Planting Bitcoin

Sound Money (sanum pecuniam)

Foreword

Introduction

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Species

What is Money

Species

Traits

*Bitcoin’s birth introduced two new traits, “Openly programmable” and “Decentralized”

Verifiable

Fungible

Portable

Durable

Divisible

Scarce

Established history

Censorship resistant

Unforgeable Costliness

Openly Programmable

Decentralized

Evolution

https://twitter.com/MustStopMurad/status/1022169639386836992

Survival and Extinction

JPM, Hong Kong Monetary Authority, December 2011

Planting Bitcoin Part 2 — Season

“The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve.” — Satoshi Nakamoto

Introduction

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Central Banks

(There hasn’t been a year of global deflation since 1933)
The standard Roman silver coin

Early 2007

2008 Financial Crisis

“The problem had grown so big that the end was bound to be cataclysmic and have big social and political consequences” — Michael Lewis (Big Short)

January

February

March

April — June

July

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September

Contagion
(Sept 17) Treasury Secretary Henry Paulson walking after meeting with President George W. Bush

October

Debt/GDP ratios are at wartime highs. Central banks haven’t unwound their 2008 trade

“People feel like nothing in the country is working — the president, Congress, corporations.” (October 15, 2008) Reuters

October 31: Satoshi publishes the Bitcoin whitepaper

Planting Bitcoin — Soil

Boy reading “History of London” in the ruins of a bombed bookstore in London in WW2

Introduction

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Cypherpunks

“Therefore, privacy in an open society requires anonymous transaction systems. Until now, cash has been the primary such system.” — A Cypherpunk’s Manifesto

Elliot Alderson, the “Cypherpunk” in the fictional show “Mr. Robot.” He joins a group that aims to destroy all debt records by encrypting the financial data of the largest conglomerate in the world, E Corp.

“The Times 03/Jan/2009 Chancellor on brink of second bailout for banks” — Genesis Block

Planting Bitcoin — Gardening (4/4)

Introduction

I’ve paired this song to “Gardening” because I think it fits the feel of the piece and adds additional depth. If you enjoy listening to this, please follow my playlist on Spotify.

Early Development

“The project needs to grow gradually so the software can be strengthened along the way.” — Satoshi Nakamoto

Bitcoin GitHub history visualized up to March 27, 2014

The Gardener Leaves

Social Scalability

“Bitcoin is a social breakthrough, not a technological one” — Alex Hardy

HODLing, the Hero’s Journey

“In the beginning of a change the patriot is a scarce man, and brave, and hated and scorned. When his cause succeeds, the timid join him, for then it costs nothing to be a patriot.” — Mark Twain

“Protocols die when they run out of believers.” — Naval

‘The secret to happiness is freedom; the secret to freedom is courage’ — Thucydides

Conclusion

“Let the future tell the truth, and evaluate each one according to his work and accomplishments. The present is theirs; the future, for which I have really worked, is mine.” — Nikola Tesla

Growth @Krakenfx . Frmr: @InterchangeHQ (acq by @Krakenfx ), Global Data/Rider Growth @Uber , First PM @Blockchain , Co-Fndr @ZeroBlock https://danheld.substack

Growth @Krakenfx . Frmr: @InterchangeHQ (acq by @Krakenfx ), Global Data/Rider Growth @Uber , First PM @Blockchain , Co-Fndr @ZeroBlock https://danheld.substack