2/ Caitlin Long helping to craft new bank charter rules to enable banking services to be offered to bitcoin + digital asset businesses through Special Purpose Depository Institutions (SPDIs) via the state of Wyoming.
4/ Ross Stevens & NYDIG building out the infrastructure for institutional adoption, especially among insurers as a superior denominator to offset future declines in USD purchasing power.
5/ Cathie Wood & ARK appealing for changes to the accounting standards (FASB) for intangible assets, which have deterred companies holding bitcoin on their balance sheets.
6/ Michael Saylor & Microstrategy creating the playbook for adopting bitcoin as a treasury reserve asset to preserve long-term shareholder value in real terms.
7/ Ray Dalio, Stan Druckenmiller & Paul Tudor Jones removing the career-risk for capital allocators and validating the asset for pension funds & hedge funds as a partial replacement for neg/low-yielding bonds within a portfolio.
8/ Jeff Booth educating 1000’s about the higher-order effects + moral hazard caused by an inflationary monetary system and its stark incompatibility with the deflationary nature of technology.
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Satoshi Nakamoto cites eight references in the Bitcoin white paper that influenced the Bitcoin protocol's design.
This thread explores each one and its significance.
For context, the Bitcoin protocol combines several existing tools, technologies, and procedures in a novel way.
1/ ‘b-money’ by Wei Dai is the very first reference listed:
“efficient cooperation requires a medium of exchange (money) and a way to enforce contracts. I describe a protocol by which these services can be provided.”
Dai would also be one of the first people Nakamoto contacted regarding the proposal of Bitcoin.
As #Bitcoin adoption continues its relentless march, so too does the onslaught of misconceptions, red herrings, and illogical arguments. The result of ignorance, malice, or fear.
A thread of the most common regurgitated fallacies:
"Bitcoin is a radical break from the past. Understanding the way traditional money works doesn’t help you understand bitcoin.
If anything, it hinders it.
The people who understand bitcoin the least are monetary economists. They cannot wrap their heads around it."
—Andreas M. Antonopoulos
There appears to be an endless list of critiques and criticisms levied against bitcoin. But they generally fall into three distinct buckets.