Avatar
BitcoinMendocino
6c689961761781f17a6f719310f3cdefe4eb336ea3791a79a24ed6b69e172b58
#Bitcoin is the alternative financial system for local communities at a time of inflation and spiraling national debt. #Mendocino California.

Thomas Wolfe’s book published in 1940 was ‘You Can’t Go Home Again’ which prompted me not to go anywhere anymore in case I couldn’t get back.

#Mendocino

Most people are rightfully skeptical about #bitcoin , but once you spend enough time learning what it is, why and how to hold your own private keys and how you can trustlessly verify your coins by running a full node on a basic computer, you mind is completely blown.

It’s what #Bitcoin doesn’t have that makes it iron clad:

No cash flow, no liabilities, no leverage, no CEO, board of directors or management team, no marketing department, no central server or single point of failure.

Once you grasp this, you start understanding Bitcoin.

"#Bitcoin is the

First

Global

Private (meaning no government intervention)

Rules-based

Digital

Monetary system that the world has ever known. It is a VERY big idea."

@CathieDWood, Founder & CEO of @ARKInvest.

Thanks to @natbrunell for this quote.

My daily walk (which I have time for about twice a week.)

#Mendocino

#Bitcoin is a fortress of energy with huge utility guarding massive value built on four pillars:

1. The rule set written in code.

2. Users transacting with wallets.

3. The miners using energy to create blocks of transactions.

4. The nodes decentralizing the ledger.

𝗖𝗼𝗺𝗽𝘂𝘁𝗲 𝘼𝙣𝙮𝙩𝙝𝙞𝙣𝙜 𝗼𝗻 𝗕𝗶𝘁𝗰𝗼𝗶𝗻 — 𝙉𝙤 𝙁𝙤𝙧𝙠𝙨 𝙍𝙚𝙦𝙪𝙞𝙧𝙚𝙙!

There’s been a lot of buzz lately about #BitVM. But what 𝘪𝘴 it, exactly? How does it work?

And what does it mean for #Bitcoin?

Keep reading to find out! ⏬

BitVM is a new way to run complex programs on the Bitcoin network 𝘄𝗶𝘁𝗵𝗼𝘂𝘁 𝗰𝗵𝗮𝗻𝗴𝗶𝗻𝗴 𝗕𝗶𝘁𝗰𝗼𝗶𝗻'𝘀 𝗰𝗼𝗻𝘀𝗲𝗻𝘀𝘂𝘀 𝗿𝘂𝗹𝗲𝘀.

Normally, Bitcoin only allows simple transactions between addresses. But BitVM lets you run 𝗺𝗼𝗿𝗲 𝗰𝗼𝗺𝗽𝗹𝗲𝘅 𝗽𝗿𝗼𝗴𝗿𝗮𝗺𝘀 while still using Bitcoin's blockchain.

Here’s how it works:

1. Two people, Alice and Bob, want to run a program together on Bitcoin.

2. They translate the program into simple logic gates, such as “AND,” “OR,” and “NOT” gates. These are very basic building blocks of computation.

3. For each logic gate, Alice and Bob create a Bitcoin transaction. The transaction enforces that the gate's output matches its inputs.

4. They chain these gate transactions together to form the full program.

5. Alice and Bob exchange data off-chain to run the program step-by-step. Each step sets inputs for the next gate.

6. If Alice tries to cheat, Bob can challenge her on-chain. He forces Alice to run a certain gate transaction to prove she isn't lying.

7. After a few challenges, it becomes clear whether Alice was cheating. Bob gets both deposits if Alice cheated.

This allows for complex programs to be run on Bitcoin in a trustless way, without requiring a controversial soft-fork or risk changing Bitcoin's protocol. 🍴

𝗜𝘀 𝘁𝗵𝗶𝘀 𝘁𝗵𝗲 𝗮𝗹𝘁𝗰𝗼𝗶𝗻 𝗸𝗶𝗹𝗹𝗲𝗿? Well, anyone familiar enough with Bitcoin knows that it’s already superior to altcoins. Cryptos don’t need any help with dying. It’s all going to zero against Bitcoin. 💩

But for those wanting to build advanced, trustless applications on top of Bitcoin’s solid and truly decentralized foundation, this discovery could not have come at a better time. 🙌

What do 𝘺𝘰𝘶 think of BitVM? Let me know in the 𝗰𝗼𝗺𝗺𝗲𝗻𝘁𝘀! ⬇️

This is a historic announcement, so be sure to 𝗯𝗼𝗼𝗸𝗺𝗮𝗿𝗸 this so you can find it easily later.

Have any questions about it? 𝗔𝘀𝗸 𝗺𝗲! This is still a brand-new discovery, so there’s still more data for me to absorb, but I’ll give you my best answers.

Interesting. So can you give a more concrete example of how Alice or Bob might be incentivized to cheat each other while building a software program in the first place? This would help me understand the use case for running this program on the blockchain.

“Oh my goodness! I’d never invest in that bit-crypto thing. I like to know my money’s safely in treasuries or the bank.”

If you’re in #Mendocino and interested in #bitcoin  DM me. We’ll meet for coffee (my treat) I’ll help you download a wallet and give you your first sats (fractions of a bitcoin.)

Help make #bitcoin our local currency.

Imagine a world of horse-powered transportation. Buggies and wagons are everywhere. Horses to be fed and poop to be picked up. But in this world there also exist solar powered, electric cars that get the job done 1K% more efficiently. But so far only 1% of people use the car.

“Hello, neighbor. Have you heard about the word of god today?”

“No I haven’t. Have YOU heard about #bitcoin ?”

We’re moving to #bitcoin country.

I thought it was a web app? Doesn’t the latest version appear automatically? (I use it daily.)

Well, I sure do love my hometown. And I had this idea of #bitcoin  as a local/global currency that would draw international attention. But of late I’ve been realizing this is a s-l-o-w process.

#Mendocino

Today I had coffee with a neighbor. He lives here but works for one of the big Silicon Valley tech firms. His specialty is encryption. He ‘understands’ Bitcoin but he doesn’t ’get it’ with Bitcoin. For him Bitcoin is a novelty, a clever use of technology.

My meeting today taught me something which is hard to articulate but it’s something like one of those visual puzzles. With bitcoin you either see the glass or the faces (I’m not sure which one bitcoin is in this analogy.)

Ultimately adoption of bitcoin is slow. You have to have a low time preference. People find bitcoin when they’re ready.

Glad you’re back up and running on Android. That whole “you can’t use the word orange” business was a bit Orwellian.