Buckle up. This post will take you down a deep rabbit hole.
“Bitcoin is an economic system”. Today I discovered a whole new meaning to this frequently used statement and I’ll share it below. First, watch the clip of this video from 2014:
At 2:20 mark of this interview from 2014 it sounds like CSW is talking about Metanet. ?https://t.co/T59WWB7ErO
— Coinspeak (@coinspeak_io) December 4, 2018
Craig Wright is talking about Metanet … in 2014! In London last week during this presentation Dr Wright describes Metanet by name:
To recap key points:
- Bitcoin is a decentralized, trustless, peer to peer system
- Bitcoin is designed to scale globally
- Bitcoin is competitive
- Metanet will be built on top of Bitcoin
With me? OK, here’s more. IPV6 is the future of Internet addressing. Metanet can use IPV6 to address every object globally and then make payments. Per the example in the video, my Coke can have an address. If my can makes it to a recycling center I will have my recycling deposit paid back in Bitcoin. If my Coke can ends up in a river my deposit goes to recycling costs (or I am possibly fined). This creates an end to end economic system where incentives drive behavior and all of it is recorded on Bitcoin. Before you object with a “big brother” scenario the blockchain at scale is still pseudonymous while reinforcing behaviors with value. This is a leap forward compared to systems of today where your data is the product.
In this example Bitcoin remains decentralized, trustless, peer to peer AND creates a system of incentives. Lay this system on top of anything and the possibilities of that system alter dramatically because Bitcoin can now incentivize participants instantly. Behaviors will dramatically shift.
Bitcoin could alter the Actor – Observer bias. This bias theorizes that when we see someone else run a stop light we instantly judge and condemn that person but when WE run a red light we have excuses and reasons for OUR behavior. This simple bias blocks us from seeing our actions truly as others see us. Bitcoin could be that private observer for each of us helping us see ourselves as others see us and acting with a higher level of consciousness/awareness.
Now, let’s imagine Bitcoin is global. The incentives in Bitcoin extend to society. Society becomes decentralized, trustless and peer to peer. Borders fall away. Wars stop. What remains are incentives.
Metanet provides incentives that are decentralized and reward what’s valued. Clickbait dies. Good content flourishes. Efficient systems naturally replace Government bureaucracy.. Waste and grift lose value. Value, in whatever form, is rewarded by others. Truth wins.
Bitcoin has a limit of 21M coins and a distribution schedule that ends in 2140. This is humanity’s chance at a new future and it roughly lines up with our natural resources crisis. Bitcoin / Metanet can order our limited resources in a way that we make it past current projections as a species. We’ll either make this transition or we won’t. I shudder to think if we fail this test.
Metanet is the future and it’s running on Bitcoin’s economic system.
Unless stated otherwise when I say Bitcoin I am exclusively referring to Bitcoin SV (BSV). BSV is Bitcoin and the only crypto that has the ability to scale with a roadmap that includes Metanet and global cash.