The Power of Converting Your Work Into Assets
The most important two #bitcoin resources as we move forward
Other than Satoshi, Nick Szabo, and Adam Back, there are no two greater resources for understanding Bitcoin than Michael Saylor and Jack Mallers.
The depth and simplicity these two go into when breaking down why Bitcoin is important, are hands down the best.
They have the unique ability to intelligently break down the concepts so that both the smartest and common man can understand the potential of what Bitcoin brings to the table.
Michael Saylor’s Bitcoin Atlantis Talk
“We’ve lived with toxic money for 5,000 years. … toxicity is holding us back.” - Michael Saylor
For the first time, we have a digital asset - digital asset class - built for the digital world. We have a digital property that can be owned. It can be money or a currency but most importantly it’s property. Property creates wealth. Property stores value, not currency.
Bitcoin is also energy and energy is what drives the world. That’s what is important. The future of how and why people will use Bitcoin is still being built out but most likely it will eat many industries and asset classes just as the internet did from 1980 until now.
Companies are now getting behind Bitcoin and when they commit there is a lot of capital and commitment behind it. Hence why we’ve seen the massive adoption of the Bitcoin ETFs. This will have a major impact on families all around the world.
“We don’t have enemies. What we have are people that need bitcoin that don’t yet know why they should be our friend.” - Saylor on Larry Fink and banks/investment companies.
Applications and Bitcoin companies will be the next driver. Companies will join the party but they most often have to wait until their customers understand and want the product.
Jack Mallers’ Bitcoin Atlantis Talk
“Time is a Master Worker that heals the wounds of temporary defeat, and equalizes the inequalities and rights the wrongs of the world. There is nothing ‘Impossible’ with time!”
- Napoleon Hill
The value of proof of work is that the payment for the work done is stored in a way where the value grows rather than erodes over time.
Why is Bitcoin a better money than tokens like USD or other fiat currencies?
Because Bitcoin = money + time + energy + information. Bitcoin is verifiable by anyone.
What is important about information as money? Money that is information creates lists that easily allow us to see who owes what to whom. Making exchange much easier. Exchanging information is very different than exchanging physical money or token money. Information money, needs a central exchange. Central exchanges are easily corruptable. They create environments for greed that breaks the currency as time moves on. Token money is harder to exchange because there aren’t the exact same needs for those in the market.
The power of 21st-century money is that it combines lists (ledgers) and tokens, solving the double spending problem.
Tokens don’t scale and ledgers require trust. Both, independently have their own issues.
Why this matters now? Because the internet is about information. With Bitcoin, we can combine lists and tokens to create better money. A money that isn’t corrupt. A money that stores value across time. We can’t put a physical token on the internet, but with Bitcoin we can take advantage of this while maintaining the importance of lists and time.
Time is extremely important. Why? Because we must know who owes what to whom.
We must have a ledger without allowing centralized parties to control the list or time involved. Thus, Satoshi created the best timechain, the blockchain, that can handle the ledger to track the token while maintaining control of its own time.
We now have a trustless ordered list. A digital trustless timechain that can go backward and forward in time.