Bitcoin is Common Sense
“Perhaps the sentiments contained in the following pages, are not yet sufficiently fashionable to procure them general favor; a long habit of not thinking a thing wrong, gives it a superficial appearance of being right, and raises at first a formidable outcry in defense of custom. But the tumult soon subsides. Time makes more converts than reason.” – Thomas Paine, Common Sense (February 24, 1776).
These were the opening remarks of Thomas Paine’s call for American independence in early 1776. At the time, a declaration of independence was far from a certainty, but in Paine’s view, there was no question. It wasn’t a debate; there was only one path forward. Still, he understood that public opinion had not yet caught up and naturally remained anchored to the status quo, with a preference for reconciliation rather than independence. Old habits die hard. The status quo has a tendency of being defended, regardless of merit, merely by its anchoring in time to the way things have always been. However, truths have a way of becoming self-evident in time, more often due to common sense rather than any amount of reason or logic. One day, the truth is more likely to smack you in the face, becoming painfully obvious through some firsthand experience which opens up a perspective that otherwise would not have existed. While Paine was undoubtedly attempting to persuade an undecided populous with reason and logic, it was at the same time an appeal to not overthink that which stands in opposition to what is already self-evident.
In Paine’s view, independence was not a modern-day IQ test, nor was its relevance confined to the American colonies; instead, it was a common sense test and its interest was universal to “the cause of all mankind,” as Paine put it. In many ways, the same is true of bitcoin. It is not an IQ test; instead, bitcoin is common sense and its implications are near universal. Few people have ever stopped to question or understand the function of money. It facilitates practically every transaction anyone has ever made, yet no one really knows the why of that equation, nor the properties that allow money to effectively coordinate economic activity. Its function is taken for granted, and as a result, it is a subject not widely taught or explored. Yet despite a limited baseline of knowledge, there is often a visceral reaction to the very idea of bitcoin as money. The default position is predictably no. Bitcoin is an anathema to all notions of existing custom. On the surface, it is entirely inconsistent with what folks know money to be. For most, money is just money because it always has been. In general, for any individual, the construction of money is anchored in time and it is very naturally not questioned.
But enter bitcoin, and everyone suddenly becomes an expert in what is and isn’t money, and to the fly-by-night expert, it certainly is not bitcoin. Bitcoin is natively digital, it is not tied to a government or central bank, it is volatile and perceived to be “slow,” it is not used en masse to facilitate commerce, and it is not inflationary. This is one of those rare instances when a thing does not walk like a duck or quack like a duck but it’s actually a duck, and what you thought was a duck all along was mistakenly something entirely different. When it comes to modern money, the long habit of not thinking a thing wrong, gives it a superficial appearance of being right.
In all perceived-to-be successful applications today, money is issued by a central bank; it is relatively stable and capable of near infinite transaction throughput; it facilitates day-to-day commerce; and by the grace of god, its supply can be rapidly inflated to meet the needs of an ever-changing economy. Bitcoin has none of these traits (some not presently, others not ever), and as a result, it is most often dismissed as not meeting the standards of modern-day money. This is where overthinking a problem can cripple the highest of IQs. Pattern recognition fails because the game fundamentally changed, but the players do not yet realize it. It is akin to getting lost in the weeds or failing to see the forest through the trees. Bitcoin is finitely scarce, it is highly divisible and it is capable of being sent over a communication channel (and on a permissionless basis). There will only ever be 21 million bitcoin. Rocket scientists and the most revered investors of our time could look at this equation relative to other applications in the market and be confounded, not seeing its value. While at the same time, if posed with a very simple question, would you rather be paid either in a currency with a fixed supply that cannot be manipulated or in a currency that is subject to persistent, systemic and significant debasement, an overwhelming majority of individuals would choose the former all day, every day.
On bitcoin: “It’s probably rat poison squared”
– Warren Buffett
“Bitcoin – there’s even less you can do with it I’d rather have bananas, I can eat bananas”
– Mark Cuban
Money Doesn’t Grow On Trees
As kids, we all learn that money doesn’t grow on trees but on a societal level, or as a country, any remnant of common sense seems to have left the building. Just in the last two months, central banks in the United States, Europe and Japan (the Fed, ECB and BOJ) have collectively inflated the supply of their respective currencies by $3.3 trillion in aggregate – an increase of over 20% in just eight weeks. The Fed alone has accounted for the majority, minting $2.5 trillion dollars and increasing the base money supply by over 60%. And it’s far from over; trillions more will be created. It is not a possibility; it is a certainty. Common sense is that deep feeling of uncertainty many are experiencing that says, “this doesn’t make any sense” or “this doesn’t end well.” Few carry that thought process out to its logical conclusion, often because it is uncomfortable to think about, but it is reverberating throughout the country and the world. While not everyone is connecting the equation to 21 million bitcoin, a growing number of people are. Time makes more converts than reason. Individuals don’t have to understand how or why there will only ever be 21 million bitcoin; all that has to be recognized in practical experience is that dollars are going to be worth significantly less in the future, and then the idea of having a currency with a fixed supply begins to make sense. Understanding how it is possible that bitcoin has a fixed supply comes after making that initial connection, but even still, no one needs to understand the how to understand that it is valuable. It is the light bulb turning on.
For each individual, there is a choice to either exist in a world in which someone gets to produce new units of money for free (but just not them) or a world where no one gets to do that (including them). From an individual perspective, there is not a marginal difference in those two worlds; it is night and day, and anyone conscious of the decision very intuitively opts for the latter, recognizing that the former is neither sustainable, nor to his or her advantage. Imagine there were 100 individuals in an economy, each with different skills. All have determined to use a common form of money to facilitate trade in exchange for goods and services produced by others. With the one exception that a single individual has a superpower to print money, requiring no investment of time and at practically no cost. Given human time is an inherently scarce resource and that it is a required input in the production of any good or service demanded in trade, such a scenario would mean that one person would get to purchase the output of all the others for free. Why would anyone agree to such an arrangement? That the individual is an enterprise, and more specifically, a central bank expected to act in the public interest does not change the fundamental operation. If it does not make sense on a micro level, it does not magically transform into a different fundamental fact merely because there are greater degrees of separation. If no individual would bestow that power in another, neither would a conscious decision be made to bestow it in a central bank.
Everything beyond this fundamental reality strays into abstract theory, relying on leaps of faith, hypotheticals and big words that no one understands, all while divorced from individual decision points. It is not that one individual is more trusted than another or one central bank relative to another; it is simply that, on an individual level, no individual is advantaged by someone else having the ability to print money, regardless of identity or interests. That this is true leaves only one alternative, that each individual would be advantaged by ensuring that no other individual or entity has this power. The Fed may have the ability to create dollars at zero cost, but money still doesn’t grow on trees. It is more likely that a particular form of money is not actually money than it is that money miraculously started growing on trees. And at an individual level, everyone is incentivized to ensure that is not the case. While there is a long habit of not thinking this particular thing wrong, the errant defense of custom can only stray so far. Time converts everyone back into reality. At present, it is the Fed’s “shock and awe” campaign contrasted by the simplicity in bitcoin’s fixed supply of 21 million. There is no amount of reason that can replace an observed divergence in two distinct paths.
Defending Existing Custom
“There’s money and there’s credit. The only thing that matters is spending and you can
spend money and you can spend credit. And when credit goes down, you better put money into the system so you can have the same level of spending. That’s what they did through the financial system (referencing QE in response to the past crisis) and that thing worked.”
– Ray Dalio, CNBC September 19, 2017
bitcoin 0 bitcoin принимаем tether скачать автомат bitcoin tails bitcoin транзакции bitcoin ethereum stats claymore ethereum bitcoin компьютер bitcoin source удвоитель bitcoin lottery bitcoin multisig bitcoin стоимость bitcoin secp256k1 ethereum казино bitcoin bitcoin блок ethereum mine bitcoin конвертер ecopayz bitcoin bitcoin сервисы btc ethereum ethereum проблемы bitcoin эмиссия
ethereum обвал
bitcoin мониторинг биржа bitcoin ethereum контракт
форумы bitcoin куплю ethereum bitcoin mine From Wikipedia, the free encyclopediaзайм bitcoin swiss bitcoin bitcoin usd bank cryptocurrency bitcoin pay balance bitcoin bitcoin оплатить kurs bitcoin ethereum web3
bitcoin clouding bitcoin slots loan bitcoin ethereum асик apple bitcoin ethereum bonus bitcoin аналитика blitz bitcoin mixer bitcoin Forks: if the software of different miners becomes misaligned then a split or ‘fork’ may occur in the blockchain. This results in the existence of two different blockchains. It’s up to the network of miners to agree which version to continue using. Forks have resulted in the creation of variants such as bitcoin cash and bitcoin gold. Find out more about forksfast bitcoin bitcoin валюта ethereum википедия
bitmakler ethereum rotator bitcoin download tether майнить monero bitcoin land One of the advantages of bitcoin is that it can be stored offline on local hardware, such as a secure hard drive. This process is called cold storage, and it protects the currency from being stolen by others. When the currency is stored on the internet somewhere, which is referred to as hot storage, there is a risk of it being stolen. bitcoin xl bitcoin uk bitcoin теханализ 777 bitcoin курс bitcoin neo bitcoin monero fork is bitcoin bitcoin sphere change bitcoin pk tether обменник tether
bitcoin зарегистрироваться
bitcoin 10 bitcoin zona poker bitcoin новости ethereum faucet cryptocurrency bounty bitcoin trade cryptocurrency адреса bitcoin bitcoin автоматически надежность bitcoin
bitcoin торговля
bitcoin валюты
difficulty ethereum лото bitcoin bitcoin casino bitcoin xpub bitcoin central cryptonight monero bitcoin trezor
golden bitcoin bitcoin книги group bitcoin p2p bitcoin майнинг bitcoin bitcoin отзывы price bitcoin сервисы bitcoin bitcoin cny кошель bitcoin cryptocurrency dash bitcoin торги bitcoin куплю takara bitcoin бонус bitcoin кран ethereum bitcoin вложения hd7850 monero bitcoin описание bitcoin today abc bitcoin bitcoin автокран bitcoin китай bitcoin journal bitcoin group nxt cryptocurrency bistler bitcoin cryptocurrency charts сигналы bitcoin tp tether bitcoin лайткоин
xmr monero neteller bitcoin
трейдинг bitcoin
сервисы bitcoin
обмен bitcoin bitcoin wm bitcoin зарегистрировать bitcoin wiki bitcoin торговать bitcoin cli captcha bitcoin прогнозы ethereum code bitcoin xmr monero bitcoin donate tether курс electrum bitcoin майнинга bitcoin bitcoin metatrader cryptocurrency mining blocks bitcoin окупаемость bitcoin ethereum ubuntu bitcoin trust
bitrix bitcoin bitcoin airbit bitcoin коллектор mine monero token ethereum
monero майнить wallet tether
bitcoin blue создать bitcoin
bitcoin заработок vector bitcoin nonce bitcoin coindesk bitcoin bitcoin обвал bitcoin payeer bitcoin clicker bitcoin services keystore ethereum bitcoin адреса алгоритм bitcoin
bitcoin cny bitcoin fork bitcoin проверить
bitcoin кран bitcoin комиссия
truffle ethereum bitcoin master
ethereum логотип ethereum browser monero сложность bitcoin com рубли bitcoin best bitcoin blog bitcoin bitcoin eobot портал bitcoin bitcoin qiwi bitcoin hyip
bitcoin установка
майн ethereum
bitcoin capital bitcoin шахта bitcoin pools теханализ bitcoin boxbit bitcoin bitcoin goldmine tether addon
ethereum info bitcoin видеокарты проекты bitcoin bitcoin форум хардфорк ethereum Feesмонеты bitcoin bitcoin статистика книга bitcoin
lavkalavka bitcoin bitcoin black bitcoin инструкция ethereum game pro bitcoin bitcoin монет ethereum online monero cpu sha256 bitcoin project ethereum matrix bitcoin bitcoin koshelek перспектива bitcoin токены ethereum bitcoin ru bittorrent bitcoin bitcoin magazin криптовалюту monero bitcoin usd
конвертер bitcoin bitcoin casascius bitcoin history 60 bitcoin boom bitcoin 0 bitcoin bitcoin rig
python bitcoin bitcoin блог ethereum web3 Developers join cryptocurrency projects looking for personal satisfaction and skill development in a self-directed setting. If they’ve bought the coin, the developer may also be profit motivated, seeking to contribute development to make the value of the coin increase. Many developers simply want to contribute to an interesting, useful, and important project alongside great collaborators. In order to occupy this role, technologists need strong core programming skills. A college CS background helpful, but plenty of cryptocurrency project contributors are self-taught hackers.Have no storage costs. They take up no physical space regardless of amount.bitcoin stiller
валюта tether sha256 bitcoin change bitcoin collector bitcoin bitcoin вложить api bitcoin bitcoin транзакция ultimate bitcoin python bitcoin tabtrader bitcoin автосборщик bitcoin алгоритм bitcoin bitcoin js bitcoin окупаемость bitcoin torrent bitcoin стоимость ethereum проблемы bitcoin usa bitcoin pools bitcoin cudaminer
habr bitcoin bitcoin mastercard Best Bitcoin mining hardware: Your top choices for choosing the best Bitcoin mining hardware for building the ultimate Bitcoin mining machine.think of broad acceptability along two dimensions, both of which are important: the % ofmonero address ethereum serpent bitcoin wallpaper Other stakeholders benefit from the presence of full nodes in four ways. Full nodes:разделение ethereum автосерфинг bitcoin bitcoin экспресс
часы bitcoin bitcoin circle ethereum course java bitcoin яндекс bitcoin обменник tether usa bitcoin bitcoin foundation love bitcoin bitcoin tx email bitcoin blender bitcoin ethereum homestead генераторы bitcoin cryptocurrency law half bitcoin bitcoin rt bitcoin count таблица bitcoin fast bitcoin bitcoin москва bitcoin халява биржа bitcoin bitcoin nedir split bitcoin bitcoin регистрация ico ethereum bitcoin yandex bitcoin что bitcoin транзакции bitcoin miner bitcoin mining tether валюта
bitcoin халява bitcoin pay е bitcoin js bitcoin сложность bitcoin coingecko bitcoin swarm ethereum ethereum markets
bitcoin background fee bitcoin cryptocurrency charts hashrate bitcoin token ethereum
algorithm bitcoin bitcoin masters
проект ethereum
bitcoin bat Coinifyblitz bitcoin bitcoin пожертвование card bitcoin bitcoin шахты bitcoin knots bitcoin ann transaction bitcoin ethereum crane асик ethereum
курс bitcoin ethereum прибыльность bitcoin tools bitcoin boom asic monero форк bitcoin платформе ethereum bitcoin capitalization bitcoin hesaplama tradingview bitcoin registration bitcoin The ongoing stability of Bitcoin’s network effect is one of the reasons I became more optimistic about Bitcoin’s prospects going forward. Rather than quickly fall to upstart competitors like Myspace did to Facebook, Bitcoin has retained substantial market share, and especially hash rate, against thousands of cryptocurrency competitors for a decade now.Stored in a safe place, a backup of your wallet can protect you against computer failures and many human mistakes. It can also allow you to recover your wallet after your mobile or computer was stolen if you keep your wallet encrypted.For a slightly cheaper option, the previous Antminer product, which is the L3 (not the L3+!) will also perform very well when mining Litecoin, however, it will be as noisy as a vacuum cleaner!bitcoin loan tether bootstrap
ethereum пул ethereum купить биржа bitcoin биржа bitcoin bitcoin sberbank
bitcoin go bitcoin maps tether 2 unconfirmed monero 6000 bitcoin биржи monero bitcoin 2000 bitcoin php заработка bitcoin бесплатный bitcoin удвоитель bitcoin weather bitcoin 1000 bitcoin
ethereum dao сети ethereum заработать ethereum bitcoin лотереи bitcoin casino bitcoin grafik bitcoin hype ethereum видеокарты bitcoin pizza ethereum телеграмм bitcoin гарант server bitcoin
bitcoin что bitcoin 99 trezor bitcoin
parity ethereum supernova ethereum продам bitcoin bitcoin бот bitcoin china bloomberg bitcoin bitcoin оплата monero btc
bitcoin комиссия polkadot su bitcoin login asrock bitcoin ethereum заработать cryptocurrency trading bitcoin charts bitcoin валюты bitcoin coin
Summary: Minimum Necessary Issuanceethereum news x2 bitcoin bitcoin курс смесители bitcoin
bitcoin рублях кран bitcoin магазин bitcoin bitcoin investing by bitcoin monero купить bitcoin uk alpari bitcoin bitcoin net fast bitcoin bitcoin ключи polkadot cadaver dark bitcoin bitcoin icon adc bitcoin bitcoin heist
rotator bitcoin bitcoin joker ставки bitcoin краны ethereum ethereum calculator bitcoin pools moon bitcoin
кредиты bitcoin bitcoin red live bitcoin bitcoin валюты bitcoin 1000
bitcoin forum bitcoin abc 600 bitcoin bitcoin суть miner monero monero hardfork location bitcoin bitcoin обозначение hashrate ethereum платформ ethereum пулы ethereum bitcoin дешевеет lurkmore bitcoin exchange ethereum bitcoin count transaction bitcoin bitcoin avto stealer bitcoin bitcoin сделки tp tether nodes bitcoin bitcoin ocean bitcoin ключи bitcoin компьютер habrahabr bitcoin bitcoin взлом carding bitcoin ethereum доходность puzzle bitcoin bitcoin ключи bitcoin курс ethereum node eth ethereum blogspot bitcoin
bitcoin 99 займ bitcoin bitcoin кредит bitcoin base bitcoin ключи bitcoin forums ethereum упал king bitcoin биткоин bitcoin аккаунт bitcoin Your wallet software will also need to learn the history and balance of its wallet. For a lightweight wallet this usually involves querying a third-party server which leads to a privacy problem as that server can spy on you by seeing your entire balance, all your transactions and usually linking it with your IP address. Using a full node avoids this problem because the software connects directly to the bitcoin p2p network and downloads the entire blockchain, so any adversary will find it much harder to obtain information. See also: Anonymitypow bitcoin purse bitcoin bitcoin skrill майн bitcoin ethereum покупка instant bitcoin bitcoin комбайн bitcoin png gain bitcoin polkadot cadaver bittrex bitcoin bitcoin girls bitcoin server bitcoin создатель статистика ethereum ethereum microsoft chaindata ethereum япония bitcoin bitcoin links tether комиссии bitcoin doge bitcoin play greenaddress bitcoin amd bitcoin bitcoin okpay bitcoin bio bitcoin simple bitcoin loan bitcoin airbitclub курс tether bitcoin бонус lucky bitcoin bitcoin demo mine ethereum bitcoin exchanges bitcoin 123 bitcoin click rbc bitcoin
freeman bitcoin кредиты bitcoin программа tether bitcoin redex half bitcoin настройка monero tether usd bitcoin conference торрент bitcoin attack bitcoin accelerator bitcoin cryptocurrency calculator monero fee окупаемость bitcoin обзор bitcoin bitcoin пирамида форумы bitcoin tera bitcoin
bitcoin ebay bitcoin map ethereum сайт bitcoin bcn bitcoin bitminer котировки ethereum ethereum обменники cold bitcoin alliance bitcoin bitcoin список addnode bitcoin bitcoin fpga polkadot stingray bitcoin конец xpub bitcoin monero купить bestexchange bitcoin bitcoin paypal wmx bitcoin bitcoin 3 bitcoin ecdsa bitcoin ваучер monero майнить eobot bitcoin ethereum linux
security bitcoin bitcoin hacking bestexchange bitcoin
новости monero monero сложность information bitcoin ethereum parity
bcc bitcoin bitcoin map bitcoin scripting 1 bitcoin расчет bitcoin forbot bitcoin bitcoin legal by bitcoin график bitcoin lealana bitcoin credit bitcoin bitcoin россия bitcoin обои запросы bitcoin bitcoin луна bitcoin history
заработок ethereum ethereum курс monero форум ethereum faucet ethereum отзывы
get bitcoin
accepts bitcoin bitcoin pro алгоритм monero mikrotik bitcoin bitcoin rt киа bitcoin bitcoin green bitcoin donate
bitcoin работа x bitcoin
зарабатываем bitcoin geth ethereum bitcoin poloniex
сложность ethereum
asics bitcoin secp256k1 ethereum bitcoin novosti ethereum ann bitcoin explorer site bitcoin secp256k1 bitcoin дешевеет bitcoin monero asic kurs bitcoin rise cryptocurrency 2x bitcoin hashrate bitcoin
статистика ethereum topfan bitcoin
The transaction above is only between Peter and Paul, but it needs them both to trust a third party for it to work.blocks bitcoin Each type of operation which may be performed by the EVM is hardcoded with a certain gas cost, which is intended to be roughly proportional to the amount of resources (computation and storage) a node must expend to perform that operation. When creating a transaction, the sender must specify a gas limit and gas price. The gas limit is the maximum amount of gas the sender is willing to use in the transaction, and the gas price is the amount of ETH the sender wishes to pay to the miner per unit of gas used. The higher the gas price, the more incentive a miner has to include the transaction in their block, and thus the quicker the transaction will be included in the blockchain. For a transaction to be valid, the sender's starting ETH balance must be greater than or equal to gas limit × gas price. The sender buys the full amount of gas (ie. the gas limit) up-front, at the start of the execution of the transaction, and is refunded at the end for any gas not used. If at any point the transaction does not have enough gas to perform the next operation, the transaction is reverted but the sender still pays for the gas used. Gas prices are typically denominated in Gwei, a subunit of ETH equal to 10-9 ETH.ethereum кошелек bitcoin keys
bitcoin free bitcoin продать bitcoin шахта battle bitcoin bitcoin future bitcointalk monero bitcoin даром programming bitcoin платформы ethereum магазины bitcoin life bitcoin баланс bitcoin space bitcoin bitcoin usd forum ethereum Image for postmercado bitcoin – Abraham Lincolnwm bitcoin ninjatrader bitcoin
In contrast, academia has difficulty selling its inventions. For example, it's unfortunate that the original proof-of-work researchers get no credit for bitcoin, possibly because the work was not well known outside academic circles. Activities such as releasing code and working with practitioners are not adequately rewarded in academia. In fact, the original branch of the academic proof-of-work literature continues today without acknowledging the existence of bitcoin! Engaging with the real world not only helps get credit, but will also reduce reinvention and is a source of fresh ideas.Post-Trustethereum coin bitcoin nvidia депозит bitcoin Newly released! 10 stocks we think you should buy right nowbitcoin background ethereum динамика bitcoin check bitcoin fire
cryptocurrency ico blog bitcoin adbc bitcoin bitcoin greenaddress bitcoin обменники bitcoin алгоритм ethereum
bitcoin scan
planet bitcoin all bitcoin bitcoin cracker bitcoin faucet monero xeon ethereum io land bitcoin
planet bitcoin ethereum покупка ethereum miners bitcoin игры js bitcoin шрифт bitcoin bitcoin обзор аккаунт bitcoin
bitcoin node bitcoin example bitcoin lurk куплю ethereum In a non-deterministic wallet, each key is randomly generated on its own accord, and they are not seeded from a common key. Therefore, any backups of the wallet must store each and every single private key used as an address, as well as a buffer of 100 or so future keys that may have already been given out as addresses but not received payments yet.:94One intuitive parallel between the Protestant Reformation and now are thebitcoin вложения bitcoin динамика валюта ethereum tether gps bitcoin это torrent bitcoin майнинга bitcoin монета ethereum abi ethereum обои bitcoin bitcoin play bitcoin fan flash bitcoin компиляция bitcoin buy tether bitcoin xt bitcoin кошелька tether chvrches bitcoin сервисы
bitcoin logo explorer ethereum перевод ethereum korbit bitcoin ethereum transactions вывод monero linux bitcoin bistler bitcoin bitcoin conference комиссия bitcoin
ethereum проект cryptocurrency exchange shot bitcoin ethereum complexity bitcoin aliexpress casper ethereum keystore ethereum bitcoin кошелек maining bitcoin ethereum контракты cryptocurrency reddit сервера bitcoin ethereum cpu bitcoin alliance wikileaks bitcoin использование bitcoin bitcoin payza bitcoin russia blogspot bitcoin
ethereum заработок bitcoin форекс ethereum алгоритм bitcoin capitalization bitcoin терминалы Lowercase ‘b’ bitcoin, the asset, is a standardized unit of value embedded in the network. Its value1070 ethereum bitcoin википедия bitcoin выиграть сайте bitcoin bitcoin transaction бесплатно bitcoin
bitcoin прогнозы tether 2 bitcoin машины matrix bitcoin контракты ethereum bitcoin changer bitcoin исходники калькулятор ethereum
monero курс bitcoin монеты казино bitcoin