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The Bitcoin Origins (10) - 2018

Other parts of series:
The Bitcoin Origins (0) - Pre-bitcoin
The Bitcoin Origins (1) - The beginning to 2009
The Bitcoin Origins (2) - 2010
The Bitcoin Origins (3) - 2011
The Bitcoin Origins (4) - 2012
The Bitcoin Origins (5) - 2013
The Bitcoin Origins (6) - 2014
The Bitcoin Origins (7) - 2015
The Bitcoin Origins (8) - 2016
The Bitcoin Origins (9) - 2017
The Bitcoin Origins (10) - 2018
The Bitcoin Origins (11) - 2019
The Bitcoin Origins (12) - 2020
The Bitcoin Origins (13) - 2021


Gregory Trubetskoy - Blockchain Proof-of-Work Is a Decentralized Clock

Tweet - Jack Mallers (@JackMallers)
"Bitcoin will succeed. Why? Because I won't let it die. The developers, HODLers, unbanked, millennials, etc won't let it die.

What's really going parabolic is the number of people willing to fight for Bitcoin and all it stands for. Things like price have no choice but to follow"

The bulish case for bitcoin
Vilay Boyapati - The Bullish Case for Bitcoin
"With broader participation from retail and especially institutional investors, a price level between $100,000 and $200,000 is feasible. Owning bitcoins is one of the few asymmetric bets that people across the entire world can participate in. Much like a call option, an investor’s downside is limited to 1x, while their potential upside is still 100x or more."

Jimmy Song - Why Bitcoin is Different

The Bitcoin Standard
Saifedean Ammous - The Bitcoin Standard

Tweet - Max Keiser, tweet poet. (@maxkeiser)
"#Bitcoin Maximalists understand BTC’s disruptive nature is the absolute disruptive limit a crypto coin can achieve and that no coin will ever match Bitcoin’s scope in the ruthless disruption of the global banking system."

1 BTC puzzle
1 BTC is hidden in this puzzle. Good luck!
(Image via Reddit)

Tweet - Vijay Boyapati (@real_vijay)
"Bitcoin is the ultimate digital land grab.

We all get a chance to be George Washington, buying up the Ohio territory for a nickel.

Have you got your parcel yet?"

The Trust Machine (Bitcoin documentary)

StopAndDecrypt - Bitcoin Miners Beware: Invalid Blocks Need Not Apply

ObiWan Kenobit - Hyperbitcoinization: Winner Takes All

Hugo Nguyen - Bitcoin, Chance and Randomness

Tweet - Misir Mahmudov (@misir_mahmudov)
1/ Mass adoption of Bitcoin is inevitable
2/ Bitcoin is first perceived as an internet toy by cypherpunks.
3/ Its rapid price increase makes a small group of people rich and brings media attention.
4/ The media, the financial and tech establishment (Wall St. and SV), having failed to buy Bitcoin early and capture the growth, denounce it as a Ponzi scheme/bubble/MySpace of blockchain etc.
5/ A large number of scammers jump onto the Bitcoin hype-train and create their own cryptocurrencies claiming to be superior though lacking critical qualities including decentralization, security, credibility of monetary policy, immutability, distribution, infrastructure & others
6/ The retail, VCs, HFs, lacking understanding of monetary economics and applying inappropriate valuation models, invest into the shams that all other cryptocurrencies are, creating more noise and confusion as the prices of these altcoins increase at a rate higher than Bitcoin.
7/ Well connected VCs/HFs are given discounts on the investments only to then dump much of what they bought onto the retail.
8/ The world watches as the bear markets continue to wipe out more and more altcoins as these fail to deliver any useful product and constantly show cracks with regards to all crucial properties of a "cryptocurrency".
9/ Bitcoin, meanwhile, is able to retain its value best and its price continues to increase steadily in the long run.
10/ People, burned in the altcoin craze, witness and learn about Bitcoin’s undisputed superiority across all characteristics.
11/ On the eve of and during the next bull markets, Bitcoin’s unshakable and antifragile record exacerbates the chronic fear of missing out.
12/ Hyperinflating fiat currencies are further contributing to the adoption of Bitcoin as it becomes the only means of preserving wealth for many people.
13/ Investors and high net-worth individuals are convinced to allocate a portion of their portfolio (1-5%) to Bitcoin to capture further growth, as well as increase Sharpe ratio of their traditional portfolios.
14/ Such speculation facilitates a "speculative attack" on "stable" fiat currencies as the increase in demand for Bitcoin necessarily involves a reduction in demand for fiat currency causing higher expected fiat inflation (see @pierre_rochard Speculative Attack article).
15/ Central banks, in an attempt to adapt to the new conditions, start to accumulate Bitcoin (somewhat similar to gold today) causing the price to increase more and "legitimize" Bitcoin even further.
16/ Bitcoin’s market capitalization is now in the tens of trillions. One of the greatest monetary wealth transfers in human history has occurred. Most of the investors are reaping large profits and are willing to part with some of their Bitcoin to pay for their purchases.
17/ Bitcoin’s volatility subsides as both the market cap and the liquidity are larger than ever.
18/ More and more people demand to be paid in Bitcoin now that it has proven to be a good store of value given its disinflationary (later deflationary) nature.
19/ Bitcoin’s use as a medium of exchange becomes a widespread practice.
20/ Bitcoin is now also increasingly used as a unit of account.
21/ Due to the emergence of a superior, uninflatable, new monetary standard, people increasingly store their wealth in Bitcoin rather than fiat currencies. Central banks’ power is reduced and previous local monopolies on money are described by historians as a relic of the past.

310 BTC Bitcoin Challenge
310 BTC Bitcoin Challenge
Author's website:
Address (0.1 BTC - solved):
Address (0.2 BTC - solved):
Address (0.31 BTC - solved):
Address (310 BTC - solved):
(Image via BitcoinChallenge)

Tweet - Mr.Hodl (@MrHodl)
"There will come a point when governments around the world will realize the only way to regulate Bitcoin is to start mining.... This is the end game."

Dan Hedl - Planting Bitcoin
Dan Hedl - Planting Bitcoin
(Image via

Tweet - Trace Mayer (@TraceMayer)
"Happy birthday #Bitcoin! 10 years & crazy magic Internet money experiment still going stronger than ever.#ProofOfKeys is slightly impacting the network. But fees have not gone crazy. No CTO heart attacks. No CFO suicides. World has not ended. Next year will be even bigger!"

Hasu - An Honest Account of Fiat Money

Tweet - Francis Pouliot (@francispouliot_)
"The price of Bitcoin will never go to zero because if worse come to worse I will buy everyone's bitcoins at 0.01$ for sentimental value. 200,000$ to own all the bitcoins? Totally worth it."

Hasu - Unpacking Bitcoin’s Social Contract

Tweet - Jimmy Song
Tweet - Jimmy Song (@jimmysong)
"If you are pacifist, you should be doing everything you can to put the world on a sound money standard.

War is always funded by printing money. Taking that power away from the state restricts the scope of war massively."

Hasu - Bitcoin and the Promise of Independent Property Rights

Tweet - Francis Pouliot (@francispouliot_)
"Bitcoin is unfakeable digital gold that you can instantly teleport from one impenetrable vault to another, opened only using your self-generated password, nobody able to stop your payment, with no registration or intermediary required. There will never be more than 21M bitcoins."

Tweet - Denis Parker (@Xentagz)
"You will find #Bitcoin at the end of your crypto research. You will be annoyed why it took you so long."

Previous part: The Bitcoin Origins (9) - 2017
Next part: The Bitcoin Origins (11) - 2019

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