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Mother Nature (sometimes known as Mother Earth or the Earth Mother) is a personification of nature that focuses on the life-giving and nurturing aspects of nature by embodying it, in the form of … Continue reading Mother Nature Quotes→
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Bitcoin Mining and the Luck Statistic • 0. Introduction My aim is for any brand new miner to be able to determine just how unlikely any run of bad luck is, and so reduce … Continue reading Bitcoin mining and the Luck Statistic→
Bitcoin can serve as a first line of defense for freedom — a nonviolent tool which can disincentivize violence and control. It is not only a hedge against currency devaluation, but a hedge … Continue reading Bitcoin is Freedom…→
Now, even if someone does not have the drawbacks of decades-long experience and mental models with a specific asset class, it is still very hard to understand Bitcoin.
Why? Because Bitcoin is the intersection of many, many different fields.
To truly understand Bitcoin, there is no other way than being a polymath.
Even if one has made it as far to (a) realize Bitcoin is something completely new and solely using existing heuristics and mental models will not work and (b) with Bitcoin, more than anything else, we do not know what we do not know — understanding still requires a very broad set of competences.
The correct approach to understand when one starts going down the Bitcoin rabbit hole is therefore to assume one knows nothing and any experience and insight one has from previous aspects of life brings very little to the table.
First principles thinking is required. We can, however, try to define a little deeper what Bitcoin is. Below is listed some different ways of wrapping one’s head around Bitcoin.
Not an exhaustive list.
A living organism
Bitcoin is Free and Open Source software. It is not a piece of IP owned by a centralized joint-stock company that needs to optimize for the bottom line of the next quarter and is incapable of cannibalizing itself. Since the Bitcoin whitepaper was released and the genesis block was mined, we have seen an explosion of experiments, ideas and creative geniuses get involved in Bitcoin and crypto as a whole. To think of Bitcoin as a living, technological organism that adjusts, develops and constantly changes to survive can be useful.
A religion.
Money, as many have learned and realized in recent decade, is just a social construction we are all part of. The value therefore comes from the amount of true believers.
Continuing this line of thinking, one could describe the religion as consisting of:
Prophet: Satoshi. No longer present. Impossible to ask questions.
Convictions: Decentralization.
Rituals: Running nodes. Mining. Hodling.
Holy scriptures: Bitcoin whitepaper. As with all holy scriptures, people interpret them in their own way.
Sacred objects: Genesis block, lowercase bitcoin
Sects: Different interpretations resulting in different factions/sects: small blockers, big blockers, etc.
An emerging economy
The consensus protocol can be thought of as the constitution
The society as the constituency (users on the demand-side; miners on the supply-side)
Core developers as the executive department who write the code and execute on the strategy, but amendments to the protocol (i.e., constitution) require approval from the constituency)
The native token is the internal currency
The investors underwrite the currency
Additionally, many one-liners and memes exist to describe Bitcoin. Not an exhaustive list.
Sound money
Digital gold
“An insurance policy against an Orwellian future”
“A tool for freeing humanity from oligarchs and tyrants, dressed up as a get-rich-quick scheme”
Mother Nature (sometimes known as Mother Earth or the Earth Mother) is a personification of nature that focuses on the life-giving and nurturing aspects of nature by embodying it, in the form of … Continue reading Mother Nature Quotes→
Hy there to all of you out there, white, black, yellow and avatar 😋🤣 people around the WordPress world ! Hope you are all well and safe in these troubled times we live … Continue reading Need help for better content !!!→
Bitcoin Mining and the Luck Statistic • 0. Introduction My aim is for any brand new miner to be able to determine just how unlikely any run of bad luck is, and so reduce … Continue reading Bitcoin mining and the Luck Statistic→
Bitcoin can serve as a first line of defense for freedom — a nonviolent tool which can disincentivize violence and control. It is not only a hedge against currency devaluation, but a hedge … Continue reading Bitcoin is Freedom…→
Gold is a chemical element with the symbol Au (from Latin: aurum) and atomic number 79, making it one of the higher atomic number elements that occur naturally.
It is a bright, slightly orange-yellow, dense, soft, malleable, and ductile metal in a pure form.
Chemically, gold is a transition metal and a group 11 element. It is one of the least reactive chemical elements and is solid under standard conditions.
Gold often occurs in free elemental (native) form, as nuggets or grains, in rocks, veins, and alluvial deposits. It occurs in a solid solution series with the native element silver (as electrum), naturally alloyed with other metals like copper and palladium, and mineral inclusions such as within pyrite.
Less commonly, it occurs in minerals as gold compounds, often with tellurium (gold tellurides).
A relatively rare element, gold is a precious metal that has been used for coinage, jewelry, and other arts throughout recorded history.
Still, gold coins ceased to be minted as a circulating currency in the 1930s, and the world gold standard was abandoned for a fiat currency system after 1971.
As of 2017, the world’s largest gold producer by far was China, with 440 tonnes per year.
A total of around 201,296 tonnes of gold exists above ground, as of 2020. This is equal to a cube with each side measuring roughly 21.7 meters (71 ft).
Gold’s high malleability, ductility, resistance to corrosion and most other chemical reactions, and conductivity of electricity have led to its continued use in corrosion-resistant electrical connectors in all types of computerized devices (its chief industrial use).
The world consumption of new gold produced is about 50% in jewelry, 40% in investments and 10% in industry.
Gold is also used in infrared shielding, colored-glass production, gold leafing, and tooth restoration. Certain gold salts are still used as anti-inflammatories in medicine.
F I A T
Fiat money (from Latin: fiat, “let it be done”) is a type of money that is not backed by any commodity such as gold or silver, and typically declared by a decree from the government to be legal tender.
Throughout history, fiat money was sometimes issued by local banks and other institutions. In modern times, fiat money is generally established by government regulation.
Yuan dynasty banknotes are a medieval form of fiat money
Fiat money does not have intrinsic value and does not have use value. It has value only because the people who use it as a medium of exchange agree on its value. They trust that it will be accepted by merchants and other people.
Fiat money is an alternative to commodity money, which is a currency that has intrinsic value because it contains a precious metal such as gold or silver which is embedded in the coin.
Fiat also differs from representative money, which is money that has intrinsic value because it is backed by and can be converted into a precious metal or another commodity.
Fiat money can look similar to representative money (such as paper bills), but the former has no backing, while the latter represents a claim on a commodity (which can be redeemed to a greater or lesser extent).
Government-issued fiat money banknotes were used first during the 11th century in China.
Fiat money started to predominate during the 20th century.
Money declared by a person, institution or government to be legal tender, meaning that it must be accepted in payment of a debt in specific circumstances.
State-issued money which is neither convertible through a central bank to anything else nor fixed in value in terms of any objective standard.
Money used because of government decree.
An otherwise non-valuable object that serves as a medium of exchange (also known as fiduciary money.)
The term fiat derives from the Latin word fiat, meaning “let it be done” used in the sense of an order, decree or resolution.
Bitcoin – Digital Gold
The most common, and best, ways to think about bitcoin is as “digital gold”.
Like gold, bitcoin doesn’t rely on a central issuer, can’t have its supply manipulated by any authority, and has fundamental properties long considered important for a monetary good and store of value.
Unlike gold, bitcoin is extremely easy and cheap to “transport”, and trivial to verify its authenticity.
Bitcoin is also “programmable”. This means custody of bitcoin can be extremely flexible. It can be split amongst a set of people (“key holders”), backed up and encrypted, or even frozen-in-place until a certain date in the future. This is all done without a central authority managing the process.
You can walk across a national border with bitcoin “stored” in your head by memorizing a key.
The similarities to gold, plus the unique features possible because bitcoin is purely digital, give it the “digital gold” moniker.
Sharing fundamental properties with gold means it shares use-cases with gold, such as hedging inflation and political uncertainty.
But being digital, bitcoin adds capabilities that are especially relevant in our modern electronic times.
The world does indeed need a digital version of gold.
Mother Nature (sometimes known as Mother Earth or the Earth Mother) is a personification of nature that focuses on the life-giving and nurturing aspects of nature by embodying it, in the form of … Continue reading Mother Nature Quotes→
Hy there to all of you out there, white, black, yellow and avatar 😋🤣 people around the WordPress world ! Hope you are all well and safe in these troubled times we live … Continue reading Need help for better content !!!→
Bitcoin Mining and the Luck Statistic • 0. Introduction My aim is for any brand new miner to be able to determine just how unlikely any run of bad luck is, and so reduce … Continue reading Bitcoin mining and the Luck Statistic→
Bitcoin can serve as a first line of defense for freedom — a nonviolent tool which can disincentivize violence and control. It is not only a hedge against currency devaluation, but a hedge … Continue reading Bitcoin is Freedom…→
Bitcoin surges after accidentally released Treasury statement
Prices of Bitcoin and other cryptocurrencies have soared following the apparent accidental release of a U.S. Treasury statement on Biden’s expected executive order on digital assets.
The premature statement by Treasury Secretary Yellen, which was dated March 9, has since been removed.
“President Biden’s historic executive order calls for a coordinated and comprehensive approach to digital asset policy. This approach will support responsible innovation that could result in substantial benefits for the nation, consumers, and businesses.
It will also address risks related to illicit finance, protecting consumers and investors, and preventing threats to the financial system and broader economy.”
Quote from the now deleted statement
At the time of writing, Bitcoin is up nearly 8% in the last 24 hours.
Biden’s executive order aims to regulate the crypto market while also reaping the benefits of digital currencies.
So far, like most countries in the world, the US has tended to react to developments and has limited itself to pointing to a political-economic approach that is yet to be developed.
Statement by Secretary of the Treasury Janet L. Yellen on President Biden’s Executive Order on Digital Assets
March 9, 2022
WASHINGTON – U.S. Secretary of the Treasury Janet L. Yellen released the following statement on President Biden’s executive order on digital assets.
“President Biden’s historic executive order calls for a coordinated and comprehensive approach to digital asset policy. This approach will support responsible innovation that could result in substantial benefits for the nation, consumers, and businesses. It will also address risks related to illicit finance, protecting consumers and investors, and preventing threats to the financial system and broader economy.
Under the executive order, Treasury will partner with interagency colleagues to produce a report on the future of money and payment systems. We’ll also convene the Financial Stability Oversight Council to evaluate the potential financial stability risks of digital assets and assess whether appropriate safeguards are in place. And, because the questions raised by digital assets often have important cross-border dimensions, we’ll work with our international partners to promote robust standards and a level playing field.
This work will complement ongoing efforts by Treasury. Already, the Department has worked with the President’s Working Group on Financial Markets, the FDIC, and OCC to study one particular kind of digital asset – stablecoins– and to make recommendations. Under the executive order, Treasury and interagency partners will build upon the recently published National Risk Assessments, which identify key illicit financing risks associated with digital assets.
As we take on this important work, we’ll be guided by consumer and investor protection groups, market participants, and other leading experts. Treasury will work to promote a fairer, more inclusive, and more efficient financial system, while building on our ongoing work to counter illicit finance, and prevent risks to financial stability and national security.”
Mother Nature (sometimes known as Mother Earth or the Earth Mother) is a personification of nature that focuses on the life-giving and nurturing aspects of nature by embodying it, in the form of … Continue reading Mother Nature Quotes→
Hy there to all of you out there, white, black, yellow and avatar 😋🤣 people around the WordPress world ! Hope you are all well and safe in these troubled times we live … Continue reading Need help for better content !!!→
Bitcoin Mining and the Luck Statistic • 0. Introduction My aim is for any brand new miner to be able to determine just how unlikely any run of bad luck is, and so reduce … Continue reading Bitcoin mining and the Luck Statistic→
Bitcoin can serve as a first line of defense for freedom — a nonviolent tool which can disincentivize violence and control. It is not only a hedge against currency devaluation, but a hedge … Continue reading Bitcoin is Freedom…→
R&D, wisdom, knowledge, curiosities, answers and many more questions 🙂🤣🙃
You have a Choice !!!Power to the People !!! Wake the F… Up !!! No more excuses, you have a choice now !!!WHO as in WORLD HEALTH ORGANISATIONP F I Z E R InsiderPoem of the LegacyBeing Curious…Of course it doesn’t comply…The Problem with centralized Social-Media10 Principles of Strategic LeadershipGlobal Reserve CurrencyPsychology of a Market CycleSuccessSuccessTriangle of SuccessDon’t plan for travelling when old…😋😳😋Be like a Tree…If anyone understands this please enlighten me too 😊🤭🤗http://www.revelationtimelinedecoded.comESGFor those that think WE are the Center of the Universe 🤣😅😂Confident vs. Insecure PeopleDay by day…Managing Complex ChangeThe Cone of LearningThe Hero’s JourneyElectromagnetic Field of the HeartI-ChingLanguage creates RealitySex Organs of the Machine WorldPhilosopher’s StoneIsaac NewtonAbracadabraSingularityMulti-Mind Thought Control Process APPLE INC.RetrocausalityCERNEGOSYSCOIN ECOSYSTEMJagSteinSysCoinBitcoin might bury FIAT 🙂 🤭 🙃DEFI Ecosystem on EthereumDeFi StackBitcoin Mining Ecosystem Map…the other 6 BillionbitcoinThis is about the other 6 Billion…Top NFT ProjectsBusiness CyclesCentral’s Bank’s 3 StrategiesGlobal DebtDefender of the FlowerFlower of LifeSacred GeometrySeed & Flower of LifeKnowledge – An Antidote to FearJOIN THE REVOLUTION 😋 🤣 😋Emotion – Judgement – Action…violent recolution inevitable.E S B IEvery generation…LOVE YOUR RAGE NOT YOUR CAGERevolutionThe Times – January 3, 2009REVOLUTIONBitcoin Genesis Block – 03 January 2009Introduction to BitcoinIntroduction to Decentralized FinanceIntroduction to Digital CurrenciesAll Metals We MinedMap to Multiplication Nikola TeslaTop VC’s Investing in BlockChain CompaniesAthmospheres of the Solar SystemGlobal GDP 2021Map of CyberSecurity Domains21 QuestionsSix Innovation ModelsWhat May Happen in the next 100 YearsAbstract – “…to pull the body out of dimension so that the person can walk through solid objects such as wooden doors.” Okay 🤯 😳 🤯 ?¿?China’s Social Credit SystemBlockchain Platforms Comparison (BCP)ARISE
Mother Nature (sometimes known as Mother Earth or the Earth Mother) is a personification of nature that focuses on the life-giving and nurturing aspects of nature by embodying it, in the form of … Continue reading Mother Nature Quotes→
Hy there to all of you out there, white, black, yellow and avatar 😋🤣 people around the WordPress world ! Hope you are all well and safe in these troubled times we live … Continue reading Need help for better content !!!→
Bitcoin Mining and the Luck Statistic • 0. Introduction My aim is for any brand new miner to be able to determine just how unlikely any run of bad luck is, and so reduce … Continue reading Bitcoin mining and the Luck Statistic→
Bitcoin can serve as a first line of defense for freedom — a nonviolent tool which can disincentivize violence and control. It is not only a hedge against currency devaluation, but a hedge … Continue reading Bitcoin is Freedom…→
” Popular crowdfunding platform GoFundMe blocked the fundraising efforts of the Canadian trucker convoy Friday, preventing its receipt of $10 million in donations, claiming the movement violated its terms of service.”
Down bellow you have a few sources for your choice !!!
It was the people’s choice to spend their hard earned cash for the people that march for F R E E D O M !!!
Here is your system you trust your hard earned money with !!!
Mother Nature (sometimes known as Mother Earth or the Earth Mother) is a personification of nature that focuses on the life-giving and nurturing aspects of nature by embodying it, in the form of … Continue reading Mother Nature Quotes→
Hy there to all of you out there, white, black, yellow and avatar 😋🤣 people around the WordPress world ! Hope you are all well and safe in these troubled times we live … Continue reading Need help for better content !!!→
Bitcoin Mining and the Luck Statistic • 0. Introduction My aim is for any brand new miner to be able to determine just how unlikely any run of bad luck is, and so reduce … Continue reading Bitcoin mining and the Luck Statistic→
Bitcoin can serve as a first line of defense for freedom — a nonviolent tool which can disincentivize violence and control. It is not only a hedge against currency devaluation, but a hedge … Continue reading Bitcoin is Freedom…→