Part 3 video

00-intro.md

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01-analogies.md

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02-principles.md

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@@ -17,7 +17,10 @@ What to do and what not to do.
 
 (pause: 1)
 
-I collected five principles for everyone using Bitcoin, for beginners as well as experts. You may recognise them as memes you've heard before. I chose memes as they are easy to remember. There are more principles that are helpful, however these five are the most important ones.
+I collected five principles for everyone using Bitcoin, for beginners as well
+as experts. You may recognise them as memes you've heard before. I chose memes
+as they are easy to remember. There are more principles that are helpful,
+however these five are the most important ones.
 
 ---
 
@@ -40,17 +43,18 @@ who determine the rules. There have been attempts in the past to change the
 rules of Bitcoin, and they failed. Changes in Bitcoin take many years to
 succeed and are more like optimizations than rule changes.
 
-After Bitcoin came out, there was an altcoin bubble, after that DAOs, and now
-NFTs. Many of these are just scams. Some may have interesting technological
-properties or have a narrow specialised uses. If you want to spend money on
-them, you're just gambling.
+Several years after the Bitcoin started, other project types came in waves.
+There was an altcoin phase, after that a DAOs phase, and now NFTs are
+everywhere. Many of these are just scams. Some may have interesting
+technological properties or have a narrow specialised uses. However, if you
+want to spend money on them, you're just gambling.
 
 ---
 
 ```md
 ## 2. Not your keys, not your coins
 
-Keep your keys yourself, private and secure
+Don't let others near your Bitcoins, keep them yourself.
 ```
 
 (pause: 2)
@@ -58,49 +62,47 @@ Keep your keys yourself, private and secure
 ## 2. Not your keys, not your coins.
 
 The Bitcoin balances are controlled by cryptographic signatures. This is what
-Bitcoin, is, a collection of crypographic signatures (and some other
-things). In order to transfer Bitcoin, you need to perform this cryptographic
-signature and for that you need to have piece of data called "private key". In
-other words, having the private key, means, having Bitcoin. If you use a
-custodial service (third party) for handling your Bitcoin, like a bank or an
-exchange, it's, they, that have Bitcoins, not you. You're introducing the
-trust in this third party into your relationship with Bitcoin. You're
-re-introducing one of the main problems that Bitcoin is solving. For a wide
-number of reasons, the custodian can refuse to do what you tell them. In fact,
-many don't even allow you to withdraw or send Bitcoins on your behalf. They may
-even lose them, as has often happened in the past.
+Bitcoin, is, a collection of crypographic signatures. In order to transfer
+Bitcoin, you need to perform this cryptographic signature and for that you need
+to have piece of data called "private key". In other words, having the private
+key, means, having Bitcoin. If you use a custodial service for handling your
+Bitcoin, like a bank or another service provider, it's, they, that have
+Bitcoins, not you. You're degrading your relationship with Bitcoin by relying
+on others to take care of your Bitcoins for you. This is exactly the problem
+that Bitcoin allows you to avoid. The custodian can make up all kinds of
+excuses to deny you control of Bitcoins they hold for you. Many don't even
+allow you to withdraw or send Bitcoins on your behalf. Even worse, they may run
+away with them, or lose them.
 
 With Bitcoin, you can self-custody. This requires some learning and some
-practice, but you can't get the full benefits without self-custody. You need to keep
-your private key private. Anyone who sees it can take your Bitcoins. If you
-show it to somebody, they are gone. The private key needs to be protected
+practice, but you can't get the full benefits without self-custody. You need to
+keep your private key, private. Anyone who sees it can take your Bitcoins. If
+you show it to somebody, they are gone. The private key needs to be protected
 against thieves, but also against damage. If the private key is damaged and
-it's the only copy, the Bitcoins are gone. Many people have suffered
-losses by not taking proper care of their private keys, and probably many still
-will.
+it's the only copy, the Bitcoins are gone. Many people have suffered losses by
+not taking proper care of their private keys, and probably many still will.
 
-There is a variety of solutions that help, I'll demonstrate a couple in later
-videos.
+In a later video, I will teach you how to properly self-custody.
 
 ---
 
 ```md
 ## 3. Stacking sats
 
-Buy Bitcoin over long time in small chunks
+Buy Bitcoins repeatedly in small steps
 ```
 
 (pause: 2)
 
 ## 3. Stacking sats.
 
-An easy way to get accustomed with Bitcoin is to accumulate Bitcoin
+An easy way to get accustomed to Bitcoin is to accumulate Bitcoin
 periodically for the long run, commonly known as "Dollar Cost Averaging". Pick
-an amount that you feel comfortable with putting aside, such as hundred dollars
-a month. Then, every month, preferably on the same day, buy 100 dollars' worth
-of Bitcoin, or Satoshis (sats). Satoshi is the base unit of Bitcoin, there are
-one hundred million Satoshis in one Bitcoin. Most commonlly people DCA every
-month or every week, but some do more frequently.
+an amount that you feel comfortable with putting aside, such as a hundred
+dollars a month. Then, every month, preferably on the same day, buy one hundred
+dollars' worth of Bitcoin, or Satoshis (sats). Satoshi is the base unit of
+Bitcoin. there are one hundred million Satoshis in one Bitcoin. People often
+DCA once a month or once a week.
 
 The advantages of this approach are that it's repetitive, so you'll learn it by
 practice. It's simple, so you don't need to perform a lot of mental work. It
@@ -109,36 +111,62 @@ understanding them. It doesn't depend on having trading experience, so you
 won't be influenced by psychology. It is working in small steps, so if you make
 a mistake (and this can happen for beginners), your losses will be small.
 
-Don't daytrade, you don't understand how trading works, you'll lose money.
+Don't daytrade, or suddenly put huge mounts of money into Bitcoin. You don't
+understand how trading works, you'll lose money.
 
 ---
 
 ```md
 ## 4. HODL
 
-Keep your Bitcoins and don't sell them in panic or to speculate
+Don't sell your coins, unless it's an emergency
 ```
 
 (pause: 2)
 
 ## 4. HODL.
 
-Selling your Bitcoins has a broad range of 
+Selling your Bitcoins has a broad range of disadvantages.
 
-- selling has a number of disadvantages, so you should avoid it
-- during downturn, you may lose money
-- selling may incur taxes
-- selling may create problems with banks
+The price of Bitcoin often moves very quickly. Inexperienced people may panic
+sell and make a loss.
 
-https://www.calcalistech.com/ctech/articles/0,7340,L-3923405,00.html - Esther
-Freeman has no coins.
+In many countries, selling can incur taxes. You may need to record your exact
+trading history for accurate reporting. In extreme cases, you may still owe
+taxes even if you make a financial loss!
 
-- what to do instead?
-- do nothing
-- sell a small amount, whatever you urgently need
-- if you need to pay for something or send a gift, maybe sending Bitcoin
-  directly without sell would work
-- try to get a loan using Bitcoin as a collateral
+---
+
+(canvas: white)
+![contain](bank_screws_pensioner.png)
+
+According to a recent news report, 69 year old Esther Freeman decided to sell
+some of her Bitcoins. Her bank, however, refused to allow her to deposit the
+900000 shekels from the sale, citing risks of money laundering and terror
+financing. Mrs. Freeman had to sue the bank in the court. In the meantime, she
+has 900000 virtual shekels she can't use, i.e. nothing.
+
+---
+
+```md
+## 4. HODL
+
+Don't sell your coins, unless it's an emergency
+```
+
+Don't end up like Mrs. Freeman. Try to avoid selling your Bitcoins, unless
+there is an emergency. The most advanced way to avoid this is to take out a
+loan, using Bitcoin as a collateral. There are specialised lending services, but
+traditional banks are starting to provide such services as well. However, doing
+this requires some level of financial experience, so I can't automatically
+recommend it to everyone.
+
+Another option is just to do nothing. This is very easy.
+
+Supposing you really do have some emergency expenses, you could also try to pay
+directly in Bitcoin, avoiding dealing with exchanges and banks. You could also
+try to sell only the minimum necessary amount. Smaller amounts are less likely
+to cause problems and losses are less painful.
 
 ---
 
@@ -152,13 +180,20 @@ Don't rely on other people's computers
 
 ## 5. Don't trust, verify.
 
-- even if you have a private key, that alone doesn't tell you how many Bitcoins
-  you have. For this you need to connect to a node and query it. But the node
-could lie to you and trick you.
-- you can run your own node, then you can verify the balances yourself
-- this is a bit more complicated and takes more effort than the other steps,
-  and isn't as big a danger, so perhaps it isn't necessary that every person
-runs their own node, but maybe there can be one in a family or something like that
+Even if you have a private key, that alone doesn't tell you how many Bitcoins
+you have. For this you need to connect to a node and request information. But
+the node could lie to you. If you don't know how many Bitcoins you have at each
+moment, you can be a victim of fraud.
+
+Luckily, operating a node can be done cheaply. If you run a node, you have your
+own auditor to make sure you're getting the correct information. It probably
+isn't necessary that every single person runs one, but maybe you have a couple
+of friends or family members that do.
+
+If you want to run your own node, you should have a dedicated computer for this
+that can operate 24 7. It doesn't need to be an expensive computer, about 300
+dollars is probably enough, but it should be energy efficient and have a
+reliable internet connection.
 
 ---
 
@@ -175,10 +210,10 @@ runs their own node, but maybe there can be one in a family or something like th
 
 Summary.
 
-1. Bitcoin, not crypto.
-2. Not your keys, not your coins.
-3. Stacking sats.
-4. HODL.
-5. Don't trust, verify.
+One, Bitcoin, not crypto.
+Two, Not your keys, not your coins.
+Three, Stacking sats.
+Four, HODL.
+Five, Don't trust, verify.
 
 (pause: 2)

03-faq.md

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