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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Is Bitcoin the perfect money, or is it the worst money that solves the most essential problem, as simply and reliably as possible? In true “New Jersey” style, Bitcoin doesn’t attempt to be everything, it attempts to do ONE thing as beautifully, & as unambiguously as possible?
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“Imagine the ideal protocol. It would have the most trustworthy third party imaginable — a deity who is on everybody’s side. All the parties would send their input to this god. God would reliably determine the results and return the output. In addition, God, being the ultimate in confessional discretion, would ensure that no party would learn anything more about the other party’s input than they could learn from their own input and the output.” – Nick Szabo
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Today we read yet another great piece by @hasufl and @suzhu available on uncommoncore.co on the core value offered by Bitcoin as a system and the high level trends in macroeconomics and technology that could lead to enormous future demand for just such an asset.
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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.
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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Today we read an excellent article by Ben Perrin (@Btcsessions) laying out an excellent argument that reveals #BitcoinMaximalism as the meticulous and thoughtful position it actually is. Rather than the arbitrary, religious, & closed-minded position many altcoiners would want you to believe.
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We make claims about Bitcoin’s assurances all the time. It is censorship resistant, it’s open and permissionless, it’s counterfeit proof, etc. But are these things entirely true? When someone wants to acquire, use, or validate Bitcoin, how well do the claims match reality?
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Today we begin through this weeks complete unabridged reading of Knut Svanholm’s recent book available on Amazon, “Bitcoin: Sovereignty Through Mathematics.”
• Everything we do is a trade
• What is the impact of absolute scarcity, an idea we have never before seen manifested in society?
• And are we all now financial atheists?
Don’t miss Chapters 1 & 2 today followed by a fun discussion of the ideas covered.
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Continuing through our unabridged reading of Knut Svanholm’s excellent book available on Amazon, “Bitcoin: Sovereignty Through Mathematics”
• The inevitability of human bias
• The absurdity of fractional reserve
• Dangers of collectivism
• Bitcoin is Speech
• The Immaculate Conception
• And why decentralization is so damn hard!
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