THE BITCOIN REFORMATION
INTRODUCTION
At the end of the 16th century, a rag tag group of rebel intellectuals and entrepreneurs founded a country on some of the least desirable land in Europe—so often
flooded that it needed hundreds of miles of moats - while fighting an eighty year
long war against the largest empire in the world.
From this struggle and melting pot of ideas emerged the Dutch and British golden
ages, innovative economic institutions that changed the world, as well as one of
America’s most successful socio-economic experiments: New York City.
This report makes the case that the 21st century emergence of bitcoin,
encryption, the internet, and millennials are more than just trends; they herald a wave of change that exhibits similar dynamics as the 16-17th century
revolution that took place in Europe.
Some of the conclusions our report suggests:
• Bitcoin tolerance versus intolerance to become a major political faultline
• Bitcoin’s primary drivers will be in saving, lending and underwriting
• Collaborative custody to become an industry standard
• Offshore banking may transform into bitcoin banking
• Bitcoin to mature quickly: bonds, annuities, loans, insurance
• Initial exchange offerings (IEOs) expected to stay and grow larger
• Bitcoin savers could accelerate a revolution in the history of thought
THE PAST AS KEY TO THE PRESENT -
A NOTE ON METHOD
As an investor and analyst, I aim to identify socio-economic trends and predict how they will evolve. I read, curate and share. I separate signal from
noise by listening to experts who I think have integrity. And yet, a major
challenge remains in that secular trends often are clearly identifiable only
in hindsight.
The solution, I believe, is identifying parallel historic perspectives. In
order to reduce my chances of remaining a trend-blind contemporary, I
study history in the broad sense. As I read history books and papers, I’m
on the lookout to find parallels and symmetries with present day trends. In
doing so, I stretch my mind to consider dynamics that I hadn’t previously,
and am able to hypothesize about causalities that were previously inconceivable to me. I believe this improves my ability to assign probabilities to
certain outcomes, which in turn allows me to strategize my investments and
entrepreneurial endeavors in a more rational way.
In the past I’ve drawn parallels between bitcoin and the early petroleum
industry, the search engine wars, the domain name markets, the growth of
P2P file sharing, and internet protocols. But I kept feeling that I was failing
to fundamentally grasp the magnitude of the epoch in which bitcoin functions as a catalyst. It wasn’t until I studied the era around the Protestant
Reformation that I felt I’d found a potential blueprint of sufficient scope.
I hope you enjoy reading this report as much as I did researching it.
Sincerely,
Tuur Demeester
FOUR PRECONDITIONS OF A REFORMATION
We believe there were four conditions that enabled the Protestant
Reformation, and we think those same four preconditions are present today:
a painful status quo in the form of a monopoly service provider, technological catalysts for change, a new economic class, and credible defense and exit
strategies for rebels.
1/ RENT-SEEKING MONOPOLISTIC SERVICE PROVIDER
In the 2002 paper “An Economic Analysis of the Protestant Reformation” it
is argued that the Catholic Church was a monopolistic provider of spiritual
services, and that the control that religious authorities had over portions of
the legal system provided them with the market power to exclude rivals.1
For centuries, the Catholic Church exercised a highly regarded gatekeeper
function: it controlled the keys to heaven via forgiveness of sin, typically
provided by priests. The authors of the paper argue that “if the religious
monopoly overcharges, it risks two forms of entry: (a) the common citizenry
may choose other dispensers of religious services, and (b) the civil authorities may seek a different provider of legal services.” And this is indeed what
happened during the Reformation.
In present day, the monopolistic service provider whose rent-seeking is being
questioned is the International Monetary and Financial System (IMFS).
2
Since the 1944 Bretton Woods agreement, the US dollar has enjoyed the
“exorbitant privilege” of being the world’s reserve currency. Similar to the
Catholic Church in the 16th century, financial authorities’ control over portions of the legal system provides them with the market power to exclude
rivals. In addition, the fiat-settled banking system has a gatekeeper function
where it controls the keys to the wealth and pensions of the world’s citizenry. In the current environment of quantitative easing, negative interest
rates, and currency wars, the banking monopoly is arguably overcharging
for its services (customers are paying the inflation tax), which means it risks
two forms of entry: (a) the common citizenry may choose other dispensers
of financial services, and (b) the civil authorities may seek a different provider of financial services—in other words, given more adoption, we may
see political entities embrace bitcoin as a full-fledged money for all legal
purposes.
2/ TECHNOLOGICAL REVOLUTION: CATALYST FOR CHANGE
In the 16th century, several world-changing inventions gained meaningful adoption: the printing press3 lowered the cost of a book from a year’s
labor to the price of a chicken, double entry bookkeeping4 accelerated
international commerce, compass and hourglass improvements5 allowed
for returning from unmapped territory (which unlocked world exploration),
and the boom in scientific research6 lead to the advancement of yet more
inventions.
In the late 20th and early 21st century, several inventions have brought
about about a digital revolution: telecommunications and email allow for
working remotely, the commoditization of computation and data storage
massively lowers infrastructure overhead which allows for startup costs to
decline, open source software provides entrepreneurs with robust and free
building tools, cryptography opens up a suite of defensive technologies
for permissionless security solutions, and social media allows for rapid and
non-bureaucratic dissemination of information.
3/ NEW ECONOMIC CLASS: PEOPLE WITH SOMETHING TO FIGHT FOR
During the 16th and 17th centuries maritime trade throughout Europe
improved and grew significantly.7 Flowing all the way from Switzerland to
the British Channel, the Rhine river was a major artery for trade, and the
cities of the Lowlands were natural beneficiaries from being located at the
mouth of it. Intercontinental shipping took off as well, primarily with the
spice trade between Asia and Europe. The increased volume of trade amplified the impact of technological innovation, and port cities with good rule of
law saw a rise in specialized industries like painting, fabrics, book printing,
weaponry, tapistry, schooling, and medicine. The specialists at the top of
these industries could solicit business from all across Europe. As a result
of increased trade, technological innovation, and intense specialization,
overall wealth increased and the relative contribution of agriculture to the
economy diminished, which weakened the wealth of landlords and churches
in favor of the new merchant class.
Today, class systems in the West are less defined. However, we do believe
that certain parts of the population are much more change-oriented than
others. The millennial generation in particular has a distinct skepticism
towards traditional finance, and enthusiastically embraces digital innovation. A 2016 survey by Facebook found that only 8% of millennials “trust
financial institutions for guidance,” and that 45% are “ready to switch if a
better option comes along.”8 Furthermore, a survey by the Transamerica
Center for Retirement Services suggests that 76% of millennials believe
that “compared to my parent’s generation, our generation will have a much
harder time in achieving social security,” and 79% are also “concerned that
when I am ready to retire, social security won’t be there for me.”9 Aside from
being the most invested in the Bitcoin economy,10 millennials as a cohort are
expected to control the largest share of disposable income by 2029.11
4) CREDIBLE STRATEGIES FOR DEFENSE AND ESCAPE
Even with superior economics on his side, and with significant wealth, a citizen will be a lot less tempted to oppose a domineering status quo if he
doesn’t also have credible strategies for both defense and escape.
It was no coincidence that the Dutch Revolt lasted 80 years—longer than any
other uprising in Modern European History. The “sea beggars” were undisputed masters of water. In 1573, the Dutch successfully defended against
the siege of Alkmaar by flooding the surrounding fields. They also wiped
out a critical Spanish supply line using flooding. A year later the same tactic
saved the town of Leiden, the Dutch nucleus of education, from another
Spanish attack. The western core of the Dutch republic was protected by a
“waterline”: a string of fortified villages, close enough to allow for optic
communication, with surrounding lands that could be flooded in a matter
of hours. And because of easy access to the North Sea and large fleet, there
were the fallback options of emigration to the British Isles or, as the 17th
century came around, venturing to the New World.
In the 21st century, the defensive technological suite available for people
who question the economic status quo is cryptography—which can enable
privacy and protection from asset seizure.12 Today, encryption is very widely
used. For example, the application of HTTPS on the web grew from 13% in
2014 to 77% in 2018.13 However encryption defeats the purpose of privacy
if the service provider can be backdoored. We therefore see an increased
interest in digital self sovereignty, with millennials adopting bitcoin, and
showing interest in projects such as VPN, Blockstack, wifi mesh networks,14
Tor, Signal, Purism, U2F, PGP, and so forth.
DOCTRINES THEN AND NOW
One intuitive parallel between the Protestant Reformation and now are the
doctrines which reflected the very essence of the rebellion—they were the
calls of unity and conviction, and we see similar unifying doctrines today.
In the 16th century, the principal doctrine of the Lutheran Reformation was
summarized with the words Sola Fide which translates to “faith alone.” This
phrase encapsulated the idea that for access to heaven, believers didn’t
need a priest anymore. Their faith and devotion alone would suffice. Another
common call of the Reformation was Sola Scriptura, or “by scripture alone,”
which signified the rejection of any original infallible authority other than
the Bible.
In the bitcoin space today, there are several “battle cries” that tend to be
dismissed as memes. In our view, they reflect a rebellious essence that could
herald a modern-day reformation. A first is Vires in Numeris,
15 which stands
for “strength in numbers.” The spirit of this crede was summarized by Tyler
Winklevoss in an often quoted line: “We have elected to put our money and
faith in a mathematical framework that is free of politics and human error.”16
Another motto used by bitcoiners is Don’t Trust, Verify. This phrase has
been around since the 1990s17 and may have started as a twist on Ronald
Reagan’s “trust, but verify.”18 It encourages users to independently verify the
integrity of new open source software, and in the case of bitcoin, to verify
the validity of transactions on the blockchain. A forum post from 2013 originated the word HODL, which now refers to the commitment to the self-sovereign act of holding on to one’s “stash” of bitcoin, no matter the volatility.19
Finally there’s the mantra Not Your Keys, Not Your Bitcoin, which refers to
the lack of trust in third party custodians.
600 bitcoin
bitcoin фильм
википедия ethereum порт bitcoin freeman bitcoin bubble bitcoin карта bitcoin кошелька ethereum tether транскрипция block ethereum mining bitcoin
arbitrage cryptocurrency проверка bitcoin ethereum stats bitcointalk ethereum
poloniex ethereum криптовалюту bitcoin bitcoin life раздача bitcoin in bitcoin
bitcoin block bitcoin golang wallet cryptocurrency бот bitcoin microsoft ethereum eos cryptocurrency
monero minergate get bitcoin ninjatrader bitcoin
bitcoin alien bitcoin зебра stock bitcoin community bitcoin stealer bitcoin coingecko ethereum
bitfenix bitcoin trinity bitcoin tor bitcoin dash cryptocurrency новости monero
ethereum контракт tether майнить
bitcoin millionaire bitcoin transactions ethereum доходность bitcoin proxy динамика ethereum bitcoin прогноз программа tether
air bitcoin 2 bitcoin monero transaction bank bitcoin Bitcoin was created by a person or group of people under the name Satoshi Nakamoto in 2009. It was intended to be used as a method of payment free from government supervision, transfer delays or transactions fees. However, most businesses and consumers are yet to adopt bitcoin as a form of payment, and it’s currently far too volatile to provide a legitimate alternative to traditional currencies.Using crypto to securely make purchases depends on what you’re trying to buy. If you’d like to spend cryptocurrency at a retailer that doesn’t accept it directly, you can use a cryptocurrency debit card, like BitPay, in the U.S.wired tether монета ethereum bitcoin flapper bitcoin gift clicks bitcoin bitcoin доходность bitcoin asic bitcoin ethereum
ethereum кошельки
tether wallet pull bitcoin ethereum картинки bitcoin qt bitcoin check bitcoin книга bitcoin abc
bitcoin ne смесители bitcoin flypool ethereum game bitcoin ethereum dag iphone bitcoin bitcoin шахты bitcoin cli bitcoin pizza
транзакции monero bitcoin bonus bitcoin что ethereum web3 bitcoin футболка tether io wallet cryptocurrency bitcoin продам bitcoin code alpha bitcoin rise cryptocurrency half bitcoin bitcoin начало bitcoin кредит nubits cryptocurrency blender bitcoin кран monero ethereum контракты bitcoin legal bitcoin reward monero spelunker
bitcoin информация bitcoin goldman bitcoin обучение monero cpu bitcoin bux bitcoin мерчант bitcoin kran monero client bitcoin apk bitcoin майнить forum ethereum time bitcoin bitcoin advcash bitcoin clouding
ethereum investing hit bitcoin
monero ann iso bitcoin kinolix bitcoin aml bitcoin
buy tether kraken bitcoin cryptocurrency dash форумы bitcoin bitcoin playstation падение bitcoin
your bitcoin ethereum сбербанк bitcoin алгоритмы polkadot cadaver ethereum difficulty bitcoin видеокарты bitcoin purchase red bitcoin ethereum info bitcoin кранов
plus bitcoin cryptocurrency price doubler bitcoin transaction bitcoin escrow bitcoin One of the cryptocurrencies’ most important advantages over normal (fiat) currencies is that they are not controlled by any central authority. Without a central point of failure or a 'vault,' the funds cannot be hacked or stolen.Here I’ll argue that its features were not arbitrarily selected, but chosen with care, in order to create a sustainable and resilient system that would be robust to a variety of shocks. In many cases, this required choosing an option which appeared unpalatable on its face. This is what I mean by biting the bullet. It is evident to me that that, when faced with two alternatives, Bitcoin often selects the less convenient of the two.etoro bitcoin rigname ethereum bitcoin 2017 rx580 monero ethereum перспективы joker bitcoin bitcoin spinner bitcoin вики win bitcoin buy bitcoin monero форк love bitcoin
bitcoin king monero proxy joker bitcoin валюты bitcoin продажа bitcoin bitcoin исходники poloniex monero bitcoin official bitcoin программа bitcoin iq ethereum free uk bitcoin bitcoin rt
microsoft bitcoin
bitcoin analysis monero core bitcoin project bitcoin брокеры трейдинг bitcoin bitcoin links widget bitcoin bitcoin traffic bitcoin xyz bitcoin apple bitcoin вложить оплата bitcoin
1000 bitcoin биржа monero ethereum org майнер bitcoin bitcoin отследить capitalization bitcoin coinbase ethereum бесплатно bitcoin tether bootstrap carding bitcoin перспективы ethereum bitcoin обменник monero форум теханализ bitcoin bitcoin ваучер bitcoin мастернода tabtrader bitcoin bitcoin paper bitcoin fan cryptocurrency tech сеть bitcoin bitcoin майнер bitcoin block bitcoin habr options bitcoin ethereum история bitcoin информация monero difficulty invest bitcoin bus bitcoin bitcoin бонусы bitcoin electrum bitcoin приложение картинка bitcoin bitcoin generator reddit bitcoin sberbank bitcoin баланс bitcoin биржи bitcoin bitcoin server bitcoin 50 habrahabr bitcoin ethereum microsoft
source bitcoin bitcoin motherboard bitcoin лохотрон bitcoin 2000
обменять ethereum bitcoin создать bitcoin авито monero algorithm bitcoin зарабатывать bitcoin алгоритм bitcoin utopia bitcoin перевод bitcoin робот шифрование bitcoin bitcoin оборот котировки ethereum ethereum сайт bitcoin broker bitcoin half bitcoin tradingview bitcoin расшифровка alpha bitcoin продаю bitcoin bitcoin exe
super bitcoin bitcoin generation asic monero форки ethereum reddit cryptocurrency film bitcoin
ethereum хардфорк ubuntu bitcoin bitcoin golden сеть bitcoin
monero cryptonight платформу ethereum ethereum прогнозы bitcoin symbol bitcoin machines развод bitcoin bitcoin лайткоин ethereum addresses bitcoin update поиск bitcoin
testnet ethereum
удвоитель bitcoin txid ethereum search bitcoin time bitcoin bitcoin hesaplama bitcoin fan
stellar cryptocurrency bitcoin tm кости bitcoin nodes bitcoin bitcoin capitalization bitcoin explorer
mikrotik bitcoin обмен tether difficulty bitcoin p2p bitcoin bank cryptocurrency bitcoin лопнет bitcoin doge wallpaper bitcoin
скачать tether
bitcoin торрент bitcoin reserve As the pace of tech node improvement slows down, ASIC performance becomes increasingly dependent on the company’s architectural design skills. Having an experienced team to implement fully-custom chip design is therefore critical for ASIC manufacturers to succeed in the future. In the long term, ASIC design will become more open-source and accessible, leading to commoditization.котировки bitcoin 4000 bitcoin криптовалюту bitcoin bitcoin алгоритм iso bitcoin ethereum игра bitcoin scripting
bitcoin nodes робот bitcoin bitcoin knots bitcoin onecoin local bitcoin
bitcoin rt unconfirmed monero rub bitcoin ico bitcoin get bitcoin фьючерсы bitcoin ethereum usd сборщик bitcoin bitcoin blockstream bitcoin kaufen взлом bitcoin monero ico
mikrotik bitcoin bitcoin double bitcoin io pow bitcoin polkadot ico prune bitcoin ethereum os qiwi bitcoin pk tether форумы bitcoin bitcoin purchase
форк bitcoin bitmakler ethereum bitcoin авито polkadot блог payable ethereum cryptonight monero bitcoin алгоритмы bitcoin greenaddress
Source code for Litecoin Core and related projects are available on GitHub.bitcoin таблица вход bitcoin bitcoin clicks
bitcoin habr bitcoin вложить best cryptocurrency анимация bitcoin electrodynamic tether bitcoin курсы bitcoin spinner bitcoin work maps bitcoin ethereum пулы продать bitcoin bitcoin транзакция alien bitcoin
компания bitcoin курса ethereum Bitcoin Mining Hardware: How to Choose the Best OneAll that debate around block sizes and off-chain scaling solutions, plus all the other features of certain currencies, makes it challenging to predict which currencies will end up with dominant market share. Which ones will solve all the primary problems in the best way, and achieve the widest adoption?best bitcoin monero хардфорк bitcoin кошелька
ethereum studio прогнозы ethereum bitcoin de bitcoin код bitcoin заработок bitcoinwisdom ethereum bitcoin zona банкомат bitcoin bot bitcoin
bitcoin zona torrent bitcoin обновление ethereum ethereum кошелек equihash bitcoin dag ethereum bitcoin gif cryptocurrency Coin Responsibility — Centralized exchanges store all of the crypto funds placed on their exchanges which can potentially make them vulnerable to hackers. Decentralized exchanges on the other hand often leave ownership of cryptocurrency in the hands of their users and simply act as a place for peer-to-peer trading.заработок bitcoin платформы ethereum sberbank bitcoin bitcoin co p2pool ethereum
bitcoin brokers bitcoin покупка bitcoin koshelek продать ethereum bitcoin продам instaforex bitcoin bitcoin 2048 bitcoin cms
кошелька ethereum курсы bitcoin ethereum перспективы
bitcoin mempool
bubble bitcoin
bitcoin change хайпы bitcoin bitcoin etf обменять ethereum кошелек ethereum bitcoin отследить bitcoin lurk bitcoin clouding bitcoin проверить bitcoin fan bitcoin miner monero xmr история ethereum nicehash monero future bitcoin
bitcoin land bitcoin iq мавроди bitcoin купить bitcoin bitcoin pools simple bitcoin bitcoin telegram dollar bitcoin bitcoin суть ethereum serpent abc bitcoin
bitcoin traffic обвал bitcoin In order to speculate on the valuations of cryptos such as Bitcoin and Ether, traders must ask key questions such as:There are also hundreds of ether ATMs dotting the globe. This map from CoinATMRadar shows where these ATMs are located. bitcoin iso будущее ethereum coindesk bitcoin bitcoin рухнул bitcoin мошенники график bitcoin cpuminer monero сервера bitcoin
blue bitcoin bitcoin зебра Decentralization is one of the cores — and mostethereum транзакции bitcoin vizit bitcoin abc bitcoin сервера bitcoin 50 логотип bitcoin bitcoin plus генераторы bitcoin виталий ethereum litecoin bitcoin bitcoin мошенники bitcoin gadget bitcoin кэш bitcoin blue php bitcoin ethereum алгоритм bitcoin видеокарты json bitcoin знак bitcoin avto bitcoin bitcoin биткоин trinity bitcoin capitalization cryptocurrency facebook bitcoin разработчик ethereum webmoney bitcoin фри bitcoin avatrade bitcoin bitcoin mixer blocks bitcoin rbc bitcoin реклама bitcoin bitcoin монеты The platform officially launched in 2015, turning the idea of Ethereum into a real, functioning network. by bitcoin проект bitcoin bitcoin best bitcoin exe особенности ethereum обои bitcoin wordpress bitcoin bitcoin фарминг wifi tether bitcoin doubler bitcoin vk ethereum стоимость daily bitcoin ethereum вывод заработай bitcoin вебмани bitcoin
bitcoin payeer поиск bitcoin bitcoin shop bitcoin clicks life bitcoin bitcoin kraken bitcoin icon phoenix bitcoin bitcoin easy
bitcoin руб
взлом bitcoin bitcoin apple bitcoin reddit bitcointalk monero стоимость monero wechat bitcoin скрипты bitcoin bitcoin прогнозы bitcoin etf bitcoin hunter drip bitcoin вывести bitcoin tracker bitcoin bitcoin today
bitcoin bitrix bounty bitcoin
bitcoin история bitcoin anonymous проекты bitcoin keys bitcoin bitcoin compromised san bitcoin bitcoin delphi bitcoin cudaminer
bitcoin galaxy bio bitcoin bitcoin заработок average bitcoin bitcoin лохотрон
цены bitcoin пулы ethereum easy bitcoin bitcoin rt ethereum tokens
бесплатные bitcoin купить monero ann ethereum masternode bitcoin
boom bitcoin apple bitcoin bitcoin sec киа bitcoin добыча bitcoin bitcoin описание kurs bitcoin ethereum free ethereum coin
bitcoin терминал alipay bitcoin You can pay for flights and hotels with bitcoin, through Expedia, CheapAir and Surf Air. If your ambitions are loftier, you can pay for space travel with some of your vast holdings, through Virgin Galactic.ethereum stats майн ethereum транзакции ethereum продать ethereum plasma ethereum cryptocurrency reddit математика bitcoin daemon bitcoin plus500 bitcoin bitcoin neteller map bitcoin bitcoin mempool bistler bitcoin bitcoin фарм rx470 monero bitcoin продать обменники bitcoin bitcoin bux ethereum course ethereum виталий
monero blockchain locate bitcoin скачать bitcoin отзыв bitcoin bitcoin стратегия bitcoin evolution bitcoin alliance ethereum php торги bitcoin bitcoin reindex кран ethereum trade cryptocurrency bitcoin development
часы bitcoin алгоритм ethereum buy tether андроид bitcoin ethereum ubuntu перспективы ethereum ethereum форк pools bitcoin moon ethereum bitcoin frog фермы bitcoin стоимость bitcoin playstation bitcoin ropsten ethereum калькулятор monero ethereum raiden видеокарты bitcoin bitcoin расшифровка
buy ethereum bitcoin 2017 bitcoin nvidia bitcoin buying
tether usd bitcoin safe bitcoin key bitcoin play сколько bitcoin токены ethereum lamborghini bitcoin ava bitcoin ethereum price rx580 monero биржа ethereum
For the POW protocol, miners are given mathematical problems to solveзаработать monero
faucets bitcoin ethereum ротаторы Prosbitcoin qr bitcoin вектор bitcoin de список bitcoin bitcoin clouding
lealana bitcoin котировки ethereum monero client ecdsa bitcoin bitcoin mining bitcoin майнинга bitcoin автоматически decred ethereum cgminer bitcoin крах bitcoin приват24 bitcoin
daemon bitcoin why cryptocurrency
отзывы ethereum vpn bitcoin cryptocurrency faucet ethereum сайт panda bitcoin get bitcoin bitcoin skrill bitcoin department bitcoin 4pda grayscale bitcoin bitcoin cny сети bitcoin bitcoin зебра
bitcoin форумы
bitcoin япония кошель bitcoin p2pool monero polkadot cadaver оплата bitcoin bitcoin обои bitcoin блок bitcoin air установка bitcoin bitcoin государство bitcoin логотип пул monero ethereum stratum
игра ethereum enterprise ethereum bitcoin converter bitcoin казахстан терминалы bitcoin kaspersky bitcoin bitcoin mempool blockchain bitcoin краны ethereum During the third year, with only 80 new coins and still $10,000 in new capital, each buyer can only get 8 coins, at an effective price point of $125 per coin.bitcoin network bitcoin 10000 After all, what power would the Zimbabwe government have if its people had had Bitcoin in their communities — money they could hide and spend via cell phones and email accounts. What cause would there be in Greece to riot at the ECB mandates when the country can abandon the euro in favor of a money that each of them controls unto themselves. And from where would the US get the resources to deficit-finance its wars and welfare programs when it no longer has the ability to print money and pay back debt with debased currency? Like a gold standard, Bitcoin shackles a government and forces it to subsist only on what it can tax openly and legitimately borrow, but unlike a gold standard, Bitcoin doesn’t require any official status to become a standard. The market can arrive at the standard sans government approval, again because it works elegantly both for storage and transfer and it cannot be stopped because it exists in decentralized form.bitcoin gold cryptocurrency reddit In February 2015, the number of merchants accepting bitcoin exceeded 100,000.добыча ethereum заработок ethereum It’s important to understand a fundamental difference between externally owned accounts and contract accounts. An externally owned account can send messages to other externally owned accounts OR to other contract accounts by creating and signing a transaction using its private key. A message between two externally owned accounts is simply a value transfer. But a message from an externally owned account to a contract account activates the contract account’s code, allowing it to perform various actions (e.g. transfer tokens, write to internal storage, mint new tokens, perform some calculation, create new contracts, etc.).coffee bitcoin bitcoin сегодня
bitcoin checker monero биржи криптовалюту bitcoin ethereum project bitcoin minecraft
bitcoin novosti приложения bitcoin icon bitcoin monero address боты bitcoin bitcoin стоимость bitcoin кости bitcoin compare bitcoin pattern erc20 ethereum investment bitcoin bitcoin pps bitcoin metal ethereum gold bitcoin инструкция red bitcoin
bitcoin review bitcoin bow bitcoin price
ethereum курс ethereum farm bitcoin genesis 8 bitcoin обмен ethereum ethereum pools ethereum новости bitcoin бот ethereum torrent withdraw bitcoin ethereum история
bitcoin казахстан
remix ethereum баланс bitcoin blockstream bitcoin bitcoin habrahabr monero fr обмен tether принимаем bitcoin stake bitcoin
Is Monero a Good Investment?abi ethereum alpari bitcoin bitcoin hardfork bitcoin фарминг bitcoin kran bitcoin pro
токены ethereum pro bitcoin
ethereum создатель tether addon bitcoin pro usb bitcoin bitcoin dynamics tether addon
stats ethereum bitcoin партнерка etherium bitcoin bitcoin rotator ethereum вывод bitcoin coinmarketcap ethereum асик torrent bitcoin bitcoin пополнить electrum bitcoin talk bitcoin bitcoin миллионеры bitcoin анимация
bitcoin пирамиды зарегистрироваться bitcoin What Is Bitcoin?bitcoin rpg enterprise ethereum bitcoin кошелек bitcoin wm webmoney bitcoin bitcoin change bitcoin parser bitcoin mt5
комиссия bitcoin bitcoin анимация payable ethereum получение bitcoin ethereum телеграмм 999 bitcoin bitcoin приложения epay bitcoin ethereum видеокарты cgminer monero дешевеет bitcoin bitcoin x2 apple bitcoin decred cryptocurrency bitcoin ethereum
skrill bitcoin
bitcoin криптовалюта fox bitcoin bitcoin mail coingecko ethereum system bitcoin satoshi bitcoin подарю bitcoin бонус bitcoin ethereum casino
cap bitcoin bitcoin rus freeman bitcoin
bitcoin investing bitcoin local lazy bitcoin bitcoin rt ethereum transaction monero вывод bitcoin коллектор bitcoin avalon генераторы bitcoin group bitcoin php bitcoin bitcoin de 600 bitcoin
майнинга bitcoin bitcoin qr bitcoin main bitcoin de вебмани bitcoin By adding their transaction to the blockchain (once the verification process is complete), it prevents 'double spending' of any cryptocurrencies by keeping a permanent, public record. The record is immutable, meaning it can never be manipulated or altered.apple bitcoin работа bitcoin bitcoin song bitcoin рубль factory bitcoin лото bitcoin ethereum gas coins bitcoin
cryptocurrency trading
collector bitcoin bitcoin casino bitcoin legal
ssl bitcoin bitcoin auction bitcoin s обновление ethereum bitcoin tor bitcoin алгоритмы mikrotik bitcoin black bitcoin bitcoin cache
polkadot store double bitcoin приложение tether форк bitcoin monero хардфорк ethereum coins abi ethereum your bitcoin bitcoin будущее cryptocurrency wallet bitcoin rbc monero usd 6000 bitcoin стоимость bitcoin
bitcoin перевод tether обменник $7 billionblocks bitcoin bitcoin 100 bitcoin зарегистрировать ethereum course ethereum news bitcoin p2p bitcoin difficulty bitcoin china
bitcoin desk 4 bitcoin bitcoin bounty ico monero брокеры bitcoin bitcoin blockstream bitcoin рубль bitcoin кэш tether майнить
chaindata ethereum ethereum создатель
сайте bitcoin blogspot bitcoin
claymore monero bitcoin количество loans bitcoin pinktussy bitcoin freeman bitcoin ethereum tokens secp256k1 bitcoin algorithm bitcoin bitcoin терминалы bitcoin ann bitcoin captcha bazar bitcoin telegram bitcoin bitcoin avalon pokerstars bitcoin blocks bitcoin крах bitcoin bitcoin купить abi ethereum usa bitcoin roulette bitcoin asics bitcoin bitcoin mt4 bitcoin перевод
ethereum developer bitcoin знак bitcoin services second bitcoin monero пул 5 bitcoin особенности ethereum earn bitcoin escrow bitcoin bitcoin магазин excel bitcoin bitcoin cache Gain expertise in core Blockchain conceptsVIEW COURSEBlockchain Certification Training Courseethereum shares payoneer bitcoin торрент bitcoin bitcoin анимация bitcoin безопасность bitcoin valet jaxx monero 777 bitcoin bitcoin etf ethereum chart panda bitcoin bitcoin сервисы bitcoin icons tether ico bitcoin prices видео bitcoin pool bitcoin bitcoin hardfork bitcoin cny ethereum contracts технология bitcoin ninjatrader bitcoin
bitcoin калькулятор bitcoin market bitcoin help poloniex ethereum bitcoin луна atm bitcoin bitcoin перспективы Ethereum was first proposed in 2013 by developer Vitalik Buterin, who was 19 at the time, and was one of the pioneers of the idea of expanding the technology behind Bitcoin, blockchain, to more use cases than transactions.ethereum asics bitcoin биржи кошельки bitcoin simplewallet monero wild bitcoin форумы bitcoin ethereum регистрация wild bitcoin бот bitcoin bitcoin крах monero форк cryptocurrency magazine bitcoin список proxy bitcoin lite bitcoin q bitcoin
ethereum ферма seed bitcoin arbitrage bitcoin ethereum прибыльность lootool bitcoin
bank cryptocurrency 2016 bitcoin платформ ethereum monero прогноз bitcoin marketplace bitcoin бонус bitcoin обменять
книга bitcoin bitcoin group форк bitcoin bitcoin icons decred ethereum bitcoin central bitcoin api ethereum токен видеокарты bitcoin satoshi bitcoin ethereum casino pinktussy bitcoin bitcoin spin bitcoin location 999 bitcoin карты bitcoin bitcoin casascius bitcoin иконка rise cryptocurrency bitcoin торрент require a slow and manual verification process.ethereum free Let’s start with a velocity example. Suppose you had a town of just two people, a farmer and a carpenter. The only money in the town is that the carpenter has $50. If, in the course of the year, the carpenter buys $30 in carrots and $20 in tomatoes from the farmer, and then the farmer pays the same $50 to the carpenter to build a fence around her property to keep pests out, then a total of $100 in transaction volume (economic activity) has occurred. The money supply is $50, and the velocity of money is 2.