Question:
Craig, why do you say that there is not enough bitcoin for it to be the world currency in https://youtu.be/zmLfZ599oAY?t=232?
My mission is (or at least has been) to spread it's use to retail chains and any other place where I and others make payments. 21,000,000 bitcoin * 100,000,000 satoshi per bitcoin is 2,100,000,000,000,000 satoshi which is a rather large number. If we divide that number by for example the world population (8,000,000,000) that is still 262,000 satoshi per person.
Answer,
CSW:
bitcoin is not an account based system
next, bitcoin is designed forr micro payments
that means 1000% per Satoshi or less to mmake it worrk
262k per person for everything leaves only USD 262 per person if it is going tto work
does that sound like enough money for everyonne on the globe?
that works as cash
You need far more than ( Payment channels, with sats as reserves.) you neeed account baseed systems for currency.
You need banking for a start
as I keep stating, bitcoin is not a bank and it doesn't replace them
What I’m saying is that banks will end up operating on local money and not a global system. They can act on gold type systems, but there will not be anything anytime in my lifetime where fiat currency goes away. Nor is bitcoin designed to replace it. It does replace cash, and it does create a system that is a better monitoring and control system.
transfers can be recorded and monitored but an account based record in transferring a single sat can transfer billions of dollars
one Satoshi can represent many different things
but, currency is not the thing that money is printed on
CSW
Jul 30, 2021
https://metanet-icu.slack.com/archives/C5131HKFX/p1627624082034000?thread_ts=1627624082.034000&cid=C5131HKFX
https://t.me/CSW_Slack/2789
Craig, why do you say that there is not enough bitcoin for it to be the world currency in https://youtu.be/zmLfZ599oAY?t=232?
My mission is (or at least has been) to spread it's use to retail chains and any other place where I and others make payments. 21,000,000 bitcoin * 100,000,000 satoshi per bitcoin is 2,100,000,000,000,000 satoshi which is a rather large number. If we divide that number by for example the world population (8,000,000,000) that is still 262,000 satoshi per person.
Answer,
CSW:
bitcoin is not an account based system
next, bitcoin is designed forr micro payments
that means 1000% per Satoshi or less to mmake it worrk
262k per person for everything leaves only USD 262 per person if it is going tto work
does that sound like enough money for everyonne on the globe?
that works as cash
You need far more than ( Payment channels, with sats as reserves.) you neeed account baseed systems for currency.
You need banking for a start
as I keep stating, bitcoin is not a bank and it doesn't replace them
What I’m saying is that banks will end up operating on local money and not a global system. They can act on gold type systems, but there will not be anything anytime in my lifetime where fiat currency goes away. Nor is bitcoin designed to replace it. It does replace cash, and it does create a system that is a better monitoring and control system.
transfers can be recorded and monitored but an account based record in transferring a single sat can transfer billions of dollars
one Satoshi can represent many different things
but, currency is not the thing that money is printed on
CSW
Jul 30, 2021
https://metanet-icu.slack.com/archives/C5131HKFX/p1627624082034000?thread_ts=1627624082.034000&cid=C5131HKFX
https://t.me/CSW_Slack/2789
YouTube
1. Introduction - Theory of Bitcoin - Dr. Craig S. Wright & Ryan X. Charles
An educational initiative by Dr. Craig S. Wright and Ryan X. Charles.
See this recent video as well:
"Craig Wright: Bitcoin as a security system" by Dr. Craig S. Wright and Ryan X. Charles.
https://www.youtube.com/watch?v=bmVMdeI6TL8
See this recent video as well:
"Craig Wright: Bitcoin as a security system" by Dr. Craig S. Wright and Ryan X. Charles.
https://www.youtube.com/watch?v=bmVMdeI6TL8
PoW vs PoS is not related to scale, in any form.
The argument is a red herring.
PoS end as a SMALL number of large nodes, ie Facebook shares.
The issue of processing is utterly unrelated to PoAnything.
PoS is stopping competition, not scale
Proof of stake isn’t a mechanism associated with the distribution of nodes to people. There is no method. That was the whole point of the bitcoin whitepaper stating sibling.
And all that ends up happening is that nodes need to register ownership. Just like shares. Nodes and up as large systems are not related to small distributions, just as Facebook and Google are owned by you small people who control them and the longtail effect means absolutely nothing.
Share ownership isn’t distributed under a Pareto model. Although it is a long tail, it is generally a long tail where a very small number of individuals holds 50% of the control.
There are no differences with any other financial assets. So to state that suddenly it’s going to be a democratic system where individuals hold one vote is completely asinine, and anyone who doesn’t think this through needs to go back and do a little bit of study.
Most shares are held by small groups
CSW
Ago 2, 2021
https://metanet-icu.slack.com/archives/C5131HKFX/p1627902040146100?thread_ts=1627902040.146100&cid=C5131HKFX
https://t.me/CSW_Slack/2796
The argument is a red herring.
PoS end as a SMALL number of large nodes, ie Facebook shares.
The issue of processing is utterly unrelated to PoAnything.
PoS is stopping competition, not scale
Proof of stake isn’t a mechanism associated with the distribution of nodes to people. There is no method. That was the whole point of the bitcoin whitepaper stating sibling.
And all that ends up happening is that nodes need to register ownership. Just like shares. Nodes and up as large systems are not related to small distributions, just as Facebook and Google are owned by you small people who control them and the longtail effect means absolutely nothing.
Share ownership isn’t distributed under a Pareto model. Although it is a long tail, it is generally a long tail where a very small number of individuals holds 50% of the control.
There are no differences with any other financial assets. So to state that suddenly it’s going to be a democratic system where individuals hold one vote is completely asinine, and anyone who doesn’t think this through needs to go back and do a little bit of study.
Most shares are held by small groups
CSW
Ago 2, 2021
https://metanet-icu.slack.com/archives/C5131HKFX/p1627902040146100?thread_ts=1627902040.146100&cid=C5131HKFX
https://t.me/CSW_Slack/2796
Telegram
CSW - Slack Channel
CSW
Ago 2, 2021
https://metanet-icu.slack.com/archives/C5131HKFX/p1627902040146100?thread_ts=1627902040.146100&cid=C5131HKFX
https://t.me/CSW_Slack/2796
Ago 2, 2021
https://metanet-icu.slack.com/archives/C5131HKFX/p1627902040146100?thread_ts=1627902040.146100&cid=C5131HKFX
https://t.me/CSW_Slack/2796
I wonder if anyone has noticed a couple of points:
The date format in bitcoin when it was launched was not American
Next, the original images on the website from the launch in 2009 in January detail transfers
these transactions started running on 3 January
the screen capture was done late at night
the simple answer here is that the original version of bitcoin before the restart was running and was tested and had multiple transactions
As I stated - it was restarted
And, it was loaded then on the site
CSW
Ago 2, 2021
https://metanet-icu.slack.com/archives/C5131HKFX/p1627909633150500?thread_ts=1627909633.150500&cid=C5131HKFX
https://t.me/CSW_Slack/2799
The date format in bitcoin when it was launched was not American
Next, the original images on the website from the launch in 2009 in January detail transfers
these transactions started running on 3 January
the screen capture was done late at night
the simple answer here is that the original version of bitcoin before the restart was running and was tested and had multiple transactions
As I stated - it was restarted
And, it was loaded then on the site
CSW
Ago 2, 2021
https://metanet-icu.slack.com/archives/C5131HKFX/p1627909633150500?thread_ts=1627909633.150500&cid=C5131HKFX
https://t.me/CSW_Slack/2799
Telegram
CSW - Slack Channel
CSW
Ago 2, 2021
https://metanet-icu.slack.com/archives/C5131HKFX/p1627909633150500?thread_ts=1627909633.150500&cid=C5131HKFX
https://t.me/CSW_Slack/2799
Ago 2, 2021
https://metanet-icu.slack.com/archives/C5131HKFX/p1627909633150500?thread_ts=1627909633.150500&cid=C5131HKFX
https://t.me/CSW_Slack/2799