Here’s why I believe using the term “free speech money” to explain bitcoin is important.

“Bitcoin is an idea. An idea which, in its current form, is the manifestation of a machinery purely powered by text. Every aspect of Bitcoin is text: The whitepaper is text. The software which is run by its nodes is text. The ledger is text. Transactions are text. Public and private keys are text. Every aspect of Bitcoin is text, and thus equivalent to speech.

“Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the Government for a redress of grievances.”
— First Amendment to the United States Constitution

Although the final battle of the Crypto Wars has not been fought yet, it will be very difficult to criminalize an idea, let alone an idea which is based on the exchange of text messages. Every time a government tries to outlaw text or speech, we slip down a path of absurdity which inevitably leads to abominations like illegal numbers and illegal primes.

As long as there is a part of the world where speech is free as in freedom, Bitcoin is unstoppable.

“There is no point in any Bitcoin transaction that Bitcoin ceases to be text. It is all text, all the time. […]
Bitcoin is text. Bitcoin is speech. It cannot be regulated in a free country like the USA with guaranteed inalienable rights and a First Amendment that explicitly excludes the act of publishing from government oversight.”
— [Beautyon](”

This is an excerpt from an article, one that I highly suggest reading fully:

**Accelerating Adoption**

Bitcoin is a difficult subject, one that is constantly changing and evolving. However there are some core tenets. I believe terms like “free speech money” helps illuminate one of these core principles.

As adoption grows and new participants enter the space, it can be difficult to efficiently filter out the noise and focus on what’s most important about bitcoin. It took me months of research and reading to begin to truly understand bitcoin. I would like to shorten that entry ramp. I want to contribute to the cause by making sure that when someone asks about my designs, that the answer is something essential to understanding what makes bitcoin so important.

**Here is my “Free Speech Money” design:**

If anyone has questions, or suggestions for future designs to help illustrate the importance of bitcoin, please do not hesitate to reach out, thanks!

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Can someone explain how or why miners would go long on bitcoin by mining bitcoin unprofitably, as an expert says?

From this article:

Crypto expert Barry Silbert of the ‘Digital Currency Group’ is quoted as saying this on CNBC:

‘Miners Are Long-Term Investors’
When asked about escalating mining costs, Barry Silbert said bitcoin mining costs are not the proper benchmark with which to value the asset class.

>“Miners are long-term investors,” he explained. “The mining businesses that have been created over the past five years have accumulated massive amounts of capital. They have the ability to continue mining at a loss because they’re going long.”

The same quote is also repeated in this article:

Why would miners mine at a loss? If they wanted to be long on bitcoin, won’t it be cheaper to just buy bitcoin on the market?

Lets get some example numbers. Lets say mining for one week generates $5000 in bitcoin but costs $7000 in electricity.

If they wanted to go long on btc, why can’t they turn off the miner and just purchase $5000 worth of bitcoin on the market and save $2000 ?

What am I missing?

View Reddit by jmillsboView Source

Trying to explain Bitcoin the first truly Decentralized Company

People throw the word decentralized around without even knowing what it means. Well, it means different things for different people. I am a big fan of ICOs, maybe not a popular thought in the Bitcoin subreddit. But I believe the biggest power of crypto is the ability to build a decentralized architecture for any industry.

To help people understand what decentralized architecture is I wrote a blog piece on []( trying to explain it. Since nobody really understood how this stuff works, as its fundamentally different and very abstract this should be taken with a grain of salt. This is my interpretation of how things could be done in the future.

If you disagree or have a different idea of what is meant by a DAO or know someone that is very knowledgeable in this field please pm me.


### Introducing a New Way of Doing Everything


A decentralized architecture is fundamentally different to anything we know as of know. That’s also why it’s so hard to understand. Think of bitcoin as the first decentralized company. Let’s call it Bitcoin Crop.

To help understand the Bitcoin Company metaphor, let’s say bitcoins properties are the products that this new decentralized company is producing. Common things said about Bitcoin is its decentralized, censorship resistance peer to peer money. These are often the terms used when people tell you why you should buy bitcoin. Bitcoin is the fastest growing asset of all time. Therefore Bitcoin as the first decentralized company is the fastest growing Company in the world, reaching an evaluation of over 300 Billion USD in less than 10 years.

Although the Bitcoin Company is producing high-quality stuff, the products themselves are only as good as the sales, distribution, marketing and that where decentralized architecture kicks centralized companies ass. 

To make things even more complicated we now have to rethink what it means to be paid and to receive a salary. In a centralized company, build on the centralized architecture model, you work for your boss, who has a boss and that boss gets told what to do by some CEO who then has to take his others from shareholders. The money “trickles down” the food chain and by the time it reaches the bottom almost all of it is gone. 

Let’s compare this with the first decentralized company Bitcoin. In the Bitcoin company its a bit more complicated than that. In the early days of the company, if you want to work there, you actually have to pay the company first! Crazy I know! Think of it as some tribute to show your loyalty to the Network. The earlier you join, the less you have to pay, and the more of the company network you own. 

In the early days of Bitcoin Corp. most of the employees there were just engineers and a few crazy marketing guys. Things became a lot more interesting in 2013, when some important people started to work at Bitcoin Corp. People like the Winklevoss twins, Roger ver, Chamath Palihapitiya and many others bought a big share in Bitcoin Corp. and thereby earned the right to work for the Bitcoin. After that, Bitcoin Corp started to grow exponentially, because those new high-class employees had a lot of leverage and even more incentive to grow Bitcoin. The harder they would work the bigger the company would become and the more valuable there coins would be. 

This was the birth of the first decentralized payroll. Most of the mentioned people earned millions working for Bitcoin and are still working hard getting ETFs approved and spreading the word about it. Every person that owns Bitcoin becomes an employee at Bitcoin Corp. Everybody is rewarded for the work that anybody does, and everybody is incentivized to help grow the Bitcoin company. 


View Reddit by ICODOGView Source

I did my best to explain the reality of cryptocurrencies in China in two videos.

Hi guys,
It seems like every now and then we see some completely mystified sensationalist complete bull s%$@ articles that are so desperate to get a click out of you to visit an advertisement-infested-poorly-justified-excuse of a crypto news article.

So, here we go.

Part 1:

Part 2: – **touched on the Possible “China-Iran” mining co-op article.**

Ultimately your feedback is highly appreciated.

View Source

View Reddit by sgtslaughterTV

Is anyone able to explain how Coinbase Commerce works? My wife would like to start accepting crypto payments

My wife has just launched her store on Shopify and would like to start accepting BTC payments. If she uses Coinbase Commerce will she have any problems withdrawing some of the funds in £GBP to her business bank account or might that create some problems? Website is here – [](

View Reddit by markwilliamssinclairView Source