#Bitcoin
Get out of the confusion in regard to the word Bitcoin…
Bitcoin: General abstraction of the concept
bc: unit of account (also ₿)
µc: microcent; subunit of account (also known as Sat)
Related terminologies:
Bitcoin’s System
Bitcoin’s Network
Bitcoin’s Software
Further terminologies:
BTC: exchange rate of bc vs. some fiduciary fiat currency; usually USD (also as ₿/$)
BitCoin: the very first Bitcoin’s software authored by Satoshi Nakamoto
Bitcoin (Core): Software based on BitCoin and not authored by Satoshi Nakamoto
#Bitcoin
Bitcoin would offer a better usefulness or serviceability for its consumers and thus have a higher “value proposition”, if it is also a medium of exchange (MoE), rather than just only pure SoV.
Pfew…
#Bitcoin_Core
Who approves, disapproves, controls or limits the power of the “big five” to exercise “merging” into the Bitcoin-Core’s GitHub-repository?
Who shall guard the guardians? 🤔
Monopolistic centralization is a threat for #Bitcoin
#bitcoin
Another word used to obfuscate:
“Prune”
As a verb, it means to cut off or remove unnecessary parts, especially branches from trees or shrubs to promote better growth or shape; orig. from the latin "propago" meaning a cutting.
It’s throwing away; delete, in Bitcoin.
#bitcoin
Software developers with high proficiency in C++, programming, computing, distributed system understanding, BUT without a proper understanding of
Libertarianism
and
Austrian Economics
are a threat to Bitcoin.
#bitcoin
#Study_BitCoin
If for
central banking
the word: “audit” is tabu,
then for
Bitcoin-Core
the words: “economic framework”
is also tabu…
#Bitcoin
Marketing is just as important as the service.
Conferences are just as important as Bitcoin-Core…
Pfew…
#Study_Methodological_Dualism
#Bitcoin
The tabu topic in the Organization Bitcoin-Core is to publicly talk about the economic framework it acts upon.
#Bitcoin
#Study_BitCoin
Some green influencer shortly said:
“Bitcoin cannot have a ‘formal’ specification”.
Really meaning:
• Bitcoin cannot have a ‘normative’ specification.
But
• Bitcoin can have a ‘descriptive’ specification.
Otherwise dictionaries couldn’t exist in the real world.
#bitcoin
#Study_BitCoin
There is not
“full” node
and such never existed in the System Bitcoin in its entire history so far.
When such node is ever released to the public, then Bitcoin will ossify at its adoption.
In reality, the term “full node” aims to indicate an
“up-to-day node”;
an recent iteration in a series of versions.
#bitcoin
The framing for dumb people 🤡:
Archival Node
and
Prune Node
The framing for intelligent people 😎:
Node
and
Limited Node
Choose wisely what you trust…
#Bitcoin
The fallacious narrative for dumb people:
“The Fee Market” 🤡
The real narrative for intelligent people:
“The Fee Auction” 😎
Choose wisely what you trust…
#Bitcoin
The fallacious narrative for dumb people:
“Blockspace demand” 🤡
The real narrative for intelligent people:
“Monetary transaction processing demand” 😎
Choose wisely what you trust…
#Bitcoin
If the software developers participating in the FOSS Bitcoin Businesses just only understand this, then, they wouldn’t desperately be seeking fiduciary fiat currency grants coming from Cantilloners!
#Hard_money_and_donations
“under a monetary order based on the effective use of [hard money], increased savings sooner or later manifest themselves in increased monetary donations. A savings-induced decline in the return on capital diminishes the opportunity cost of donations. People will therefore tend to donate more of their money.”
Jörg Guido Hülsmann
Abundance, Gratitude, and the State
#Bitcoin
The adoption of Bitcoin-Core’s node software, as the only provider of the software, is a threat for Bitcoin.
Luckily there are others providers; however, in no way, a relevant, effective or beneficial current state of affairs for node software users.
#Bitcoin
The next Soft-Fork won’t come without any concessions to mining-pools… (it will be probably in increase of weight capacity or with additional and institutionalized or normalized new revenue streams, …) at expense of non-mining nodes…
#Austrian_Economics
Of course most humans need objective evidence or objective reasons for them to assign value to something.
Without the objective reasons the entity being considered for valuation would not stand firm and rather have short legs and “evaporate” into nothing. That happens to lies, scams, fallacies, …
The fundamental is, “value” is a matter of relativism, an ordinal entity, a subjective and situational comparison.
“Value” is not a matter of absolutism, a cardinal entity, an inherent attribute of an entity.
#Bitcoin
There is not “legacy” coins; these transactions are the only ones being fully verified by “ALL” verifying nodes.
Bitcoin coins; Bitcoin UTXOs
and
Bitcoin-Core coins; Bitcoin-Core UTXOs ?
Or rather:
Nakamoto-Andresen UTXOs
and
Wuille UTXOs ?
#Bitcoin
The block size wasn’t increased.
In reality it wasn’t increased; it was installed a parallel structure via witness field whose merkle root (witness commit) is arbitrarily inserted via OP_Return into the coinbase transaction. And the nodes are verifying adapted rules for this new condition.
#Study BitCoin
#Study Austrian Economics
