Au – 💲 – ₿



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.

In the past, a gold standard was often implemented as a monetary policy.

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 Latinfiat“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.

Since President Richard Nixon‘s decision to default on the US dollar convertibility to gold in 1971, a system of national fiat currencies has been used globally.

Fiat money can be:

  • Any money that is not backed by a commodity.
  • 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.


People’s Money



With 💚

Bitcoin surges after accidentally released Treasury statement


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.”


Sources:

https://forbes.com/

https://disclose.tv/

https://bloomberg.com/

https://web.archive.org/web/20220309014601/https://home.treasury.gov/news/press-releases/jy0643




With 💚

ASICs vs. SuperComputers

Asics
SuperComputers

ASICs vs Supercomputers


Assigning the most powerful supercomputer to mine bitcoin would be comparable to hiring a grandmaster chess player to move a pile of bricks by hand.

The job would get done eventually but the chess player is much better at thinking and playing chess than exerting energy to repetitively move bricks. 

Likewise, combining the computing power of the most powerful supercomputers in the world and using them to mine bitcoin would essentially be pointless when compared to the ASIC machines used today.

ASICs are designed to do one thing as quickly and efficiently as possible, whereas a supercomputer is designed to do complicated tasks or math problems.

Since Bitcoin mining is a lottery based on random trial and error rather than complex math, specialization (ASICs) beats general excellence (supercomputers) everytime.


End of Lesson !!!



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P.O.W In Human History


Proof Of Work

in the

History of Humankind


Great Pyramid of Giza (a.k.a)
Pyramid of Khu
Egypt

The Great Pyramid of Giza (also known as the Pyramid of Khufu or the Pyramid of Cheops) is the oldest and largest of the  pyramids in the Giza pyramid complex  bordering present-day Giza  in Greater Cairo, Egypt.

It is the oldest of the Seven Wonders of the Ancient World, and the only one to remain largely intact.

Egyptologists conclude that the pyramid was built as a tomb for the Fourth Dynasty  Egyptian pharaoh Khufu and estimate that it was built in the 26th century BC during a period of around 27 years.

Initially standing at 146.5 metres (481 feet), the Great Pyramid was the tallest man-made structure in the world for more than 3,800 years.

Over time, most of the smooth white limestone casing was removed, which lowered the pyramid’s height to the present 138.5 metres (454.4 ft).

What is seen today is the underlying core structure. The base was measured to be about 230.3 metres (755.6 ft) square, giving a volume of roughly 2.6 million cubic metres (92 million cubic feet), which includes an internal hillock.

The dimensions of the pyramid were 280 royal cubits (146.7 m; 481.4 ft) high, a base length of 440 cubits (230.6 m; 756.4 ft), with a seked of 5+1/2 palms (a slope of 51°50’40”).

The Great Pyramid was built by quarrying an estimated 2.3 million large blocks weighing 6 million tonnes total.

The majority of stones are not uniform in size or shape and are only roughly dressed.The outside layers were bound together by mortar.

Primarily local limestone from the Giza Plateau was used. Other blocks were imported by boat down the Nile: White limestone from Tura for the casing, and granite blocks from Aswan, weighing up to 80 tonnes, for the King’s Chamber structure.

There are three known chambers inside the Great Pyramid. The lowest was cut into the bedrock, upon which the pyramid was built, but remained unfinished. The so-called Queen’s Chamber and King’s Chamber, that contains a granite sarcophagus, are higher up, within the pyramid structure. Khufu’s vizier, Hemiunu (also called Hemon), is believed by some to be the architect of the Great Pyramid.

Many varying scientific and alternative hypotheses attempt to explain the exact construction techniques.

The funerary complex around the pyramid consisted of two mortuary temples  connected by a causeway (one close to the pyramid and one near the Nile), tombs for the immediate family and court of Khufu, including three smaller pyramids for Khufu’s wives, an even smaller “satellite pyramid” and five buried solar barges.


Flavian Amphitheatre
a.k.a Colloseum
Rome – Italy

The Colosseum (Colosseo[kolosˈsɛːo]) is an oval amphitheatre in the centre of the city of Rome, Italy, just east of the Roman Forum.

It is the largest ancient amphitheatre ever built, and is still the largest standing amphitheatre in the world today, despite its age.

Construction began under the emperor Vespasian (r. 69–79 AD) in 72 and was completed in 80 AD under his successor and heir, Titus (r. 79–81).

Further modifications were made during the reign of Domitian (r. 81–96).

The three emperors that were patrons of the work are known as the Flavian dynasty, and the amphitheatre was named the Flavian Amphitheatre (Latin: Amphitheatrum Flavium; Italian: Anfiteatro Flavio[aɱfiteˈaːtro ˈflaːvjo]) by later classicists and  archaeologists for its association with their family name (Flavius).

The Colosseum is built of travertine limestone, tuff (volcanic rock), and brick-faced concrete.

The Colosseum could hold an estimated 50,000 to 80,000 spectators at various points in its history  having an average audience of some 65,000; it was used for gladiatorial  contests and  public spectacles including  animal hunts, executions, re-enactments of famous battles, and dramas based on Roman mythology, and briefly mock sea battles.

The building ceased to be used for entertainment in the early medieval era.

It was later reused for such purposes as housing, workshops, quarters for a religious order, a fortress, a quarry, and a Christian shrine.

Although substantially ruined because of earthquakes and stone-robbers (for spolia), the Colosseum is still an iconic symbol of Imperial Rome and was listed as one of the New 7 Wonders of the World.

It is one of Rome’s most popular tourist attractions and also has links to the Roman Catholic Church, as each Good Friday  the Pope leads a torchlit “Way of the Cross” procession that starts in the area around the Colosseum.

The Colosseum is also depicted on the Italian version of the five-cent euro coin.


The Ming dynasty
Great Wall
at Jinshanling

The Great Wall of China (traditional Chinese: 萬里長城; simplified Chinese: 万里长城; pinyinWànlǐ Chángchéng) is a series of fortifications that were built across the historical northern borders of ancient Chinese states and Imperial China as protection against various nomadic groups from the Eurasian Steppe.

Several walls were built from as early as the 7th century BC,with selective stretches later joined together by Qin Shi Huang  (220–206 BC), the first emperor of China.

Little of the Qin wall remains. Later on, many successive dynasties built and maintained multiple stretches of border walls. The best-known sections of the wall were built by the Ming dynasty (1368–1644).

Apart from defense, other purposes of the Great Wall have included border controls, allowing the imposition of duties on goods transported along the Silk Road, regulation or encouragement of trade and the control of immigration and emigration.

Furthermore, the defensive characteristics of the Great Wall were enhanced by the construction of watchtowers, troop barracks, garrison stations, signaling capabilities through the means of smoke or fire, and the fact that the path of the Great Wall also served as a transportation corridor.

The frontier walls built by different dynasties have multiple courses. Collectively, they stretch from Liaodong in the east to Lop Lake in the west, from the present-day Sino–Russian border in the north to Tao River (Taohe) in the south; along an arc that roughly delineates the edge of the Mongolian steppe; spanning 21,196.18 km (13,170.70 mi) in total.

Today, the defensive system of the Great Wall is generally recognized as one of the most impressive architectural feats in history.


As history has left behind, monumental architectural constructions that we can admire and reamain in awe as we look at them, after thousands of years since the first stone was put, in today’s world our digital PoW can be seen and admired the same as the Great Wall of China or the Piramid of Giza !!!

Wich brings us to the question, what is Free talking about ?!?


Long Live the CypherPunks

CypherPunks Write Code

Genesis

Bitcoin Genesis Block
Mined 03 January 2009

The Times
January 3, 2009

Bitcoin – Proof Of Work


Bitcoin-type Proof Of Work


In 2009, the Bitcoin network went online. Bitcoin is a proof-of-work digital currency that, like Finney’s RPoW, is also based on the Hashcash PoW.

But in Bitcoin, double-spend protection is provided by a decentralized P2P protocol for tracking transfers of coins, rather than the hardware trusted computing function used by RPoW.

Bitcoin has better trustworthiness because it is protected by computation. Bitcoins are “mined” using the Hashcash proof-of-work function by individual miners and verified by the decentralized nodes in the P2P bitcoin network.

The difficulty is periodically adjusted to keep the block time around a target time.

Since the creation of Bitcoin, proof-of-work has been the predominant design of peer-to-peer cryptocurrency. Studies have estimated the total energy consumption of cryptocurrency mining.

The PoW mechanism requires a vast amount of computing resources, which consume a significant amount of electricity. Recent estimates from the University of Cambridge put Bitcoin’s energy consumption as equal to that of Switzerland.

History modification

Each block that is added to the blockchain, starting with the block containing a given transaction, is called a confirmation of that transaction.

Ideally, merchants and services that receive payment in the cryptocurrency should wait for at least one confirmation to be distributed over the network, before assuming that the payment was done.

The more confirmations that the merchant waits for, the more difficult it is for an attacker to successfully reverse the transaction in a blockchain—unless the attacker controls more than half the total network power, in which case it is called a 51% attack.

2ASICs and mining pools

Within the Bitcoin community there are groups working together in mining pools.

Some miners use application-specific integrated circuits (ASICs) for PoW. This trend toward mining pools and specialized ASICs has made mining some cryptocurrencies economically infeasible for most players without access to the latest ASICs, nearby sources of inexpensive energy, or other special advantages.

Some PoWs claim to be ASIC-resistant,  i.e. to limit the efficiency gain that an ASIC can have over commodity hardware, like a GPU, to be well under an order of magnitude.

ASIC resistance has the advantage of keeping mining economically feasible on commodity hardware, but also contributes to the corresponding risk that an attacker can briefly rent access to a large amount of unspecialized commodity processing power to launch a 51% attack against a cryptocurrency.


Plant the Seed
The choice is Yours

Choose Wisely
The Choice is Yours




With 💚


Bitcoin Mining – Where the Profitable Future Lies



The Times – January 3, 2009

Bitcoin Genesis Block
Mined 03 January 2009

Cypherpunks Write Code

CODE IS LAW
THE SOONER HUMANKIND ACCEPTS IT,
THE SOONER IT CAN BUILD AROUND IT

Yeah.. I wonder Why 😂


Bitcoin made easy

How a Bitcoin transaction works

A humble Miner


How Bitcoin Mining Works

Mining Difficulty

Bitcoin Halving

Bitcoin Previous Halvings

Pools

Bitcoin Wallets

Bitcoin Stakeholders

Bitcoin Facts

Power to the People

Totalitarian Governments can kiss my 256-bit key

Bitcoin – People’s Money

Bitcoin cannot be Shut Down


The power of the long tail…



Central Bank’s 3 Strategies

F**k them, Enough !!!



Upcoming Smart Contracts Networks

Bitcoin Yearly Candles

Bitcoin Price History – Log Scale

Bitcoin Mining Ecosystem Map

Defi Ecosystem in Ethereum

DeFi Stack: Product& Application View

Syscoin Ecosystem


Syscoin

BSC Ecosystem

Popular Cryptocurrency

Crpto Ecosystem

Public Companies that own Bitcoin

Top Banks investing in Crypto

Bitcoin Inflation vs. Time

When you’re Ready…



Choose Wisely

Make bitcoin thrive, let fiat become humus…



Veritas non Auctoritas
Facit Legem

Most people misunderstand what bitcoin miners actually do, and as a result they don’t fully grasp the level of security provided by bitcoin’s hashrate.

In this article, we’ll explain proof of work in a non-technical way so that you’ll be able to counter the misinformation about supercomputers and quantum computers attacking the Bitcoin network in the future. 

Simply put, mining is a lottery to create new blocks in the Bitcoin blockchain. There are two main purposes for mining:

  1. To permanently add transactions to the blockchain without the permission of any entity.
  2. To fairly distribute the 21 million bitcoin supply by rewarding new coins to miners who spend real world resources (i.e. electricity) to secure the network.

To understand what is actually happening in this lottery system, let’s look at a simple analogy where every Bitcoin hash is equivalent to a dice roll.


Luck, Gambling, and SHA-256


Imagine that miners in the Bitcoin Network are all individuals gambling at a casino. In this example, each of these gamblers have a 1000 sided dice. They roll their die as quickly as possible, trying to get a number less than 10. Statistically, this may take a very long time, but as more gamblers join the game, the time it takes to hit a number less than 10 gets reduced. In short, more gamblers equals quicker rounds.

Once somebody successfully rolls a number less than 10, all gamblers at the table can look down and verify the number. This lucky gambler takes the prize money and the next round begins.

Ultimately, the process of mining bitcoin is very similar. All miners on the network are using Application Specific Integrated Circuits (ASICs), which are specialized computers designed to compute hashes as quickly as possible.

To “compute a hash” simply means plugging any random input into a mathematical function and producing an output.

More hashes per second (i.e. higher hashrate) is equivalent to more dice rolls per second, and thus a greater probability of success.

Miners propose a potential Bitcoin block of transactions, and use this for an input. The block is plugged into the SHA256 hash function which yields a fixed-sized output, known as a hash. A single hash can be computed in less than a millisecond, as it involves no complex math.

If the hash value is lower than the Bitcoin Network difficulty, then the miner who proposed the block wins. If not, then the miner continues trying by computing more hashes.

The successful miner’s block is then added to the blockchain, the miner is rewarded with newly issued bitcoin for their work, and the “next round” begins.


Sources :

https://wikipedia.com/

https://braiins.com/

https://blockdata.com/

https://coin98analytics.com/

https://scoopwhoop.com/

https://stakingrewards.com/

https://syscoin.org/

https://galaxydigitalresearch.com/

https://surveycrest.com/

The Times

The Economist

"Internet of Money" - Andreas Antonopoulus

Hal Finney Quotes

Timothy C. May Quote

Free Spirit Digital Art

!°! If I forgot someone, sorry ! Do tell and I'll add you as a source of inspiration on the list !!! Thanks for understanding !!!


Questions, opinions, critics and requests always welcomed and as time allows will be accomodated !!! 🤓 🙂 😉


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LiteCoin(LTC) :

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Cardano(ADA) :

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A world where anything is possible…
The choice is yours People !!!


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The other 6 Billion

#1 Book of the Year I recomend reading…

“Ego is the Enemy”


“Re-read it each year. It’s that important.”

Derek Sivers, author of “Anything you want”

“This is a book I want every athlete, aspiring leader, entrepreneur, thinker and doer to read. Ryan Holiday is one of the most promising young writers of his generation.”

George Raveling, Hall of Fame Basketball Coach

“Ryan Holiday is one of his generation’s finest thinkers, and this book is his best yet.”

Steven Pressfield, author of “The War of Art” and “Gates of Fire

“Ryan Holiday has written a brilliant and engaging book, well beyond his years… It is invaluable.”

Brian Koppelman, screenwriter and director, “Rounders”, “Ocean’s Thirteen” and “Billions”

Ego Is the Enemy

“While the history books are filled with tales of obsessive, visionary geniuses who remade the world in their image with sheer, almost irrational force, I’ve found that history is also made by individuals who fought their egos at every turn, who eschewed the spotlight, and who put their higher goals above their desire for recognition.” – from the Prologue

Many of us insist the main impediment to a full, successful life is the outside world. In fact, the most common enemy lies within: our ego. Early in our careers, it impedes learning and the cultivation of talent. With success, it can blind us to our faults and sow future problems. In failure, it magnifies each blow and makes recovery more difficult. At every stage, ego holds us back.

The Ego is the Enemy draws on a vast array of stories and examples, from literature to philosophy to history. We meet fascinating figures like Howard Hughes, Katharine Graham, Bill Belichick, and Eleanor Roosevelt, all of whom reached the highest levels of power and success by conquering their own egos. Their strategies and tactics can be ours as well.

But why should we bother fighting ego in an era that glorifies social media, reality TV, and other forms of shameless self-promotion?  Armed with the lessons in this book, as Holiday writes, “you will be less invested in the story you tell about your own specialness, and as a result, you will be liberated to accomplish the world-changing work you’ve set out to achieve.


RYAN HOLIDAY


Ryan Holiday is a strategist and writer. He dropped out of college at nineteen to appren­tice under Robert Greene, author of “The 48 Laws of Power”, and later served as the director of mar­keting for American Apparel.

His company, Brass Check, has advised clients like Google, TASER, and Complex, as well as many prominent bestselling authors.

Holiday has written four previous books, most recently The Obstacle Is the Way, which has been translated into seventeen languages and has a cult following among NFL coaches, world-class athletes, TV personalities, political leaders, and others around the world.

He lives on a small ranch outside Austin, Texas. 


Made with 💚 by Free Spirit

✌ & 💚


Did you find this article helpful?

If so, please consider a donation to help the evolution and development of more helpful articles in the future, and show your support for alternative articles.

Your generosity is 💚ly appreciated.

You can donate in any crypto your 💚 desires 😊

Thank you all for your time ! 🤗 !

✌ & 💚


Bitcoin (BTC) :

1P1tTNFGRZabK65RhqQxVmcMDHQeRX9dJJ


LiteCoin(LTC) :

LYAdiSpsTJ36EWCJ5HF9EGy9iWGCwoLhed


Ethereum(ETH) :

0x602e8Ca3984943cef57850BBD58b5D0A6677D856


EthereumClassic(ETC) :

0x602e8Ca3984943cef57850BBD58b5D0A6677D856


Cardano(ADA) :

addr1q88c5cccnrqy6xesszzvf7rd4tcz87klt0m0h6uvltywqe8txwmsrrqdnpq27594tyn9vz59zv0n8367lvyc2atvrzvqlvdm9d


BinanceCoin(BNB) :

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BitcoinCash (BCH)

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Bitcoin SV (BSV)

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ZCash(ZEC) :

t1fSSQX4gEhove9ngcvFafQaMPq5dtNNsNF


Dash(DASH) :

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Shiba(SHIB) :

0x602e8Ca3984943cef57850BBD58b5D0A6677D856


Tron(TRX) :

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Stellar(XLM) :

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Happy Holidays

With 💚 from Free Spirit