Virtual currency. (2010) ⚡ Threat to the dollar. (2020)

A how-it-started salute thread to the first #Bitcoin news article on its 10th anniversary.

🎂🎂🎂🎂🎂🎂🎂🎂🎂🎂

2/ The first MSM article on #Bitcoin appeared in @pcworld on December 10, 2010.

A few articles before it referenced BTC (in brief or in passing), but this article had a new narrative: Bitcoin for censorship-resistant payments.
3/ @wikileaks had been de-platformed by PayPal and the author was out to explore how #Bitcoin, an upstart digital money might come to its aid.

How about an entire currency based on peer-to-peer technology?
4/ The idea was weeks old – first suggested by @nardoism in November – but it proved polarizing.

@orionwl thought Wikileaks accepting #Bitcoin would be a “great moment.” @jgarzik argued it might encourage governments to attack the network.

https://t.co/X6vGklqrB0
5/ But if Bitcoiners were split on the idea. The author made it clear he thought #Bitcoin might be ready for primetime.

After all, he argued #BTC was then increasingly being used in trade.
6/ More people, he noted, were running the client and mining #Bitcoin for a chance to earn rewards.

At that time, someone running the software could expect to receive 50 BTC every 3 weeks.
7/ Back then, the article shows the idea that #Bitcoin was a “store of value” or that it had “intrinsic value” (as an alternative to state money) hadn’t yet been embraced.

The accepted thesis was bitcoins had value as it was payment “for services and goods.”
8) Other #Bitcoin descriptions are more familiar. You can tell the author was enamored with the idea Bitcoin could be an unstoppable software for value exchange.

Given the internet censorship, this censorship-resistance made Bitcoin a powerful tool.
9) Was the author fully convinced of #Bitcoin’s success?

No, but he speculated it could be a tool to inhibit government overreach on the internet.
10) Despite the positive review, one Bitcoiner wasn’t a fan. That would be Satoshi Nakamoto, who thought the attention could be catastrophic.

He left the BitcoinTalk forum, never to return, the next day.
https://t.co/UohOySrIV2
11) But since #Bitcoin is decentralized, the idea stuck. @wikileaks began accepting Bitcoin in June the next year.

https://t.co/fqArODRhmD
12) How far have we come?

The @Pcworld article, written by @KeirThomsBryant, can be read in full below.

https://t.co/1WFvi5APMm

More from Crypto

1/ Welcome to #DeFi Wednesday.

Let's talk about how interest-bearing cash on a blockchain is going to revolutionise boring corporate treasury management that concerns every company is is a larger business than all crypto trading in the world.

Enter the thread

👇👇👇


2/ Blockchain community is often seen as toxic maxis and redditors who shill other their weekly favourite shitcoin in the hope of getting Lambo.

Sometimes we also do things that progress humanity towards the better future and interest-bearing cash is one of those things.


3/ Less chad and more things that actually matter:

My incomplete theory of interest-bearing cash is also available also as a blog post:

https://t.co/uiG0fZiVyu

It is 15 pages. Pick your slow poison or die fast by continue reading here.

4/ First time in the history we have an ability to create interest-bearing cash-like instruments.

Interest-bearing cash ticks up dollar (euro) balance real-time in your wallet.

Here is a demonstration using @aaveaave aDAI, based on @makerdao DAI, and @TrustWalletApp


5/ Interest-bearing cash is not like your bank's saving account. Your money in a bank is not yours, but bank's. There are some flaws in the current banking system causing a headache for Chief Financial Officers (CFOs)
Out of curiosity I dug into how NFT's actually reference the media you're "buying" and my eyebrows are now orbiting the moon

Short version:

The NFT token you bought either points to a URL on the internet, or an IPFS hash. In most circumstances it references an IPFS gateway on the internet run by the startup you bought the NFT from.

Oh, and that URL is not the media. That URL is a JSON metadata file

Here's an example. This artwork is by Beeple and sold via Nifty:

https://t.co/TlJKH8kAew

The NFT token is for this JSON file hosted directly on Nifty's servers:

https://t.co/GQUaCnObvX


THAT file refers to the actual media you just "bought". Which in this case is hosted via a @cloudinary CDN, served by Nifty's servers again.

So if Nifty goes bust, your token is now worthless. It refers to nothing. This can't be changed.

"But you said some use IPFS!"

Let's look at the $65m Beeple, sold by Christies. Fancy.

https://t.co/1G9nCAdetk

That NFT token refers directly to an IPFS hash (https://t.co/QUdtdgtssH). We can take that IPFS hash and fetch the JSON metadata using a public gateway:

https://t.co/CoML7psBhF

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