“The consensus is what matters. The breakthrough of proof-of-work and the difficulty adjustment is far more about harnessing energy and existing communications infrastructure to calibrate incentives than it has to do with computation. Computation is

“Sandwiched between Guatemala and Honduras, El Salvador — the smallest and most densely populated country in Central America, with an average GDP per capita of around $3,500 — is a most unlikely ground zero for

“Schumpeter would have loved Bitcoin. He would have seen in Bitcoin a living representation of his theory of capitalism, so often quoted but rarely understood. Creative destruction is the process by which capitalism continually rejuvenates

“we often hear the U.S. dollar called an “exorbitant privilege.” Namely, that the U.S. benefits disproportionately from the dollar’s reserve currency status. This article will detail why the current financial system has, in fact, been

“For those with the curiosity to look, Bitcoin has emerged as a vast and mysterious space to explore, with treasures, dangers and untold potential. And similar to the Statue of Liberty’s beautiful but no longer

“the fact that bitcoin is now legal tender in a country is absolutely astonishing. Yesterday, some nerds discovered a system that allows magic internet money to emerge by sending messages back and forth. Today, a

“There has never been a more secure, scarce, valuable, transportable, decentralized and networked asset in all of humanity’s history. It’s more mobile than gold. It appreciates faster than property. It’s supply is fixed unlike stocks

“Long before we had the Bitcoin energy debate, we had the gold resource cost debate. The contours were similar: the costs associated with gold refining and extraction were a waste; they were too great relative

“Farzan and her family traveled by foot, car and train thousands of miles through Iran and Turkey, finally making it to Germany in 2017. Along the way, dishonest middlemen and common thieves stole everything they

“Bitcoin fails as a money b/c of its naive monetary policy. Many people think government printing too much is evil, so a fixed money supply must be good. The reality: a money that cannot expand

“This technology goes around blockades and government restrictions, it allows you to move value without trusting anyone, it connects you to the world, and it allows you to empower yourself and do things that are

“By all extant metrics in security system review, this system should have failed instantaneously, at every possible layer.
And, to be fair, it has failed at other layers – BitCoin thefts have occurred,

“And it’s easier to sensa­tion­alize things for pageviews or polit­ical gain. For example, it’s commonly said that the Bitcoin network uses more energy than some countries. That’s true, but then so does Google, Youtube, Netflix,

The word “fiat” is growing more aggrandized in the modern lexicon, however, despite its increasing popularity it is often ill defined or misused. I regularly observe people falsely call Bitcoin a fiat currency. This is

“Here’s the deal with the US infrastructure bill: A new provision has been added that expands the Tax Code’s definition of “broker” to capture nearly everyone in crypto, including non-custodial actors like miners, forcing them

“Many tellings of El Salvador’s story have largely overlooked and understated the role of the Lightning Network. But make no mistake: any country could have adopted bitcoin five or eight years ago. The base layer

“Independence is financial,” Abukhdeir told me. “If we don’t have financial freedom, nothing is going to change.” – Alex Gladstein

Another brilliant addition to the Gladstein series from Bitcoin Magazine. Gladstein has been investigating Bitcoin’s

A great piece today detailing out the different kinds, the nuances & the long history of inflation. What misconceptions do we still have about inflation? What are the major correlating factors? And what can we