Follow up to The Bitcoin Economy Part 1.
Bitcoin is a genie that can’t be put back in the bottle. I can only point to the tip of an iceberg in a blog but this summary is the result of years of research on my part.
Things to research if you want to begin to understand Bitcoin:
Byzantine General’s Problem – how Bitcon settles transactions nearly instantly
Triple entry accounting – I know what you see is what I see
Blockchain – Chain of digital signatures, verifying the ledger block by block
Game Theory – Balance of disparate factors coming together to balance the system
Small world network – No node in Bitcoin is more than 1.3 hops away
Proof of Work – Each Bitcoin is minted as a result of verifiable work performed. No forgery, just competition.
Particle Swarm Optimization – Solve difficult problems inside Bitcoin
Cellular Automaton – Simple rules for complex calculations
Mandala Network – Bitcoin is a dense network
Neural Network – Bitcoin is a brain
SEIR(S) – How diseases propagate. Also relevant to how Bitcoin propagates transactions
Total Turing Machine – Any answer calculable by a Turing machine is calculable by any Turing complete system, like Bitcoin
Wang B Machine – similar to Turing machine
You may notice several of these technologies mirror biological processes. Hmmmm….
All of the above, and more, exist in Bitcoin. This is genius level design.
We are starting to see a flood of new use cases and apps built on top of Bitcoin. It’s very important to get what I’m saying here, the current development of apps on BSV will lead to an explosion of powerful use cases in the near future.
Craig Wright (Satoshi Nakamoto) implemented the above tech (and more) in a unique way with Bitcoin and holds hundreds of patents. I believe Dr Wright will be recognized as a genius for this work within a decade. This will be a reversal of current sentiment as many have painted Dr Wright negatively to further their own goals. This will all resolve itself soon. Dr Wright is an incredibly patient man.
I spent many hours researching everything in the video below. It’s mind boggling. If you want to understand Bitcoin it will take a lot of work, I am still learning every day. Bitcoin is world changing technology.
(start at 11 min mark)
Bitcoin will usher in a new revolution. Bitcoin will be bigger than the Internet.
Bitcoin will be the single global repository for all data that has value. I know that sounds impossible but that’s the goal. This is unconventional thinking in 2019 but will be taken for granted in near future.
All of the technologies above will be combined so that anyone, anywhere can transact value peer to peer. Bitcoin is honest money which will bring accountability to every area of life. Honest money creates an honest economy. Imagine an economy run on a single ledger where everyone is accountable. Governments will be forced to be efficient. Corporations will be honest or perish. Goodbye Dutch Irish companies where Joe Sixpack pays more in taxes than Apple. This a decade away, but it’s coming.
The recent Facebook hearings in congress were bullish for BSV. The legislators see the danger in a centralized currency run by a cabal of tech companies. BSV is designed to operate within current legal frameworks. Legal compliance is baked into Bitcoin from the start.
Governments will be regulating coins soon. Most coins won’t survive, and what doesn’t survive regulation will be swallowed by Bitcoin.
BSV is gathering critical mass. 2020 will be the year it takes off. These are early stage projects built exclusively on BSV. Imagine them with a bit more time to mature. The future is going to be amazing.
yours.org – blogging
Audiob.app – music
twetch.app – social media, replaces Twitter with a system of micropayments possible only on BSV
streamanity.com – streaming video
moneybutton.com (and Paymail) – payments
Handcash POP – point of sale
These projects can only be built on Bitcoin as originally designed. No other coin has an ecosystem like BSV. Now, consider most of those projects are less than a year old and were bootstrapped from small teams. Imagine when large scale development begins in earnest on BSV.
Bitcoin is a genius invention that will change the world. Bitcoin is more than money. We are still so early that the picture is not clear yet but watch the next 1-2 years. The 20+ years of hard work on Bitcoin is about to pay off.If you enjoy the content at iBankCoin, please follow us on Twitter