Jacopo Graziuso

Jacopo Graziuso's avatar
Jacopo Graziuso
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🎓 Trainee economist, lecturer and populariser. My research include Bitcoin, finance, economics, geopolitics and the future. Awareness = freedom + knowledge.
When the code remains intact but the perspective changes. There is a misconception that reassures many: as long as the code does not change, nothing can really change. It is a convenient idea. But it is also incomplete. Because technologies do not only exist in protocols. They exist in the way they are interpreted, described and used. And above all: in the way they are made socially acceptable. Bitcoin, from this point of view, is no exception. We tend to think that technical neutrality coincides with moral neutrality. That an infrastructure, if formally correct, is also ethically unassailable. But morality does not reside in software. It resides in the social context that surrounds it. The code establishes what is possible. Culture establishes what is legitimate. Bitcoin can function perfectly even if its narrative changes radically. And this is where the real problem arises. The risk is not technical corruption. It is the ethical normalisation of foreign logics. Bitcoin was created as an infrastructure: open, verifiable, impersonal, indifferent to status. But it can be progressively portrayed as: a tool for tax optimisation, geopolitical leverage, a strategic state asset, 'responsible' infrastructure only if mediated by elites. In this shift, Bitcoin ceases to be a social good and becomes a resource to be administered. It is not banned. It is reinterpreted. The difference is subtle, but decisive. The most profound social change is this: Bitcoin has shifted from being a tool for individual autonomy to becoming infrastructure managed on behalf of individuals. When Bitcoin is primarily framed as a financial product, a complex technology for experts and a potentially dangerous tool to be monitored, The implicit message is clear: it is not for everyone; it is for those who know how to use it 'correctly'. This gives rise to a new form of delegation. Not technical, but moral. The individual is no longer responsible. They are protected. When protection replaces responsibility, freedom becomes a concession. At a geopolitical level, this change is even more evident. Bitcoin is no longer just seen as neutral infrastructure, a distributed network and a global protocol. Instead, it is now considered a lever of international pressure, a potential strategic reserve, a tool of competition between states and an object of selective regulation. In this scenario, the question is no longer whether Bitcoin should exist, but who legitimises its use. Who can safeguard it? Who can broker it? Who can claim it is 'safe'? The risk is not direct control. It is symbolic fencing. Bitcoin continues to function. Blocks are still being produced. Consensus continues to emerge. However, its social significance could be rendered meaningless. There is no need to shut it down. It is enough to render it compatible with everything it sought to distinguish itself from. The code resists. Culture does not, unless it is safeguarded. Bitcoin does not change when the software changes. It changes when we stop asking ourselves what its purpose really is. The technology survives. Responsibility only survives if it is chosen. Choose. Choose. Choose. #choose #bitcoin #responsability #software #network #change #social #function #controll #freedom #perspective #code image
When money comes in through the side door. There is a recurring idea, almost like a reassuring formula: 'Bitcoin cannot be influenced by anyone.' This is true. However, the wrong question is not whether the code can be bent, but whether what grows around the code remains intact. Infrastructures operate according to rules. Societies, on the other hand, operate according to balances. Jeffrey Epstein was not a system error. He was a consistent product of a system that understands the value of access, relationships and doors left ajar. It is not his criminal biography that makes him relevant to this story, but his role as a bridge financier, facilitator and intermediary between worlds that officially should not touch but always have in practice. Epstein did not purchase technology. He bought legitimacy. At a time when Bitcoin was experiencing a period of institutional fragility — the Bitcoin Foundation crisis, regulatory uncertainty and the need for software development continuity — the centre of gravity shifted towards places that promised stability, prestige and protection: The university. The academy. Recognised knowledge: MIT. The Digital Currency Initiative. Not out of corruption, but out of necessity. But out of necessity. Every nascent system encounters a vacuum sooner or later. And every vacuum attracts capital, relationships and influence. The emails published in recent months do not reveal a technical conspiracy. They reveal a more subtle and common narrative: the normalisation of power within a space designed to be independent of it. Those emails are not verdicts. They are raw documents. However, raw documents have a dangerous characteristic: they do not lie or explain; they simply show. They reveal discreet funding. They reveal informal conversations. They reveal a familiarity that, while not surprising, should make us reflect. Bitcoin, as a network and as software, has not been touched. It couldn't be. No email changes the distributed consensus, no donation rewrites the rules, no elite changes the maths. But Bitcoin doesn't just live in code. It lives in the way it is talked about, hosted, institutionalised, made acceptable. And that's where the problem shifts. The emails do not talk about bugs. They talk about frames. They talk about how a social good can begin to be treated as a political object. About how a technology designed to function without identity is slowly being inserted into networks of reputation, influence, lobbying. Not to destroy it, but to make it compatible with existing logic. The risk is not the manipulation of the protocol. The risk is cultural domestication. When Bitcoin enters the corridors of power, it does not lose its technical properties. It loses something more fragile: its foreignness. It becomes a topic, a tool, a lever. It is discussed as a strategic asset, as infrastructure to be governed, as a geopolitical variable. All legitimate. All understandable. All dangerously human. Something doesn't add up, yes. Not because 'Bitcoin has been controlled', but because the same mechanisms that have always shaped institutions, narratives and systems of power have begun to revolve around it too. The emails published are not all there is. There are others. This is just the tip of the iceberg. But the point is not what will emerge, but what is already evident: no technology, however neutral, is immune to the social context in which it is absorbed. The code resists. The networks work. But collective responsibility does not, unless it is safeguarded. #epstein #jeffry #bitcoin #mit #dvi #joi #ioto #manipulation #nsa #cia #email #usa #congress #jmail image
While the price screams, technology advances silently. The word 'volatility' is often used as if it were a moral judgement, an intrinsic flaw that separates the reliable from the unreliable. However, volatility does not describe an emotion; it describes a measure. It is the variation in returns over time. However, without specifying what it is in relation to, over what period and in what context, it is meaningless. If we view Bitcoin without fear or ideology, we can see that its fluctuations are neither mysterious nor an absolute flaw. They are an expression of a growing technology. In the early years of any innovation, there are sudden movements due to little liquidity, information and players. Then time does its work. The data show a clear trend: Bitcoin's volatility decreases as the network grows, and as market depth, infrastructure, user numbers and, above all, knowledge increase. This is the natural progression of any network technology. Volatility is not a mystical entity. It is the result of information, expectations and human behaviour. It also reflects the underlying asset: the pound sterling has political and credit-related underlying assets, while Bitcoin has energy- and cryptography-related underlying assets. These are two different worlds with two different forms of stability and two different ways of measuring risk. Claiming that Bitcoin is 'too volatile' without providing a point of reference is akin to saying that the sea is 'too rough' without specifying your location and the time of year. The idea that Bitcoin is seven times more volatile than equities belongs to the past. Today, the gap is narrowing, and in some periods it is comparable to that of certain innovative technology sectors. Like any living process, volatility changes over time. It changes with us. Bitcoin is a social asset currently in its growth phase. Its volatility is not a negative thing, but a sign that a global network based on distributed energy and verification is establishing itself in the world of economics. The noise is decreasing, the structure is strengthening and the technology is advancing. We fear what we do not understand. However, when concepts are restored to their true meaning, fear gives way to reason. Always. #volatility #price #bitcoin #value #correlation #technology #network #progress #innovation #ideology
Quantum computing and Bitcoin: moving beyond fear. Quantum computers will hack Bitcoin. This statement is intended to frighten, not explain. Quantum technology does exist, but not in the way that sensationalist headlines suggest. Real quantum computers are fragile, noisy and unstable prototypes. They work with qubits that lose information in microseconds and require substantial error correction. Breaking the cryptographic signatures used by Bitcoin would require millions of reliable physical qubits. Currently, there is not a single perfectly stable logical qubit. There is no real mathematical threat. Even if such a machine were to exist one day, Bitcoin would not be the first target. Strategic technologies are used first where they really matter: Intelligence, military communications, diplomacy, banking systems and critical infrastructure, for example. Hacking Bitcoin would reveal to the world a weapon capable of changing the geopolitical balance. This would make no sense. Furthermore, Bitcoin is not as exposed as people believe. Addresses do not display the public key. Only UTXOs that have already been spent reveal it, and then only for a very limited time. The network can update its cryptographic primitives, and a BIP path for post-quantum signatures already exists. Bitcoin is a living protocol that can evolve when needed. Compromising a UTXO would require time, silence, and significant computing power. None of these are realistically possible today. Fear arises where there is a lack of knowledge. Quantum computing is fascinating, but it is far from being an 'almighty machine'. Bitcoin, meanwhile, is a social asset built on verifiable and updatable rules. Don't you worry, child. #quantum #computing #hack #math #utxo #dontworry #behappy #bitcoin image
There are historical bugs in Bitcoin Core. Bitcoin Core is the distributed software that verifies the protocol rules. Analysing the bugs that have been fixed can help us to understand how the network has grown stronger over the years. 1) 184 billion overflow (2010): An error in the checks generated a block containing 184 billion bitcoins, which exceeds the 21 million limit. The community intervened within a few hours, invalidating the block and providing an immediate update. Monetary integrity was restored. 2) Programme blockage caused by an instruction (2010): Some scripts could cause the node to crash. This instruction was disabled in version 0.3.5. Reduction of the attack surface. 3) Risk of divergent chains (2012): A flaw in the block structure could create incompatible versions of the blockchain. A quick fix was implemented and the network was re-composed. 4) Node privacy (2013): A vulnerability allowed IP addresses to be linked to Bitcoin addresses. Patches were distributed between January and February 2013. Privacy requires ongoing maintenance. 5) Risk of double spending and inflation (2018): A fundamental input check was accidentally removed by a change. There were no attacks on the main network and an immediate patch was applied. 6) Counter exhaustion (2025): Suboptimal address management could block the node in the long run. Switch to 64-bit counters in recent versions. All bugs have been fixed without causing any permanent issues. Thanks to open source software, independent checks and timely updates, the network has shown resilience. Updating the node is a shared responsibility. #bugs #bitcoin #core #software #opensource #issues #network image
Disintermediation is a new model of relationship between individuals and finance. In the traditional system, almost every transaction goes through an intermediary, such as banks, clearing houses, payment circuits or money transfer companies. However, Bitcoin demonstrates that it is possible to transfer value globally without intermediaries, operating instead according to a peer-to-peer model as defined in the 2008 white paper. This involves: 1. Direct international payments: no SWIFT or correspondent banks required, with reduced costs. 2. Individual savings: wealth is no longer dependent on the operations of a central institution. 3. Reduction in transaction costs and settlement times. 4. Greater resilience: fewer centralised points of failure. 5. Global access to services, even in areas where the banking system does not reach. The BIS and the IMF recognise that this disintermediation raises questions of financial stability, particularly in emerging markets. However, they also acknowledge that Bitcoin's innovations are already influencing monetary policies and payment architecture, prompting many countries to consider CBDCs (unfortunately, providing another means of control). Bitcoin has indeed introduced a new principle: the ability to transfer value without a central authority. All other digital innovations in finance are a response to this discovery. Understanding disintermediation is key to understanding the future of finance. #disintermediation #distributed #bitcoin #finance #controll #system image
Economic freedom and resistance to censorship: when Bitcoin becomes part of the civil infrastructure. In many countries, controlling money is a means of exercising power. Freezing accounts, blocking donations, limiting withdrawals and imposing currency restrictions are tools typically used by authoritarian regimes to suppress dissent and opposition. Bitcoin introduces a decisive technical feature: resistance to censorship. A valid transaction cannot be blocked, cancelled, or prevented by a central authority. This creates a space for economic freedom where none existed before. Gladstein's studies (HRF, 2025) document concrete cases: - Nigeria, during the #EndSARS protests, activists' accounts were frozen, but donations resumed thanks to Bitcoin and BTCPay Server. - Russia, Hong Kong and Belarus: independent media outlets and dissidents used Bitcoin to receive funds after being 'debanked'. - Ukraine, 2022: over $200 million was quickly received when banking channels were blocked or unstable. In all these scenarios, Bitcoin does not replace politics, but it does protect the economic capacity to act. It ensures operational continuity for NGOs, journalists, civic associations, and individuals under authoritarian pressure. Freedom is not abstract; it exists when you can act. #freedom #free #bitcoin #resistance #censor #civil #money #bank image
Financial inclusion: Using Bitcoin as social infrastructure in unbanked countries. Today, over 1.4 billion adults do not have a bank account. This is due to a variety of structural causes, including high costs, missing documents, distance from branches, distrust of institutions, political instability and, above all, the inconvenience of traditional banking. Bitcoin offers an alternative: an open, global infrastructure. All you need to access the network is a smartphone. There are no status requirements, geographical barriers or accounts to open. This enables 'bottom-up' financial inclusion. Data shows that 16 of the top 20 countries for the adoption of alternatives to state currencies are emerging economies. In sub-Saharan Africa, usage grew by 52% in one year, with over 8% of transactions being for amounts under $10,000 — indicating everyday, non-speculative use. Nigeria is a prime example: around 36% of adults are unbanked, yet the country is a world leader in Bitcoin adoption via peer-to-peer. For many citizens, Bitcoin is the only effective means of accessing tools such as savings, remittances and international payments. However, it is not a universal solution; digital infrastructure, financial literacy and complementary policies are also required. However, as noted in reports by the World Bank and the IMF, Bitcoin has introduced a new standard of accessibility, capable of including even those who have never had access to the formal system. True inclusion comes when barriers are reduced, not when intermediaries are added. #financial #inclusion #unbanked #infrastructure #countries #bitcoin #social #good #asset #account #network image