americans poor

Lots of talk in the last couple of days about the proposed STABLE Act bill. Coincenter has a (mostly) good summary if you need a refresher, but basically it means stablecoin issuers will need to acquire banking charters and be approved by the Federal Reserve otherwise they'll be banned.

Stablecoins are mostly used on Ethereum but they're a crucial part of the Bitcoin economy. BTC/USDT is possibly the trading pair with the most volume in the cryptocurrency market, and stablecoins are a huge component of Bitcoin's liquidity. If something like USDT is ever shut down, it would likely spell a major short- / mid-term crisis for Bitcoin.

As usual, crypto pundits mostly missed the point, and focused on a stupid tweet by a supporter of the bill, who implied that "decentralized" stablecoins like DAI can be stopped by... illegalizing running ethereum nodes (?!?!).

That's scary, objectionable, and wrong. But also unnecessary. No stablecoins are really "decentralized". DAI can be stopped in many simple ways, without going after Ethereum node operators: shutting down the centralized oracles, censoring the centralized USDC (which is heavily used to keep DAI stable), or prosecuting the handful of MKR shareholders that can stop DAI's system at any time.

So, long story short, if lawmakers want to go after stablecoins like DAI, they can target any of a handful of targets. No need to go after node operators. If they want to stop DAI, they can. Easily.

————

More importantly, what the response to this should have been, is not that enforcing this would be impossible (it won't be), but that this bill is just bad for Americans. You can ban stablecoins in the US, but you can't stop them from existing elsewhere.

You don't need a "decentralized" solution. You just need demand for stablecoins, and Bitcoin creates that demand. Someone will face the risks and create stablecoin supply for that demand, even if US lawmakers make it difficult. Because there's lots of money to be made in doing that.

If stablecoins as we know them are banned in the US, the shockwaves will be felt for a while for sure. But Bitcoin eventually finds a way. You can't put it back in the box.

————

In a statement announcing the proposed bill, congresswoman Tlaib says that "getting ahead of the curve on preventing cryptocurrency providers from repeating the crimes against low- and moderate-income residents of color that traditional big banks have is critically important".

But the truth is, that using poor people as an excuse for financial exclusion is, for a lack of a better word, evil.

If you want to make sure Americans @HaveFunStayingPoor, you should support the STABLE Act, as that's the only thing it would achieve. Stablecoins won't disappear, they will just become difficult to access for Americans, further limiting their access to Bitcoin and its poverty-ending properties.

————

🔁 If you liked this, please share! (you can forward the message, or tell your friends to HaveFunStayingPoor.com)

💬 If you didn't like this, tell me I'm a scammer or an idiot in the comments below!