Read_588 – Proof of Stake & Stablecoins – Part 1: A Centralization Dilemma [Lyn Alden]
“If Bitcoin were built on a proof-of-stake model, where the more coins you have the more votes you have on how the network functions, the large exchanges and custodians could have used the millions of coins they held on behalf of clients to vote in their own favor. This is similar to how Vanguard and BlackRock hold trillions of dollars of indexed equity assets for their users and maintain the voting rights on those assets.” – Lyn Alden
Man have we got a great one today! From Lyn Alden we have part 2 of her breakdown of the systems of proof of stake, versus proof of work, and why they are fundamentally different, and the challenges and trade offs of proof of stake. Why it is inherently centralizing, and what issues arise in contentious changes to the network. We will jump into Part 2 tomorrow, with more on how stablecoins make this problem even worse. Don’t miss it!
For some more reading into the concept behind Proof of stake and why its a very different (and wrong) design philosophy, dont miss Huge’s great pieces:
Proof of Stake & The Wrong Engineering Mindset: https://bitcoinaudible.com/proof-of-stake-the-wrong-engineering-mindset-hugo-nguyen/
Proof of stake & Unforgeable Costliness: https://bitcoinaudible.com/proof-of-stake-private-keys-attacks-unforgeable-costliness-hugo-nguyen/
Anatomy of Proof of Work: https://bitcoinaudible.com/anatomy-of-proof-of-work-part-1/
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Read_587 – Bitcoin & The American West [Croesus]
“These pioneers are akin to the Bitcoiners who showed up post-Mt. Gox, through to the Class of 2020. These are the individuals who saw the promise and opportunity of Bitcoin and seized it, despite the dangers that mainstream society warned us of. In the same way that the Oregon Trail was fraught with perils, so too is the journey from precoiner to Bitcoin maximalism. A greenhorn in digital assets has to navigate the treacherous landscape of cryptocurrency information available online, fending off scammers like Indian braves seeking scalps, and finding the right passage through the Rocky Mountains of shitcoinery. Breaking an axle is akin to losing funds in an exchange hack, dysentery like mismanaging keys, tempting shortcuts through the mountains like leverage trading on BitMex. The journey to the promised land of financial security and a brighter future is full of dangers, but the promise of a better life beckons the adventurous and bold.” – Croesus
How the frontier and America’s manifest destiny can illuminate where we are in the process of reaching a Bitcoin standard, and the incredible work and possibilities yet to come. A wonderful piece from returning author Croesus, and on the always fascinating Citadel21 publication. One not to be missed.
Link to the original article and tons of great accompanying material and imagery:
https://www.citadel21.com/bitcoin-and-the-american-west
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Read_586 – Bitcoin & Tesla’s Peaceful Energy Vision [Level39]
“If Bitcoin had existed in Tesla’s time, it would have removed the need for a corrupted monetary arrangement. Bitcoin mining is a permissionless and censor-resistant reward mechanism that incentivizes the cheapest and most reliable sources of energy. Tesla could have, hypothetically, self-funded his experimentation with mining rewards. The more successful and efficient his prototypes were, the more successful his mining would become, and the more funding he would secure to scale up his operation.” – Level39
It’s easy to focus entirely on the incredible impact and incentives that Bitcoin instills as a monetary good onto the world. Its massive effect on the economics of world markets, and how it will bring down capital barriers all around the world. But then forget, that it could be equally powerful, in the realm of energy production, and thermodynamic innovation. Bitcoin wont just change money, it will change our relationship to energy itself. And Nikola Tesla may just have some insight over 100 years old, that could shed light on what this could mean. Don’t miss this excellent article.
Link to the original for plenty of links to go exploring and dig deeper into this topic:
https://bitcoinmagazine.com/culture/bitcoin-and-teslas-peaceful-energy-vision
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Read_585 – Your Money AND Your Life [Edward Snowden]
“Neither is a Central Bank Digital Currency a State-level embrace of cryptocurrency—at least not of cryptocurrency as pretty much everyone in the world who uses it currently understands it.
Instead, a CBDC is something closer to being a perversion of cryptocurrency, or at least of the founding principles and protocols of cryptocurrency—a cryptofascist currency, an evil twin entered into the ledgers on Opposite Day, expressly designed to deny its users the basic ownership of their money and to install the State at the mediating center of every transaction.” – Edward Snowden
Today we take a journey with Edward Snowden diving into the nature and problems of Central Bank Digital Currencies, or CBDCs. More honestly known as centralized surveillance coins. Start playing today’s read, and then buy a little Bitcoin to help navigate us around the dystopian nightmare which is a future with CBDCs.
Link to the original and Snowden’s substack for more epic reading:
https://edwardsnowden.substack.com/p/cbdcs
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Chat #65 – To Airgap, Or Not to Airgap? …& Other Hardware Challenges with Lixin Liu & Douglas Bakkum
If you missed the awesome Twitter spaces we had with Lixin Liu from Keystone and Douglas Bakkum from Shift Crypto, you can’t stop crying because we have it here on Bitcoin Audible for your listening pleasure. What are the security benefits or trade offs with airgapped hardware wallets, what are the general challenges of Bitcoin hardware security, and why and how do most people lose their Bitcoin and what can we do to fix it? All this and more in today’s chat with some amazing minds building Bitcoin hardware, in Chat 65 – To Airgap or not to Airgap?
Follow these two crazy intelligent builders on twitter at the links below:
https://twitter.com/BitcoinLixin
https://twitter.com/douglasbakkum
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Read_584 – Yes, Bitcoin is a Smart Contract Platform [Shinobi]
“’Smart contracts’ as a term was coined by Nick Szabo back in 1996 before the idea of a blockchain was even a twinkling in Satoshi’s eye. They had nothing to do with DAOs, or decentralized exchanges or any of these types of constructs that people tend to think of when they hear the term.” – Shinobi
Throwing out the hype, the shitcoin buzzwords, the DAOs, and all the obscure claims about smart contracts on the various “crypto” platforms out there, and let’s get down to the origins and true meaning of the term “smart contract.” What does it really mean, and does Bitcoin have smart contracts, or not? A great piece from Shinobi and Bitcoin Magazine today. Not to be missed.
Link to the original articles for more details, further digging and the other incredible work at Bitcoin Magazine:
https://bitcoinmagazine.com/technical/why-bitcoin-smart-contract-platform
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Read_583 – Libertarianism & the Bitcoin Strategy [Stephan Livera]
“Even if we could somehow convince the world or the U.S. government to adopt a gold standard, there’s not really anything stopping them from claiming “it’s an emergency” and that we need to drop the gold standard and “temporarily” close the gold window. In this way, Bitcoin provides stronger assurances about our money than gold ever could.” – Stephan Livera
Is libertarianism without Bitcoin a lost cause? How does Bitcoin change the game in the fight for sustainable liberty, and what is the argument for understanding why the Bitcoin strategy for liberty, is the most important strategy we have? Find out in today’s concise read from Austrian economist and podcast host Stephan Livera, made available at Bitcoin Magazine.
Check out the original link below for more by Stephan and the other great works at Bitcoin Magazine:
https://bitcoinmagazine.com/culture/libertarians-need-to-prioritize-bitcoin
For those who want to hear the SLP episode with Titus Gebel on private cities and a strategy for a free future, this is the link to episode 161:
https://stephanlivera.com/episode/161/
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Read_582 – The World Bitcoin Will Build [Cory Klippsten]
“Money appreciates in value over time so that individuals can plan their future knowing their wealth will be protected. This leads to market participants’ time horizons lengthening, creating more investment, more entrepreneurship, more productivity and increased living standards.
This boom in entrepreneurship is what ultimately drives humanity forward.” – Cory Klippsten
Bitcoin is going to change things. If we fix the money, we fix the world. But if we can truly pull this off, what does that future look like… ?
Check out the original article at the link below:
https://www.coindesk.com/tech/2021/11/29/the-world-bitcoin-will-build/
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Read_581 – The Vaccine Moment, Part 1 [Paul Kingsnorth]
“Often, in an argument, what people think they are arguing about is not the real subject of disagreement, which is deeper and often unspoken, if it is even understood. So it is here. The divisions that have opened up in society about the covid vaccines are not really about the covid vaccines at all: they are about what vaccination symbolizes in this moment. What it means to be ‘vaxxed’ or ‘unvaxxed’, safe or dangerous, clean or dirty, sensible or irresponsible, compliant or independent: these are questions about what it means to be a good member of society, and what society even is, and they are detonating like depth charges beneath the surface of the culture.” – Paul Kingsnorth
We take a small detour to look at the state of the world and what is unfolding before us. How it applies to our future and the systems of control being constructed around us with so little resistance or open discussion. Paul Kingsnorth brings us an excellent article trying to make sense out of all of this. What is wrong, and what can we do about it?
Don’t forget to check out the original with tons of links referenced throughout the article to explore further and verify what he claims for yourself:
https://paulkingsnorth.substack.com/p/the-vaccine-moment-part-one
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Read_580 – Bitcoin and Crypto Aren’t the Same [Nik Bhatia]
“If price is truth, then a market capitalization of over $1 billion for over 100 different cryptocurrencies tells a story: we live in a multicoin world. But does that mean that bitcoin has competitors on its path to world reserve currency? No.” – Nik Bhatia
“Which crypto should I buy?” I’m sure you’ve heard it a thousand times if you’ve been in this space for even a few months. Are Bitcoin and crypto really in the same space, fighting for the same markets? Or is there a more fundamental difference that is difficult to see in such a novel space? What if they aren’t even in the same asset class? Nik Bhatia breaks it all down in this short, but excellent piece on why Bitcoin and Crypto, are not in fact, the same. Check out the article with lots of links for reference and further digging here.
Check out Some of Nik’s other great works at the link below, or search for Nik in the Bitcoin Audible Library:
https://bitcoinaudible.com/lightning-why-i-quit-the-bond-market-for-bitcoin/
Don’t forget to snag your copy of Layered Money in physical or audiobook format:
https://www.amazon.com/Layered-Money-Dollars-Bitcoin-Currencies-ebook/dp/B08PS293NT
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Read_579 – Our Best Shot at Liberty [Dr. Wolf Von Laer]
“The Bitcoin network itself and the personal owning of bitcoin is an act of peaceful rebellion against the fiat money system.” – Dr. Wolf Von Laer
There are a million different ways to discuss the benefits and attributes of Bitcoin, how it will influence the world, how it will change economic calculation. But what is most important for us and our hopes for the future, is the freedom it enables. And this isn’t in some esoteric, vague sense, but in a real sense, for both the collective, and the individual. Bitcoin is our best hope for liberty. Don’t miss a short, but excellent piece from Dr. Wolf Von Laer.
Find the original, plus links to other great reads on the article below:
https://bitcoinmagazine.com/culture/bitcoin-single-best-shot-at-liberty
Don’t forget to check out Alex Gladstein’s amazing works mentioned in the commentary:
https://bitcoinmagazine.com/authors/alexgladstein
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Read_578 – The Irrelevance of Experts [Willem Van Den Bergh]
“as the internet has slowly but surely eroded the obstacle of restricted information access in the past decades, the limiting factor for an individual to make intellectual progress merely shifted from an accessibility problem to a filtering problem (filtering the information that is relevant from the information that is not).” – Willem Van Den Bergh
Another excellent piece from Willem on the core issue of information flow in the modern age. What is the difference between systemic versus regional experts, and what framework can we use to better assess and filter the ocean of information flooding at us everyday? Are we destined to be the victims of supposed “authorities” with no skin in the game? Or is there a path to sustainable, robust knowledge in our digital future? don’t miss this one!
Check out the original with tons of great links for further reading into these concepts below! Plus drop some massive applause on this article on Medium:
https://medium.com/@willemvandenbergh_85885/the-ir-relevance-of-experts-top-down-versus-bottom-up-information-flow-428bd5005d88
Don’t forget Willem’s previous, amazing piece on Schelling points and the natural path toward convergence on Bitcoin:
https://bitcoinaudible.com/on-schelling-points-network-effects-lind/
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