Bitcoin news of the week. Handpicked for you by Anita Posch. Every Friday.
Thought of the week by Anita Posch
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)
Five years into corporate blockchain copycats and there is not a single meaningful project that has delivered anything.
Decentralization is the raison d'etre. Without it, blockchains are pointless and it only took a few $billions for them to figure it out. https://t.co/aci9sVwAVq
— Andreas M. Antonopoulos (@aantonop) February 2, 2021
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
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.
"2% of accounts control 95% of all #Bitcoin "
BTC ownership is much less concentrated than often reported – and has dispersed over time.
Meanwhile, whale supply has increased – suggesting institutional investors arriving.
THREAD 👇👇👇 pic.twitter.com/kmvxId43LH
— Rafael Schultze-Kraft (@n3ocortex) February 2, 2021
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
No financial advice. DYOR.