A more detailed explanation of the whole

"A double-spend broke Bitcoin" FUD that was circulated by an irresponsible publication.

1/

There was a chain re-organization in the Bitcoin blockchain. This is a common occurrence that is part of Bitcoin's normal operation. It is a result of decentralized consensus under Proof-of-Work. All PoW chains do this.

2/

Two blocks were mined almost simultaneously, competing for the same height, meaning that they had the same parent block and were trying to extend the chain of the same block

3/

Only one can ever succeed in the long run. It is possible that different nodes and miners see one or the other block first and assume it is the winner. This is also normal in a decentralized consensus algorithm

4/

Eventually, within an average of 10 minutes another block is mined. This new block has as its parent *one* of the two competing blocks. Which one? Whichever one the miner saw first and assumed to be the winner.

The new block extends the chain, resolving the issue.

5/

1/ Don’t Fear Tether

Whenever Bitcoin has a bull run, naysayers try to cope with missing the boat by rationalizing why it will fail through FUD. Most of these are completely unsubstantiated, but annoyingly persist as negative narratives Bitcoin must fight against.

With Philadelphia now up, the billboard photo thread that teaches those about #Bitcoin as an alternative to our broken financial system is complete

Those in the 12 Federal Reserve Bank cities who see them are directed to the thread below as copied from @BTCvsFED ⬇️

Not long ago, the dollar was backed by gold

This meant you could redeem your dollar for gold & the government had to have enough gold to match the number of dollars they printed

“The Gold Standard” ended in 1971 b/c the US ran low on gold & needed more $ for war & welfare

Without a cap on how much money could be printed, The Federal Reserve (USA’s central bank) was now free to create unlimited quantities of dollars

When the Fed prints money, inflation occurs & prices go up b/c all dollars are worth less

If your earnings don't keep up w/ the rate of inflation the purchasing power of your dollars melts away

Imagine the economy is a pizza & The Fed gives you a slice ($1)

When printing new money, they cut your🍕into more pieces to give out

Yes, you still have a slice ($1) but you’re hungrier b/c that $1 doesn’t go as far

Many Americans hold dollars b/c they can’t afford a home & w/ bills to pay they can’t risk the stock market

Meanwhile, the wealthy move $ into real estate & other assets that better hold value

Tulips, the #Bitcoin of the 17th century

How a pandemic, FOMO, and speculation made a flower worth the same as a mansion

/THREAD/

1/ During the beginning of the 1630s in the Netherlands, tulips were difficult to cultivate and preserve.

This made them a luxury good reserved for the rich and affluent of the upper class living in mansions with big gardens.

2/ The tulip market was not organized nor regulated, as other trades, which made it easy for professional growers to enter it.
Due to the international trade expansion, the growers starting cultivating rare varieties, to achieve higher prices.

3/ The biggest change occurred when florists used tulip bulbs as speculative assets.

The market expansion led to forward bulb-purchase contracts, thus enabling trading during the entire year, and not just during the summer months when tulips bloom.

4/ Easy loans and credit for forward contract purchases led many to enter the market since not much capital was required.

People from the lower economic class (maids, servants, craftsmen) could not resist the temptation for some quick profits and entered the speculative market.

#BlackRock, the world’s largest asset manager with $7.81 trillion AUM, recently granted two of its funds the ability to invest in #Bitcoin futures.

Here's why I think BlackRock investing in Bitcoin futures is bearish, and could result in a major downturn in the coming months.

1) According to the new BlackRock SEC filings, it mentions the use of Bitcoin derivatives and other assets as part of its investment scheme. The futures will be cash-settled, and likely on the CME BTC exchange.

2) If BlackRock was bullish on Bitcoin, they would've directly bought it, but instead they are choosing to buy Future contracts. Why?

With Futures, they can either short or long. Considering BlackRock's historically bearish stance on BTC, It's quite clear they will be shorting.

3) Here's a short clip of BlackRock CEO Larry Fink bashing #Bitcoin, saying theres zero institutional demand, and calling it an ‘index of money laundering':

4) By investing in the Bitcoin futures market, it essentially allows them to gamble on its future price.

With their large cash size, BlackRock will be the largest player in this market. They can and will tank Bitcoin's price to avoid paying out. Banks have done it before...

https://t.co/kWHHSWdlw2 #GoldStandard #Bitcoin #BTC
#Covidstroika

Bitcoin: A Peer-to-Peer Electronic Cash System

Satoshi Nakamoto
[email protected]
https://t.co/G8BUvnF9nT

Abstract. A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial

institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to prevent double-spending. We propose a solution to the double-spending problem using a peer-to-peer network. The network timestamps

transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work. The longest chain not only serves as proof of the sequence of events witnessed, but proof that it came

from the largest pool of CPU power. As long as a majority of CPU power is controlled by nodes that are not cooperating to attack the network, they'll generate the longest chain and outpace attackers. The network itself requires minimal structure.

Messages are broadcast on a best effort basis, and nodes can leave and rejoin the network at will, accepting the longest proof-of-work chain as proof of what happened while they were gone. 1. Introduction
Commerce on the Internet has come to rely almost exclusively on financial