Game Theory Breeds Innovation in #Bitcoin Mining⚡️⛏️
First Principles of GT can be applied to understand the dynamics of #Bitcoin and its mining ecosystem, providing insights into the strategic interactions among miners. ✍️
1. Miners act rationally to maximize their rewards and will only engage in mining if the expected return on investment (ROI) exceeds the associated costs.
2. Miners compete for rewards in a dynamic environment, where the probability of earning a reward depends on both their computational power and that of other miners in the network.
3. Miners aim to maximize payoffs by investing in efficient hardware, reducing energy costs, and forming mining pools to increase their chances of earning rewards.
4. Equilibrium in #Bitcoin mining occurs when the distribution of mining power reaches a stable state, with all miners having optimized their strategies based on the actions of others.
5. Miners rely on both perfect and imperfect information to make strategic decisions, and information asymmetries can lead to advantages for certain miners.
6. #Bitcoin mining is a non-cooperative, non-zero-sum game with simultaneous moves, where strategies depend on factors like competition, network difficulty, and regulatory policies.
7. The #Bitcoin protocol and consensus rules are common knowledge among miners to ensure the proper functioning and security of the network.
Game theory in #Bitcoin mining predict miners' behavior and informs decision-making for everyone involved 🧡
The innovation of #Bitcoin has transformed the way we perceive value and exchange energy.
At the core of this technology lies the concept of a distributed ledger system that ensures integrity and security through complex cryptographic techniques.
While the connection between physics and #Bitcoin may not be immediately apparent, there are essential principles from the world of physics that underlie the technology that powers this revolutionary monetary system.
By exploring the first principles of both physics and #Bitcoin, we can gain a deeper understanding of their intersection and the broader implications of their convergence.
Intersection of physics and #Bitcoin reveals an intricate relationship between the fundamental principles governing our universe and the innovative technology powering the world's first decentralized digital money.
The laws of thermodynamics, quantum mechanics, and information theory all contribute to the robustness, security, and efficiency of the #Bitcoin network.
As our understanding of both physics and Bitcoin continues to evolve, the convergence of these fields will likely play a critical role in shaping the future of digital money(#BTC) and the way we exchange value.
We are transferring EVERYTHING from the physical world into the digital world, and the trends show that when you move from physical to digital, it goes exponentially
$250K in terms of fiat is a conservative projection for the next couple of years... the upside has never looked better. 🫡
#Bitcoin is the best saving/investment tool of the 21st century and our lifetime. 🧡
I believe that if you were to ask anyone in the world to name a price for #Bitcoin after explaining everything it entails, from the basics to the more nuanced aspects, they would say it is worth at least 1T in FIAT⌛️
As of now, this valuation puts the fiat price of #Bitcoin at 54k.
The value of #BTC is worth a minimum of 1T.
From 15k to 54k: +260%.
From 19k to 54k: +184.21%.
From 29k to 54k: +86.21%.
This could be your last chance to buy below 30k...
How does that not look attractive to the average working citizen trying to save in this strange manipulated economy? 🤔
The incentives for powerful people are not part of this solution (#BTC), so we are now in the realm of "they attack you" 🛡️
To keep this revolution alive and thriving, it is important to continue studying and supporting fellow Bitcoiners and 👇
As Friedrich Nietzsche 🤔 said:
“I know of no better life purpose than to attempt the great and impossible, even if it seems impossible. Rather than be deterred by the potential of failure, we should be emboldened by the courage and greatness that comes with the risk. For to shrink away from life’s challenges is the only true failure.”
At the end of the day this is about extremes. 🧡
ADESANYA!! 🐐
Same here, I panic buy everyday. That is why I put the name on the bio. 🤣
That would be the case in that position.
Literally, the world is moving extremely fast. Everything is exponential from here…
Thought experiment (Possible?) 🤔
For #Bitcoin to reach a price of 500k - 1M per coin from its current price of 28k, several specific factors would need to come into play at the global stage.
Given the current state of global economic and political events, it would require a substantial and rapid shift in market dynamics.
Some of the most specific factors that could contribute to such a massive price increase include:
1. Widespread loss of confidence in fiat currencies:
Growing concerns over the stability of the US dollar could lead to a loss of confidence in other fiat currencies as well.
Which citizens would turn to #Bitcoin as a safe-haven asset.
2. Accelerated institutional investment in Bitcoin:
Major financial institutions and asset managers, like BlackRock, would need to make substantial investments in #Bitcoin, pushing the price higher.
3. Increased adoption of Bitcoin as a reserve currency by governments:
Countries like Malaysia, Saudi Arabia, USA, Russia etc, would need to begin holding #Bitcoin as a reserve currency, further legitimizing its use and increasing demand.
4. Widespread retail adoption of Bitcoin:
For #Bitcoin's price to soar, it would need to become more widely accepted for everyday transactions.
This could be spurred by companies like
@Apple
and
integrating #Bitcoin into their products and services, increasing its utility and demand.
5. Favorable regulation for #Bitcoin mining:
Governments around the world would need to adopt policies that protect and support #Bitcoin mining, such as the bill passed in Arkansas by the intense work from
@Dennis_Porter_
,
@SatoshiActFund
and
@BitcoinPierre
with many many more.
While defending other states, avoid creating a negative and anti-#Bitcoin mining narrative and legislation.
6. Significant global economic or political upheaval:
Events that lead to a loss of faith in traditional financial systems, such as the Federal Reserve's digital currency plans or China's growing influence, could drive investors to seek alternative stores of value like #Bitcoin.
7. Massive increase in demand for #Bitcoin driven by social and political movements.
We see it at the global stage daily...
People who say it cannot be done should not interrupt those who are doing it 🧡
Put your #BTC in Cold Storage 🧊
What would you add? 🤔 👇
Morning ☕️🫡
#Bitcoin circumvents fiat-associated diversions.
The indispensability of discipline in personal and vocational maturation is undeniable, permitting us to avoid attention-coveting algorithms. 🌪️
Algorithms are weapons of war in the digital age💻
Extremely important to fight the algorithm and to learn to think for oneself, rather than allowing social media to dictate one's thought process.
Learning about #BTC is fruitful but don’t let social media consume your life.
By fostering self-control, perseverance, and concentration, we combat digital perturbations.
Employing prioritization, objective-delineation, and temporal-regulation facilitates realizing our potential and prospering in diverse undertakings.
Be careful out there… 🧡
The advent of the internet has paved the way for various innovative decentralized platforms and technologies. (#BTC )
Two such platforms are #Nostr and Silk Road. ⚖️
Nostr is designed to address the shortcomings of current social media platforms, such as ad-driven models, addiction-inducing techniques, secret algorithms, and centralized control.
The protocol's simplicity, resilience, and verifiability make it an attractive alternative for users who wish to regain control over their online social experiences.
Silk Road was an online marketplace operating on the darknet, primarily known for its role in facilitating the sale of illegal drugs, weapons, and other illicit goods and services.
Founded by Ross Ulbricht in 2011, Silk Road employed Tor, an anonymity network, and #Bitcoin , a decentralized cryptocurrency, to shield its users from identification and prosecution.
Nostr and Silk Road serve as examples of the power and potential risks associated with decentralized platforms.
While Nostr seeks to address the flaws in today's social media landscape by empowering users and fostering censorship resistance.
Silk Road showcased the darker side of decentralization and anonymity, enabling criminal activities in the process.
As the development of decentralized technologies continues, it is crucial to strike a balance between empowering individuals and maintaining ethical boundaries to ensure the responsible use of such platforms.
What are your thoughts? 👇
Can #NOSTR be used in the same way as Silk road, using specifics relays?
Although 1 #Bitcoin is approaching 30k 👁🗨
1 USD can still buy you 3,500 Satoshis
(1 BTC = 100 million sats)
This is how we should present Bitcoin to those unfamiliar with BTC.
Unit bias is a significant issue!
2.1 quadrillion / 21 million = 100 million.
100 million / 100 million = 1:1 Dollar/Satoshi Ratio.
Satoshi brought together years of research on cryptography, along with proof of work, to create #Bitcoin.
The genius of Satoshi was to recognize the need for a system that humans couldn't tamper with.
A gift to humanity that cannot be replicated, debased, or halted. 🧡