|1| I have seen a lot of tweets emphasizing the partnership between @iotatoken and @renaultgroup. It's a great compliment for IOTAs tech, but everyone who ...

#IOTA #greentech #ElonMusk #Bitcoin

With Philadelphia now up, the billboard photo thread that teaches those about #Bitcoin as an alternative to our broken financial system is complete

Those in the 12 Federal Reserve Bank cities who see them are directed to the thread below as copied from @BTCvsFED ⬇️

Not long ago, the dollar was backed by gold

This meant you could redeem your dollar for gold & the government had to have enough gold to match the number of dollars they printed

“The Gold Standard” ended in 1971 b/c the US ran low on gold & needed more $ for war & welfare

Without a cap on how much money could be printed, The Federal Reserve (USA’s central bank) was now free to create unlimited quantities of dollars

When the Fed prints money, inflation occurs & prices go up b/c all dollars are worth less

If your earnings don't keep up w/ the rate of inflation the purchasing power of your dollars melts away

Imagine the economy is a pizza & The Fed gives you a slice ($1)

When printing new money, they cut your🍕into more pieces to give out

Yes, you still have a slice ($1) but you’re hungrier b/c that $1 doesn’t go as far

Many Americans hold dollars b/c they can’t afford a home & w/ bills to pay they can’t risk the stock market

Meanwhile, the wealthy move $ into real estate & other assets that better hold value

A more detailed explanation of the whole

"A double-spend broke Bitcoin" FUD that was circulated by an irresponsible publication.

1/

There was a chain re-organization in the Bitcoin blockchain. This is a common occurrence that is part of Bitcoin's normal operation. It is a result of decentralized consensus under Proof-of-Work. All PoW chains do this.

2/

Two blocks were mined almost simultaneously, competing for the same height, meaning that they had the same parent block and were trying to extend the chain of the same block

3/

Only one can ever succeed in the long run. It is possible that different nodes and miners see one or the other block first and assume it is the winner. This is also normal in a decentralized consensus algorithm

4/

Eventually, within an average of 10 minutes another block is mined. This new block has as its parent *one* of the two competing blocks. Which one? Whichever one the miner saw first and assumed to be the winner.

The new block extends the chain, resolving the issue.

5/

1/ Satoshi’s Vision™ is a silly endeavor, as it doesn’t matter what it was, we are where we are now. However, those pushing the “Bitcoin was first made for payments” narrative insist on cherry-picking sentences from the white paper and forum posts to champion their perspective.

2/ The following tweetstorm is a categorical repudiation of this tired narrative. Bitcoin was purpose-built to first be a Store of Value (SoV), a thread:

3/ How do we determine Satoshi’s intention? We need to look at his ideology, description of functionality/architecture, timing, and audience. Let's start with how Satoshi describes the problem Bitcoin solves. In his first public comms after the whitepaper, in the first paragraph:

4/ “The root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust.” - Satoshi

5/ He later expands on that Libertarian thought in his other writings:

“[with Bitcoin] we can win a major battle in the arms race and gain a new territory of freedom for several years.” — Satoshi Nakamoto