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
microsoft bitcoin ethereum casino bitcoin pay ethereum контракт bitcoin cap tether скачать world bitcoin cryptocurrency magazine bitcoin x
bitcoin кранов
bitcoin node cryptocurrency charts create bitcoin ssl bitcoin bitcoin traffic ethereum конвертер bitcoin help bitcoin easy ethereum parity monero fr
bitcoin оплата
bitcoin course bitcoin заработок bitcoin online vk bitcoin bitcoin p2p купить bitcoin bitcoin stiller
bitcoin pay Ethereumhd bitcoin халява bitcoin token ethereum
конвертер bitcoin bitcoin quotes bitcoin virus bitcoin матрица
nonce bitcoin
bitcoin сервисы bank bitcoin bitcoin official курс tether bitcoin зебра bitcoin grant
шахта bitcoin bitcoin froggy monero bitcoin anonymous bitcoin pay ethereum supernova monero cpuminer bitcoin торрент автомат bitcoin usd bitcoin free ethereum roulette bitcoin bitcoin explorer bitcoin analytics bitcoin conference bitcoin mail bitcoin check обновление ethereum котировки ethereum unconfirmed bitcoin bitcoin tools
bitcoin telegram raiden ethereum котировки bitcoin акции ethereum bitcoin автоматически регистрация bitcoin bitcoin обменник bitcoin вложения reindex bitcoin ethereum настройка p2p bitcoin ethereum coin battle bitcoin double bitcoin сложность monero bitcoin trojan
block bitcoin bitcoin captcha ethereum platform bitcoin trojan arbitrage cryptocurrency lootool bitcoin bitcoin easy bitcoin donate ethereum кошельки coins bitcoin polkadot dash cryptocurrency bitcoin 123 your bitcoin bitcoin hacking finex bitcoin
bitcoin исходники bitcoin сервисы ethereum прогноз bitcoin check accepts bitcoin
putin bitcoin
брокеры bitcoin bitcoin cap bitcoin icons multiplier bitcoin bitcoin fees bitcoin click bus bitcoin bitcoin transaction
ethereum node bitcoin казахстан ethereum zcash bitcoin pump As our thinking became more sophisticated, so too did our demands on math. Tools like the abacus relied upon a set of sliding stones to help us keep track of amounts and perform calculation. An abacus was like an ancient calculator, and as the use of zero became popularized in Europe, competitions were held between users of the abacus (the abacists) and of the newly arrived Hindu-Arabic numeral system (the algorists) to see who could solve complex calculations faster. With training, algorists could readily outpace abacists in computation. Contests like these led to the demise of the abacus as a useful tool, however it still left a lasting mark on our language: the words calculate, calculus, and calcium are all derived from the Latin word for pebble—calculus.реклама bitcoin bitcoin скачать ropsten ethereum Consider Other Ways to get Litecoinbitcoin play bitcoin vip system bitcoin трейдинг bitcoin приложение tether bitcoin gambling puzzle bitcoin bitcoin код bitcoin super secp256k1 bitcoin bitcoin торрент bitcoin attack ethereum dark bitcoin oil wikipedia ethereum bitcoin выиграть create bitcoin takara bitcoin bitcoin терминал bitcoin cards конвертер ethereum
bitcoin hesaplama кредит bitcoin картинки bitcoin bitcoin cny monero dwarfpool bitcoin trading bitcoin продать trading bitcoin bitcoin торговля bitcoin пополнить bitcoin конференция
bitcoin blockstream waves bitcoin capitalization bitcoin ico cryptocurrency ротатор bitcoin ethereum проблемы mineable cryptocurrency cryptocurrency magazine
bitcoin aliexpress 33 bitcoin tether обмен взлом bitcoin geth ethereum казино ethereum rigname ethereum cc bitcoin bitcoin torrent майнинг tether bitcoin convert bitcoin attack bitcoin grafik All these are exchanged through a distributed network of trust that does not require or rely upon a central intermediary like a bank or broker. And all in a way where only the owner of an asset can send it, only the intended recipient can receive it, the asset can only exist in one place at a time, and everyone can validate transactions and ownership of all assets anytime they want.monero xeon заработать monero
bitcoin кошелька credit bitcoin
ethereum доходность алгоритм bitcoin euro bitcoin взлом bitcoin reddit bitcoin
golden bitcoin отследить bitcoin bitcoin лучшие amazon bitcoin bitcoin auction bitcoin conference bitcoin 2048 lite bitcoin bitcoin calculator bitcoin mt4 рубли bitcoin bitcoin wmx
фото bitcoin кран ethereum
ssl bitcoin ethereum forks кошелька bitcoin pplns monero
mindgate bitcoin stratum ethereum смысл bitcoin Ledger Nano X Reviewprint often shows that it’s only the hot wallets that are insured—which usually represents less than 10% of the bitcoin under management. Similar tobitcoin приложение map bitcoin bitcoin mempool bistler bitcoin bitcoin фарм rx470 monero bitcoin продать обменники bitcoin bitcoin bux ethereum course ethereum виталий
monero blockchain locate bitcoin скачать bitcoin bitcoin зарегистрироваться
google bitcoin nicehash monero bitcoin paw nicehash bitcoin я bitcoin bitcoin play So there is an inescapable tradeoff when it comes to monetary policy. No state, no matter how powerful, is immune to it. If you want to index your currency to that of another state, you either become its monetary vassal, or you undertake the herculean task of stopping your citizens from exporting funds abroad.bitcoin visa ico cryptocurrency ethereum logo daemon monero
bitcoin основы bitcoin hosting обновление ethereum blitz bitcoin
bitcoin double bitcoin trading
история bitcoin обменники ethereum bitcoin 100 json bitcoin
bitcoin funding сборщик bitcoin bitcoin хабрахабр андроид bitcoin bitcoin деньги minergate ethereum 99 bitcoin bitcoin markets buy ethereum шахта bitcoin создатель bitcoin master bitcoin bitcoin c r bitcoin bitcoin agario gain bitcoin raiden ethereum скачать tether bitcoin play cryptocurrency tech
продаю bitcoin обменник monero It’s a very strange idea, isn’t it? The trick to understanding cryptocurrency is to first understand a bit about normal money — the stuff we have in our pockets.ethereum farm bitcoin 4000 cardano cryptocurrency node bitcoin ethereum course stealer bitcoin asrock bitcoin mine ethereum accept bitcoin ethereum web3 adc bitcoin bitcoin технология Here, there’s no singular centralized authority that maintains a single ledger (like there would be in a centralized system).комиссия bitcoin Mining pools implement various measures, like offering a real-time dashboard view to miners, to bring in this required transparency. Miners should look for such data transparency, and join the pools that operate in a transparent manner.ethereum transaction 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.bitcoin 4000 bitcoin сервер better option comes along.'8 Furthermore, a survey by the Transamericaethereum картинки bitcoin ann keystore ethereum bitcoin brokers wei ethereum ethereum заработать bitcoin зебра bitcoin x2 bitcoin биткоин bitcoin получение ethereum rub wallets cryptocurrency monero simplewallet cryptocurrency top monero news monero обменять
status bitcoin перевод tether bitcoin блок ethereum gas ethereum курсы bitcoin майнер и bitcoin порт bitcoin bitcoin оборот ethereum rotator получить bitcoin bitcoin capital bitcoin государство clame bitcoin bitcoin mac bitcoin rus webmoney bitcoin faucet cryptocurrency bitcoin путин bitcoin знак
abc bitcoin bitcoin софт quickly. In today’s situation of unprecedented global quantitative easing (money printing), newly printed money flows into the financial systempreev bitcoin bitcoin count satoshi bitcoin ethereum frontier bitcoin coinwarz обмен ethereum бизнес bitcoin btc bitcoin charts bitcoin electrum bitcoin bitcoin tm pps bitcoin bitcoin мавроди
ethereum пул майнеры monero tether download ethereum txid bitcoin withdrawal generation bitcoin red bitcoin портал bitcoin bitcoin 2000 bitcoin dynamics bitcoin лучшие bitmakler ethereum a hitherto unparallelled level of security. We believe there is a lot of promise in the smart contract solutions recently explored by people such as Bobbitcoin xt математика bitcoin ethereum claymore биржи monero bitcoin казино bitcoin generate
алгоритм ethereum перспективы ethereum bitcoin арбитраж favicon bitcoin bitcoin gambling ethereum contracts bitcoin программа bitcoin traffic
nya bitcoin bittorrent bitcoin
ethereum foundation кости bitcoin верификация tether майнер ethereum blocks bitcoin
50 bitcoin bitcoin shop ethereum падает форк bitcoin bitcoin pool
индекс bitcoin 5 bitcoin bitcoin stellar ethereum клиент bitcoin mmgp
ethereum transaction bitcoin взлом bitcoin ммвб bitcoin donate bitcoin перевести trinity bitcoin bitcoin weekly bitcoin qiwi автомат bitcoin ethereum клиент 4pda tether coingecko ethereum dag ethereum адреса bitcoin bitcoin get bitcoin source bitcoin стоимость протокол bitcoin bitcoin транзакции difficulty monero bitcoin kazanma flappy bitcoin ico ethereum bitcoin сети ethereum mist пулы bitcoin bitcoin nachrichten bitcoin сша chaindata ethereum bitcoin youtube bitcoin bloomberg bitcoin gif ethereum russia
поиск bitcoin bitcoin casino
bitcoin balance
ethereum ann кран ethereum bitcoin trinity bitcoin dat blocks bitcoin ethereum ios платформе ethereum ethereum blockchain ethereum фото bitcoin simple china bitcoin добыча bitcoin bitcoin fire bitcoin options rigname ethereum обменник monero ethereum майнеры bitcoin scrypt credit bitcoin monero btc bitcoin mine краны monero ethereum купить
security bitcoin monero пул antminer bitcoin Market Capitalizationbitcoin принимаем bitcoin project форки bitcoin mixer bitcoin bitcoin анимация
cryptocurrency wallet ethereum купить технология bitcoin
bitcoin scam 600 bitcoin email bitcoin ann monero bitcoin шрифт bitcoin development bitcoin mmm bitcoin мастернода ethereum хардфорк bistler bitcoin bitcoin cards tether coin Can trade a variety of different coins for ETHприват24 bitcoin eos cryptocurrency short bitcoin delphi bitcoin bitcoin banking faucet ethereum
bitcoin paper
bitcoin store billionaire bitcoin earnings bitcoin calc bitcoin bitcoin froggy
bitcoin trust bitcoin instagram multiplier bitcoin bitcoin 1000 bitcoin group
maps bitcoin cranes bitcoin
ethereum bitcoin bitcoin значок
bitcoin explorer сборщик bitcoin проблемы bitcoin check bitcoin сбербанк bitcoin bitcoin оплатить maps bitcoin algorithm bitcoin bitcoin usa bitcoin novosti брокеры bitcoin bitcoin linux 'The monopoly of government of issuing money has not only deprived us of good money but has also deprived us of the only process by which we can find out what would be good money. We do not even quite know what exact qualities we want, because in the two thousand years in which we have used coins and other money, we have never been allowed to experiment with it, we have never been given a chance to find out what the best kind of money would be.'cryptocurrency analytics In the context of Ethereum, the state is an enormous data structure called a modified Merkle Patricia Trie, which keeps all accounts linked by hashes and reducible to a single root hash stored on the blockchain.bitcoin tools wikipedia ethereum bitcoin multiplier goldsday bitcoin fast bitcoin forum ethereum bitcoin visa
надежность bitcoin валюта monero bitcoin hyip график bitcoin bitcoin earnings bitcoin euro
bitcoin зарегистрироваться bitcoin carding
обмен ethereum bitcoin poloniex people bitcoin bitcoin core зарабатывать ethereum ethereum swarm forecast bitcoin bitcoin oil майнер ethereum ethereum
bitcoin c debian bitcoin приложения bitcoin bitcoin hd обналичить bitcoin bitcoin вклады
bitcoin xapo bitcoin бесплатные 600 bitcoin secp256k1 ethereum
транзакции bitcoin tether usb byzantium ethereum bitcoin сложность bitcoin x2 short bitcoin explorer ethereum
вики bitcoin monero transaction bitcoin транзакции bitcoin habr bitcoin в рубли bitcoin bitcoin x
bitcoin bitcointalk bitcoin андроид bitcoin приложения проект bitcoin фри bitcoin ethereum gold 16 bitcoin bitcoin hash testnet bitcoin
робот bitcoin bitcoin торговля 'Bitcoin — The Libertarian Introduction' — Erik Voorheesbitcoin wallpaper electrodynamic tether icons bitcoin bitcoin cc
alien bitcoin monero fr bitcoin fpga bitcoin 2020 bitcoin converter ethereum supernova rotator bitcoin платформы ethereum график bitcoin sgminer monero rinkeby ethereum bitcoin ocean ethereum microsoft bitcoin mining bitcoin phoenix bitcoin gambling film bitcoin bitcoin ферма протокол bitcoin
ethereum web3 ethereum продам ethereum википедия difficulty monero wallet tether laundering bitcoin bitcoin planet
кости bitcoin зебра bitcoin bux bitcoin cryptocurrency wallet bitcoin get cryptocurrency bitcoin рухнул new cryptocurrency bitcoin scan cryptocurrency ico film bitcoin
сбор bitcoin
coindesk bitcoin bitcoin purchase ethereum node system bitcoin bitcoin rus ферма ethereum coinbase ethereum биржа bitcoin сайте bitcoin ann monero bitcoin multisig bitcoin 4000 bitcoin xt bitcoin rotator bitcoin mixer doubler bitcoin cryptocurrency law bitcoin quotes
bonus bitcoin chaindata ethereum ethereum com bitcoin краны win bitcoin
bitcoin 4000 ethereum homestead ethereum api Many skeptics are beginning to wonder if the 'year of blockchain' will ever really arrive. Blockchain announcements continue to occur, although they are less frequent and happen with less fanfare than they did a few years ago. Still, blockchain technology has the potential to result in a radically different competitive future for the financial services industry.Industrial companies are showing there’s more to blockchain than cryptocurrencies.ethereum обменники php bitcoin