What is the actual value of Bitcoin and this technology called blockchain?
CoinGeek invited me to New York City to be a panelist at their recent conference, alongside George Gilder, Dr. Craig S. Wright, and Dr. Eswar Prasad.
I refused to attend in person due to New York’s authoritarian mask and \/@x passport policies. However, I did live stream in for it.
At The Crypto Vigilante (SUBSCRIBE), we strive to be as objective as possible.
As you likely know, Craig Wright claims to be Satoshi Nakamoto, author of the Bitcoin whitepaper, while a lawsuit verdict may reveal more details on that this week.
Wright proposes that Bitcoin is an informational commodity.
In response to Craig, George Gilder says that Bitcoin is a suitable instrument for terranodes, metaverses, and unlimited possibilities. Zuckerberg wants to create his metaverse, and I agree that Bitcoin’s original design has the potential to challenge Big Tech on that front.
Gilder also explains that Satoshi’s vision was for transparency, not hiding oneself from the world economy.
The truth is, Bitcoin is not designed to be a privacy coin. Fortunately, we now have private and truly fungible digital cash with Monero (XMR) and even newer projects like Pirate Chain (ARRR).
Yet, Bitcoin is an honesty machine. With this machine, you can prove the solidity of your transactions to any entity, including the state.
Eswar Prasad is a professor of trade and finance at Cornell University and author of The Future of Money. During our panel, he provided a traditional counterbalance, suggesting that the market will find the Bitcoin network’s ‘intrinsic value’ in the ledger, transactions in space and time, and its architecture.
Prasad sees hope that Bitcoin will provide a better financial system that meets the genuine needs of the market. I believe that Bitcoin is even much more game-changing than all that.
In its totality, Bitcoin’s original design at scale is a proper Byzantine fault-tolerant system where no one has the advantage, not governments nor corporations.
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BTC has malnourished the miners, the backbone of the Bitcoin network. Eventually, the miners will go where the profitability is.
Establishment adoption will be significant for Bitcoin. We better be careful not to allow this technology to evolve into a beast system that enables an authoritarian social credit society where everything is tracked and privacy is eroded.
Crypto anarchist entrepreneurs and marketers must now come together and BUIDL the future.
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