Written By Leonard Hall

​

Date February 2, 2015

​

In 2009 a psuedomous developer name Satoshi Nakamoto or a group of developers using this pseudonym created Bitcoins. It is this writters belief a group of people invented Bitcoins. Although there was one person who acted in posting Satoshi's white paper and initially represented him in email communications. By late 2010 Nakamoto or the person's represented by the name withdrew from the public sphere. This lead person communicated directly with Gavin Andreeson, the lead Bitcoin developer and chief scientist, and by October or November 2010 had completely ceased his/their communications.

​

However since Bitcoin technology is open sourced there is no real need to find Nakamoto or any member of this group as any current developer can view and examine the source code. It would be the same to say that the inventor of paper must be known for me to trust I can write a letter on it. Bitcoins as an examined fundamental technology simple works and elegantly so. The code tells what happens with payments sent and payments recieved. The code inform us that individuals incentivised to protect the network from the known risk of double spending, called miners are rewarded with newly created Bitcoins. The code further informs us of the rate at which these newly minted bitcoins would occure so the rate of supply increases would match demand. In addition, we are briefed that there will only be 21 million Bitcoins in total.

Bitcoin has no central banks or any company that controls it; how can Bitcoins be a store of value or where does it get it's value? It does so from it's utility. The uses of Bitcoins are clear they can be sent to anyone, anywhere, anytime and arrives virtually instantly. All that is required is an internet connection and a bitcoin wallet app/ application. Furthermore, the code informs us it is unlikey for anyone to interrupt these transactions without a tremendous amount of computing power acquired at great expense; it would be more rewarding to join the paid miners than to attempt to disrupt, double spend, or deny service to bitcoin users.

​

What is money and why does Bitcoins qualify to assume such an important role in society? Money in history has been the a key instrument and tool of rulers and governments. Rome used it to pay the soldiers that supported the empire and when the soldier discovered that their masters had defrauded them they refused to fight and the empire fell. Money is an invention to facilitate trade. Money is all you think it is and then some. As complex as any human so too is the invention of money. Still add a few key attributes and voila! you have money. These include:

Unit of account * Divisibility * Transportablity * Medium of exchange * Fungiblity * and Store of Value.

Still for all this, money is ever evolving, changing as if it was growing to accomodate all the modern man's inventions, equations and even ideas some philosophical some completely based in software source code, bobbing and weaving in and out of different hands and arriving into mostly strong hands. Money finds the cheapest place to live. It just accumulates where it will attact more money. Like the ocean that eventually attracts droplets of rain. One reassuring thing though is it takes people to make money and money is best utilised in trading. Therefore since Bitcoins are the most frictionless currency they flow to the ocean that is the strong hand the strong hands are the governments of the world and they that employ them or own them. Money's essence is value, life itself. A man's lifeforce transferred, spent and or stored for later use.

​

This value has been hijacked and looted a whole generation spending their lifeforce and being robbed blind by those they entrust with its very protection. How is this done? by unending dilutions or the printing of money. At some point it will become obvious this is unsustaining. And that which is not sustainable will not be sustained. The last time these issue were tackled we had two world wars sadly we are heading there again. because someone has to have the bigger balls and this can only be determined by open conflict. I wish I had better news. See you in the hereafter.