Category: Fundamentals

Transaction Count is an Inferior Measure

To think of the value of a global, jurisdiction-less, “money-for-enemies” network as nothing more than the result of how many transactions it can do on the base layer, is to miss the point entirely. The difference between the payments systems and settlement systems of the world, their degree of assurances, and the desirable characteristics of their operation are often diametrically opposed.

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The Rise of SIM Swapping

“For the better part of the last decade, the combination of these two practices has given rise to an increasing number of SIM swap attacks ending in the theft of bitcoin and other cryptocurrencies.” – David Hollerith

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Bitcoin Obsoletes All Other Money

“Money is an intersubjective problem, and a choice to opt into one monetary medium is an explicit opt out of the other, which in turn causes one network to gain value (and utility) at the direct expense of another.” – Parker Lewis

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The Tyranny of Time Scarcity

“Gold, the ancient and prevailing monetary sovereignty layer (representing an unmanipulable money supply), and the internet, the ultimate engine of exchange (representing global interconnectivity or liquidity). By combining and building upon the economic properties of both, Bitcoin is a momentous monetary innovation that has achieved the divisibility, portability, durability, and recognizability of pure information infused with the absolute scarcity of time.”

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Bitcoin is Not Backed by Nothing

“To provide broader context, the Federal Reserve, the Bank of Japan and the European Central bank have collectively created $10 trillion dollars-worth of new money since the financial crisis, the equivalent of approximately $500,000 per bitcoin. Despite dollars, euro, yen and bitcoin all being digital, bitcoin is the only medium that is tangibly scarce and the only one with inherent monetary properties.”  – Parker Lewis


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Reboot – Shelling Out: The Origins of Money

“The precursors of money, along with language, enabled early modern humans to solve problems of cooperation that other animals cannot – including problems of reciprocal altruism, kin altruism, and the mitigation of aggression. These precursors shared with non-fiat currencies very specific characteristics – they were not merely symbolic or decorative objects.”  – Nick Szabo

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Proof of Stake, Private Keys Attacks & Unforgeable Costliness

Is there a single key factor in the difference between the assurances in PoS vs PoW? The knowledge and proof that there is a real world, inescapable cost to both producing the currency, & editing the chain history – unforgeable costliness.  Learn about this, the private keys attacks that risk entire contesting histories in PoS systems, and to the nothing-at-stake problem. This and more in today’s read!

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Bitcoin, Not Blockchain

There is nothing about blockchain that makes it inherently immutable. Immutability emerges over time as the consequence of economic incentives and a native monetary unit that secures those incentives. It is hard won in the battle of monetary competition, something that cannot be copied or challenged with frivolous features, or arbitrary “utility.”

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