“One greatly under-appreci- ated driver for real estate values over the last century is the low quality of money in the world.”
“For several years we heard that about trans- action speed: bitcoin was too slow and supposedly would never scale. And then the Lightning Network came around, which is a protocol layer on top of bitcoin, which gave it its current potential to facilitate millions of transac- tions per second. Later, we heard that bitcoin had no privacy features, which lead to the creation of a host of altcoins. And then in 2021 a soft upgrade to bitcoin called Taproot has enabled a range of powerful privacy solutions for bitcoin, making the Lightning Network more private, and allowing for new forms of collaborative custody and smart spending contracts such as CoinJoin, ROAST, FROST, and FediMint.
The pattern that we see here is that there is no limit to the features that can be incorporated in bitcoin, because its blockchain offers a robust foundation on top of which a whole suite of other protocols can be built.”
“Because energy intensity is a conditio sine qua non for any truly decentralized and reliable cryptocurrency, we end up with a winner- take-all dynamic: once a functioning mechanism is figured out, the network effects and economies of scale of this system make everything else’s secu- rity model seem hopelessly inefficient by comparison.”
“…at the very heart of digital money is reliability, which is very expensive to achieve, and of which the per-user-cost becomes cheaper as the monetary protocol grows in size.”
“Just like the TCP/IP protocol is the foundational layer for all of the internet, we believe bitcoin is becoming the foundational layer for the internet of money.”
“The real solution, just like a century ago with the automobile, is more likely to be a paradigm shift: a new technology for the digital age that can grow into a universally accepted store of value. That’s what bitcoin is: a “full reserve bank for saving in cyberspace,” with the promise of evolving into a reliable and politically neutral money.”
“Bitcoin’s reason-to-be is to save the world from itself. To grant property rights to every person on the planet. To allow us all to transact with one another without interference. To put an end to inflation. To inspire the best memes. And much, much more.”
https://hackernoon.com/why-bitcoin-only-bitcoin-is-not-crypto
“One way to describe bitcoin would be: several miracles aligning perfectly to create perfect money that doesn’t belong to anyone and thus belongs to all of us. Lightning stroke several times in the same place for this decentralized living creature to emerge as humanity’s only hope. The world has a fighting chance to finally separate money and state for the first time in history, and we can’t afford to lose this opportunity.”
https://hackernoon.com/why-bitcoin-only-bitcoin-is-not-crypto
“The powers that be… desperately need the hidden tax, inflation, to keep their empire afloat.”
https://hackernoon.com/why-bitcoin-only-bitcoin-is-not-crypto
“Rather than physical territory, money itself would become the new realm of power, and those with the power to print it - the new global monarchs” nostr:note1tjw9asq0jllyzkgr9q0fsz96gfvsz4es97a9tg07y64asn4g2yns3pdn4a
“Bitcoin represents the discovery of digital, sound money and is a scientific revolution that is proving so far to not only be a store of value but also a means to increase value.”
“Immutability is a desirable and new property of money because it ensures that once a transaction is confirmed and recorded, it cannot be altered or reversed.”
“Computer scientist Nick Szabo defined scarcity as “unforgeable costliness,” meaning the cost of creating something cannot be faked.”
“What this elaborate network makes possible though, for the first time in his- tory, is true scarcity for the digital world, fully autonomous ownership, and a permissionless global network for financial transactions. Because of its ingenious proof-of-work mechanism, bitcoin has been able to become a digital gold with an unprecedented robustness and openness: fourteen years of operation with an uptime of 99.988%, and anyone with access to an off-the- shelf phone and an internet connection can gain permissionless access to the network in minutes. This is why we call it the most disruptive technology since the invention of the internet.”
“If heat could be bled off of the magma chambers, cooling and solidifying them, not only would that stop the volcano from erupting, but the heat could be used to generate electric power with a geothermal energy plant. Depending on the size of the plant and how quickly it bled off the heat, this could be a very large amount of electricity - enough to power the entire US.”
Imagine a world in which we had an incentive to do good things with our spare time and money rather than drown our existential angst in bread and circuses.
#Bitcoin
Guilt by association in the land of the free. Not a good look. We can do better.
A well constructed socio-economic prison provides enough skin in the game to make you fasten your own shackles.
#bitcoin
A well constructed socio-economic prison gives you enough skin in the game to fasten your own shackles.
#bitcoin
I think the writers at Protos should consider a career in propaganda…
“And so, for years, ETH, while likely a security (investors, promise of profits, centralized, and controlled by a few actors), continued on.”
https://protos.com/gary-gensler-cant-say-if-eth-is-a-security-because-of-the-sec/