_Good Morning_\ ☕ 📖 🌞 # Cryptoeconomics **by [Erik Voskuil](https://github.com/evoskuil).**\ **The book can be found on [GitHub](

GitHub

Home

Bitcoin Cross-Platform C++ Development Toolkit. Contribute to libbitcoin/libbitcoin-system development by creating an account on GitHub.

### Bitcoin Labels - **Ambiguous Definition**: Bitcoin's definition is unclear due to its multiple uses since inception. - **Original Usage**: Coined by Satoshi for concepts in "Bitcoin: A Peer-to-Peer Electronic Cash System". - **Multiple Contexts**: Used for the implementation, transaction chain, consensus rules, coin unit, and community. - **Variations**: Multiple implementations, consensus rules, and dynamic histories exist, making 'Bitcoin' label broad. - **Labeling Convention**: Used here for Cryptodynamic Principles; implementations by brand (e.g., Bitcoin Core, Libbitcoin), chains by trading symbols (e.g., BTC, LTC), consensus rules by chain symbol, coin units in lowercase (e.g., btc, ltc), communities by general or specific terms. - **Maximalist View**: Some maximalists associate Bitcoin with a specific history, but it was originally linked to principles. - **Ambiguity Resolution**: Trading symbols resolve ambiguity when referring to different chains or histories. The rest of the summarized chapters are at

A Blog by Expatriotic

A Blog by Expatriotic

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>just run a LN Nawww they're fine if you use WoS

GM 🌸 Look up. Find beauty.

Pardoning people that haven't been indicted or charged with a crime is a boss move. Well played Biden's autopen. Well played.

_Good Morning_\ ☕ 📖 🌞 # Cryptoeconomics **by [Erik Voskuil](https://github.com/evoskuil).**\ **The book can be found on [GitHub](

GitHub

Home

Bitcoin Cross-Platform C++ Development Toolkit. Contribute to libbitcoin/libbitcoin-system development by creating an account on GitHub.

### Balance of Power Fallacy - **Power Distribution**: In Bitcoin, power is with miners (transaction selection) and merchants (validity), not balanced but orthogonal. - **Influence vs. Power**: Merchants influence miners by not buying services; miners influence merchants by not producing. Power can ignore influence, unlike the state's coercion. - **Defense Against State**: Miners and merchants together defend against state aggression; neither can alone. - **Individual vs. State**: True balance of power in Bitcoin is between individuals and the state, with resistance to political control. - **Non-Adversarial Relationship**: Miners and merchants engage in trade, not conflict; tensions are resolved through price. - **Security Model Misunderstanding**: Belief that centralized mining is secure if merchants are decentralized is flawed; a proof-of-work hard fork by merchants doesn't control miners. The rest of the summarized chapters are at

A Blog by Expatriotic

A Blog by Expatriotic

...

_Good Morning_\ ☕ 📖 🌞 # Cryptoeconomics **by [Erik Voskuil](https://github.com/evoskuil).**\ **The book can be found on [GitHub](

GitHub

Home

Bitcoin Cross-Platform C++ Development Toolkit. Contribute to libbitcoin/libbitcoin-system development by creating an account on GitHub.

### Axiom of Resistance - **Axiom Definition**: An unprovable premise necessary for Bitcoin's design. - **Satoshi's Insight**: Systems can resist state control, evidenced by P2P networks. - **Importance**: Essential for Bitcoin's permissionless, censorship-resistant nature. - **Rejection**: Without this axiom, Bitcoin is misunderstood, akin to PayPal. - **Historical Context**: Confinity's transition from Bitcoin-like to PayPal illustrates rejecting this axiom. The rest of the summarized chapters are at

A Blog by Expatriotic

A Blog by Expatriotic

...

_Good Morning_\ ☕ 📖 🌞 # Cryptoeconomics **by [Erik Voskuil](https://github.com/evoskuil).**\ **The book can be found on [GitHub](

GitHub

Home

Bitcoin Cross-Platform C++ Development Toolkit. Contribute to libbitcoin/libbitcoin-system development by creating an account on GitHub.

### Auditability Fallacy - **Non-Auditability**: Bitcoin custodian solvency can't be audited; they control asset release and security issuance. - **Custodial vs. Non-Custodial**: If controlled by consensus, it's non-custodial (layer), not auditable. - **Solvency Audit**: Needs simultaneous proof of asset and securities; atomicity is key. - **National Reserve**: Proving all fiat against Bitcoin reserve is complex; even on separate chains, atomicity fails. - **Waiver of Atomicity**: Sometimes waived, assuming errors will be found, but not effective for state banking. - **Historical Precedence**: Deviations are detectable but stopping them is challenging.\ The rest of the summarized chapters are at

A Blog by Expatriotic

A Blog by Expatriotic

...

My homey @Seth For Privacy and Gabriel need to get on nostr. @QnA what's going on man. How we gonna get these X users to see the light. X is a vestigial organ at this point. Unnecessary.

I want to visit New Orleans this summer. You been? What's good? #asknostr #neworleans #beignet