https://t.co/3xxjeFJroS
I usually stay away from price predictions, but this time I couldn't help it. Just published "10 reasons why bitcoin will hit $100.000 in 2021".
Share it with a normie friend, maybe he/she will understand the value proposition of
https://t.co/3xxjeFJroS
However, I believe that we should look up to gold a lot more often & look down to USD less frequently
https://t.co/dTqDaWZLr3
It's simple, really. With only a general-purpose electronic device (phone, laptop), piece of paper, or even 12 words that you memorize, you can move your wealth in a different country.
In a world where PayPal and Visa can dictate your policy as a business and can shut you up from expressing political opinions, Bitcoin has a lot of value.
Private property rights are getting weaker in the countries that traditionally used to be the best at protecting them. OTOH, nobody can confiscate your bitcoins or tax you without consent.
https://t.co/FheNwwiK5R
Mainstream media enjoys shunning Bitcoin for its low tx/s capacity. But thanks to @lightning @Blockstream @Truthcoin @SomsenRuben @RSKsmart, Bitcoin will scale with sidechains & second layers.
Today, you no longer need to use command-line input to be a first class Bitcoin citizen. @wasabiwallet & @bluewalletio offer sovereignty with great ease of use. Also, @mynodebtc, @fulmolightning & @getumbrel make full nodes simple
Let's just enumerate wealthy and influential people who tweeted about Bitcoin in the last few years: @jk_rowling @elonmusk @jack @stoolpresidente @tyler @cameron @benmezrich @MichellePhan.
Thanks to them, millions got exposed to BTC
Financial privacy boosts fungibility and therefore increases the value and utility of money. With privacy improvements such as Taproot, P2EP, and CoinJoins, Bitcoin becomes more private.
With Lightning & sidechains, it's even better
I don't expect @frances_coppola to understand this one, but scarcity and divisibility are very important. Today you can buy 2.7k sats with $1, so even the poorest people can buy in
More from Crypto
"Blockchain technology is energy-intensive..." => No, it doesn't have to be.
Let's look at Proof-Of-Stake, an alternative to the energy-intensive Proof-Of-Work algorithm.
🧵🔽
1️⃣ A Quick Recap On Proof-Of-Work
A Proof-Of-Work algorithm requires miners to do a certain amount of work that is compute-intensive to gain access to a service or the right to do something. This algorithm, by design, also requires that the work done shall not ...
... be reusable for anything else than what it was performed for. This lies at the core of the security concept of a blockchain. To gain the right to append a new block to a chain and to get some currency as a reward, there is work to be done, and this work must be verifyable.
That work is a race between different miners. Many miners try to compete and to be the first to find the answer to a problem presented to them. This implies that a lot of energy is wasted as only the first correct solution is accepted.
You can find a more detailed thread on Proof-Of-Work
Let's look at Proof-Of-Stake, an alternative to the energy-intensive Proof-Of-Work algorithm.
🧵🔽
1️⃣ A Quick Recap On Proof-Of-Work
A Proof-Of-Work algorithm requires miners to do a certain amount of work that is compute-intensive to gain access to a service or the right to do something. This algorithm, by design, also requires that the work done shall not ...
... be reusable for anything else than what it was performed for. This lies at the core of the security concept of a blockchain. To gain the right to append a new block to a chain and to get some currency as a reward, there is work to be done, and this work must be verifyable.
That work is a race between different miners. Many miners try to compete and to be the first to find the answer to a problem presented to them. This implies that a lot of energy is wasted as only the first correct solution is accepted.
You can find a more detailed thread on Proof-Of-Work
Proof-Of-Work is the name of a cryptographic algorithm that is used for some blockchains when new blocks are to be appended to the chain.
— Oliver Jumpertz (@oliverjumpertz) April 3, 2021
Let's take a higher-level look at how this one works, shall we?
\U0001f9f5\U0001f53d
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So the cryptocurrency industry has basically two products, one which is relatively benign and doesn't have product market fit, and one which is malignant and does. The industry has a weird superposition of understanding this fact and (strategically?) not understanding it.
The benign product is sovereign programmable money, which is historically a niche interest of folks with a relatively clustered set of beliefs about the state, the literary merit of Snow Crash, and the utility of gold to the modern economy.
This product has narrow appeal and, accordingly, is worth about as much as everything else on a 486 sitting in someone's basement is worth.
The other product is investment scams, which have approximately the best product market fit of anything produced by humans. In no age, in no country, in no city, at no level of sophistication do people consistently say "Actually I would prefer not to get money for nothing."
This product needs the exchanges like they need oxygen, because the value of it is directly tied to having payment rails to move real currency into the ecosystem and some jurisdictional and regulatory legerdemain to stay one step ahead of the banhammer.
If everyone was holding bitcoin on the old x86 in their parents basement, we would be finding a price bottom. The problem is the risk is all pooled at a few brokerages and a network of rotten exchanges with counter party risk that makes AIG circa 2008 look like a good credit.
— Greg Wester (@gwestr) November 25, 2018
The benign product is sovereign programmable money, which is historically a niche interest of folks with a relatively clustered set of beliefs about the state, the literary merit of Snow Crash, and the utility of gold to the modern economy.
This product has narrow appeal and, accordingly, is worth about as much as everything else on a 486 sitting in someone's basement is worth.
The other product is investment scams, which have approximately the best product market fit of anything produced by humans. In no age, in no country, in no city, at no level of sophistication do people consistently say "Actually I would prefer not to get money for nothing."
This product needs the exchanges like they need oxygen, because the value of it is directly tied to having payment rails to move real currency into the ecosystem and some jurisdictional and regulatory legerdemain to stay one step ahead of the banhammer.