#14: Bitcoin Not Blockchain

Thought of the Week by Anita Posch

So many people are following what the billionaires do. Every single Tweet of those guys is influencing the newbies in the space. They are loud and cherished if they say something that’s aligned with a groups interest. I have to admit, that it is also affecting me. We must not forget what Andreas M. Antonopoulos said in our interview about the slippery slope having institutional investors investing in bitcoin. They are not here for human rights, empowering the 2 billion who are unbanked or for your small business or personal financial security. They are here for their corporate interest only. They will bend towards more regulatory requirements, not seeing that this is undermining the properties of bitcoin, that make it the highly valuable asset that it is in the first place. They will shoot themselves in the knee and deprive billions of people from using bitcoin as their life support. Watch Andreas’ statement here:

Bitcoin Not Blockchain

When I started doing educational work and talks about Bitcoin in 2018 I was invited and paid to speak at several corporate events. Mostly they wanted me to talk about “Blockchain”. I always started those talks with an introduction into Bitcoin, because that is the first application using a blockchain to increase security by decentralization and at the same time allowing access for anyone to verify the ledger. The value of a blockchain driven system lies in its openness. Those companies thought they will be able to build new products with private blockchains, which are closed and hierarchically organized. I saw that this is going nowhere and started to focus on open blockchains like Bitcoin. Now companies like IBM, which spent a lot of resources towards their corporate Hyperledger project are cutting down their teams and expenses because IBM “didn’t really manage to execute, despite doing a lot of announcements.” (Source)

Quote of the Week

“This is why proof of work needs to be expensive, if it is cheap you can roll back things easily. You want it to be very difficult to change history. The only way to make it difficult to change history is to make the process of writing the current history very expensive.” - Jimmy Song

Top Stories

Public Pension Fund Increasing Its Bitcoin Position

California’s $441 billion public pension fund increased its stake in bitcoin miner Riot Blockchain (NASDAQ: RIOT) substantially in Q4 2020. Disclosed Position: 113034 shares in RIOT worth over $2.3M (Source)

Bitcoin Ownership Is Less Concentrated Than Reported

A lot of pioneers and early Bitcoin adopters made a fortune with bitcoin. That’s true. Guessing the number of high wealthy people from the number of bitcoin addresses with high amounts and saying Bitcoin is unfairly distributed is wrong. Many addresses with lots of bitcoin belong to exchanges or companies.

Introduction to Bitcoin and Blockchains

On Thursday I will be talking at Tech Tag about Bitcoin’s ground breaking technology and why it is important. The event is free to attend, register here.

Podcast of the Week Audio Only

In this episode Nic Carter a Bitcoin advocate and Mike Green who thinks Bitcoiners are terrorists (yeah, he says that in the podcast) are discussing the pro and cons of Bitcoin. Both sides of the coin: a civilized Bitcoin debate with Nic Carter


If you want to check, here is today’s Bitcoin price.

No financial advice. DYOR.

Up next #13: Integrity Transaction Fees and Mempool
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