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Cryptography news and discussions

Cryptography is the art of creating mathematical assurances for who can do what with data, including but not limited to encryption of messages such that only the key-holder can read it. Cryptography lives at an intersection of math and computer science. This subreddit covers the theory and practice of modern and *strong* cryptography, and it is a technical subreddit focused on the algorithms and implementations of cryptography.
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Aeon

Aeon (AEON) is a private, secure, untraceable currency. You are your bank, you control your funds, and nobody can trace your transfers.
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Today in History: Satoshi Nakamoto posts first message about Bitcoin on January 8, 2009: "I made the proof-of-work difficulty ridiculously easy to start with, so for a little while in the beginning a typical PC will be able to generate coins in just a few hours."

This is the best tl;dr I could make, original reduced by 76%. (I'm a bot)
Bitcoin v0.1 released Satoshi Nakamoto satoshi at vistomail.com Thu Jan 8 14:27:40 EST 2009 Announcing the first release of Bitcoin, a new electronic cash system that uses a peer-to-peer network to prevent double-spending.
You can get coins by getting someone to send you some, or turn on Options->Generate Coins to run a node and generate blocks.
Generated coins must wait 120 blocks to mature before they can be spent.
First 4 years: 10,500,000 coins next 4 years: 5,250,000 coins next 4 years: 2,625,000 coins next 4 years: 1,312,500 coins etc... When that runs out, the system can support transaction fees if needed.
Satoshi Nakamoto ----------------------------------- The Cryptography Mailing List Unsubscribe by sending "Unsubscribe cryptography" to majordomo at metzdowd.com More information about the cryptography mailing list Bitcoin v0.1 released Satoshi Nakamoto satoshi at vistomail.com Thu Jan 8 14:27:40 EST 2009 Announcing the first release of Bitcoin, a new electronic cash system that uses a peer-to-peer network to prevent double-spending.
Satoshi Nakamoto ----------------------------------- The Cryptography Mailing List Unsubscribe by sending "Unsubscribe cryptography" to majordomo at metzdowd.com More information about the cryptography mailing list.
Summary Source | FAQ | Feedback | Top keywords: coins#1 Satoshi#2 Cryptography#3 Bitcoin#4 node#5
Post found in /Bitcoin, /Bitcoin, /btc and /BitcoinAll.
NOTICE: This thread is for discussing the submission topic. Please do not discuss the concept of the autotldr bot here.
submitted by autotldr to autotldr [link] [comments]

BlockStream co-founder Greg Maxwell never believed in or understood Bitcoin, he "proved" it could never work: “When bitcoin first came out, I was on the cryptography mailing list. When it happened, I sort of laughed. Because I had already proven that decentralized consensus was impossible.”

BlockStream co-founder Greg Maxwell never believed in or understood Bitcoin, he submitted by cryptorebel to bitcoinfights [link] [comments]

“When bitcoin first came out, I was on the cryptography mailing list. When it happened, I sort of laughed. Because I had already proven that decentralized consensus was impossible.” Gregory Maxwell

http://www.coindesk.com/gregory-maxwell-went-bitcoin-skeptic-core-develope
A legend in his own mind.
nullc
Can we see this proof? Or did you just 'decide' it was impossible? Let's see it...I mean if you proved it, it must be published somewhere right? Or are you too busy trolling this sub?
submitted by dontcensormebro2 to btc [link] [comments]

The Cryptography Mailing List where Bitcoin Began, with Perry Metzger

https://www.youtube.com/watch?v=l0WXFhk3dnU
The Bitcoin Whitepaper was first released on the cryptography mailing list run by computer security expert, Perry Metzger. I chatted to Perry about the release and his first reaction upon learning about bitcoin.
submitted by naomibrockwell to cryptography [link] [comments]

Interview with Perry Metzger, the guy who runs the cryptography mailing list where Satoshi Nakamoto first published the Bitcoin whitepaper

Interview with Perry Metzger, the guy who runs the cryptography mailing list where Satoshi Nakamoto first published the Bitcoin whitepaper submitted by wolfwolfz to CryptoCurrency [link] [comments]

Satoshi: "(I need a better term than 'honest')." [in his 2nd response "Re: Bitcoin P2P e-cash paper", Cryptography Mailing List, 2008-11-03 14:45:58 UTC] // ForkiusMaximus: "There is no 'honesty' involved. There is only the assumption that the majority of miners are INTELLIGENTLY PROFIT-SEEKING."

https://archive.fo/e1EXF#selection-257.43-259.9
http://satoshi.nakamotoinstitute.org/emails/cryptography/
Mining is how you vote for rule changes. Greg's comments on BU revealed he has no idea how Bitcoin works. He thought "honest" meant "plays by Core rules." [But] there is no "honesty" involved. There is only the assumption that the majority of miners are INTELLIGENTLY PROFIT-SEEKING. - ForkiusMaximus
~ u/ydtm
https://np.reddit.com/btc/comments/5zxl2l/mining_is_how_you_vote_for_rule_changes_gregs/
Core/Blockstream (and their supporters) totally fail to understand this subtle but vital point: they think that devs somehow control Bitcoin, by forcing people to run certain code... or moderators somehow control Bitcoin, by censoring certain forums... or now non-mining [non-validating!] nodes can somehow control Bitcoin by suggesting a futile and pointless "user-activated soft-fork" (UASF) - ie a fork not supported by actual mining hashpower.
Core/Blockstream (and their supporters) have a fundamental misunderstanding of the most important aspect of Bitcoin - the fact that:
  • Bitcoin is controlled by not by devs... or censors... or non-mining [non-validating!] nodes.
  • Bitcoin is controlled by the economic incentives designed by Satoshi, where the vast majority of "honest" "intelligently profit-seeking" miners will always use their hashpower to vote for the rules which will maximize their Bitcoin profits (and our Bitcoin profits as well :-).
This is why the 21 million coin cap will never get increased.
And this is why blocksizes will always continue to moderately increase.
Not because some dev team made it "hard" to modify these settings in the code.
And not because some moderator censored some discussion about some alternative clients.
The reason Bitcoin works is simply because the vast majority of miners are "honest" "intelligently profit-seeking".
Greg Maxwell u/nullc: "Bitcoin ... works ... because hash power is NOT law."
u/ForkiusMaximus: "Let's pick apart Greg's statement to see his misunderstanding: ..."
https://np.reddit.com/btc/comments/69tc2c/bitcoin_works_because_hash_power_is_not_law_unullc/dh9inuv/
Let's pick apart Greg's statement to see his misunderstanding:
Greg: "Bitcoin's security works precisely because hash power is NOT law. Hash power is incentivized to behave honestly by the rules of the system-- set in stone by the users-- [that] no amount of hashpower can cheat."
This has the gist right ("incentivized" - yes) but is awkwardly phrased (users set nothing "in stone," certainly not by running "full nodes" as I suspect is implied here) and is factually wrong (majority hashpower CAN "cheat" via doublespending - that is the basic design of Bitcoin and no "full validating node" has even a lick of power to stop it as the attack uses perfectly valid blocks).
Thus hashpower IS law, in the sense that hashpower can totally go against the market's wishes and destroy the market's preferred chain if it chose to - but it is incentivized not to.
That's the subtlety Greg seems to be missing here, and has missed many times elsewhere: anyone who tells you "full nodes" are what keep miners in line 'outs' themselves as not understanding the basic premise of Bitcoin.
Miners are not restrained by people running "full validating nodes"; they are restrained by incentives to adhere to the market.
Un-FUBAR-ing Core's Terminology, Part 1: "Full validating nodes" are not nodes and they don't validate
~ u/ForkiusMaximus
https://np.reddit.com/btc/comments/6dcybs/unfubaring_cores_terminology_part_1_full/
First of all, Bitcoin is a mining network, thus what Core calls "full nodes" are not nodes on the Bitcoin network but rather archivers that tap into the Bitcoin mining network.
Satoshi was very clear in his early writings and comments in the early code that "node" meant miner, and that if you didn't specifically turn on mining, you were not running a node.
This terminology has been perverted in an effort to upgrade these archiving wallets to full-fledged constituents of the Bitcoin validation (which in Bitcoin really means mining) network.
This is part and parcel with Core's misunderstanding of the SPV section of the whitepaper. The essential SPV wallet scaling is in fact already working as specified and does NOT require fraud proofs.
Just about every key aspect of Bitcoin's design has been misinterpreted by Core devs and the terminology has become FUBAR in the process. Let us continue the deconstruction of Core terms:
"Full validating nodes" do not really validate, and in fact a block they "validated" (as following the heretofore-existing protocol rules) could be invalidated by miners (in terms of being part of the blockchain).
Strictly speaking, there is no such thing as "the protocol rules" at any given present time, only a history of blocks n through m that fell within certain parameters (e.g., all blocks so far have not exceeded 1MB).
Therefore "full nodes" cannot validate a block as following the rules because - strictly speaking - there are no rules at the chain tip; miners simply vote for whatever block they like, whether they do so based on their own private rules or even just arbitrarily.
Miners are not restrained by people running "full validating nodes"; they are restrained by incentives to adhere to the market.
Yes, many important market participants happen to run "full nodes," but it is not their running of these so-called "full nodes" that creates the incentives that restrain miners; it is rather their market importance itself.
If a million people having only a few satoshis to their name ran "full nodes" and the biggest economic actors only used SPV nodes...
  • it would not incentivize the hashpower majority to follow the rules preferred by those million "full nodes"
  • nor would it unincentivize the hashpower majority to follow the rules preferred by those SPV node runners.
Economic clout is what matters for incentivization.
"Miners are not restrained by people running 'full validating nodes'; they are restrained by incentives to adhere to the market."
~ u/Capt_Roger_Murdock
https://np.reddit.com/btc/comments/69yd4j/miners_are_not_restrained_by_people_running_full/dhacodp/?context=2
Bitcoin's entire security model as described in the white paper is premised on the idea that the hash power majority will be "honest" / incentivized to protect the health and integrity of the network ("They vote with their CPU power....").
If it ever really makes sense not to follow the hash power majority, Bitcoin is operating in a severe failure mode such that an emergency PoW-change is probably warranted.
(And I personally don't think it would ever make sense not to follow the hash power majority over something as trivial as block size -- which is why it doesn't belong in the "consensus layer" as described here.)
https://np.reddit.com/btc/comments/69yd4j/miners_are_not_restrained_by_people_running_full/dhacodp/
So: Satoshi Nakamoto, who created Bitcoin, said the following:
"They vote with their CPUs."
"Voting" with CPU power is the consensus mechanism by which "any needed rules and incentives can be enforced."
Now these two reality-denying Core devs clowns Greg Maxwell and Luke-Jr come along, and they want to enforce the rules.
Is anyone starting to notice some weird similarities between Luke-Jr and Greg Maxwell?
They're always either denying reality - or denying Satoshi.
u/nullc - Blockstream CTO Greg Maxwell:
u/luke-jr - the authoritarian nut-job Luke-Jr:
Those two demented deniers-of-reality (and deniers-of-Satoshi), Greg Maxwell and Luke-Jr, are the main people to blame for getting us into this mess:
Purely coincidental...
https://np.reddit.com/btc/comments/6a72vm/purely_coincidental/
Somehow I don't think those two deniers-of-reality (and deniers-of-Satoshi) are going to be the ones who get us out of it.
submitted by ydtm to btc [link] [comments]

Gregory Maxwell believes that decentralized consensus is impossible: "When bitcoin first came out, I was on the cryptography mailing list. When it happened, I sort of laughed. Because I had already proven that decentralized consensus was impossible."

Souce: http://www.coindesk.com/gregory-maxwell-went-bitcoin-skeptic-core-develope
Some quotes:
“When bitcoin first came out, I was on the cryptography mailing list. When it happened, I sort of laughed. Because I had already proven that decentralized consensus was impossible.”
“From one perspective, it [decentralization] shouldn’t matter. Because if having a bunch of people, [or] control over a bunch of people, working on the reference client is bad, then we’re already in trouble.”
Gregory Maxwell is a bitcoin skeptic. He still believes that decentralized consensus is impossible, and there is need for a central authority to enforce consensus.
submitted by bitp to btc [link] [comments]

Bitcoin history: Read some of the initial discussion on the Cryptography Mailing List.

submitted by throckmortonsign to Bitcoin [link] [comments]

When bitcoin first came out, I was on the cryptography mailing list. When it happened, I sort of laughed. Because I had already proven that decentralized consensus was impossible. Gregory Maxwell /r/btc

When bitcoin first came out, I was on the cryptography mailing list. When it happened, I sort of laughed. Because I had already proven that decentralized consensus was impossible. Gregory Maxwell /btc submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Satoshi: "(I need a better term than 'honest')." [in his 2nd response "Re: Bitcoin P2P e-cash paper", Cryptography Mailing List, 2008-11-03 14:45:58 UTC] // ForkiusMaximus: "There is no 'honesty' involved. There is only the assumption that the majority of miners are INTELLIGENTLY PROFIT-SEE /r/btc

Satoshi: submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Gregory Maxwell believes that decentralized consensus is impossible: "When bitcoin first came out, I was on the cryptography mailing list. When it happened, I sort of laughed. Because I had already proven that decentralized consensus was impossible." /r/btc

Gregory Maxwell believes that decentralized consensus is impossible: submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Bitcoin P2P e-cash paper - the original message on a cryptography mailing list where Satoshi Nakamoto introduced Bitcoin

submitted by Astrohacker to Bitcoin [link] [comments]

RIP HAL FINNEY "His last post on a BTC Forum"

I thought I'd write about the last four years, an eventful time for Bitcoin and me.
For those who don't know me, I'm Hal Finney. I got my start in crypto working on an early version of PGP, working closely with Phil Zimmermann. When Phil decided to start PGP Corporation, I was one of the first hires. I would work on PGP until my retirement. At the same time, I got involved with the Cypherpunks. I ran the first cryptographically based anonymous remailer, among other activities.
Fast forward to late 2008 and the announcement of Bitcoin. I've noticed that cryptographic graybeards (I was in my mid 50's) tend to get cynical. I was more idealistic; I have always loved crypto, the mystery and the paradox of it.
When Satoshi announced Bitcoin on the cryptography mailing list, he got a skeptical reception at best. Cryptographers have seen too many grand schemes by clueless noobs. They tend to have a knee jerk reaction.
I was more positive. I had long been interested in cryptographic payment schemes. Plus I was lucky enough to meet and extensively correspond with both Wei Dai and Nick Szabo, generally acknowledged to have created ideas that would be realized with Bitcoin. I had made an attempt to create my own proof of work based currency, called RPOW. So I found Bitcoin facinating.
When Satoshi announced the first release of the software, I grabbed it right away. I think I was the first person besides Satoshi to run bitcoin. I mined block 70-something, and I was the recipient of the first bitcoin transaction, when Satoshi sent ten coins to me as a test. I carried on an email conversation with Satoshi over the next few days, mostly me reporting bugs and him fixing them.
Today, Satoshi's true identity has become a mystery. But at the time, I thought I was dealing with a young man of Japanese ancestry who was very smart and sincere. I've had the good fortune to know many brilliant people over the course of my life, so I recognize the signs.
After a few days, bitcoin was running pretty stably, so I left it running. Those were the days when difficulty was 1, and you could find blocks with a CPU, not even a GPU. I mined several blocks over the next days. But I turned it off because it made my computer run hot, and the fan noise bothered me. In retrospect, I wish I had kept it up longer, but on the other hand I was extraordinarily lucky to be there at the beginning. It's one of those glass half full half empty things.
The next I heard of Bitcoin was late 2010, when I was surprised to find that it was not only still going, bitcoins actually had monetary value. I dusted off my old wallet, and was relieved to discover that my bitcoins were still there. As the price climbed up to real money, I transferred the coins into an offline wallet, where hopefully they'll be worth something to my heirs.
Speaking of heirs, I got a surprise in 2009, when I was suddenly diagnosed with a fatal disease. I was in the best shape of my life at the start of that year, I'd lost a lot of weight and taken up distance running. I'd run several half marathons, and I was starting to train for a full marathon. I worked my way up to 20+ mile runs, and I thought I was all set. That's when everything went wrong.
My body began to fail. I slurred my speech, lost strength in my hands, and my legs were slow to recover. In August, 2009, I was given the diagnosis of ALS, also called Lou Gehrig's disease, after the famous baseball player who got it.
ALS is a disease that kills moter neurons, which carry signals from the brain to the muscles. It causes first weakness, then gradually increasing paralysis. It is usually fatal in 2 to 5 years. My symptoms were mild at first and I continued to work, but fatigue and voice problems forced me to retire in early 2011. Since then the disease has continued its inexorable progression.
Today, I am essentially paralyzed. I am fed through a tube, and my breathing is assisted through another tube. I operate the computer using a commercial eyetracker system. It also has a speech synthesizer, so this is my voice now. I spend all day in my power wheelchair. I worked up an interface using an arduino so that I can adjust my wheelchair's position using my eyes.
It has been an adjustment, but my life is not too bad. I can still read, listen to music, and watch TV and movies. I recently discovered that I can even write code. It's very slow, probably 50 times slower than I was before. But I still love programming and it gives me goals. Currently I'm working on something Mike Hearn suggested, using the security features of modern processors, designed to support "Trusted Computing", to harden Bitcoin wallets. It's almost ready to release. I just have to do the documentation.
And of course the price gyrations of bitcoins are entertaining to me. I have skin in the game. But I came by my bitcoins through luck, with little credit to me. I lived through the crash of 2011. So I've seen it before. Easy come, easy go.
That's my story. I'm pretty lucky overall. Even with the ALS, my life is very satisfying. But my life expectancy is limited. Those discussions about inheriting your bitcoins are of more than academic interest. My bitcoins are stored in our safe deposit box, and my son and daughter are tech savvy. I think they're safe enough. I'm comfortable with my legacy.
submitted by Cxesar to Bitcoin [link] [comments]

The Truth about Bitcoin?

Part 1/4 - NSA Connection:
First off, the SHA-256 algorithm, which stands for Secure Hash Algorithm 256, is a member of the SHA-2 cryptographic hash functions designed by the NSA and first published in 2001.
SHA-256, like other hash functions, takes any input and produces an output (often called a hash) of fixed length. The output of a hashing algorithm such as SHA-256 will always be the same length - regardless of the input size. Specifically, the output is, as the name suggests, 256 bits.
Moreover, all outputs appear completely random and offer no information about the input that created it.
The Bitcoin Network utilises the SHA-256 algorithm for mining and the creation of new addresses.
Who is Satoshi Nakamoto? What does Satoshi Nakamoto mean?
Out of respect for their anonymity, it would be rude to speculate in a video about who Satoshi Nakamoto is likely to be. The reality is, it's not important. Let me explain: Any human being can be attacked. Jesus could come back from the dead, and there would be haters. Therefore, the Satoshi Nakamoto approach neutralises the natural human herd behaviour, exacerbated by the media, to attack and discredit. This is a very important part of Bitcoin's success thus far. Also, from a security perspective, those who wish to dox Satoshi Nakamoto in a video are essentially putting his, or her, or their, life at risk...for the sake of views.
As a genius who has produced an innovation not just from a technical perspective but also a monetary perspective, they should be treated with more respect than that.
As for the name Satoshi Nakamoto, I would speculate that it is a homage to Tatsuaki Okamoto and Satoshi Obana - two cryptographers from Japan. There is another reason for the name, but that...is confidential.
In 1996, the NSA's Cryptology Division of their Office of Information Security Research and Technology published a paper titled: "How to make a mint: The cryptography of anonymous electronic cash", first publishing it in an MIT mailing list and later, in 1997, in the American University Law Review. One of the researchers they referenced was Tatsuaki Okamoto.

Part 2/4 - 'Crypto Market':
Most of the crypto market is a scam.
By the way, this was predicted very early on in the Bitcoin Talk forums - check out this interaction from November 8th, 2010:
"if bitcoin really takes off I can see lots of get-rich-quick imitators coming on the scene: gitcoin, nitcoin, witcoin, titcoin, shitcoin...
Of course the cheap imitators will disappear as quickly as those 1990s "internet currencies", but lots of people will get burned along the way."
To which Bitcoin OG Gavin Andresen replies:
"I agree - we're in the Wild West days of open-source currency. I expect people will get burned by scams, imitators, ponzi schemes and price bubbles."
"I don't think there's a whole lot that can be done about scammers, imitators and ponzi schemes besides warning people to be careful with their money (whether dollars, euros or bitcoins)."
Now, on the one hand, lack of regulation is more meritocratic (as you don't have to be an accredited investor just to get access).
On the other hand, it means that crypto is, as Gavin said, a Wild West environment, with many cowboys in the Desert. Be careful.
This is the same with most online courses - particularly 'How to get rich quick' courses - however with crypto you have an exponential increase in the supply of victims during the bull cycles so it is particularly prevalent during those times.
In addition to this, leverage trading exchanges, which are no different to casinos, prey on naive retail traders who:
A) Think they can outsmart professional traders with actual risk management skills; and
B) Think they can outsmart the exchanges themselves who have an informational advantage as well as an incentive to chase stop losses and liquidate positions.

Part 3/4 - CBDCs:
The Fed and Central Banks around the world have printed themselves into a corner.
Quantitative easing was the band-aid for the Great Financial Crisis in 2008, and more recent events have propelled the rate of money printing to absurd levels.
This means that all currencies are in a race to zero - and it becomes a game of who can print more fiat faster.
The powers that be know that this fiat frenzy is unsustainable, and that more and more people are becoming aware that it is a debt based system, based on nothing.
The monetary system devised by bankers, for bankers, in 1913 on Jekyll Island and supercharged in 1971 is fairly archaic and also does not allow for meritocratic value transfer - fiat printing itself increases inequality.
They, obviously, know this (as it is by design).
The issue (for them) is that more and more people are starting to become aware of this.
Moving to a modernised monetary system will allow those who have rigged the rules of the game for the last Century to get away scot-free.
It will also pave the way for a new wealthy, and more tech literate, elite to emerge - again predicted in the Bitcoin Talk forums.
Now...back to the powers that be.
Bitcoin provides a natural transition to Central Bank Digital Currencies (CBDCs) and what I would describe as Finance 2.0, but what are the benefits of CBDCs for the state?
More control, easier tax collection, more flexibility in monetary policy (i.e. negative interest rates) and generally a more efficient monetary system.
This leads us to the kicker: which is the war on cash. The cashless society was a fantasy just a few years ago, however now it doesn't seem so far fetched. No comment.

Part 4/4 - Bitcoin:
What about Bitcoin?
Well, Bitcoin has incredibly strong network effects; it is the most powerful computer network in the World.
But what about Bitcoin's reputation?
Bankers hate it.
Warren Buffett hates it.
Precisely, and the public hates bankers.
Sure, the investing public respects Buffett, but the general public perception of anyone worth $73 billion is not exactly at all time highs right now amid record wealth inequality.
In the grand scheme of things, the market cap of Bitcoin is currently around $179 billion.
For example, the market cap of Gold is around $9 trillion, which is 50x the Market Cap of Bitcoin.
Money has certain characteristics.
In my opinion, what makes Bitcoin unique is the fact that it has a finite total supply (21 million) and a predictable supply schedule via the halving events every 4 years, which cut in half the rate at which new Bitcoin is released into circulation.
Clearly, with these properties, it seems likely that Bitcoin could act as a meaningful hedge against inflation.
One of the key strengths of Bitcoin is the fact that the Network is decentralised...
Many people don't know that PayPal originally wanted to create a global currency similar to crypto.
Overall, a speculative thesis would be the following:
Satoshi Nakamoto is one of the most important entities of the 21st Century, and will accelerate the next transition of the human race.
Trusted third parties are security holes.
Bitcoin is the catalyst for Finance 2.0, whereby value transfer is conducted in a more meritocratic and decentralised fashion.
In 1964, Russian astrophysicist Nikolai Kardashev designed the Kardashev Scale.
At the time, he was looking for signs of extraterrestrial life within cosmic signals.
The Scale has three categories, which are based on the amount of usable energy a civilisation has at its disposal, and the degree of space colonisation.
Generally, a Type 1 Civilisation has achieved mastery of its home planet (10^16W);
A Type 2 Civilisation has mastery over its solar system (10^26W);
and a Type 3 Civilisation has mastery over its Galaxy (10^36W).
We humans are a Type 0 Civilisation on this Scale.
Nonetheless, our exponential technological growth in the few decades indicates that we are somewhere between Type 0 and Type 1.
In fact, according to Carl Sagan's interpolated Kardashev Scale and recent global energy consumption, we are about 0.73.
Physicist Freeman Dyson estimated that within 200 years or so, we should attain Type 1 status.
As a technology that, through its decentralisation, links entities globally and makes value transfer between humans more efficient, Bitcoin could prove a key piece of our progression as a civilisation.
What are your thoughts?
Is it true...or false?
https://www.youtube.com/watch?v=1oQLOqpP1ZM
submitted by financeoptimum to conspiracy [link] [comments]

The Truth about Bitcoin?

Part 1/4 - NSA Connection:
First off, the SHA-256 algorithm, which stands for Secure Hash Algorithm 256, is a member of the SHA-2 cryptographic hash functions designed by the NSA and first published in 2001.
SHA-256, like other hash functions, takes any input and produces an output (often called a hash) of fixed length. The output of a hashing algorithm such as SHA-256 will always be the same length - regardless of the input size. Specifically, the output is, as the name suggests, 256 bits.
Moreover, all outputs appear completely random and offer no information about the input that created it.
The Bitcoin Network utilises the SHA-256 algorithm for mining and the creation of new addresses.
Who is Satoshi Nakamoto? What does Satoshi Nakamoto mean?
Out of respect for their anonymity, it would be rude to speculate in a video about who Satoshi Nakamoto is likely to be. The reality is, it's not important. Let me explain: Any human being can be attacked. Jesus could come back from the dead, and there would be haters. Therefore, the Satoshi Nakamoto approach neutralises the natural human herd behaviour, exacerbated by the media, to attack and discredit. This is a very important part of Bitcoin's success thus far. Also, from a security perspective, those who wish to dox Satoshi Nakamoto in a video are essentially putting his, or her, or their, life at risk...for the sake of views.
As a genius who has produced an innovation not just from a technical perspective but also a monetary perspective, they should be treated with more respect than that.
As for the name Satoshi Nakamoto, I would speculate that it is a homage to Tatsuaki Okamoto and Satoshi Obana - two cryptographers from Japan. There is another reason for the name, but that...is confidential.
In 1996, the NSA's Cryptology Division of their Office of Information Security Research and Technology published a paper titled: "How to make a mint: The cryptography of anonymous electronic cash", first publishing it in an MIT mailing list and later, in 1997, in the American University Law Review. One of the researchers they referenced was Tatsuaki Okamoto.

Part 2/4 - 'Crypto Market':
Most of the crypto market is a scam.
By the way, this was predicted very early on in the Bitcoin Talk forums - check out this interaction from November 8th, 2010:
"if bitcoin really takes off I can see lots of get-rich-quick imitators coming on the scene: gitcoin, nitcoin, witcoin, titcoin, shitcoin...
Of course the cheap imitators will disappear as quickly as those 1990s "internet currencies", but lots of people will get burned along the way."
To which Bitcoin OG Gavin Andresen replies:
"I agree - we're in the Wild West days of open-source currency. I expect people will get burned by scams, imitators, ponzi schemes and price bubbles."
"I don't think there's a whole lot that can be done about scammers, imitators and ponzi schemes besides warning people to be careful with their money (whether dollars, euros or bitcoins)."
Now, on the one hand, lack of regulation is more meritocratic (as you don't have to be an accredited investor just to get access).
On the other hand, it means that crypto is, as Gavin said, a Wild West environment, with many cowboys in the Desert. Be careful.
This is the same with most online courses - particularly 'How to get rich quick' courses - however with crypto you have an exponential increase in the supply of victims during the bull cycles so it is particularly prevalent during those times.
In addition to this, leverage trading exchanges, which are no different to casinos, prey on naive retail traders who:
A) Think they can outsmart professional traders with actual risk management skills; and
B) Think they can outsmart the exchanges themselves who have an informational advantage as well as an incentive to chase stop losses and liquidate positions.

Part 3/4 - CBDCs:
The Fed and Central Banks around the world have printed themselves into a corner.
Quantitative easing was the band-aid for the Great Financial Crisis in 2008, and more recent events have propelled the rate of money printing to absurd levels.
This means that all currencies are in a race to zero - and it becomes a game of who can print more fiat faster.
The powers that be know that this fiat frenzy is unsustainable, and that more and more people are becoming aware that it is a debt based system, based on nothing.
The monetary system devised by bankers, for bankers, in 1913 on Jekyll Island and supercharged in 1971 is fairly archaic and also does not allow for meritocratic value transfer - fiat printing itself increases inequality.
They, obviously, know this (as it is by design).
The issue (for them) is that more and more people are starting to become aware of this.
Moving to a modernised monetary system will allow those who have rigged the rules of the game for the last Century to get away scot-free.
It will also pave the way for a new wealthy, and more tech literate, elite to emerge - again predicted in the Bitcoin Talk forums.
Now...back to the powers that be.
Bitcoin provides a natural transition to Central Bank Digital Currencies (CBDCs) and what I would describe as Finance 2.0, but what are the benefits of CBDCs for the state?
More control, easier tax collection, more flexibility in monetary policy (i.e. negative interest rates) and generally a more efficient monetary system.
This leads us to the kicker: which is the war on cash. The cashless society was a fantasy just a few years ago, however now it doesn't seem so far fetched. No comment.

Part 4/4 - Bitcoin:
What about Bitcoin?
Well, Bitcoin has incredibly strong network effects; it is the most powerful computer network in the World.
But what about Bitcoin's reputation?
Bankers hate it.
Warren Buffett hates it.
Precisely, and the public hates bankers.
Sure, the investing public respects Buffett, but the general public perception of anyone worth $73 billion is not exactly at all time highs right now amid record wealth inequality.
In the grand scheme of things, the market cap of Bitcoin is currently around $179 billion.
For example, the market cap of Gold is around $9 trillion, which is 50x the Market Cap of Bitcoin.
Money has certain characteristics.
In my opinion, what makes Bitcoin unique is the fact that it has a finite total supply (21 million) and a predictable supply schedule via the halving events every 4 years, which cut in half the rate at which new Bitcoin is released into circulation.
Clearly, with these properties, it seems likely that Bitcoin could act as a meaningful hedge against inflation.
One of the key strengths of Bitcoin is the fact that the Network is decentralised...
Many people don't know that PayPal originally wanted to create a global currency similar to crypto.
Overall, a speculative thesis would be the following:
Satoshi Nakamoto is one of the most important entities of the 21st Century, and will accelerate the next transition of the human race.
Trusted third parties are security holes.
Bitcoin is the catalyst for Finance 2.0, whereby value transfer is conducted in a more meritocratic and decentralised fashion.
In 1964, Russian astrophysicist Nikolai Kardashev designed the Kardashev Scale.
At the time, he was looking for signs of extraterrestrial life within cosmic signals.
The Scale has three categories, which are based on the amount of usable energy a civilisation has at its disposal, and the degree of space colonisation.
Generally, a Type 1 Civilisation has achieved mastery of its home planet (10^16W);
A Type 2 Civilisation has mastery over its solar system (10^26W);
and a Type 3 Civilisation has mastery over its Galaxy (10^36W).
We humans are a Type 0 Civilisation on this Scale.
Nonetheless, our exponential technological growth in the few decades indicates that we are somewhere between Type 0 and Type 1.
In fact, according to Carl Sagan's interpolated Kardashev Scale and recent global energy consumption, we are about 0.73.
Physicist Freeman Dyson estimated that within 200 years or so, we should attain Type 1 status.
As a technology that, through its decentralisation, links entities globally and makes value transfer between humans more efficient, Bitcoin could prove a key piece of our progression as a civilisation.
What are your thoughts?
Is it true...or false?
https://www.youtube.com/watch?v=1oQLOqpP1ZM
submitted by financeoptimum to CryptoCurrency [link] [comments]

BSoV: The Minable and Deflationary ERC20

The year 2020 exposed many of the negative aspects of the current financial construct which the world relies on. On 4/9/2020, the Federal Reserve announced that they would inject another $2,300,000,000,000 (2.3 Trillion, you read that right) into the U.S. economy. With the threat of Covid-19 essentially shutting down the daily operations of the economy overnight, something HAD to be done, right? Were there any other options? Many people are expecting a $1,200 stimulus check to cushion the pockets of people affected by the mass layoffs and market collapses. I myself asked a simple question, "What are the long term consequences of diluting the market with the USD?"
This question is one that should be asked over, and over, and over by every single person who receives a paycheck from their employer or government regardless of where you reside in the world. The U.S. dollar is the dominant monetary force in the global economy, and it dictates much of the value of all things being bought, sold, and utilized in said economy. It is common and public knowledge that the dollar has been subject to inflation: in 1913, the same $100 you had then would only have the purchasing power of a about $26 today. One could expect, in theory, that this number will diminish even more because of the drastic amount of USD injection occuring because of this pandemic. Most people cant afford basic necessities because of this ridiculous level of inflation caused at the hands of the Fed.
As many of you know, Satoshi Nakamoto had a response to this type of stimulus and bailout system the Federal Reserve has created and enlisted at any opportunity to respond to a crisis. It was called Bitcoin, and today it has become a financial power to be reckoned with. It has brought governments to terms with the fact that their systems are not efficient, along with putting power back into the peoples hands when it comes to controlling and utilizing their own money. There are no restrictions on how much Bitcoin you can send. There are no restrictions on whom you can send it to, and there are no ways to hide whom you've sent it to using blockchain technology and cryptography to secure its network and create a database of all transactions. The creation of Bitcoin was an answer to many of the problems with the financial system.
On June 17th, 2019, a person under the pseudonym "Mundo" also tried to provide an answer to some of these problems with a laser focus on inflation. The solution he proposed (we have not seen the long term benefits, so the solution is not quite yet an answer) is BSoV, or BitcoinSoV (Bitcoin Store of Value). BSoV is an ERC20 token which utilizes the EIP918 protocol first utilized by a similar token called 0xBTC. EIP918 allows both BSoV and 0xBTC to be minable on the Ethereum blockhain via a smart contract. Following the same distribution model, consensus mechanism, and total supply of Bitcoin (Fair Start, meaning no ICO, Premine, or developers fees; Mined using PoW, specifically Solidity SHA3; 21,000,000 total supply, 3.6 million mined thus far, divisible to 8 decimal points, with the same amount of halving eras as BTC) BSoV differs in one very different way: a 1% transaction burn built into its code.
With BSoV, every transaction is subject to a mandatory 1% transaction burn when a transaction is sent and confirmed on the Ethereum blockchain. The deflationary mechanism is the solution that Mundo proposed as an answer to the inflation the peoples money is exposed to because of the negligent actions of the Fed. This inflation is created out of the control of the people, and their purchasing power is diminished. With BSoV, the deflationary aspect is out of there control, but the end result is the opposite; an increase in its value due to scarcity and exchange of resources from its consensus mechanism. (This is a great scholarly article which details how mining provides a bottom value to PoW coins/tokens due to resource exchange, ie. Computing power, electricity, etc. https://www.sciencedirect.com/science/article/abs/pii/S0736585315301118)
It's important to note that the project has not been around long enough to see its end goal or vision come to fruition. This is precisely why I am writing this article. More is needed to help study and analyze if this is the answer to this problem. What I can say is that this is one of the few real potential answers that have been proposed, created and implemented to try and combat the Fed. With mass adoption, can we have a true store of value solution that protects itself from the self burdening negligence of the powers that be? Do we have to keep loaning our money to banks to invest for free, only for them to need a bailout every 10-20 years due to poor monetary management and investing sprees? An immutable smart contract that cannot be 51% attacked or controlled by those in power might be worth pursuing.
I'd like to end this article on a more transparent note about myself and my involvement with the project to help shed light on any apparent bias or misconceptions that some may have about my intentions here. I am one of 950 current holders and community members. I mined BSoV after I joined the telegram group and got involved on July 4th, 2019. I have never been paid for my work here, and it is strictly something that I believe in and want to help shed light on to those who might be interested in what the project has to offer. Just like many of the cryptocurrency enthusiast on the on P2P mailing list in 2009, many of us are working together tirelessly to bring one of the few tokens with integrity, transparency and ethics to those who want to experiment and see what may happen.
Something that I have also asked my self is "Whats the worst that can happen?" when it comes to my involvement here.
If the worst is a little time wasted on something I believed in, I will sleep fine at night. But if I am so fortunate to be apart of something that could truly change lives and alter the never-ending downtrend of inflation which has made life so difficult for the average human being, I will have a better nights sleep than I could have ever imagined.
Thank you for your time. I wish all of you health, wealth, and safety during this difficult time.
Sincerely,
BSoV_Chris
(You can find out more @ BSoV.io)
submitted by Chrisc9234 to ethtrader [link] [comments]

The Truth about Bitcoin?

Part 1/4 - NSA Connection:
First off, the SHA-256 algorithm, which stands for Secure Hash Algorithm 256, is a member of the SHA-2 cryptographic hash functions designed by the NSA and first published in 2001.
SHA-256, like other hash functions, takes any input and produces an output (often called a hash) of fixed length. The output of a hashing algorithm such as SHA-256 will always be the same length - regardless of the input size. Specifically, the output is, as the name suggests, 256 bits.
Moreover, all outputs appear completely random and offer no information about the input that created it.
The Bitcoin Network utilises the SHA-256 algorithm for mining and the creation of new addresses.
Who is Satoshi Nakamoto? What does Satoshi Nakamoto mean?
Out of respect for their anonymity, it would be rude to speculate in a video about who Satoshi Nakamoto is likely to be. The reality is, it's not important. Let me explain: Any human being can be attacked. Jesus could come back from the dead, and there would be haters. Therefore, the Satoshi Nakamoto approach neutralises the natural human herd behaviour, exacerbated by the media, to attack and discredit. This is a very important part of Bitcoin's success thus far. Also, from a security perspective, those who wish to dox Satoshi Nakamoto in a video are essentially putting his, or her, or their, life at risk...for the sake of views.
As a genius who has produced an innovation not just from a technical perspective but also a monetary perspective, they should be treated with more respect than that.
As for the name Satoshi Nakamoto, I would speculate that it is a homage to Tatsuaki Okamoto and Satoshi Obana - two cryptographers from Japan. There is another reason for the name, but that...is confidential.
In 1996, the NSA's Cryptology Division of their Office of Information Security Research and Technology published a paper titled: "How to make a mint: The cryptography of anonymous electronic cash", first publishing it in an MIT mailing list and later, in 1997, in the American University Law Review. One of the researchers they referenced was Tatsuaki Okamoto.

Part 2/4 - 'Crypto Market':
Most of the crypto market is a scam.
By the way, this was predicted very early on in the Bitcoin Talk forums - check out this interaction from November 8th, 2010:
"if bitcoin really takes off I can see lots of get-rich-quick imitators coming on the scene: gitcoin, nitcoin, witcoin, titcoin, shitcoin...
Of course the cheap imitators will disappear as quickly as those 1990s "internet currencies", but lots of people will get burned along the way."
To which Bitcoin OG Gavin Andresen replies:
"I agree - we're in the Wild West days of open-source currency. I expect people will get burned by scams, imitators, ponzi schemes and price bubbles."
"I don't think there's a whole lot that can be done about scammers, imitators and ponzi schemes besides warning people to be careful with their money (whether dollars, euros or bitcoins)."
Now, on the one hand, lack of regulation is more meritocratic (as you don't have to be an accredited investor just to get access).
On the other hand, it means that crypto is, as Gavin said, a Wild West environment, with many cowboys in the Desert. Be careful.
This is the same with most online courses - particularly 'How to get rich quick' courses - however with crypto you have an exponential increase in the supply of victims during the bull cycles so it is particularly prevalent during those times.
In addition to this, leverage trading exchanges, which are no different to casinos, prey on naive retail traders who:
A) Think they can outsmart professional traders with actual risk management skills; and
B) Think they can outsmart the exchanges themselves who have an informational advantage as well as an incentive to chase stop losses and liquidate positions.

Part 3/4 - CBDCs:
The Fed and Central Banks around the world have printed themselves into a corner.
Quantitative easing was the band-aid for the Great Financial Crisis in 2008, and more recent events have propelled the rate of money printing to absurd levels.
This means that all currencies are in a race to zero - and it becomes a game of who can print more fiat faster.
The powers that be know that this fiat frenzy is unsustainable, and that more and more people are becoming aware that it is a debt based system, based on nothing.
The monetary system devised by bankers, for bankers, in 1913 on Jekyll Island and supercharged in 1971 is fairly archaic and also does not allow for meritocratic value transfer - fiat printing itself increases inequality.
They, obviously, know this (as it is by design).
The issue (for them) is that more and more people are starting to become aware of this.
Moving to a modernised monetary system will allow those who have rigged the rules of the game for the last Century to get away scot-free.
It will also pave the way for a new wealthy, and more tech literate, elite to emerge - again predicted in the Bitcoin Talk forums.
Now...back to the powers that be.
Bitcoin provides a natural transition to Central Bank Digital Currencies (CBDCs) and what I would describe as Finance 2.0, but what are the benefits of CBDCs for the state?
More control, easier tax collection, more flexibility in monetary policy (i.e. negative interest rates) and generally a more efficient monetary system.
This leads us to the kicker: which is the war on cash. The cashless society was a fantasy just a few years ago, however now it doesn't seem so far fetched. No comment.

Part 4/4 - Bitcoin:
What about Bitcoin?
Well, Bitcoin has incredibly strong network effects; it is the most powerful computer network in the World.
But what about Bitcoin's reputation?
Bankers hate it.
Warren Buffett hates it.
Precisely, and the public hates bankers.
Sure, the investing public respects Buffett, but the general public perception of anyone worth $73 billion is not exactly at all time highs right now amid record wealth inequality.
In the grand scheme of things, the market cap of Bitcoin is currently around $179 billion.
For example, the market cap of Gold is around $9 trillion, which is 50x the Market Cap of Bitcoin.
Money has certain characteristics.
In my opinion, what makes Bitcoin unique is the fact that it has a finite total supply (21 million) and a predictable supply schedule via the halving events every 4 years, which cut in half the rate at which new Bitcoin is released into circulation.
Clearly, with these properties, it seems likely that Bitcoin could act as a meaningful hedge against inflation.
One of the key strengths of Bitcoin is the fact that the Network is decentralised...
Many people don't know that PayPal originally wanted to create a global currency similar to crypto.
Overall, a speculative thesis would be the following:
Satoshi Nakamoto is one of the most important entities of the 21st Century, and will accelerate the next transition of the human race.
Trusted third parties are security holes.
Bitcoin is the catalyst for Finance 2.0, whereby value transfer is conducted in a more meritocratic and decentralised fashion.
In 1964, Russian astrophysicist Nikolai Kardashev designed the Kardashev Scale.
At the time, he was looking for signs of extraterrestrial life within cosmic signals.
The Scale has three categories, which are based on the amount of usable energy a civilisation has at its disposal, and the degree of space colonisation.
Generally, a Type 1 Civilisation has achieved mastery of its home planet (10^16W);
A Type 2 Civilisation has mastery over its solar system (10^26W);
and a Type 3 Civilisation has mastery over its Galaxy (10^36W).
We humans are a Type 0 Civilisation on this Scale.
Nonetheless, our exponential technological growth in the few decades indicates that we are somewhere between Type 0 and Type 1.
In fact, according to Carl Sagan's interpolated Kardashev Scale and recent global energy consumption, we are about 0.73.
Physicist Freeman Dyson estimated that within 200 years or so, we should attain Type 1 status.
As a technology that, through its decentralisation, links entities globally and makes value transfer between humans more efficient, Bitcoin could prove a key piece of our progression as a civilisation.
What are your thoughts?
Is it true...or false?
https://www.youtube.com/watch?v=1oQLOqpP1ZM
submitted by financeoptimum to Money [link] [comments]

The Truth about Bitcoin?

Part 1/4 - NSA Connection:
First off, the SHA-256 algorithm, which stands for Secure Hash Algorithm 256, is a member of the SHA-2 cryptographic hash functions designed by the NSA and first published in 2001.
SHA-256, like other hash functions, takes any input and produces an output (often called a hash) of fixed length. The output of a hashing algorithm such as SHA-256 will always be the same length - regardless of the input size. Specifically, the output is, as the name suggests, 256 bits.
Moreover, all outputs appear completely random and offer no information about the input that created it.
The Bitcoin Network utilises the SHA-256 algorithm for mining and the creation of new addresses.
Who is Satoshi Nakamoto? What does Satoshi Nakamoto mean?
Out of respect for their anonymity, it would be rude to speculate in a video about who Satoshi Nakamoto is likely to be. The reality is, it's not important. Let me explain: Any human being can be attacked. Jesus could come back from the dead, and there would be haters. Therefore, the Satoshi Nakamoto approach neutralises the natural human herd behaviour, exacerbated by the media, to attack and discredit. This is a very important part of Bitcoin's success thus far. Also, from a security perspective, those who wish to dox Satoshi Nakamoto in a video are essentially putting his, or her, or their, life at risk...for the sake of views.
As a genius who has produced an innovation not just from a technical perspective but also a monetary perspective, they should be treated with more respect than that.
As for the name Satoshi Nakamoto, I would speculate that it is a homage to Tatsuaki Okamoto and Satoshi Obana - two cryptographers from Japan. There is another reason for the name, but that...is confidential.
In 1996, the NSA's Cryptology Division of their Office of Information Security Research and Technology published a paper titled: "How to make a mint: The cryptography of anonymous electronic cash", first publishing it in an MIT mailing list and later, in 1997, in the American University Law Review. One of the researchers they referenced was Tatsuaki Okamoto.

Part 2/4 - 'Crypto Market':
Most of the crypto market is a scam.
By the way, this was predicted very early on in the Bitcoin Talk forums - check out this interaction from November 8th, 2010:
"if bitcoin really takes off I can see lots of get-rich-quick imitators coming on the scene: gitcoin, nitcoin, witcoin, titcoin, shitcoin...
Of course the cheap imitators will disappear as quickly as those 1990s "internet currencies", but lots of people will get burned along the way."
To which Bitcoin OG Gavin Andresen replies:
"I agree - we're in the Wild West days of open-source currency. I expect people will get burned by scams, imitators, ponzi schemes and price bubbles."
"I don't think there's a whole lot that can be done about scammers, imitators and ponzi schemes besides warning people to be careful with their money (whether dollars, euros or bitcoins)."
Now, on the one hand, lack of regulation is more meritocratic (as you don't have to be an accredited investor just to get access).
On the other hand, it means that crypto is, as Gavin said, a Wild West environment, with many cowboys in the Desert. Be careful.
This is the same with most online courses - particularly 'How to get rich quick' courses - however with crypto you have an exponential increase in the supply of victims during the bull cycles so it is particularly prevalent during those times.
In addition to this, leverage trading exchanges, which are no different to casinos, prey on naive retail traders who:
A) Think they can outsmart professional traders with actual risk management skills; and
B) Think they can outsmart the exchanges themselves who have an informational advantage as well as an incentive to chase stop losses and liquidate positions.

Part 3/4 - CBDCs:
The Fed and Central Banks around the world have printed themselves into a corner.
Quantitative easing was the band-aid for the Great Financial Crisis in 2008, and more recent events have propelled the rate of money printing to absurd levels.
This means that all currencies are in a race to zero - and it becomes a game of who can print more fiat faster.
The powers that be know that this fiat frenzy is unsustainable, and that more and more people are becoming aware that it is a debt based system, based on nothing.
The monetary system devised by bankers, for bankers, in 1913 on Jekyll Island and supercharged in 1971 is fairly archaic and also does not allow for meritocratic value transfer - fiat printing itself increases inequality.
They, obviously, know this (as it is by design).
The issue (for them) is that more and more people are starting to become aware of this.
Moving to a modernised monetary system will allow those who have rigged the rules of the game for the last Century to get away scot-free.
It will also pave the way for a new wealthy, and more tech literate, elite to emerge - again predicted in the Bitcoin Talk forums.
Now...back to the powers that be.
Bitcoin provides a natural transition to Central Bank Digital Currencies (CBDCs) and what I would describe as Finance 2.0, but what are the benefits of CBDCs for the state?
More control, easier tax collection, more flexibility in monetary policy (i.e. negative interest rates) and generally a more efficient monetary system.
This leads us to the kicker: which is the war on cash. The cashless society was a fantasy just a few years ago, however now it doesn't seem so far fetched. No comment.

Part 4/4 - Bitcoin:
What about Bitcoin?
Well, Bitcoin has incredibly strong network effects; it is the most powerful computer network in the World.
But what about Bitcoin's reputation?
Bankers hate it.
Warren Buffett hates it.
Precisely, and the public hates bankers.
Sure, the investing public respects Buffett, but the general public perception of anyone worth $73 billion is not exactly at all time highs right now amid record wealth inequality.
In the grand scheme of things, the market cap of Bitcoin is currently around $179 billion.
For example, the market cap of Gold is around $9 trillion, which is 50x the Market Cap of Bitcoin.
Money has certain characteristics.
In my opinion, what makes Bitcoin unique is the fact that it has a finite total supply (21 million) and a predictable supply schedule via the halving events every 4 years, which cut in half the rate at which new Bitcoin is released into circulation.
Clearly, with these properties, it seems likely that Bitcoin could act as a meaningful hedge against inflation.
One of the key strengths of Bitcoin is the fact that the Network is decentralised...
Many people don't know that PayPal originally wanted to create a global currency similar to crypto.
Overall, a speculative thesis would be the following:
Satoshi Nakamoto is one of the most important entities of the 21st Century, and will accelerate the next transition of the human race.
Trusted third parties are security holes.
Bitcoin is the catalyst for Finance 2.0, whereby value transfer is conducted in a more meritocratic and decentralised fashion.
In 1964, Russian astrophysicist Nikolai Kardashev designed the Kardashev Scale.
At the time, he was looking for signs of extraterrestrial life within cosmic signals.
The Scale has three categories, which are based on the amount of usable energy a civilisation has at its disposal, and the degree of space colonisation.
Generally, a Type 1 Civilisation has achieved mastery of its home planet (10^16W);
A Type 2 Civilisation has mastery over its solar system (10^26W);
and a Type 3 Civilisation has mastery over its Galaxy (10^36W).
We humans are a Type 0 Civilisation on this Scale.
Nonetheless, our exponential technological growth in the few decades indicates that we are somewhere between Type 0 and Type 1.
In fact, according to Carl Sagan's interpolated Kardashev Scale and recent global energy consumption, we are about 0.73.
Physicist Freeman Dyson estimated that within 200 years or so, we should attain Type 1 status.
As a technology that, through its decentralisation, links entities globally and makes value transfer between humans more efficient, Bitcoin could prove a key piece of our progression as a civilisation.
What are your thoughts?
Is it true...or false?
https://www.youtube.com/watch?v=1oQLOqpP1ZM
submitted by financeoptimum to economy [link] [comments]

Professor Milton Friedman predicts Crypto in 1999.

Professor Milton Friedman predicts Crypto in 1999. submitted by JuicySpark to CryptoCurrency [link] [comments]

BSoV: The Minable and Deflationary Token

The year 2020 exposed many of the negative aspects of the current financial construct which the world relies on. On 4/9/2020, the Federal Reserve announced that they would inject another $2,300,000,000,000 (2.3 Trillion, you read that right) into the U.S. economy. With the threat of Covid-19 essentially shutting down the daily operations of the economy overnight, something HAD to be done, right? Where there any other options? Many people are expecting a $1,200 stimulus check to cushion the pockets of people affected by the mass layoffs and market collapses. I myself asked a simple question, "What are the long term consequences of diluting the market with the USD?"
This question is one that should be asked over, and over, and over by every single person who receives a paycheck from their employer or government regardless of where you reside in the world. The U.S. dollar is the dominant monetary force in the global economy, and it dictates much of the value of all things being bought, sold, and utilized in said economy. It is common and public knowledge that the dollar has been subject to inflation: in 1913, the same $100 you had then would only have the purchasing power of a about $26 today. One could expect, in theory, that this number will diminish even more because of the drastic amount of USD injection occuring because of this pandemic. Most people cant afford basic necessities because of this ridiculous level of inflation caused at the hands of the Fed.
As many of you know, Satoshi Nakamoto had a response to this type of stimulus and bailout system the Federal Reserve has created and enlisted at any opportunity to respond to a crisis. It was called Bitcoin, and today it has become a financial power to be reckoned with. It has brought governments to terms with the fact that their systems are not efficient, along with putting power back into the peoples hands when it comes to controlling and utilizing their own money. There are no restrictions on how much Bitcoin you can send. There are no restrictions on whom you can send it to, and there are no ways to hide whom you've sent it to using blockchain technology and cryptography to secure its network and create a database of all transactions. The creation of Bitcoin was an answer to many of the problems with the financial system.
On June 17th, 2019, a person under the pseudonym "Mundo" also tried to provide an answer to some of these problems with a laser focus on inflation. The solution he proposed (we have not seen the long term benefits, so the solution is not quite yet an answer) is BSoV, or BitcoinSoV (Bitcoin Store of Value). BSoV is an ERC20 token which utilizes the EIP918 protocol first utilized by a similar token called 0xBTC. EIP918 allows both BSoV and 0xBTC to be minable on the Ethereum blockhain via a smart contract. Following the same distribution model, consensus mechanism, and total supply of Bitcoin (Fair Start, meaning no ICO, Premine, or developers fees; Mined using PoW, specifically Solidity SHA3; 21,000,000 total supply, divisible to 8 decimal points, with the same amount of halving eras as BTC) BSoV differs in one very different way: a 1% transaction burn built into its code.
With BSoV, every transaction is subject to a mandatory 1% transaction burn when a transaction is sent and confirmed on the Ethereum blockchain. The deflationary mechanism is the solution that Mundo proposed as an answer to the inflation the peoples money is exposed to because of the negligent actions of the Fed. This inflation is created out of the control of the people, and their purchasing power is diminished. With BSoV, the deflationary aspect is out of there control, but the end result is the opposite; an increase in its value due to scarcity and exchange of resources from its consensus mechanism. (This is a great scholarly article which details how mining provides a bottom value to PoW coins/tokens due to resource exchange, ie. Computing power, electricity, etc. https://www.sciencedirect.com/science/article/abs/pii/S0736585315301118)
It's important to note that the project has not been around long enough to see its end goal or vision come to fruition. This is precisely why I am writing this article. More is needed to help study and analyze if this is the answer to this problem. What I can say is that this is one of the few real potential answers that have been proposed, created and implemented to try and combat the Fed. With mass adoption, can we have a true store of value solution that protects itself from the self burdening negligence of the powers that be? Do we have to keep loaning our money to banks to invest for free, only for them to need a bailout every 10-20 years due to poor monetary management and investing sprees? An immutable smart contract that cannot be 51% attacked or controlled by those in power might be worth pursuing.
I'd like to end this article on a more transparent note about myself and my involvement with the project to help shed light on any apparent bias or misconceptions that some may have about my intentions here. I am one of 927 current holders and community members. I mined BSoV after I joined the telegram group and got involved on July 4th, 2019. I have never been paid for my work here, and it is strictly something that I believe in and want to help shed light on to those who might be interested in what the project has to offer. Just like many of the cryptocurrency enthusiast on the on P2P mailing list in 2009, many of us are working together tirelessly to bring one of the few tokens with integrity, transparency and ethics to those who want to experiment and see what may happen.
Something that I have also asked my self is "Whats the worst that can happen?" when it comes to my involvement here.
If the worst is a little time wasted on something I believed in, I will sleep fine at night. But if I am so fortunate to be apart of something that could truly change lives and alter the never-ending downtrend of inflation which has made life so difficult for the average human being, I will have a better nights sleep than I could have ever imagined.
Thank you for your time. I wish all of you health, wealth, and safety during this difficult time.
Sincerely,
BSoV_Chris
(Visit https://BSoV.io for more information)
submitted by Chrisc9234 to CryptoMoonShots [link] [comments]

The Truth about Bitcoin?

Part 1/4 - NSA Connection:
First off, the SHA-256 algorithm, which stands for Secure Hash Algorithm 256, is a member of the SHA-2 cryptographic hash functions designed by the NSA and first published in 2001.
SHA-256, like other hash functions, takes any input and produces an output (often called a hash) of fixed length. The output of a hashing algorithm such as SHA-256 will always be the same length - regardless of the input size. Specifically, the output is, as the name suggests, 256 bits.
Moreover, all outputs appear completely random and offer no information about the input that created it.
The Bitcoin Network utilises the SHA-256 algorithm for mining and the creation of new addresses.
Who is Satoshi Nakamoto? What does Satoshi Nakamoto mean?
Out of respect for their anonymity, it would be rude to speculate in a video about who Satoshi Nakamoto is likely to be. The reality is, it's not important. Let me explain: Any human being can be attacked. Jesus could come back from the dead, and there would be haters. Therefore, the Satoshi Nakamoto approach neutralises the natural human herd behaviour, exacerbated by the media, to attack and discredit. This is a very important part of Bitcoin's success thus far. Also, from a security perspective, those who wish to dox Satoshi Nakamoto in a video are essentially putting his, or her, or their, life at risk...for the sake of views.
As a genius who has produced an innovation not just from a technical perspective but also a monetary perspective, they should be treated with more respect than that.
As for the name Satoshi Nakamoto, I would speculate that it is a homage to Tatsuaki Okamoto and Satoshi Obana - two cryptographers from Japan. There is another reason for the name, but that...is confidential.
In 1996, the NSA's Cryptology Division of their Office of Information Security Research and Technology published a paper titled: "How to make a mint: The cryptography of anonymous electronic cash", first publishing it in an MIT mailing list and later, in 1997, in the American University Law Review. One of the researchers they referenced was Tatsuaki Okamoto.

Part 2/4 - 'Crypto Market':
Most of the crypto market is a scam.
By the way, this was predicted very early on in the Bitcoin Talk forums - check out this interaction from November 8th, 2010:
"if bitcoin really takes off I can see lots of get-rich-quick imitators coming on the scene: gitcoin, nitcoin, witcoin, titcoin, shitcoin...
Of course the cheap imitators will disappear as quickly as those 1990s "internet currencies", but lots of people will get burned along the way."
To which Bitcoin OG Gavin Andresen replies:
"I agree - we're in the Wild West days of open-source currency. I expect people will get burned by scams, imitators, ponzi schemes and price bubbles."
"I don't think there's a whole lot that can be done about scammers, imitators and ponzi schemes besides warning people to be careful with their money (whether dollars, euros or bitcoins)."
Now, on the one hand, lack of regulation is more meritocratic (as you don't have to be an accredited investor just to get access).
On the other hand, it means that crypto is, as Gavin said, a Wild West environment, with many cowboys in the Desert. Be careful.
This is the same with most online courses - particularly 'How to get rich quick' courses - however with crypto you have an exponential increase in the supply of victims during the bull cycles so it is particularly prevalent during those times.
In addition to this, leverage trading exchanges, which are no different to casinos, prey on naive retail traders who:
A) Think they can outsmart professional traders with actual risk management skills; and
B) Think they can outsmart the exchanges themselves who have an informational advantage as well as an incentive to chase stop losses and liquidate positions.

Part 3/4 - CBDCs:
The Fed and Central Banks around the world have printed themselves into a corner.
Quantitative easing was the band-aid for the Great Financial Crisis in 2008, and more recent events have propelled the rate of money printing to absurd levels.
This means that all currencies are in a race to zero - and it becomes a game of who can print more fiat faster.
The powers that be know that this fiat frenzy is unsustainable, and that more and more people are becoming aware that it is a debt based system, based on nothing.
The monetary system devised by bankers, for bankers, in 1913 on Jekyll Island and supercharged in 1971 is fairly archaic and also does not allow for meritocratic value transfer - fiat printing itself increases inequality.
They, obviously, know this (as it is by design).
The issue (for them) is that more and more people are starting to become aware of this.
Moving to a modernised monetary system will allow those who have rigged the rules of the game for the last Century to get away scot-free.
It will also pave the way for a new wealthy, and more tech literate, elite to emerge - again predicted in the Bitcoin Talk forums.
Now...back to the powers that be.
Bitcoin provides a natural transition to Central Bank Digital Currencies (CBDCs) and what I would describe as Finance 2.0, but what are the benefits of CBDCs for the state?
More control, easier tax collection, more flexibility in monetary policy (i.e. negative interest rates) and generally a more efficient monetary system.
This leads us to the kicker: which is the war on cash. The cashless society was a fantasy just a few years ago, however now it doesn't seem so far fetched. No comment.

Part 4/4 - Bitcoin:
What about Bitcoin?
Well, Bitcoin has incredibly strong network effects; it is the most powerful computer network in the World.
But what about Bitcoin's reputation?
Bankers hate it.
Warren Buffett hates it.
Precisely, and the public hates bankers.
Sure, the investing public respects Buffett, but the general public perception of anyone worth $73 billion is not exactly at all time highs right now amid record wealth inequality.
In the grand scheme of things, the market cap of Bitcoin is currently around $179 billion.
For example, the market cap of Gold is around $9 trillion, which is 50x the Market Cap of Bitcoin.
Money has certain characteristics.
In my opinion, what makes Bitcoin unique is the fact that it has a finite total supply (21 million) and a predictable supply schedule via the halving events every 4 years, which cut in half the rate at which new Bitcoin is released into circulation.
Clearly, with these properties, it seems likely that Bitcoin could act as a meaningful hedge against inflation.
One of the key strengths of Bitcoin is the fact that the Network is decentralised...
Many people don't know that PayPal originally wanted to create a global currency similar to crypto.
Overall, a speculative thesis would be the following:
Satoshi Nakamoto is one of the most important entities of the 21st Century, and will accelerate the next transition of the human race.
Trusted third parties are security holes.
Bitcoin is the catalyst for Finance 2.0, whereby value transfer is conducted in a more meritocratic and decentralised fashion.
In 1964, Russian astrophysicist Nikolai Kardashev designed the Kardashev Scale.
At the time, he was looking for signs of extraterrestrial life within cosmic signals.
The Scale has three categories, which are based on the amount of usable energy a civilisation has at its disposal, and the degree of space colonisation.
Generally, a Type 1 Civilisation has achieved mastery of its home planet (10^16W);
A Type 2 Civilisation has mastery over its solar system (10^26W);
and a Type 3 Civilisation has mastery over its Galaxy (10^36W).
We humans are a Type 0 Civilisation on this Scale.
Nonetheless, our exponential technological growth in the few decades indicates that we are somewhere between Type 0 and Type 1.
In fact, according to Carl Sagan's interpolated Kardashev Scale and recent global energy consumption, we are about 0.73.
Physicist Freeman Dyson estimated that within 200 years or so, we should attain Type 1 status.
As a technology that, through its decentralisation, links entities globally and makes value transfer between humans more efficient, Bitcoin could prove a key piece of our progression as a civilisation.
What are your thoughts?
Is it true...or false?
https://www.youtube.com/watch?v=1oQLOqpP1ZM
submitted by financeoptimum to Libertarian [link] [comments]

Bitcoin and Meritocratic Capitalism

Part 1/4 - NSA Connection:
First off, the SHA-256 algorithm, which stands for Secure Hash Algorithm 256, is a member of the SHA-2 cryptographic hash functions designed by the NSA and first published in 2001.
SHA-256, like other hash functions, takes any input and produces an output (often called a hash) of fixed length. The output of a hashing algorithm such as SHA-256 will always be the same length - regardless of the input size. Specifically, the output is, as the name suggests, 256 bits.
Moreover, all outputs appear completely random and offer no information about the input that created it.
The Bitcoin Network utilises the SHA-256 algorithm for mining and the creation of new addresses.
Who is Satoshi Nakamoto? What does Satoshi Nakamoto mean?
Out of respect for their anonymity, it would be rude to speculate in a video about who Satoshi Nakamoto is likely to be. The reality is, it's not important. Let me explain: Any human being can be attacked. Jesus could come back from the dead, and there would be haters. Therefore, the Satoshi Nakamoto approach neutralises the natural human herd behaviour, exacerbated by the media, to attack and discredit. This is a very important part of Bitcoin's success thus far. Also, from a security perspective, those who wish to dox Satoshi Nakamoto in a video are essentially putting his, or her, or their, life at risk...for the sake of views.
As a genius who has produced an innovation not just from a technical perspective but also a monetary perspective, they should be treated with more respect than that.
As for the name Satoshi Nakamoto, I would speculate that it is a homage to Tatsuaki Okamoto and Satoshi Obana - two cryptographers from Japan. There is another reason for the name, but that...is confidential.
In 1996, the NSA's Cryptology Division of their Office of Information Security Research and Technology published a paper titled: "How to make a mint: The cryptography of anonymous electronic cash", first publishing it in an MIT mailing list and later, in 1997, in the American University Law Review. One of the researchers they referenced was Tatsuaki Okamoto.

Part 2/4 - 'Crypto Market':
Most of the crypto market is a scam.
By the way, this was predicted very early on in the Bitcoin Talk forums - check out this interaction from November 8th, 2010:
"if bitcoin really takes off I can see lots of get-rich-quick imitators coming on the scene: gitcoin, nitcoin, witcoin, titcoin, shitcoin...
Of course the cheap imitators will disappear as quickly as those 1990s "internet currencies", but lots of people will get burned along the way."
To which Bitcoin OG Gavin Andresen replies:
"I agree - we're in the Wild West days of open-source currency. I expect people will get burned by scams, imitators, ponzi schemes and price bubbles."
"I don't think there's a whole lot that can be done about scammers, imitators and ponzi schemes besides warning people to be careful with their money (whether dollars, euros or bitcoins)."
Now, on the one hand, lack of regulation is more meritocratic (as you don't have to be an accredited investor just to get access).
On the other hand, it means that crypto is, as Gavin said, a Wild West environment, with many cowboys in the Desert. Be careful.
This is the same with most online courses - particularly 'How to get rich quick' courses - however with crypto you have an exponential increase in the supply of victims during the bull cycles so it is particularly prevalent during those times.
In addition to this, leverage trading exchanges, which are no different to casinos, prey on naive retail traders who:
A) Think they can outsmart professional traders with actual risk management skills; and
B) Think they can outsmart the exchanges themselves who have an informational advantage as well as an incentive to chase stop losses and liquidate positions.

Part 3/4 - CBDCs:
The Fed and Central Banks around the world have printed themselves into a corner.
Quantitative easing was the band-aid for the Great Financial Crisis in 2008, and more recent events have propelled the rate of money printing to absurd levels.
This means that all currencies are in a race to zero - and it becomes a game of who can print more fiat faster.
The powers that be know that this fiat frenzy is unsustainable, and that more and more people are becoming aware that it is a debt based system, based on nothing.
The monetary system devised by bankers, for bankers, in 1913 on Jekyll Island and supercharged in 1971 is fairly archaic and also does not allow for meritocratic value transfer - fiat printing itself increases inequality.
They, obviously, know this (as it is by design).
The issue (for them) is that more and more people are starting to become aware of this.
Moving to a modernised monetary system will allow those who have rigged the rules of the game for the last Century to get away scot-free.
It will also pave the way for a new wealthy, and more tech literate, elite to emerge - again predicted in the Bitcoin Talk forums.
Now...back to the powers that be.
Bitcoin provides a natural transition to Central Bank Digital Currencies (CBDCs) and what I would describe as Finance 2.0, but what are the benefits of CBDCs for the state?
More control, easier tax collection, more flexibility in monetary policy (i.e. negative interest rates) and generally a more efficient monetary system.
This leads us to the kicker: which is the war on cash. The cashless society was a fantasy just a few years ago, however now it doesn't seem so far fetched. No comment.

Part 4/4 - Bitcoin:
What about Bitcoin?
Well, Bitcoin has incredibly strong network effects; it is the most powerful computer network in the World.
But what about Bitcoin's reputation?
Bankers hate it.
Warren Buffett hates it.
Precisely, and the public hates bankers.
Sure, the investing public respects Buffett, but the general public perception of anyone worth $73 billion is not exactly at all time highs right now amid record wealth inequality.
In the grand scheme of things, the market cap of Bitcoin is currently around $179 billion.
For example, the market cap of Gold is around $9 trillion, which is 50x the Market Cap of Bitcoin.
Money has certain characteristics.
In my opinion, what makes Bitcoin unique is the fact that it has a finite total supply (21 million) and a predictable supply schedule via the halving events every 4 years, which cut in half the rate at which new Bitcoin is released into circulation.
Clearly, with these properties, it seems likely that Bitcoin could act as a meaningful hedge against inflation.
One of the key strengths of Bitcoin is the fact that the Network is decentralised...
Many people don't know that PayPal originally wanted to create a global currency similar to crypto.
Overall, a speculative thesis would be the following:
Satoshi Nakamoto is one of the most important entities of the 21st Century, and will accelerate the next transition of the human race.
Trusted third parties are security holes.
Bitcoin is the catalyst for Finance 2.0, whereby value transfer is conducted in a more meritocratic and decentralised fashion.
In 1964, Russian astrophysicist Nikolai Kardashev designed the Kardashev Scale.
At the time, he was looking for signs of extraterrestrial life within cosmic signals.
The Scale has three categories, which are based on the amount of usable energy a civilisation has at its disposal, and the degree of space colonisation.
Generally, a Type 1 Civilisation has achieved mastery of its home planet (10^16W);
A Type 2 Civilisation has mastery over its solar system (10^26W);
and a Type 3 Civilisation has mastery over its Galaxy (10^36W).
We humans are a Type 0 Civilisation on this Scale.
Nonetheless, our exponential technological growth in the few decades indicates that we are somewhere between Type 0 and Type 1.
In fact, according to Carl Sagan's interpolated Kardashev Scale and recent global energy consumption, we are about 0.73.
Physicist Freeman Dyson estimated that within 200 years or so, we should attain Type 1 status.
As a technology that, through its decentralisation, links entities globally and makes value transfer between humans more efficient, Bitcoin could prove a key piece of our progression as a civilisation.
What are your thoughts?
Is it true...or false?
https://www.youtube.com/watch?v=1oQLOqpP1ZM
submitted by financeoptimum to Capitalism [link] [comments]

How Bitcoin Started Animated What is bitcoin and why is it so popular? #iOWN Bitcoin or BTC and Satoshi Nakamoto 9000% Gain till this day 2020. Story behind of Cryptocurrency. What is Bitcoin  ( BTC-2017 ) Presentation ? New Years Privacy Detox

Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. Bitcoin: A Peer-to-Peer Electronic Cash System Abstract. A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without the burdens of going through a financial institution. Digital signatures provide part of the solution, but the main Later that year on October 31st, a link to a paper authored by Satoshi Nakamoto titled Bitcoin: A Peer-to-Peer Electronic Cash System was posted to a cryptography mailing list. On the 9th of November, the Bitcoin project was registered at the open-source-projects community resource, SourceForge.net. Bitcoin: A Peer-to-Peer Electronic Cash System Satoshi Nakamoto [email protected] www.bitcoin.org 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 January 9, 2009 Satoshi Nakamoto Cryptography Mailing List Announcing the first release of Bitcoin, a new electronic cash system that uses a peer-to-peer network to prevent double-spending. It’s completely decentralized with no server or central authority.

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How Bitcoin Started Animated

Exactly 11 years ago, on October 31, 2008, a link to a paper authored by Satoshi Nakamoto titled Bitcoin: A Peer-to-Peer Electronic Cash System was posted to a cryptography mailing list. Perry Metzger is a well known cryptographer, cypherpunk, and computer security expert, who works as a security consultant for some major companies. He also owns the cryptography mailing list where ... Bitcoin é uma criptomoeda descentralizada, sendo uma forma de dinheiro eletrônico. Inicialmente apresentada em 2008 na lista de discussão The Cryptography Mailing por um programador ou grupo de ... On 31 October 2008, he published a paper on the cryptography mailing list at metzdowd.com describing a digital cryptocurrency, titled "Bitcoin: A Peer-to-Peer Electronic Cash System".[10][11][12] Bitcoin was introduced on 31 October 2008 to a cryptography mailing list, and released as open-source software in 2009. There have been various claims and speculation concerning the identity of ...

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