… And one of the greatest natural subsidies for renewable energy we could’ve asked for.
Today we hit a piece by Daniel Wingen. A thorough breakdown of the essence of mining, the necessity of its energy expenditure, the incentives for efficiency and renewable sources, and the unbelievable cost that is being rescued from wasteful alternatives. Not only is Bitcoin’s energy consumption not a problem, it could be exactly what we need for a brighter future.
The Lightning Network does, in fact, have scaling problems of its own. When the network grows to millions of channels we obviously won’t be able to run it on a Raspberry Pi. Don’t tell Rusty Russell or Joe Netti that, because they’ll just build their own network and do it. Another major milestone in Lightning development, the release of the Million Channels Project!
Today we are reading & discussing, from the Blockstream blog, “Letting a Million Channels Bloom.”
Check out the official post for the network data, charts and optimization benchmarks. Follow the blog and developers involved to stay up on the incredible work they are doing to bring Lightning to the world.
If you’ve heard of statechains but couldn’t understand how they worked, who better to break it down than Aaron Van Wirdum & Bitcoin Magazine? Today we get to read Aaron’s piece on the recently conceptualized “Statechains” from the mind of Ruben Somsen. An entirely different way to think of exchanging Bitcoin, by handing keys to the receiver, rather than sending coins.
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What if there was a single, fundamental flaw in Keynesian economic theory that could shed light on the major imbalances and debts that have resulted from our monetary system? Does “spending” and consumption of resources truly make us wealthier? Ben Kaufman lays out the argument for how “Time” is the missing piece in the failed Keynesian puzzle.
What if we already had a solution to one of the biggest threats to the Bitcoin network, but simply weren’t implementing it? Today we read another great piece by StopAndDecrypt breaking down the numerous vulnerabilities of centralized mining pools, that simply wouldn’t exist, with the implementation of a TheBlueMatt’s new hashing protocol, BetterHash.
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There were many precursors to the Bitcoin system, but IMO, none came as close to correctly defining the problem, and solving the key issues of trust as Nick Szabo’s Bit Gold concept. Reading another great piece made available by the Nakamoto Institute, we read and discuss the incredible prescience of Szabo through one of Bitcoin’s forefathers, Bit Gold.
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We start today’s show reading a short Twitter thread by @simonlutz21 which sparks a fun discussion about the presence of Proof-of-Work in nature, the awesome utility of immutability, and the power of Bitcoin’s inalterable ledger.
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The incredible model for predicting and assessing the value of the Bitcoin network by @100trillionUSD is analyzed in his exceptional article that we read on today’s show, “Modeling Bitcoin’s Value with Scarcity.” With an R^2 above 95%, if you plan for a bitcoin future without closely assessing this model, you are ignoring a powerful indicator. Hear all about what it means for “orange coin number” in today’s episode!
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If Bitcoin’s supply is expected to be endlessly deflationary, doesn’t this ensure a never ending, economy destroying downward spiral?
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“If Bitcoin’s supply is expected to be endlessly deflationary, doesn’t this ensure a never ending, economy destroying downward spiral?”
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