𝗛𝗮𝗽𝗽𝘆 𝗕𝗶𝗿𝘁𝗵𝗱𝗮𝘆, 𝗦𝗮𝘁𝗼𝘀𝗵𝗶 𝗡𝗮𝗸𝗮𝗺𝗼𝘁𝗼!🎉 Well, we 𝘴𝘢𝘺 that today is Satoshi’s birthday only because this is the date he gave for his birth when he created his profile on the P2P Foundation. Is it 𝘳𝘦𝘢𝘭𝘭𝘺 his birthday? Perhaps not, but the date does carry with it some fascinating significance. If today is actually not his birthday, then Satoshi Nakamoto likely chose this date for a couple reasons. 𝟱 𝗔𝗽𝗿𝗶𝗹 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 𝘤𝘰𝘯𝘧𝘪𝘴𝘤𝘢𝘵𝘦𝘥 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 𝗽𝗿𝗼𝘃𝗶𝗱𝗶𝗻𝗴 𝗮 𝗱𝗲𝗰𝗲𝗻𝘁𝗿𝗮𝗹𝗶𝘇𝗲𝗱 𝗮𝗻𝗱 𝗰𝗲𝗻𝘀𝗼𝗿𝘀𝗵𝗶𝗽-𝗿𝗲𝘀𝗶𝘀𝘁𝗮𝗻𝘁 𝗳𝗼𝗿𝗺 𝗼𝗳 𝗺𝗼𝗻𝗲𝘆. 𝗧𝗵𝗲 𝘆𝗲𝗮𝗿 𝟭𝟵𝟳𝟱 𝗺𝗮𝗿𝗸𝘀 𝘁𝗵𝗲 𝘆𝗲𝗮𝗿 𝘄𝗵𝗲𝗻 𝗔𝗺𝗲𝗿𝗶𝗰𝗮𝗻𝘀 𝘄𝗲𝗿𝗲 𝗼𝗻𝗰𝗲 𝗮𝗴𝗮𝗶𝗻 𝗮𝗹𝗹𝗼𝘄𝗲𝗱 𝘁𝗼 𝗼𝘄𝗻 𝗴𝗼𝗹𝗱. 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 𝘴𝘦𝘮𝘣𝘭𝘢𝘯𝘤𝘦 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 𝘵𝘩𝘦 𝘪𝘮𝘱𝘰𝘳𝘵𝘢𝘯𝘤𝘦 𝘰𝘧 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘴𝘰𝘷𝘦𝘳𝘦𝘪𝘨𝘯𝘵𝘺 and 𝘵𝘩𝘦 𝘳𝘰𝘭𝘦 𝘰𝘧 𝘉𝘪𝘵𝘤𝘰𝘪𝘯 𝘪𝘯 𝘤𝘩𝘢𝘭𝘭𝘦𝘯𝘨𝘪𝘯𝘨 𝘵𝘩𝘦 𝘦𝘹𝘪𝘴𝘵𝘪𝘯𝘨 𝘮𝘰𝘯𝘦𝘵𝘢𝘳𝘺 𝘳𝘦𝘨𝘪𝘮𝘦. If Satoshi was actually born that day, then 𝗵𝗲 𝘄𝗼𝘂𝗹𝗱 𝗯𝗲 𝟰𝟵 𝘆𝗲𝗮𝗿𝘀 𝗼𝗹𝗱 𝘁𝗼𝗱𝗮𝘆. 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.🎂

𝗜𝘀𝗻'𝘁 𝗦𝗼𝗺𝗲 𝗜𝗻𝗳𝗹𝗮𝘁𝗶𝗼𝗻 𝗚𝗼𝗼𝗱 𝗳𝗼𝗿 𝘁𝗵𝗲 𝗘𝗰𝗼𝗻𝗼𝗺𝘆? 𝘈𝘯 𝘦𝘹𝘤𝘦𝘳𝘱𝘵 𝘧𝘳𝘰𝘮 𝘵𝘩𝘦 𝘵𝘩𝘪𝘳𝘵𝘦𝘦𝘯𝘵𝘩 𝘤𝘩𝘢𝘱𝘵𝘦𝘳 𝘰𝘧 “𝟮𝟭 𝗤𝘂𝗲𝘀𝘁𝗶𝗼𝗻𝘀”, 𝘵𝘩𝘦 𝘸𝘰𝘳𝘭𝘥’𝘴 𝘧𝘪𝘳𝘴𝘵 #Ai-𝘦𝘯𝘩𝘢𝘯𝘤𝘦𝘥 #Bitcoin 𝘣𝘰𝘰𝘬. We’ve all heard that some inflation is good, but too much is bad, and deflation is bad too. How can this be true, and how could Bitcoin’s disinflationary nature be good for society? In this chapter, @Guy Swann, @Knut Svanholm ∞/21M, @npub1xr4d...f6z3, @Daniel Prince, and @nat brunell each give their perspectives, and expound on the simple truth that 𝗶𝗻𝗳𝗹𝗮𝘁𝗶𝗼𝗻 𝗶𝘀 𝘁𝗵𝗲𝗳𝘁. Below is Natalie Brunell’s answer, as written in “𝟮𝟭 𝗤𝘂𝗲𝘀𝘁𝗶𝗼𝗻𝘀”: 𝗡𝗮𝘁𝗮𝗹𝗶𝗲 𝗕𝗿𝘂𝗻𝗲𝗹𝗹’𝘀 𝗮𝗻𝘀𝘄𝗲𝗿: Is there ‘some’ amount of money you are comfortable losing just by holding onto it for the future? Is it ‘good’ if our purchasing power decreases year-by-year as the total supply of dollars increases without a single worker voting for such a policy? Inflation, which is the expansion of the supply of money, is a theft on all holders of that money and it forces them to look for other uses and investments that may carry risk. It encourages investment in other asset classes, such as houses and equities, which causes a distortion in the real value of those goods. And this offers an advantage to wealthier members of society at the expense of the poor. All inflation is theft, and no level of theft is good for society. Natalie Brunell is a podcast host, media commentator and international Bitcoin educator. Her popular show, Coin Stories, is the number 1 rated woman-led show focused on the intersection of Bitcoin and global economics. Natalie is also an award-winning TV journalist and former adjunct professor. Preorder your copy of “𝟮𝟭 𝗤𝘂𝗲𝘀𝘁𝗶𝗼𝗻𝘀”, and 𝘀𝗮𝘃𝗲 𝘂𝗽 𝘁𝗼 𝟴𝟬%, by contributing to our @Geyser initiative:

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𝗔𝗯𝘀𝗼𝗹𝘂𝘁𝗲 𝗦𝗰𝗮𝗿𝗰𝗶𝘁𝘆 𝗮𝗻𝗱 𝗕𝗶𝘁𝗰𝗼𝗶𝗻'𝘀 𝗩𝗲𝗿𝘁𝗶𝗰𝗮𝗹 𝗗𝗲𝘀𝘁𝗶𝗻𝘆 Of all the world’s assets, #Bitcoin stands alone with its unbreachable wall of 𝗮𝗯𝘀𝗼𝗹𝘂𝘁𝗲 𝘀𝗰𝗮𝗿𝗰𝗶𝘁𝘆. This is not mere rhetoric; it's coded reality. Unlike gold or fiat, Bitcoin defies the laws of supply elasticity. No matter the demand surge, 𝘪𝘵𝘴 𝘴𝘶𝘱𝘱𝘭𝘺 𝘳𝘦𝘮𝘢𝘪𝘯𝘴 𝘴𝘵𝘦𝘢𝘥𝘧𝘢𝘴𝘵𝘭𝘺 𝘤𝘢𝘱𝘱𝘦𝘥 𝘢𝘵 𝘫𝘶𝘴𝘵 𝘣𝘦𝘭𝘰𝘸 21 𝘮𝘪𝘭𝘭𝘪𝘰𝘯. The heart of this scarcity is the 𝗱𝗶𝗳𝗳𝗶𝗰𝘂𝗹𝘁𝘆 𝗮𝗱𝗷𝘂𝘀𝘁𝗺𝗲𝗻𝘁 mechanism. As demand burgeons and miners flock, the network's computational puzzle becomes harder. This elegant algorithm ensures that Bitcoin's issuance rate doesn't hasten; it's a temporal constant, 𝘪𝘮𝘱𝘦𝘳𝘷𝘪𝘰𝘶𝘴 𝘵𝘰 𝘩𝘶𝘮𝘢𝘯 𝘸𝘩𝘪𝘮𝘴 𝘰𝘳 𝘦𝘷𝘦𝘯 𝘵𝘦𝘤𝘩𝘯𝘰𝘭𝘰𝘨𝘪𝘤𝘢𝘭 𝘭𝘦𝘢𝘱𝘴. Traditional assets, even gold, have an S-shaped curve in both adoption and price, where initial demand spikes level off as supply increases. 𝗕𝗶𝘁𝗰𝗼𝗶𝗻 𝘀𝗵𝗮𝘁𝘁𝗲𝗿𝘀 𝘁𝗵𝗶𝘀 𝗽𝗮𝗿𝗮𝗱𝗶𝗴𝗺. With an immutable supply limit, demand has only one way to manifest — through price. Thus, we foresee a J-shaped curve, ascending indefinitely. Even after the initial surge of new users tapers off, and the S-curve of adoption flattens, 𝘱𝘦𝘰𝘱𝘭𝘦 𝘸𝘪𝘭𝘭 𝘴𝘵𝘪𝘭𝘭 𝘨𝘦𝘯𝘦𝘳𝘢𝘵𝘦 𝘮𝘰𝘳𝘦 𝘷𝘢𝘭𝘶𝘦 𝘧𝘰𝘳 𝘦𝘢𝘤𝘩 𝘰𝘵𝘩𝘦𝘳, in the form of new businesses and technologies unshackled by fiat constraints. This will continue to push prices denominated in bitcoin down, and make its value go up. Bitcoin maximalists see this not as speculation, but as 𝗶𝗻𝗲𝘃𝗶𝘁𝗮𝗯𝗹𝗲 𝗿𝗲𝗮𝗹𝗶𝘁𝘆. With every halving, the supply squeeze tightens, amplifying Bitcoin's scarcity. This isn't a bubble; it's recognition of a new monetary epoch. Bitcoin isn't just digital gold; 𝘪𝘵'𝘴 𝘵𝘩𝘦 𝘦𝘱𝘪𝘵𝘰𝘮𝘦 𝘰𝘧 𝘷𝘢𝘭𝘶𝘦 𝘱𝘳𝘦𝘴𝘦𝘳𝘷𝘢𝘵𝘪𝘰𝘯. Absolute scarcity isn't just a feature; it's Bitcoin's core tenet. As the world grapples with endless money printing, Bitcoin offers an immutable refuge. Its price trajectory isn't just hopeful thinking; 𝘪𝘵'𝘴 𝘵𝘩𝘦 𝘯𝘢𝘵𝘶𝘳𝘢𝘭 𝘢𝘯𝘥 𝘭𝘰𝘨𝘪𝘤𝘢𝘭 𝘰𝘶𝘵𝘤𝘰𝘮𝘦 𝘰𝘧 𝘱𝘦𝘳𝘧𝘦𝘤𝘵 𝘴𝘤𝘢𝘳𝘤𝘪𝘵𝘺. What Michael Saylor said is true: “𝘐𝘵’𝘴 𝘨𝘰𝘪𝘯𝘨 𝘶𝘱 𝘧𝘰𝘳𝘦𝘷𝘦𝘳, 𝘓𝘢𝘶𝘳𝘢.” This is because while its supply is eternally fixed, 𝗵𝘂𝗺𝗮𝗻 𝗶𝗻𝗴𝗲𝗻𝘂𝗶𝘁𝘆 𝗶𝘀𝗻’𝘁. Give this a 𝗟𝗶𝗸𝗲🤙 and a 𝗦𝗵𝗮𝗿𝗲🔄, and 𝗕𝗼𝗼𝗸𝗺𝗮𝗿𝗸🔖 with your other favorite posts. And tell me in the 𝗖𝗼𝗺𝗺𝗲𝗻𝘁𝘀⬇️ what you think absolute scarcity could mean for humanity.

Below is a tweet that was recently made in response to my excerpt from the twelfth chapter of “𝟮𝟭 𝗤𝘂𝗲𝘀𝘁𝗶𝗼𝗻𝘀”. Following that is my response, reposted here for your education and enjoyment. You are sadly mistaken. #Bitcoin is not a number on a postit or on anything else; 𝗶𝘁'𝘀 𝗮 𝘀𝗲𝘁 𝗼𝗳 𝗿𝘂𝗹𝗲𝘀 𝘁𝗵𝗮𝘁 𝗲𝘃𝗲𝗿𝘆𝗼𝗻𝗲 𝘂𝘀𝗶𝗻𝗴 𝗯𝗶𝘁𝗰𝗼𝗶𝗻 𝗮𝗴𝗿𝗲𝗲𝘀 𝗼𝗻. These rules involve a type of mathematical function known as 𝘤𝘳𝘺𝘱𝘵𝘰𝘨𝘳𝘢𝘱𝘩𝘺, 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 𝗿𝗲𝗮𝗹-𝘄𝗼𝗿𝗹𝗱 𝗲𝗻𝗲𝗿𝗴𝘆 𝗲𝘅𝗽𝗲𝗻𝗱𝗶𝘁𝘂𝗿𝗲, 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: 𝘁𝗵𝗲 𝗴𝗮𝗺𝗲 𝘁𝗵𝗲𝗼𝗿𝘆 of its users abiding by its rules, 𝘁𝗵𝗲 𝗺𝗮𝘁𝗵𝗲𝗺𝗮𝘁𝗶𝗰𝗮𝗹 𝗽𝗿𝗶𝗻𝗰𝗶𝗽𝗹𝗲𝘀 of cryptography, and 𝘁𝗵𝗲 𝗹𝗮𝘄𝘀 𝗼𝗳 𝗽𝗵𝘆𝘀𝗶𝗰𝘀 in its use of energy. Bitcoin cannot break or neglect these 3 pillars, and 𝘢𝘴 𝘭𝘰𝘯𝘨 𝘢𝘴 𝘵𝘩𝘦𝘴𝘦 3 𝘦𝘹𝘪𝘴𝘵, 𝘉𝘪𝘵𝘤𝘰𝘪𝘯 𝘸𝘪𝘭𝘭 𝘤𝘰𝘯𝘵𝘪𝘯𝘶𝘦 𝘵𝘰 𝘧𝘶𝘯𝘤𝘵𝘪𝘰𝘯. You said that "𝘦𝘷𝘦𝘳𝘺𝘰𝘯𝘦 𝘸𝘩𝘰 𝘣𝘶𝘺𝘴 𝘪𝘯𝘵𝘰 𝘪𝘵 𝘩𝘰𝘱𝘦𝘴 𝘦𝘷𝘦𝘳𝘺𝘰𝘯𝘦 𝘦𝘭𝘴𝘦 𝘸𝘪𝘭𝘭 𝘵𝘰𝘰." 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, 𝗕𝗶𝘁𝗰𝗼𝗶𝗻 𝗵𝗮𝘀 𝗺𝗮𝗻𝘆 𝘂𝘁𝗶𝗹𝗶𝘁𝗮𝗿𝗶𝗮𝗻 𝗮𝗱𝘃𝗮𝗻𝘁𝗮𝗴𝗲𝘀 𝘁𝗵𝗮𝘁 𝗴𝗼𝗹𝗱 𝗱𝗼𝗲𝘀 𝗻𝗼𝘁. It's often said that gold has "intrinsic value", but in reality, 𝘯𝘰𝘵𝘩𝘪𝘯𝘨 𝘪𝘴 𝘷𝘢𝘭𝘶𝘢𝘣𝘭𝘦 𝘪𝘯𝘵𝘳𝘪𝘯𝘴𝘪𝘤𝘢𝘭𝘭𝘺, 𝘪𝘯 𝘢𝘯𝘥 𝘰𝘧 𝘪𝘵𝘴𝘦𝘭𝘧. Value, by definition, 𝗺𝘂𝘀𝘁 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: - 𝗮𝗯𝘀𝗼𝗹𝘂𝘁𝗲𝗹𝘆 𝘀𝗰𝗮𝗿𝗰𝗲 (unlike gold, which exists in unknown quantities on Earth, practically infinite quantities throughout the universe, and increases in supply when it increases in price) - 𝗶𝗻𝗱𝗲𝘀𝘁𝗿𝘂𝗰𝘁𝗶𝗯𝗹𝗲 (Bitcoin is made of information, so every additional copy of its code make it more durable) - 𝗲𝗮𝘀𝗶𝗹𝘆 𝗱𝗶𝘃𝗶𝘀𝗶𝗯𝗹𝗲 (infinitely divisible, if needed, unlike gold, which is very difficult to divide, and can only be divided down to the atomic level) - 𝗽𝗼𝗿𝘁𝗮𝗯𝗹𝗲 over 𝘢𝘯𝘺 communications medium (unlike gold, which is very difficult to transport) - 𝗲𝘅𝗮𝗰𝘁𝗹𝘆 𝗲𝗾𝘂𝗮𝗹 𝗶𝗻 𝘃𝗮𝗹𝘂𝗲 𝘁𝗼 𝗼𝘁𝗵𝗲𝗿 𝗲𝗾𝘂𝗮𝗹 𝘂𝗻𝗶𝘁𝘀 (unlike gold, which often has minor impurities) - easily 𝘃𝗲𝗿𝗶𝗳𝗶𝗮𝗯𝗹𝗲 and 𝘂𝗻𝗰𝗼𝘂𝗻𝘁𝗲𝗿𝗳𝗲𝗶𝘁𝗮𝗯𝗹𝗲 (unlike gold, which has often been faked and is difficult to verify) - as 𝗲𝗮𝘀𝘆 𝘁𝗼 𝘀𝘁𝗼𝗿𝗲 and 𝗿𝗲𝘀𝗶𝘀𝘁𝗮𝗻𝘁 𝘁𝗼 𝗰𝗼𝗻𝗳𝗶𝘀𝗰𝗮𝘁𝗶𝗼𝗻 as writing down or memorizing 12 words (unlike gold, which is difficult to store and easy to confiscate) - 𝗶𝗺𝗽𝗿𝗼𝘃𝗮𝗯𝗹𝗲 (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) 𝗔𝗻𝘆𝗼𝗻𝗲 𝘄𝗵𝗼 𝘄𝗮𝗻𝘁𝘀 𝘁𝗵𝗲𝘀𝗲 𝗮𝘁𝘁𝗿𝗶𝗯𝘂𝘁𝗲𝘀 𝗶𝗻 𝘁𝗵𝗲𝗶𝗿 𝗺𝗼𝗻𝗲𝘆 𝘄𝗶𝗹𝗹 𝘀𝗲𝗲 𝘃𝗮𝗹𝘂𝗲 𝗶𝗻 𝗕𝗶𝘁𝗰𝗼𝗶𝗻, and see why it's superior to all other forms of money, including gold. 𝘠𝘰𝘶 may see more value in a substance that has an 𝘶𝘯𝘬𝘯𝘰𝘸𝘯 and 𝘱𝘳𝘢𝘤𝘵𝘪𝘤𝘢𝘭𝘭𝘺 𝘪𝘯𝘧𝘪𝘯𝘪𝘵𝘦 supply, that 𝘦𝘹𝘱𝘢𝘯𝘥𝘴 𝘪𝘯 𝘴𝘶𝘱𝘱𝘭𝘺 when it rises in price, that is 𝘥𝘪𝘧𝘧𝘪𝘤𝘶𝘭𝘵 𝘵𝘰 𝘥𝘪𝘷𝘪𝘥𝘦 𝘢𝘯𝘥 𝘵𝘳𝘢𝘯𝘴𝘱𝘰𝘳𝘵, that is often 𝘯𝘰𝘵 𝘧𝘶𝘯𝘨𝘪𝘣𝘭𝘦, that is 𝘤𝘰𝘶𝘯𝘵𝘦𝘳𝘧𝘦𝘪𝘵𝘢𝘣𝘭𝘦 and 𝘥𝘪𝘧𝘧𝘪𝘤𝘶𝘭𝘵 𝘵𝘰 𝘷𝘦𝘳𝘪𝘧𝘺, and that is difficult to store and 𝘦𝘢𝘴𝘺 𝘵𝘰 𝘤𝘰𝘯𝘧𝘪𝘴𝘤𝘢𝘵𝘦. If so, then you will value gold more than bitcoin, and that is your right. But 𝗲𝘃𝗲𝗿𝘆𝗼𝗻𝗲 𝗲𝗹𝘀𝗲 𝘄𝗶𝗹𝗹 𝘃𝗮𝗹𝘂𝗲 𝗯𝗶𝘁𝗰𝗼𝗶𝗻 𝗺𝗼𝗿𝗲 𝘁𝗵𝗮𝗻 𝗴𝗼𝗹𝗱, 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, 𝘆𝗼𝘂 𝘄𝗶𝗹𝗹 𝗯𝗲 𝘀𝗶𝗺𝗶𝗹𝗮𝗿𝗹𝘆 𝗹𝗲𝗳𝘁 𝗯𝗲𝗵𝗶𝗻𝗱 𝗯𝘆 𝗮 𝘄𝗼𝗿𝗹𝗱 𝘁𝗵𝗮𝘁 𝗶𝘀 𝗶𝗻𝗰𝗿𝗲𝗮𝘀𝗶𝗻𝗴𝗹𝘆 𝘃𝗮𝗹𝘂𝗶𝗻𝗴 𝗯𝗶𝘁𝗰𝗼𝗶𝗻 𝗺𝗼𝗿𝗲 𝘁𝗵𝗮𝗻 𝗴𝗼𝗹𝗱 or anything else that can be used as money.

𝗛𝗼𝘄 𝗰𝗮𝗻 𝗕𝗶𝘁𝗰𝗼𝗶𝗻 𝗯𝗲 𝗠𝗼𝗻𝗲𝘆 𝗶𝗳 𝗶𝘁 𝗱𝗼𝗲𝘀𝗻’𝘁 𝗵𝗮𝘃𝗲 𝗜𝗻𝘁𝗿𝗶𝗻𝘀𝗶𝗰 𝗩𝗮𝗹𝘂𝗲? 𝘈𝘯 𝘦𝘹𝘤𝘦𝘳𝘱𝘵 𝘧𝘳𝘰𝘮 𝘵𝘩𝘦 𝘵𝘸𝘦𝘭𝘧𝘵𝘩 𝘤𝘩𝘢𝘱𝘵𝘦𝘳 𝘰𝘧 “𝟮𝟭 𝗤𝘂𝗲𝘀𝘁𝗶𝗼𝗻𝘀”, 𝘵𝘩𝘦 𝘸𝘰𝘳𝘭𝘥’𝘴 𝘧𝘪𝘳𝘴𝘵 #Ai-𝘦𝘯𝘩𝘢𝘯𝘤𝘦𝘥 #Bitcoin 𝘣𝘰𝘰𝘬. One of the most common critiques about Bitcoin is that it doesn’t have “intrinsic value”. This term, popularized by goldbugs who don’t know what it means, has misled many into believing that money is something other than what it actually is. Fortunately, @Knut Svanholm ∞/21M, @Guy Swann, and @ck clear up this confusion in “𝟮𝟭 𝗤𝘂𝗲𝘀𝘁𝗶𝗼𝗻𝘀”, and set the record straight. Below is Guy Swann’s answer, as written in “𝟮𝟭 𝗤𝘂𝗲𝘀𝘁𝗶𝗼𝗻𝘀”: 𝗚𝘂𝘆 𝗦𝘄𝗮𝗻𝗻’𝘀 𝗮𝗻𝘀𝘄𝗲𝗿: Money is a good or service from a central party that acts as a ledger to distribute and ensure cooperation between members of society who do not know or trust each other. Along with a number of other characteristics that make it portable, divisible, and uniform across any amount of the good itself, the ability to act as a sound monetary good is an enormous, network-based value. It is much like a language in this way. A language doesn't have "intrinsic value" in the sense that you can use it to do something other than its intended purpose. A language is valuable because a uniform set of words that can establish and share meaning and understanding has an incredible value by itself. In this same way, many monetary goods in the past have had little or no other purpose other than to serve the role of money. While the digital monies of today, issued and controlled by banks or governments, explicitly have no value or substance in any way at all. Yet these work until they are so badly abused that their value plummets to zero, which is the true price to create more units of a fiat money. Fiat can be understood as a *virtual* money. It is a digital point system designed to mimic the characteristics of money, but because it is centrally controlled, these characteristics don't actually exist. They are faked by the manager of the monetary system. In this context, bitcoin can be understood as the first true *digital* money: its characteristics are real and verifiable, and it has established itself on the global stage with a substantial and long lasting market. It will either continue to grow or fail based on its ability to maintain its independence, and the core characteristics of monetary goods. Guy Swann is host of the Bitcoin Audible podcast featured in Forbes Magazine’s Top Crypto Podcasts of 2020, and CEO of One Eleven Productions. He also hosts the Shitcoin Insider and AI Unchained podcasts. He found himself engrossed in the economic experiment and technological breakthrough of Bitcoin in 2011, and hasn’t been able to pull himself away since. He has a background in networking and system administration, film and media production, and is an avid student of economics. He’s literally read thousands of hours of works on the many disciplines around Bitcoin and has listened to even more. He’s “read more about Bitcoin than anyone else you know!” Preorder your copy of “𝟮𝟭 𝗤𝘂𝗲𝘀𝘁𝗶𝗼𝗻𝘀”, and 𝘀𝗮𝘃𝗲 𝘂𝗽 𝘁𝗼 𝟴𝟬%, by contributing to our @Geyser initiative:

Geyser | Bitcoin Crowdfunding Platform

A Bitcoin crowdfunding platform where creators raise funds for causes, sell products, manage campaigns, and engage with their community.

There are 𝗼𝗻𝗹𝘆 𝟰 @Bitcoin Trading Cards 𝗰𝗼𝗹𝗹𝗲𝗰𝘁𝗶𝗯𝗹𝗲𝘀 𝗹𝗲𝗳𝘁 on our @Geyser campaign! This is 𝙉𝙊𝙏 an April Fool's joke -- Spirit of Satoshi is #7 of all time on Geyser! 🤩 All the Satoshi and Cypherpunk collectibles are 𝙎𝙊𝙇𝘿 𝙊𝙐𝙏! This is your chance to claim 1 of the 4 remaining collectibles: 👉 𝗢𝗻𝗹𝘆 𝟮 𝗼𝘂𝘁 𝗼𝗳 𝘁𝗵𝗲 𝟵 𝗥𝗲𝗺𝗻𝗮𝗻𝘁𝘀 𝗿𝗲𝗺𝗮𝗶𝗻! 👈 👉 𝗢𝗻𝗹𝘆 𝟮 𝗼𝘂𝘁 𝗼𝗳 𝘁𝗵𝗲 𝟮𝟭 𝗠𝗮𝘅𝗶𝗺𝗮𝗹𝗶𝘀𝘁𝘀 𝗿𝗲𝗺𝗮𝗶𝗻! 👈 𝗢𝗻𝗹𝘆 𝟮𝟰 𝗵𝗼𝘂𝗿𝘀 until the price of the Maximalist print goes to $𝟰𝟵𝟵. 𝘈𝘤𝘵 𝘯𝘰𝘸, as these 4 collectibles are sure to go fast! And stay tuned for more exciting announcements, 𝗶𝗻𝗰𝗹𝘂𝗱𝗶𝗻𝗴 𝘁𝗵𝗲 𝗼𝗽𝗲𝗻-𝘀𝗼𝘂𝗿𝗰𝗲 𝗿𝗲𝗹𝗲𝗮𝘀𝗲 𝗼𝗳 𝘁𝗵𝗲 𝗦𝗽𝗶𝗿𝗶𝘁 𝗼𝗳 𝗦𝗮𝘁𝗼𝘀𝗵𝗶 𝗺𝗼𝗱𝗲𝗹. 👀

Geyser | Bitcoin Crowdfunding Platform

A Bitcoin crowdfunding platform where creators raise funds for causes, sell products, manage campaigns, and engage with their community.

𝗛𝗼𝘄 𝗱𝗼𝗲𝘀 𝗕𝗶𝘁𝗰𝗼𝗶𝗻 𝗖𝗼𝗺𝗽𝗮𝗿𝗲 𝘄𝗶𝘁𝗵 𝗙𝗶𝗮𝘁 𝗖𝘂𝗿𝗿𝗲𝗻𝗰𝗶𝗲𝘀? 𝘈𝘯 𝘦𝘹𝘤𝘦𝘳𝘱𝘵 𝘧𝘳𝘰𝘮 𝘵𝘩𝘦 𝘦𝘭𝘦𝘷𝘦𝘯𝘵𝘩 𝘤𝘩𝘢𝘱𝘵𝘦𝘳 𝘰𝘧 “𝟮𝟭 𝗤𝘂𝗲𝘀𝘁𝗶𝗼𝗻𝘀”, 𝘵𝘩𝘦 𝘸𝘰𝘳𝘭𝘥’𝘴 𝘧𝘪𝘳𝘴𝘵 #Ai-𝘦𝘯𝘩𝘢𝘯𝘤𝘦𝘥 #Bitcoin 𝘣𝘰𝘰𝘬. Most people are familiar with fiat currencies, and will wonder how Bitcoin differs from it. In this chapter, @Alekandar Svetski and @npub1cqm6...hjec give their explanations, which are indispensable for anyone new to Bitcoin. Below is John Vallis’ answer, as written in “𝟮𝟭 𝗤𝘂𝗲𝘀𝘁𝗶𝗼𝗻𝘀”: 𝗝𝗼𝗵𝗻 𝗩𝗮𝗹𝗹𝗶𝘀’ 𝗮𝗻𝘀𝘄𝗲𝗿: Money is the fundamental organizing and coordinating mechanism of a market, and as such, its qualities, which determine the functions which it either permits or prohibits, are highly consequential in both subtle and obvious ways. If there is an inherent unfairness in the money, as is the case with fiat, then that unfairness will propagate, through the money, into every corner and facet of the market which uses it — which is to say, into the people who use it. In this particular case, fiat is unfair because a certain (small) group of people are permitted to obtain it for free (to ‘print’ it), while others must sacrifice their time and energy to do so. The result is, expectedly, the subjugation of the latter to the former. Such a market comes to increasingly reflect not the ‘will’ of each individual’s choices, but those of a very small few, as they may siphon off purchasing power and deploy it in whatever manner they see fit. The inevitable result is an unnatural concentration of wealth and power in the hands of a select few — those who control or have privileged access to the ‘money printer’ (or digital equivalent). You may also characterize fiat as a ‘lie’. While perhaps not intuitive or obvious, part of the reason why money is able to perform the stabilizing or harmonizing function which it does, is because it ‘carries’ information about the preferences of all market actors, and the associated time, energy, and sacrifices which were made to either act or not act on them (among other information). If there is an entity arbitrarily manipulating the money supply, all that information becomes corrupted and distorted, and the fidelity with which it coheres to the preferences of market actors, and the market circumstances broadly, is diminished. Decisions are thus made on false or imperfect information, and as such, due to their diminished coherence with ‘reality’, are more likely to be made in error, or to be more wasteful or destructive than necessary. The longer this goes on, the more such a money will erect a ‘false reality’, increasingly detached from what individual preferences and action, in relation to the natural and social worlds, would otherwise have dictated. Bitcoin, on the other hand, does not permit such arbitrary manipulations, nor any degree of unfairness from one user to the next. Everyone is subject to the same rules. The result is a scenario in which unfairness, and all the damaging consequences of it, is impossible, and where truth, rather than falsehood, is rightly the basis upon which people interact (economically). Simply put, fiat is immoral, and the qualities that make it so, erect an all-encompassing system of incentives which inevitably influences those who (are forced to) use it. Conversely, bitcoin operates on truth and fairness, and thereby erects (or will erect) an all-encompassing system of virtuous incentives, which likewise will influence behavior in accordance with them. Simply put, a fiat standard is immoral and destructive, and a bitcoin standard will be virtuous and creative. John Vallis is the host of the Bitcoin Rapid-Fire and Portal Orange podcasts. He is a passionate Bitcoin advocate, and an enthusiastic explorer of the profound implications it represents. Preorder your copy of “𝟮𝟭 𝗤𝘂𝗲𝘀𝘁𝗶𝗼𝗻𝘀”, and 𝘀𝗮𝘃𝗲 𝘂𝗽 𝘁𝗼 𝟴𝟬%, by contributing to our @Geyser initiative:

Geyser | Bitcoin Crowdfunding Platform

A Bitcoin crowdfunding platform where creators raise funds for causes, sell products, manage campaigns, and engage with their community.

𝗔𝗿𝗲 𝙔𝙤𝙪 𝗣𝗮𝗿𝘁 𝗼𝗳 𝘁𝗵𝗲 𝗥𝗲𝗺𝗻𝗮𝗻𝘁? In his famous article, “Isaiah’s Job”, Albert Jay Nock explained that just as the Isaiah in the Bible wasn’t supposed to try to reach everyone, but 𝗷𝘂𝘀𝘁 𝗮 𝗵𝗶𝗱𝗱𝗲𝗻 𝗿𝗲𝗺𝗻𝗮𝗻𝘁 𝘄𝗵𝗼 𝘄𝗲𝗿𝗲 𝗽𝗿𝗲𝗽𝗮𝗿𝗲𝗱 𝘁𝗼 𝗵𝗲𝗮𝗿 𝗵𝗶𝘀 𝘄𝗼𝗿𝗱𝘀, any of us with an invention, business opportunity, or other idea to share should seek the #few who are looking for what we have to offer. More recently, @Alekandar Svetski used this article to explain why the 𝘳𝘦𝘮𝘯𝘢𝘯𝘵 is the signal, and why the masses are noise. When telling others about #Bitcoin, trying to convince 𝘦𝘷𝘦𝘳𝘺𝘰𝘯𝘦 is a waste of time — but there is a remnant out there, shuffled into the masses, who are earnestly searching for the orange pill. The Remnant card by @Bitcoin Trading Cards is an homage to these distant kindred souls. Only 9 of them will ever exist, and there is now a 𝘳𝘦𝘮𝘯𝘢𝘯𝘵 (😉) of 𝗷𝘂𝘀𝘁 𝟯 that you can order through my @Geyser campaign. Hurry and claim these final three cards before someone else does!

Geyser | Bitcoin Crowdfunding Platform

A Bitcoin crowdfunding platform where creators raise funds for causes, sell products, manage campaigns, and engage with their community.

𝗪𝗵𝗮𝘁 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗦𝘂𝗰𝗰𝗲𝘀𝘀 𝗜𝘀, 𝗮𝗻𝗱 𝗛𝗼𝘄 𝘁𝗼 𝗚𝗲𝘁 𝗜𝘁 Everyone wants to be financially successful, but most forget to look beyond conventional metrics of wealth. #Bitcoin is a revolutionary method for achieving unparalleled financial independence and security, but not for the reasons you might think. Financial success transcends mere wealth accumulation. The cornerstone of true wealth is 𝘁𝗵𝗲 𝗹𝗶𝗯𝗲𝗿𝗮𝘁𝗶𝗼𝗻 𝘁𝗼 𝗰𝗵𝗮𝘀𝗲 𝘆𝗼𝘂𝗿 𝗱𝗿𝗲𝗮𝗺𝘀, unshackled by monetary worries. Bitcoin, in its purest form, represents this freedom, offering a path to secure your financial future without reliance on faltering fiat systems. Financial independence is realized through your ability to master the economics of life. It’s not about the 𝘢𝘮𝘰𝘶𝘯𝘵 of income you earn, but your capability to manage and multiply these resources through hard work and personal responsibility. 𝗕𝗶𝘁𝗰𝗼𝗶𝗻 𝘀𝘁𝗮𝗻𝗱𝘀 𝗮𝘀 𝘁𝗵𝗲 𝘁𝗵𝗲 𝗯𝗲𝘀𝘁 𝘁𝗼𝗼𝗹 𝘁𝗼 𝗮𝘀𝘀𝗶𝘀𝘁 𝘆𝗼𝘂 𝘄𝗶𝘁𝗵 𝘁𝗵𝗶𝘀, with its Proof of Work algorithm, hard-capped supply, and ability for you to custody it yourself. Success comes from 𝘢𝘭𝘪𝘨𝘯𝘪𝘯𝘨 𝘺𝘰𝘶𝘳 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘥𝘦𝘤𝘪𝘴𝘪𝘰𝘯𝘴 𝘸𝘪𝘵𝘩 𝘱𝘦𝘳𝘴𝘰𝘯𝘢𝘭 𝘷𝘢𝘭𝘶𝘦𝘴 𝘢𝘯𝘥 𝘱𝘳𝘪𝘰𝘳𝘪𝘵𝘪𝘦𝘴. Bitcoin facilitates this by empowering individuals to transact freely, without the oversight of intrusive third parties. It champions the cause of personal sovereignty and privacy in financial matters. While Bitcoin's rising price in fiat terms makes all other prices fall in relation to your sats, 𝘆𝗼𝘂𝗿 𝘄𝗲𝗮𝗹𝘁𝗵 𝗰𝗮𝗻 𝗯𝗲 𝗲𝗮𝘀𝗶𝗹𝘆 𝗹𝗼𝘀𝘁 𝗶𝗳 𝘆𝗼𝘂 𝗱𝗼𝗻'𝘁 𝗶𝗺𝗯𝘂𝗲 𝘁𝗵𝗲 𝗾𝘂𝗮𝗹𝗶𝘁𝗶𝗲𝘀 𝗼𝗳 𝗕𝗶𝘁𝗰𝗼𝗶𝗻 𝗶𝗻𝘁𝗼 𝘆𝗼𝘂𝗿 𝗼𝘄𝗻 𝗹𝗶𝗳𝗲. Whether you have many full bitcoin or just a few sats, financial success is ultimately a mindset that comes more easily to those who measure their wealth in Bitcoin. 𝗟𝗶𝗸𝗲🤙 this, and 𝗦𝗵𝗮𝗿𝗲🔄 it with anyone who wants to be financially successful. And 𝗕𝗼𝗼𝗸𝗺𝗮𝗿𝗸🔖 it for future reference.

Happy birthday, Ross Ulbricht! 🎉 As #Bitcoin sets humanity free economically, may it also set you free physically, sooner than later, as it separates money from the State. We're standing with you, Ross, today and always. #FreeRoss freeross.org