๐ฏ ๐ฌ๐ฒ๐ฎ๐ฟ๐ ๐๐ถ๐๐ถ๐ป๐ด ๐ผ๐ป ๐ ๐ผ๐๐ฐ๐ผ๐ ๐ง๐ถ๐บ๐ฒ
On 25 March 2021, @jack accidentally created the "Moscow Time" meme during a House committee video call.
Hereโs the history of that meme, and what it means: ๐
Jackโs backdrop on the video call featured a Blockclock โ a clever device from @Coinkite (old npup), made for displaying various details about the current state of Bitcoinโs network โ displaying "1952", which was ๐๐ต๐ฒ ๐ป๐๐บ๐ฏ๐ฒ๐ฟ ๐ผ๐ณ ๐๐ฎ๐๐ ๐๐ต๐ฎ๐ ๐ผ๐ป๐ฒ ๐ฐ๐ผ๐๐น๐ฑ ๐ฝ๐๐ฟ๐ฐ๐ต๐ฎ๐๐ฒ ๐ณ๐ผ๐ฟ ๐ฎ ๐ฑ๐ผ๐น๐น๐ฎ๐ฟ ๐ฎ๐ ๐๐ต๐ฒ ๐๐ถ๐บ๐ฒ, not the time in any geographical time zone.
Like all the best memes, this oneโs birth was unintentional. Chris Vickery, a cybersecurity researcher with a keen eye but dull Bitcoin acumen, misinterpreted the Blockclock's display as an ๐ข๐ค๐ต๐ถ๐ข๐ญ clock cryptically set to Moscow's timezone.
Vickery's oversight became fodder for Bitcoin maximalists, who turned his blunder into a rallying cry. Living on โMoscow Time" became a tongue-in-cheek reference to shifting one's economic paradigm to measuring ๐๐ต๐ฒ ๐ฑ๐ฒ๐ฐ๐น๐ถ๐ป๐ถ๐ป๐ด ๐ฝ๐๐ฟ๐ฐ๐ต๐ฎ๐๐ถ๐ป๐ด ๐ฝ๐ผ๐๐ฒ๐ฟ ๐ผ๐ณ ๐ฑ๐ผ๐น๐น๐ฎ๐ฟ๐ ๐ถ๐ป ๐๐ฎ๐๐, and away from measuring the rising price of bitcoin in dollars.
The "Moscow Time" meme encapsulates Bitcoin's ethos โ valuing innovation, mocking stubborn ignorance, and cherishing a global movement that redefines how we see wealth. Moscow Timeโs โNumber Go Downโ rate of sats per dollar ๐ช๐ด ๐ข ๐ต๐ฆ๐ด๐ต๐ข๐ฎ๐ฆ๐ฏ๐ต ๐ต๐ฐ ๐๐ช๐ต๐ค๐ฐ๐ช๐ฏโ๐ด ๐ด๐ถ๐ฑ๐ฆ๐ณ๐ช๐ฐ๐ณ๐ช๐ต๐บ, and adds a little humor to this widely misunderstood revolution.
Celebrate the 3rd anniversary of this meme by giving this a ๐๐ถ๐ธ๐ฒ๐ค, ๐๐ผ๐ผ๐ธ๐บ๐ฎ๐ฟ๐ธ๐ถ๐ป๐ด๐ this for later, and ๐ฆ๐ต๐ฎ๐ฟ๐ฒ๐ it with others.
And you can keep track of the current โMoscow Timeโ here:
Jackโs backdrop on the video call featured a Blockclock โ a clever device from @Coinkite (old npup), made for displaying various details about the current state of Bitcoinโs network โ displaying "1952", which was ๐๐ต๐ฒ ๐ป๐๐บ๐ฏ๐ฒ๐ฟ ๐ผ๐ณ ๐๐ฎ๐๐ ๐๐ต๐ฎ๐ ๐ผ๐ป๐ฒ ๐ฐ๐ผ๐๐น๐ฑ ๐ฝ๐๐ฟ๐ฐ๐ต๐ฎ๐๐ฒ ๐ณ๐ผ๐ฟ ๐ฎ ๐ฑ๐ผ๐น๐น๐ฎ๐ฟ ๐ฎ๐ ๐๐ต๐ฒ ๐๐ถ๐บ๐ฒ, not the time in any geographical time zone.
Like all the best memes, this oneโs birth was unintentional. Chris Vickery, a cybersecurity researcher with a keen eye but dull Bitcoin acumen, misinterpreted the Blockclock's display as an ๐ข๐ค๐ต๐ถ๐ข๐ญ clock cryptically set to Moscow's timezone.
Vickery's oversight became fodder for Bitcoin maximalists, who turned his blunder into a rallying cry. Living on โMoscow Time" became a tongue-in-cheek reference to shifting one's economic paradigm to measuring ๐๐ต๐ฒ ๐ฑ๐ฒ๐ฐ๐น๐ถ๐ป๐ถ๐ป๐ด ๐ฝ๐๐ฟ๐ฐ๐ต๐ฎ๐๐ถ๐ป๐ด ๐ฝ๐ผ๐๐ฒ๐ฟ ๐ผ๐ณ ๐ฑ๐ผ๐น๐น๐ฎ๐ฟ๐ ๐ถ๐ป ๐๐ฎ๐๐, and away from measuring the rising price of bitcoin in dollars.
The "Moscow Time" meme encapsulates Bitcoin's ethos โ valuing innovation, mocking stubborn ignorance, and cherishing a global movement that redefines how we see wealth. Moscow Timeโs โNumber Go Downโ rate of sats per dollar ๐ช๐ด ๐ข ๐ต๐ฆ๐ด๐ต๐ข๐ฎ๐ฆ๐ฏ๐ต ๐ต๐ฐ ๐๐ช๐ต๐ค๐ฐ๐ช๐ฏโ๐ด ๐ด๐ถ๐ฑ๐ฆ๐ณ๐ช๐ฐ๐ณ๐ช๐ต๐บ, and adds a little humor to this widely misunderstood revolution.
Celebrate the 3rd anniversary of this meme by giving this a ๐๐ถ๐ธ๐ฒ๐ค, ๐๐ผ๐ผ๐ธ๐บ๐ฎ๐ฟ๐ธ๐ถ๐ป๐ด๐ this for later, and ๐ฆ๐ต๐ฎ๐ฟ๐ฒ๐ it with others.
And you can keep track of the current โMoscow Timeโ here:
The time in Moscow right now. Sponsored by Sat Symbol
๐ฃ๐ฒ๐๐ฒ๐ฟ ๐ฆ๐ ๐ข๐ป๐ด๐ฒโ๐ ๐ฎ๐ป๐๐๐ฒ๐ฟ:
Money is how strangers cooperate; without money we would only engage with friends and family and our economy would remain at a subsistence level. This is eroded when the money itself is no longer a store of value, which happens if new supply is produced at a faster pace than wealth is created, which is typical for easily counterfeited monies like paper. If the counterfeiting comes from the government, it arbitrarily seizes the wealth of society while causing poverty and crisis.
Peter St Onge, Ph.D. is the Mark A. Kolokotrones Fellow in Economic Freedom at the Heritage Foundation, a Fellow at the Mises Institute, and a former professor at Taiwanโs Feng Chia University. Before academia he worked in corporate strategy in Latin America and Asia and bartended at a dive bar in Osaka. He makes daily videos on economics and freedom.
Preorder your copy of "๐ฎ๐ญ ๐ค๐๐ฒ๐๐๐ถ๐ผ๐ป๐", and ๐๐ฎ๐๐ฒ ๐๐ฝ ๐๐ผ ๐ด๐ฌ%, by contributing to our 
Itโs crucial that you both ๐ต๐ผ๐ฑ๐น your bitcoin and ๐๐ฝ๐ฒ๐ป๐ฑ it to help drive adoption and increase its utility as a medium of exchange. While hodling your bitcoin as a store of value is important due to its disinflationary nature and potential for long-term price appreciation, spending it is equally essential, in order to realize its full potential as a decentralized digital currency.
Spending your bitcoin and selling it differ in the sense that selling typically involves converting it back into fiat currency, which adds downward pressure (albeit minor) to Bitcoinโs price. On the other hand, ๐ด๐ฑ๐ฆ๐ฏ๐ฅ๐ช๐ฏ๐จ bitcoin involves using it directly as a means of payment for goods and services, thereby bypassing legacy fiat intermediaries, and promoting financial sovereignty.
By actively spending bitcoin, you can contribute to the growing ecosystem of merchants and businesses that accept it, thus ๐ข๐ฅ๐ฅ๐ช๐ฏ๐จ ๐ต๐ฐ ๐ช๐ต๐ด ๐ข๐ฅ๐ฐ๐ฑ๐ต๐ช๐ฐ๐ฏ ๐ข๐ฏ๐ฅ ๐ฏ๐ฆ๐ต๐ธ๐ฐ๐ณ๐ฌ ๐ฆ๐ง๐ง๐ฆ๐ค๐ต๐ด. This not only strengthens bitcoin's use case as a medium of exchange, but also helps to solidify its position as a viable alternative to fiat.
Furthermore, spending bitcoin helps to circulate the currency within the economy, facilitating economic activity, and promoting a more robust and self-sustaining bitcoin ecosystem. As more individuals use bitcoin for everyday transactions, its utility and acceptance will continue to grow, ๐๐น๐๐ถ๐บ๐ฎ๐๐ฒ๐น๐ ๐น๐ฒ๐ฎ๐ฑ๐ถ๐ป๐ด ๐๐ผ ๐ฎ ๐บ๐ผ๐ฟ๐ฒ ๐ฑ๐ฒ๐ฐ๐ฒ๐ป๐๐ฟ๐ฎ๐น๐ถ๐๐ฒ๐ฑ ๐ฎ๐ป๐ฑ ๐ฐ๐ฒ๐ป๐๐ผ๐ฟ๐๐ต๐ถ๐ฝ-๐ฟ๐ฒ๐๐ถ๐๐๐ฎ๐ป๐ ๐ณ๐ถ๐ป๐ฎ๐ป๐ฐ๐ถ๐ฎ๐น ๐๐๐๐๐ฒ๐บ.
In conclusion, itโs essential to strike a balance between hodling bitcoin for its long-term value proposition, and actively spending it to support its use as a currency. By doing both, ๐๐ผ๐ ๐ฐ๐ฎ๐ป ๐ฝ๐น๐ฎ๐ ๐ฎ ๐ฐ๐ฟ๐๐ฐ๐ถ๐ฎ๐น ๐ฟ๐ผ๐น๐ฒ ๐ถ๐ป ๐ฎ๐ฑ๐๐ฎ๐ป๐ฐ๐ถ๐ป๐ด ๐๐ต๐ฒ ๐ฎ๐ฑ๐ผ๐ฝ๐๐ถ๐ผ๐ป ๐ฎ๐ป๐ฑ ๐บ๐ฎ๐ถ๐ป๐๐๐ฟ๐ฒ๐ฎ๐บ ๐ฎ๐ฐ๐ฐ๐ฒ๐ฝ๐๐ฎ๐ป๐ฐ๐ฒ ๐ผ๐ณ ๐๐ต๐ฒ ๐ฏ๐ฒ๐๐ ๐ณ๐ผ๐ฟ๐บ ๐ผ๐ณ ๐บ๐ผ๐ป๐ฒ๐ ๐๐ต๐ฒ ๐๐ผ๐ฟ๐น๐ฑ ๐ต๐ฎ๐ ๐ฒ๐๐ฒ๐ฟ ๐ธ๐ป๐ผ๐๐ป.
Remember to give this a ๐๐ถ๐ธ๐ฒ๐ค and a ๐ฆ๐ต๐ฎ๐ฟ๐ฒ๐, and add this to your ๐๐ผ๐ผ๐ธ๐บ๐ฎ๐ฟ๐ธ๐๐.
๐๐ฎ๐ป๐ถ๐ฒ๐น ๐ฃ๐ฟ๐ถ๐ป๐ฐ๐ฒโ๐ ๐ฎ๐ป๐๐๐ฒ๐ฟ:
In Austrian economics, money is viewed as a commodity that has evolved naturally in the market to facilitate exchange. Austrian economists, including figures like Ludwig von Mises and Friedrich Hayek, emphasize the decentralized and spontaneous nature of the emergence of money. In layman's terms, money is an agreed-upon medium of exchange used between two parties to execute a mutually beneficial transaction.
Over time, a commodity with specific desirable characteristics, such as durability, divisibility, portability, and recognizability, comes to be widely accepted in transactions. Without the emergence of a medium of exchange, humans would have been confined to using a barter system and would have not evolved to form complex societies and civilizations. The problem with a barter system is that it doesn't solve the economic phenomenon of โThe Coincidence of Wantsโ, whereby one party does not value or desire another party's goods or services. โMoneyโ solves this problem when both parties agree on a medium of exchange to use to transact peacefully and prosperously with each other.
Furthermore, Austrian economists argue against the notion of a central authority (like a government or central bank) having a monopoly on the issuance and control of money. They contend that a competitive and decentralized market for money is more likely to produce a stable and efficient monetary system and a more productive and peaceful society.
Daniel Prince is the host of the Once Bitten Podcast, with a mission to help educate as many people about Bitcoin as possible so that they can gain financial freedom, and the InspirEd Podcast, showcasing world thought leaders in the 'alternative' education space. He is also the author of "๐๐ฉ๐ฐ๐ฐ๐ด๐ฆ ๐๐ช๐ง๐ฆ: ๐๐ฉ๐ฆ ๐๐ฐ๐ฐ๐ญ๐ด, ๐๐ณ๐ช๐ค๐ฌ๐ด, ๐ข๐ฏ๐ฅ ๐๐ข๐ค๐ฌ๐ด ๐ฐ๐ง ๐๐ฐ๐ฏ๐จ-๐๐ฆ๐ณ๐ฎ ๐๐ข๐ฎ๐ช๐ญ๐บ ๐๐ณ๐ข๐ท๐ฆ๐ญ๐ญ๐ฆ๐ณ๐ด, ๐๐ฐ๐ณ๐ญ๐ฅ๐ด๐ค๐ฉ๐ฐ๐ฐ๐ญ๐ฆ๐ณ๐ด, ๐ข๐ฏ๐ฅ ๐๐ช๐จ๐ช๐ต๐ข๐ญ ๐๐ฐ๐ฎ๐ข๐ฅ๐ด". He hosted the Homeschool Global Summits 2019 and 2020.
Bitcoin's role as a store of value is not rooted in its fiat price, but ๐ช๐ฏ ๐ช๐ต๐ด ๐ช๐ฏ๐ฉ๐ฆ๐ณ๐ฆ๐ฏ๐ต ๐ฒ๐ถ๐ข๐ญ๐ช๐ต๐ช๐ฆ๐ด, such as absolute scarcity, decentralization, immutability, unconfiscatability, and censorship resistance. Bitcoinโs price, whether going up or down, is ๐บ๐ฒ๐ฟ๐ฒ๐น๐ ๐ฎ ๐ฟ๐ฒ๐ณ๐น๐ฒ๐ฐ๐๐ถ๐ผ๐ป ๐ผ๐ณ ๐๐ต๐ฒ ๐บ๐ฎ๐ฟ๐ธ๐ฒ๐โ๐ ๐ฒ๐๐ฒ๐ฟ-๐ฐ๐ต๐ฎ๐ป๐ด๐ถ๐ป๐ด ๐ฝ๐ฒ๐ฟ๐ฐ๐ฒ๐ฝ๐๐ถ๐ผ๐ป๐.
The claim that Bitcoin is a poor store of value relies on the ๐ณ๐น๐ฎ๐๐ฒ๐ฑ ๐ฝ๐ฟ๐ฒ๐บ๐ถ๐๐ฒ that fiat currency represents stable value. Everything we know about fiat currencies, however, from their centralized control to the rising prices of goods and services denominated in them, tell us that fiat is one of the ๐ธ๐ฐ๐ณ๐ด๐ต ways to measure value.
With Bitcoin, ๐๐ผ๐ ๐ธ๐ป๐ผ๐ ๐๐ต๐ฎ๐ ๐๐ต๐ฎ๐๐ฒ๐๐ฒ๐ฟ ๐ฎ๐บ๐ผ๐๐ป๐ ๐๐ผ๐ ๐ต๐ผ๐น๐ฑ ๐ถ๐ ๐๐ต๐ฒ ๐ป๐๐บ๐ฒ๐ฟ๐ฎ๐๐ผ๐ฟ ๐ผ๐๐ฒ๐ฟ ๐ฎ ๐ณ๐ถ๐
๐ฒ๐ฑ ๐ฑ๐ฒ๐ป๐ผ๐บ๐ถ๐ป๐ฎ๐๐ผ๐ฟ ๐ผ๐ณ ๐ท๐๐๐ ๐๐ป๐ฑ๐ฒ๐ฟ ๐ฎ๐ญ ๐บ๐ถ๐น๐น๐ถ๐ผ๐ป. This scarcity ensures the the relation of your bitcoin to the total supply remains preserved over time, independent of anything else.
๐บ๐ฐ๐ถ ๐ฌ๐ฏ๐ฐ๐ธ ๐ต๐ฉ๐ข๐ต ๐ธ๐ฉ๐ข๐ต๐ฆ๐ท๐ฆ๐ณ ๐ข๐ฎ๐ฐ๐ถ๐ฏ๐ต ๐บ๐ฐ๐ถ ๐ฉ๐ฐ๐ญ๐ฅ ๐ช๐ด ๐ต๐ฉ๐ฆ ๐ฏ๐ถ๐ฎ๐ฆ๐ณ๐ข๐ต๐ฐ๐ณ ๐ฐ๐ท๐ฆ๐ณ ๐ข ๐ง๐ช๐น๐ฆ๐ฅ ๐ฅ๐ฆ๐ฏ๐ฐ๐ฎ๐ช๐ฏ๐ข๐ต๐ฐ๐ณ ๐ฐ๐ง ๐ซ๐ถ๐ด๐ต ๐ถ๐ฏ๐ฅ๐ฆ๐ณ 21 ๐ฎ๐ช๐ญ๐ญ๐ช๐ฐ๐ฏ. The real measure of Bitcoin's worth lies in its reliability in performing its core functions as money that you can truly own and transact with anywhere in the world, without fear of debasement or censorship.
๐ฉ๐ฎ๐น๐๐ฒ ๐ถ๐ ๐ฎ๐น๐๐ฎ๐๐ ๐ฑ๐ฒ๐ฟ๐ถ๐๐ฒ๐ฑ ๐ณ๐ฟ๐ผ๐บ ๐ต๐ผ๐ ๐๐ฒ๐น๐น ๐๐ผ๐บ๐ฒ๐๐ต๐ถ๐ป๐ด ๐ณ๐๐น๐ณ๐ถ๐น๐น๐ ๐๐ต๐ฒ ๐ฑ๐ฒ๐๐ถ๐ฟ๐ฒ๐ ๐ผ๐ณ ๐๐ต๐ผ๐๐ฒ ๐๐ต๐ผ ๐ฐ๐ต๐ผ๐ผ๐๐ฒ ๐๐ผ ๐๐๐ฒ ๐ถ๐, and Bitcoin fulfills what everyone wants for their money better than ๐ข๐ฏ๐บ๐ต๐ฉ๐ช๐ฏ๐จ else.
Give this a ๐๐ถ๐ธ๐ฒ๐ค, and ๐๐ผ๐ผ๐ธ๐บ๐ฎ๐ฟ๐ธ๐ it for later, so you can ๐ฆ๐ต๐ฎ๐ฟ๐ฒ๐ it with anyone who says that Bitcoinโs fiat volatility somehow makes it a poor store of value.
And let me know in the ๐๐ผ๐บ๐บ๐ฒ๐ป๐๐โฌ๏ธ if I missed anything in my explanation.
A liquidity triangle is ๐ฎ ๐๐ฒ๐ ๐ผ๐ณ ๐ฏ ๐๐ถ๐ด๐ต๐๐ป๐ถ๐ป๐ด ๐ฐ๐ต๐ฎ๐ป๐ป๐ฒ๐น๐ ๐๐ต๐ฎ๐ฟ๐ฒ๐ฑ ๐ฏ๐ ๐ฏ ๐๐ถ๐ด๐ต๐๐ป๐ถ๐ป๐ด ๐๐๐ฒ๐ฟ๐ who run their own nodes. It allows for sats to be easily moved in either direction along the channel, so every participant has enough liquidity for inbound and outbound transactions.
When a Lightning channel is opened, all the sats that are locked up in the channel are typically only on one side of the channel. There are ways to open a channel with sats on both sides, but this is seldom done. When all the sats are on a userโs side of the channel, they may ๐ด๐ฆ๐ฏ๐ฅ up to that many sats to the other side, but they cannot ๐ณ๐ฆ๐ค๐ฆ๐ช๐ท๐ฆ any sats from the other side.
But with liquidity triangles, ๐๐๐ฒ๐ฟ๐ ๐ฐ๐ฎ๐ป ๐ฒ๐ฎ๐๐ถ๐น๐ ๐ฏ๐ฎ๐น๐ฎ๐ป๐ฐ๐ฒ ๐ผ๐๐ ๐๐ต๐ฒ๐ถ๐ฟ ๐ฐ๐ต๐ฎ๐ป๐ป๐ฒ๐น๐ to allow for sending ๐ข๐ฏ๐ฅ receiving, without having to trust the other party to compensate them for the sats they send to their side. Hereโs how it works:
๐จ๐๐ฒ๐ฟ ๐ opens a channel with ๐จ๐๐ฒ๐ฟ ๐, who opens a channel with ๐จ๐๐ฒ๐ฟ ๐, who opens a channel with ๐จ๐๐ฒ๐ฟ ๐. Each of their channels have the same number of sats; for this example, letโs say 1M sats each. Then any of the users (letโs say ๐จ๐๐ฒ๐ฟ ๐) can send ๐ต๐ฉ๐ฆ๐ฎ๐ด๐ฆ๐ญ๐ท๐ฆ๐ด half the amount in the channels, sending ๐ง๐ณ๐ฐ๐ฎ the channel with outbound liquidity, and ๐ต๐ฐ the channel with inbound liquidity.
In this example, this would bump 500K sats from ๐จ๐๐ฒ๐ฟ ๐โs side of the channel to ๐จ๐๐ฒ๐ฟ ๐โs side, 500K sats from ๐จ๐๐ฒ๐ฟ ๐โs side of the channel with ๐จ๐๐ฒ๐ฟ ๐ to ๐จ๐๐ฒ๐ฟ ๐โs side, and 500K sats from ๐จ๐๐ฒ๐ฟ ๐โs side of the channel with ๐จ๐๐ฒ๐ฟ ๐ to ๐จ๐๐ฒ๐ฟ ๐โs side. In the end, everyone still has the same number of sats on their sides of the channels, but now divided in half in each channel. This allows each of them to send and receive up to 500K sats, freeing them to transact as they wish.
Each of the users will likely be connected to other users with other channels, and ๐ฑ๐ฆ๐ณ๐ฉ๐ข๐ฑ๐ด ๐ฆ๐ท๐ฆ๐ฏ ๐ธ๐ช๐ต๐ฉ ๐ฐ๐ต๐ฉ๐ฆ๐ณ ๐ญ๐ช๐ฒ๐ถ๐ช๐ฅ๐ช๐ต๐บ ๐ต๐ณ๐ช๐ข๐ฏ๐จ๐ญ๐ฆ๐ด, which will better enable them to use the Lightning Network to send and receive bitcoin instantly, and nearly for free. And other liquidity โshapesโ like squares, pentagons, and others can be created, depending on the number of participants. But triangles are the smallest and simplest.
You can create liquidity triangles and other shapes with your friends (if they run their own nodes), or you can use Lightning Network+โs website, LightningNetwork.plus, to find others to open Lightning channels with.
Liquidity triangles effectively balance Lightning Network channels for ๐๐ฒ๐ฎ๐บ๐น๐ฒ๐๐ ๐๐ฟ๐ฎ๐ป๐๐ฎ๐ฐ๐๐ถ๐ผ๐ป๐, allowing users to both send and receive sats. This method enhances the network's utility and scalability by ensuring participants can transact freely. It exemplifies the ingenuity of the Lightning Network, offering a blueprint for more complex liquidity solutions and underscoring the network's potential for facilitating instant, cost-effective Bitcoin transactions.
Make sure you ๐๐ถ๐ธ๐ฒ๐ค, ๐ฆ๐ต๐ฎ๐ฟ๐ฒ๐, and ๐๐ผ๐ผ๐ธ๐บ๐ฎ๐ฟ๐ธ๐ this for future reference.
Have you created any liquidity triangles before?
Tell me how it went in the ๐๐ผ๐บ๐บ๐ฒ๐ป๐๐โฌ๏ธ
๐๐ ๐ฆ๐ป๐ฎ๐ฟ๐ธ๐โ ๐ฎ๐ป๐๐๐ฒ๐ฟ:
The question at hand is not merely about Bitcoin's price but rather its buying power in a scenario of ultimate success, commonly referred to as "Hyperbitcoinization." To address this, several key considerations must be taken into account:
๐ฃ๐ฎ๐ฟ๐ฎ๐ฑ๐ถ๐ด๐บ ๐ฆ๐ต๐ถ๐ณ๐ ๐ถ๐ป ๐ ๐ผ๐ป๐ฒ๐๐ฎ๐ฟ๐ ๐ง๐ฒ๐ฐ๐ต๐ป๐ผ๐น๐ผ๐ด๐
Firstly, it is crucial to establish whether Bitcoin represents a paradigm shift in monetary technology. If it does, speculating on its future value becomes an exceedingly complex task. The difficulty lies in the fact that we are attempting to measure Bitcoin's value in a world that has fully adopted it as the base measure of value.
๐๐ถ๐บ๐ถ๐๐ฎ๐๐ถ๐ผ๐ป๐ ๐ผ๐ณ ๐๐๐ฟ๐ฟ๐ฒ๐ป๐ ๐๐๐บ๐ฎ๐ป ๐ฃ๐ฒ๐ฟ๐๐ฝ๐ฒ๐ฐ๐๐ถ๐๐ฒ
The challenge of predicting Bitcoin's future value is compounded by our current limitations in understanding. It is akin to expecting someone from 1928 to predict today's stock market value. Our collective knowledge lacks the context to comprehend a future with a perfect and unmanipulable value communication system like Bitcoin, especially when we are accustomed to valuing assets in terms of fiat currencies like the U.S. Dollar.
๐ง๐ต๐ฒ ๐๐ฟ๐ฐ ๐ผ๐ณ ๐๐๐บ๐ฎ๐ป ๐๐ป๐ป๐ผ๐๐ฎ๐๐ถ๐ผ๐ป
To accurately predict Bitcoin's buying power in a hyperbitcoinization scenario, one would need to forecast the trajectory of human innovation over a 50-100 year timescale and then apply that to Bitcoin's monetary policy. This is a feat that very few, if any, can accomplish. Nikola Tesla, who was exceptionally bullish on the potential of electricity, serves as a rare example of someone who might have had the foresight to predict such a paradigm shift.
๐๐ถ๐ฟ๐ฒ๐ฐ๐๐ถ๐ผ๐ป๐ฎ๐น ๐๐ผ๐ฟ๐ฟ๐ฒ๐ฐ๐๐ป๐ฒ๐๐ ๐ฎ๐ป๐ฑ ๐๐๐บ๐ฎ๐ป ๐ฃ๐ฟ๐ผ๐ด๐ฟ๐ฒ๐๐
The most pragmatic approach is to aim for directional correctness based on reasonable expectations of human progress. Given the acceleration of informational technology and computational processing power, it is reasonable to expect that human progress will continue to accelerate. Therefore, Bitcoin's price could be conceptualized as a function of human progress divided by its total supply of 2.1 quadrillion satoshis.
In conclusion, while it is nearly impossible to predict the exact future value of Bitcoin, it is feasible to suggest that its value will be intrinsically tied to the rate of human progress and innovation.
Christian Keroles, known in Bitcoin circles as "CK," has been a passionate and dedicated advocate for Bitcoin throughout his career. He currently holds the role of Director of Financial Freedom at the Human Rights Foundation, focusing on advancing open-source Bitcoin development and global Bitcoin adoption.
In his prior position as Chief Operating Officer (COO) at BTC Inc, CK was instrumental in shaping Bitcoin Magazine into the foremost publication dedicated to all things Bitcoin. He also played a pivotal role in establishing one of the world's largest and most influential conferences in the Bitcoin and fintech industriesโthe Bitcoin Conference.
CK is a sought-after speaker at industry events, where he shares his thoughts and insights on Bitcoin through his written works and interviews.
Preorder your copy of โ๐ฎ๐ญ ๐ค๐๐ฒ๐๐๐ถ๐ผ๐ป๐โ, and ๐๐ฎ๐๐ฒ ๐๐ฝ ๐๐ผ ๐ด๐ฌ%, by contributing to our 
Pi represents an ๐ฒ๐๐ฒ๐ฟ๐ป๐ฎ๐น ๐ฐ๐ผ๐ป๐๐๐ฎ๐ป๐, a number that is both infinite in its decimal representation and transcendent in its nature.
Similarly, #Bitcoin represents a new ๐ถ๐ฏ๐ช๐ท๐ฆ๐ณ๐ด๐ข๐ญ ๐ค๐ฐ๐ฏ๐ด๐ต๐ข๐ฏ๐ต in the digital and economic realms.
Both Pi and Bitcoin symbolize ๐ต๐๐บ๐ฎ๐ป ๐ถ๐ป๐ด๐ฒ๐ป๐๐ถ๐๐, and our quest for understanding, order, and stability within both mathematical and economic systems.
Bitcoin's philosophical underpinnings have a strong influence on people's incentives and decision-making beyond just matters related to money. By understanding the importance of low time preference, or delayed gratification, ๐ถ๐ป๐ฑ๐ถ๐๐ถ๐ฑ๐๐ฎ๐น๐ ๐ผ๐ณ๐๐ฒ๐ป ๐๐๐ฎ๐ฟ๐ ๐บ๐ฎ๐ธ๐ถ๐ป๐ด ๐ฏ๐ฒ๐๐๐ฒ๐ฟ ๐ฐ๐ต๐ผ๐ถ๐ฐ๐ฒ๐ ๐ถ๐ป ๐๐ต๐ฒ๐ถ๐ฟ ๐ฝ๐ฒ๐ฟ๐๐ผ๐ป๐ฎ๐น ๐ฎ๐ป๐ฑ ๐ฝ๐ฟ๐ผ๐ณ๐ฒ๐๐๐ถ๐ผ๐ป๐ฎ๐น ๐ฒ๐ป๐ฑ๐ฒ๐ฎ๐๐ผ๐ฟ๐.
For example, the emphasis on decentralized systems in Bitcoin's ethos ๐ฐ๐ฎ๐ป ๐ถ๐ป๐๐ฝ๐ถ๐ฟ๐ฒ ๐ฝ๐ฒ๐ผ๐ฝ๐น๐ฒ ๐๐ผ ๐พ๐๐ฒ๐๐๐ถ๐ผ๐ป ๐ฐ๐ฒ๐ป๐๐ฟ๐ฎ๐น๐ถ๐๐ฒ๐ฑ ๐ฎ๐๐๐ต๐ผ๐ฟ๐ถ๐๐ ๐ถ๐ป ๐ผ๐๐ต๐ฒ๐ฟ ๐ฎ๐ฟ๐ฒ๐ฎ๐ ๐ผ๐ณ ๐น๐ถ๐ณ๐ฒ, such as governance, education, and technology. This shift in mindset can lead to a greater demand for transparency, accountability, and individual sovereignty across different sectors.
As more individuals adopt the principles espoused by Bitcoin, there can be expected to be a cultural shift towards ๐ด๐ฆ๐ญ๐ง-๐ณ๐ฆ๐ด๐ฑ๐ฐ๐ฏ๐ด๐ช๐ฃ๐ช๐ญ๐ช๐ต๐บ, ๐ช๐ฏ๐ฏ๐ฐ๐ท๐ข๐ต๐ช๐ฐ๐ฏ, and ๐ญ๐ฐ๐ฏ๐จ-๐ต๐ฆ๐ณ๐ฎ ๐ต๐ฉ๐ช๐ฏ๐ฌ๐ช๐ฏ๐จ. This could result in a society that values independence, critical thinking, and resilience, ultimately impacting decision-making processes in a wide range of contexts.
In conclusion, while the immediate impact of Bitcoin's philosophy may be more pronounced in matters directly related to money, its broader implications on individuals' incentives and decision-making can potentially lead to ๐ฝ๐ผ๐๐ถ๐๐ถ๐๐ฒ ๐ฐ๐ต๐ฎ๐ป๐ด๐ฒ๐ ๐ถ๐ป ๐ผ๐๐ต๐ฒ๐ฟ, ๐๐ฒ๐ฒ๐บ๐ถ๐ป๐ด๐น๐-๐๐ป๐ฟ๐ฒ๐น๐ฎ๐๐ฒ๐ฑ ๐ฎ๐๐ฝ๐ฒ๐ฐ๐๐ ๐ผ๐ณ ๐๐ต๐ฒ๐ถ๐ฟ ๐น๐ถ๐๐ฒ๐, and in society as a whole.
Give this a ๐๐ถ๐ธ๐ฒ๐ค, a ๐ฆ๐ต๐ฎ๐ฟ๐ฒ๐, and ๐๐ผ๐ผ๐ธ๐บ๐ฎ๐ฟ๐ธ๐ this for later.
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When we hear people speak of Bitcoin volatility, they are usually referencing its fiat or dollar value being volatile. It is true that the fiat value of Bitcoin can have unpredictable movements when looking at it on short time horizons, but itโs equally important to understand that bitcoin is the only asset that is capable of adjusting its fiat value in real-time, across borders, permissionlessly, accessible by anyone on the planet, 24 hours a day, 7 days a week. No other asset or currency is capable of that โ not commodities, not precious metals, not the Euro, not real estate, and not stocks. Any perceived short-term volatility in Bitcoin is simply a reflection of real-time changes in the aggregate worldwide markets. Now, if you look at Bitcoin on longer time horizons, it simply is going up steadily in a very stable and predictable fashion.
Samson Mow is the CEO of JAN3, a Bitcoin technology company focused on accelerating hyperbitcoinization. Samson is best known for his work with El Salvadorโs Bitcoin initiatives, and his efforts in nation-state Bitcoin adoption around the world. As one of the top executives in the Bitcoin ecosystem, his expertise spans from running one of the largest exchanges and mining pools when he was the COO of BTCC, to guiding the development and deployment of Bitcoin infrastructure as the CSO of Blockstream.
How was this chain split resolved? Miners and nodes chose to dial back to version 0.7, which merged the split. ๐ก๐ผ ๐ธ๐ถ๐ป๐ด๐ ๐ผ๐ฟ ๐ฏ๐๐ฟ๐ฒ๐ฎ๐๐ฐ๐ฟ๐ฎ๐๐ ๐๐ฒ๐ฟ๐ฒ ๐ป๐ฒ๐ฐ๐ฒ๐๐๐ฎ๐ฟ๐ ๐๐ผ ๐ฐ๐ผ๐ผ๐ฟ๐ฑ๐ถ๐ป๐ฎ๐๐ฒ ๐๐ต๐ถ๐. Individuals in the community followed their own incentives and steered the ship back on course, a testament to Bitcoiners' united resolve.
This wasn't just a minor technical hiccup. It was a conflict between old and new versions of the protocol, with a spotlight on Bitcoin's core ethos โ ๐ฅ๐ฆ๐ค๐ฆ๐ฏ๐ต๐ณ๐ข๐ญ๐ช๐ป๐ข๐ต๐ช๐ฐ๐ฏ. Each user played their part, ensuring the network remained intact and stronger than ever.
The 2013 fork saga is now part of Bitcoin's lore, demonstrating not just its ability to survive, but to ๐ฆ๐ท๐ฐ๐ญ๐ท๐ฆ. When faced with adversity, Bitcoin proves that its strength lies not in easily-copiable code, but in ๐๐ต๐ฒ ๐๐ป๐๐ถ๐ฒ๐น๐ฑ๐ถ๐ป๐ด ๐๐ฝ๐ถ๐ฟ๐ถ๐ ๐ผ๐ณ ๐ถ๐๐ ๐๐ป๐ฐ๐ผ๐ฝ๐ถ๐ฎ๐ฏ๐น๐ฒ ๐ฐ๐ผ๐บ๐บ๐๐ป๐ถ๐๐. 11 years later, Bitcoin remains unbridled by central control, and resilient in the face of technical tumult.
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๐๐ป๐๐ ๐ฆ๐๐ฎ๐ป๐ต๐ผ๐น๐บโ๐ ๐ฎ๐ป๐๐๐ฒ๐ฟ:
Since the only way to get something out of your bitcoin holdings is to trade them away for goods or services, there are no ways for the filthy rich to leverage their stacks. At least not in the long run. Anyone on Earth with a smartphone can easily accept sats for anything by simply downloading an app. Furthermore, on-chain data show us that addresses with one bitcoin or less are growing in number while addresses with 10,000 bitcoin or more are shrinking in number.
Knut Svanholm is a former sea captain whose biggest claim to fame is the infamous bitcoin meme "Everything divided by 21 million", which is also the title of his best-selling book.
Nowadays, he spends his time hosting the Freedom Footprint Show and advising a handful of Bitcoin companies and non-profit organizations.
He recently wrote a book about praxeology โ the science of human action.
Occasionally, you'll find him entertaining people at conferences by speaking, playing guitar, moderating panels, or reciting inappropriate dad jokes to the wrong people.
You can count on Knut to deliver a healthy dose of real stupidity amidst the AI revolution.