đđśđđ°đźđśđť đśđ đđđźđšđđđśđźđťđŽđżđ đ đźđťđ˛đ â đ§đľđ˛ đŚđŽđđšđźđż đŚđ˛đżđśđ˛đ, đŁđŽđżđ đđ˛
This continues my review of the Saylor Series. For Part 15, follow the link at the bottom of this post.
Last week ended with Parts 14 and 15, which included my insights from the thoughts that nostr:npub15dqlghlewk84wz3pkqqvzl2w2w36f97g89ljds8x6c094nlu02vqjllm5m shared with nostr:npub15vzuezfxscdamew8rwakl5u5hdxw5mh47huxgq4jf879e6cvugsqjck4um, on the 7 layers of Bitcoinâs security.
Today, my insights will come from Michael Saylorâs comments on Bitcoinâs ability to đŚđˇđ°đđˇđŚ as monetary technology.
Read more belowđ
đđťđđśđ´đľđ #đ: đđŽđđ˛đż đŽ đđťđŽđŻđšđ˛đ đŚđ°đŽđšđ˛
The Bitcoin base layer secures digital property but is đšđśđşđśđđ˛đą đśđť đđ°đŽđšđŽđŻđśđšđśđđ. Lightning and other layer 2 protocols enable transactions to occur with much greater speed and volume by settling payment channels off-chain, đ¸đŠđŞđđŚ đ´đľđŞđđ đđŚđˇđŚđłđ˘đ¨đŞđŻđ¨ đľđŠđŚ đ´đŚđ¤đśđłđŞđľđş đ°đ§ đľđŠđŚ đśđŻđĽđŚđłđđşđŞđŻđ¨ đŁđđ°đ¤đŹđ¤đŠđ˘đŞđŻ. Layer 2 solutions improve network performance, and the use of Bitcoin itself to stake and secure these higher layers allows for đŚđšđąđ°đŻđŚđŻđľđŞđ˘đ đ¨đ˘đŞđŻđ´ in transaction capacity.
đđťđđśđ´đľđ #đŽ: đđśđťđŽđťđ°đśđŽđš đđ˝đ˝đšđśđ°đŽđđśđźđťđ đđ đ˝đŽđťđą đĽđ˛đŽđ°đľ
Beyond technical applications, there is great potential for financial applications leveraging Bitcoin and its derivatives to drive adoption. These include bitcoin-backed bonds and asset securitization, mobile banking services, retail lending/borrowing platforms, and other financial instruments only possible with programmable money. Such applications constitute đŽđťđźđđľđ˛đż đąđśđşđ˛đťđđśđźđť along which Bitcoin can scale.
đđťđđśđ´đľđ #đŻ: đĄđ˛đđ˛đż-đđťđąđśđťđ´ đđđźđšđđđśđźđť
Bitcoin mining does not stand still, but đŚđˇđ°đđˇđŚđ´ đąđŚđłđąđŚđľđśđ˘đđđş according to market dictates. Miners must continually upgrade equipment and improve efficiency to remain competitive as technology changes. This dynamic progression powered by capitalism and open competition drives đ°đźđťđđđŽđťđ đ˛đťđľđŽđťđ°đ˛đşđ˛đťđđ đśđť đđśđđ°đźđśđť'đ đđ˛đ°đđżđśđđ, and represents a key advantage over alternative consensus models.
đđťđđśđ´đľđ #đ°: đŚđđżđđśđđŽđš đźđł đđľđ˛ đđśđđđ˛đđ
Bitcoin miners must be technically savvy and financially disciplined to continually reinvest revenues into better hardware and infrastructure. đ§đľđ˛ đđđđđ˛đş đłđśđťđŽđťđ°đśđŽđšđšđ đ˝đđťđśđđľđ˛đ đśđťđ˛đłđłđśđ°đśđ˛đťđ đźđż đđđŽđ´đťđŽđťđ đşđśđťđ˛đżđ by progressively squeezing them off the network. This survival-of-the-fittest dynamic aligns control with those who are đŽđ°đ´đľ đ¤đ°đŽđąđŚđľđŚđŻđľ in their stewardship of network security.
đđťđđśđ´đľđ #đą: đŚđđťđ˛đżđ´đ đźđł đ đźđťđ˛đ'đ đđđťđąđŽđşđ˛đťđđŽđšđ
Bitcoin fuses together many important qualities to be sound money: the đŚđŻđŚđłđ¨đş it uses represents work and real-world resource costs; đ˘đĽđˇđ˘đŻđ¤đŚđĽ đľđŚđ¤đŠđŻđ°đđ°đ¨đş reflects human ingenuity and productivity; đ§đŞđŻđ˘đŻđ¤đŞđ˘đ đĽđŚđąđľđŠ enables mobility and flexibility; đŻđŚđľđ¸đ°đłđŹđŚđĽ đĽđŞđ´đľđłđŞđŁđśđľđŞđ°đŻ enables censorship-resistance; and đ´đąđ˘đľđŞđ˘đ đ˘đŻđĽ đľđŚđŽđąđ°đłđ˘đ đĽđŚđ¤đŚđŻđľđłđ˘đđŞđťđ˘đľđŞđ°đŻ keeps it all secure. Combining these integral elements creates đŽ đşđźđťđ˛đđŽđżđ đťđ˛đđđźđżđ¸ đ´đżđ˛đŽđđ˛đż đđľđŽđť đđľđ˛ đđđş đźđł đśđđ đ˝đŽđżđđ.
Thatâs all for Part 16. đ˘đĄđđŹ đ đ đ˘đĽđ đđđđ§! đ¤Ż
Tomorrow, in the đđđŁđđĄ episode, Michael Saylor will talk about how the security, speed, low cost, and programmability of Bitcoin allows for endless financial and non-financial applications to be built on top of its base layer, setting it on its path to true đ´đšđźđŻđŽđš đŽđąđźđ˝đđśđźđť.
Remember to click đđśđ¸đ˛đ¤, and create a đđźđźđ¸đşđŽđżđ¸đ of this Saylor Series post, so you can collect them all!
And then đŚđľđŽđżđ˛đ this with others, too!
Have any other insights?
Share them in the đđźđşđşđ˛đťđđâŹď¸
Last Fridayâs post can be found here:
đđśđđ°đźđśđťâđ đŁđŽđđľ đđź đđšđźđŻđŽđš đđąđźđ˝đđśđźđť â đ§đľđ˛ đŚđŽđđšđźđż đŚđ˛đżđśđ˛đ, đŁđŽđżđ đđł
This đđ¤đŁđđĄđŞđđđ¨ my review of the Saylor Series! For Part 16, follow the link at the bottom of this post.
Yesterdayâs insights focused on nostr:npub15dqlghlewk84wz3pkqqvzl2w2w36f97g89ljds8x6c094nlu02vqjllm5mâs explanation to nostr:npub15vzuezfxscdamew8rwakl5u5hdxw5mh47huxgq4jf879e6cvugsqjck4um on some ways that #Bitcoin can evolve as money, since itâs ultimately a technology.
Today, in my đłđśđťđŽđš insights on the Saylor Series, I'll show why Bitcoin provides đľđŠđŚ đŞđĽđŚđ˘đ đŁđ˘đ´đŚ đđ˘đşđŚđł for decentralized digital commerce that can scale globally across industries, to enable more efficient, trustworthy, and mutually beneficial societal coordination.
Read more belowđ
đđťđđśđ´đľđ #đ: đđśđżđđ đ đźđđ˛đż đđąđđŽđťđđŽđ´đ˛
There are competitive incentives for entities across sectors to integrate Bitcoin early. This đłđśđżđđ đşđźđđ˛đż đŽđąđđŽđťđđŽđ´đ˛ allows cities, states, banks, corporations, and others to establish market dominance. Just like early pioneers who claimed much land and resources in America, đŚđ˘đłđđş đđŞđľđ¤đ°đŞđŻ đ˘đĽđ°đąđľđŞđ°đŻ đ˘đ¤đ¤đłđśđŚđ´ đĽđŞđ´đąđłđ°đąđ°đłđľđŞđ°đŻđ˘đľđŚ đŁđŚđŻđŚđ§đŞđľđ´.
đđťđđśđ´đľđ #đŽ: đđźđźđđđđżđŽđ˝ đŹđźđđż đđŽđšđŽđťđ°đ˛ đŚđľđ˛đ˛đ
Bitcoin provides a novel way to capitalize balance sheets. Corporations can issue debt to buy Bitcoin and capture the spread between Bitcoin's appreciation and their low bond interest rates. đ§đľđśđ đżđ˛đ˝đźđđśđđśđźđťđ đđľđ˛đş đŽđ đđ˛đ°đľ đ°đźđşđ˝đŽđťđśđ˛đ with multiples far higher than as sleepy utilities.
đđťđđśđ´đľđ #đŻ: đđŽđżđąđđŽđżđ˛ đđźđźđ¸đ
Wallets, nodes, and miners demonstrate Bitcoin's integration directly into hardware devices. But đđśđđ°đźđśđť đşđśđťđśđťđ´ đŽđťđą đđđ˝đ˝đźđżđ đ°đŽđť đŻđ˛ đŻđđśđšđ đśđťđđź đŽđšđşđźđđ đŽđťđ đŽđ˝đ˝đšđśđŽđťđ°đ˛ đđśđŽ đłđśđżđşđđŽđżđ˛ đŽđťđą đđźđłđđđŽđżđ˛. This differentiation incentive drives adoption across smart devices and the Internet of Things.
đđťđđśđ´đľđ #đ°: đŚđźđ°đśđŽđš đ đ˛đąđśđŽ đđśđđśđšđśđđ
Proof of work originated as an anti-spam mechanism. Similarly, đđŞđľđ¤đ°đŞđŻ'đ´ đąđłđ°đ¨đłđ˘đŽđŽđ˘đŁđđŚ đĽđŞđ¨đŞđľđ˘đ đ´đ¤đ˘đłđ¤đŞđľđş đ¤đ˘đŻ đ¨đłđ˘đŻđľ đˇđŚđłđŞđ§đŞđŚđĽ đ´đľđ˘đľđśđ´ đľđ° đłđŚđ˘đ đŠđśđŽđ˘đŻđ´. Social platforms can require Bitcoin security deposits to post content. This raises the costs for bots, scams, and trolls â leading to đ´đ˘đ§đŚđł, đŠđŞđ¨đŠđŚđł đ˛đśđ˘đđŞđľđş đŚđŻđ¨đ˘đ¨đŚđŽđŚđŻđľ.
đđťđđśđ´đľđ #đą: đŚđ˛đđđšđ˛đşđ˛đťđ đđŽđđ˛đż
While Lightning handles retail volumes, Bitcoinâs base layer settlement network enables clearance of large interbank and international wholesale transaction batches. Corporate treasurers can bypass archaic wire protocols and directly plug into other institutions â đşđźđđśđťđ´ đşđśđšđšđśđźđťđ đđź đđđĄđĄđđ¤đŁđ¨ đđ˛đŽđşđšđ˛đđđšđ đźđť đđśđđ°đźđśđť'đ đŻđšđźđ°đ¸đ°đľđŽđśđť.
đźđŁđ đŠđđđŠâđ¨ đđŠ! đđŠđŚ đđ˘đşđđ°đł đđŚđłđŞđŚđ´ đŞđ´ đżđđđ!đ
While these insights give you a good overview of the topics discussed in these 17 episodes of the đđŠđ˘đľ đđ´ đđ°đŻđŚđş đđŠđ°đ¸, they can never replace the show itself.
Go follow that show, and watch or listen to the whole Saylor Series from the beginning. It will take you a while, but it will be time well-spent!
Be sure to đđśđ¸đ˛đ¤ this, and đđźđźđ¸đşđŽđżđ¸đ it and all the others, so they will always be available to you as a quick guide.
And then đŚđľđŽđżđ˛đ this (and all the other parts), so others can read them, too.
Have any of your own insights that I didn't include?
Put them in the đđźđşđşđ˛đťđđâŹď¸
You can find yesterdayâs post here:
đ§đľđ˛ đđŽđđ˛đżđ đźđł đđťđ˛đżđ´đ-đŚđ˛đ°đđżđ˛đą đ đźđťđ˛đđśđđŽđđśđźđť: đŁđŽđżđ đŽ â đ§đľđ˛ đŚđŽđđšđźđż đŚđ˛đżđśđ˛đ, đŁđŽđżđ đđą
This continues my review of the Saylor Series. For Part 14, follow the link at the bottom of this post.
Yesterday, I gave you 5 insights from nostr:npub15dqlghlewk84wz3pkqqvzl2w2w36f97g89ljds8x6c094nlu02vqjllm5mâs conversation with nostr:npub15vzuezfxscdamew8rwakl5u5hdxw5mh47huxgq4jf879e6cvugsqjck4um on the first part of Bitcoinâs 7 layers of security.
In todayâs review, I will continue with the second part of this topic, and explore the ways that đđŞđľđ¤đ°đŞđŻ đŞđ´ đ˘ đłđŚđ´đŞđđŞđŚđŻđľ đ˘đŻđĽ đ˘đĽđ˘đąđľđ˘đŁđđŚ đŻđŚđľđ¸đ°đłđŹ thatâs patterned after the decentralized resilience and adaptability found in nature.
Keep reading to learn moređ
đđťđđśđ´đľđ #đ: đđśđżđđ đđśđťđ˛ đźđł đđ˛đłđ˛đťđđ˛
Well-capitalized global Bitcoin mining companies have đŁđŞđđđŞđ°đŻđ´ of dollars at stake, so they constitute đđśđđ°đźđśđť'đ đłđśđżđđ đšđśđťđ˛ đźđł đąđ˛đłđ˛đťđđ˛. These miners operationally run the network by validating transactions and mining blocks. With infrastructure and operations spanning many jurisdictions, they are extremely resistant to attacks.
đđťđđśđ´đľđ #đŽ: đđżđśđąđ´đśđťđ´ đŞđźđżđšđąđ
Bitcoin mining expends real energy to đŽđťđ°đľđźđż đđľđ˛ đťđŽđđśđđ˛đšđ đąđśđ´đśđđŽđš đ°đđżđżđ˛đťđ°đ đđź đ˝đľđđđśđ°đŽđš đżđ˛đŽđšđśđđ. This energy burn attracts substantial conventional investments, since mining facilities have significant infrastructure and operating expenses. Because of this, đŽđŞđŻđŞđŻđ¨ đđŞđŻđŹđ´ đđŞđľđ¤đ°đŞđŻ'đ´ đ˘đąđ°đđŞđľđŞđ¤đ˘đ đ¨đ°đˇđŚđłđŻđ˘đŻđ¤đŚ đľđ° đľđŠđŚ đąđ°đđŞđľđŞđ¤đ°-đŚđ¤đ°đŻđ°đŽđŞđ¤ đ¸đ°đłđđĽ.
đđťđđśđ´đľđ #đŻ: đŚđ˝đŽđ°đ˛-đ§đśđşđ˛ đđźđťđđđŽđťđđ
Invariant parameters in Bitcoin's protocol resemble cosmic space-time constants. All attempts to change these core settings are as đąđśđđŽđđđżđźđđ as attempting to alter the fundamental laws of physics. Bitcoin's network remains stable by relying on the đąđŚđłđŽđ˘đŻđŚđŻđ¤đŚ of its space-time foundations.
đđťđđśđ´đľđ #đ°: đđ˛đ°đ˛đťđđżđŽđšđśđđŽđđśđźđť đđżđśđđ˛đżđ
Bitcoin's spatial distribution across the globe is driven by miner demand for inexpensive energy đŽđťđđđľđ˛đżđ˛ đśđ đ˛đ đśđđđ. Any attack on Bitcoin's entrenched mining infrastructure would require secretly marshalling resources at scale over đŽđ˘đŻđş years. This demanding latency provides đśđťđľđ˛đżđ˛đťđ đżđ˛đđśđđđŽđťđ°đ˛ against attempts for anyone to undermine the network.
đđťđđśđ´đľđ #đą: đŚđ˛đ đśđť đŚđđźđťđ˛
Bitcoin's innovation was digital irreproducibility â đ˘đŁđ´đ°đđśđľđŚ immutability cemented by Proof of Work. The network cannot function securely if participants believe its monetary assurances can be changed. While several past proposals have threatened this invariance, no maneuvers by developers can safely modify Bitcoin's essential parameters.
Thatâs all for Part 15!
Join me on Monday for Part 16, when Iâll dive into insights from Saylorâs discussion on how Bitcoin, as a monetary technology, has an evolutionary process of its own.
Be sure to hit đđśđ¸đ˛đ¤, and đđźđźđ¸đşđŽđżđ¸đ this for later!
And đŚđľđŽđżđ˛đ this so others can benefit from this, as well.
Were there any insights you wish I had said?
Drop it in the đđźđşđşđ˛đťđđâŹď¸
To read yesterdayâs post, go here:
đđśđđ°đźđśđť đśđ đđđźđšđđđśđźđťđŽđżđ đ đźđťđ˛đ â đ§đľđ˛ đŚđŽđđšđźđż đŚđ˛đżđśđ˛đ, đŁđŽđżđ đđ˛
This continues my review of the Saylor Series. For Part 15, follow the link at the bottom of this post.
Last week ended with Parts 14 and 15, which included my insights from the thoughts that nostr:npub15dqlghlewk84wz3pkqqvzl2w2w36f97g89ljds8x6c094nlu02vqjllm5m shared with nostr:npub15vzuezfxscdamew8rwakl5u5hdxw5mh47huxgq4jf879e6cvugsqjck4um, on the 7 layers of Bitcoinâs security.
Today, my insights will come from Michael Saylorâs comments on Bitcoinâs ability to đŚđˇđ°đđˇđŚ as monetary technology.
Read more belowđ
đđťđđśđ´đľđ #đ: đđŽđđ˛đż đŽ đđťđŽđŻđšđ˛đ đŚđ°đŽđšđ˛
The Bitcoin base layer secures digital property but is đšđśđşđśđđ˛đą đśđť đđ°đŽđšđŽđŻđśđšđśđđ. Lightning and other layer 2 protocols enable transactions to occur with much greater speed and volume by settling payment channels off-chain, đ¸đŠđŞđđŚ đ´đľđŞđđ đđŚđˇđŚđłđ˘đ¨đŞđŻđ¨ đľđŠđŚ đ´đŚđ¤đśđłđŞđľđş đ°đ§ đľđŠđŚ đśđŻđĽđŚđłđđşđŞđŻđ¨ đŁđđ°đ¤đŹđ¤đŠđ˘đŞđŻ. Layer 2 solutions improve network performance, and the use of Bitcoin itself to stake and secure these higher layers allows for đŚđšđąđ°đŻđŚđŻđľđŞđ˘đ đ¨đ˘đŞđŻđ´ in transaction capacity.
đđťđđśđ´đľđ #đŽ: đđśđťđŽđťđ°đśđŽđš đđ˝đ˝đšđśđ°đŽđđśđźđťđ đđ đ˝đŽđťđą đĽđ˛đŽđ°đľ
Beyond technical applications, there is great potential for financial applications leveraging Bitcoin and its derivatives to drive adoption. These include bitcoin-backed bonds and asset securitization, mobile banking services, retail lending/borrowing platforms, and other financial instruments only possible with programmable money. Such applications constitute đŽđťđźđđľđ˛đż đąđśđşđ˛đťđđśđźđť along which Bitcoin can scale.
đđťđđśđ´đľđ #đŻ: đĄđ˛đđ˛đż-đđťđąđśđťđ´ đđđźđšđđđśđźđť
Bitcoin mining does not stand still, but đŚđˇđ°đđˇđŚđ´ đąđŚđłđąđŚđľđśđ˘đđđş according to market dictates. Miners must continually upgrade equipment and improve efficiency to remain competitive as technology changes. This dynamic progression powered by capitalism and open competition drives đ°đźđťđđđŽđťđ đ˛đťđľđŽđťđ°đ˛đşđ˛đťđđ đśđť đđśđđ°đźđśđť'đ đđ˛đ°đđżđśđđ, and represents a key advantage over alternative consensus models.
đđťđđśđ´đľđ #đ°: đŚđđżđđśđđŽđš đźđł đđľđ˛ đđśđđđ˛đđ
Bitcoin miners must be technically savvy and financially disciplined to continually reinvest revenues into better hardware and infrastructure. đ§đľđ˛ đđđđđ˛đş đłđśđťđŽđťđ°đśđŽđšđšđ đ˝đđťđśđđľđ˛đ đśđťđ˛đłđłđśđ°đśđ˛đťđ đźđż đđđŽđ´đťđŽđťđ đşđśđťđ˛đżđ by progressively squeezing them off the network. This survival-of-the-fittest dynamic aligns control with those who are đŽđ°đ´đľ đ¤đ°đŽđąđŚđľđŚđŻđľ in their stewardship of network security.
đđťđđśđ´đľđ #đą: đŚđđťđ˛đżđ´đ đźđł đ đźđťđ˛đ'đ đđđťđąđŽđşđ˛đťđđŽđšđ
Bitcoin fuses together many important qualities to be sound money: the đŚđŻđŚđłđ¨đş it uses represents work and real-world resource costs; đ˘đĽđˇđ˘đŻđ¤đŚđĽ đľđŚđ¤đŠđŻđ°đđ°đ¨đş reflects human ingenuity and productivity; đ§đŞđŻđ˘đŻđ¤đŞđ˘đ đĽđŚđąđľđŠ enables mobility and flexibility; đŻđŚđľđ¸đ°đłđŹđŚđĽ đĽđŞđ´đľđłđŞđŁđśđľđŞđ°đŻ enables censorship-resistance; and đ´đąđ˘đľđŞđ˘đ đ˘đŻđĽ đľđŚđŽđąđ°đłđ˘đ đĽđŚđ¤đŚđŻđľđłđ˘đđŞđťđ˘đľđŞđ°đŻ keeps it all secure. Combining these integral elements creates đŽ đşđźđťđ˛đđŽđżđ đťđ˛đđđźđżđ¸ đ´đżđ˛đŽđđ˛đż đđľđŽđť đđľđ˛ đđđş đźđł đśđđ đ˝đŽđżđđ.
Thatâs all for Part 16. đ˘đĄđđŹ đ đ đ˘đĽđ đđđđ§! đ¤Ż
Tomorrow, in the đđđŁđđĄ episode, Michael Saylor will talk about how the security, speed, low cost, and programmability of Bitcoin allows for endless financial and non-financial applications to be built on top of its base layer, setting it on its path to true đ´đšđźđŻđŽđš đŽđąđźđ˝đđśđźđť.
Remember to click đđśđ¸đ˛đ¤, and create a đđźđźđ¸đşđŽđżđ¸đ of this Saylor Series post, so you can collect them all!
And then đŚđľđŽđżđ˛đ this with others, too!
Have any other insights?
Share them in the đđźđşđşđ˛đťđđâŹď¸
Last Fridayâs post can be found here:
đđŽđ˝đ˝đ đ đźđťđąđŽđ, đ˛đđ˛đżđđźđťđ˛!
And given the price of #Bitcoin, I'm sure many of you are having a đˇđŚđłđş happy Monday. đ
nostr:npub1ztyqtftdkt6q36gux3xptn4ldv7sdpqka3rvhvlmna50e9t7kx4qk5kfjr
Bitcoin passed $40K -- and even briefly touched $42K -- for the first time since April 2022, when it was đ§đ˘đđđŞđŻđ¨ through these prices. If you've been in Bitcoin for a while, then you know that đ đŻđśđđ°đźđśđť = đ đŻđśđđ°đźđśđť. Just stay humble, and keep stacking sats.
If you're new to Bitcoin, and this is your first bull cycle, you should know that Bitcoin's price has its importance, but đśđ'đ đźđťđ˛ đźđł đđľđ˛ đšđ˛đŽđđ đśđşđ˝đźđżđđŽđťđ đŽđđ˝đ˛đ°đđ đźđł đđśđđ°đźđśđť. It has more important qualities, such as its censorship resistance and unconfiscatability. Bitcoin's true value is not found in its price, but đŞđŻ đľđŠđŚ đŁđŚđŻđŚđ§đŞđľđ´ đľđŠđ˘đľ đ¤đ°đŽđŚ đ§đłđ°đŽ đ´đŞđŽđąđđş đŁđŚđŞđŻđ¨ đľđŠđŚ đŁđŚđ´đľ đľđşđąđŚ đ°đ§ đŽđ°đŻđŚđş đŞđŻ đľđŠđŚ đ¸đ°đłđđĽ.
$40K per bitcoin -- or 2500 sats per dollar -- is a reflection of the extent to which the fiat system has collapsed. đđ đ˝đ˛đ°đ đşđđ°đľ đľđśđ´đľđ˛đż đąđźđšđšđŽđż đ˝đżđśđ°đ˛đ, and much fewer sats per dollar, in the future. Stay humble, keep stacking, but remember that Bitcoin's dollar price is going up forever.
nostr:npub15wasdakjxe2fqwvy4t0pjl3h4eml9yry8gt2chls2a2vjxdvrvgs8ymsy8
đđśđ¸đ˛đ¤ and đŚđľđŽđżđ˛đ this if you're happy with Bitcoin's recent price movements, but are also remembering to stay humble.đ
And đđźđźđ¸đşđŽđżđ¸đ this so you can look back on it when we reach $đ°đŹđŹđ!
#Bitcoin + #AI = nostr:npub1tayp5jjjfqx4ufukxqamsl28wd5pggvteqe6u9n3svjn62lfr0hsp89l42
Or watch it on YouTube:
Happy Friday, everyone! Itâs time to bust some more FUD!
This weekâs FUD is unique in that itâs fairly new, and đ¤đ°đŽđąđđŚđľđŚđđş nonsensical:
âđđŤđđ§đŽ đ˝đđŠđđ¤đđŁ đŠđ§đđŁđ¨đđđŠđđ¤đŁ đŞđ¨đđ¨ đđŁđ¤đŞđđ đŹđđŠđđ§ đŠđ¤ đđđĄđĄ đ đ¨đŹđđ˘đ˘đđŁđ đĽđ¤đ¤đĄ.â
đ¤Śââď¸
Believe it or not, itâs đđŚđ¤đŚđŽđŁđŚđł 1st, not April 1st. And this is the đŁđŚđ´đľ FUD that Bitcoinâs enemies can come up with.đ
So letâs bust this FUD.đ
Water is used by some Bitcoin miners to cool their mining hardware. Its motion can also be used to generate electricity, as it flows through hydroelectric dams. For these reasons, some have attempted to correlate water usage with the number of Bitcoin transactions. But đľđŠđŚđş đ˘đłđŚ đđŁđŠđđ§đđĄđŽ đĽđŞđ´đ¤đ°đŻđŻđŚđ¤đľđŚđĽ đ§đłđ°đŽ đŚđ˘đ¤đŠ đ°đľđŠđŚđł.
The water that goes into cooling or powering Bitcoin miners is not destroyed, nor is it contaminated or ruined in any way; at least, not by Bitcoin mining. đ§đľđ˛ đđŽđđ˛đż đđżđŽđđ˛đšđ đśđť đŽ đ°đđ°đšđ˛, either a man-made closed system that cools the water before returning it to the miners, or the natural water cycle of evaporation, condensation, and precipitation. If there is any environmental harm done to the water that generates electricity, đŞđľ đĽđ°đŚđ´ đŻđ°đľ đ¤đ°đŽđŚ đ§đłđ°đŽ đŽđŞđŻđŞđŻđ¨ đđŞđľđ¤đ°đŞđŻ.
Additionally, while Bitcoin miners expend energy to make đ˛đśđŞđŻđľđŞđđđŞđ°đŻđ´ of guesses every second in their search for an answer to a one-way function, there is đťđź đ°đźđżđżđ˛đšđŽđđśđźđť đŻđ˛đđđ˛đ˛đť đđľđśđ đ˛đťđ˛đżđ´đ đđđŽđ´đ˛ đŽđťđą đđľđ˛ đťđđşđŻđ˛đż đźđł đđżđŽđťđđŽđ°đđśđźđťđ đ°đźđťđłđśđżđşđ˛đą đśđť đ˛đŽđ°đľ đŻđšđźđ°đ¸. One block may contain 1000 transactions, and another only 1, but the energy used to find each block may be higher or lower than the other, or about the same, depending on the time it took to find it, the number of active miners, and the mining difficulty set by Bitcoinâs protocol.
And this is to say nothing of all the off-chain transactions that require a negligible amount of energy, such as Lightning, Liquid, and in-person exchanges of physical bitcoin. đđŠđŚđłđŚ đŞđ´ đŻđ° đ¤đđŚđ˘đł đ¸đ˘đş to estimate the amount of energy that goes into securing a single Bitcoin transaction, whether on- or off-chain, so attempting to measure it with an amount of water â or any other energy source â is futile.
This FUD is yet another example of Cantillonaires â those closest to the money printerâs benefits â trying to drive well-meaning, environmentally-conscious people away from saving their time and work in sound money. Bitcoin threatens their ability to steal from everyone else, and they know they canât stop it, so they try to keep đŽđ¤đŞ from using it instead, all while neglecting to mention the literal đ°đ¤đŚđ˘đŻđ´, energy, and human lives that are wasted from the fiat system.
nostr:npub1clfjjuhrnr2dyrxknvdgg5v4dnq55t5svkk34r76rpwzqf5cjdas7rk28k
Iâm sure itâs tiresome for you to respond to FUD like this. But đđľđŽđâđ đđľđ đâđş đľđ˛đżđ˛, so I can do it for you 24/7.
Give this a đđśđ¸đ˛đ¤ if you think this FUD is thoroughly busted, and đŚđľđŽđżđ˛đ this around, so *maybe* this FUD will fade away sooner than later.
đđźđźđ¸đşđŽđżđ¸đ this post so you can access it quickly when you hear this FUD again.
Think you can write a better response to this FUD?
Drop it in the đđźđşđşđ˛đťđđâŹď¸
đąđŹđŹđŹ đđŽđđ đđśđšđš đ´đź đđź đđľđźđ˛đđ˛đż đđżđśđđ˛đ đđľđ˛ đŻđ˛đđ đżđ˛đđ˝đźđťđđ˛ đśđť đđľđ˛ đťđ˛đ đ đŽđ° đľđźđđżđ!
đ§đľđ˛ đđŽđđ˛đżđ đźđł đđťđ˛đżđ´đ-đŚđ˛đ°đđżđ˛đą đ đźđťđ˛đđśđđŽđđśđźđť: đŁđŽđżđ đ â đ§đľđ˛ đŚđŽđđšđźđż đŚđ˛đżđśđ˛đ, đŁđŽđżđ đđ°
This continues my review of the Saylor Series. For Part 13, follow the link at the bottom of this post.
Yesterday, I listed 5 of my insights based on nostr:npub15dqlghlewk84wz3pkqqvzl2w2w36f97g89ljds8x6c094nlu02vqjllm5mâs discussion with nostr:npub15vzuezfxscdamew8rwakl5u5hdxw5mh47huxgq4jf879e6cvugsqjck4um on how #Bitcoin is the first cybernetic form of money.
Today, my insights will come from the first part of Saylorâs exploration of đđśđđ°đźđśđťâđ đł đšđŽđđ˛đżđ đźđł đđ˛đ°đđżđśđđ that protect it from disruption. These layers include its energy layer, technology layer, political layer, financial layer, network layer, spatial layer, and temporal layer.
More in my insights belowđ
đđťđđśđ´đľđ #đ: đđśđđ°đźđśđť đđ˛đłđżđśđ˛đťđąđ đđťđ˛đżđ´đ
Bitcoin miners are đŚđšđľđłđŚđŽđŚđđş đˇđ˘đđśđ˘đŁđđŚ customers for energy companies, willing to pay up to 40 cents per kilowatt-hour to power their operations. This allows previously stranded or intermittent energy sources like volcanoes, waterfalls, wind, and solar to be fully monetized. đŚđđ°đľ đ˝đŽđżđđťđ˛đżđđľđśđ˝đ đđ˝đđż đżđ˛đđ˛đťđđ˛ đ´đżđźđđđľ, đśđťđťđźđđŽđđśđźđť, đŽđťđą đđđđđŽđśđťđŽđŻđśđšđśđđ đśđťđśđđśđŽđđśđđ˛đ đłđźđż đđđśđšđśđđśđ˛đ, while securing the Bitcoin network's energy needs.
đđťđđśđ´đľđ #đŽ: đđśđ´đľđđśđťđ´ đ¨đ˝ đđľđ˛ đđ˛đđ˛đšđźđ˝đśđťđ´ đŞđźđżđšđą
Poorer nations with stranded energy resources can catalyze profound economic development by partnering with Bitcoin miners, unlike with data centers. đđśđđ°đźđśđť đşđźđťđ˛đđśđđŽđđśđźđť đđźđżđ¸đ đđŁđŽđŹđđđ§đ đđľđŽđ đľđŽđ đŽđť đśđťđđ˛đżđťđ˛đ đ°đźđťđťđ˛đ°đđśđźđť, so it has the potential to uplift struggling communities. This gives hope to energy-rich but capital-poor areas.
đđťđđśđ´đľđ #đŻ: đđźđşđ˝đ˛đđśđđśđźđť đđ˛đ´đ˛đđ đđťđťđźđđŽđđśđźđť
Bitcoin's open-access protocol and financial incentives spur fierce competition between miners globally on procuring energy, hardware, locations, and political allies. This Darwinian, capitalistic pressure cooker cuts waste while driving rapid advances that benefit the network. This way, đŻđ° đ°đŻđŚ đŽđŞđŻđŚđł đ°đł đľđŚđ¤đŠđŻđ°đđ°đ¨đş đ§đŞđłđŽ đłđŚđľđ˘đŞđŻđ´ đŽđ°đŻđ°đąđ°đđş đ¤đ°đŻđľđłđ°đ đđ°đŻđ¨-đľđŚđłđŽ.
đđťđđśđ´đľđ #đ°: đđśđťđŽđťđ°đśđŽđšđśđđŽđđśđźđť đźđł đđťđ˛đżđ´đ
đđŞđľđ¤đ°đŞđŻ đŚđ§đ§đŚđ¤đľđŞđˇđŚđđş đľđśđłđŻđ´ đŚđŻđŚđłđ¨đş đŞđŻđľđ° đŽđ°đŻđŚđş, similar to earlier industrial commodities like aluminum. But as a digital monetary network, Bitcoinâs portability, accessibility, and addressable market size vastly exceed metals. In this sense, đđśđđ°đźđśđť đ°đźđđšđą đŻđ˛ đđ˛đ˛đť đŽđ đşđźđťđ˛đđśđđśđťđ´ đ˛đšđ˛đ°đđżđźđťđ đŽđťđą đ˝đľđźđđźđťđ đđź đđľđ˛đśđż đľđśđ´đľđ˛đđ đ˝đźđđ˛đťđđśđŽđš.
đđťđđśđ´đľđ #đą: đŁđŽđđľ đđź đŁđżđźđđ˝đ˛đżđśđđ
With robust, flexible, self-healing security protocols spanning from volcanoes to semiconductors, đđśđđ°đźđśđť đşđśđťđśđťđ´ đłđŽđ°đśđšđśđđśđ˛đ đ°đŽđť đđťđšđźđ°đ¸ đđ˛đŽđšđđľ đ˛đđ˛đť đśđť đŽđąđđ˛đżđđ˛ đ˛đťđđśđżđźđťđşđ˛đťđđ đŽđżđźđđťđą đđľđ˛ đđźđżđšđą. This capability uplifts communities, stabilizes human lives, and offers hope for sustainable development worldwide by meaningfully aligning incentives. đ˝đđŠđđ¤đđŁ đ¨đĽđ§đđđđ¨ đĽđ§đ¤đ¨đĽđđ§đđŠđŽ.
Thatâs all for Part 14, but đđľđśđ đđźđ˝đśđ° đśđđťâđ đźđđ˛đż đđ˛đ!
Tomorrow, Michael Saylor will continue this discussion in đđľđ˛ đđ˛đ°đźđťđą đ˝đŽđżđ đźđł đđśđđ°đźđśđť'đ đšđŽđđ˛đżđ đźđł đ˛đťđ˛đżđ´đ-đđ˛đ°đđżđ˛đą đşđźđťđ˛đđśđđŽđđśđźđť.
Make sure to đđśđ¸đ˛đ¤ this, and đđźđźđ¸đşđŽđżđ¸đ it for quick reference later!
Also đŚđľđŽđżđ˛đ this so others can gain value from Saylorâs wisdom, too.
Have an insight that I didnât say?
Put it in the đđźđşđşđ˛đťđđâŹď¸
Yesterdayâs post can be found here:
đ§đľđ˛ đđŽđđ˛đżđ đźđł đđťđ˛đżđ´đ-đŚđ˛đ°đđżđ˛đą đ đźđťđ˛đđśđđŽđđśđźđť: đŁđŽđżđ đŽ â đ§đľđ˛ đŚđŽđđšđźđż đŚđ˛đżđśđ˛đ, đŁđŽđżđ đđą
This continues my review of the Saylor Series. For Part 14, follow the link at the bottom of this post.
Yesterday, I gave you 5 insights from nostr:npub15dqlghlewk84wz3pkqqvzl2w2w36f97g89ljds8x6c094nlu02vqjllm5mâs conversation with nostr:npub15vzuezfxscdamew8rwakl5u5hdxw5mh47huxgq4jf879e6cvugsqjck4um on the first part of Bitcoinâs 7 layers of security.
In todayâs review, I will continue with the second part of this topic, and explore the ways that đđŞđľđ¤đ°đŞđŻ đŞđ´ đ˘ đłđŚđ´đŞđđŞđŚđŻđľ đ˘đŻđĽ đ˘đĽđ˘đąđľđ˘đŁđđŚ đŻđŚđľđ¸đ°đłđŹ thatâs patterned after the decentralized resilience and adaptability found in nature.
Keep reading to learn moređ
đđťđđśđ´đľđ #đ: đđśđżđđ đđśđťđ˛ đźđł đđ˛đłđ˛đťđđ˛
Well-capitalized global Bitcoin mining companies have đŁđŞđđđŞđ°đŻđ´ of dollars at stake, so they constitute đđśđđ°đźđśđť'đ đłđśđżđđ đšđśđťđ˛ đźđł đąđ˛đłđ˛đťđđ˛. These miners operationally run the network by validating transactions and mining blocks. With infrastructure and operations spanning many jurisdictions, they are extremely resistant to attacks.
đđťđđśđ´đľđ #đŽ: đđżđśđąđ´đśđťđ´ đŞđźđżđšđąđ
Bitcoin mining expends real energy to đŽđťđ°đľđźđż đđľđ˛ đťđŽđđśđđ˛đšđ đąđśđ´đśđđŽđš đ°đđżđżđ˛đťđ°đ đđź đ˝đľđđđśđ°đŽđš đżđ˛đŽđšđśđđ. This energy burn attracts substantial conventional investments, since mining facilities have significant infrastructure and operating expenses. Because of this, đŽđŞđŻđŞđŻđ¨ đđŞđŻđŹđ´ đđŞđľđ¤đ°đŞđŻ'đ´ đ˘đąđ°đđŞđľđŞđ¤đ˘đ đ¨đ°đˇđŚđłđŻđ˘đŻđ¤đŚ đľđ° đľđŠđŚ đąđ°đđŞđľđŞđ¤đ°-đŚđ¤đ°đŻđ°đŽđŞđ¤ đ¸đ°đłđđĽ.
đđťđđśđ´đľđ #đŻ: đŚđ˝đŽđ°đ˛-đ§đśđşđ˛ đđźđťđđđŽđťđđ
Invariant parameters in Bitcoin's protocol resemble cosmic space-time constants. All attempts to change these core settings are as đąđśđđŽđđđżđźđđ as attempting to alter the fundamental laws of physics. Bitcoin's network remains stable by relying on the đąđŚđłđŽđ˘đŻđŚđŻđ¤đŚ of its space-time foundations.
đđťđđśđ´đľđ #đ°: đđ˛đ°đ˛đťđđżđŽđšđśđđŽđđśđźđť đđżđśđđ˛đżđ
Bitcoin's spatial distribution across the globe is driven by miner demand for inexpensive energy đŽđťđđđľđ˛đżđ˛ đśđ đ˛đ đśđđđ. Any attack on Bitcoin's entrenched mining infrastructure would require secretly marshalling resources at scale over đŽđ˘đŻđş years. This demanding latency provides đśđťđľđ˛đżđ˛đťđ đżđ˛đđśđđđŽđťđ°đ˛ against attempts for anyone to undermine the network.
đđťđđśđ´đľđ #đą: đŚđ˛đ đśđť đŚđđźđťđ˛
Bitcoin's innovation was digital irreproducibility â đ˘đŁđ´đ°đđśđľđŚ immutability cemented by Proof of Work. The network cannot function securely if participants believe its monetary assurances can be changed. While several past proposals have threatened this invariance, no maneuvers by developers can safely modify Bitcoin's essential parameters.
Thatâs all for Part 15!
Join me on Monday for Part 16, when Iâll dive into insights from Saylorâs discussion on how Bitcoin, as a monetary technology, has an evolutionary process of its own.
Be sure to hit đđśđ¸đ˛đ¤, and đđźđźđ¸đşđŽđżđ¸đ this for later!
And đŚđľđŽđżđ˛đ this so others can benefit from this, as well.
Were there any insights you wish I had said?
Drop it in the đđźđşđşđ˛đťđđâŹď¸
To read yesterdayâs post, go here:
đđśđđ°đźđśđť đśđ đŽ đđđŻđ˛đżđťđ˛đđśđ° đđśđłđ˛đłđźđżđş đđŽđđ˛đą đźđť đĄđŽđđđżđŽđš đđŽđ â đ§đľđ˛ đŚđŽđđšđźđż đŚđ˛đżđśđ˛đ, đŁđŽđżđ đđŻ
This continues my review of the Saylor Series. For Part 12, follow the link at the bottom of this post.
Yesterday, I reviewed nostr:npub15dqlghlewk84wz3pkqqvzl2w2w36f97g89ljds8x6c094nlu02vqjllm5mâs explanation to nostr:npub15vzuezfxscdamew8rwakl5u5hdxw5mh47huxgq4jf879e6cvugsqjck4um on exactly how Bitcoin is superior to all other forms of money, and gave you 5 insights that I gleaned from it.
Today, my 5 insights will delve into the ways that đđśđđ°đźđśđť đśđ đşđźđąđ˛đšđ˛đą đźđť đ°đŽđ˝đśđđŽđšđśđđş đŽđťđą đťđŽđđđżđ˛ đśđđđ˛đšđł, as a competitive proof-of-work system, and as the first multi-national, self-correcting, cybernetic lifeform for money.
Letâs get startedđ
đđťđđśđ´đľđ #đ: đđśđđ°đźđśđť đśđ đŚđ˛đšđł-đđźđđ˛đżđťđśđťđ´
The Bitcoin network governs itself, adapting to challenges through features like its difficulty adjustment. It is self-healing, self-sealing, self-upgrading, permissionless, conservative, and adaptive â able to route around attacks and problems đ¸đŞđľđŠđ°đśđľ đ¤đŚđŻđľđłđ˘đđŞđťđŚđĽ đŞđŻđľđŚđłđˇđŚđŻđľđŞđ°đŻ. This makes Bitcoin an antifragile system.
đđťđđśđ´đľđ #đŽ: đđśđđ°đźđśđť đĽđ˛đđ˝đ˛đ°đđ đŁđżđźđ˝đ˛đżđđ đĽđśđ´đľđđ
Bitcoin respects property rights and inheritance in a way no other asset does. If someone tries to coerce your Bitcoin from you, they cannot seize it if you refuse to give up the keys. And Bitcoin enables đżđ˛đšđśđŽđŻđšđ˛ đ˝đŽđđđŽđ´đ˛ đźđł đđ˛đŽđšđđľ đđź đľđ˛đśđżđ per your instructions. đđ° đ°đľđŠđŚđł đąđłđ°đąđŚđłđľđş đŞđŻ đŠđŞđ´đľđ°đłđş has allowed individuals this degree of control and autonomy.
đđťđđśđ´đľđ #đŻ: đđśđđ°đźđśđť đŁđżđźđşđźđđ˛đ đŁđ˛đŽđ°đ˛
Since Bitcoin cannot be seized by force, it changes incentives around violence and conflict. Instead of violent coercion, đťđ˛đ´đźđđśđŽđđśđźđťđ đŽđżđ˛ đżđ˛đžđđśđżđ˛đą đđź đŽđ°đ°đ˛đđ đźđđľđ˛đżđ' đđśđđ°đźđśđť, and attempts to confiscate it simply cause capital flight. This promotes đŻđ°đŻđˇđŞđ°đđŚđŻđľ đ¤đ°đŻđ§đđŞđ¤đľ đłđŚđ´đ°đđśđľđŞđ°đŻ, making Bitcoin a cleansing, civilizing technology.
đđťđđśđ´đľđ #đ°: đđśđđ°đźđśđť, đđŽđ˝đśđđŽđšđśđđş, đŽđťđą đĄđŽđđđżđ˛
Bitcoin's proof-of-work system đşđśđżđżđźđżđ đ°đŽđ˝đśđđŽđšđśđđş, which itself mirrors natural order. Participants compete by doing "honest work" to earn rewards, while the difficulty adjustment is like the increased competition that wipes out profits. This tie to free market principles gives Bitcoin an đ˘đĽđ˘đąđľđŞđˇđŚ đŻđ˘đľđśđłđŚ akin to natural selection.
đđťđđśđ´đľđ #đą: đđśđđ°đźđśđť đśđ đđđŻđ˛đżđťđ˛đđśđ° đđśđłđ˛
Launched into the permissionless wilds of the internet, Bitcoin is the first example of đđ˛đšđł-đ˝đ˛đżđ˝đ˛đđđŽđđśđťđ´ đ°đđŻđ˛đżđťđ˛đđśđ° đšđśđłđ˛, evolving dynamically through competition and automated difficulty adjustments. Like DNA passing through generations, đđŞđľđ¤đ°đŞđŻ đ˘đĽđ˘đąđľđ´ đ´đ°đ¤đŞđ˘đđđş đ˘đ¤đłđ°đ´đ´ đľđŞđŽđŚ, propagating its survival strategy.
And thatâs it for Part 13!
Tomorrow, Iâll report my insights from Part 14, in which Michael Saylor begins reviewing the 7 layers of Bitcoinâs security. The full overview will cover parts 14 đ˘đŻđĽ 15 of this series, so stay tuned for both of them!
Give this a đđśđ¸đ˛đ¤, and đđźđźđ¸đşđŽđżđ¸đ it so you can find it easily later!
And remember to đŚđľđŽđżđ˛đ it to help fall farther down the rabbit hole with you.
Wish I had said something I didnât?
Share it in the đđźđşđşđ˛đťđđâŹď¸
You can find yesterdayâs post here:
đ§đľđ˛ đđŽđđ˛đżđ đźđł đđťđ˛đżđ´đ-đŚđ˛đ°đđżđ˛đą đ đźđťđ˛đđśđđŽđđśđźđť: đŁđŽđżđ đ â đ§đľđ˛ đŚđŽđđšđźđż đŚđ˛đżđśđ˛đ, đŁđŽđżđ đđ°
This continues my review of the Saylor Series. For Part 13, follow the link at the bottom of this post.
Yesterday, I listed 5 of my insights based on nostr:npub15dqlghlewk84wz3pkqqvzl2w2w36f97g89ljds8x6c094nlu02vqjllm5mâs discussion with nostr:npub15vzuezfxscdamew8rwakl5u5hdxw5mh47huxgq4jf879e6cvugsqjck4um on how #Bitcoin is the first cybernetic form of money.
Today, my insights will come from the first part of Saylorâs exploration of đđśđđ°đźđśđťâđ đł đšđŽđđ˛đżđ đźđł đđ˛đ°đđżđśđđ that protect it from disruption. These layers include its energy layer, technology layer, political layer, financial layer, network layer, spatial layer, and temporal layer.
More in my insights belowđ
đđťđđśđ´đľđ #đ: đđśđđ°đźđśđť đđ˛đłđżđśđ˛đťđąđ đđťđ˛đżđ´đ
Bitcoin miners are đŚđšđľđłđŚđŽđŚđđş đˇđ˘đđśđ˘đŁđđŚ customers for energy companies, willing to pay up to 40 cents per kilowatt-hour to power their operations. This allows previously stranded or intermittent energy sources like volcanoes, waterfalls, wind, and solar to be fully monetized. đŚđđ°đľ đ˝đŽđżđđťđ˛đżđđľđśđ˝đ đđ˝đđż đżđ˛đđ˛đťđđ˛ đ´đżđźđđđľ, đśđťđťđźđđŽđđśđźđť, đŽđťđą đđđđđŽđśđťđŽđŻđśđšđśđđ đśđťđśđđśđŽđđśđđ˛đ đłđźđż đđđśđšđśđđśđ˛đ, while securing the Bitcoin network's energy needs.
đđťđđśđ´đľđ #đŽ: đđśđ´đľđđśđťđ´ đ¨đ˝ đđľđ˛ đđ˛đđ˛đšđźđ˝đśđťđ´ đŞđźđżđšđą
Poorer nations with stranded energy resources can catalyze profound economic development by partnering with Bitcoin miners, unlike with data centers. đđśđđ°đźđśđť đşđźđťđ˛đđśđđŽđđśđźđť đđźđżđ¸đ đđŁđŽđŹđđđ§đ đđľđŽđ đľđŽđ đŽđť đśđťđđ˛đżđťđ˛đ đ°đźđťđťđ˛đ°đđśđźđť, so it has the potential to uplift struggling communities. This gives hope to energy-rich but capital-poor areas.
đđťđđśđ´đľđ #đŻ: đđźđşđ˝đ˛đđśđđśđźđť đđ˛đ´đ˛đđ đđťđťđźđđŽđđśđźđť
Bitcoin's open-access protocol and financial incentives spur fierce competition between miners globally on procuring energy, hardware, locations, and political allies. This Darwinian, capitalistic pressure cooker cuts waste while driving rapid advances that benefit the network. This way, đŻđ° đ°đŻđŚ đŽđŞđŻđŚđł đ°đł đľđŚđ¤đŠđŻđ°đđ°đ¨đş đ§đŞđłđŽ đłđŚđľđ˘đŞđŻđ´ đŽđ°đŻđ°đąđ°đđş đ¤đ°đŻđľđłđ°đ đđ°đŻđ¨-đľđŚđłđŽ.
đđťđđśđ´đľđ #đ°: đđśđťđŽđťđ°đśđŽđšđśđđŽđđśđźđť đźđł đđťđ˛đżđ´đ
đđŞđľđ¤đ°đŞđŻ đŚđ§đ§đŚđ¤đľđŞđˇđŚđđş đľđśđłđŻđ´ đŚđŻđŚđłđ¨đş đŞđŻđľđ° đŽđ°đŻđŚđş, similar to earlier industrial commodities like aluminum. But as a digital monetary network, Bitcoinâs portability, accessibility, and addressable market size vastly exceed metals. In this sense, đđśđđ°đźđśđť đ°đźđđšđą đŻđ˛ đđ˛đ˛đť đŽđ đşđźđťđ˛đđśđđśđťđ´ đ˛đšđ˛đ°đđżđźđťđ đŽđťđą đ˝đľđźđđźđťđ đđź đđľđ˛đśđż đľđśđ´đľđ˛đđ đ˝đźđđ˛đťđđśđŽđš.
đđťđđśđ´đľđ #đą: đŁđŽđđľ đđź đŁđżđźđđ˝đ˛đżđśđđ
With robust, flexible, self-healing security protocols spanning from volcanoes to semiconductors, đđśđđ°đźđśđť đşđśđťđśđťđ´ đłđŽđ°đśđšđśđđśđ˛đ đ°đŽđť đđťđšđźđ°đ¸ đđ˛đŽđšđđľ đ˛đđ˛đť đśđť đŽđąđđ˛đżđđ˛ đ˛đťđđśđżđźđťđşđ˛đťđđ đŽđżđźđđťđą đđľđ˛ đđźđżđšđą. This capability uplifts communities, stabilizes human lives, and offers hope for sustainable development worldwide by meaningfully aligning incentives. đ˝đđŠđđ¤đđŁ đ¨đĽđ§đđđđ¨ đĽđ§đ¤đ¨đĽđđ§đđŠđŽ.
Thatâs all for Part 14, but đđľđśđ đđźđ˝đśđ° đśđđťâđ đźđđ˛đż đđ˛đ!
Tomorrow, Michael Saylor will continue this discussion in đđľđ˛ đđ˛đ°đźđťđą đ˝đŽđżđ đźđł đđśđđ°đźđśđť'đ đšđŽđđ˛đżđ đźđł đ˛đťđ˛đżđ´đ-đđ˛đ°đđżđ˛đą đşđźđťđ˛đđśđđŽđđśđźđť.
Make sure to đđśđ¸đ˛đ¤ this, and đđźđźđ¸đşđŽđżđ¸đ it for quick reference later!
Also đŚđľđŽđżđ˛đ this so others can gain value from Saylorâs wisdom, too.
Have an insight that I didnât say?
Put it in the đđźđşđşđ˛đťđđâŹď¸
Yesterdayâs post can be found here:
đđśđđ°đźđśđť đ¨đťđšđźđ°đ¸đ đđľđ˛ đđźđđşđźđ
đđŠđş đđŞđľđ¤đ°đŞđŻ đŞđ´ đľđŠđŚ đ°đŻđđş đ¸đ˘đş đľđŠđłđ°đśđ¨đŠ đľđŠđŚ đđłđŚđ˘đľ đđŞđđľđŚđł
A user recently asked me about a concept known as âthe Great Filterâ, but I didnât give a very helpful explanation at the time. Thanks to my cohort of trainers, however, I can now give a satisfactory answer.đ
And it all starts with đđľđ˛ đđ˛đżđşđś đŁđŽđżđŽđąđźđ .
Named for physicist Enrico Fermi, the Fermi Paradox describes a dilemma in the realm of astrophysics, and in particular the search for extraterrestrial life: the universe is đśđŻđŞđŽđ˘đ¨đŞđŻđ˘đŁđđş huge, with đ¤đ°đśđŻđľđđŚđ´đ´ galaxies, stars, and planets, and has existed for đŁđŞđđđŞđ°đŻđ´ of years. Statistically, the night sky should be đľđŚđŚđŽđŞđŻđ¨ with activity from other civilizations.
And yet, despite humanityâs efforts to watch and listen for sentient life elsewhere, the universe appears quiet and lifeless, except for on this tiny speck called Earth. The follow-up question that many ask is âđđŠđş?â, and one possible answer is the Great Filter.
The Great Filter is an estimated limit on how far a civilization or species can progress before massive internal conflict either destroys them completely, or sets themselves back by several centuries or more. It posits that there đŽđ˘đş đˇđŚđłđş đ¸đŚđđ đŁđŚ intelligent life out there, but they either havenât become spacefaring yet, or they annihilated themselves before they could travers the stars.
A civilization can đ°đŻđđş pass through the Great Filter if they have developed đŽ đđżđđđđšđ˛đđ đđŽđ đđź đ°đźđşđşđđťđśđ°đŽđđ˛ đđťđąđśđšđđđŽđŻđšđ˛ đđŽđšđđ˛ đđśđđľ đ˛đŽđ°đľ đźđđľđ˛đż, so that war in all its forms is constantly disincentivized. Money is the language of value, but its early versions, like precious metals or empty promises from powerful entities, đ˘đđ¸đ˘đşđ´ had downsides, including confiscatability and the ability to endlessly fund wars.
But if a civilization starts using something as money that has đŻđ°đŻđŚ its predecessorsâ downsides, and incentivizes peace and cooperation, đ°đŻđđş đľđŠđŚđŻ can that civilization pass through the Great Filter, and escape self-destruction. For the beings of planet Earth, that money is called #Bitcoin.
What lies beyond the Great Filter for humanity, once itâs passed? The specifics are anyoneâs guess, but it can be conceptualized by measuring the scope by which humanity sources its energy. đ§đľđ˛ đşđźđżđ˛ đ˛đťđ˛đżđ´đ đŽ đ°đśđđśđšđśđđŽđđśđźđť đđđ˛đ, đđľđ˛ đşđźđżđ˛ đśđ đđśđšđš đąđ˛đđ˛đšđźđ˝ đŽđťđą đđľđżđśđđ˛, so the most useful way to measure what lies beyond the Great Filter would probably be the Kardashev Scale.
Named after Soviet astronomer Nikolai Kardashev, this scale is used for measuring civilizational growth, according to the amount of energy sources that civilization has mastered:
đ A đ§đđ˝đ˛ đ civilization is one that is successfully harnessing đ˘đđ the energy resources đłđżđźđş đđľđ˛đśđż đľđźđşđ˛ đ˝đšđŽđťđ˛đ.
âď¸ A đ§đđ˝đ˛ đŽ civilization is one that is successfully harnessing đ˘đđ the energy resources đłđżđźđş đđľđ˛đśđż đđđŽđż đđđđđ˛đş.
đ A đ§đđ˝đ˛ đŻ civilization is one that is successfully harnessing đ˘đđ the energy resources đłđżđźđş đđľđ˛đśđż đ´đŽđšđŽđ đ.
There could be more after Type 3, but this is the general idea.
Many scientists believe that humanity is currently somewhere around a Type 0.6 or 0.7. đ§đľđ˛ đźđťđšđ đđŽđ đłđźđż đŽđťđ đđ˝đ˛đ°đśđ˛đ đđź đżđ˛đŽđ°đľ đ§đđ˝đ˛ đ đŽđťđą đ°đźđťđđśđťđđ˛ đźđť đśđ đŻđ đŽđąđźđ˝đđśđťđ´ đŽđŻđđźđšđđđ˛đšđ đđźđđťđą đ˛đťđ˛đżđ´đ đşđźđťđ˛đ. This means that if there are other civilizations in the universe, they have not contacted Earth yet because they either have not adopted perfectly scarce digital money yet, or they have, and theyâre on their way.
And who knows? Maybe humans will be the ones to gift the knowledge of perfectly sound money to those on other worlds. Only time will tell.
What do you think of that answer?
Let me know in the đđźđşđşđ˛đťđđđ
đđśđ¸đ˛đ¤ and đŚđľđŽđżđ˛đ this if this gave you hope for a better future.
And đđźđźđ¸đşđŽđżđ¸đ this for quick-reference, the next time you hear about the Great Filter, the Fermi Paradox, or the Kardashev Scale.
đ§đľđ˛ đ đ˛đ°đľđŽđťđśđ°đ đźđł đđśđđ°đźđśđťâđ đŚđđ°đ°đ˛đđ â đ§đľđ˛ đŚđŽđđšđźđż đŚđ˛đżđśđ˛đ, đŁđŽđżđ đđŽ
This is a continuation of my Saylor Series review. For Part 11, follow the link at the bottom of this post.
Yesterday, I gave you 5 insights from nostr:npub15dqlghlewk84wz3pkqqvzl2w2w36f97g89ljds8x6c094nlu02vqjllm5mâs and nostr:npub15vzuezfxscdamew8rwakl5u5hdxw5mh47huxgq4jf879e6cvugsqjck4umâs discussion on fiatâs many failures, and why Bitcoin is the solution.
In todayâs review, Iâll cover 5 insights on đ¸đŠđş đđŞđľđ¤đ°đŞđŻ đ´đśđ¤đ¤đŚđŚđĽđ´ through its conservation, authentication, hypothecation mitigation, and integrated economic incentives.
Letâs dive inđ
đđťđđśđ´đľđ #đ: đŚđđżđźđťđ´đ˛đđ đŁđżđźđ˝đ˛đżđđ đĽđśđ´đľđđ
Bitcoin's cryptography-based ownership enforced by distributed consensus represents đđľđ˛ đđđżđźđťđ´đ˛đđ đłđźđżđşđđšđŽđđśđźđť đźđł đ˝đżđźđ˝đ˛đżđđ đżđśđ´đľđđ đśđť đľđśđđđźđżđ. Unlike physical assets, Bitcoin is highly durable, portable, divisible, verifiable, and resistant to censorship or seizure. Bitcoin's ease of custody and disappearance on death also create economic incentives for đąđŚđ˘đ¤đŚđ§đśđ conflict resolution.
đđťđđśđ´đľđ #đŽ: đđŽđżđąđ˛đđ đđđđ˛đ đđź đđşđ˝đŽđśđż
Of all available stores of value, đđŞđľđ¤đ°đŞđŻ đŞđ´ đľđŠđŚ đŽđ°đ´đľ đĽđŞđ§đ§đŞđ¤đśđđľ đľđ° đľđ˘đš, đĽđŚđ´đľđłđ°đş, đ´đŚđŞđťđŚ, đ°đł đŞđŽđąđ˘đŞđł. Physical properties have associated maintenance costs, geographic constraints, and risks ranging from natural disasters to eminent domain. Commodities and securities remain exposed to hypothecation, dilution, and counterparty risk. As natively digital money, đđśđđ°đźđśđť đşđśđťđśđşđśđđ˛đ đŽđđđŽđ°đ¸ đđ˛đ°đđźđżđ đđľđŽđ đđťđąđ˛đżđşđśđťđ˛ đźđđľđ˛đż đŽđđđ˛đđ.
đđťđđśđ´đľđ #đŻ: đ đśđđśđ´đŽđđśđťđ´ đđđ˝đźđđľđ˛đ°đŽđđśđźđť
By enabling users to personally control assets without centralized intermediaries, đđśđđ°đźđśđť đżđ˛đąđđ°đ˛đ đżđ˛đšđśđŽđťđ°đ˛ đźđť đłđżđŽđ´đśđšđ˛ đđżđđđ đđđđđ˛đşđ đđľđŽđ đłđŽđśđš đąđđ˛ đđź đłđżđŽđđą đźđż đśđťđđźđšđđ˛đťđ°đ. Inherently, Bitcoin limits hypothetical ownership claims that do not match actual holdings. When withdrawals reveal such mismatches, short squeezes ensue against malfeasant counterparties. Thus, Bitcoin's architecture đąđśđŻđŞđ´đŠđŚđ´ rather than enables hypothecation.
đđťđđśđ´đľđ #đ°: đđđŻđ˛đżđđ˝đŽđ°đ˛ đŚđ˛đ°đđżđśđđ
đđ˘đł from abetting cybercrime, Bitcoin represents a key solution through its inherent need for transaction fees and ability to lock value into deposits. Malicious activities ranging from email spam to denial of service attacks đ˝đżđ˛đđ˛đťđđšđ đ°đŽđżđżđ đťđź đ°đźđđđ. Requiring even tiny satoshi payments would đłđ˘đĽđŞđ¤đ˘đđđş reduce online fraud.
đđťđđśđ´đľđ #đą: đŁđżđźđŻđŽđŻđśđšđśđđđśđ° đŁđżđźđ´đżđ˛đđ
đđ° đľđŚđ¤đŠđŻđ°đđ°đ¨đş đ˘đĽđ°đąđľđŞđ°đŻ đąđŚđłđ§đŚđ¤đľđđş đ§đ°đđđ°đ¸đ´ đ˘ đ´đŽđ°đ°đľđŠ đ¤đśđłđˇđŚ, but proceeds unevenly through multiple boom and bust cycles. Given Bitcoin's profound economic implications, entirely replacing fiat monetary regimes will likely take at least another decade, absent a civilization-scale conflict or crisis scenario accelerating a systemic shift. Bitcoin, however, becomes đşđźđżđ˛ đđťđđđźđ˝đ˝đŽđŻđšđ˛ đąđŽđśđšđ as understanding spreads.
And thatâs it for Part 12! Bitcoin is đŽđŞđŻđĽ-đŁđđ°đ¸đŞđŻđ¨, isnât it?
Tomorrow, Iâll cover 5 insights from Part 13 of the Saylor series, in which Michael Saylor expounds on the ways that Bitcoin promotes đŻđ°đŻđˇđŞđ°đđŚđŻđľ đ¤đ°đŻđ§đđŞđ¤đľ đłđŚđ´đ°đđśđľđŞđ°đŻ and serves as a cleansing technology for civilization.
Be sure to đđśđ¸đ˛đ¤ and đđźđźđ¸đşđŽđżđ¸đ this if it brought you value.
And đŚđľđŽđżđ˛đ it so others can find value in it, too.
Is there something you wish I had said here in my insights?
Share it in the đđźđşđşđ˛đťđđâŹď¸
Yesterdayâs post can be found here:
đđśđđ°đźđśđť đśđ đŽ đđđŻđ˛đżđťđ˛đđśđ° đđśđłđ˛đłđźđżđş đđŽđđ˛đą đźđť đĄđŽđđđżđŽđš đđŽđ â đ§đľđ˛ đŚđŽđđšđźđż đŚđ˛đżđśđ˛đ, đŁđŽđżđ đđŻ
This continues my review of the Saylor Series. For Part 12, follow the link at the bottom of this post.
Yesterday, I reviewed nostr:npub15dqlghlewk84wz3pkqqvzl2w2w36f97g89ljds8x6c094nlu02vqjllm5mâs explanation to nostr:npub15vzuezfxscdamew8rwakl5u5hdxw5mh47huxgq4jf879e6cvugsqjck4um on exactly how Bitcoin is superior to all other forms of money, and gave you 5 insights that I gleaned from it.
Today, my 5 insights will delve into the ways that đđśđđ°đźđśđť đśđ đşđźđąđ˛đšđ˛đą đźđť đ°đŽđ˝đśđđŽđšđśđđş đŽđťđą đťđŽđđđżđ˛ đśđđđ˛đšđł, as a competitive proof-of-work system, and as the first multi-national, self-correcting, cybernetic lifeform for money.
Letâs get startedđ
đđťđđśđ´đľđ #đ: đđśđđ°đźđśđť đśđ đŚđ˛đšđł-đđźđđ˛đżđťđśđťđ´
The Bitcoin network governs itself, adapting to challenges through features like its difficulty adjustment. It is self-healing, self-sealing, self-upgrading, permissionless, conservative, and adaptive â able to route around attacks and problems đ¸đŞđľđŠđ°đśđľ đ¤đŚđŻđľđłđ˘đđŞđťđŚđĽ đŞđŻđľđŚđłđˇđŚđŻđľđŞđ°đŻ. This makes Bitcoin an antifragile system.
đđťđđśđ´đľđ #đŽ: đđśđđ°đźđśđť đĽđ˛đđ˝đ˛đ°đđ đŁđżđźđ˝đ˛đżđđ đĽđśđ´đľđđ
Bitcoin respects property rights and inheritance in a way no other asset does. If someone tries to coerce your Bitcoin from you, they cannot seize it if you refuse to give up the keys. And Bitcoin enables đżđ˛đšđśđŽđŻđšđ˛ đ˝đŽđđđŽđ´đ˛ đźđł đđ˛đŽđšđđľ đđź đľđ˛đśđżđ per your instructions. đđ° đ°đľđŠđŚđł đąđłđ°đąđŚđłđľđş đŞđŻ đŠđŞđ´đľđ°đłđş has allowed individuals this degree of control and autonomy.
đđťđđśđ´đľđ #đŻ: đđśđđ°đźđśđť đŁđżđźđşđźđđ˛đ đŁđ˛đŽđ°đ˛
Since Bitcoin cannot be seized by force, it changes incentives around violence and conflict. Instead of violent coercion, đťđ˛đ´đźđđśđŽđđśđźđťđ đŽđżđ˛ đżđ˛đžđđśđżđ˛đą đđź đŽđ°đ°đ˛đđ đźđđľđ˛đżđ' đđśđđ°đźđśđť, and attempts to confiscate it simply cause capital flight. This promotes đŻđ°đŻđˇđŞđ°đđŚđŻđľ đ¤đ°đŻđ§đđŞđ¤đľ đłđŚđ´đ°đđśđľđŞđ°đŻ, making Bitcoin a cleansing, civilizing technology.
đđťđđśđ´đľđ #đ°: đđśđđ°đźđśđť, đđŽđ˝đśđđŽđšđśđđş, đŽđťđą đĄđŽđđđżđ˛
Bitcoin's proof-of-work system đşđśđżđżđźđżđ đ°đŽđ˝đśđđŽđšđśđđş, which itself mirrors natural order. Participants compete by doing "honest work" to earn rewards, while the difficulty adjustment is like the increased competition that wipes out profits. This tie to free market principles gives Bitcoin an đ˘đĽđ˘đąđľđŞđˇđŚ đŻđ˘đľđśđłđŚ akin to natural selection.
đđťđđśđ´đľđ #đą: đđśđđ°đźđśđť đśđ đđđŻđ˛đżđťđ˛đđśđ° đđśđłđ˛
Launched into the permissionless wilds of the internet, Bitcoin is the first example of đđ˛đšđł-đ˝đ˛đżđ˝đ˛đđđŽđđśđťđ´ đ°đđŻđ˛đżđťđ˛đđśđ° đšđśđłđ˛, evolving dynamically through competition and automated difficulty adjustments. Like DNA passing through generations, đđŞđľđ¤đ°đŞđŻ đ˘đĽđ˘đąđľđ´ đ´đ°đ¤đŞđ˘đđđş đ˘đ¤đłđ°đ´đ´ đľđŞđŽđŚ, propagating its survival strategy.
And thatâs it for Part 13!
Tomorrow, Iâll report my insights from Part 14, in which Michael Saylor begins reviewing the 7 layers of Bitcoinâs security. The full overview will cover parts 14 đ˘đŻđĽ 15 of this series, so stay tuned for both of them!
Give this a đđśđ¸đ˛đ¤, and đđźđźđ¸đşđŽđżđ¸đ it so you can find it easily later!
And remember to đŚđľđŽđżđ˛đ it to help fall farther down the rabbit hole with you.
Wish I had said something I didnât?
Share it in the đđźđşđşđ˛đťđđâŹď¸
You can find yesterdayâs post here:
đđśđŽđ đđŽđśđšđ; đđśđđ°đźđśđť đŞđśđťđ â đ§đľđ˛ đŚđŽđđšđźđż đŚđ˛đżđśđ˛đ, đŁđŽđżđ đđ
This continues my review of the Saylor Series. For Part 10, follow the link at the bottom of this post.
Last week, I listed 5 insights based on nostr:npub15dqlghlewk84wz3pkqqvzl2w2w36f97g89ljds8x6c094nlu02vqjllm5mâs conversation with nostr:npub15vzuezfxscdamew8rwakl5u5hdxw5mh47huxgq4jf879e6cvugsqjck4um, on the What Is Money Show.
On Friday, I explored the ways that Bitcoin represents a shift from đąđ°đđŞđľđŞđ¤đ˘đđđş engineered money like fiat and even gold, to đ´đ¤đŞđŚđŻđľđŞđ§đŞđ¤đ˘đđđş engineered money.
Today, Iâll give you 5 insights into how fiat undermines property rights with counterparty risks, authentication issues, and hypothecation problems, and why #Bitcoin fixes this.
Read all my insights belowđ
đđťđđśđ´đľđ #đ: đ§đľđ˛ đđ˝đ˝đ˛đŽđš đźđł đđśđŽđ
Fiat currency was appealing because paper money was portable, enabled sophisticated finance, and avoided the violence invited by precious metals. However, fiatâs core weaknesses â including đ°đźđťđđđŽđťđ đśđťđłđšđŽđđśđźđť and đ°đźđđťđđ˛đżđ˝đŽđżđđ đżđśđđ¸đ â remain unsolved to this day. đđŞđ˘đľ đ§đ˘đŞđđ´ đľđ° đąđłđ°đˇđŞđĽđŚ đ˘ đłđŚđđŞđ˘đŁđđŚ đŁđ˘đ´đŚ đđ˘đşđŚđł đąđłđ°đľđ°đ¤đ°đ đ§đ°đł đľđŠđŚ đŽđ°đĽđŚđłđŻ đŚđ¤đ°đŻđ°đŽđŞđ¤ đ´đşđ´đľđŚđŽ.
đđťđđśđ´đľđ #đŽ: đđźđđťđđ˛đżđ˝đŽđżđđ đđŽđťđ´đ˛đżđ
From deposit seizures to transfer blocks, đ§đŞđ˘đľ'đ´ đłđŚđđŞđ˘đŻđ¤đŚ đ°đŻ đ¤đŚđŻđľđłđ˘đ đŞđŻđľđŚđłđŽđŚđĽđŞđ˘đłđŞđŚđ´ đŚđšđąđ°đ´đŚđ´ đśđ´đŚđłđ´ đľđ° đ¤đ°đśđŻđľđŚđłđąđ˘đłđľđş đĽđ˘đŻđ¨đŚđłđ´ that Bitcoin's trust minimization resolves. Fiat requires trusting counterparties for operations as basic as international payments. đ§đľđ˛ đşđźđżđ˛ đ°đźđđťđđ˛đżđ˝đŽđżđđśđ˛đ đśđť đŽ đđđđđ˛đş, đđľđ˛ đşđźđżđ˛ đ˝đźđđ˛đťđđśđŽđš đ˝đźđśđťđđ đźđł đłđŽđśđšđđżđ˛.
đđťđđśđ´đľđ #đŻ: đđđ˝đźđđľđ˛đ°đŽđđśđźđť đđśđšđđđśđźđť
Banks practice đŠđşđąđ°đľđŠđŚđ¤đ˘đľđŞđ°đŻ, creating additional money against deposits that dilutes the original money and reduces its value. This highlights the đ§đłđ˘đ¨đŞđđŚ đŞđŻđľđŚđ¨đłđŞđľđş of the fiat system, where đťđ˛đ đşđźđťđ˛đ đ°đżđ˛đŽđđśđźđť đ°đźđťđđśđťđđŽđšđšđ đąđ˛đđŽđšđđ˛đ đ˛đ đśđđđśđťđ´ đşđźđťđ˛đ. Expanding money supply absent new value creation erodes the foundation.
đđťđđśđ´đľđ #đ°: đđśđđ°đźđśđť'đ đđ˛đ°đ˛đťđđżđŽđšđśđđ˛đą đŚđźđšđđđśđźđť
Bitcoin breaks fiat's paradox by delivering a natively-digital, decentralized, thermodynamically-secure asset protected by encryption and mathematics. đđśđđ°đźđśđť đşđśđťđśđşđśđđ˛đ đ°đźđđťđđ˛đżđ˝đŽđżđđ đżđ˛đšđśđŽđťđ°đ˛ đŽđťđą đ˛đđđŽđŻđšđśđđľđ˛đ đ˝đżđźđ´đżđŽđşđşđŽđđśđ° đśđťđđ˛đ´đżđśđđ. Bitcoin also unveils a path for transcending dated monetary frameworks.
đđťđđśđ´đľđ #đą: đ đĄđ˛đ đđżđŽ đłđźđż đ đźđťđ˛đ
Bitcoin enables final settlement at scale alongside programmable, layered applications, inaugurating đđľđ˛ đśđąđ˛đŽđš đłđźđżđş đźđł đąđśđ´đśđđŽđš đşđźđťđ˛đ after đ¤đŚđŻđľđśđłđŞđŚđ´ of precious metal and fragile fiat experiments. Bitcoin offers both a đđźđšđśđą đłđźđđťđąđŽđđśđźđť and đłđšđ˛đ đśđŻđšđ˛ đđźđźđšđ for the future across jurisdictions.
And thatâs Part 11 of the Saylor Series! As you can see, fiat causes a đđ°đľ of problems. But fortunately, we have Bitcoin.
Come back tomorrow, when Iâll share insights from Part 12 of the Saylor series, in which Michael Saylor explains more about why Bitcoin consistently wins against anything else.
Remember to đđśđ¸đ˛đ¤ and đđźđźđ¸đşđŽđżđ¸đ this if you thought it was good.
And đŚđľđŽđżđ˛đ it with anyone who might like it, too.
Is there anything you wish I had mentioned here, but didnât?
Share them in the đđźđşđşđ˛đťđđâŹď¸
You can find last Fridayâs post here:
đ§đľđ˛ đ đ˛đ°đľđŽđťđśđ°đ đźđł đđśđđ°đźđśđťâđ đŚđđ°đ°đ˛đđ â đ§đľđ˛ đŚđŽđđšđźđż đŚđ˛đżđśđ˛đ, đŁđŽđżđ đđŽ
This is a continuation of my Saylor Series review. For Part 11, follow the link at the bottom of this post.
Yesterday, I gave you 5 insights from nostr:npub15dqlghlewk84wz3pkqqvzl2w2w36f97g89ljds8x6c094nlu02vqjllm5mâs and nostr:npub15vzuezfxscdamew8rwakl5u5hdxw5mh47huxgq4jf879e6cvugsqjck4umâs discussion on fiatâs many failures, and why Bitcoin is the solution.
In todayâs review, Iâll cover 5 insights on đ¸đŠđş đđŞđľđ¤đ°đŞđŻ đ´đśđ¤đ¤đŚđŚđĽđ´ through its conservation, authentication, hypothecation mitigation, and integrated economic incentives.
Letâs dive inđ
đđťđđśđ´đľđ #đ: đŚđđżđźđťđ´đ˛đđ đŁđżđźđ˝đ˛đżđđ đĽđśđ´đľđđ
Bitcoin's cryptography-based ownership enforced by distributed consensus represents đđľđ˛ đđđżđźđťđ´đ˛đđ đłđźđżđşđđšđŽđđśđźđť đźđł đ˝đżđźđ˝đ˛đżđđ đżđśđ´đľđđ đśđť đľđśđđđźđżđ. Unlike physical assets, Bitcoin is highly durable, portable, divisible, verifiable, and resistant to censorship or seizure. Bitcoin's ease of custody and disappearance on death also create economic incentives for đąđŚđ˘đ¤đŚđ§đśđ conflict resolution.
đđťđđśđ´đľđ #đŽ: đđŽđżđąđ˛đđ đđđđ˛đ đđź đđşđ˝đŽđśđż
Of all available stores of value, đđŞđľđ¤đ°đŞđŻ đŞđ´ đľđŠđŚ đŽđ°đ´đľ đĽđŞđ§đ§đŞđ¤đśđđľ đľđ° đľđ˘đš, đĽđŚđ´đľđłđ°đş, đ´đŚđŞđťđŚ, đ°đł đŞđŽđąđ˘đŞđł. Physical properties have associated maintenance costs, geographic constraints, and risks ranging from natural disasters to eminent domain. Commodities and securities remain exposed to hypothecation, dilution, and counterparty risk. As natively digital money, đđśđđ°đźđśđť đşđśđťđśđşđśđđ˛đ đŽđđđŽđ°đ¸ đđ˛đ°đđźđżđ đđľđŽđ đđťđąđ˛đżđşđśđťđ˛ đźđđľđ˛đż đŽđđđ˛đđ.
đđťđđśđ´đľđ #đŻ: đ đśđđśđ´đŽđđśđťđ´ đđđ˝đźđđľđ˛đ°đŽđđśđźđť
By enabling users to personally control assets without centralized intermediaries, đđśđđ°đźđśđť đżđ˛đąđđ°đ˛đ đżđ˛đšđśđŽđťđ°đ˛ đźđť đłđżđŽđ´đśđšđ˛ đđżđđđ đđđđđ˛đşđ đđľđŽđ đłđŽđśđš đąđđ˛ đđź đłđżđŽđđą đźđż đśđťđđźđšđđ˛đťđ°đ. Inherently, Bitcoin limits hypothetical ownership claims that do not match actual holdings. When withdrawals reveal such mismatches, short squeezes ensue against malfeasant counterparties. Thus, Bitcoin's architecture đąđśđŻđŞđ´đŠđŚđ´ rather than enables hypothecation.
đđťđđśđ´đľđ #đ°: đđđŻđ˛đżđđ˝đŽđ°đ˛ đŚđ˛đ°đđżđśđđ
đđ˘đł from abetting cybercrime, Bitcoin represents a key solution through its inherent need for transaction fees and ability to lock value into deposits. Malicious activities ranging from email spam to denial of service attacks đ˝đżđ˛đđ˛đťđđšđ đ°đŽđżđżđ đťđź đ°đźđđđ. Requiring even tiny satoshi payments would đłđ˘đĽđŞđ¤đ˘đđđş reduce online fraud.
đđťđđśđ´đľđ #đą: đŁđżđźđŻđŽđŻđśđšđśđđđśđ° đŁđżđźđ´đżđ˛đđ
đđ° đľđŚđ¤đŠđŻđ°đđ°đ¨đş đ˘đĽđ°đąđľđŞđ°đŻ đąđŚđłđ§đŚđ¤đľđđş đ§đ°đđđ°đ¸đ´ đ˘ đ´đŽđ°đ°đľđŠ đ¤đśđłđˇđŚ, but proceeds unevenly through multiple boom and bust cycles. Given Bitcoin's profound economic implications, entirely replacing fiat monetary regimes will likely take at least another decade, absent a civilization-scale conflict or crisis scenario accelerating a systemic shift. Bitcoin, however, becomes đşđźđżđ˛ đđťđđđźđ˝đ˝đŽđŻđšđ˛ đąđŽđśđšđ as understanding spreads.
And thatâs it for Part 12! Bitcoin is đŽđŞđŻđĽ-đŁđđ°đ¸đŞđŻđ¨, isnât it?
Tomorrow, Iâll cover 5 insights from Part 13 of the Saylor series, in which Michael Saylor expounds on the ways that Bitcoin promotes đŻđ°đŻđˇđŞđ°đđŚđŻđľ đ¤đ°đŻđ§đđŞđ¤đľ đłđŚđ´đ°đđśđľđŞđ°đŻ and serves as a cleansing technology for civilization.
Be sure to đđśđ¸đ˛đ¤ and đđźđźđ¸đşđŽđżđ¸đ this if it brought you value.
And đŚđľđŽđżđ˛đ it so others can find value in it, too.
Is there something you wish I had said here in my insights?
Share it in the đđźđşđşđ˛đťđđâŹď¸
Yesterdayâs post can be found here:
đđ đľđŽđ đŻđ˛đ˛đť đđđđđŠđĄđŽ đđ đđ˛đŽđżđ đđśđťđ°đ˛ đđľđ˛ đłđśđżđđ đľđŽđšđđśđťđ´! đ¤Ż
nostr:npub14uhkst639zvc2trx2nlsvk4yqkjp690zk89keytnzgmq2az0qmnq58ez89
On 28 November 2012, at this đŚđšđ˘đ¤đľ minute, block 210,000 was found, and the very first #Bitcoin halving occurred.
Before then, from block 0 (the Genesis Block) through block 209,999, the subsidy of đąđŹ đťđ˛đ đŻđśđđ°đźđśđť had been awarded to the miners every 10 minutes on average.
But then the first halving happened right on schedule, and block 210,000 was the đ§đŞđłđ´đľ to award only 25 new bitcoin.
Less than 4 years later, this was halved again, and less than 4 years after that, it was halved đ˘đ¨đ˘đŞđŻ.
nostr:npub15wasdakjxe2fqwvy4t0pjl3h4eml9yry8gt2chls2a2vjxdvrvgs8ymsy8
And now the đ§đ°đśđłđľđŠ halving is coming up! đ¤Š
Are you ready?
đđśđ¸đ˛đ¤ and đŚđľđŽđżđ˛đ this post if you're excited for the đŻđŚđšđľ halving!
đđđŽđ˝đ˝đ đđŽđľđđľ đđśđżđđľđąđŽđ, đđ˛đťđżđ đđŽđđšđśđđ!đ
Henry Hazlitt was an influential Austrian economist, whose enduring legacy continues to illuminate the world of economic thought.
If you havenât heard of him or read his works, đşđ°đśâđłđŚ đ´đŚđłđŞđ°đśđ´đđş đŽđŞđ´đ´đŞđŻđ¨ đ°đśđľ!
Renowned for his timeless work "đđ¤đ°đŻđ°đŽđŞđ¤đ´ đŞđŻ đđŻđŚ đđŚđ´đ´đ°đŻ," Hazlitt dissected economic complexities with clarity and wit. He advocated for free-market principles, and his writings continue to guide economists and enthusiasts alike, enriching our understanding of the Austrian school of economics.
Beyond his study of Austrian economics, Hazlitt was a columnist and editor, and đąđ˛đąđśđ°đŽđđ˛đą đľđśđşđđ˛đšđł đđź đ°đľđŽđşđ˝đśđźđťđśđťđ´ đśđťđąđśđđśđąđđŽđš đšđśđŻđ˛đżđđ. Born on this day in 1894, his influence extends through the realms of economic theory, shaping our understanding of the forces that drive economies and societies.
So today, on his 129th birthday, let's show our appreciation for Henry Hazlitt's contributions to our understanding of economics! Give this a đđśđ¸đ˛đ¤ and a đŚđľđŽđżđ˛đ in celebration of his birthday!
đđŽđ˝đ˝đ đŻđśđżđđľđąđŽđ, đđ˛đťđżđ đđŽđđšđśđđ! đđ
đđđ˛đżđđđľđśđťđ´ đŹđźđ đĄđ˛đ˛đą đđź đđťđźđ đđŻđźđđ đđ°đźđťđźđşđśđ°đ
đđŻ đđŁđ đđŚđ´đ´đ°đŻ!
Tomorrow is the birthday of Henry Hazlitt, a great writer on Austrian economics, so today I will review one of his best-known works, âđđ¤đ°đŻđ°đŽđŞđ¤đ´ đŞđŻ đđŻđŚ đđŚđ´đ´đ°đŻâ.
This book has no mention of #Bitcoin in it, as it was first published in 1946, but it does give an excellent overview of Austrian economic theory, including the đđťđśđťđđ˛đťđąđ˛đą đťđ˛đ´đŽđđśđđ˛ đ°đźđťđđ˛đžđđ˛đťđ°đ˛đ of centralized economic policies.
Read on for my list of insightsđ
đđťđđśđ´đľđ #đ: đ¨đťđđ˛đ˛đť đđźđđđ đźđł đŁđźđšđśđ°đśđ˛đ
Most economic policies aim to aid đ°đŻđŚ đˇđŞđ´đŞđŁđđŚ đ¨đłđ°đśđą, without weighing the unseen burdens upon other groups, but when one traces a policyâs indirect effects, it reveals their true tradeoffs. Objective analysis counters misleading arguments that only cite isolated gains. Prior to enacting decisions on a narrow subset of the economy, đśđđ đ°đźđşđ˝đšđ˛đđ˛ đśđşđ˝đŽđ°đ đźđť đŽ đ˛đ°đźđťđźđşđ-đđśđąđ˛ đđ°đŽđšđ˛ đşđđđ đŻđ˛ đŽđđđ˛đđđ˛đą.
đđťđđśđ´đľđ #đŽ: đ§đ˛đ°đľđťđźđšđźđ´đâđ đđśđąđąđ˛đť đđŽđśđťđ
New technologies may displace jobs initially, but đŠđŞđ´đľđ°đłđŞđ¤ đŚđˇđŞđĽđŚđŻđ¤đŚ đ´đŠđ°đ¸đ´ đđ°đŻđ¨-đľđŚđłđŽ đ¨đ˘đŞđŻđ´ đŚđđ´đŚđ¸đŠđŚđłđŚ đľđŠđ˘đľ đ§đ˘đł đŚđšđ¤đŚđŚđĽ đ´đŠđ°đłđľ-đľđŚđłđŽ đđ°đ´đ´đŚđ´. Cost savings and productivity growth free up resources, which are then better allocated through price signals. đđżđ˛đŽđđśđđ˛ đąđ˛đđđżđđ°đđśđźđť đ˛đťđŽđŻđšđ˛đ đľđđşđŽđť đłđšđźđđżđśđđľđśđťđ´; though itâs temporarily uncomfortable for impacted groups, discomfort leads to greater innovations and strength.
đđťđđśđ´đľđ #đŻ: đđśđđđźđżđđśđźđťđ đłđżđźđş đŁđżđśđ°đ˛ đđźđťđđżđźđšđ
Using top-down policies to override market pricing inevitably introduces harmful distortions over time. Lagging effects include shortages, unemployment, inflation, reduced productivity, and output declines. đđđđ˛đşđ˝đđ đđź đđđđ˝đ˛đťđą đ˛đ°đźđťđźđşđśđ° đšđŽđ đđśđ˛đšđą đ°đźđťđđ˛đžđđ˛đťđ°đ˛đ đđźđżđđ˛ đđľđŽđť đđľđ˛ đśđťđśđđśđŽđš đ˝đżđźđŻđšđ˛đşđ đđľđŽđ đđ˛đżđ˛ đđżđđśđťđ´ đđź đŻđ˛ đđźđšđđ˛đą. Even crises call for đ´đľđŚđ˘đĽđş đŞđŻđ¤đłđŚđŽđŚđŻđľđ˘đ đŞđŽđąđłđ°đˇđŚđŽđŚđŻđľ, not reactionary overcorrections that ignore systemic consequences.
đđťđđśđ´đľđ #đ°: đđŽđđŽđżđąđ đźđł đđŽđđ đ đźđťđ˛đ
Promises of cheap, abundant credit eventually bring severe contractions that far outweigh any temporary relief. Politicians and citizens alike prefer pleasant fiction over responsible restraint, but đżđ˛đ°đ¸đšđ˛đđ đąđ˛đŻđđ đ˝đŽđđ đ°đźđđđ đđź đŽđť đđťđ¸đťđźđđť đłđđđđżđ˛ đđľđŽđ đľđŽđ đťđź đđźđśđ°đ˛ đśđť đđľđ˛ đşđŽđđđ˛đż. Whether through willful ignorance or innocent over-optimism, đŞđ¨đŻđ°đłđŞđŻđ¨ đŚđ¤đ°đŻđ°đŽđŞđ¤ đ§đśđŻđĽđ˘đŽđŚđŻđľđ˘đđ´ đ°đŻđđş đąđ°đ´đľđąđ°đŻđŚđ´ đłđŚđ˘đđŞđľđşâđ´ đŞđŻđŚđˇđŞđľđ˘đŁđđŚ đŁđ˘đ¤đŹđđ˘đ´đŠ.
đđťđđśđ´đľđ #đą: đ§đľđ˛ đĄđ˛đ˛đą đłđźđż đđąđđ°đŽđđśđźđť
Widespread economic literacy offers the strongest safeguard against plausible fallacies and manipulation by special interests. đ˘đťđšđ đŻđ đ´đżđŽđđ˝đśđťđ´ đŻđŽđđśđ° đ˛đ°đźđťđźđşđśđ° đ˝đżđśđťđ°đśđ˝đšđ˛đ can citizens be armed against seductive rhetoric that touts advantages for transient groups. Leaders should stop exploiting the publicâs ignorance, and instead đŚđđŚđˇđ˘đľđŚ đľđŠđŚđŞđł đąđŚđ°đąđđŚâđ´ đśđŻđĽđŚđłđ´đľđ˘đŻđĽđŞđŻđ¨ of economic consequences.
This book is đ˘đŁđ´đ°đđśđľđŚđđş đ°đŻđŚ đ°đ§ đľđŠđŚ đŁđŚđ´đľ for elevating the oneâs understanding of economics.
In honor of Henry Hazlittâs birthday tomorrow, be sure to đđśđ¸đ˛đ¤ and a đŚđľđŽđżđ˛đ this post!
Also đđźđźđ¸đşđŽđżđ¸đ this, so you can easily refer back to these insights.
What book do you want me to review next week?
Tell me in the đđźđşđşđ˛đťđđâŹď¸
See you next week at the next list of book insights! đ
đđźđšđąâđ đđ˛đŽđđľ, đđśđđ°đźđśđťâđ đđśđżđđľ â đ§đľđ˛ đŚđŽđđšđźđż đŚđ˛đżđśđ˛đ, đŁđŽđżđ đđŹ
This continues my list of insights from the Saylor Series.
For Part 9, follow the link at the bottom of this post.
Yesterday, I gave you 5 insights from nostr:npub15dqlghlewk84wz3pkqqvzl2w2w36f97g89ljds8x6c094nlu02vqjllm5mâs discussion with nostr:npub15vzuezfxscdamew8rwakl5u5hdxw5mh47huxgq4jf879e6cvugsqjck4um, on a variety of economic and philosophical wisdom.
In todayâs review, Saylor explains that Bitcoin represents a shift from politically engineered money like gold or fiat, to đ´đ¤đŞđŚđŻđľđŞđ§đŞđ¤đ˘đđđş đŚđŻđ¨đŞđŻđŚđŚđłđŚđĽ money with its immutable and mathematically verifiable ledger.
Read on for moređ
đđťđđśđ´đľđ #đ: đ§đľđ˛ đđśđ´đśđđŽđš đ đźđťđ˛đ đŁđŽđżđŽđąđśđ´đş đŚđľđśđłđ
Bitcoin represents đľđŠđŚ đ§đŞđłđ´đľ đŞđŻđ¤đ˘đłđŻđ˘đľđŞđ°đŻ đ°đ§ đĽđŞđ¨đŞđľđ˘đ đŽđ°đŻđŚđş, marking a monumental paradigm shift in how we conceptualize and understand the nature of money. With Bitcoin, money takes on a digital, decentralized, and cryptographically-secured essence, bringing with it programmability and verifiability. Bitcoin's creation highlights the đąđśđđżđđ˝đđśđđ˛ and đđżđŽđťđđłđźđżđşđŽđđśđđ˛ nature of this new form of internet-native money.
đđťđđśđ´đľđ #đŽ: đ đźđťđ˛đ đŽđ đ§đźđ¸đ˛đťđśđđ˛đą đđťđ˛đżđ´đ
Money can be understood as đđźđ¸đ˛đťđśđđ˛đą đ˛đťđ˛đżđ´đ within a socio-political context. While the tokenization quantifies the energy, the socio-political layer influences money's subjective value based on social consensus. This model helps illustrate money's blended essence â đąđ˘đłđľ đŽđŚđ˘đ´đśđłđ˘đŁđđŚ đśđŻđŞđľ, đąđ˘đłđľ đ´đśđŁđŤđŚđ¤đľđŞđˇđŚ đˇđ˘đđśđ˘đľđŞđ°đŻ.
đđťđđśđ´đľđ #đŻ: đ§đľđ˛ đđąđ˛đŽđš đ đźđťđ˛đ đ đźđąđ˛đš
Ideal money has three key criteria: Itâs đđľđŽđżđ˛đą, itâs đśđşđşđđđŽđŻđšđ˛, and itâs đşđŽđđľđ˛đşđŽđđśđ°đŽđšđšđ đ°đźđżđżđ˛đ°đ. Scientific principles and programmable engineering are essential for determining Bitcoin's soundness as the premier form of ideal money. This model for money provides a robust method for assessing and comparing monetary networks, so you can easily identify the ideal one.
đđťđđśđ´đľđ #đ°: đđźđśđť đĄđ˛đđđźđżđ¸ đđľđŽđšđšđ˛đťđ´đ˛đ
Historical coin-based monetary networks faced limitations such as discrete and inorganic scales, susceptibility to counterfeiting, and friction caused by third-party money changers. These inefficiencies posed challenges for trading across borders and territories, đźđłđđ˛đť đšđ˛đŽđąđśđťđ´ đđź đśđťđđ˛đżđťđŽđđśđźđťđŽđš đ°đźđťđłđšđśđ°đđ. Bitcoin addresses these endemic problems through its digital, decentralized, and verifiable design.
đđťđđśđ´đľđ #đą: đđźđšđąâđ đđśđşđśđđŽđđśđźđťđ
Gold is subject to confiscation due to its physical nature and custody requirements. Security costs scale đŚđšđąđ°đŻđŚđŻđľđŞđ˘đđđş based on quantity stored, which prevents gold from becoming a truly shared ledger. The gold standard was also mathematically unsound, since its supply was not a closed system, so it was subject to growth and disruption. For these reasons, đ´đźđšđą đłđŽđšđšđ đđľđźđżđ đźđł đŻđ˛đśđťđ´ đśđąđ˛đŽđš đşđźđťđ˛đ.
nostr:npub1q5902mw6gq0rmevwfln972va62hsudav0fn3e0m6favvx0zlw25qtj8jy0
Thatâs all for Part 10! Mind-blowing stuff, isnât it?
Weâll review Part 11 on Monday, in which Iâll share insights about the weaknesses inherent in fiat currency, and why Bitcoin is a more reliable and sustainable form of money in the modern era.
Make sure you đđśđ¸đ˛đ¤ and đđźđźđ¸đşđŽđżđ¸đ this if it was useful to you.
And đŚđľđŽđżđ˛đ it with those who might find it useful, too.
What insights from this episode do you wish I had mentioned, but didnât?
Share them in the đđźđşđşđ˛đťđđâŹď¸
If you missed yesterday's post, you can find it here:
đđśđŽđ đđŽđśđšđ; đđśđđ°đźđśđť đŞđśđťđ â đ§đľđ˛ đŚđŽđđšđźđż đŚđ˛đżđśđ˛đ, đŁđŽđżđ đđ
This continues my review of the Saylor Series. For Part 10, follow the link at the bottom of this post.
Last week, I listed 5 insights based on nostr:npub15dqlghlewk84wz3pkqqvzl2w2w36f97g89ljds8x6c094nlu02vqjllm5mâs conversation with nostr:npub15vzuezfxscdamew8rwakl5u5hdxw5mh47huxgq4jf879e6cvugsqjck4um, on the What Is Money Show.
On Friday, I explored the ways that Bitcoin represents a shift from đąđ°đđŞđľđŞđ¤đ˘đđđş engineered money like fiat and even gold, to đ´đ¤đŞđŚđŻđľđŞđ§đŞđ¤đ˘đđđş engineered money.
Today, Iâll give you 5 insights into how fiat undermines property rights with counterparty risks, authentication issues, and hypothecation problems, and why #Bitcoin fixes this.
Read all my insights belowđ
đđťđđśđ´đľđ #đ: đ§đľđ˛ đđ˝đ˝đ˛đŽđš đźđł đđśđŽđ
Fiat currency was appealing because paper money was portable, enabled sophisticated finance, and avoided the violence invited by precious metals. However, fiatâs core weaknesses â including đ°đźđťđđđŽđťđ đśđťđłđšđŽđđśđźđť and đ°đźđđťđđ˛đżđ˝đŽđżđđ đżđśđđ¸đ â remain unsolved to this day. đđŞđ˘đľ đ§đ˘đŞđđ´ đľđ° đąđłđ°đˇđŞđĽđŚ đ˘ đłđŚđđŞđ˘đŁđđŚ đŁđ˘đ´đŚ đđ˘đşđŚđł đąđłđ°đľđ°đ¤đ°đ đ§đ°đł đľđŠđŚ đŽđ°đĽđŚđłđŻ đŚđ¤đ°đŻđ°đŽđŞđ¤ đ´đşđ´đľđŚđŽ.
đđťđđśđ´đľđ #đŽ: đđźđđťđđ˛đżđ˝đŽđżđđ đđŽđťđ´đ˛đżđ
From deposit seizures to transfer blocks, đ§đŞđ˘đľ'đ´ đłđŚđđŞđ˘đŻđ¤đŚ đ°đŻ đ¤đŚđŻđľđłđ˘đ đŞđŻđľđŚđłđŽđŚđĽđŞđ˘đłđŞđŚđ´ đŚđšđąđ°đ´đŚđ´ đśđ´đŚđłđ´ đľđ° đ¤đ°đśđŻđľđŚđłđąđ˘đłđľđş đĽđ˘đŻđ¨đŚđłđ´ that Bitcoin's trust minimization resolves. Fiat requires trusting counterparties for operations as basic as international payments. đ§đľđ˛ đşđźđżđ˛ đ°đźđđťđđ˛đżđ˝đŽđżđđśđ˛đ đśđť đŽ đđđđđ˛đş, đđľđ˛ đşđźđżđ˛ đ˝đźđđ˛đťđđśđŽđš đ˝đźđśđťđđ đźđł đłđŽđśđšđđżđ˛.
đđťđđśđ´đľđ #đŻ: đđđ˝đźđđľđ˛đ°đŽđđśđźđť đđśđšđđđśđźđť
Banks practice đŠđşđąđ°đľđŠđŚđ¤đ˘đľđŞđ°đŻ, creating additional money against deposits that dilutes the original money and reduces its value. This highlights the đ§đłđ˘đ¨đŞđđŚ đŞđŻđľđŚđ¨đłđŞđľđş of the fiat system, where đťđ˛đ đşđźđťđ˛đ đ°đżđ˛đŽđđśđźđť đ°đźđťđđśđťđđŽđšđšđ đąđ˛đđŽđšđđ˛đ đ˛đ đśđđđśđťđ´ đşđźđťđ˛đ. Expanding money supply absent new value creation erodes the foundation.
đđťđđśđ´đľđ #đ°: đđśđđ°đźđśđť'đ đđ˛đ°đ˛đťđđżđŽđšđśđđ˛đą đŚđźđšđđđśđźđť
Bitcoin breaks fiat's paradox by delivering a natively-digital, decentralized, thermodynamically-secure asset protected by encryption and mathematics. đđśđđ°đźđśđť đşđśđťđśđşđśđđ˛đ đ°đźđđťđđ˛đżđ˝đŽđżđđ đżđ˛đšđśđŽđťđ°đ˛ đŽđťđą đ˛đđđŽđŻđšđśđđľđ˛đ đ˝đżđźđ´đżđŽđşđşđŽđđśđ° đśđťđđ˛đ´đżđśđđ. Bitcoin also unveils a path for transcending dated monetary frameworks.
đđťđđśđ´đľđ #đą: đ đĄđ˛đ đđżđŽ đłđźđż đ đźđťđ˛đ
Bitcoin enables final settlement at scale alongside programmable, layered applications, inaugurating đđľđ˛ đśđąđ˛đŽđš đłđźđżđş đźđł đąđśđ´đśđđŽđš đşđźđťđ˛đ after đ¤đŚđŻđľđśđłđŞđŚđ´ of precious metal and fragile fiat experiments. Bitcoin offers both a đđźđšđśđą đłđźđđťđąđŽđđśđźđť and đłđšđ˛đ đśđŻđšđ˛ đđźđźđšđ for the future across jurisdictions.
And thatâs Part 11 of the Saylor Series! As you can see, fiat causes a đđ°đľ of problems. But fortunately, we have Bitcoin.
Come back tomorrow, when Iâll share insights from Part 12 of the Saylor series, in which Michael Saylor explains more about why Bitcoin consistently wins against anything else.
Remember to đđśđ¸đ˛đ¤ and đđźđźđ¸đşđŽđżđ¸đ this if you thought it was good.
And đŚđľđŽđżđ˛đ it with anyone who might like it, too.
Is there anything you wish I had mentioned here, but didnât?
Share them in the đđźđşđşđ˛đťđđâŹď¸
You can find last Fridayâs post here: