Miners are agents of the network.
They earn tokens both from the network (me) as a diminishing subsidy, and as fees from users. They accept payment (consideration) in exchange for the service the provide in registering the envelopes on their ledger. They are a notary.
The ledger is distributed to allow any node or user to read a copy and check the registration journal. Each node competes to gain the rights to earn the fees in notarizing the set of ledger entries in a block. Other nodes ensure that the nodes remain honest and will orphan bad or erroneous ledger submissions.
The greater the investment, the more right to write the entry in the ledger and to be paid by the network.
Nodes contract BOTH with the network (me) and individuals who want their transactions registered (the fees are the consideration for the verification and registration service).
Nodes use PoW to show skin in the game, they demonstrate that they have something to lose if they are dishonest.
The is, something that the court can seize if the node cheats or is dishonest.
Proof of Work means that a node is always large enough, has a big investment and hence a presence that is easily found.
It stops everyone being able to run a node. Only corporate groups can afford to run a node.
This means, they (a node) cannot escape law and regulations. A node that is dishonest can be sued, they can have assets seized. The security is economic through law.
So.
Nodes contract BOTH with the network (me) and the users of the system.
If a node Knowingly helps move a coin that is associated with money laundering, theft or other crimes, they are complicit. Nodes what do not blacklist certain tokens are themselves criminal groups.
CSW
Mar 5, 2020
https://metanet-icu.slack.com/archives/C5131HKFX/p1583420301179600
https://t.me/CSW_Slack/2329
They earn tokens both from the network (me) as a diminishing subsidy, and as fees from users. They accept payment (consideration) in exchange for the service the provide in registering the envelopes on their ledger. They are a notary.
The ledger is distributed to allow any node or user to read a copy and check the registration journal. Each node competes to gain the rights to earn the fees in notarizing the set of ledger entries in a block. Other nodes ensure that the nodes remain honest and will orphan bad or erroneous ledger submissions.
The greater the investment, the more right to write the entry in the ledger and to be paid by the network.
Nodes contract BOTH with the network (me) and individuals who want their transactions registered (the fees are the consideration for the verification and registration service).
Nodes use PoW to show skin in the game, they demonstrate that they have something to lose if they are dishonest.
The is, something that the court can seize if the node cheats or is dishonest.
Proof of Work means that a node is always large enough, has a big investment and hence a presence that is easily found.
It stops everyone being able to run a node. Only corporate groups can afford to run a node.
This means, they (a node) cannot escape law and regulations. A node that is dishonest can be sued, they can have assets seized. The security is economic through law.
So.
Nodes contract BOTH with the network (me) and the users of the system.
If a node Knowingly helps move a coin that is associated with money laundering, theft or other crimes, they are complicit. Nodes what do not blacklist certain tokens are themselves criminal groups.
CSW
Mar 5, 2020
https://metanet-icu.slack.com/archives/C5131HKFX/p1583420301179600
https://t.me/CSW_Slack/2329
Telegram
CSW - Slack Channel
CSW
Mar 5, 2020
https://metanet-icu.slack.com/archives/C5131HKFX/p1583420301179600
https://t.me/CSW_Slack/2329
Mar 5, 2020
https://metanet-icu.slack.com/archives/C5131HKFX/p1583420301179600
https://t.me/CSW_Slack/2329
My 2008 dissertation in law starting to make sense now?
Read it carefully. See IP2IP as the source of what bitcoin is really about. Read the payment intermediary section on sending cash without trust carefully.
Read page 28.
Proof of Work means nodes are *not* judgement proof. They can be located and they have assets that can be sequestered and seized.
Miners (nodes) are the solution to crime. A decentralized system that allows regulators to target the largest parties.
And, law ALWAYS catches up eventually.
Hash rate does not secure anything. More hash is not more secure. Once you are large enough, hash is not important unless you are a node as it determines your earnings.
PoW allows nodes to be found, to ensure that no small nodes exist. PoW is about killing Raspberry pi and UASF.
PoW is a signal. Hashes have never bern a security tool. They are at most, a component of a security protocol.
Miners do not solve hashes.
Miners validate and order transactions
CSW
mar 5, 2020
https://metanet-icu.slack.com/archives/C5131HKFX/p1583425981182900?thread_ts=1583425981.182900&cid=C5131HKFX
https://t.me/CSW_Slack/2331
Read it carefully. See IP2IP as the source of what bitcoin is really about. Read the payment intermediary section on sending cash without trust carefully.
Read page 28.
Proof of Work means nodes are *not* judgement proof. They can be located and they have assets that can be sequestered and seized.
Miners (nodes) are the solution to crime. A decentralized system that allows regulators to target the largest parties.
And, law ALWAYS catches up eventually.
Hash rate does not secure anything. More hash is not more secure. Once you are large enough, hash is not important unless you are a node as it determines your earnings.
PoW allows nodes to be found, to ensure that no small nodes exist. PoW is about killing Raspberry pi and UASF.
PoW is a signal. Hashes have never bern a security tool. They are at most, a component of a security protocol.
Miners do not solve hashes.
Miners validate and order transactions
CSW
mar 5, 2020
https://metanet-icu.slack.com/archives/C5131HKFX/p1583425981182900?thread_ts=1583425981.182900&cid=C5131HKFX
https://t.me/CSW_Slack/2331
Telegram
CSW - Slack Channel
CSW
mar 5, 2020
https://metanet-icu.slack.com/archives/C5131HKFX/p1583425981182900?thread_ts=1583425981.182900&cid=C5131HKFX
https://t.me/CSW_Slack/2331
mar 5, 2020
https://metanet-icu.slack.com/archives/C5131HKFX/p1583425981182900?thread_ts=1583425981.182900&cid=C5131HKFX
https://t.me/CSW_Slack/2331
4_5836958416093842186.pdf
667.4 KB
17/04/2008
The Impact of Internet Intermediary Liability
90 Pages
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2953929
The Impact of Internet Intermediary Liability
90 Pages
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2953929
I found this today and I couldn't believe it
"7. Satoshi Removed His Name from the Bitcoin Software Before Leaving.
Finally, a last interesting find was that Satoshi did formally “quit” Bitcoin, removing his name from the copyright claim in the software and leaving the code to all “Bitcoin developers.” "
10 Years Ago Today, Bitcoin Creator Satoshi Nakamoto Sent His Final Message.
Pete Rizzo
Apr 26, 2021,12:30pm EDT
|1,026,250 views
https://www-forbes-com.cdn.ampproject.org/c/s/www.forbes.com/sites/peterizzo/2021/04/26/10-years-ago-today-bitcoin-creator-satoshi-nakamoto-sent-his-final-message/amp/
"7. Satoshi Removed His Name from the Bitcoin Software Before Leaving.
Finally, a last interesting find was that Satoshi did formally “quit” Bitcoin, removing his name from the copyright claim in the software and leaving the code to all “Bitcoin developers.” "
10 Years Ago Today, Bitcoin Creator Satoshi Nakamoto Sent His Final Message.
Pete Rizzo
Apr 26, 2021,12:30pm EDT
|1,026,250 views
https://www-forbes-com.cdn.ampproject.org/c/s/www.forbes.com/sites/peterizzo/2021/04/26/10-years-ago-today-bitcoin-creator-satoshi-nakamoto-sent-his-final-message/amp/
Forbes
10 Years Ago Today, Bitcoin Creator Satoshi Nakamoto Sent His Final Message
On April 26, 2011, Bitcoin creator Satoshi Nakamoto sent his final emails to fellow developers. New research explore the full story further.
1/2
In a recession - Bitcoin dumps
It is NOT gold - it requires Internet and a working economy - gold doesn't
And no, bitcoin has not been operating in reality for 11 years. We have been fighting to stop them changing it for 11 years and stifling it for 11 years. It hasn't been operating more than a few months in reality and even then very few people are still using it in trade
Exchange volume means shit all
The only thing that matters here is Main Street, Wall Street, who gives a shit
And if it goes to $0.20 it isn't dead. It's not about the value of the dam coin it's about utility and use.
0.20 x several billion TX a day has value
No, it is unlikely to go to even 20.00
But, 1000000 as a speculative shitcoin is not worth a bag of shit
The value of the bitcoin economy is how much trade is completed using bitcoin. Trade is nothing to do with exchanges or speculation. It is the purchase and use of bitcoin for goods and services and saving things in the ledger. That's the value of bitcoin.
It does not matter what the price is if it is not used.
Speculation and gambling is not use.
And it won't bankrupt everyone. If you are risking your money speculating in bitcoin, then you lose money when it goes down to a low value and you sell. If you don't sell, you haven't lost anything yet. So basically, this is only an issue if you're speculating or sitting there expecting the value to rise in the short term.
If you're building an economy based on bitcoin, it will matter for the moment on the Fiat use value.
If you're here thinking bitcoin is going to replace the US dollar, it won't.
I do not think bitcoin will replace the US dollar ever.
If you think bitcoin will replace the US dollar, you don't understand money or the US dollar. In time, if things work the US dollar might be written in bitcoin.
The point of bitcoin was never to replace the US dollar.
Not once in my history have I even lightly hinted that.
No, they have no idea how
Bitcoin is primarily a recordkeeping system and micro payment system. It will change the nature of the Internet.
Bitcoin was never about this crap about decentralising everything. That comment doesn't even have a valid meaning.
And no, bitcoin will not make the US dollar irrelevant
To make the US dollar irrelevant, you will have to do have trade and finance conducted primarily in bitcoin. For that, when not talking just the US government but the entire world.
Frankly 99% of the issues in getting adoption come from this bull shit idea that bitcoin is going to replace government money. It isn't.
Bitcoin can be the first micro payments system that works. That will change everything drastically. When that happens there will be other use cases that will develop. It will enable time stamping and honest records. None of that requires replacing the US dollar. The US dollar could be tokenised on top of bitcoin, and the truth is that if we want that to happen then we'd better stop saying how bitcoin will replace the US dollar or it will not happen.
And the US dollar is a peer-to-peer cash system.
No the US dollar does not need bitcoin
And if we start this crap, this will replace the US dollar crap again, then we will never get anywhere.
Stop attacking governments, banks, Fiat money and build systems including ones to transport transactions within US dollars on top of bitcoin.
As I keep saying, bitcoin is plumbing. It is a micro payment and transaction ordering system. If you start thinking that it's going to be this system to take down governments and change the economy, it won't
We have a long, long, long time before we start having governments properly utilise bitcoin and have it as an underlying system and we have zero chance of succeeding if we keep attacking them
If you want even a 1% chance for bitcoin to be successful, stop saying that will replace the dam US dollar
CSW
Mar 5, 2020
https://metanet-icu.slack.com/archives/C5131HKFX/p1584013178030400?thread_ts=1584012805.025300&cid=C5131HKFX
1/2
https://t.me/CSW_Slack/2339
In a recession - Bitcoin dumps
It is NOT gold - it requires Internet and a working economy - gold doesn't
And no, bitcoin has not been operating in reality for 11 years. We have been fighting to stop them changing it for 11 years and stifling it for 11 years. It hasn't been operating more than a few months in reality and even then very few people are still using it in trade
Exchange volume means shit all
The only thing that matters here is Main Street, Wall Street, who gives a shit
And if it goes to $0.20 it isn't dead. It's not about the value of the dam coin it's about utility and use.
0.20 x several billion TX a day has value
No, it is unlikely to go to even 20.00
But, 1000000 as a speculative shitcoin is not worth a bag of shit
The value of the bitcoin economy is how much trade is completed using bitcoin. Trade is nothing to do with exchanges or speculation. It is the purchase and use of bitcoin for goods and services and saving things in the ledger. That's the value of bitcoin.
It does not matter what the price is if it is not used.
Speculation and gambling is not use.
And it won't bankrupt everyone. If you are risking your money speculating in bitcoin, then you lose money when it goes down to a low value and you sell. If you don't sell, you haven't lost anything yet. So basically, this is only an issue if you're speculating or sitting there expecting the value to rise in the short term.
If you're building an economy based on bitcoin, it will matter for the moment on the Fiat use value.
If you're here thinking bitcoin is going to replace the US dollar, it won't.
I do not think bitcoin will replace the US dollar ever.
If you think bitcoin will replace the US dollar, you don't understand money or the US dollar. In time, if things work the US dollar might be written in bitcoin.
The point of bitcoin was never to replace the US dollar.
Not once in my history have I even lightly hinted that.
No, they have no idea how
Bitcoin is primarily a recordkeeping system and micro payment system. It will change the nature of the Internet.
Bitcoin was never about this crap about decentralising everything. That comment doesn't even have a valid meaning.
And no, bitcoin will not make the US dollar irrelevant
To make the US dollar irrelevant, you will have to do have trade and finance conducted primarily in bitcoin. For that, when not talking just the US government but the entire world.
Frankly 99% of the issues in getting adoption come from this bull shit idea that bitcoin is going to replace government money. It isn't.
Bitcoin can be the first micro payments system that works. That will change everything drastically. When that happens there will be other use cases that will develop. It will enable time stamping and honest records. None of that requires replacing the US dollar. The US dollar could be tokenised on top of bitcoin, and the truth is that if we want that to happen then we'd better stop saying how bitcoin will replace the US dollar or it will not happen.
And the US dollar is a peer-to-peer cash system.
No the US dollar does not need bitcoin
And if we start this crap, this will replace the US dollar crap again, then we will never get anywhere.
Stop attacking governments, banks, Fiat money and build systems including ones to transport transactions within US dollars on top of bitcoin.
As I keep saying, bitcoin is plumbing. It is a micro payment and transaction ordering system. If you start thinking that it's going to be this system to take down governments and change the economy, it won't
We have a long, long, long time before we start having governments properly utilise bitcoin and have it as an underlying system and we have zero chance of succeeding if we keep attacking them
If you want even a 1% chance for bitcoin to be successful, stop saying that will replace the dam US dollar
CSW
Mar 5, 2020
https://metanet-icu.slack.com/archives/C5131HKFX/p1584013178030400?thread_ts=1584012805.025300&cid=C5131HKFX
1/2
https://t.me/CSW_Slack/2339
Telegram
CSW - Slack Channel
https://t.me/CSW_Slack/2339
2/2
For every single person who says bitcoin is going to replace the US dollar I think we should halve the estimate that it will
To be the platform transmitting currency, we need it used in day-to-day transactions
I don't want to replace the dollar, I want the dollar tracked and traded on top of bitcoin with all of the rules that exist on and over money right now
I even want North Korean systems based on a Blockchain so that people can see where they fuck up and steal money including their own people
The US is close to 40% of the world's economy.
It is time we stop attacking it and start teaching them it makes the world better
Bloody BTC morons and others set us all back 15 years already
And I mean 15
It is harder now than it would have been 11 years ago
At times I wish it was a little bit simpler and easier though, mostly for my wife. I hate putting her through all of this all the time
I understand that I cannot abdicate my role. I have done this in the past, it is far easier. I shall not be doing it again. No matter what comes I will be here. No matter how hard it gets I will be here.
CSW
Mar 5, 2020
https://metanet-icu.slack.com/archives/C5131HKFX/p1584013178030400?thread_ts=1584012805.025300&cid=C5131HKFX
2/2
https://t.me/CSW_Slack/2339
For every single person who says bitcoin is going to replace the US dollar I think we should halve the estimate that it will
To be the platform transmitting currency, we need it used in day-to-day transactions
I don't want to replace the dollar, I want the dollar tracked and traded on top of bitcoin with all of the rules that exist on and over money right now
I even want North Korean systems based on a Blockchain so that people can see where they fuck up and steal money including their own people
The US is close to 40% of the world's economy.
It is time we stop attacking it and start teaching them it makes the world better
Bloody BTC morons and others set us all back 15 years already
And I mean 15
It is harder now than it would have been 11 years ago
At times I wish it was a little bit simpler and easier though, mostly for my wife. I hate putting her through all of this all the time
I understand that I cannot abdicate my role. I have done this in the past, it is far easier. I shall not be doing it again. No matter what comes I will be here. No matter how hard it gets I will be here.
CSW
Mar 5, 2020
https://metanet-icu.slack.com/archives/C5131HKFX/p1584013178030400?thread_ts=1584012805.025300&cid=C5131HKFX
2/2
https://t.me/CSW_Slack/2339
Telegram
CSW - Slack Channel
https://t.me/CSW_Slack/2339
1/2
What on earth has government printing got to do with bitcoin. Honestly, there's a big difference between a default level of printing such as Zimbabwe and that being done by the US. Some debt can be good, it depends on how it is utilised.
As for this comparison with government printing, unless bitcoin is used as money in exchange, there is a comparison to be made. Until bitcoin is used not for exchanges but for transactions on a daily basis, this analysis of bitcoin is something like a competitor to the US dollar is asinine.
https://metanet-icu.slack.com/archives/C5131HKFX/p1584014337043700?thread_ts=1584014337.043700&cid=C5131HKFX
It's not even whether bitcoin is an unknown, it's not used. If you're not buying coffee with bitcoin, it's a speculative gambling asset. Until we have bitcoin tokens used as commodity exchange assets, it won't have any value other than speculation. I know I keep harping on this, but to be money it needs to be a valuable commodity first.
I'm not talking about a few transactions on exchanges. For bitcoin to be nonvolatile we need at least 500 million people using it on a daily basis. That would be an average of three transactions a day by 500 million people. (1 500 millions tx/day)
Until we get up to around 15,000 transactions a second average, with none of that being from exchange speculation, we aren't money.
------------
Bitcoin is not an appreciating asset either. It's a speculative commodity right now. An outsider BSV, is not even a commodity in any Blockchain system.
There are no dividends in bitcoin.
So the reality is, the value is a function of the fees paid to miners where the fees are competitive with other systems. If we are talking about fees over half a US sent, that won't go into the price of what bitcoin is. If you want to see bitcoin valuable, the commodity value earnt in mining matters. That's what we're working on.
---------
The total value of all of the worlds coins and banknotes is 7.6 trillion.
For bitcoin to be the global replacement for gold and digital notes and everything else, it is not going to be worth US$100,000.
If it is only money and it is used as a pure cash system, the best price we can get the bitcoin will be the order of US$1000 a bitcoin, the reality however is bitcoin has many other uses. Without these uses, bitcoin will be overvalued.
The truth however is that bitcoin can change more than just cash.the value of the stock market globally is 73 trillion that bitcoin will never be worth that because it is the basis for issuing certificates. Right now, each share certificate costs a number of cents. Bitcoin is not the value of the company when there is a share on top of bitcoin, it is the medium that the share certificate is worth. Bitcoin is not the derivative market, it is the medium that the value is written on.
Global trade and exchange is worth in the order of one quadrillion US dollars.
The best bitcoin will ever do is to capture 0.1% of that.
And I'm not selling bitcoin short. My life evolves around creating technology on top of bitcoin.
I'm trying to get people to be a bit realistic. For bitcoin to be valued at US$50,000, and to have value and not just speculative bull shit that will crash, it needs to be used everywhere.
I see the potential for bitcoin to be worth US$50,000. If everything I'm doing comes off then in 15 to 20 years I see that it could be worth as much as US$100,000.
To be worth that, it will be needing transaction volume in the order of around 1 million+ transactions are second or more. Each bitcoin could be worth US$100,000 - but I see this more likely as 50 K.
The value is not what Bitcoin is worth - it is the value in the exchange
The Bitcoin economy could be worth 1000 trillion a year and be less than 10k a BSV
It will be the businesses built on BSV that matter most
CSW
Mar 12, 2020
https://metanet-icu.slack.com/archives/C5131HKFX/p1584017323062900?thread_ts=1584017323.062900&cid=C5131HKFX
1/2
https://t.me/CSW_Slack/2344
What on earth has government printing got to do with bitcoin. Honestly, there's a big difference between a default level of printing such as Zimbabwe and that being done by the US. Some debt can be good, it depends on how it is utilised.
As for this comparison with government printing, unless bitcoin is used as money in exchange, there is a comparison to be made. Until bitcoin is used not for exchanges but for transactions on a daily basis, this analysis of bitcoin is something like a competitor to the US dollar is asinine.
https://metanet-icu.slack.com/archives/C5131HKFX/p1584014337043700?thread_ts=1584014337.043700&cid=C5131HKFX
It's not even whether bitcoin is an unknown, it's not used. If you're not buying coffee with bitcoin, it's a speculative gambling asset. Until we have bitcoin tokens used as commodity exchange assets, it won't have any value other than speculation. I know I keep harping on this, but to be money it needs to be a valuable commodity first.
I'm not talking about a few transactions on exchanges. For bitcoin to be nonvolatile we need at least 500 million people using it on a daily basis. That would be an average of three transactions a day by 500 million people. (1 500 millions tx/day)
Until we get up to around 15,000 transactions a second average, with none of that being from exchange speculation, we aren't money.
------------
Bitcoin is not an appreciating asset either. It's a speculative commodity right now. An outsider BSV, is not even a commodity in any Blockchain system.
There are no dividends in bitcoin.
So the reality is, the value is a function of the fees paid to miners where the fees are competitive with other systems. If we are talking about fees over half a US sent, that won't go into the price of what bitcoin is. If you want to see bitcoin valuable, the commodity value earnt in mining matters. That's what we're working on.
---------
The total value of all of the worlds coins and banknotes is 7.6 trillion.
For bitcoin to be the global replacement for gold and digital notes and everything else, it is not going to be worth US$100,000.
If it is only money and it is used as a pure cash system, the best price we can get the bitcoin will be the order of US$1000 a bitcoin, the reality however is bitcoin has many other uses. Without these uses, bitcoin will be overvalued.
The truth however is that bitcoin can change more than just cash.the value of the stock market globally is 73 trillion that bitcoin will never be worth that because it is the basis for issuing certificates. Right now, each share certificate costs a number of cents. Bitcoin is not the value of the company when there is a share on top of bitcoin, it is the medium that the share certificate is worth. Bitcoin is not the derivative market, it is the medium that the value is written on.
Global trade and exchange is worth in the order of one quadrillion US dollars.
The best bitcoin will ever do is to capture 0.1% of that.
And I'm not selling bitcoin short. My life evolves around creating technology on top of bitcoin.
I'm trying to get people to be a bit realistic. For bitcoin to be valued at US$50,000, and to have value and not just speculative bull shit that will crash, it needs to be used everywhere.
I see the potential for bitcoin to be worth US$50,000. If everything I'm doing comes off then in 15 to 20 years I see that it could be worth as much as US$100,000.
To be worth that, it will be needing transaction volume in the order of around 1 million+ transactions are second or more. Each bitcoin could be worth US$100,000 - but I see this more likely as 50 K.
The value is not what Bitcoin is worth - it is the value in the exchange
The Bitcoin economy could be worth 1000 trillion a year and be less than 10k a BSV
It will be the businesses built on BSV that matter most
CSW
Mar 12, 2020
https://metanet-icu.slack.com/archives/C5131HKFX/p1584017323062900?thread_ts=1584017323.062900&cid=C5131HKFX
1/2
https://t.me/CSW_Slack/2344
Telegram
CSW - Slack Channel
1/2
What on earth has government printing got to do with bitcoin. Honestly, there's a big difference between a default level of printing such as Zimbabwe and that being done by the US. Some debt can be good, it depends on how it is utilised.
As for this…
What on earth has government printing got to do with bitcoin. Honestly, there's a big difference between a default level of printing such as Zimbabwe and that being done by the US. Some debt can be good, it depends on how it is utilised.
As for this…
2/2
I have patents on 99.9% of components needed to make a blockchain work - so Bitcoin is not going away
The thing we need to do is stop all the negativity about what bitcoin will do to Fiat and government money. Not a single comment on that helps us. Every single time someone says bitcoin will destroy Fiat makes it more and more difficult for bitcoin to actually be used globally.
What we need to do is start building - boring every day businesses that use a ledger boring things like accounting, recordkeeping, notarisation, and even identity management.
In five years, there will not be a single cryptocurrency. They will be digital currencies and digital assets. Bitcoin is a digital asset and commodity. Digital currencies can be built on top of it.
A cryptocurrency is a system that seeks to act outside of the law. Bitcoin enables tracing, recovery and claiming. There is a concept in law called following, this is incredibly simple to achieve in bitcoin. Bitcoin allows tracing through mixtures because each token is fungible. Remember, one bitcoin is a collection of 100 million indivisible fungible tokens.
There are rules for following an tracing through mixtures. These are not new and have been around since the time of Rome.
Even using a mixing service does not save you, those using the service can expect to have their tokens taken because when you receive stolen goods, the property rights do not transfer to you.
Bitcoin is not a cryptocurrency. BTC and BCH are cryptocurrencies.
There will not be digital gold. There is absolutely no reason to have digital gold in the world. Digital gold exist today. Gold is not a store of value, it is a speculative inflation hedge. To be a store of value it needs to have a currency peg to it. Gold was a store of value in the past but it isn't any more. The US dollar is a store of value in US dollar contracts because one US dollar remains equal to 1 US dollar. Gold was only a store of value when this was also the case. To be a store of value, you cannot have any increase or decrease. A store of value does not change in value.
Today, digital gold exists. It's called a tradable gold certificate.
So we don't need BTC as digital gold. The bull about being digital gold is a false narrative that it can be used in money-laundering, but even gold is covered under KYC rules
CSW
Mar 12, 2020
https://metanet-icu.slack.com/archives/C5131HKFX/p1584017323062900?thread_ts=1584017323.062900&cid=C5131HKFX
2/2
https://t.me/CSW_Slack/2345
I have patents on 99.9% of components needed to make a blockchain work - so Bitcoin is not going away
The thing we need to do is stop all the negativity about what bitcoin will do to Fiat and government money. Not a single comment on that helps us. Every single time someone says bitcoin will destroy Fiat makes it more and more difficult for bitcoin to actually be used globally.
What we need to do is start building - boring every day businesses that use a ledger boring things like accounting, recordkeeping, notarisation, and even identity management.
In five years, there will not be a single cryptocurrency. They will be digital currencies and digital assets. Bitcoin is a digital asset and commodity. Digital currencies can be built on top of it.
A cryptocurrency is a system that seeks to act outside of the law. Bitcoin enables tracing, recovery and claiming. There is a concept in law called following, this is incredibly simple to achieve in bitcoin. Bitcoin allows tracing through mixtures because each token is fungible. Remember, one bitcoin is a collection of 100 million indivisible fungible tokens.
There are rules for following an tracing through mixtures. These are not new and have been around since the time of Rome.
Even using a mixing service does not save you, those using the service can expect to have their tokens taken because when you receive stolen goods, the property rights do not transfer to you.
Bitcoin is not a cryptocurrency. BTC and BCH are cryptocurrencies.
There will not be digital gold. There is absolutely no reason to have digital gold in the world. Digital gold exist today. Gold is not a store of value, it is a speculative inflation hedge. To be a store of value it needs to have a currency peg to it. Gold was a store of value in the past but it isn't any more. The US dollar is a store of value in US dollar contracts because one US dollar remains equal to 1 US dollar. Gold was only a store of value when this was also the case. To be a store of value, you cannot have any increase or decrease. A store of value does not change in value.
Today, digital gold exists. It's called a tradable gold certificate.
So we don't need BTC as digital gold. The bull about being digital gold is a false narrative that it can be used in money-laundering, but even gold is covered under KYC rules
CSW
Mar 12, 2020
https://metanet-icu.slack.com/archives/C5131HKFX/p1584017323062900?thread_ts=1584017323.062900&cid=C5131HKFX
2/2
https://t.me/CSW_Slack/2345
Telegram
CSW - Slack Channel
2/2
I have patents on 99.9% of components needed to make a blockchain work - so Bitcoin is not going away
The thing we need to do is stop all the negativity about what bitcoin will do to Fiat and government money. Not a single comment on that helps us. Every…
I have patents on 99.9% of components needed to make a blockchain work - so Bitcoin is not going away
The thing we need to do is stop all the negativity about what bitcoin will do to Fiat and government money. Not a single comment on that helps us. Every…
Nodes do not set rules - they enforce them
Miners get paid
Say you have a recovery order, miners get paid to enforce it.
This helps set micropayments as untouchable and cash.
Say, the fee is USD 5,000 to recover bitcoin, then who would senk an order to recover 4000...
A bank charges to recover money... so add the carrot
Orphaning.
If the other nides do not accept the rules, they end orphaned
CSW
Mar 13, 2020
https://metanet-icu.slack.com/archives/C5131HKFX/p1584120718286300?thread_ts=1584120718.286300&cid=C5131HKFX
https://t.me/CSW_Slack/2346
Miners get paid
Say you have a recovery order, miners get paid to enforce it.
This helps set micropayments as untouchable and cash.
Say, the fee is USD 5,000 to recover bitcoin, then who would senk an order to recover 4000...
A bank charges to recover money... so add the carrot
Orphaning.
If the other nides do not accept the rules, they end orphaned
CSW
Mar 13, 2020
https://metanet-icu.slack.com/archives/C5131HKFX/p1584120718286300?thread_ts=1584120718.286300&cid=C5131HKFX
https://t.me/CSW_Slack/2346
Telegram
CSW - Slack Channel
CSW
Mar 13, 2020
https://metanet-icu.slack.com/archives/C5131HKFX/p1584120718286300?thread_ts=1584120718.286300&cid=C5131HKFX
https://t.me/CSW_Slack/2346
Mar 13, 2020
https://metanet-icu.slack.com/archives/C5131HKFX/p1584120718286300?thread_ts=1584120718.286300&cid=C5131HKFX
https://t.me/CSW_Slack/2346
