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If I had a satoshi for every keyboard lion I had the misfortune to come across on the web, I would be richer than Nakamoto himself.

“It might make sense just to get some in case it catches on.”

- Satoshi Nakamoto

This series continues to translate the original white paper by Satoshi Nakamoto to plain language. The goal is to have easily shared content, and send new people directly to nostr to read it. The original content will be posted, with the plain language below.

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6. Incentive Paragraph 3

The incentive may help encourage nodes to stay honest. If a greedy attacker is able to assemble more CPU power than all the honest nodes, he would have to choose between using it to defraud people by stealing back his payments, or using it to generate new coins. He ought to find it more profitable to play by the rules, such rules that favour him with more new coins than everyone else combined, than to undermine the system and the validity of his own wealth.

Plain Language

In the Bitcoin game, the rewards (coins) act like a good reason for players (nodes) to play fair. If a dishonest player with more computing power tries to cheat, they face a choice: either steal back their coins by being dishonest or follow the rules to earn even more coins than everyone else. If they take back their own coins, they won't have any value because the network rejected them. Bitcoin are always verified by the incredibly secure programming and the power of the network of users.

In Bitcoin, if someone tries to cheat the system, they might lose all their points (Bitcoins) because the other players (nodes) won't accept their dishonest moves (transactions or blocks). If a player doesn't play by these rules and tries to trick the system, the other players will reject their actions, and the dishonest player won't get any rewards.

It makes more sense for them to stick to the rules because it brings them more rewards and keeps the game running smoothly. Remember, the entire process is protected by powerful software called encryption, and verified by proof-of-work.

#bitcoin #crypto #btc #blockchain #cryptocurrency #hodl #digitalgold #decentralized #satoshi #cryptonews #satoshinakamoto #whitepaper #bitcoinwhitepaper #nostr #grownostr

Happy 15th anniversary to the biggest #bitcoin related event that nobody talks about. May God bless Satoshi Nakamoto and its wonderful discovery! Link bellow.

#m=image%2Fjpeg&dim=1080x1724&blurhash=%5EKPsx0ITxZoJozWE00jXoIt6V%5BRk00ogn%7Dt8WARl03j%5BV%3FtRWCWC9EWAkDocWEax-hacR%3As%2BWFj%3D-ooIR.ocWCj%3D.AkERjj%5Daxj%3F%25jRpRjkDj%3Dof&x=ff306593f59d4220a1eb26facc696e0d3fdcec9dab2de39511cb371ae2268fc8

This series continues to translate the original white paper by Satoshi Nakamoto to plain language. The goal is to have easily shared content, and send new people directly to nostr to read it. The original content will be posted, with the plain language below.

Please show support by sharing or sending sats.

6. Incentive Paragraph 2

The incentive can also be funded with transaction fees. If the output value of a transaction is less than its input value, the difference is a transaction fee that is added to the incentive value of the block containing the transaction. Once a predetermined number of coins have entered circulation, the incentive can transition entirely to transaction fees and be completely inflation free.

Plain Language

In the Bitcoin game, players can also earn rewards (coins) through transaction fees. If the value of moves (transactions) going into the puzzle (block) is more than the value coming out, the extra is like a fee added to the reward for solving the puzzle. As more coins join the game, the rewards might shift more towards these fees, making the game self-sustaining without creating more new coins.

In the beginning of Bitcoin, everyone got new coins as rewards for playing well. As more and more people join the game, there's a plan to keep things fair and balanced.

Instead of making lots of new coins all the time (inflation), the creator decided that players can start earning more coins through fees. Like saying, "Okay, now that there are many players, you can still earn coins, but a big part of it will come from the fees paid by others in the game."

This way, the game becomes self-sustaining. It doesn't have to keep making endless new coins, and players can still earn rewards by playing and helping others in the game. It's a way to control how much money is there in circulation, preventing too much from being made and keeping the game's money system in balance – like making sure there's not too much or too little money in a game.

Bitcoin has a fixed supply of 21 million coins. This scarcity is part of what makes it valuable. Only the programming can create new coins, not the decision of a central authority or any outside persons.

#bitcoin #crypto #btc #blockchain #cryptocurrency #hodl #digitalgold #decentralized #satoshi #cryptonews #satoshinakamoto #whitepaper #bitcoinwhitepaper #nostr #grownostr

"[We will not find a solution to political problems in cryptography] Yes, but we can win a major battle in the arms race and gain a new territory of freedom for several years. Governments are good at cutting off the heads of a centrally controlled networks like Napster, but pure P2P networks like Gnutella and Tor seem to be holding their own."

Satoshi Nakamoto

This series continues to translate the original white paper by Satoshi Nakamoto to plain language. The goal is to have easily shared content, and send new people directly to nostr to read it. The original content will be posted, with the plain language below.

Please show support by sharing or sending sats.

Bitcoin Miner - A special player in the Bitcoin game. The job is to solve challenging puzzles using their computer. When they solve a puzzle, they get a reward. This reward is a new piece of the game called a Bitcoin.

Think about a gold miner. They're like someone who digs deep in the ground to find gold. When they find gold, it's their reward for all the hard work. In the Bitcoin game, miners work with their computers to find digital gold (Bitcoins) instead of digging in the ground for gold.

6. Incentive Paragraph 1

By convention, the first transaction in a block is a special transaction that starts a new coin owned by the creator of the block. This adds an incentive for nodes to support the network, and provides a way to initially distribute coins into circulation, since there is no central authority to issue them. The steady addition of a constant of amount of new coins is analogous to gold miners expending resources to add gold to circulation. In our case, it is CPU time and electricity that is expended.

Plain Language

In the Bitcoin puzzle game, each time a player successfully solves a puzzle (creates a block), they get a special reward, like starting a new game piece (coin) that they own.

The person who solves the puzzle gets to create the new block, add a bunch of new transactions to it, and announce that to the network. This special reward motivates players (nodes) to keep playing and supporting the game.

Like gold miners spending their time and energy to find gold – in the Bitcoin game, players spend computer power and electricity to earn these Bitcoins, adding them to the game and making sure everyone stays interested and involved.

#bitcoin #crypto #btc #blockchain #cryptocurrency #hodl #digitalgold #decentralized #satoshi #cryptonews #satoshinakamoto #whitepaper #bitcoinwhitepaper #nostr #grownostr

“Whatever size micropayments you need will eventually be practical. I think in 5 or 10 years, the bandwidth and storage will seem trivial.” - Satoshi Nakamoto

On Time #It'sOn

Time is money, money is time. In math, this interplay is known as the commutative property. In this case, I would like to coin the operation of Bitcoin as the commutative property of time. It is a timechain holding money in its asymptotic vector trajectory. Money is time denominated in Bitcoin blocks. For instance, the time now is Block Height 827, 866. The money is forever 21 million Bitcoin. Understanding the concept of time, like Bitcoin, is a tour de force of so many threads. Let's hope it doesn't get unwieldy. As you probably know, we believe that time is relative. It is a function of the space-time continuum. We can't know precisely where we stand in the universe, it is so vast and never-ending. We can barely go beyond our neighboring planets, let alone our home galaxy, the milky way. Instead, we use our star, the Sun, to set our watches, give structure to our days and define our lifetimes. It is just a reference, give or take a few minutes. Who cares? In fact, Cal Tech does. They have a bunch of time engineers way down in their basement, measuring time down to infinitesimal decimal points based on the atomic model of matter. These guys are not satisfied with the Greenwich Mean Time (GMT), a dividing line in the sands, so to speak, between arbitrary time zones. In a bit worthy of divine comedy, a watchmaker was the one who finally figured out how best to measure longitudes, GMT being one of them, after many failed attempts by astronomers and mathematicians, to map it. The problem was opened up to the general public as a competition, with an actual bounty, such was the failure of the experts. Reminds me of someone called Satoshi Nakamoto who discovered how to do perfect money with all the failure of the banks. Satoshi gave us a whole new clock, a conceptualization of existence that is in relation to immutable blocks of money transactions instead of the stars. Thank goodness because we were lost in space. We thought we were flying towards the horizon but in reality we were bound to crash and ended up on the ocean floor. Our flying instruments are off, the sensors do not work. We celebrate the winter and summer solstices on the wrong days and are none the wiser. Google and the observatories aimed at the sky tell us it is October 21st and June 21st. The heavens beg to differ; it's actually January 3rd and September 3rd. The Golden Gate bridge has missed its rendez-vous with the heavens. It was left wanting after promises of grandeur to meet with its cosmic fate, it's raison d'etre. The bridge has travelled expectantly around the sun to find the door closed to the space horizon. How is it that we the creatures of the earth live on despite undoing time's Hermetic polarity? Shouldn't we be extinct, so at odds are we with the laws of nature? Can the universe be that generous to excuse our wayward ways? Why haven't they sent us an emissary to set us straight and put us back on course, in keeping with the hands of time? Will we have to wake up the dead to remember our true destiny in the stars? The ancients knew how to tell time just by looking up. They figured out the earth did a quirky little dance around its axis every 26,000 years just because. Maybe precession is a reminder to the people to pay attention, recalibrate their internal clocks, be humble about their place in the universe. Now, our overloads, the government, impose a meaningless daylight savings time. The heavens weep at our stupidity. The ancients gave us milestones as keepers of the memories. They erected monuments to align with the planets in the form of pyramids. They built a yardstick for the world to know its boundaries. From the great pyramid of Giza, to the humble-sized but thousands of years more ancient Nubian pyramids in northern Sudan, to the  Göbekli Tepe site in Turkey which is even more ancient, we are transported back to a time period well over 12,000 years before the birth of Christ in human ingenuity and civilization. Nature itself lent a helping hand, sending great floods into the South western American plains, marking its presence forever in the grooves, peaks, valleys and dried out riverbeds to document antiquity. And yet, we ignore it. We forgot it. Our children barely look at the night sky and wonder about the distance of the stars. Our schools do not teach astronomy. Our best teachers can't point out the little and big dipper. They can't animate the bull of Orion. We abdicated that to Hollywood. We have lost that magical feeling. Our history is no longer nourishing, it beats us down with its emphasis on human darkness, made up of half-truth and outlandish lies to assuage the egos of the dominant and powerful. We are left to pick up the pieces of our forgotten past like breadcrumbs left in the time machine. Our TVs when they were analog reminded us it is capturing the very distant but real light and sound waves who began their journey 14 billion years before. They are hurling  towards us at unbearable speeds from the beginning of time, marking the big bang. The waves are on a mission; they are intent on expanding the net of existence to its breaking limit, triggering a tsunami that will drown us whole, the likes of which we can never fathom. Shakespeare memorialized our tragic condition in a fateful tale, formulating turns of phrases in a manner that only he can. He called our lives “a walking shadow. A poor player that struts and frets his hour upon the stage and then is heard no more. It is a tale told by an idiot full of sound and fury, signifying nothing". Macbeth is indeed dark stuff. Did I scare you, dear reader? Don't fret. Focus on the light. It is Bitcoin. We are only a brief history of time. A teenage wasteland.

"Temos que confiar neles com nossa privacidade, confiar neles para não deixar ladrões de identidade drenarem nossas contas. Seus enormes custos de processamento lhes dão poder sobre nós."

Satoshi Nakamoto

"A raiz do problema com a moeda convencional é toda a confiança necessária para fazê-la funcionar. O banco central deve ser confiável para não quebrar, mas a história de moedas fiduciárias está cheia de violações dessa confiança."

Satoshi Nakamoto

"O Bitcoin é o sistema mais estelar e mais útil de confiança mútua já concebido."

Satoshi Nakamoto

Bitcoin and LSD

I used to say that LSD was mankind’s greatest discovery, but Satoshi Nakamoto challenged that view with the discovery of Bitcoin. Those who have seen their egos dissolve on an LSD trip will understand. I can’t recommend taking LSD for everyone, because it requires excellent set and setting to be enjoyable, but if you are confident about taking LSD it is akin to visiting God. Mnemonic abilities can augment greatly, being able to manipulate and store thousands of variables at a time, often visually. Synesthesia can occur, which is a blending of senses so that a color can be experienced as a smell or so that music can be seen as well as heard. A rediscovery of senses gives the user the understanding that all of cognition is in fact perception. If neurons are not connected to the environment, they are interconnected and are perceiving each other.

Bitcoin is similar to LSD because when you experience the effect it has, your perspective changes irreversibly. Bitcoin is also similar to LSD because the more intelligent the user, the more profound the experience. In this sense its potential for either is enormous but extremely limited at an individual level depending on existing mental skills. Bitcoin is a paradigm shift from one economic model to another, how profound this model really is still needs to be discovered through its use and further study. LSD is a paradigm shift from one state of consciousness to another, this too needs to be studied more to understand it better. Bitcoin is freedom tech, just like LSD. LSD allows you to change your mind so that you can think better, more freely, more autonomously. Bitcoin allows the user to become sovereign expressed in value and the exchange of value, LSD allows the user to become sovereign in thought. I’ve heard many Bitcoiners say that they’ve experienced undergoing a spiritual journey after learning about Bitcoin, as is well documented by users of LSD. LSD is the most potent psychotropic substance known to man, three orders of magnitude more potent than the next in line. Bitcoin doesn’t even have weight, so it is infinitely more potent than cash.

Learn about LSD and psilocybin before you take them. How To Change Your Mind by Michael Pollan is a good place to start. Another great resource is The My Problem Child by Albert Hofmann which describes the origin story of LSD. Hofmann was working in a lab for a pharmaceutical company in Switzerland and discovered LSD while he was trying to find something else, he accidentally dosed himself with an enormous amount of LSD in the lab and lost his mind on the way home. Imagine being interested in it after that happened to you. I have great respect for Hofmann and I am eternally grateful for his discovery, just as I am eternally grateful for Satoshi Nakamoto’s discovery of Bitcoin.

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