Adolf Hodler on Nostr: nprofile1q…c7wdu nprofile1q…4u53s Bitcoin bootstrapped itself because it’s ...
nprofile1qy2hwumn8ghj7un9d3shjtnddaehgu3wwp6kyqpqx9qhkh8tl22vxlcs9xs2y5jt5wu45kzkppjeuw8t5leardhulzhsjc7wdu (nprofile…7wdu) nprofile1qy2hwumn8ghj7un9d3shjtnddaehgu3wwp6kyqpqvp69ea0d6qryafmpxn3efeucp0v9pfckk0ug8uz2fhdspvutwqasp4u53s (nprofile…u53s)
Bitcoin bootstrapped itself because it’s intrinsically linked to the energy expenditure (proof-of-work) that was required to create it. This evolved from from a security protocol that requires prospective participants to a communication network to “put their money where their mouths are” by requiring them to prove they’ve paid the electrical costs associated with execution of the hashing algorithm which produces the token that then serves as “earnest money” backing whatever information the prospective participant wishes to add to the network.
Altcoin hype, on the other hand, has been and can be generated by offering existing internet influencers discounted access to the monetary network in exchange for the possibility of monetizing their audiences by promoting the purchase of the network’s token among audience members. The possibility of this form of marketing strategy being employed erodes trust, or should erode trust, in both networks.
Bitcoin bootstrapped itself because it’s intrinsically linked to the energy expenditure (proof-of-work) that was required to create it. This evolved from from a security protocol that requires prospective participants to a communication network to “put their money where their mouths are” by requiring them to prove they’ve paid the electrical costs associated with execution of the hashing algorithm which produces the token that then serves as “earnest money” backing whatever information the prospective participant wishes to add to the network.
Altcoin hype, on the other hand, has been and can be generated by offering existing internet influencers discounted access to the monetary network in exchange for the possibility of monetizing their audiences by promoting the purchase of the network’s token among audience members. The possibility of this form of marketing strategy being employed erodes trust, or should erode trust, in both networks.