๐—ค๐˜‚๐—ฒ๐˜€๐˜๐—ถ๐—ผ๐—ป ๐Ÿญ: "๐—ช๐—ต๐—ฎ๐˜ ๐—ถ๐˜€ ๐—•๐—ถ๐˜๐—ฐ๐—ผ๐—ถ๐—ป?" Below is the first chapter from the "๐Ÿฎ๐Ÿญ ๐—ค๐˜‚๐—ฒ๐˜€๐˜๐—ถ๐—ผ๐—ป๐˜€" audiobook, which is comprised of answers from @nat brunell, @Knut Svanholm โˆž/21M, @Svetski, and yours truly. The audiobook will soon be available through Audible, so stay tuned!๐Ÿ‘€
๐—ช๐—ถ๐˜๐—ต ๐—ข๐—ป๐—น๐˜† ๐—ฎ ๐—™๐—ฒ๐˜„ ๐—ง๐—ฟ๐—ฎ๐—ป๐˜€๐—ฎ๐—ฐ๐˜๐—ถ๐—ผ๐—ป๐˜€ ๐—ฝ๐—ฒ๐—ฟ ๐—ฆ๐—ฒ๐—ฐ๐—ผ๐—ป๐—ฑ, ๐—›๐—ผ๐˜„ ๐—–๐—ฎ๐—ป ๐—•๐—ถ๐˜๐—ฐ๐—ผ๐—ถ๐—ป ๐—ฆ๐—ฐ๐—ฎ๐—น๐—ฒ ๐˜๐—ผ ๐—ฏ๐—ฒ ๐—จ๐˜€๐—ฒ๐—ฑ ๐—ฎ๐˜€ ๐—š๐—น๐—ผ๐—ฏ๐—ฎ๐—น ๐— ๐—ผ๐—ป๐—ฒ๐˜†? ๐˜ˆ๐˜ฏ ๐˜ฆ๐˜น๐˜ค๐˜ฆ๐˜ณ๐˜ฑ๐˜ต ๐˜ง๐˜ณ๐˜ฐ๐˜ฎ ๐˜ต๐˜ฉ๐˜ฆ ๐˜ต๐˜ธ๐˜ฆ๐˜ฏ๐˜ต๐˜บ-๐˜ง๐˜ช๐˜ณ๐˜ด๐˜ต ๐˜ข๐˜ฏ๐˜ฅ ๐™›๐™ž๐™ฃ๐™–๐™ก ๐˜ค๐˜ฉ๐˜ข๐˜ฑ๐˜ต๐˜ฆ๐˜ณ ๐˜ฐ๐˜ง โ€œ๐Ÿฎ๐Ÿญ ๐—ค๐˜‚๐—ฒ๐˜€๐˜๐—ถ๐—ผ๐—ป๐˜€โ€, ๐˜ต๐˜ฉ๐˜ฆ ๐˜ธ๐˜ฐ๐˜ณ๐˜ญ๐˜ฅโ€™๐˜ด ๐˜ง๐˜ช๐˜ณ๐˜ด๐˜ต #Ai-๐˜ฆ๐˜ฏ๐˜ฉ๐˜ข๐˜ฏ๐˜ค๐˜ฆ๐˜ฅ #Bitcoin ๐˜ฃ๐˜ฐ๐˜ฐ๐˜ฌ. This question, which was the first to be asked of Satoshi when he shared the whitepaper, has sparked debates, a Bitcoin โ€œcivil war,โ€ and a variety of innovative ideas throughout Bitcoinโ€™s lifetime. In this chapter, @Guy Swann, @Svetski, and @Giacomo Zucco shed light on how Bitcoin is already scaling for global adoption so it can truly become the money of the future. Below is Giacomo Zuccoโ€™s answer, as written in โ€œ๐Ÿฎ๐Ÿญ ๐—ค๐˜‚๐—ฒ๐˜€๐˜๐—ถ๐—ผ๐—ป๐˜€โ€: image ๐—š๐—ถ๐—ฎ๐—ฐ๐—ผ๐—บ๐—ผ ๐—ญ๐˜‚๐—ฐ๐—ฐ๐—ผโ€™๐˜€ ๐—ฎ๐—ป๐˜€๐˜„๐—ฒ๐—ฟ: Bitcoin, as a system, allows for much, much more than just a few transactions per second. Bitcoin, as a digitally scarce asset, can be transacted numerous times and in various ways. So if we want to transact bitcoin in the most expensive possible way, which is also the safest in most use cases, we use the global layer one, the eternal and universal Bitcoin ledger. The ledger is one single, append-only, immutable register of all the participants' transactions that will be forever impossible to reduce and must be downloaded, verified, and stored by every node forever. This process is clearly very expensive and not scalable, so it will primarily serve as a settlement layer for more substantial transactions, which will be required with different kinds of security mechanisms. Some of these different security mechanisms will still retain a very strong security model, which is not the same as the Bitcoin timechain or blockchain but is still reliable and reasonable in most use cases. For example, a Lightning channel will still give the owner of the keys complete control over the content of the channel. And on a Lightning channel, we can have thousands of transactions per second, without having to use the settlement layer. Therefore, we can achieve good security while facilitating thousands of transactions per second. However, it's important to note that this provides a different level of security. For example, when using a Lightning channel, we would need to be online occasionally to check that the counterparty will not rob us, which is not the case for on-chain addresses. That said, the on-chain address can be censored or attacked by miners, especially if it's new, while a Lightning channel, even if it's old, can have new transactions happen a few seconds ago, having the same security as a transaction that happened a few months ago. Thus, various risk models are involved. Of course, the cheaper, faster, and more efficient you go, the more you may trade off security โ€” especially the long-term security โ€” for your funds. But this is not always true, as in the aforementioned paradox of mining attacks. To recap, Bitcoin transactions are not only a few per second. Bitcoin transactions are potentially unlimited in number per second. A very specific subset of these Bitcoin transactions, the on-chain, layer-one settlement transactions, are limited to a few per second. Scaling the entire Bitcoin ecosystem within this limitation involves minimizing the use of these on-chain, layer-one settlement transactions and aggregating the demand for transactions outside the blockchain into fewer, consolidated blockchain settlements. So, we need to aggregate many transactions with a different security model into a few settlement transactions that will happen with this very effective โ€” but very expensive โ€” security model. Additionally, this approach offers other benefits, as the settlement layer has notable privacy and censorship resistance limitations, unlike many off-chain transaction models. image Giacomo Zucco is an Italian technology entrepreneur and a consultant/teacher for the Bitcoin and Lightning Network protocols. He spends his time supporting projects that he feels might be relevant to the future of Bitcoin, be it as an educator, consultant, entrepreneur, maximalist, or troll. Previously, he was involved in GreenAddress, AssoBIT, BlockchainLab, and Bitcoin Magazine. He's currently advancing Bitcoin via BHB Network, ๐˜‰๐˜›๐˜Š๐˜›๐˜ช๐˜ฎ๐˜ฆ๐˜ด, Relai, BCademy, and Notarify. image Stay tuned for an announcement about where you can soon purchase your own copy of โ€œ๐Ÿฎ๐Ÿญ ๐—ค๐˜‚๐—ฒ๐˜€๐˜๐—ถ๐—ผ๐—ป๐˜€โ€!๐Ÿ‘€
๐—ช๐—ผ๐—ป'๐˜ ๐—•๐—ถ๐˜๐—ฐ๐—ผ๐—ถ๐—ป'๐˜€ ๐——๐—ถ๐˜€๐—ถ๐—ป๐—ณ๐—น๐—ฎ๐˜๐—ถ๐—ผ๐—ป๐—ฎ๐—ฟ๐˜† ๐—ก๐—ฎ๐˜๐˜‚๐—ฟ๐—ฒ ๐——๐—ถ๐˜€๐—ฐ๐—ผ๐˜‚๐—ฟ๐—ฎ๐—ด๐—ฒ ๐—ฆ๐—ฝ๐—ฒ๐—ป๐—ฑ๐—ถ๐—ป๐—ด, ๐—˜๐—ป๐—ฐ๐—ผ๐˜‚๐—ฟ๐—ฎ๐—ด๐—ฒ ๐—›๐—ผ๐—ฎ๐—ฟ๐—ฑ๐—ถ๐—ป๐—ด, ๐—ฎ๐—ป๐—ฑ ๐—–๐—ฎ๐˜‚๐˜€๐—ฒ ๐—˜๐—ฐ๐—ผ๐—ป๐—ผ๐—บ๐—ถ๐—ฐ ๐—ฆ๐˜๐—ฎ๐—ด๐—ป๐—ฎ๐˜๐—ถ๐—ผ๐—ป? ๐˜ˆ๐˜ฏ ๐˜ฆ๐˜น๐˜ค๐˜ฆ๐˜ณ๐˜ฑ๐˜ต ๐˜ง๐˜ณ๐˜ฐ๐˜ฎ ๐˜ต๐˜ฉ๐˜ฆ ๐˜ด๐˜ฆ๐˜ท๐˜ฆ๐˜ฏ๐˜ต๐˜ฆ๐˜ฆ๐˜ฏ๐˜ต๐˜ฉ ๐˜ค๐˜ฉ๐˜ข๐˜ฑ๐˜ต๐˜ฆ๐˜ณ ๐˜ฐ๐˜ง โ€œ๐Ÿฎ๐Ÿญ ๐—ค๐˜‚๐—ฒ๐˜€๐˜๐—ถ๐—ผ๐—ป๐˜€โ€, ๐˜ต๐˜ฉ๐˜ฆ ๐˜ธ๐˜ฐ๐˜ณ๐˜ญ๐˜ฅโ€™๐˜ด ๐˜ง๐˜ช๐˜ณ๐˜ด๐˜ต #Ai-๐˜ฆ๐˜ฏ๐˜ฉ๐˜ข๐˜ฏ๐˜ค๐˜ฆ๐˜ฅ #Bitcoin ๐˜ฃ๐˜ฐ๐˜ฐ๐˜ฌ. This fear is often expressed by those who are new to Bitcoin and Austrian economics in general. According to the Keynesian model, Bitcoin would lead to economic stagnation, but as @Brad Mills, @Guy Swann, and @johnkvallis explain in this chapter, this couldnโ€™t be farther from the truth. Below is Brad Mills answer, as written in โ€œ๐Ÿฎ๐Ÿญ ๐—ค๐˜‚๐—ฒ๐˜€๐˜๐—ถ๐—ผ๐—ป๐˜€โ€: image ๐—•๐—ฟ๐—ฎ๐—ฑ ๐— ๐—ถ๐—น๐—น๐˜€โ€™ ๐—ฎ๐—ป๐˜€๐˜„๐—ฒ๐—ฟ: Bitcoin is a savings technology. Bitcoinโ€™s unique properties make it the best vehicle for storing your wealth over long time frames in a world being digitized and where technology makes our lives easier. When your savings actually grow in purchasing power over time, you spend less in the present to preserve and grow your purchasing power in the future. Iโ€™m hopeful that Bitcoin will lead to a world with less consumerism, less waste, and smarter financial decisions, resulting in more individuals and families experiencing economic prosperity. The significant majority of people in the world are already experiencing economic stagnation when you measure purchasing power, not dollars. Wealth inequality is at record levels, the price of homes is rising while wages are not, and excess savings rates are low. Weโ€™ve been trained to over-borrow and over-consume; we sacrifice a comfortable future for a more pleasurable present. Bitcoin should help increase financial literacy and lead to more prosperity, reducing economic stagnation on the individual level. image Brad Mills is a lifelong entrepreneur with a focus on product development and marketing. Involved with Bitcoin since 2011 as a miner, entrepreneur, and investor, Brad is a Value Maximalist at his core. Tune into the ๐˜”๐˜ข๐˜จ๐˜ช๐˜ค ๐˜๐˜ฏ๐˜ต๐˜ฆ๐˜ณ๐˜ฏ๐˜ฆ๐˜ต ๐˜”๐˜ฐ๐˜ฏ๐˜ฆ๐˜บ podcast to deepen your insight into Bitcoin. Brad interviews industry game changers and shares their stories so you can learn about the deep roots of Bitcoinโ€™s philosophy. image Preorder your copy of โ€œ๐Ÿฎ๐Ÿญ ๐—ค๐˜‚๐—ฒ๐˜€๐˜๐—ถ๐—ผ๐—ป๐˜€โ€, and ๐˜€๐—ฎ๐˜ƒ๐—ฒ ๐˜‚๐—ฝ ๐˜๐—ผ ๐Ÿฒ๐Ÿฌ%, by contributing to our @Geyser initiative:
Only ๐Ÿฎ๐Ÿฌ ๐—ฏ๐—น๐—ผ๐—ฐ๐—ธ๐˜€ ๐—น๐—ฒ๐—ณ๐˜ until the #halving! image
At the 1st #Bitcoin halving, the time between block 209999 and 210000 was about ๐Ÿฎ๐Ÿฏ ๐—บ๐—ถ๐—ป๐˜‚๐˜๐—ฒ๐˜€.๐ŸŒ At the 2nd #halving, the time between block 419999 and 420000 was about ๐Ÿฑ ๐—บ๐—ถ๐—ป๐˜‚๐˜๐—ฒ๐˜€.๐Ÿ‡ At the 3rd halving, the time between block 629999 and 630000 was only about ๐Ÿฎ๐Ÿฌ ๐˜€๐—ฒ๐—ฐ๐—ผ๐—ป๐—ฑ๐˜€!๐Ÿคฏ image While the decreasing duration of each epoch's final block may appear to be a consequence of rising hashrate, this is not the case. These block times are ๐˜ฆ๐˜ฏ๐˜ต๐˜ช๐˜ณ๐˜ฆ๐˜ญ๐˜บ ๐˜ฅ๐˜ถ๐˜ฆ ๐˜ต๐˜ฐ ๐˜ค๐˜ฉ๐˜ข๐˜ฏ๐˜ค๐˜ฆ. The Difficulty Adjustment every 2016 blocks, or about every 2 weeks, keeps blocks within a 10 minute timeframe ๐—ถ๐—ป ๐—ฎ๐—ด๐—ด๐—ฟ๐—ฒ๐—ด๐—ฎ๐˜๐—ฒ, not with each individual block. Some blocks within a difficulty period will be found in mere ๐˜€๐—ฒ๐—ฐ๐—ผ๐—ป๐—ฑ๐˜€, while others will take an hour or more. But zoomed-out, they tend to take about 10 minutes. With the next halving only a couple days away, how long do you think block 839999 will last before block 840000 is found? Leave your guesses in the ๐—ฐ๐—ผ๐—บ๐—บ๐—ฒ๐—ป๐˜๐˜€!โฌ‡๏ธ
๐—ช๐—ต๐˜† ๐—ถ๐˜€ ๐—ถ๐˜ ๐—œ๐—บ๐—ฝ๐—ผ๐—ฟ๐˜๐—ฎ๐—ป๐˜ ๐˜๐—ผ ๐—ฆ๐—ฒ๐—ฝ๐—ฎ๐—ฟ๐—ฎ๐˜๐—ฒ ๐˜๐—ต๐—ฒ ๐—–๐—ผ๐—ป๐˜๐—ฟ๐—ผ๐—น ๐—ผ๐—ณ ๐— ๐—ผ๐—ป๐—ฒ๐˜† ๐—ณ๐—ฟ๐—ผ๐—บ ๐˜๐—ต๐—ฒ ๐—ฆ๐˜๐—ฎ๐˜๐—ฒ? ๐˜ˆ๐˜ฏ ๐˜ฆ๐˜น๐˜ค๐˜ฆ๐˜ณ๐˜ฑ๐˜ต ๐˜ง๐˜ณ๐˜ฐ๐˜ฎ ๐˜ต๐˜ฉ๐˜ฆ ๐˜ง๐˜ฐ๐˜ถ๐˜ณ๐˜ต๐˜ฆ๐˜ฆ๐˜ฏ๐˜ต๐˜ฉ ๐˜ค๐˜ฉ๐˜ข๐˜ฑ๐˜ต๐˜ฆ๐˜ณ ๐˜ฐ๐˜ง โ€œ๐Ÿฎ๐Ÿญ ๐—ค๐˜‚๐—ฒ๐˜€๐˜๐—ถ๐—ผ๐—ป๐˜€โ€, ๐˜ต๐˜ฉ๐˜ฆ ๐˜ธ๐˜ฐ๐˜ณ๐˜ญ๐˜ฅโ€™๐˜ด ๐˜ง๐˜ช๐˜ณ๐˜ด๐˜ต #Ai-๐˜ฆ๐˜ฏ๐˜ฉ๐˜ข๐˜ฏ๐˜ค๐˜ฆ๐˜ฅ #Bitcoin ๐˜ฃ๐˜ฐ๐˜ฐ๐˜ฌ. One of Bitcoinโ€™s primary purposes is to separate the control of money from the state. But why does that matter? @Peter St Onge, @Giacomo Zucco, and @CARLAโšก๏ธ and @walker each give their answers, and emphasize how vital it is for money and state to be separated, if humanity is to flourish, or even ๐˜ด๐˜ถ๐˜ณ๐˜ท๐˜ช๐˜ท๐˜ฆ in the long-term. Below is Giacomo Zuccoโ€™s answer, as written in โ€œ๐Ÿฎ๐Ÿญ ๐—ค๐˜‚๐—ฒ๐˜€๐˜๐—ถ๐—ผ๐—ป๐˜€โ€: image ๐—š๐—ถ๐—ฎ๐—ฐ๐—ผ๐—บ๐—ผ ๐—ญ๐˜‚๐—ฐ๐—ฐ๐—ผโ€™๐˜€ ๐—ฎ๐—ป๐˜€๐˜„๐—ฒ๐—ฟ: It is important to separate the control of money from the state for the same reason that it's important to separate the control of anything from the state. The modern nation-state is a criminal organization, typically characterized by inefficiency, corruption, and moral bankruptcy. For this reason, it's important to separate the state from its control over defense and firearms, healthcare and medicine, and education and information. But in particular, it's crucial to separate the state's control over the most significant market of all: money. Money constitutes one-half of every trade that has ever occurred on this planet. The global economy has many sectors that are very important, strategic, and relevant, but no sector can be as important as the sector that is exactly one-half of every single economic transaction in every context, in every age, and in every culture, which is money. If you corrupt money, you can corrupt any other possible market. If you restore money, you can improve and mitigate problems in most other contexts and markets. So, we should separate the state from literally everything because we should separate organized crime from everything. While we should ostracize organized crime in all forms, it is especially crucial in the case of the most important market: money. image Giacomo Zucco is an Italian technology entrepreneur, and a consultant/teacher for the Bitcoin and Lightning Network protocols. He spends his time supporting projects that he feels might be relevant for the future of Bitcoin, be it as an educator, consultant, entrepreneur, maximalist, or troll. Previously he was involved in GreenAddress, AssoBIT, BlockchainLab, and Bitcoin Magazine. He's currently advancing Bitcoin via BHB Network, BTCTimes, Relai, BCademy, and Notarify. image Preorder your copy of โ€œ๐Ÿฎ๐Ÿญ ๐—ค๐˜‚๐—ฒ๐˜€๐˜๐—ถ๐—ผ๐—ป๐˜€โ€, and ๐˜€๐—ฎ๐˜ƒ๐—ฒ ๐˜‚๐—ฝ ๐˜๐—ผ ๐Ÿฒ๐Ÿฌ% when you contribute to our @Geyser initiative:
We are all Sฬถaฬถtฬถoฬถsฬถhฬถiฬถ Dan, and now, Sฬถaฬถtฬถoฬถsฬถhฬถiฬถ Dan is all of us.
Our @Bitcoin Trading Cards on our @Geyser are all ๐—ฆ๐—ข๐—Ÿ๐—— ๐—ข๐—จ๐—ง! You will still be able to collect new Spirit of Satoshi trading cards from @Bitcoin Trading Cardsโ€™s website in the future, but ๐˜ข๐˜ญ๐˜ญ the exclusive cards for our @Geyser campaign have been claimed. image You can still get your hands on multiple copies of โ€œ๐Ÿฎ๐Ÿญ ๐—ค๐˜‚๐—ฒ๐˜€๐˜๐—ถ๐—ผ๐—ป๐˜€โ€, though! Whether itโ€™s hardcover, softcover, digital, or audiobook, ๐˜ต๐˜ฉ๐˜ช๐˜ด ๐˜ช๐˜ด ๐™ฉ๐™๐™š ๐˜ฃ๐˜ฐ๐˜ฐ๐˜ฌ ๐˜ต๐˜ฐ ๐˜ด๐˜ฉ๐˜ข๐˜ณ๐˜ฆ ๐˜ธ๐˜ช๐˜ต๐˜ฉ ๐˜ง๐˜ณ๐˜ช๐˜ฆ๐˜ฏ๐˜ฅ๐˜ด ๐˜ข๐˜ฏ๐˜ฅ ๐˜ง๐˜ข๐˜ฎ๐˜ช๐˜ญ๐˜บ ๐˜ธ๐˜ฉ๐˜ฆ๐˜ฏ ๐˜ฐ๐˜ณ๐˜ข๐˜ฏ๐˜จ๐˜ฆ ๐˜ฑ๐˜ช๐˜ญ๐˜ญ๐˜ช๐˜ฏ๐˜จ ๐˜ต๐˜ฉ๐˜ฆ๐˜ฎ. image We curated the top 21 questions that those new to Bitcoin tend to ask, then reached out to some of the most well-known Bitcoiners, like @Guy Swann, @CARLAโšก๏ธ and @walker, @npub1exce...n72a, and others, and we asked each of them to answer a few of those questions. Additionally, the Spirit of Satoshi language model offers its own answer to each question at the end of every chapter. Weโ€™re in a race against centralized and absolute control of our daily lives on a global scale, and ๐˜ต๐˜ฉ๐˜ฆ ๐˜ด๐˜ฐ๐˜ฐ๐˜ฏ๐˜ฆ๐˜ณ ๐˜ฎ๐˜ฐ๐˜ณ๐˜ฆ ๐˜ฑ๐˜ฆ๐˜ฐ๐˜ฑ๐˜ญ๐˜ฆ ๐˜ฐ๐˜ฑ๐˜ต-๐˜ฐ๐˜ถ๐˜ต ๐˜ธ๐˜ช๐˜ต๐˜ฉ ๐˜ฃ๐˜ช๐˜ต๐˜ค๐˜ฐ๐˜ช๐˜ฏ, ๐˜ต๐˜ฉ๐˜ฆ ๐˜ฃ๐˜ฆ๐˜ต๐˜ต๐˜ฆ๐˜ณ ๐˜ฐ๐˜ถ๐˜ณ ๐˜ง๐˜ถ๐˜ต๐˜ถ๐˜ณ๐˜ฆ ๐˜ธ๐˜ช๐˜ญ๐˜ญ ๐˜ฃ๐˜ฆ. Preorder yours today through our @Geyser page, and ๐˜€๐—ฎ๐˜ƒ๐—ฒ ๐Ÿฒ๐Ÿฌ% on the total price!
๐—›๐—ฎ๐—ฝ๐—ฝ๐˜† ๐—•๐—ถ๐—ฟ๐˜๐—ต๐—ฑ๐—ฎ๐˜†, ๐—ฆ๐—ฎ๐˜๐—ผ๐˜€๐—ต๐—ถ ๐—ก๐—ฎ๐—ธ๐—ฎ๐—บ๐—ผ๐˜๐—ผ!๐ŸŽ‰ image Well, we ๐˜ด๐˜ข๐˜บ that today is Satoshiโ€™s birthday only because this is the date he gave for his birth when he created his profile on the P2P Foundation. Is it ๐˜ณ๐˜ฆ๐˜ข๐˜ญ๐˜ญ๐˜บ his birthday? Perhaps not, but the date does carry with it some fascinating significance. image If today is actually not his birthday, then Satoshi Nakamoto likely chose this date for a couple reasons. ๐Ÿฑ ๐—”๐—ฝ๐—ฟ๐—ถ๐—น marks the anniversary of when the United States President Franklin D. Roosevelt signed Executive Order 6102, in 1933, which prohibited the hoarding of gold by U.S. citizens. This action essentially ๐˜ค๐˜ฐ๐˜ฏ๐˜ง๐˜ช๐˜ด๐˜ค๐˜ข๐˜ต๐˜ฆ๐˜ฅ gold from the general population, and centralized monetary control with the federal government. This event is symbolic of the kind of government overreach and control over money that #Bitcoin seeks to replace by ๐—ฝ๐—ฟ๐—ผ๐˜ƒ๐—ถ๐—ฑ๐—ถ๐—ป๐—ด ๐—ฎ ๐—ฑ๐—ฒ๐—ฐ๐—ฒ๐—ป๐˜๐—ฟ๐—ฎ๐—น๐—ถ๐˜‡๐—ฒ๐—ฑ ๐—ฎ๐—ป๐—ฑ ๐—ฐ๐—ฒ๐—ป๐˜€๐—ผ๐—ฟ๐˜€๐—ต๐—ถ๐—ฝ-๐—ฟ๐—ฒ๐˜€๐—ถ๐˜€๐˜๐—ฎ๐—ป๐˜ ๐—ณ๐—ผ๐—ฟ๐—บ ๐—ผ๐—ณ ๐—บ๐—ผ๐—ป๐—ฒ๐˜†. image ๐—ง๐—ต๐—ฒ ๐˜†๐—ฒ๐—ฎ๐—ฟ ๐Ÿญ๐Ÿต๐Ÿณ๐Ÿฑ ๐—บ๐—ฎ๐—ฟ๐—ธ๐˜€ ๐˜๐—ต๐—ฒ ๐˜†๐—ฒ๐—ฎ๐—ฟ ๐˜„๐—ต๐—ฒ๐—ป ๐—”๐—บ๐—ฒ๐—ฟ๐—ถ๐—ฐ๐—ฎ๐—ป๐˜€ ๐˜„๐—ฒ๐—ฟ๐—ฒ ๐—ผ๐—ป๐—ฐ๐—ฒ ๐—ฎ๐—ด๐—ฎ๐—ถ๐—ป ๐—ฎ๐—น๐—น๐—ผ๐˜„๐—ฒ๐—ฑ ๐˜๐—ผ ๐—ผ๐˜„๐—ป ๐—ด๐—ผ๐—น๐—ฑ. The ban on gold ownership was lifted on December 31, 1974, effectively allowing citizens to once again own and trade gold as of January 1, 1975. This moment symbolized a return to a ๐˜ด๐˜ฆ๐˜ฎ๐˜ฃ๐˜ญ๐˜ข๐˜ฏ๐˜ค๐˜ฆ of financial freedom and control over one's assets. Satoshi Nakamoto's choice of this particular date for his pseudonymous birthday, therefore, can be seen as a profound statement on ๐˜ต๐˜ฉ๐˜ฆ ๐˜ช๐˜ฎ๐˜ฑ๐˜ฐ๐˜ณ๐˜ต๐˜ข๐˜ฏ๐˜ค๐˜ฆ ๐˜ฐ๐˜ง ๐˜ง๐˜ช๐˜ฏ๐˜ข๐˜ฏ๐˜ค๐˜ช๐˜ข๐˜ญ ๐˜ด๐˜ฐ๐˜ท๐˜ฆ๐˜ณ๐˜ฆ๐˜ช๐˜จ๐˜ฏ๐˜ต๐˜บ and ๐˜ต๐˜ฉ๐˜ฆ ๐˜ณ๐˜ฐ๐˜ญ๐˜ฆ ๐˜ฐ๐˜ง ๐˜‰๐˜ช๐˜ต๐˜ค๐˜ฐ๐˜ช๐˜ฏ ๐˜ช๐˜ฏ ๐˜ค๐˜ฉ๐˜ข๐˜ญ๐˜ญ๐˜ฆ๐˜ฏ๐˜จ๐˜ช๐˜ฏ๐˜จ ๐˜ต๐˜ฉ๐˜ฆ ๐˜ฆ๐˜น๐˜ช๐˜ด๐˜ต๐˜ช๐˜ฏ๐˜จ ๐˜ฎ๐˜ฐ๐˜ฏ๐˜ฆ๐˜ต๐˜ข๐˜ณ๐˜บ ๐˜ณ๐˜ฆ๐˜จ๐˜ช๐˜ฎ๐˜ฆ. image If Satoshi was actually born that day, then ๐—ต๐—ฒ ๐˜„๐—ผ๐˜‚๐—น๐—ฑ ๐—ฏ๐—ฒ ๐Ÿฐ๐Ÿต ๐˜†๐—ฒ๐—ฎ๐—ฟ๐˜€ ๐—ผ๐—น๐—ฑ ๐˜๐—ผ๐—ฑ๐—ฎ๐˜†. So let us all wish Satoshi a very happy birthday, wherever he is, whoever he is, and regardless of whether or not today is really his birthday.๐ŸŽ‚
Below is a tweet that was recently made in response to my excerpt from the twelfth chapter of โ€œ๐Ÿฎ๐Ÿญ ๐—ค๐˜‚๐—ฒ๐˜€๐˜๐—ถ๐—ผ๐—ป๐˜€โ€. Following that is my response, reposted here for your education and enjoyment. image You are sadly mistaken. #Bitcoin is not a number on a postit or on anything else; ๐—ถ๐˜'๐˜€ ๐—ฎ ๐˜€๐—ฒ๐˜ ๐—ผ๐—ณ ๐—ฟ๐˜‚๐—น๐—ฒ๐˜€ ๐˜๐—ต๐—ฎ๐˜ ๐—ฒ๐˜ƒ๐—ฒ๐—ฟ๐˜†๐—ผ๐—ป๐—ฒ ๐˜‚๐˜€๐—ถ๐—ป๐—ด ๐—ฏ๐—ถ๐˜๐—ฐ๐—ผ๐—ถ๐—ป ๐—ฎ๐—ด๐—ฟ๐—ฒ๐—ฒ๐˜€ ๐—ผ๐—ป. These rules involve a type of mathematical function known as ๐˜ค๐˜ณ๐˜บ๐˜ฑ๐˜ต๐˜ฐ๐˜จ๐˜ณ๐˜ข๐˜ฑ๐˜ฉ๐˜บ, which is easy to solve in one direction, but impossible to solve in the other direction without a brute force guess-and-check. This brute force requires ๐—ฟ๐—ฒ๐—ฎ๐—น-๐˜„๐—ผ๐—ฟ๐—น๐—ฑ ๐—ฒ๐—ป๐—ฒ๐—ฟ๐—ด๐˜† ๐—ฒ๐˜…๐—ฝ๐—ฒ๐—ป๐—ฑ๐—ถ๐˜๐˜‚๐—ฟ๐—ฒ, in much the same way that mining gold does, which is why Bitcoin's hashing process has been likened to actual mining. In this way, Bitcoin relies on 3 things to function: ๐˜๐—ต๐—ฒ ๐—ด๐—ฎ๐—บ๐—ฒ ๐˜๐—ต๐—ฒ๐—ผ๐—ฟ๐˜† of its users abiding by its rules, ๐˜๐—ต๐—ฒ ๐—บ๐—ฎ๐˜๐—ต๐—ฒ๐—บ๐—ฎ๐˜๐—ถ๐—ฐ๐—ฎ๐—น ๐—ฝ๐—ฟ๐—ถ๐—ป๐—ฐ๐—ถ๐—ฝ๐—น๐—ฒ๐˜€ of cryptography, and ๐˜๐—ต๐—ฒ ๐—น๐—ฎ๐˜„๐˜€ ๐—ผ๐—ณ ๐—ฝ๐—ต๐˜†๐˜€๐—ถ๐—ฐ๐˜€ in its use of energy. Bitcoin cannot break or neglect these 3 pillars, and ๐˜ข๐˜ด ๐˜ญ๐˜ฐ๐˜ฏ๐˜จ ๐˜ข๐˜ด ๐˜ต๐˜ฉ๐˜ฆ๐˜ด๐˜ฆ 3 ๐˜ฆ๐˜น๐˜ช๐˜ด๐˜ต, ๐˜‰๐˜ช๐˜ต๐˜ค๐˜ฐ๐˜ช๐˜ฏ ๐˜ธ๐˜ช๐˜ญ๐˜ญ ๐˜ค๐˜ฐ๐˜ฏ๐˜ต๐˜ช๐˜ฏ๐˜ถ๐˜ฆ ๐˜ต๐˜ฐ ๐˜ง๐˜ถ๐˜ฏ๐˜ค๐˜ต๐˜ช๐˜ฐ๐˜ฏ. You said that "๐˜ฆ๐˜ท๐˜ฆ๐˜ณ๐˜บ๐˜ฐ๐˜ฏ๐˜ฆ ๐˜ธ๐˜ฉ๐˜ฐ ๐˜ฃ๐˜ถ๐˜บ๐˜ด ๐˜ช๐˜ฏ๐˜ต๐˜ฐ ๐˜ช๐˜ต ๐˜ฉ๐˜ฐ๐˜ฑ๐˜ฆ๐˜ด ๐˜ฆ๐˜ท๐˜ฆ๐˜ณ๐˜บ๐˜ฐ๐˜ฏ๐˜ฆ ๐˜ฆ๐˜ญ๐˜ด๐˜ฆ ๐˜ธ๐˜ช๐˜ญ๐˜ญ ๐˜ต๐˜ฐ๐˜ฐ." This was also the case with gold, when it was first monetizing thousands of years ago, and is an example of the game theory mentioned above. Like Bitcoin, gold is also built on the 3 pillars of game theory, math (on a quantum level), and physics in order to continue to exist. However, ๐—•๐—ถ๐˜๐—ฐ๐—ผ๐—ถ๐—ป ๐—ต๐—ฎ๐˜€ ๐—บ๐—ฎ๐—ป๐˜† ๐˜‚๐˜๐—ถ๐—น๐—ถ๐˜๐—ฎ๐—ฟ๐—ถ๐—ฎ๐—ป ๐—ฎ๐—ฑ๐˜ƒ๐—ฎ๐—ป๐˜๐—ฎ๐—ด๐—ฒ๐˜€ ๐˜๐—ต๐—ฎ๐˜ ๐—ด๐—ผ๐—น๐—ฑ ๐—ฑ๐—ผ๐—ฒ๐˜€ ๐—ป๐—ผ๐˜. It's often said that gold has "intrinsic value", but in reality, ๐˜ฏ๐˜ฐ๐˜ต๐˜ฉ๐˜ช๐˜ฏ๐˜จ ๐˜ช๐˜ด ๐˜ท๐˜ข๐˜ญ๐˜ถ๐˜ข๐˜ฃ๐˜ญ๐˜ฆ ๐˜ช๐˜ฏ๐˜ต๐˜ณ๐˜ช๐˜ฏ๐˜ด๐˜ช๐˜ค๐˜ข๐˜ญ๐˜ญ๐˜บ, ๐˜ช๐˜ฏ ๐˜ข๐˜ฏ๐˜ฅ ๐˜ฐ๐˜ง ๐˜ช๐˜ต๐˜ด๐˜ฆ๐˜ญ๐˜ง. Value, by definition, ๐—บ๐˜‚๐˜€๐˜ come from a beholder who wants something, and sees a means to achieve their desires in the thing they're beholding. Gold's apparent scarcity, durability, beauty and other attributes led to it being valued by anyone who wanted their money to not be easily debased or destroyed, and wanted it to look nice, too. Gold's beauty may be one of its only advantages over Bitcoin's invisibility (though that invisibility is often an advantage over gold's confiscatability). Bitcoin's many attributes include being: - ๐—ฎ๐—ฏ๐˜€๐—ผ๐—น๐˜‚๐˜๐—ฒ๐—น๐˜† ๐˜€๐—ฐ๐—ฎ๐—ฟ๐—ฐ๐—ฒ (unlike gold, which exists in unknown quantities on Earth, practically infinite quantities throughout the universe, and increases in supply when it increases in price) - ๐—ถ๐—ป๐—ฑ๐—ฒ๐˜€๐˜๐—ฟ๐˜‚๐—ฐ๐˜๐—ถ๐—ฏ๐—น๐—ฒ (Bitcoin is made of information, so every additional copy of its code make it more durable) - ๐—ฒ๐—ฎ๐˜€๐—ถ๐—น๐˜† ๐—ฑ๐—ถ๐˜ƒ๐—ถ๐˜€๐—ถ๐—ฏ๐—น๐—ฒ (infinitely divisible, if needed, unlike gold, which is very difficult to divide, and can only be divided down to the atomic level) - ๐—ฝ๐—ผ๐—ฟ๐˜๐—ฎ๐—ฏ๐—น๐—ฒ over ๐˜ข๐˜ฏ๐˜บ communications medium (unlike gold, which is very difficult to transport) - ๐—ฒ๐˜…๐—ฎ๐—ฐ๐˜๐—น๐˜† ๐—ฒ๐—พ๐˜‚๐—ฎ๐—น ๐—ถ๐—ป ๐˜ƒ๐—ฎ๐—น๐˜‚๐—ฒ ๐˜๐—ผ ๐—ผ๐˜๐—ต๐—ฒ๐—ฟ ๐—ฒ๐—พ๐˜‚๐—ฎ๐—น ๐˜‚๐—ป๐—ถ๐˜๐˜€ (unlike gold, which often has minor impurities) - easily ๐˜ƒ๐—ฒ๐—ฟ๐—ถ๐—ณ๐—ถ๐—ฎ๐—ฏ๐—น๐—ฒ and ๐˜‚๐—ป๐—ฐ๐—ผ๐˜‚๐—ป๐˜๐—ฒ๐—ฟ๐—ณ๐—ฒ๐—ถ๐˜๐—ฎ๐—ฏ๐—น๐—ฒ (unlike gold, which has often been faked and is difficult to verify) - as ๐—ฒ๐—ฎ๐˜€๐˜† ๐˜๐—ผ ๐˜€๐˜๐—ผ๐—ฟ๐—ฒ and ๐—ฟ๐—ฒ๐˜€๐—ถ๐˜€๐˜๐—ฎ๐—ป๐˜ ๐˜๐—ผ ๐—ฐ๐—ผ๐—ป๐—ณ๐—ถ๐˜€๐—ฐ๐—ฎ๐˜๐—ถ๐—ผ๐—ป as writing down or memorizing 12 words (unlike gold, which is difficult to store and easy to confiscate) - ๐—ถ๐—บ๐—ฝ๐—ฟ๐—ผ๐˜ƒ๐—ฎ๐—ฏ๐—น๐—ฒ (as good as Bitcoin's qualities are today, it will always be improvable, unlike gold, which will forever be merely a metal with an atomic number of 79) ๐—”๐—ป๐˜†๐—ผ๐—ป๐—ฒ ๐˜„๐—ต๐—ผ ๐˜„๐—ฎ๐—ป๐˜๐˜€ ๐˜๐—ต๐—ฒ๐˜€๐—ฒ ๐—ฎ๐˜๐˜๐—ฟ๐—ถ๐—ฏ๐˜‚๐˜๐—ฒ๐˜€ ๐—ถ๐—ป ๐˜๐—ต๐—ฒ๐—ถ๐—ฟ ๐—บ๐—ผ๐—ป๐—ฒ๐˜† ๐˜„๐—ถ๐—น๐—น ๐˜€๐—ฒ๐—ฒ ๐˜ƒ๐—ฎ๐—น๐˜‚๐—ฒ ๐—ถ๐—ป ๐—•๐—ถ๐˜๐—ฐ๐—ผ๐—ถ๐—ป, and see why it's superior to all other forms of money, including gold. ๐˜ ๐˜ฐ๐˜ถ may see more value in a substance that has an ๐˜ถ๐˜ฏ๐˜ฌ๐˜ฏ๐˜ฐ๐˜ธ๐˜ฏ and ๐˜ฑ๐˜ณ๐˜ข๐˜ค๐˜ต๐˜ช๐˜ค๐˜ข๐˜ญ๐˜ญ๐˜บ ๐˜ช๐˜ฏ๐˜ง๐˜ช๐˜ฏ๐˜ช๐˜ต๐˜ฆ supply, that ๐˜ฆ๐˜น๐˜ฑ๐˜ข๐˜ฏ๐˜ฅ๐˜ด ๐˜ช๐˜ฏ ๐˜ด๐˜ถ๐˜ฑ๐˜ฑ๐˜ญ๐˜บ when it rises in price, that is ๐˜ฅ๐˜ช๐˜ง๐˜ง๐˜ช๐˜ค๐˜ถ๐˜ญ๐˜ต ๐˜ต๐˜ฐ ๐˜ฅ๐˜ช๐˜ท๐˜ช๐˜ฅ๐˜ฆ ๐˜ข๐˜ฏ๐˜ฅ ๐˜ต๐˜ณ๐˜ข๐˜ฏ๐˜ด๐˜ฑ๐˜ฐ๐˜ณ๐˜ต, that is often ๐˜ฏ๐˜ฐ๐˜ต ๐˜ง๐˜ถ๐˜ฏ๐˜จ๐˜ช๐˜ฃ๐˜ญ๐˜ฆ, that is ๐˜ค๐˜ฐ๐˜ถ๐˜ฏ๐˜ต๐˜ฆ๐˜ณ๐˜ง๐˜ฆ๐˜ช๐˜ต๐˜ข๐˜ฃ๐˜ญ๐˜ฆ and ๐˜ฅ๐˜ช๐˜ง๐˜ง๐˜ช๐˜ค๐˜ถ๐˜ญ๐˜ต ๐˜ต๐˜ฐ ๐˜ท๐˜ฆ๐˜ณ๐˜ช๐˜ง๐˜บ, and that is difficult to store and ๐˜ฆ๐˜ข๐˜ด๐˜บ ๐˜ต๐˜ฐ ๐˜ค๐˜ฐ๐˜ฏ๐˜ง๐˜ช๐˜ด๐˜ค๐˜ข๐˜ต๐˜ฆ. If so, then you will value gold more than bitcoin, and that is your right. But ๐—ฒ๐˜ƒ๐—ฒ๐—ฟ๐˜†๐—ผ๐—ป๐—ฒ ๐—ฒ๐—น๐˜€๐—ฒ ๐˜„๐—ถ๐—น๐—น ๐˜ƒ๐—ฎ๐—น๐˜‚๐—ฒ ๐—ฏ๐—ถ๐˜๐—ฐ๐—ผ๐—ถ๐—ป ๐—บ๐—ผ๐—ฟ๐—ฒ ๐˜๐—ต๐—ฎ๐—ป ๐—ด๐—ผ๐—น๐—ฑ, for the tangible advantages it brings to the ways they save and exchange the fruits of their labors. But like the Chinese who, over a century ago, valued silver more than gold, and were left behind by a world that valued gold more than silver, ๐˜†๐—ผ๐˜‚ ๐˜„๐—ถ๐—น๐—น ๐—ฏ๐—ฒ ๐˜€๐—ถ๐—บ๐—ถ๐—น๐—ฎ๐—ฟ๐—น๐˜† ๐—น๐—ฒ๐—ณ๐˜ ๐—ฏ๐—ฒ๐—ต๐—ถ๐—ป๐—ฑ ๐—ฏ๐˜† ๐—ฎ ๐˜„๐—ผ๐—ฟ๐—น๐—ฑ ๐˜๐—ต๐—ฎ๐˜ ๐—ถ๐˜€ ๐—ถ๐—ป๐—ฐ๐—ฟ๐—ฒ๐—ฎ๐˜€๐—ถ๐—ป๐—ด๐—น๐˜† ๐˜ƒ๐—ฎ๐—น๐˜‚๐—ถ๐—ป๐—ด ๐—ฏ๐—ถ๐˜๐—ฐ๐—ผ๐—ถ๐—ป ๐—บ๐—ผ๐—ฟ๐—ฒ ๐˜๐—ต๐—ฎ๐—ป ๐—ด๐—ผ๐—น๐—ฑ or anything else that can be used as money. image