The cathedral is not the stones that compose it. Nor is Bitcoin the blocks. The cathedral is the physical embodiment of
These critics fail to grasp its superiority over classic monetary technologies, which should give a Bitcoin-centric system more robustness. It’s more auditable, meaning that banks and deposit-taking institutions can be held accountable by their users. It’s cheaper to verify, requiring only basic computer hardware. This globalizes and democratizes the monetary system. Anyone can participate, not just a large institution with the resources to safeguard large quantities of gold.
My university years were spent studying philosophy in St. Andrews, a small town on the east coast of Scotland. St Andrews was the site of a cathedral constructed to house the relics of Andrew the Apostle, the patron saint of Scotland. The diagonal white cross on the blue background, the one seen on the Scottish flag, the Saltire, represents the cross upon which he was crucified. For one hundred and fifty-eight years, starting in 1160, thousands of stone masons, laborers, and townsfolk labored with hand tools to build a suitable container for these holy relics. Only a tiny fraction of the people who poured the whole energy of their lives into this magnificent building would ever see it completed. For the rest of them, knowing that they were working on a sublime, civilizational project was enough. They were happy to submit to a vision far greater than themselves, rising above their transient concerns. This was the height of culture, beauty, and technology at the time. What more could one hope to live for?
Today, I can’t imagine anything else I’d rather be working on. I couldn’t be happier to devote my career and energy to the vision laid out by Satoshi twelve years ago. The satoshean critique is true, and it is continually reinforced, as established monetary authorities grow more erratic and capricious. The instantiation of a stable, Bitcoin-based monetary system is by no means guaranteed, but it becomes more plausible by the day. I don’t know if I will see the completion of this project, or even if it will work in the long term. But that doesn’t bother me. I’m focused on placing the next brick.
People sometimes ask me what Bitcoin means to me, and this is my best attempt at an answer. Bitcoiners who earnestly believe in a better monetary world, and aren’t afraid to bring that reality to bear, are the equivalent of masons and laborers, working on a monetary cathedral which they may never see come to fruition. But this is ok. As long as we believe in a big, audacious vision, believe that there is still beauty in the world, and that there remain great things worth striving for, we will succeed and inspire.
And we have been doing so with gusto. Bitcoiners, through the mechanism of novel technology, seek to restore a monetary arrangement of the past. Bitcoin is new technology designed to pursue baroque ideas. It hearkens back to the era of sound money, in particular the harmonious period from 1880 to 1914 when the international order was largely united on a gold standard and free trade flourished. In the minds of bitcoiners, we sit at an epochal turning point. With any luck, future historians will speak of the bitcoinist restoration, which reversed the losses suffered in the fiat interregnum of 1971–2020. I call it an interregnum because a fully fiat standard is a historical anomaly rather than the default. In this manner, Bitcoin can be understood as revanchist or restorative. We are reclaiming lost territory, discarded ideas, and lost time.
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. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts.
SAN DIEGO — The San Diego Padres have signed right-handed pitcher Mike Clevinger to a two-year contract through the 2022 season, Executive Vice President/General Manager A.J. Preller announced today. The agreement replaces Clevinger’s two remaining seasons of arbitration eligibility and includes deferments and performance bonuses. Additionally, Clevinger is scheduled to undergo ulnar collateral ligament surgery (“Tommy John”) on Tuesday, November 17th. He is expected to miss the entirety of the 2021 season.
It’s virtually impossible to set foot in an ancient cathedral today, a thousand years old, without contemplating the sheer human effort expended to place every last stone and every last pane of colored glass. It’s a monument to and a digest of the embodied work sunk into those ancient stones.
Martin Luther sought to reform the Church, to return it to a truer, earlier state. Aside from presenting us with a rubric and then a first implementation of a system, Satoshi was not as forthcoming. The Bitcoin whitepaper is probably one of the most semantically dense documents in history. Not a word is wasted. Satoshi was famously terse on forum posts, only sparingly opining on the political and economic objectives of the system. The blanks have been left to us to fill in.
Today, I can’t imagine anything else I’d rather be working on. I couldn’t be happier to devote my career and energy to the vision laid out by Satoshi twelve years ago. The satoshean critique is true, and it is continually reinforced, as established monetary authorities grow more erratic and capricious. The instantiation of a stable, Bitcoin-based monetary system is by no means guaranteed, but it becomes more plausible by the day. I don’t know if I will see the completion of this project, or even if it will work in the long term. But that doesn’t bother me. I’m focused on placing the next brick.
Some critics allege that a Bitcoin standard mirroring the one supported by gold is unoriginal and trite; that a Bitcoin standard would suffer the same failures. Why bother revisiting failed monetary arrangements of the past? But Bitcoin, being a dematerialized monetary commodity, is new, and distinct from gold.
The 29-year-old posted a 2.84 ERA (6 ER, 19.0 IP) in four regular season starts for the Padres in 2020 after being acquired in a nine-player trade from the Cleveland Indians on August 31st. Between San Diego and Cleveland last season, the right-hander boasted a 3.02 ERA in eight starts with 40 strikeouts against 14 walks. Clevinger was diagnosed with a right posterior elbow impingement following his final regular season start on September 23 vs. LAA, and in his sole Postseason appearance in the 2020 National League Division Series on October 6 vs. the Los Angeles Dodgers, he was removed in the second inning after pitching a hitless, scoreless first.
Even where service providers are involved, competition for depositors is fierce. Closing your account at a bitcoin bank is as simple as withdrawing your coins and depositing them at another. And it’s programmable. Sophisticated conditions can be encoded directly into transactions. This is a design space we have barely begun to explore. The immediate concern is the integrity of the network, which is why system-wide upgrades require such careful vetting. There is likely no open source project on earth that has witnessed as much scrutiny as Bitcoin. It’s a $250 billion bug bounty, after all. So we move slowly, but deliberately.
Unlike gold, it’s trivial to take physical delivery of the asset. This means that users have a free choice between self-custody and an intermediated approach. This permanent optionality — in the worst case, I can take physical, final ownership of my own assets — is an incredibly powerful feature, that tilts the balance of power towards the individual, away from the State or corporate oligarchs. It’s about time the pendulum swung back.
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to mean sprinting, and you don’t have to do them for multiple minutes at a time to reap rewards, Gillen says. Anything you can do to get out of your comfort zone will work. A study by Gillen and her colleagues at McMaster University found that even a single minute of intense exercise can produce real benefits. The researchers assigned volunteers to one of two exercise programs on a stationary bike; a third group served as a control. One group rode for 45 minutes at a moderate intensity, three times per week. Another group warmed up for two minutes, then rode all-out for 20 seconds, spun at a slow cadence for two minutes, then repeated the 20-second hard bout again, followed by the easy two minutes of riding, and then repeated it all once more. The workout added up to a grand total of 10 minutes, and only one of those minutes (3x20 seconds) was at a difficult effort level. They completed the 10-minute workout three times per week.