There’s also a long history of medical exploitation in Africa. Over the years, Big Pharma has run clinical trials in Afr

Even among acolytes, Bitcoin’s true nature is hard to pin down. It’s a fast-settling payments and settlements network, which led people to believe it would be suitable for petty-cash style payments on the internet, or even at brick and mortar points of sale. It’s a highly-available, replicated, and consistent database, which led many to envision it as a tool for the storage of arbitrary data. It’s highly innovative, and relies on new discoveries and improvements in computer science, cryptography, and peer to peer networking, yet it is perceived as antediluvian, a relic almost. These contradictions are core to the nature of Bitcoin. Something unowned, with no one to speak for it, will appear multitudinous in the minds of its users. It’s a glittering prism, refracting the opinions of observers, spitting out radically different visions of itself based on their perspectives.

Bitcoin has often confused people. It’s perhaps one of the most misunderstood phenomena of the last decade. If you lack sufficient ideological and historical context, you most likely consider it a complete boondoggle or a bizarre, unnecessary waste of computing power and effort. This is the default position. Most people in the West rarely give any thought to monetary policy or banking — why should they? Their currencies depreciate at a slow, barely perceptible rate. Their bank arrangements work fairly well, and they don’t find themselves frozen out of the financial system too often.

Of course, this isn’t the reality for the majority of the world’s population, who suffer under inflationary regimes, or politicized and untrustworthy banking systems. But the views of American coastal elites are far overrepresented in the discourse, so the press is replete with confused assessments of this purportedly useless monetary scheme. But understanding the purpose of Bitcoin is itself a shibboleth. If you don’t get it, it’s probably not meant for you.

In the second case, the wavefunction carries with it all possible realities and they are all real but for some reason only one is mysteriously selected to be visible to us.

Others say this is all nonsense and the wavefunction is just a probability description that never has any reality at all. Consistent histories is an example of this. Consistent histories means that you choose a framework for selecting what is real randomly out of all the possibilities as it travels along through time. Your framework keeps everything consistent.

The idea of digital cash had existed previously, of course, as had cash-like schemes based on computational work. But this specific scheme — capped supply, not dollar-pegged (many of the early digital cash ideas relied on maintaining a dollar peg), running on a peer-to-peer network, based on a shared ledger, with minting through proof-of-work — was new, and so Satoshi had the privilege of naming it. When you create new things, whether they’re fictional characters or nation-states, you get to name them. In some cases, merely discovering things endows you with a nominative right. But it’s unambiguous that inventors get to christen their inventions.

What’s the measure of a healthy society? Arguably, it’s a willingness to undertake long term projects, whose completion their originators will never live to see. Virtually anything worth building takes time to build. Enduring institutions don’t come easy.

These last two might take some explaining. In the first case, the wavefunction describes all the possible realities that could exist. By some mysterious process, one of those realities is selected to be the “real” one that we measure. The wavefunction doesn’t let go of any of those other potentialities until we measure it but they were never real in the first place.

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out back in 2019, introducing intelligent layout rules. Before that, designers laid out elements on a free canvas with no intelligent restrictions. Sure, there were layout guides or grids that could be turned on. But really it was up to you, the designer, to make sure everything lined up.

This matters, because October 31, 2008 was the first time Bitcoin’s core qualities were sketched out, and paired with the name. This makes the system known as ‘Bitcoin’ rather specific. It’s not simply a generic name assigned to the first successful digital cash implementation. It’s the name that Satoshi bestowed upon a system with a predefined monetary schedule, 21 million units, based on proof of work, and so on. Other digital cash systems have existed and will exist. But this one is special, and it’s opinionated. It’s not just a way to move value through a communications medium. It’s an entire monetary manifesto. An affront to the fiat system.

Twelve years ago today, on Halloween 2008, exactly 491 years after Martin Luther nailed his theses to the door of Wittenberg Castle Church, the idea of Bitcoin was born. More accurately, you could say it was baptized. The network itself wouldn’t exist in a truly live and peer-to-peer fashion until the following January. Block 1, the first ‘true’ block, was mined on the ninth, and digital cash pioneer Hal Finney received the first transaction on the tenth of the month.

Researchers working on new gene-editing treatments for sickle cell will not only need to gain the trust of people with sickle cell, but also clearly convey the risks of the procedure to them. Then, if these in-the-body treatments end up working, drug companies and organizations like the Gates Foundation will have to figure out how to deploy them widely to the people who need them most.

Those who believe in the Many Worlds Interpretation of quantum mechanics see the wavefunction as a description of an infinite number of worlds, each containing its own copy of the particle.

Recently, the great monetary historian George Selgin pointed out that Bitcoin was unlikely to displace the dollar anytime soon, because monetary network effects are incredibly powerful and enduring. And I fully agree. The difference between us is simply one of time horizons. I am willing to be patient. I believe Bitcoiners have this in common. They recognize that they have undertaken a near-hopeless task. Creating a global, neutral, apolitical settlement medium and standard of value will not happen overnight. We have barely begun the project. We are only twelve years in. But we have made some great progress so far. So we push forward.

Researchers working on new gene-editing treatments for sickle cell will not only need to gain the trust of people with sickle cell, but also clearly convey the risks of the procedure to them. Then, if these in-the-body treatments end up working, drug companies and organizations like the Gates Foundation will have to figure out how to deploy them widely to the people who need them most.