Understanding the mechanics and functioning of hardware and software makes you realise that no system is truly trustless…even The #Bitcoin.
Despite its magical properties the system is trust minimized, not trustless.
“Just like E=mc² dictates the universal speed limit in our universe, Bitcoin’s difficulty adjustment dictates the universal money limit in Bitcoin.” - Gigi
Terminology is important.
It’s a PIN not a PIN number.
According to mining experts, rather refer to #Bitcoin miners as “mining servers” and not ASICS.
“Technology and Economics had a baby, and it was Bitcoin”
“By attaching energy to a block, we give it “form”, allowing it to have real weight & consequences in the physical world.” - Hugo Nguyen
Summing up the connection between POW, Creation of a Block and The Bitcoin mining reward.
Many believe the mental effort of a micro transaction in a value for value web interface would prevent the use of the latter.I disagree as it reminds me of tipping for“Traditional Busking” in the meat space.The Bitcoin allows and encourages fair value for value.
You always want people in the world to discover and learn about The Bitcoin but sometimes you don’t want the world to know you own actual bitcoin …
wearing a soccer Bedford Club shirt at this stage allows you to feel like your part of The Bitcoin community supporting its cause but still achieving the secret sovereignty aspect of it.
Well Done #[0]
The Bitcoin does not give you legal rights…it’s gives you natural rights!
The right to Freedom, Liberty and Prosperity.
“If your a thinking individual, and you can think critically and clearly for yourself, you will look and assess your options and you will see THIS THING is too useful not to be adopted, it’s too powerful, too scarce that it won’t be adopted”
Thoughts taken from Stephan.Livera
on The Bitcoin:
Who should be allowed to speak?
Who should be allowed to publish?
Who should be allowed to have property?
Who should be allowed to defend said property?
The answer is everyone.
Who should be allowed to issue and control the money?
Everyone and no one.
The Bitcoin allows this.
Could improving Cyperspace improve the Meatspace?
We can already see that The #Bitcoin will improve the way humans exchange value.
While the Meatspace deteriorates, Cyberspace is getting better.
The future of The Bitcoin and A.I will be awe inspiring.
Sir.McCormack💯🍻 Really enjoyed your latest podcast with Perianne B.
I refer to you as Sir, because just like Satoshi Nakamoto will win a Noble prize for economics one day, you too will be knighted for your positive contribution to BTC.
I asked ChatGPT that if The Dollar had to be converted to a commodity based currency and that commodity became The #Bitcoin how much would 1BTC be?
Imagine this is the plan, the only reason why it hasn’t been executed is, they haven’t figured out how to enforce tax without
Me :If The Global Reserve Currency became a commodity based currency and it was based on bitcoin, how much would 1 BTC amount to in dollar terms?
ChatGPT :It's difficult to estimate how much one Bitcoin would be worth in dollar terms if it were the basis for a global commodity-backed currency, as this would depend on a variety of factors such as the size of the global economy, the amount of currency in circulation, and the demand for Bitcoin as a store of value.
However, we can make some rough estimates based on current data. As of my knowledge cutoff date of September 2021, the total market capitalization of all Bitcoins in circulation was around $900 billion USD. If we assume that the global economy is around $100 trillion USD (which is a rough estimate based on data from the World Bank), and if we assume that a commodity-based currency backed by Bitcoin would require a reserve ratio of, say, 25% (meaning that for every $1 of currency in circulation, there would need to be $0.25 worth of Bitcoin in reserve), then we could estimate that the total value of all Bitcoin required to back such a currency would be around $25 trillion USD.
Dividing $25 trillion by the current number of Bitcoins in circulation (which was around 18.8 million as of September 2021), we get a rough estimate of around $1.3 million USD per Bitcoin. However, it's worth noting that this is a highly speculative estimate, and any actual valuation of Bitcoin as the basis for a global commodity-based currency would depend on a wide range of economic, political, and technological factors.
To think you could have multi millionaires , possibly billionaires and maybe even trillionaires created from early investments in The Bitcoin space with authorities and institutions having no clue they exist🧡…this is not a secret, this is privacy at its best.
To think you have multi millionaires , possibly billionaires and maybe even trillionaires created from early investments in The Bitcoin space with authorities and institutions having no clue they exist🧡…this is not a secret, this is privacy at its best.
The Bitcoin is made up of ideas, people, code and nodes.
It is part software and hardware. Let’s refer to it as wetware, a mix of technology and biology with a large dash of economics on top
Thoughts taken from #[0]
Don’t call it a hardware wallet, call it a signing device.
Language used in Bitcoin for simplicity sake uses metaphors to label certain features of the network.
This lingo is being weaponised by opposition, to create ideas and make assumptions on Bitcoin that are farfetched.
Not many will know of banking scandals where the time of transactions are manipulated on the bank ledger to increase fees for consumers.
The Bitcoin is a timestamp server with a decentralised clock that no one controls. This can not be overstated.
Thoughts taken from Pierre.Rochard on the recent Natalie.Brunel podcast episode.
https://podcasts.apple.com/za/podcast/coin-stories-with-natalie-brunell/id1569130932?i=1000609464627
It’s absolutely mind blowing how The Bitcoin will disrupt and improve so many different facets of human society. It’s not only a monetary tool. It’s a human tool for greatness and humankind’s opportunity to elevate its existence to that that next level of being.
I’m bullish AF