Chamath palihapitiya bitcoin holdings
This is Part 2 on Bitcoin and Cryptocurrency Antifragility. This is Part 1. The chamath palihapitiya bitcoin holdings distribution of events and their chamath palihapitiya bitcoin holdings on Bitcoin.
The probability of systemic downside is minimized by resistance to change as will be discussed later. Is Bitcoin as risky as portrayed in the Media? Satoshi, the creator of Bitcoin, left the project in very early days. What would happen if the founder of a startup left the company in the early days?
Shit would probably go south. Bitcoin is not dependent on any one person or group. It does not need to change much. Bitcoin is and that is enough. When Bitcoin Ransomware was newsworthy, the media framed this as bad for Bitcoin and its holders.
Ransomware is just another use-case. The media were caught in the narrative: Not to mention the popular narrative: If chamath palihapitiya bitcoin holdings nation-state is stupid enough to ban the next technological frontier, their enemies will be chamath palihapitiya bitcoin holdings. Also, banning Bitcoin would very hard, if not impossible due to its peer-to-peer, distributed nature. Additionally, even if a single Bitcoin miner had the resources to attack the system from inside, they have strong incentives not to do so.
The probability of long-term success is far the highest among cryptocurrencies, applying the logic of the Lindy Effect. Bitcoin survived for almost nine years despite the fact chamath palihapitiya bitcoin holdings it is threatening the state monopoly on money. Despite the fact that the potential bounty for breaking it is billions of dollars.
Almost nine years of Bitcoin survival is a testament to its ability of embracing disorder. To understand what nation states thinks about challengers to their monopoly on money, you only have to look at the recent centralized experiments. Most were crushed by the state. Two of the most notable being E-gold in and Liberty Reserve in Trust is a key concept of Bitcoin.
Trust in Bitcoin builds as people watch it successfully resist the power of hackers, nation states and other sources of potential disorder. Trust builds when people realize that it is impossible to change Bitcoin fundamentals. The latest example of this, is the recent hard-fork drama. This whole debate was irrelevant in terms of chamath palihapitiya bitcoin holdings Bitcoin. When Bitcoin forks, the most conservative chain will be Bitcoin. The chain most resistant to change will be Bitcoin.
The Lindy Effect, or time proved fundamentals in action. It also proves that it's hard to chamath palihapitiya bitcoin holdings fundamentals. The more an idea has been around without being falsified, the longer its future life expectancy. Bitcoin has proved and well-guarded fundamentals. However, forks start anew, with new fundamentals. Each fork throws away the trust Bitcoin has built and starts all over.
Meanwhile Bitcoin keeps building trust, in the form Lindy Effect-like resistance to change. The winning chain will be the one with best guarded fundamentals. While few people have the skills to code Bitcoin, understanding chamath palihapitiya bitcoin holdings philosophy of Bitcoin and how it reflects on its development, is beneficial to all Bitcoin holders. Regarding blocksize, scaling and Ethereum vs.
Big and fast is short volatility — Taleb. Probability of collapse in complex systems tend to increase with time, size and speed. Applying this thinking to Bitcoin. Big and fast is the exact opposite of the philosophy around Bitcoin core protocol development. Bitcoin core protocol development will be trust preserving and conservative chamath palihapitiya bitcoin holdings the reasons stated above. Bitcoin is long chamath palihapitiya bitcoin holdings. Bitcoin is small in the way that the blockchain does not do much.
Its task of time stamping ownership is simple. This logic argues for conservative and lean core protocol development. The opposite of Bitcoin is a public Blockchain that does many things with high-speed and increasing complexity. The philosophy chamath palihapitiya bitcoin holdings Bitcoin: They seem to be quitting to Ethereum, a corporate Blockchain or forking Bitcoin, creating a knockoff compatible to their individual vision.
This is key to the Bitcoin Value proposition of censorship resistant store-of-value. The logic of violence determines the structure of society and Bitcoin's resistance to change is why it matters. Bitcoin is an excellent risk manager as it isolates the fragility of individual experiments in the 2 nd and app layers above, from the holders of Bitcoin. This is without suffering the downside from application specific experiments.
Experimentation and the inevitable fatal failure of 2 nd layer apps and businesses is ergodic to Bitcoin. By trial and error Bitcoin finds ways to grow. Future Bitcoin 2 nd layer innovators will chamath palihapitiya bitcoin holdings more likely to succeed as a result. Fatal failure in the core protocol layer is not ergodic to Bitcoin. Fatal failure in the core protocol would by definition, be the end of Bitcoin.
Risk is spread across multiple projects and does not increase systemic risk. Here risk is systemic. Experimentation in core protocol development increases the risk of fatal failure. Probability of fatal failure increases with time. With every experiment, the life expectancy of Bitcoin decreases.
Even if it works out fine. Bitcoin minimizes risk of fatal failure by pushing experimentation and innovative solutions to the layers above the core protocol layer. Experiments and risk taking in the 2 nd layer minimizes the risk to the Bitcoin hodler. Bitcoin allows people to build, innovate and fail while not hurting the underlying system. If Blockchain features are easily copied, one could even argue that experimentation in competing cryptocurrencies is ergodic to Bitcoin.
Take the best from other experiments when risk of blowup fades. More on this below. Something marginally better comes along and steals the show. The likelihood of this is very small. To understand why, ponder the question: The properties mentioned above. A conservative, risk averse core protocol layer. Resistance to change and the increased trust coming from this. Bitcoin will chamath palihapitiya bitcoin holdings and add many altcoin features in the layers above.
It might not be now and the speed of execution might not satisfy all people. Security and trust preservation will be prioritized. Thoughts on the Antifragile, convex nature of Bitcoin and Cryptocurrencies. Big and fast is short volatility — Taleb — norupp norupp Chamath palihapitiya bitcoin holdings 18, Probability of collapse in complex systems tend to increase with time, size and speed. Bitcoin Ergodicity Experimentation and the inevitable fatal failure of 2 nd layer apps and businesses is ergodic to Bitcoin.
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Having been self-employed the majority of my life, I have worn the hats of many and have learned a great many lessons in the process. I'm having a real mental block getting over that hurdle. Unfortunately those chamath palihapitiya bitcoin holdings are gone and if you are going to chamath palihapitiya bitcoin holdings Bitcoin today in 2017, your are going to need to invest in some serious equipment and you are also going to need to mine on a large scale for mining to be a viable source of income.
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