"Instead of relying on accountants, regulators, and the government, Bitcoin relies on a global network of peers to enforce rules, shifting enforcement from manual, local, and inconsistent to automated, global, and predictable." - Yassine Elmandjra
Finishing out the great investment thesis on Bitcoin by Yassine from ARKinvest. Now the we have broken down the 4 critical economic assurances for prosperity and how the trust-based model has failed to deliver them... how does Bitcoin compare as a financial institution? Does it truly provide these assurances in a unique way, and how strong are they?
Today's read is the second half of Bitcoin: A Novel Economic Institution:
Link to the full paper - https://ark-invest.com/white-papers/bitcoin-part-one/
Get a head start on Part 2 by going to the ARKinvest site below:
https://ark-invest.com/white-papers/
Another great piece by Yassine covered on the show,
Winner Takes All, or Winner Takes Most? - https://anchor.fm/thecryptoconomy/episodes/CryptoQuikRead_204---Winner-Takes-All--or-Winner-Takes-Most--Misir-Mahmudov--Yassine-Elmandjra-e30vht
“While patching the first hack, they seem to have initially wanted to decrease the time drift to 15 minutes, but things kept… going wrong.”...
“In order to be useful for this kind of process, a good must possess a good “hardness”: Any unit of said good should not...
"To wit, we have raised the debt limit 22 times from 1997 to 2022. Yep, we’ve raised the limit 22 times in 25 years....