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.
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This just seems like this circumvents government control, which on its face is a good thing, but I see it being a major barrier of entry to be accepted as currency replacement. Also, if this is the way of the new world, it eliminates being able to “unplug” or be “off grid” from the “system.” Every transaction would need computing power and tech connection in order to function in the world.
Just thoughts….
Trade wars, currency wars, real wars.
Bitcoin is neutral in all of it.
A world currency that is not subject to any one nation’s policies makes sense. Bitcoin may not have to fight these currencies. They will destroy themselves.
Thoughts on bitcoin cash? I can’t find any US-exchanges that will allow me to trade BSV
Kucoin has BSV
I’ve followed Coinspeak since his/her first post here, thankful that Based Fly conscripted a crypto writer. Although I rarely agreed with the posts, I continued to read with an open mind to survey the BCH thesis (as I held a large amount of coins prior to the hard fork and did not have a clear plan on what to do with my BCH and now BSV). So, I was intrigued when I saw the about-face to BSV, an admittedly unpopular choice. I became a bit more incensed over the last two posts as I felt they read more like a white-paper/marketing shill than well-reasoned analysis. For instance, poaching the “Bitcoin (the program, not a specific chain) is the future”/Austrian hard money narrative from videos and then asserting later in the post that while the cited authors/presenters didn’t mention BSV by name, if they really thought about which chain is best and most likely to succeed, they would undoubtedly choose BSV. So now, I feel compelled to retort.
To anyone waiting for OP to defend this increasingly implausible thesis: prepare yourselves for a feat of tinfoil hat mental gymnastics, the likes of which have only been parodied with the image adorning the Bitcoin Economy part 2 post.
For a network and asset class that’s built to eliminate the need for trust, the BSV thesis at this point requires a hell of a lot of it. Namely, to trust BSV bagholders that the following is true, despite a consensus of evidence and opinion; (I remind you that consensus is a more relevant governing standard than “truth” in these matters)
1-CSW is still somehow Satoshi. For those that don’t know, CSW got BTFO in courts both of the legal variety and of public opinion. (for the record, I do think that Peter Mc., an opposing party in one of CSW’s ongoing suits, is insufferable and has become the “reality TV star” of crypto; lacking in skill, insight, and prizing his own promotion above all else.) The only talking point CSW defenders have left is that the Kleinman estate will have a large tax bill upon receipt of CSW’s purloined bitcoin. Even if his claims were true, CSW was bested and locked out by his own creation, unable to sign any transaction with consensus-recognized Satoshi holdings, which any competent user must know how to do—a far cry from his crafted brilliant inventor image espoused by his underlings and this blogger. Imagine the inventor of the first thought-powered car unable to prove it worked because he locked the keys inside.
One must pause here at the cartoonish nature of his defense; blatant blog back-date forgeries, recanted statements, demonstrably false transactions, and not a shred of proof that he was doing anything other than attempting to hack kitchen appliances whilst detailing a list of what classical music and romantic authors he happened to be Wikipedia-ing at the time (I invite readers to scan the above post and note the striking similarity in the “here’s a list of important sounding things I’ve seen other people talk about, but I can’t bother to synthesize them into prose/coherency”).
Only ideologues will deny CSW is an intelligent and capable programmer, but the open source world is full of anons with similar and greater skills. Not only is there a legal record of the repudiation of his claim to be Satoshi, but a paucity of peer validations other than anyone currently standing to benefit from his ordainment as Satoshi. Again, the peer-to-peer issue looms large here. Bitcoin and most similar cryptocurrencies are valuable because they can codify consensus amongst an adversarial community. CSW’s appeal to consensus has been rejected by the majority of Bitcoiners. The community has spoken and the value of his token, BSV will reflect its speech.
2-BSV will eventually succeed in developing a competitive product. Currently, the largest user of the BSV blockchain is a d-app that records the weather each day. I’m not kidding, most daily transactions on the BSV blockchain are just this automated weather log. BSV’s mining community is very incestuous with its small team of promoters, which keeps large agnostic miners uninterested, at a certain scale, mining pools would rather security and longevity over the possibility of manipulation (my assertion). Even commentators on this blog have been unable to properly install and use the few d-apps that are basically promising to be the knock-off versions of Twitch, Cashapp, Venmo, Twitter, YouTube, and whatever else might entice dupes to believe that BSV will one day be the gold standard of information technology.
There’s a reason that first-mover advantages are rarely overcome in the information space- the chicken and egg problem. Developers won’t waste time making a better version of YouTube for free and from the ground-up because Google’s got the resources to incentivize them to improve the existent YouTube, with its existing codebase. It’s almost impossible to unseat a large digital ecosystem, much less all of them at once like the BSV project aims to do. Betting on Flippenings has about the same track record, especially on Bitcoin chains. Factor in the existing resources and sentiment of most developers regarding the BSV community and you’ll see why all BSV hype must promise the same utopian future state; where CSW is recognized as the true Satoshi and all his dreams will become reality. I don’t know why someone would choose to save wealth in BSV over BTC with the existing features and the overhang of being piloted by such a goon.