#CRYPTOWARS – EP5 S1: WAKANDANOMICS VS SATOSHINOMICS ?
1. IS BITCOIN, WAKANDANOMICS?
Please check this VIDEO on YT, for the cultural throwback : #WAKANDA on ‘GOOTUBE’ ! (G+)
#SATOSHINOMICS is the study of Bitcoin/Blockchain economics and its ‘programmable outcomes’ –> It would obviously focus mostly on the study of Bitcoin economics and how over the last ten years, a global decentralized economic system can manage, to self-organize and ‘self-rule’, so to speak…
サトシ経済学 –> ‘Satoshi Economics’ in Japanese
What do we mean by that? –>That ‘decentralized’ definition of Satoshinomics, would be entirely true. If it wasn’t for the Satoshi protocol, or the ‘programmed algorithm’ behind the Blockchain, being involved into how Bitcoin is run at its core:
You are only ‘self-managed’ as far as the ‘Satoshi algorithm’ would let you operate in a ‘self-managed’ way ==> We are clearly considering that ‘Satoshinomics’ would involve talking about programmable money, here! And…therefore ‘programmable economic outcomes‘ too!
- Think about it: After all, an algortihm imposes nothing but a set of rules, even if it does it in a decentralized manner! However, technically it relies on two core concepts to achieve that feat : Timestamping enables Blockchain to ‘stamp’ transactions in time, and deliver the proof, that a set of data existed prior in time, almost in a hacker-proof way.
51% of the system has to agree on any new coin delivered, and also on most major changes to how the Blockchain is run.
⇒ A fact, that basically install the algorithm as a ‘Consensus-based’ ruler of the Ecosystem, since it is decentralized, transparent and global.
The network has to reach a consensus in order to take any key decision: It is a ‘machine-based’ consensus, that cannot be reversed.
⇒ Observers, call it ‘Blockchain as the ultimate referee’
Wakandanomics state that the main value in a networked economy will always be its network of people.”
2. IS BITCOIN, SATOSHINOMICS?
In the specific case of Bitcoin, it would be the network and the Blockchain technology underpinning it, which would be the basis of …Satoshinomics!
– Wakandanomics, follow the 20/80 paradigm or ‘Kountz Economic Paradigm’, which requires that the network provides more than 80% of the network’s income or worth, to be entirely labelled as a ‘networked economy’
=> It is also known as the Google 20/80 formula, which allows employees to use 20% of their working time as they see fit: #GMAIL the emailing app, was created during that process. (The formula has since been updated and optimized by Google towards a new and more ‘focused rule’… )
Those two Economics (Satoshi’s and Wakandian), can sometimes operate inside ‘classic’ economic systems or outside of the great economic matrix, that are shaping the world…
…and …the transfers from one system, to another are not always ‘welcomed’ by each communities.…
… Thus creating regulatory ‘tensions’, conflicts and even wars, between the networks and the financial regulation authorities, in charge of overseeing them.
3. BITCOIN CORE?
The original Bitcoin core community, the prime network, or the nascent community, can be found on #GitHuB, here.
⇒ Developers didn’t always meet face-to-face and can work via skype, Github, reddit or Google Hangout.
=> Key ‘Padawans’ or ‘students’ of the ‘master Satoshi San’ were Hal Finney, who will receive the first Bitcoin transaction ever made and could be the closest human being to be able to claim that he is indeed, Satoshi.; But also Nick Szabo and Dorian Nakamoto.
Hal Finney who died of paralysis in 2017, ( A.L.S.) was also part of the Bitcoin core team and has a unit to his name, the Finney and it is worth 1000 Ether or 0.0000001 Bitcoin. #RIP.
– Don’t trust us and find this efficient converter, by the Ethereum community forum, here
We can still conclude that Bitcoin is hard-coded to be worth a Million dollars! It has until 2140 to reach that ceiling, …Or the Moon!
4. COMPUTING POWER?
Vitalik Buterin, the Ethereum creator, provides a definition of Cryptonomics, which challenges ‘Orthodox Economics for good’! How?
=> Cryptonomics, is based in Cryptocurrency and programmable money. Cryptonomics is a study of programmable economics which unlike the ‘Analog economics’ of the 20st century has key features (Past-Present-Future) that provides an accurate historical record of the past, real-time analysis of the present and programmable aspects of the future within its code.
(Ex: Blockchain for historical recording – Blockchain scanning and verification for real-time analysis and programmable item, like Tokens) !
2140 is the date set, for when the last Bitcoin should be issued, for example! The value of that coin should be worth a million dollar at least! For those of you, who might …
still be alive, by that time !
Let’s do the MATH:
1 Bitcoin = 1 Million dollars.
One Satoshi is worth 1/100 000 000 of a Bitcoin. or 1 U$ Dollar cent.
- THEN, HOW MUCH IS…
…One WAKANDA worth?
- ANSWER ?
One Wakanda = 1/1000 Bitcoin!
⇒ Yes, in honour of the 2018’s flick, “Black Panther”, we will campaign for ONE Wakanda to be worth 1/1000 Bitcoins!
Keep that in mind AND SUPPORT us !!
Bitcoin & Blockchain did not happen in a vacuum. In fact, ‘Digital cash’ is an old idea: Double-spending problems and the lack of a ‘Live Database’ (No world wide web, at the time) prevented and stopped, all serious attempts, in the past.
Although the European currency unit or E.C.U had the first ‘Virtual currency’ at the end of the 20th century, but lack of vision and probably ‘laziness’, just about killed the project.
Bitcoin is, on the other end, ‘incredibly 21st century’, thanks to the internet and a potential network of 2 Billion mobile phones! ⇒ It is purely and simply, and according to many observers, like Bloomberg, considered as the largest connector’ or connected network, of all time!
6. NO MORE ‘MIDDLE-MAN’ ?
Well…first let’s establish that until now, the internet is still undefeated!
…and the ‘old’ 20th century Hollywood movie industry, can’t handle the 21st century, ‘Netflix’ truth! “
And there is room to believe that the rise of crypto assets like Bitcoin and Ethereum, is the ‘Netflix-moment-for-the-Dinosaure-Finance-industry’
⇒ They may have hard-coded in their DNA, the disruption of previous eco systems; It’s an industry game-changer! It’s Token Economics, BaBy!
7. IS SATOSHINOMIC, A ‘PEER-TO-PEER’ STUDY, BY DEFINITION? (#P2P)
⇒ The Bitcoin ‘Use case’ is also incredibly ‘Millennial’ as it strikes at the core of the belief, that there is no need for a ‘Middle-Man’ in financial transactions between peers, or
As a reminder, we’ve outlined in previous posts, the opening statement of the original Satoshi PDF:
Abstract. A purely peer-to-peer version of electronic cash, would allow online payment to be sent directly from one party to another, without going through a financial institution!’ (Satoshi N.)
…And the rest is Crypto-History.. !
=> The rest of the Satoshi original PDF, directly available here, also reveals via ‘bullet points’, how it uses ‘Game theory’ mathematical quizz to enable the ‘proof-of-work’ and create new bitcoins, through ‘mining’.
⇒ It serves a ‘Protocol Improvement Loop’, which enables the algorithm, to be better and more complex each time it solves a problem!
The results is a hike in energy consumption, for the PC miners!!
Those miners are now in need of high-powered machines – One ADMPer recommended the Bitmain Antiminer S9 – to enter the Bitcoin mining field, knowing that you will need a minimum of a $5000 budget per machines, for the first 2 months, of your mining operation!
Nevertheless, have a read-through, and tell us which part of the Satoshi White-paper, you prefer the most? or can not understand, etc… #TheDarkCryptoJeDi will do its best, to give you down-to-earth answers in ‘plain english or French’!
TO BE CONTINUED …#TheDarkCryptoJeDi
TO BE CONTINUED …
Next week, the Season 1 Episode 6, of the CRYPTO WARS SAGA Carries on in the ‘complex Far East’, where Manga, Samurai, Anime, Judo and ‘Super-Mario’ came from…JAPAN, with: “THE RISE OF CRYPTO JAPAN! ‘ In The MYSTERIOUS SATOSHI SAN, PART III” or 神秘的なサトシさん, PART III.
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