takingbackcrypto on Nostr: Happy sweet 16 Bitcoin. 16 years ago the Bitcoin network was launched. In the first ...
Happy sweet 16 Bitcoin.
16 years ago the Bitcoin network was launched. In the first mined block was an inscription from the front page of the Times newspaper below. This did two things. It proved that there were no blocks mined before because the genesis block was linked to a news paper from that same day. And it reinforced the reason for Bitcoin. The 2008 global financial crisis. Largely created by banks over lending and holding small fractions of reserves. The subsequent bail outs of these risk taking banks was a tax on everyone who had savings in fiat, as the central banks printed money out of thin air (which diluted the fiat supply) to buy these distressed assets from the banks.
This isn't possible with Bitcoin. Bitcoin has a programmed issuance and the whole system makes it impossible to forge a Bitcoin, the only way to acquire Bitcoin is through proof of work. Or by trading some worthless paper to some sucker who has acquired Bitcoin.
16 years ago the Bitcoin network was launched. In the first mined block was an inscription from the front page of the Times newspaper below. This did two things. It proved that there were no blocks mined before because the genesis block was linked to a news paper from that same day. And it reinforced the reason for Bitcoin. The 2008 global financial crisis. Largely created by banks over lending and holding small fractions of reserves. The subsequent bail outs of these risk taking banks was a tax on everyone who had savings in fiat, as the central banks printed money out of thin air (which diluted the fiat supply) to buy these distressed assets from the banks.
This isn't possible with Bitcoin. Bitcoin has a programmed issuance and the whole system makes it impossible to forge a Bitcoin, the only way to acquire Bitcoin is through proof of work. Or by trading some worthless paper to some sucker who has acquired Bitcoin.