In Bitcoin’s case, the novel technology provides energy producers a radically new way to monetize energy, and as a result it will permeate every energy production site across the globe. This will push down the profitable price of energy for all miners, driving more energy efficiency as wasted, stranded and renewable sources with near-zero (or below zero) energy cost are sought out to power mining facilities.
As the overplayed adage goes, “where there’s a will, there’s a way.” Throughout history, governments have identified emerging threats and sought to eliminate them through heavy-handed bans, or regulations so stringent that they are effectively bans themselves.
The system is so elegant, it is no surprise that it has kicked off a global upheaval. I want more people to understand it so they can feel the same sense of intellectual wonder that I did. More people should draw inspiration from Bitcoin, because the world will be richer for it.
In general it seems like multisig is an afterthought for many hardware manufacturers. They tend to spend their resources working on (single signature) full stack solutions for their customers. I believe it’s time for hardware manufacturers to start acting like platform providers and ensure that they are providing robust platforms that can be used to build a wide variety of solutions.
Bitcoin breaks the cycle, entirely removing any discussion of monetary rules and instead ordaining an initial release (or vesting) schedule. The rules of the game were clear, even before the first block was mined.
Despite this year’s tough market environment, some are still bullish over the long term and are rolling out products to attract investors. Jiang Zhuo’er, CEO and founder of mining pool BTC.Top.
Bitcoin is designed to resist change by making it cheaper for the MAJORITY to be intolerant. It does this by automating the detection and rejection of transactions and blocks that don’t abide by the social contract.
Bitcoin decentralizes the banking system by returning the power to manage your own money in the hands of anyone who is willing to participate in the network.
After a decade of barbaric growth, the mining industry is at crossroads. The entanglement of the three forces produces unpredictable short-term variances, but over the long-term as Bitcoin integrates deeper and wider with the rest of the economy, mining will become more competitive and resource-intensive.
There’s no way to overstate the significance of the first-ever decentralized distributed network (the Bitcoin blockchain) utilizing the first-ever purely digital store of value, medium of exchange, and unit of account (Bitcoin).