This week, the CoinGeek Weekly Livestream focused on the audience questions, with Kurt Wuckert Jr. delving into what Bitcoin is, how we would measure value in a fiat-less Bitcoin world, the adoption curve and why we’re still early in blockchain, and more. He also talked about the “Kurtspiracy,” but as he posed, is it really a conspiracy if everything can be proven?
What are 5 questions that you REALLY wish you could ask about bitcoin? Something you don't understand, or you wsh someone would clarify for you?
Please retweet even if you don't respond, but I would love to hear what's on your mind. So would @alex_moon89
— Kurt | GorillaPool.com 🍌🍌 (@kurtwuckertjr) July 29, 2022
What is Bitcoin?
While it’s the most basic question in the blockchain world, it’s also easily the most complex. We can blame Satoshi Nakamoto for not being much clearer on this one.
“He used the word ‘Bitcoin’ to describe the protocol, used it to describe the network, and then used it to describe the currency within the network,” Kurt said.
However, in more simplistic terms, Bitcoin is “an unbroken chain of digital signatures.” But even this comes with its own controversy, specifically on what a chain of digital signatures is. The advent of soft forks made this an even more controversial topic.
Soft forks date back almost a decade, with the Pay-to-Script-Hash (P2SH) fork. They changed how Bitcoin works such that it could accept transactions without valid Bitcoin signatures. This was the foundation for SegWit, and despite the BTC faction’s brainwashing, it’s not a valid Bitcoin signature, but rather a representation of one. Basically, SegWit asks users to believe that the signature exists and has been observed.
Still, on Bitcoin fundamentals, Kurt delved into yet another popular question—what happens when there’s no more block reward to be mined?
This is a major challenge for the BTC faction, and they have been scrambling to come up with a solution—any other possible solutions— except the most obvious one, increasing the block size. As Kurt noted, the first miners would get 50 Bitcoin for each block, and since then, developers have been working to take the ecosystem back to those glory days.
“The only way to fit sufficient transactions into a block to get to 50 Bitcoin, is for the block size to be big enough to hold that many transactions. If we don’t do that, Bitcoin fails.”
The Bitcoin Standard
We live in a fiat world, and while Bitcoin continues to get more adoption, we still measure value (even that of Bitcoin) in fiat terms. So, when will this change and transition into the Bitcoin standard?
How does a 1 #BTC = 1 BTC look where there is no FIAT.
In a world where BTC is the only money accepted how is money creation and distribution managed?
I'll stop there for now.
— cryptoGOAT (@cryptoTAOG) July 29, 2022
One of the great hurdles to the Bitcoin standard is volatility, Kurt observed. The value of an item could be 0.1 BSV today and 0.3 BSV tomorrow, making it an unsuitable payment method. But this is a liquidity problem, and it stems from the fact that not enough people use it for commerce.
There’s another way, however. Think about gold—you don’t pay for your groceries in gold, but the precious metal has historically been critical to the global financial system.
“You could do the same thing with Bitcoin. You could create a standard by which Bitcoin is a measurement of value, with the dollar being valued at a certain amount of Satoshis,” Kurt noted.
Kurt also responded to other questions, such as why there is a need for a Bloomberg Terminal-like application for the Bitcoin world, why 13 years isn’t a long time for the adoption of a new technology (this is how long it’s been since Satoshi launched Bitcoin), the RelayX NFTs and the presence of scams in its ecosystem and much more.
The Q&A wouldn’t be complete without Kurt delving into the ‘Kurtspiracy,’ however.
“It’s not a conspiracy, it’s just the truth. It’s verifiable,” Kurt remarked.
The Kurtspiracy is the unmasking of the shady links between the BTC big dogs and the global financial giants, from Mastercard and PayPal to the World Economic Forum (you can read all about it here).
Recognizing the great disruption that Bitcoin could cause in the financial sector, which would decimate their business models, these giants knew that they either had to control Bitcoin or destroy it. They went with the former and have been bringing all the major decision-makers in the blockchain ecosystem under their payroll.
This web is wide, way wider than you would imagine. It stretches from the obvious puppets like Blockstream and Lightning Labs to exchanges like Kraken and Coinbase (NASDAQ: COIN) to the moneymen like the Digital Currency Group to even the influential media like Coindesk and podcasters like Peter McCormack.
True to their ambition, the Mastercard mafia has managed to limit Bitcoin, starting with ensuring that BTC doesn’t increase its block size.
Check out the previous episodes of CoinGeek Weekly Livestream on YouTube.
Watch the BSV Global Blockchain Convention Dubai 2022 Day 1 here:
Watch the BSV Global Blockchain Convention Dubai 2022 Day 2 here:
Watch the BSV Global Blockchain Convention Dubai 2022 Day 3 here:
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.