Preamble

There are currently a lot of misconceptions and misinformation in the bitcoin community about the ‘validity’ of a blockchain or block, specifically in the case of hard forks. ‘Validity’ is mentioned a number of times in the bitcoin whitepaper and it is mentioned in different but similar contexts. Currently there seems to be a growing (incorrect) understanding that the validity of the chain is determined by whether the chain follows the original consensus protocol. If this were to be true, then any upgrades to bitcoin that fall outside the original consensus protocol that was initiated in bitcoin in 2009, would…


Introduction

‘Centralisation’/’decentralisation’ has become one of the major buzzwords within the bitcoin space. That is not to say that it is an unimportant concept. In a system that is supposed to be fundamentally decentralised, centralisation and the factors that can affect it are key to understanding its security model. So what do we mean by ‘centralisation’? Well, ‘centralisation’ tends to have quite a nebulous meaning within the bitcoin space. When someone says that things need to be more ‘decentralised’ or that something is causing ‘centralisation’, people can be talking past each other. …


Introduction

Many people think that bitcoin is a technology purely made up of a network of computers running code. This is due to an incomplete understanding of not only bitcoin but all monetary systems. Every monetary system is virtual. Dollars, euros, pounds sterling and bitcoin. They are all virtual. All fiat-based monetary systems still use a physical token (i.e. cash) as a form of exchange (even if essentially all modern fiat systems function primarily in the digital domain). Even the physical tokens function as a virtual currency. The physical token does not have any inherent value other than its ability to…

Paul Wasensteiner

The singularity is coming. Let’s hope ours isn’t a great filter.

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