
…om a central party (a government), Bitcoin has created a competitive market for its own protection. It turned security into a commodity and security providers (PoW miners) into commodity producers. Satoshi found a way for these competing security providers to come to consensus over who owns what …
…nts, these are painful assertions for me to convey. But sooner or later, we have to face the truth: there is more juice in privately held financial investments than in liquid securities. But here, too, the standard model is flawed as most mere mortals do not have access to private inv…