Cryptoassets: Season 3 – Episode 3 – The Birth of Bitcoin

Financial markets, as said in my last post, took the heaviest losses in United States History.  However, somewhere in the world was this many Satoshi formalizing what’s going to take the world by storm.

A day after publishing that white paper, Satoshi sent an email called “The Cryptography Mailing List”.

He later wrote: “you will not find a solution to political problems in cryptography….but we can win a major battle in the arms race and gain a new territory of freedom for several years.  Governments are good at cutting off heads of centrally controlled networks like Napster, but pure P2P networks like Gnutella and Tor seem to be holding their own.” – Satoshi

On the 9th of November in 2008, Bitcoin project was registered on SourceForge.net. Wall Street continued crumbling, Satoshi laid-low, and then nine days after that, the first ever transaction using bitcoin took place.

Fact: A dollar investment in Bitcoin in 2008 would’ve been worth around 1 million dollars at the end of 2017.

What I find so unbelievably fascinating about all of this is while the US government was injecting trillions into the system to fight off the significant deaths and greed of wall street, Bitcoin’s birth cost NOTHING.

Since Satoshi disappeared, Bitcoin has unleashed a tidal wave of disruption and rethinking of global financial and technological systems.  Countless derivations of Bitcoin have been created — systems such as Ethereum, Litecoin, Monero, and Zcash — all of which rely on blockchain technology, Satoshi’s gift to the world.  At the same time, many financial and technological incumbents have moved to embrace the technology, creating confusing around all the innovation unfolding and what is most relevant to the innovative investor.  – Author

And now it’s time to talk about the lower case b and upper case B.

  • Bitcoin equals software.
  • bitcoin equals currency.

The author of this book emphasized that to truly understand Bitcoin, one has to move beyond the thinking that the media has pressed upon their consciousness in terms of being a currency/software for criminals.

If we look at history, the majority of wars were funded by “physical” currency, so if Bitcoin/bitcoin is bad because it’s used on illegal markets, we should possibly do away with ALL CURRENCY.

Over 100 media articles have jumped the opportunity to declare bitcoin dead, and each time they have been proven wrong.

To jump just a little off topic, remember those tools on wallstreet before the great crisis of 2008 saying that “Tesla is a cold stock!”  Yeah, proven wrong.  Bitcoin allows transactions to be settled in an hour as opposed to a couple of days.

Let me give you another example.  Transferwise, which was launched maybe in the last couple of years, has overtaken Paypal.  Honestly, I should be able to transfer money from my KTB account to my friend’s B of A account in America in an hour.  However, those middlemen, who Gary Vee has talked about for so long, always gets a piece of the pie. Bitcoin and blockchain will take all of that away, and this is why so many services are terrified and shaking in their boots because it could mean the end of them.

Bitcoin has something arguably more impressive than uber, Airbnb, and LendingClub to be a multibillion-dollar companies in their own realms.  Bitcoin let’s anyone be their own bank. – Chris Burniske

Listen to “Cryptoassets: Season 3 – Episode 3 – The Birth of Bitcoin” on Spreaker.

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