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Cyber Bitcoin
Edited by qqqpeter at 2019-10-20 16:14

Iron Throne, the throne of the seven kingdoms in the game of rights, symbolizes supremacy.

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Image from Watchersonthewall.com

In order to compete for the highest rights in the world, the seven great families in the American drama are intriguing each other. You fight for it and use every means to defeat your opponent and get the ultimate blessing of rights and wealth. Is this like the real forces in the bitcoin world, whether it is mining pools, exchanges, wallets, miners, retail fans, investors, regulators, media, almost all in this seemingly virtual find the place in the world. Unbelievably, why Bitcoin has such charm, has long allowed each party to compete for power in its own territory, but willingly surrender for it. All the reasons are derived from Nakamoto and the original yearning for freedom. The set of decentralized workload proofing mechanisms that the designers have come up with with a strong interest game and seem to have a slight ambiguity (51% attack), each party can benefit from it and are closely connected. Decentralization is the ultimate art.

In November 2008, a paper signed by Nakamoto was published on the Internet under the heading "Bitcoin: Peer-to-Peer Network Electronic Cash System." The paper describes in detail how to use peer-to-peer networks to create a “electronic trading system that does not rely on trust”. In January 2009, the Bitcoin network went online and launched the first open source Bitcoin client software. Nakamoto used the software to perform the first bitcoin "block" (also known as the genesis block). "Mining" and got the first batch of 50 bitcoins.

Many people sneak at the decentralization mechanism of Bitcoin, saying that the decentralized ideal is very beautiful, and the reality is very bloody, but Bitcoin is the world's first decentralized currency, and it is also the most successful blockchain technology so far. Application, reality may be really much better than ideal. Let's take a look at how bitcoin can achieve decentralization in the real world, in addition to the decentralization of the algorithm.

The center of technology - the core developer of Bitcoin

Prior to the release of Bitcoin, there were different "ecash" technologies and products in the world. The earliest origins came from the publisher-based ecash protocol proposed by David Chaum and Steven Brants. Then many products based on the ecash protocol began to appear, including Adam Baker's "hashcash", David's "b-money", Nick Sabo's "bit-gold", and the "RPOW" developed by Halfini in the "hashcash" technology.


On August 6, 2010, the Bitcoin protocol code was found to be a major vulnerability, and the transaction was not fully authenticated before logging into the record or "blockchain", allowing users to bypass Bitcoin's economic limit settings, and create unlimited bitcoin. On August 15 of the same year, the vulnerability was exploited maliciously; a transfer transaction generated 184 million bitcoins and was transferred to two addresses on the Bitcoin network. In less than an hour, the anomalous transaction was discovered and removed from the transaction record after the bug was fixed, and the entire network was updated to the new version of the Bitcoin protocol. As of February 2014, this was the only major security vulnerability discovered and exploited in Bitcoin history.

As of now, the Bitcoin code base on github has been submitted more than 20,000 times, and 662 core development contributors, core developers have contributed a lot of code to Bitcoin in the past ten years, and have improved the various agreements of Bitcoin. Bitcoin is advancing on the road to becoming the best currency in the world.


Center of computing power - mining pool


The most basic function of the mining pool is to bring together the computing power of its user miners to mine.


They may not be the makers of the rules of the game, but they are the real main force in the blockchain world. Without the network they guard, it is not safe. To some extent, the mining pool acts as a policeman in the blockchain world. The role of transferring the miners’ fees generated by a bitcoin transaction is the same as the protection fee they charge. However, in this purely competitive world, the forces of the parties often fight for the interests, and always want the whole world’s first name. Ten thousand people admire and gain the highest control of computing power. Since the birth of the mining pool in 2012, from the Slush pool to the current AntPool, F2Pool, Poolin, the world's first throne of the mining pool has changed hands, Bitcoin network it has also been because of the high proportion of individual mining pools, and there have been several attacks of 51%. However, the dominance of the mining pool is not really a big one because it is behind each mine. The composition of thousands of retail miners, the mining pool can not determine what each miner mining, how to mine, the control of each mining machine is actually in the hands of miners, each person through the mining pool the right to force people count one vote. To this day, the mining pool is still the most important role in the Bitcoin world. Together with the developers, they determine the foundation and development direction of Bitcoin, ensuring that Bitcoin does not have any problems in the transmission of transactions around the world every day.

Center of Finance - Encrypted Exchange

In July 2010, Jed McCaled, the father of eDonkey, founded the exchange Mt.Gox. It was sold to Japan's Tibanne Co. in March 2011 and is managed by Mark Karpelese. This exchange is called "Moutougou (the oldest exchange)" by people in China. Mt.Gox was the world's largest exchange at that time, accounting for more than 70% of the total global trading volume! Basically monopolized the market. But unfortunately, in February 2014, Mentougou was hacked and stolen 850,000 bitcoins, equivalent to 8.5 billion US dollars! After being attacked, Mentougou filed for bankruptcy, and an era is over.


The exchange holds the pricing power of the encryption world. From the original Bittrex, Poloniex to the infamous Mt.Gox, the price of bitcoin has undergone baptism in the skyrocketing and plunging, and now, as an encrypted world or Said to be the most profitable industry in the universe, the world's exchanges are booming, 60 to 90 people in 2018, net profit of 404 million US dollars, per capita profit of 36 million, spike any Internet company, domestic exchanges, coins, currency security OKEX also often wins the throne of the world's largest transaction volume. The encryption exchange has pushed the price of bitcoin up all the way in the past decade. They are bitcoin catalysts that link the bridge between traditional finance and the virtual world. Encrypted exchanges are the blood of bitcoin. They grow wildly in various countries around the world, and they transfer the wealth of the real world step by step to the world of blockchain. It is precisely the famous saying: represented by bitcoin. Blockchain technology is eating the whole world.

Center of traffic - media


The media is traffic, Bitcoin is the first IP to decentralize, no one can own it, declare ownership of it, but it has a free trademark, a free name, any media can advertise it, preach for it. Thus attracting the eyes of the whole world, the power of the media can not be underestimated, the following is the most representative mainstream media in the blockchain world.


Bitcoin Magazine
is the first publication dedicated to Bitcoin. Its founders include Vitalik Buterin, the creator of Ethereum. Bitcoin Magazine now covers not only Bitcoin, but also other cryptocurrency and blockchain technologies. Bitcoin magazine provides analysis, research, education and thought leadership at the intersection of finance and technology.

CoinDesk is one of the top media sites for blockchain technology and cryptocurrency. The site was launched in 2003 and has been growing rapidly since then. CoinDesk provides the latest news on bitcoin and other business information, as well as the latest news on the development of blockchain technology. CoinDesk also maintains the Bitcoin Price Index, which is the average of bitcoin prices on the Bitcoin exchange.

CoinTelegraph provides new content on Bitcoin, Ethereum and other cryptocurrencies, as well as analysis and commentary on blockchain technology and the encryption market. This is a very active website that publishes many news and articles every day. In addition, CoinTelegraph is available in multiple languages ​​including English, Spanish, Brazilian, Serbian and Japanese.

Center of Rights - Regulatory

As a currency without borders, Bitcoin can be circulated in any country anytime and anywhere, which will inevitably lead to regulatory problems in many countries. We have compiled the policy of major countries on Bitcoin.


European attitude towards Bitcoin is legal. European Banking Regulatory Authority: Virtual currency is not protected by law. The central bank wrote in the report on December 6, 2012: “This report is the first attempt to provide a basis for discussing the virtual currency system. Although these systems may be active in financial innovation and providing consumers with additional payment tools. At the same time, they obviously also pose risks.” The report adds: “Because of the small size of the virtual currency system, these risks do not affect anyone except the users of these systems.” The report reviews the history of Bitcoin. Commented on its basic characteristics.

China’s attitude towards Bitcoin is not legal. According to the "Notice on the Prevention of Bitcoin Risk" issued by the five ministries and commissions such as the People's Bank of China in 2013, although Bitcoin is called "currency", it is "not a real currency." According to the “Career on the Risk of Issuing or Promoting Digital Money in the Name of the People’s Bank of China” issued by the Central Bank’s currency, the official website of the Bank of China, the central bank has not issued legal digital currency, nor has it authorized any institutions or enterprises to issue legal digital currency. . On July 6, 2018, Xinhua News Agency reporter learned from the People's Bank of China that the global share of bitcoin in which the RMB participates in trading has fallen from less than 90% to less than 1%, and basically achieved risk-free exit.

The US attitude toward Bitcoin is legal. Bitcoin is a kind of "currency" according to the "Regulations" of virtual currency personal management issued by the Ministry of Finance's financial crime enforcement system FinCEN in 2013. In contrast, according to the US Internal Revenue Service's 2014 Notice, virtual currency such as Bitcoin is “property” rather than “currency”. In addition, according to the US Commodity Futures Trading Commission's 2017 decision on the Bitcoin ETF application, Bitcoin is not a "property", nor a "currency", but a "futures." These conflicting policies have brought confusion to the judiciary.

In March 2017, Professor of Pritzker Law School of Northwestern University, lawyer of John McGinnis and Boies Schiller Flexner Law Firm, Kyle Roche in their paper "Bitcoin: Order without Law in the Digital Age" point out that Bitcoin is a potential third monetary system that is more resistant to state control because it has no physical attributes, operates in encrypted form, and can create a set numerical cap. The credit required is not in any government, but in those who verify the bitcoin transaction process, decentralization and consensus initiative order. The importance of Bitcoin, built on a non-rule of law, not only affects its own development, but also opens up a platform for sustainability beyond national laws for other areas.

The center of future world capital - large investors

Since 2018, CME Group's CBOE has been on the line of Bitcoin futures, which marks that Wall Street has begun to throw an olive branch to Bitcoin. The most representative ones are:

Grayscale is the world's largest digital currency asset management company. Investment in grayscale capital is typically representative of institutional investors, with capital inflows to the digital currency market in the latest quarter including three times the beginning of the year, reaching $250 million.

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Bakkt Bitcoin futures officially launched on September 23 this year, and the NYSE-backed ICE futures contract means the first time in history that there is a regulated bitcoin market. The Intercontinental Exchange has been working on Bakkt and futures contracts for more than two years, and user demand growth may be slow, but a 12-month extension of the Bitcoin monthly contract will help predict Bitcoin's price movements in the coming months. This is important not only for speculators, but also for those entities that rely on bitcoin prices, such as mining companies that want to hedge their risk.

Germany's second largest stock exchange, the Stergart Exchange (Boerse Stuttgart) announced on September 24 this year that its digital asset trading platform has officially opened the transaction. The platform, called the Boerse Stuttgart Digital Exchange (BSDEX), uses blockchain to improve process efficiency and is the first such platform in Germany. The platform hopes that investors can use cryptocurrencies and digital assets without a broker. The exchange currently allows transactions between Bitcoin and the Euro.

Source of Faith - Community Enthusiast, Miner

Pizza for bitcoins? From bitcointalk forum's laszlo

The value of the initial bitcoin transaction was negotiated by users on the “bitcointalk” forum, including programmer Laszlo who exchanged two pizzas for 10,000 bitcoins. The Bitcointalk forum was once the sacred place for Bitcoin believers. The forum has been in the most classical and old-fashioned forum format for nearly a decade, but until today there are still many fans who will post on it, at bitcointalk.org. The bitcoin community, the ideal of decentralization, the freedom of wealth rights is ultimately guarded by like-minded communities and miners. At the critical moment when Bitcoin faces road choices, communities and miners are often decisive roles, forks, and expansions. , lightning network, isolation witness. Without the support of the community and miners, bitcoin will not be reborn again and again. Of course, the minority miners and dissidents will leave and stand on their own. Bitcoin is the most cryptocurrency, and the future generations are still Active in major exchanges. Therefore, without these support for decentralized ideals, bitcoin cannot grow and develop. In the hearts of these staunch supporters, bitcoin and decentralized wealth distribution ideals are even more similar to religious beliefs. The phenomenon has also led to the study of bitcoin by many sociologists and economists.

The result from different parties

Multiple complex centers are free to grow and develop in a distributed way. This is the story behind the 10 million-fold miracle of Bitcoin's 10 years. The development of Bitcoin is full of all kinds of difficulties and obstacles, but it still attracts generations. Fan supporters have no regrets for him. This will be a decentralized digital economic miracle in human history. It is a very one-sided thinking to evaluate the decentralization of Bitcoin from the perspective of technology or algorithm. What we should think more about is what this bitcoin brought to society in this decade? In the past ten years, Bitcoin has created countless wealth and has supported a large number of practitioners in the blockchain industry. These pioneers are like the white dragon horse on the road of the Western Heaven, Sun Wukong, taking Tang Yan to the holy land far away from the sky, taking out the representative. The Bible of Human Ultimate Freedom and Rights is now ubiquitous. As the source of blockchain technology, the originator of the decentralized digital economy, Bitcoin is worth a lot of discussion.
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