Don't have enough time to sit down and read all the best Bitcoin articles. Well, let us read them for you. This is a crypto Konami quick read. Bitcoin is the most sound or scarce monetary resource that has literally ever existed anything else we seek to acquire more of as humans. We ultimately can we can either produce find or create more of that thing. We do not have this capacity with Bitcoin everything. We think we know about the degree of market dominance the accrual of value and reliability of a monetary good will be breaking new ground as we watch these early stages of Bitcoins growth. Welcome back to the crypto economy everybody. I am guy Swan the guy who's read more about Bitcoin than anybody else, you know, and we are going to start this week off. Off. I've got a lot of fun stuff to cover this week, but we're going to begin by going back to Robert breedlove's piece on money Bitcoin and time. This will actually be part for we kind of took a week off from that work and now we're finally getting back into it and it's really good. It's a great overall introductory piece kind of the hope the breath of the entire concept and we broke down the money section, which is actually the biggest section of The of the work into three separate episodes. So I will link to those episodes say so you can just get a foundation. You don't really need to listen to them to come into in order to follow what's going on here just because this is just breaking into Bitcoin and what it is, but there are some foundational ideas about the soundness of money about the history of money and a lot of other great stuff that will really help to make you make it easier to understand and follow some of the concepts that are covered in the Bitcoin section here on the so I highly encourage you to go back and listen to it. This whole piece is going to be awesome when we've got this thing completed and in a single audiobook version because it's a great overarching hitting the concepts from the very beginning to the very end that pulls Knowledge from a lot of different works and a lot of different disciplines is just a great overarching piece. So highly recommend it but we are going to be starting into the Bitcoin section now. So without further Ado, let's jump into Robert breedlove's incredible piece money Bitcoin and time, I which he has posted and you can download a PDF on Parallax Digital Dot IO, I have all those links obviously available and this is the section titled Bitcoin beginning with the simple truth about coin Bitcoin the simple truth about Bitcoin Bitcoin is the hardest form of money ever invented. It has successfully brought the advantages of physical cash money into the digital realm Bitcoin is changing the way people organize themselves the next chapter in the story of money is being written in a new language. grasping Bitcoin Bitcoin seems easy to understand it first. It's just magic internet money, right? However, truly grasping its significance is a formidable task. Once you think you have Bitcoin figured out you'll see it from another perspective and realize how little you actually knew this pursuit of understanding Bitcoin is like a mountain climber that continually encounters all speaks which fool him into thinking he has reached the summit only to realize it is higher. Till it has been said that you can judge the quality and importance of an idea by the vehement some of its opposition Bitcoin has been called many things digital gold. Tulip Mania 2.0 Financial Revolution, the Myspace of cryptocurrencies environmental disaster rat poison squared libertarian idealism apex predator of monetary Technologies, the biggest bubble in history the Model T of cryptocurrencies a superior species of Money, but it turns out that in context of the history and nature of money Bitcoin appears to be a distinct evolutionary Leap Forward Bitcoin is not an internet application like Myspace. It is an Internet Protocol Bitcoin is not the Model T of cryptocurrencies. It is more like a global freeway system Bitcoin is not like any type of gold coin bit coin is more like the element gold its Integrity is protected by the the inviolable laws of mathematics human nature is one of its core components. It is a new form of social institution Bitcoin is a living system unto itself that adapts to environmental changes. This made sound mind-blowing at first most Innovations of this magnitude sound this way in the beginning as we struggle to communicate using outdated terms and analogies that cannot possibly convey their importance. However, history shows us that ignoring Innovation is a terrible strategy in light of its inherent complexity and Novelty. We will view Bitcoin from many different perspectives in an attempt to create a mosaic of understanding in the minds of our Readers first and foremost Bitcoin is digital cash money. digital cash money as the global economy becomes increasingly digitized and interconnected new technological realities are taking shape which will cause the market to naturally select for the most effective species of money native to this new digital. Terrain Bitcoin is the first truly digital solution to the problem of money. It is the world's first digital cash in the original sense of the word cash discussed earlier meaning that it is under the full control. It's owner and can be used for final settlement in the same way as gold is today put another way Bitcoin is digital Cash Money a self Sovereign asset that contains within it all the trust factors and permissions necessary to transact with it Bitcoin is not the liability of any counterparty. Hence its nickname digital gold. Like gold Bitcoin is a supranational form of money. Meaning that no government needs to decree its value or permit its use nor can it be eliminated unilaterally by regulation. The hardness of Bitcoin is superior to all forms of money, including gold and its stock to flow ratio will eventually reach infinity as a digital asset Bitcoin has unprecedented levels of saleability across scales space and Fine, it is resistant to confiscation censorship inflation and counterfeit. Meritoriously Bitcoins value is attained entirely from the social consensus. It earns by competing freely in the marketplace. as one perspective of its monetary significance Bitcoin can be understood as the successful Fusion of the advantages associated with physical cash payments with the efficiencies and certainties enabled by digital technology cash payments have the advantage of being immediate final and requiring no trust on the part of either transacting party in each other or any other intermediary the drawback of cash payments was the need for Transacting parties to be physically present in the same space and time which increases risks associated with physical custody, especially for larger transactions, as more business is conducted remotely thanks to ever-advancing telecommunications Technologies, like the internet physical cash transactions become increasingly impractical since the Inception of computers. The nature of All Digital objects is that they were infinitely replicable. This meant that no digital object would be provably limited in quantity. For instance. When you send an email. You're actually sending a copy as you still have the email in your sent folder before Bitcoin. There was no way to send a digital good that could not also be present elsewhere at a later time. This presented an intractable issue for direct digital payments known as the double spend problem without a trusted third party. Your mediary to verify the payer was not double spending digital payments were not possible. Using intermediated digital payments like venmo or PayPal exposed parties to additional transaction costs risk of censorship Broad and transaction disputes the nature of digital objects. Also meant creating a digital cash was impossible since its monetary units could be reproduced in lessly and would therefore suffer from unlimited inflation before Bitcoin people had to rely on physical laws Rarity and chemistry. The case of gold or jurisdictional laws government and Central Bank monopolies to regulate money supplies Innovative Lee Bitcoin relies on mathematical laws to protect its monetary policy. Building on top of Decades of innovative trial and error by other programmers in combining a wide range of proven Technologies Nakamoto successfully made Bitcoins, the first digital objects that were verifiably scarce as the world's first instance of digital scarcity Bitcoin was able to solve the double spend problem and become the world's first functioning digital cash. Quote that in order to make a person covet a thing. It is only necessary to make the thing difficult to attain in quote Mark Twain. In this way Bitcoin would bring the desirous advantages of physical cash to the digital realm and combine them with an immutable monetary policy. It cannot be manipulated to benefit any outside party at the expense of Bitcoin holders drawing on Lessons Learned by other programmers during two decades of attempts at this Innovative breakthrough Nakamoto, finally achieved digital Cash Money by combining for key. Technologies proof of work mathematical puzzles, which require energy expenditure to be solved Solutions are rewarded with newly issued Bitcoin and user transaction fees functions as skin in the game necessary to keep Bitcoins distributed Ledger truthful and maintain its monetary hardness distributed peer-to-peer Network. A record of Bitcoins entire transaction history is maintained by each Network participant known as a node coup mathematically verify each other's work making the entire system resistant to censorship and manipulation. hashing a method of computer cryptography that transforms any stream of data into a data set of a fixed size known as a hash this transformation is irreversible and is the foundation of trustless verification within the Bitcoin Network. digital signatures a method of authentication that relies on a set of mathematically related elements called the private key the public key and signatures the private key which must be kept secret allows its holder to control the Bitcoin associated with it. Meaning that the private key is a bearer instrument holding Bitcoin is holding its private key which makes it a self Sovereign monetary good like gold. In the same way a monetary assessment of gold would not delve too deep into its chemical properties. This essay will not delve too deep into a technological properties of Bitcoin. We will instead focus on its monetary properties and its relevance in the story of money. However, some basic technical knowledge of Bitcoin is warranted to fully appreciate the importance of the Innovation that is digital cash money. technological properties Bitcoin is open-source software meaning its source code can be inspected by anyone this makes Bitcoin a language its source code and transaction history are universally transparent and can even be printed onto paper interestingly. This makes it protected under the first amendment in the United States more on this later. As an open source software project Bitcoin is supported by a Global Network of volunteer programmers. These programmers are self-interested in the sense that they are almost always bitcoiners as they are aligned with its purpose philosophically and therefore stands to gain financially from its expanding Network their work over the years has greatly enhanced the functionality of the Bitcoin Network. However, these programmers are unable to change the rules of Bitcoin. As we will see when we discuss bitcoin's social contract. To become a Bitcoin Network member known as anode all that is necessary is to download and run the software on a computer once downloaded the software will enable you to store Bitcoin and transact with any other node in the world. Also by becoming a node the entire Bitcoin transaction history will be recorded on your machine and updated in perpetuity just as it is on every other node in the world. This is the essence of Coins decentralized architecture the Bitcoin Network similar to the internet lives everywhere and nowhere. Owning a Bitcoin means owning the private key that can authorize it to be used in a transaction. The private key is purely informational meaning that it is just a string of alphanumeric characters. This makes it a self Sovereign form of money giving its holder the presumption of rightful ownership, which makes Bitcoin and instrument of final settlement like gold Bitcoin is the world's first Global digital final settlement system. The core operational feature of Bitcoin is verification, which allows its users to remove the need for trust completely every transaction has to be recorded by every node on the network so that they all share one common Ledger of balances and transactions remarkably similar to The Rise Stone system used by the Yap Islanders. Transactions are grouped together approximately every 10 minutes in what is known as a block. Each block is then added to the previous block of transaction forming a chronological chain of inextricably linked block that stretches all the way back to the Genesis block Mind by Nakamoto himself exactly 10 years ago today. This is commonly called the Bitcoin blockchain. The blockchain is the common Ledger of which each node maintains, its own copy commonly known as as the distributed Ledger Each node verifies, the accuracy of every other nodes transaction inputs and Truth is established by consensus in this way the Bitcoin Network relies 100% on verification and 0% on trust. This gives Bitcoin the unique property of trustless meaning it is able to operate successfully without the need to trust any counterparty or intermediary whatsoever blockchain energy and Mining All right. Let's take a quick break and hit our sponsor and we'll jump back in on this section. 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So if you were thinking of starting a show or already have a podcast, there's no better platform out there check out anchor by downloading the app or go to Anchor dot f FM today blockchain energy and Mining economic incentives and disincentives are used to maintain truthful records in the blockchain. It's an ingenious application of the skin in the game concept nodes compete the solve complex mathematical puzzles in a process called proof-of-work nose are incentivized perform this Computing task because the first one to solve the proof of work is awarded a batch of newly issued Bitcoin in the And bees generated within the latest block of transactions called The Block reward. A block is sealed approximately every 10 minutes which triggers the opening of the next block and proof-of-work competition nodes expand processing power in the form of electricity to solve these complicated mathematical problems. Although considerably less and much more efficiently than the systems that support gold and government money today. He's got a chart here comparing the annual cost in u.s. Dollars the energy consumption and then the dollar per energy consumption per gigajoule in gold mining gold recycling government Fiat money production the banking system governments and Bitcoin mining and it just shows that in comparison Bitcoin mining is by far the most efficient and least costly of all of the available Alternatives, but if you want to go Look at specifics and get that data. I definitely recommend going to the actual getting the actual PDF or going to the blog so that you can see these graphics. Proof of work energy expenditure is the thermodynamic Bridge from the physical to the digital world. It transmutes the fundamental commodity of the universe energy into digital gold. This energy expenditure is essential to the functioning of the Bitcoin Network as it disincentivizes. No dishonesty. If a note attempted to include a fraudulent transaction in a block of Nodes would reject it and it would incur the cost of processing power without the prospect of earning the block reward. This process is commonly referred to as Mining and the competing nodes are called miners or mining nodes mining is a truly capitalistic voting mechanism where energy expended equals hashes, which are votes for the proof-of-work solution generated. The name mining is an Ode to the arduous process of mining for gold as we've learned the costs and risks related to the mining of this monetary metal is necessary for it to maintain its hardness or skin in the game. Similarly mining using proof of work is the only known method of creating digital cash money money, which is the representation of the work required to generate Goods can also be considered a form Form of stored energy in the early 20th century free-market proponents like Henry Ford and Thomas Edison were interested in replacing gold or the US dollar with an energy money showing great precedents. They foresaw the day when the world may exhaust its nonrenewable energy sources and be forced to switch to Alternatives convicted in their free market beliefs. They shared this idea and assumed a great deal of reputational risk in the process as the their views ran contrary to the established economic order the concept of energy money was popular due to its hard money characteristics as energy is costly to produce. However, energy money was technologically well before its time as energy could not be transmitted or stored easily using Technologies of the day in championing the novel idea with the greater. Good at heart Ford and Edison were exhibiting soul in the game or the exposure to downside risks on behalf of others as Edison said in 1931 quote. I put my money on the sun and solar energy. What a source of power. I hope we don't have to wait until oil and coal run out before we tackle that in quote. By using proof of work, which was originally invented as a measure to mitigate email spam Bitcoin became the world's first functional energy money with physical monetary Goods. We were required to build walls to safeguard our money with the Bitcoin Network. We are required to expend energy to preserve the sanctity of its Ledger secure its Network and enforce the immutability of its money supply. Proof of work is essential for Bitcoin to function as hard digital cash money and enables it to serve as the buyer of Last Resort for electricity worldwide the Bitcoin Network provides a Perpetual economic incentive for everyone in the world to invent more efficient methods of harnessing energy. This Global incentive will increase the rate of innovation in Energy Technologies as Bitcoin. Nick Carter puts it quote. The Bitcoin network is a global energy net that liberates stranded assets and makes new ones viable. Imagine a 3D topographic map of the world with cheap energy hotspots being lower and expensive energy being higher. I imagine Bitcoin mining being akin to a glass of water poured over the surface settling in the nooks and crannies and smoothing it out. end quote As more nodes compete to solve the proof-of-work puzzle the difficulty automatically increases so that new blocks are added on average once every 10 minutes this automatic algorithmic change is called the difficulty adjustment and is perhaps the most ingenious aspect of Bitcoin. It is the most reliable engineering solution for making and keeping money maximally hard and gives Bitcoin the unique ability to apt its network security as it grows. As we have seen when a form of money appreciates people are immediately incentivized to increase its new Supply flow which reduces its stock to flow ratio and compromises its hardness with Bitcoin and increase in its price does not lead to the production of more Bitcoin Beyond its transparent and predictable Supply schedule instead it simply leads to an increase in processing power committed by minors. Hours, which in turn makes the network more secure and difficult to compromise like a vault. It becomes harder to crack. The more money that is stored within it Bitcoin offers people and Incredibly effective means of value storage next. We depict the entire process of a Bitcoin transaction. Bitcoin graphic it's a rather popular graphic of the entire process of a Bitcoin transaction from the beginning wallet to the actual verification in the chain on and I highly recommend going through the entire thing, but we will not be doing it for the purposes of this reading. the internet of value the internet of value is a popular moniker to describe Bitcoin in reality. The Bitcoin protocol can be considered an integral and newly evolved layer of the commercial internet in computer science. A protocol is a rule set that governs the transmission of data the internet as we know it is an integration of four successive layers of open-source protocols called the Internet Protocol Suite that maintain constant communication. At one another the link layer puts data packets on The Wire the internet layer routes data packets across networks, the transport layer persists communication across any given conversation and the application layer delivers software files and applications. In this context Bitcoin can be considered the fifth layer of the Internet Protocol Suite the value layer allocates scarce resources across Networks. In the same way that the internet is a set of Open Source protocols for exchanging data Bitcoin is an open source protocol for exchanging value. It is trustless as any machine can accept it from any other securely and it virtually zero cost Bitcoin is also Global and permissionless. Meaning that any machine can speak its language and no Central Bank is required to authorize its use this means that transactions on its Network are essentially Unstoppable as all trust factors and permissions necessary to transact with it are intrinsic to the act of holding a Bitcoin private Key software protocol developments are being implemented that will make Bitcoin transactions even faster cheaper Anonymous and capable of Authentication. These can expand the utility of Bitcoin to enable the allocation of scarce network resources, like computing power verification of contracts or tracking identity and reputation. Although Bitcoin is the fifth layer of the Internet Protocol Suite. It is the base layer protocol for the value layer itself. This means that second and other higher order protocol layers may be built on top of it a second layer protocol to bitcoin called the lightning network is currently being implemented and is designed to sacrifice some degree of trustless to achieve higher transaction throughput allowing Bitcoin to be used more effectively as a of Exchange the lightning network is an open source protocol and functions by establishing trust channels among parties for faster cheaper transactions that are then settled periodically to the Bitcoin blockchain higher-order protocol development. And integration is one of the many ways Bitcoin adapts to changes in its environment more on this later in the same way that money is an emergent property of complex human interactions. Bitcoin is an And property of complex interactions occurring between people machines and markets even if Nakamoto and Bitcoin never existed. It would still be necessary for us to invent the concept of crypto assets to enable machines to exchange value to facilitate digital economies, use Smart contracts and provide the substrate necessary for the internet of things to come into existence. Not only is Bitcoin a prerequisite Innovation to the digital economy. It is also the hardest monetary technology ever invented. the infinite hardness of Bitcoin Bitcoin is the hardest form of money in existence its money supply is enforced mathematically and like the other rules of Bitcoin cannot be broken or changed only 21 million Bitcoins can and will ever exist. This strictly limited Supply makes it the first monetary technology exhibiting absolute scarcity unlike gold and other monetary Metals no matter how much demand for Bitcoin increases. There will never be any units produced in excess of its fully transparent predictable and unchangeable monetary policy. Before Bitcoin only time itself had achieved the property of absolute scarcity. Since increased demand for Bitcoin cannot affect its Supply. It can only be expressed in its price Bitcoin has perfect price inelasticity of Supply meaning that it has zero supply-side response to increases in its price unlike gold and all other physical Commodities where an increase in demand will inevitably lead to larger supplies being produced over time Bitcoin can only express an increase in demand. By becoming more expensive and a more secure network a perfect price in elasticity of supply. No doubt contributes to the notorious price volatility of Bitcoin is exhibiting at the earliest stage of its growth. We are witnessing today. Absolute scarcity greatly exacerbates Bitcoins price volatility as its Network continues to grow the value of Bitcoin as an Unstoppable payments Channel and an inflatable money is steadily increasing over time while it's price is constantly attempting to find it dramatically over shooting and under shooting along the way. With the totally inflexible Supply schedule as long as Bitcoin is growing quickly its price will behave like that of a startup company stock undergoing meteoric growth should Bitcoin achieve sufficient Market penetration that its growth slows down. It would stop attracting high risk investment flows and become a stable monetary asset expected to appreciate slightly each year as demand increases due to productivity and population growth like any mature hard money should as expected over the long run. We are already seeing a decrease in Bitcoins price volatility. Any other chart here just showing the Bitcoin price volatility over time and a general decreasing trend. Bitcoins immutable monetary policy ensures that it's Supply will continue to grow at a decreasing rate and will reach its maximum of 21 million units sometime in the year 2140 to maintain saleability across scales Nakamoto designed each Bitcoin to be further divisible into 100 million units, which are now commonly called satoshi's in his honor. Once the last Bitcoin is mind. It's talk to flow ratio will become infinite as its flow will completely and irreversibly cease Beyond this point miners will be compensated exclusively by transaction fees. The coins decreasing growth rate means that the first 20 million coins will be mined by the year 2025 leaving the last 1 million to be mined over the subsequent 115 years this predictable transparent and immutable Supply schedule gives Bitcoin a significant Advantage as it competes for the trust of the people to become a reliable store of value unlike government money or even gold people know with absolute certainty that Bitcoin will never have it's saleability across time compromised by unexpected Supply increases Bitcoin is an inflatable money in a world where wealth is continuously stolen via inflation. As is the case with its other immutable laws Bitcoins monetary policy is enforced by the inviolable laws of mathematics inevitably Bitcoin will surpass goal around the year 2020 to become the hardest form of money in history. By virtue of its natively digital nature Bitcoin is critically highly resistant to centralization as we have learned. It was the centralization of gold that led to government money backed by gold which made gold more saleable across scales and encouraged a gold standard to flourish throughout most of the world. However, as the temptation to expand money supplies seems to be irresistible for humans government soon took control of the bank. King sector printed money in excess of its gold reserves eventually severed their currencies pegged to gold and thereby destroyed the hardness of government money completely historically people who adopted hard money systems flourished such as the Romans under Caesar the byzantines under Constantine and Europeans under the gold standard and people who had the hardness of their money compromised suffered enormous. Consequences such as the Yap Islanders West Africans using glass beads and the Chinese under a silver standard in the 19th century moving a society away from a hard money system has been a harbinger of economic crisis and societal Decay an outcome that can be explained as a social contract rescission. Bitcoins social contract social contract theory starts with an assumed hypothetical state of nature full of violence that is unbearable for people to live in driven by a desire to improve their circumstances people come together and collectively agree to sacrifice some of their freedoms to establish a social contract and Empower an institution to protect them. Government is the result of a social contract people sacrifice some of their freedoms to give the state control over the monetary system and armed forces the state in turn uses that power to manage the economy redistribute wealth and fight crime in the United States. Our current social contract grants the Government monopoly control of money via the Federal Reserve and violence via the police and military. Similarly money itself can be thought of as a social contract if enough people are unhappy with a barter economy. They can collectively agree to use money instead the social contract entails sacrificing certainty requiring trust that dollars will maintain their value over time in exchange for convenience using dollars as a medium of Exchange. The social contract for money as we have seen emerges and involves spontaneously based on Market driven natural selection each person continuously decides which outcomes they prefer and how best to achieve them. If enough people seek the same outcome. We call the result a social contract. Throughout history almost every government a formal social contract put in charge of the monetary system. Another often interrelated form of social contract has abused its power by forcibly confiscating assets censoring private transactions and printing money to steal wealth via inflation. using the virtually unlimited financial means provided by control over money supplies these governmental social contract grew in successive bureaucratic layers the larger and more valuable the social contracts became the more freedoms were forfeited and the more others salt control over them this led to many instances of conflict Warfare or social revolution in which old social attract dictatorships or tyrannical regimes were rescinded in favor of new ones new laws treaties or government. The principal Point here is that people can agree they are in a terrible situation and come together to change it, but the resultant social contract is only as strong as its credibility and enforceability. The invention of Bitcoin can be regarded as a new implementation of the social contract for money Nakamoto settled on the following rules for this new implementation. Only the owner of a Bitcoin can produce the digital signature to spend it confiscation resistance. Anyone can transact and store value in Bitcoins without permission censorship resistance. There will only be 21 million Bitcoins issued on a predictable schedule inflation resistance anyone will always be able to verify all the rules of Bitcoin counterfeit resistance. Historically social contracts intended to protect people such as governments and their Central bangs eventually became controlling and ultimately turned abusive when a social contract losses sufficient Trust of the people. It falls apart or is overthrown by Ballot or by Bullet this Dynamic is resulted in a continuous cycle of rising and falling social contracts throughout history. Bitcoin is intended to break this Cycle in two ways first instead of seeking security form a powerful Central entity like a government or Central Bank that can be corrupted or overthrown the coin creates a hyper-competitive market for its own protection. It turns security into a commodity and the security providers or minors into harmless commodity producers. And to by requiring it security Market participants were minors to incur real-world costs to generate their economic reward skin in the game Bitcoin incentivizes the market to reach consensus over who owns what at any given point in time. In this sense, the Bitcoin social contract is composed of two distinct self-reinforcing layers the social layer and the protocol layer the social layer is the social consensus itself, which determines the rules of Bitcoin and establishes its value the protocol layer simply automate the enforcement of the rules set by the social layer. Graphic of the Bitcoin to layer social contract. We have the Bitcoin social layer, which determines the rules of the Bitcoin protocol layer which in turn automate the enforcement of the rules back in the Bitcoin social layer and so on. In this sense Bitcoin is more than just a technology indeed. It is a new institutional form viewing it in this way. We are better able to answer some of the more existential questions about Bitcoin. Who can change the rules of Bitcoin? Since the rules of the Bitcoin social contract are decided at its social layer and enforced at its protocol layer who can actually change its rules. Bitcoin has a computer network comes into existence when people run implementations that follow the same rule set think of these rule sets is speaking the same language you remain in the network by following the same rules as everyone else. If you decided to change the rules set on your local computer, you would simply be evicted from the network you no longer speak the same language as everyone else. Your unilateral decision to change the rules would not impact the actual Bitcoin Network in any way whatsoever. The only way to change the rules of the Bitcoin social contract is to convince people to voluntarily accept your proposed rule changes at the social layer as each Network member is self-interested. They will only adopt rules that benefit them seeing as its current rules are already optimal for Bitcoin holders resistance to confiscation censorship inflation and counterfeit. It would be extremely difficult to convince. a majority of the approximately 30 million Network participants to change rule sets This asymmetrical governance Dynamic virtually rules out any contentious changes from succeeding as they would never get Broad Social consensus there for the Bitcoin Network can be upgraded in ways that align with the collective best interests of its members and is at the same time highly resilient to changes that contradict those interests. Can a software bug kill Bitcoin? In September 2018 a software bug arose in the main implementation of Bitcoin that opened up to potential attack vectors, which theoretically could have been exploited to circumvent its counterfeit and inflation resistance properties Bitcoin developers quickly fixed the bug before eyes are vector was exploited. However, this event left many people wondering what would have happened at the vulnerabilities not been discovered in time. Anytime the social layer and protocol layer diverge in the Bitcoin social contract. The protocol layer is always wrong again. All rules are set at the social layer. Whereas the protocol layer is only responsible for automating their enforcement had the software bug not been discovered in time. Bitcoins. Blockchain would have undergone a fork meaning it's protocol layer would have been split into two Networks. One with the bug and one without it every Bitcoin holder would then have an equal number of coins in each network, but the value of these coins would be determined solely by the free market. This is true for all forms of money as social consensus determines the value of money at the social layer. Each Bitcoin owner would then choose either the implementation with or without the bug? To protect the value of their Bitcoin holders would rationally choose to migrate to the mended Network and it's blockchain would continue without interruption. When the Bitcoin protocol layer successfully automates the enforcement of the rules determined at its social layer, the two layers are in sync if they diverge for any reason the social layer supersedes and the protocol layer is amended to reflect the economic reality of the social consensus surrounding Bitcoin. Software bugs are inevitable in Bitcoins to layer social contract construction ensures that it can withstand them. Can Forks compromise the immutability of Bitcoins rules? Since Bitcoin is open source software anyone in the world can copy its code change it and launch their own version. This is also a chain Fork which as established earlier affects only the protocol layer of the Bitcoin social contract without changing the rules at the social layer first a protocol layer for only a Vicks you from the true Bitcoin Network. To successfully change the rules of Bitcoin. You must successfully Fork its social layer first to accomplish this you would need to convince as many people as possible that your proposed rule set is meaningfully better for them so that they take the risk of adopting your proposed software changes. Forks like these are difficult to pull off in reality because they required buy-in from thousands of people to be successful this asymmetry between the cost of campaigning for ruleset changes and their potential benefit to network participants makes the Bitcoin Network exhibit and extremely strong status quo bias when it comes to governance the key to understanding this is that the value of any form of money is purely a social construct or Other words is derived from social consensus. Individual Bitcoins like US dollars or any other currency receive their value exclusively from the shared belief of their users forking Bitcoins protocol layer is worthless without forking the social layer from which it derives its value in the rare cases that the social layer itself splits as was the case with the Bitcoin cash for the result is to weaker social contracts each agreed upon. Buy fewer people than before the complete failure of the Bitcoin cash Fork its price has declined from point to 12.04 bitcoin over the past year is yet another battle scar for Bitcoin that pays Testament to its governance model and exemplifies the winner-take-all Dynamics inherent in monetary competition. So long as Bitcoin Network participants continue to act in accordance with their own individual self-interest the rules of Bitcoin resistance to confiscation censorship inflation and counterfeit are immutable and therefore as reliable as the laws of mathematics. It's clear from this perspective that Bitcoin is more than just a technological innovation. Although Bitcoin has a network and monetary technology. Groundbreaking in many respects its social contract implementation is revolutionary. Bitcoin is the first technology that incorporates human nature as one of its core moving parts. In essence by believing that mathematics and individual self-interest will persist. We can reliably believe in Bitcoins value proposition and its own going successful operation. Over the past 10 years by inventively aligning human self-interest with its own self-interest. The Bitcoin network has managed to grow organically from $0 to 80 billion dollars in value. a new form of life and we will close our reading for today. We're in a cut this off here again. This this is us moving back into breedlove's Robert breedlove's piece from Parallax Digital Dot IO and just a correction since this is already and an older piece from January 3rd of this year that 80 billion dollar valuation is now closer I think to 190 or 200 billion at the time of my reading at the time of this episode. And this next section a new form of life is going to be really fun and it's a topic. I've covered numerous times on the show, but it's such a fascinating concept and for anybody who's new to bitcoin. This is definitely going to be one. You don't want to miss I'm so we will jump back into this. I'm not a hundred percent sure if I'll be doing this one tomorrow. I probably I think I will be continuing on from here really depends on kind of how I'm feeling in the morning. So I will be back here tomorrow. With more of this amazing piece before we do. I want to hit a sponsor. I got to take a break here for just a second. But I do actually want to go over even though I'm a little low on time go over a number of the things that we've covered in this section because it's just such a dense set of ideas. If you're just new to the space and there's so many fun analogies to kind of go through to really kind of bring light to a lot of what he's talking about here. So, let's hit a let's hit another break, really And then we'll come back and we'll talk about this piece a little bit. So this is just one of those pieces that's incredibly thorough and I love the breakdown. He does such a good job of hitting each individual element and I kind of want to just going to go back through and talk about the key ideas. So obviously anybody who's been here for any length of time knows Bitcoin is about money. And sometimes that misconception is there's actually a misconception that this is more of a technology, but we just covered Carter's piece about a most peaceful Revolution and talked in Robert Breedlove does a great job of going into that Justin what we've read today on the social and really political aspects that the Bitcoin is a technical Innovation. There is a lot there in the technical breakdown of it. It's a new Way to combine old tools and Technologies, very trusted and proven tools and Technologies. In fact, there's not a lot in the actual technical pieces of the coin that's brand-new. There are a few things that are novel in the way they are on put together. But really it's just in the entire structure in the idea of what is accomplished with Bitcoin. It's as if like maybe for a good analogy, is that like the gears Exist Pistons exist we know oil can be used to burn and as a fuel we know and understand the laws of thermodynamics and and the laws of gases and how they expand when heated very quickly like we know all of the elements that we need to know in order for an automobile and an internal combustion engine to be possible, but no one has ever put all of those pieces together. Either in order to produce an internal combustion engine and Satoshi Nakamoto is the first to do that. He used a a a number of very resilient and Powerful Technologies on both in cryptography in networking and most importantly in human nature in incentives on network incentives in like social engineering and he used these elements to create a system that Is them all together there's there's an element or there's something that discussed. It's mentioned a couple of times in this piece by Robert Breedlove that it's one of the first technological inventions where human nature is an element that makes it run and that's one of the most fascinating things to think about because it's so true. It requires humans to be self-interested. There's a we've talked about it in the Bitcoin meet up before the Bitcoin uses human greed. Read human greed is just self-interest is just like you can use it in a negative context and call it greed or you can use it in a positive context and just call it we want our lives to be better simple point. In fact greed is usually just meant to say, oh we'll do it at whatever expense. We don't care about hurting or hurting other people are being immoral, but that's not the case and like human self-interest. In fact, there are certain systems that can be designed and incentives. It can be created in order to use human self-interest in order to create honesty. And that's what Bitcoin does it uses a handful of other Technologies in order to create a closed system in which only honest behavior is rewarded and dishonest or cheating behavior is either punished or incredibly costly and does not permit the reward that the dishonesty would actually a produce in some other environment and they it's done. So by creating an entirely closed system. It's because like the digital points and the architecture is all within the design of the Bitcoin system. So let's go through a couple of the things that we talked about in this piece. So it's really four key technologies that come together to create Bitcoin. First we've got proof of work, which he says their mathematical puzzles that require energy to be solved and that's just because the puzzle is difficult. I like to think of it like imagine it as like a Sudoku puzzle that you might be able to solve it a number of different ways. But the Sudoku board is just really really big and a lot of people are all trying to solve it at the same time. And the first one to solve it basically broadcast it to the network and Buddy can check their work. Like it's really hard to solve the Sudoku puzzle and you have to attempt a lot of different possibilities and keep trying and trying and trying but if someone gives you a finished Sudoku puzzle, it's really easy to verify that everything is there all you have to do is, you know, make sure you count 1 through 9 or whatever it is, you know any every line, you know how Sudoku works? What is important to consider look what the purpose of that is because it sounds totally arbitrary. Right? Look, we're all just playing this stupid game. Why are we doing that? Um and what's funny is the original use of proof of work is actually a really great way to demonstrate part of its usefulness. What makes it valuable Nick Szabo in the context of money Nick Szabo calls it an unfortunate costliness, but we're talking about the original use of proof of Work. It was as a email spam prevention mechanism. So if I have a million people's email address it cost me almost nothing to send an email to all milk 1 million of those people, which is a nightmare is a huge pain in the butt because now I can just abuse and flood messages to everybody who doesn't who don't even want them and you would have to change your email address in order to prevent me from doing that. And and you couldn't you couldn't even block like an email address specifically because I could easily just create another and my Essential payoff is everyone email I create if everyone blocked me after their every every new email address. Excuse me, if everyone blocked me immediately after I sent them like a huge flood of spam. Well, then I would get a million emails out every single time. I created a new email address. Whereas your new email address, too. You're blocking or whatever would only last for one email. So the the payoff or cost for both parties is ridiculously lopsided to benefit the spammer in this situation. The defense is much more difficult than the actual attack. This is where proof-of-work came in. Now what if you only accepted an email your machine your server whatever it is just automatically rejected anything that Didn't have two or three seconds worth of computational work attached to it. So proof of work is essentially a thing that says the person who sent me this email had a computer do some computations for you know, two seconds which from the user side. No one would even notice would recognize like you just hits and and walk away Union. Think about it. And what that does is it makes the other person say okay in a sense. They have this little skin in the game. There's this tiny barrier to sending one message to them. So they actually have to invest resources. Even if it's tiny in order to send a message. They actually have to want to honestly it would typically you would think with the trade-off. They would have to honestly be sending a message in actually want to contact them and be legitimate in their purpose. Why because Two seconds is not difficult to send to a message send a message to a friend or a business partner associate or something, but two million seconds to spam to a million different people makes it unviable makes it on vile completely just like it's just not going to happen for anybody who's thing about looking up. It's like 23 days is 2 million seconds. So it presents an in vast barrier to someone who is Trying to spam the network that is extremely that is not costly at all for legitimate messages. So that was the original creation of proof of work. It was a tiny amount of quote-unquote skin in the game so that there was a cost to sending a message meaning that You're more likely to invest in a message that will create a long-term relationship or that will be a legitimate message to someone you actually want to contact or is likely to actually want the contact from you rather than simply spamming and flooding the network with nonsense information because now there's a cost to the information whereas before it was essentially free to just Spam everybody with crap. However with money it's a very different Dynamic. It serves a lot of the same purpose in the sense. It is it is essentially to some degree a Spam prevention mechanism. But at the exact same time what it does is it creates a cost. It creates a defensive measure around alterations to the blockchain. Now the blockchain as Robert breedlove's goes into is the the easiest way to explain it is just it's a banking Ledger. It's just a ledger as a digital Ledger is just out there in the world. Everybody has a copy of it and everybody's on the exact same page of The Ledger, but we will only accept new pages to this Ledger that have a very specific set of criteria. And one of those is that there is an enormous amount of Proof of work done in order to produce it this way. There aren't just going to be thousands of different versions of this Ledger out there because think about it like oh my computer. I have a note I could just go in and edit transactions in the past and then just publish the whole thing and I'll just have a ledger that has the same 580,000 whatever blocks it is. Um, and you know block 100,000 will just have a Bitcoin transaction to me. I'll have just minded. Is coins and without the proof of work I can do that in no time. I could just go edit on my computer right now. And how would anyone on the network know since it's all just digital information? How would they be able to determine that mine wasn't the real blockchain? Well, it's because in order to block a to edit anything in Block 100,000. I have to redo the proof of work. I have to expend an enormous amount of energy just to just to Edit or produce one valid block, but if I'm trying to produce a valid block on block 100,000 I actually have to redo the proof of work. They're chained together. That is something in the blockchain which we actually kind of didn't get to we haven't gotten to yet in this thing, but they are chained together through one of the other tools called hashing so that if I change block 100,000 block 100 thousand in one Now no longer valid and everyone who downloads it sees that one hundred thousand and one is not valid. And since that one is valid neither is 100,000 and to etcetera etcetera all the way to the current bitcoin block. What that means is that not only do I have to redo the proof of work, which is already going to be extremely costly in Block 100,000. I have to redo the proof of work for every single block forever since then another 480 some odd thousand blocks just to get the network to accept it as an option. As a possibly valid blockchain, but maybe even more importantly is I'm competing with the entirety of the rest of the network that is producing. It is extending the blockchain that already exists making more blocks for me to redo which means that I have to I have to literally have more computational power and energy expenditure than the entire world worth of Bitcoin mining nodes. Proof of work creates an objective easily verifiable way to make it an extremely difficult to make any alterations to the chain and extremely easy for everyone to agree on agree on exactly what the chain looks like. Right this instant. We don't have a thousand different versions of the blockchain being spread all across the world and everybody trying to figure out which one is which We don't have thousands of different versions of the next block and everybody we don't have multiple splits of this network sitting with different blocks. Wondering you know, which one's going to be the next one and which one was the previous one what was valid and what wasn't everybody can easily and in a matter of just a couple of seconds globally come to consensus on what the next block is in a stable reliable pattern that happens every 10. Minutes throughout the entire network at a global scale and that is absolutely insanely powerful. There is never been a way to reach consensus in a decentralized manner in the digital realm before and that is what proof of work enables and at the same time that it does this it is essentially creating a virtual force field on to the Integrity of the blockchain. The great example that Nick Szabo and a number of other people have used our you'll probably bump into this quite a bit is the idea of Amber like when like a mosquito or a bug or something is locked in the Amber of a tree like a sap in a tree or something and then there's another layer and then there's another layer and over time it gets harder and harder and last for longer and longer or like tree rings like the center of the tree is protected. buy more and more as it continues forward every new block produced in the blockchain makes this makes it a force field around editing the blockchain ever stronger editing the the Deep past of this blockchain harder and harder while at the same time the more computing power and Mining power put on the network just in the most recent block makes it more and more difficult to edit or Any alterations to or confiscate funds from or sensor transactions from it is literally the digital equivalent of producing a giant Vault for all of the value in the chain and the more valuable. It's a feedback loop the more valuable the money or the funds the Bitcoin in this example, the more valuable the Bitcoins are that are hiding inside this Vault the more money there. There is devoted to building the Vault the stronger and thicker The Vault becomes so when there's two hundred billion dollars in the vault. There are more computers getting online in order to make the make the Vault more secure because the network is paying for the vault. It's paying for the structure to secure it. And that structure is proof of work. It is the hash function that makes it impossible to edit a block without producing a valid proof of work. It is an absolutely extraordinary concept and it is so it's so brilliant that the more you keep reading about it the more you'll learn about it for anybody who's new to this. You're going to keep going down this Rabbit Hole you'll listen to a lot more pieces on this we've talked about proof of work from so many different. Current context but is going to blow your mind more and more the the deeper you dig into what it is what it does and how it coordinates stuff on the Bitcoin over is a fascinating concept and it enables the decentralized nature of that of the distributed peer-to-peer Network. So it's like with BitTorrent. It's BitTorrent with a banking Ledger and using proof of work to make it so that that banking Ledger is cannot be Corrupted but eight using a peer-to-peer Network where essentially everyone is the referee. I can't remember who it was. I think it was Jameson Lop but it's probably been said by numerous people but said that the Bitcoin network is like a game where everyone watches everyone else to make sure that no one is cheating. Since every full node has an entire copy of this banking Ledger. We can all be 100% certain that nothing has been cheated and none of the rules are anything outside of mathematics like so all of the rules are completely objective. There is no like, oh, he almost had the proof of work lets, you know, take it to the judges like it either is or isn't there is no like our we produce like 99% of a hash the way the hash function works is it's either valid or it isn't These are all yes/no questions two plus two equal four. Yes, two plus two equal 5. No, there's no subjectivity in this whatsoever. So it's not it's not even like everybody's referee in a game because there's a ton of subjectivity in a game or a sport or whatever and then you have self-interest as well. But when everything is so easily verifiable and you can go back to the very beginning of Bitcoin in prove that every single proof of work is accurate every bit of the accounting is accurate down to the Satoshi 100 millionth of a Bitcoin and that nothing has ever been cheated within the rules of Bitcoin that there has never been a Bitcoin that is created outside of the inflation schedule. No one has ever spent Bitcoin that they did not have the private keys to spend all signatures are valid everything. It is the most secure high integrity banking Ledger in the world. And it is entirely emergent from a group of tens of thousands of nodes just cooperate together together on the Internet. It's that doesn't Fascinate You you have lost all intellectual curiosity whatsoever because that is absolutely nuts and it's never existed ever. And it enables the ability to produce a digital token a digital money within this system used as both the reward and the unit of account within this institution. Essentially this decentralized institution that is emerges from the cooperation of everyone participating in the network. That is scarce like a physical good It is true digital scarcity. It cannot be copied. It cannot be spent twice. And if you do not have the single valid key that allows you to sign a transaction with it, then it's not yours. It's simply not yours. And there's no hope of Ever Getting It the math. I recommend listening to 21 lessons of the Bitcoin Rabbit Hole by dare GG such a good piece and there's one lesson in particular in the 21 about the the big numbers of Bitcoin and sha-256 and like what what all involves in the security of these random numbers, but just so you can get an idea the I the someone guessing a private key is as if someone reached out into the universe and picked a single atom. From anywhere in the visible and known universe and it happens to be the very same atom that you picked at random. Understand you are vastly more likely to win the lottery once every second for the rest of your life until you die. Then you are to do that. There's nothing obscure about this code either like that's what makes makes it so that everyone can be you know, a referee in this game is every bit of the rule set is established openly in this protocol. And everyone downloads and maintains and can view like everyone has an entire copy of the entire rule set the entire code everything. It's entirely open source, and anyone can contribute to it as well. Like you could essentially you could go in and edit your version of the Bitcoin software. And as long as you edited it within the rules of verification, like like you could essentially make it so that your client only Accepted or only produced Bitcoin addresses with like some certain, you know numbers at the beginning of it. But as long as it was a valid address, all you've technically done is restricted the rules of your client and because of that nothing you broadcast in the network will be invalid even though you won't accept as much as the rest of the network would because you you know, you want some special thing or maybe you want but at the beginning of all of your addresses, you can technically do that you Hash addresses over and over and over again until you just happen to stumble upon one that had but written at the beginning of the address and you know, all your quote-unquote Bitcoin accounts could start with the word but these are actually you can actually do this which is called a vanity address. I mean, it's not like it's not like you'd actually make these rules in your client, but you can continually hash and address until it just happens to have a word in it and they're referred to as vanity addresses. Like I could make one. That's it crypto economy. at the front of an address, but unfortunately crypto economy is a very long word and every single letter you add to the desired word that you were looking for the more difficult it gets and I'm pretty sure that I could probably hash and a dress for the rest of my life on my computer and just produce Trillions quadrillions in don't even know the numbers in that size, but I could produce hashes or address is almost infinitely for the rest of my life and I will probably never find one that says crypto economy. However, creating one with the word guy or the name guy at the beginning of it would probably not be very difficult. Another really cool point that he gets to in. This is about the layers of the internet and how Bitcoin really is. The protocol itself is the internet of value. It's a standardized protocol and means of communicating exchanging and owning value within the digital realm. So just like the internet was that independent protocol for ordering and Breaking apart and transmitting information. Well, that is what Bitcoin is for value and it truly is a just a new layer. Its we're hitting another phase in the continual growth and maturation of the internet. I don't think you can disconnect these two technologies from each other. They're in their deeply dependent upon each other and they are both decentralized protocols that are consuming more and more of our economic activity and communication which includes value communication protocol communication and just information in general I go into this a lot in the guys take episode. I did recently on the 7th disruption of the digital age because that that whole that whole concept there's so much to unpack there every week probably do Eight Episodes just on that. There's so much fun stuff to explore their so I highly recommend doing some digging if you It really gone into that concept much yet. But if you went back, if you went back and listened to the first three parts of this series, which I hope you did or of this piece all about money and the history of money in the main Concepts like the scale of the saleability across scales time and space and then the double coincidence of wants problem that money actually solves and then the nature of her hard or sound money and kind of historical monies that were sound or more sound than Alternatives throughout throughout history and their kind of development and the market realities of certain monies based on their hardness and the environment of competition between monies and like kind of the historical battle between hard and soft money so to speak but that's one thing that's just so incredibly unique. About Bitcoin. That's why I started this episode off talking about how everything we think we know about the history of money and what it means for money to compete and exactly how great that winner-take-all Dynamic is in money and how fast or powerfully value accrues in a certain hard money is really out the window. We are breaking new ground on all of those fronts because the highest stock to flow ratio we've Ever had of any money was gold and it's like 64 or something for a light it would take what that stocked up loan means just in like a general senses how many years of mining new gold or producing it or finding it? Wherever it is? However, it is we obtain it how many years of the new flow of money coming in would reproduce the entire amount that we have already the the full stock so it's only 54 ish years that if we had no gold we would mine the amount of gold that we already have for thousands of years. We've mined it so far. And that's entirely at the wind of possibly finding new huge reserves. We weren't aware of technology that allows us to do things like mine, you know other planets or asteroids that have enormous amounts of gold or the technology to irradiate something like Mercury or lead and turn it into gold. So technological advancement really throws that up in the air like it does have a highly stable and difficult to obtain elements. So none of it is so it's a very Hard money regardless, but it is still completely unknown and it could be destroyed and become one day a soft money through technological advancement just like almost all monies in history have at some point or another. But that is not the case with Bitcoin and Bitcoin won't just have a slightly higher stock to flow ratio, like like 70 or a hundred big coin bit coin stocked flow Trends to Infinity. It will literally come a point in time where no new Bitcoin are created ever and we have the current stock - any lost Keys which will inevitably continue to happen obviously far less often than it has in the past. But Bitcoin will be a perfectly finite money. The only one that has ever existed in the history of the world and that is absolutely a Astounding and there is nothing that can quite the as he as he refers to it the price in elasticity of supply the supply cannot adjust at all only the value of the network can adjust to accommodate increased production increased efficiency or increased demand. If any of those things three things within the Bitcoin economy increase the price is the only thing that can adjust in Bitcoin to accommodate that. So we truly have no idea exactly how this economy will work or or to what degree that value distribution throughout the economy will happen. We know hard money does this and distributes that value and produces the right incentives better than anything better than any other obviously form of money, but we've never had one that does it so perfectly. So we really breaking new ground with Bitcoin as a technology and an economic experiment and it's just a fascinating thing to study from so many different angles and there's still there's still more that we could dig into here, but I think we will close this episode right here and we will pick this back up. Hopefully tomorrow would concluding this section of the the Section of Robert breedlove's money Bitcoin and time and for anybody who just hasn't really dug into this Beast. It's a great overarching like it really thorough breakdown of so many of the Core Concepts of Bitcoin and huge. Thank you to Robert Breedlove for writing this piece again, I will link if you haven't listened to part 1 2 and 3 on the money section. I will be linking to those in the show notes as well as the couple of our episodes and stuff that I mentioned so that will be all for today. Thank you guys so much for listening. This is the crypto Konami podcast and I am guys Swan. Thank you so much to all of my listeners and supporters. I've got another couple of people on patreon in the last couple of days and that has been wonderful. Thank you. Welcome crypto dread to the crypto economy crew. The telegram is growing quite a bit and it's good to have such a good group. In there and we've had a lot of fun. So if you want to join the telegram group and you want to help make sure that I can continue to produce to turn all of the best articles and the medium articles essays research papers all this crazy stuff into audio. So to make it easy to consume all the best pieces in the Bitcoin space become a patron at patreon.com slash the crypto Konami. And if you can't do that the one way you can definitely support the show that's really easy and only takes a couple of seconds you share this out. Whatever. Your favorite episode is or your favorite work is share that with somebody that you know is sort of interesting wants to dig a little bit deeper into this but just hasn't taken the leap because this is where I'm trying to make everything all topics and disciplines and the philosophies and everything about I want it to be accessible so that everybody can understand the future that we are building and the whole the purpose behind all of this. So hopefully you guys will share this out to somebody, you know and help support this show. So thank you guys so so much and I will catch you on the next episode of the crypto economy until then take it easy guys.
Jumping back into Robert Breedlove's great piece with a thorough exploration of Bitcoin as a money, a technology, a network, and a measure of time. • The Cost and Reward of Proof-of-Work • A Vault Built of Energy • The infinite Hardness of Bitcoin • The Internet of Value • The Bitcoin Social Contract & more! Don't miss the continuation of this excellent piece available on the blog or in PDF at parallaxdigital.io - https://www.parallaxdigital.io/blog  If You haven't yet, don't forget to check out the first 3 parts of this incredible piece on the episodes linked below: Part 1 - https://anchor.fm/thecryptoconomy/episodes/CryptoQuikRead_286---Money--Bitcoin--Time-Part-1---Robert-Breedlove-e52gih Part 2 - https://anchor.fm/thecryptoconomy/episodes/CryptoQuikRead_287---Money-is-a-Social-Network---Money--Bitcoin--Time-Part-2---Robert-Breedlove-e53ug5 Part 3 - https://anchor.fm/thecryptoconomy/episodes/CryptoQuikRead_288---The-Economic-Nervous-System---Money--Bitcoin---Time-Part-3---Robert-Breedlove-e54u2e  Other Great works mentioned on the show for further diving into related topics and exploring Bitcoin: 21 Lessons of the Bitcoin Rabbit Hole [DerGigi] Part 1 - https://anchor.fm/thecryptoconomy/episodes/CryptoQuikRead_256---21-Lessons-of-the-Bitcoin-Rabbit-Hole---Chapter-1-e47u83 Part 2 - https://anchor.fm/thecryptoconomy/episodes/CryptoQuikRead_257---21-Lessons-of-the-Bitcoin-Rabbit-Hole---Chapter-2-e489f9 Part 3 - https://anchor.fm/thecryptoconomy/episodes/CryptoQuikRead_258---21-Lessons-of-the-Bitcoin-Rabbit-Hole---Chapter-3-e48kao  More on the Fascinating Nature of Proof-of-Work: Proof of Work is Efficient https://anchor.fm/thecryptoconomy/episodes/CryptoQuikRead_155---POW-is-Efficient-Dan-Held-e2ndpk Bitcoin & the 7th Great Disruption of the Digital Age https://anchor.fm/thecryptoconomy/episodes/GuysTake_021---Bitcoin--the-7th-Great-Disruption-of-the-Digital-Age-e57p9m Anatomy of Proof of Work https://anchor.fm/thecryptoconomy/episodes/CryptoQuikRead_158---Anatomy-of-Proof-of-Work-Part-1---Hugo-Nguyen-e2ndpg Bitcoin, Chance, and Randomness https://anchor.fm/thecryptoconomy/episodes/CryptoQuikRead_159---Bitcoin--Chance--and-Randomness-Part-2---Hugo-Nguyen-e2ndpi   ---   This episode is sponsored by  · Anchor: The easiest way to make a podcast. 