We've all heard about Bitcoin's incredible future potential. I myself undoubtedly advocate reliable money and social scalability. However, this drama will take decades. What if Bitcoin doesn't last long enough to realize its full potential?
Fortunately, Satoshi drew lessons from failed attempts to create private money. Bitcoin's genetic code was developed with an emphasis on maximum survival.
In this article, we explore the fertile macro environment (macroeconomic conditions) and viability of Bitcoin through the lens of mushrooms.
Here is a list of all the articles in this series for your convenience:
Part 1. Bitcoin - a micellar decentralized organism (fungi)
Part 2. Bitcoin is a social being (mushroom).
Part 3: Bitcoin - Antivirus (medicinal fungus) - this article
Part 4. Bitcoin - catalyst of human evolution (space money) - soon!
*" The translation of Part Four will soon appear on the BitNews
Well, let's get started!
Honey bees, varroa mites and medicinal mushrooms.
In 1997, a curious mycologist named Paul Stamets observed an extremely unique behavior demonstrated by honey bees. Bees were eager to drink water containing fungal spores. "Hmm, curious!" - ...thought Paul.
15 years later, Paul started tying all the facts together. Honey bees were dying out in unimaginable numbers due to the destruction syndrome of bee families (colonies). In addition, bees were dying from infection with the tick Varroa, which is a carrier of deadly viruses such as the wing deformation virus and the Sinai Lake virus.
Chemical fertilizers used in modern agriculture poison bees, thus significantly reducing their immunity against the Varroa ticks. Bees flying around spread ticks to neighboring bees, which has led to a 70% reduction in the bee population since 2005.
Who needs these bees?
Bees are the main species responsible for pollinating a large percentage of our food sources (avocados, almonds, etc.). If we lose bees, there are countless negative consequences such as lost jobs, destroyed ecosystems and reduced food security.
But let us return to our mycologist Paul, who made a monumental discovery in 2012: mushrooms are known to support the immune system - bees must have known instinctively that they should drink mushroom water. Paul tested his hypothesis and then demonstrated that by using a simple antivirus "mushroom medicine", it is possible to reduce the effects of wing deformation virus and bee family destruction syndrome by 80%.
The existing monetary system is the Varroa tick.
Our current monetary regime, based on central banks, is like the annoying Varroa tick attacking our financial markets.
The Varroa tick is hard to kill - fiat currency regimes benefit from a monopoly on violence;
They spread viruses to everything they touch - market distortion, clanism, usurpation of regulatory functions;
Negative subsequent effects - irrational use of capital, increased time preferences, restriction of people's productivity, increased risk of disaster;
Bitcoin is an antivirus (a drug made of mushrooms) that "saves bees".
Bitcoin (a medicine made of mushrooms) prevents the spread of destructive financial hegemony (Varroa mites), which will certainly mark the beginning of a new era of human achievement (saving bees also has side effects, one of which is food security).
Heading into the Great Unknown...
We are entering a period of uncertainty never before seen by our civilization. The experiment with fiat money is on shaky ground, and our social systems are beginning to collapse.
On a global scale, we are facing unprecedented levels of public debt to GDP ratios. The U.S. Federal Reserve System, the European Central Bank, the Bank of Japan and the Bank of England now seem to "own a fifth of their governments' aggregate debt. Central banks are "running out of moves".
In the latest desperate effort, the European Central Banks are pushing negative interest rates. Are we really going to let the dominant banking system BEEP the payoffs from depositors for keeping our digital fiat money in their unreliable panoptic banks?
What about China?
China's real estate market is unstable and has long been in need of correction. Capital controls and the search for returns in a slowing economy have led to inflated real estate prices in China. What happens when the market adjusts and everyone rushes to the exit? They'd better have a "₿ plan".
What about the US?
The U.S. currently has debts in excess of $22 trillion, but do not expect the U.S. to fail to meet its obligations. Former Federal Reserve Chairman Alan Greenspan said "The United States can pay off any debt because we can always print money to do it."
In an instructive article entitled "It's Water", Ben Hunt explains how artificially low interest rates (easy money) lead to lower productivity and zombie our financial markets. The same picture preceded the financial collapse of 08/09.
Social structures demonstrate their weakness (give weakness)
Countries around the world are striving to eliminate cash. Cash is a fundamental tool for confidentiality and a prerequisite for maintaining an open society. Without cash (or bitcoins), citizens are at the mercy of the financial supervision machine. It is indeed a "slippery slope".
One should not forget the social credit system in China. Soon Chinese surveillance technology will be exported all over the world.
Young people do not trust their governments or financial institutions. 40% of Americans can't afford the unexpected cost of $400. Not surprisingly, a potential candidate from the Democratic Party, Andrew Yang, is gaining ground in polls during a campaign for unconditional basic income.
An uncertain future is an ideal breeding ground for extremism. Democratic Socialism, Modern Monetary Theory (MMT), Negative Interest Rate Policy (NIRP), the war on cash, widespread consumerism and rising student debt are just symptoms of the regime's neglect.
Our traditional institutions are simply not equipped to cope with the complexities of the information age.
Current attempts to fix the political and economic machine from the inside without any irony are driven by the "used heat of the war machine" (thanks to Vinay Gupta). We need systemic changes. Something molded from another test.
What if the Bitcoin money system is an antidote to madness?
I comfort myself with the hope that in the future we will look back on our current "fiat money banking experiment" with disgust. And how could we live so long under such an archaic regime?
Just as mushrooms turn dead and dying organic matter into a new life, so too Bitcoin will turn a shabby banking system into a solid financial foundation on which new growth can take place.
"The Great Filter" is cryptic.
Can Bitcoin last long enough to reach its full potential?
Chiphrobanks, anarchists and voluntarists have been trying to create private, non-governmental money for a very long time. In fact, modern attempts have been made for over 30 years, from David Chaum's Ecash to E-gold and B-money.
Despite the relative success of private money prior to Bitcoin, it was eventually all shut down due to excessive influence from governments and/or business interests.
The "Great Filter" theory
The theory of the "Great Filter" was developed after we asked ourselves why we still could not find a reasonable life in the universe. And where is everyone else?
This theory argues that there are some obstacles in the course of life's evolutionary process that are extremely unlikely or impossible to overcome. This obstacle is the "Great Filter".
For example, what if every time a developed civilization created nuclear bombs, it eventually destroyed itself? In that case, it would be statistically unlikely that it would exist long after the invention of nuclear weapons.
For cryptology, "The Great Filter" is about surviving attacks at the level of sovereign states.
Bitcoin is the only monetary entity that has the chance to survive the great filter. See more about this below.
And why would a sovereign state or an ingrained business attack a competitive form of money?
In short, he who has gold sets the rules.
There are two main advantages to controlling the money supply - the ability to inflate the money supply (shadow tax) and the Cantiillon effect.
The Cantillon effect describes an uneven distribution of the money supply. When the central bank prints new money, those closest to the money (banks and large corporations) profit from the new "cheap money". By the time the rest of the population has access to new money, price inflation has already begun.
The Cantiillon effect results in a redistribution of wealth from poor to rich.
The government is doing everything it can to protect its monopoly
Like E-gold in the 1990s, any competing cryptographic currency can flourish in peacetime. However, being angry enough, those in power rush to defend their interests. History is literally overflowing with such examples.
Between 2006 and 2008, the U.S. government amended the definition of "license to the money transfer system"... (under the guise of "Patriotic Act"), targeting E-gold. At its peak, E-gold processed transactions worth over two billion dollars a year. Unfortunately, the U.S. government took advantage of the centralized nature of E-gold, kicked down the doors and closed the office.
What is the moral of this story? It's simple - governments don't like competition.
Here's the actual confirmation of this statement - Congressman Sherman from California recently called for a complete ban on Bitcoin. Sherman is remarkably knowledgeable. He understands Bitcoin's true mission: to create new global basic money that the world's superpower today cannot use for military purposes.
Satoshi definitely read Hayek and understood "The Great Filter of Kryptovalut."
In 2009, Satoshi Nakamoto released the practical embodiment of Hayek's "irrepressible money". From day one, Bitcoin was designed to overcome the "Great Filter".
"Many people automatically reject e-currency as a hopeless cause because of all the companies that have failed since the 1990's. I hope that it is obvious that it is the centrally controlled nature of these systems that has condemned them to death. I think this is the first time we've tried a decentralized, non-confidence-based system," Satoshi Nakamoto.
In order for Bitcoin to realize his full potential, he must be so resilient that even state structures could not succeed in destroying him. This means preventing either side from taking full control of the system.
Parallels with mushrooms: The most stable species on our planet
In more than 1.3 billion years of evolution, mushrooms have achieved perfection in the art of survival. Unlike plants, mushrooms do not need sunlight, they are able to produce/create their own food. Mushrooms do not have a centralized point of failure, which makes them resistant to attack. If they are sufficiently irritated, the mushrooms steal the genetic code from their ecosystem neighbours (horizontal gene transfer).
Since complex life forms have emerged on our planet, there have been 5 mass extinction events that have killed 75-96% of all life on Earth.
During each such global catastrophe, mushrooms have inherited the earth because of their "anti-brittle" nature. In an attempt to survive the "Great Filter", Bitcoin simulates effective evolutionary strategies observed in the realm of mushrooms.
Can Bitcoin survive the "Great Filter"?
How can Bitcoin be crushed? Disable the Internet? Declare its use illegal? Cover it with hellfire taxes?
Any crypt-currency that cannot survive (in fact) aggressive state opposition is meaningless. Such cryptovalues simply postpone their inevitable demise.
Satoshi designed Bitcoin's super-organism so that he could survive the "Great Filter" and resist corruption. This ambitious goal gave the initial impetus for development along a special evolutionary path, separating Bitcoin from all other cryptovalues and "blockchein projects.
Does this mean that Bitcoin is guaranteed to survive the "Great Filter"?
It doesn't. It is impossible to know in advance until the day when it will be subjected to a coordinated attack by a state structure. However, Bitcoin is the only existing cryptographic currency that stands a good chance. Let us consider some positive trends in Bitcoin's survival kit.
Bitcoin can't be regulated. No natural or legal person is at the top. The code is freedom of speech. Every country has its own competing jurisdiction.
Game theory protects Bitcoin from a global coordinated attack. Nation-states compete with each other. It's unlikely that leading nations will cooperate on this issue. If the U.S. prohibits Bitcoin, China will have reason to implement it. States not using the current US dollar regime have an incentive to adopt Bitcoin.
Bitcoin's PoW protects the register with an "energy shield". By linking Bitcoin to the real economic value (of energy), the only way to change its register is to "redo all the work," that is, spend as much money again in the form of electricity. [thank you @danheld]
Bitcoin inspires religious fervor to its supporters. Ideologically motivated "hard-line supporters" act as the immune system. Survival in major wars (NYA / S2X) demonstrates this. Bitcoinners "provide cover fire" until Bitcoin walks through the door. [thanks to Bitcoin Sign Guy]
Bitcoin can bypass ISP censorship. Bitcoin has a growing network of alternatives to the main Internet (mesh networks, amateur radio and satellites). It is even possible to route transactions over a mycelial network (this is theoretically possible).
Bitcoin is an idea, ideas are eternal. Bitcoin is spreading like a virus in the mind. Even if the current form was somehow "killed", the idea will live forever. "Is this snowslide a virus, a drug or a religion?" Juanita shrugs her shoulders. "What difference does it make?" [thank you @nealstephenson]
Improvements to Bitcoin's privacy reduce taxable income. CoinJoins and other privacy technologies will minimize the possibility for governments to attack Bitcoin through burglary tax laws. [thank you @wasabiwallet @SamouraiWallet]
Bitcoin minimizes the possibility of fraud. Bitcoin does not rely on trust. Think in terms of "can't be changed" instead of believing that the system "won't be changed". Bitcoin identifies the presence of leaders, formalized governance and concentration of power as potential avenues of attack, only waiting for their moment.
Nation-states underestimate Bitcoin. It buys Bitcoin time to become stronger and harder to destroy. The dominant banking system is digging its own grave with a shovel made of 100% pure arrogance. If only we had a backup plan "₿."
"Blockchain industry" is a diversionary tactic.
First, it is important to understand that blockbusters, stablers, investment tokenists and corporate networkers do NOT compete with Bitcoin. They have taxonomically responded and are trying to occupy a separate niche.
By and large, the "Blockchain industry" is a diversionary tactic ("red herring") that leads businesses and governments to false conclusions. It serves as a distraction and itself, unwillingly, provides Bitcoin with "cover fire".
Does that mean we have to watch out for blockbusters? The answer is no. They just mistake Blockchain hipe for Bitcoin (mushroom net).
First we should try to explain it to them, as most people were not born Bitcoin. However, intentional cheaters deserve to be burned.
How the Blockchain industry helps Bitcoin...
Blokchmen tie up government resources, train future developers, confuse existing companies and put gangster bankers (banking mafia) to sleep.
Banks such as JP Morgan will train hundreds of blockbuster developers. Sooner or later they will discover Bitcoin and say goodbye to the banal bank coin and instead join the peaceful revolution. So JP Morgan is financing its own demise? That's poetic.
Zuckerberg will soon put a "crypto wallet" in everyone's pocket. Instead of competing with Bitcoin, ZuckBucks could actually try to compete with the US dollar. In any case, it allows people to feel comfortable with the money in their phone, as with WeChat and Alipay. The first large-scale censorship company against ZuckBucks will first of all perfectly demonstrate the need for Bitcoin.
Blockbusters and scammers claim that Bitcoin is old and cannot scale. These are Beanie Babies (teddy toys) and MySpace (social network). They paint Bitcoin as a friendly but limited use fungus that the Blockchain has "brought us".
While the fashionable Blockchain trend chases its tail, Bitcoin quietly grows underground, merging with the "roots" of the traditional financial system, building up resistance, recruiting volunteers, infecting curious minds like a cordyceps mushroom and preparing for the "Great Filter".
If we are lucky, the blockbusters will continue to distract the world's superpowers by exactly the amount that Bitcoin will have time to become "too big to fail".
Let's wrap this up.
Did you like the third part? Soon the fourth part will come out, in which we will consider Bitcoin as a catalyst for human evolution. Here are the links to Part One and Part Two in case you missed them.
*The translation of the last part will soon appear on the BitNews.
Announcement of Part Four: Let's assume that Bitcoin has fulfilled its purpose as a world monetary base. What will be the consequences of releasing globally available, technologically advanced, open, perfect money? Bitcoin enables mankind to reach the celestial spheres. Bitcoin is space money. Bitcoin is a renaissance.
Thank you for reading it,
Brandon
Fortunately, Satoshi drew lessons from failed attempts to create private money. Bitcoin's genetic code was developed with an emphasis on maximum survival.
In this article, we explore the fertile macro environment (macroeconomic conditions) and viability of Bitcoin through the lens of mushrooms.
Here is a list of all the articles in this series for your convenience:
Part 1. Bitcoin - a micellar decentralized organism (fungi)
Part 2. Bitcoin is a social being (mushroom).
Part 3: Bitcoin - Antivirus (medicinal fungus) - this article
Part 4. Bitcoin - catalyst of human evolution (space money) - soon!
*" The translation of Part Four will soon appear on the BitNews
Well, let's get started!
Honey bees, varroa mites and medicinal mushrooms.
In 1997, a curious mycologist named Paul Stamets observed an extremely unique behavior demonstrated by honey bees. Bees were eager to drink water containing fungal spores. "Hmm, curious!" - ...thought Paul.
15 years later, Paul started tying all the facts together. Honey bees were dying out in unimaginable numbers due to the destruction syndrome of bee families (colonies). In addition, bees were dying from infection with the tick Varroa, which is a carrier of deadly viruses such as the wing deformation virus and the Sinai Lake virus.
Chemical fertilizers used in modern agriculture poison bees, thus significantly reducing their immunity against the Varroa ticks. Bees flying around spread ticks to neighboring bees, which has led to a 70% reduction in the bee population since 2005.
Who needs these bees?
Bees are the main species responsible for pollinating a large percentage of our food sources (avocados, almonds, etc.). If we lose bees, there are countless negative consequences such as lost jobs, destroyed ecosystems and reduced food security.
But let us return to our mycologist Paul, who made a monumental discovery in 2012: mushrooms are known to support the immune system - bees must have known instinctively that they should drink mushroom water. Paul tested his hypothesis and then demonstrated that by using a simple antivirus "mushroom medicine", it is possible to reduce the effects of wing deformation virus and bee family destruction syndrome by 80%.
The existing monetary system is the Varroa tick.
Our current monetary regime, based on central banks, is like the annoying Varroa tick attacking our financial markets.
The Varroa tick is hard to kill - fiat currency regimes benefit from a monopoly on violence;
They spread viruses to everything they touch - market distortion, clanism, usurpation of regulatory functions;
Negative subsequent effects - irrational use of capital, increased time preferences, restriction of people's productivity, increased risk of disaster;
Bitcoin is an antivirus (a drug made of mushrooms) that "saves bees".
Bitcoin (a medicine made of mushrooms) prevents the spread of destructive financial hegemony (Varroa mites), which will certainly mark the beginning of a new era of human achievement (saving bees also has side effects, one of which is food security).
Heading into the Great Unknown...
We are entering a period of uncertainty never before seen by our civilization. The experiment with fiat money is on shaky ground, and our social systems are beginning to collapse.
On a global scale, we are facing unprecedented levels of public debt to GDP ratios. The U.S. Federal Reserve System, the European Central Bank, the Bank of Japan and the Bank of England now seem to "own a fifth of their governments' aggregate debt. Central banks are "running out of moves".
In the latest desperate effort, the European Central Banks are pushing negative interest rates. Are we really going to let the dominant banking system BEEP the payoffs from depositors for keeping our digital fiat money in their unreliable panoptic banks?
What about China?
China's real estate market is unstable and has long been in need of correction. Capital controls and the search for returns in a slowing economy have led to inflated real estate prices in China. What happens when the market adjusts and everyone rushes to the exit? They'd better have a "₿ plan".
What about the US?
The U.S. currently has debts in excess of $22 trillion, but do not expect the U.S. to fail to meet its obligations. Former Federal Reserve Chairman Alan Greenspan said "The United States can pay off any debt because we can always print money to do it."
In an instructive article entitled "It's Water", Ben Hunt explains how artificially low interest rates (easy money) lead to lower productivity and zombie our financial markets. The same picture preceded the financial collapse of 08/09.
Social structures demonstrate their weakness (give weakness)
Countries around the world are striving to eliminate cash. Cash is a fundamental tool for confidentiality and a prerequisite for maintaining an open society. Without cash (or bitcoins), citizens are at the mercy of the financial supervision machine. It is indeed a "slippery slope".
One should not forget the social credit system in China. Soon Chinese surveillance technology will be exported all over the world.
Young people do not trust their governments or financial institutions. 40% of Americans can't afford the unexpected cost of $400. Not surprisingly, a potential candidate from the Democratic Party, Andrew Yang, is gaining ground in polls during a campaign for unconditional basic income.
An uncertain future is an ideal breeding ground for extremism. Democratic Socialism, Modern Monetary Theory (MMT), Negative Interest Rate Policy (NIRP), the war on cash, widespread consumerism and rising student debt are just symptoms of the regime's neglect.
Our traditional institutions are simply not equipped to cope with the complexities of the information age.
Current attempts to fix the political and economic machine from the inside without any irony are driven by the "used heat of the war machine" (thanks to Vinay Gupta). We need systemic changes. Something molded from another test.
What if the Bitcoin money system is an antidote to madness?
I comfort myself with the hope that in the future we will look back on our current "fiat money banking experiment" with disgust. And how could we live so long under such an archaic regime?
Just as mushrooms turn dead and dying organic matter into a new life, so too Bitcoin will turn a shabby banking system into a solid financial foundation on which new growth can take place.
"The Great Filter" is cryptic.
Can Bitcoin last long enough to reach its full potential?
Chiphrobanks, anarchists and voluntarists have been trying to create private, non-governmental money for a very long time. In fact, modern attempts have been made for over 30 years, from David Chaum's Ecash to E-gold and B-money.
Despite the relative success of private money prior to Bitcoin, it was eventually all shut down due to excessive influence from governments and/or business interests.
The "Great Filter" theory
The theory of the "Great Filter" was developed after we asked ourselves why we still could not find a reasonable life in the universe. And where is everyone else?
This theory argues that there are some obstacles in the course of life's evolutionary process that are extremely unlikely or impossible to overcome. This obstacle is the "Great Filter".
For example, what if every time a developed civilization created nuclear bombs, it eventually destroyed itself? In that case, it would be statistically unlikely that it would exist long after the invention of nuclear weapons.
For cryptology, "The Great Filter" is about surviving attacks at the level of sovereign states.
Bitcoin is the only monetary entity that has the chance to survive the great filter. See more about this below.
And why would a sovereign state or an ingrained business attack a competitive form of money?
In short, he who has gold sets the rules.
There are two main advantages to controlling the money supply - the ability to inflate the money supply (shadow tax) and the Cantiillon effect.
The Cantillon effect describes an uneven distribution of the money supply. When the central bank prints new money, those closest to the money (banks and large corporations) profit from the new "cheap money". By the time the rest of the population has access to new money, price inflation has already begun.
The Cantiillon effect results in a redistribution of wealth from poor to rich.
The government is doing everything it can to protect its monopoly
Like E-gold in the 1990s, any competing cryptographic currency can flourish in peacetime. However, being angry enough, those in power rush to defend their interests. History is literally overflowing with such examples.
Between 2006 and 2008, the U.S. government amended the definition of "license to the money transfer system"... (under the guise of "Patriotic Act"), targeting E-gold. At its peak, E-gold processed transactions worth over two billion dollars a year. Unfortunately, the U.S. government took advantage of the centralized nature of E-gold, kicked down the doors and closed the office.
What is the moral of this story? It's simple - governments don't like competition.
Here's the actual confirmation of this statement - Congressman Sherman from California recently called for a complete ban on Bitcoin. Sherman is remarkably knowledgeable. He understands Bitcoin's true mission: to create new global basic money that the world's superpower today cannot use for military purposes.
Satoshi definitely read Hayek and understood "The Great Filter of Kryptovalut."
In 2009, Satoshi Nakamoto released the practical embodiment of Hayek's "irrepressible money". From day one, Bitcoin was designed to overcome the "Great Filter".
"Many people automatically reject e-currency as a hopeless cause because of all the companies that have failed since the 1990's. I hope that it is obvious that it is the centrally controlled nature of these systems that has condemned them to death. I think this is the first time we've tried a decentralized, non-confidence-based system," Satoshi Nakamoto.
In order for Bitcoin to realize his full potential, he must be so resilient that even state structures could not succeed in destroying him. This means preventing either side from taking full control of the system.
Parallels with mushrooms: The most stable species on our planet
In more than 1.3 billion years of evolution, mushrooms have achieved perfection in the art of survival. Unlike plants, mushrooms do not need sunlight, they are able to produce/create their own food. Mushrooms do not have a centralized point of failure, which makes them resistant to attack. If they are sufficiently irritated, the mushrooms steal the genetic code from their ecosystem neighbours (horizontal gene transfer).
Since complex life forms have emerged on our planet, there have been 5 mass extinction events that have killed 75-96% of all life on Earth.
During each such global catastrophe, mushrooms have inherited the earth because of their "anti-brittle" nature. In an attempt to survive the "Great Filter", Bitcoin simulates effective evolutionary strategies observed in the realm of mushrooms.
Can Bitcoin survive the "Great Filter"?
How can Bitcoin be crushed? Disable the Internet? Declare its use illegal? Cover it with hellfire taxes?
Any crypt-currency that cannot survive (in fact) aggressive state opposition is meaningless. Such cryptovalues simply postpone their inevitable demise.
Satoshi designed Bitcoin's super-organism so that he could survive the "Great Filter" and resist corruption. This ambitious goal gave the initial impetus for development along a special evolutionary path, separating Bitcoin from all other cryptovalues and "blockchein projects.
Does this mean that Bitcoin is guaranteed to survive the "Great Filter"?
It doesn't. It is impossible to know in advance until the day when it will be subjected to a coordinated attack by a state structure. However, Bitcoin is the only existing cryptographic currency that stands a good chance. Let us consider some positive trends in Bitcoin's survival kit.
Bitcoin can't be regulated. No natural or legal person is at the top. The code is freedom of speech. Every country has its own competing jurisdiction.
Game theory protects Bitcoin from a global coordinated attack. Nation-states compete with each other. It's unlikely that leading nations will cooperate on this issue. If the U.S. prohibits Bitcoin, China will have reason to implement it. States not using the current US dollar regime have an incentive to adopt Bitcoin.
Bitcoin's PoW protects the register with an "energy shield". By linking Bitcoin to the real economic value (of energy), the only way to change its register is to "redo all the work," that is, spend as much money again in the form of electricity. [thank you @danheld]
Bitcoin inspires religious fervor to its supporters. Ideologically motivated "hard-line supporters" act as the immune system. Survival in major wars (NYA / S2X) demonstrates this. Bitcoinners "provide cover fire" until Bitcoin walks through the door. [thanks to Bitcoin Sign Guy]
Bitcoin can bypass ISP censorship. Bitcoin has a growing network of alternatives to the main Internet (mesh networks, amateur radio and satellites). It is even possible to route transactions over a mycelial network (this is theoretically possible).
Bitcoin is an idea, ideas are eternal. Bitcoin is spreading like a virus in the mind. Even if the current form was somehow "killed", the idea will live forever. "Is this snowslide a virus, a drug or a religion?" Juanita shrugs her shoulders. "What difference does it make?" [thank you @nealstephenson]
Improvements to Bitcoin's privacy reduce taxable income. CoinJoins and other privacy technologies will minimize the possibility for governments to attack Bitcoin through burglary tax laws. [thank you @wasabiwallet @SamouraiWallet]
Bitcoin minimizes the possibility of fraud. Bitcoin does not rely on trust. Think in terms of "can't be changed" instead of believing that the system "won't be changed". Bitcoin identifies the presence of leaders, formalized governance and concentration of power as potential avenues of attack, only waiting for their moment.
Nation-states underestimate Bitcoin. It buys Bitcoin time to become stronger and harder to destroy. The dominant banking system is digging its own grave with a shovel made of 100% pure arrogance. If only we had a backup plan "₿."
"Blockchain industry" is a diversionary tactic.
First, it is important to understand that blockbusters, stablers, investment tokenists and corporate networkers do NOT compete with Bitcoin. They have taxonomically responded and are trying to occupy a separate niche.
By and large, the "Blockchain industry" is a diversionary tactic ("red herring") that leads businesses and governments to false conclusions. It serves as a distraction and itself, unwillingly, provides Bitcoin with "cover fire".
Does that mean we have to watch out for blockbusters? The answer is no. They just mistake Blockchain hipe for Bitcoin (mushroom net).
First we should try to explain it to them, as most people were not born Bitcoin. However, intentional cheaters deserve to be burned.
How the Blockchain industry helps Bitcoin...
Blokchmen tie up government resources, train future developers, confuse existing companies and put gangster bankers (banking mafia) to sleep.
Banks such as JP Morgan will train hundreds of blockbuster developers. Sooner or later they will discover Bitcoin and say goodbye to the banal bank coin and instead join the peaceful revolution. So JP Morgan is financing its own demise? That's poetic.
Zuckerberg will soon put a "crypto wallet" in everyone's pocket. Instead of competing with Bitcoin, ZuckBucks could actually try to compete with the US dollar. In any case, it allows people to feel comfortable with the money in their phone, as with WeChat and Alipay. The first large-scale censorship company against ZuckBucks will first of all perfectly demonstrate the need for Bitcoin.
Blockbusters and scammers claim that Bitcoin is old and cannot scale. These are Beanie Babies (teddy toys) and MySpace (social network). They paint Bitcoin as a friendly but limited use fungus that the Blockchain has "brought us".
While the fashionable Blockchain trend chases its tail, Bitcoin quietly grows underground, merging with the "roots" of the traditional financial system, building up resistance, recruiting volunteers, infecting curious minds like a cordyceps mushroom and preparing for the "Great Filter".
If we are lucky, the blockbusters will continue to distract the world's superpowers by exactly the amount that Bitcoin will have time to become "too big to fail".
Let's wrap this up.
Did you like the third part? Soon the fourth part will come out, in which we will consider Bitcoin as a catalyst for human evolution. Here are the links to Part One and Part Two in case you missed them.
*The translation of the last part will soon appear on the BitNews.
Announcement of Part Four: Let's assume that Bitcoin has fulfilled its purpose as a world monetary base. What will be the consequences of releasing globally available, technologically advanced, open, perfect money? Bitcoin enables mankind to reach the celestial spheres. Bitcoin is space money. Bitcoin is a renaissance.
Thank you for reading it,
Brandon
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