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Grabado y de manera permanente cual transacción en la cadena de Bitcoin.",{"_37":2579,"_39":2580},[],{"_41":42,"_43":2581,"_45":2568,"_47":2582,"_49":2583,"_70":2590,"_60":61},"AwSayIjS",{},[2584],{"_41":52,"_53":2585,"_56":2587,"_47":2589,"_60":61},[2586],24,[2588],64,{},"En este caso, la cadena no está hecha de bloques, sino de ayudas, de “cables” que nos han echado, de chats que nos han abierto para asistirnos, de programas o iniciativas que han hecho nuestra vida mejor, o simplemente tiempo que otras personas han dedicado a nosotros. 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Pero estoy seguro de que sí recordamos de manera especial a aquellos que nos resolvieron algo sobre Bitcoin: un problema con una wallet, alguna alerta sobre la passphrase, qué demonios le pasa a mi nodo que no conecta, qué es un maldito UTXO, etc…",{"_37":2630,"_39":2631},[],{"_41":2632,"_43":2633,"_45":2568,"_47":2634,"_49":2637,"_70":2638,"_60":2639},"Image","RDyhcIXL",{"_115":116,"_2635":2636},"width",600,[],"La Batalla de los UTXOS y las wallets","ipfs://bafybeiai4x5vpe2nq3ucm7kt2w467dbnxcfe7uri3jaieal2t34zl2ht4i",{"_37":2641,"_39":2642},[],{"_41":42,"_43":2643,"_45":2568,"_47":2644,"_49":2645,"_70":2659,"_60":61},"0qFC-ylS",{},[2646,2652],{"_41":52,"_53":2647,"_56":2649,"_47":2651,"_60":61},[2648],215,[2650],288,{},{"_41":2653,"_53":2654,"_56":2656,"_47":2658,"_60":61},"Underline",[2655],318,[2657],324,{},"Pero no hablo de que te ayude alguien conocido o un amigo. Eso no cuenta, te aprecian en algún sentido. Hablo de alguien desconocido, que no tendría por qué ayudarte porque en principio tú no eres nadie para ellos. De repente, alguien nos ofrece de manera genuina y desinteresada su ayuda. Nos escribe y nos dedica su tiempo, se ofrece a ayudarnos cuando estamos más perdidos. Nos deja su contacto y se pone a disposición si tenemos algún problema. Esa persona se gana automáticamente un puesto en nuestro “corazón naranja” 🧡",{"_37":2661,"_39":2662},[],{"_41":42,"_43":2663,"_45":540,"_47":2664,"_49":2665,"_70":2679,"_60":61},"xXKkOPMK",{},[2666,2674],{"_41":52,"_53":2667,"_56":2670,"_47":2673,"_60":61},[2668,2669],100,257,[2671,2672],161,262,{},{"_41":63,"_53":2675,"_56":2676,"_47":2677,"_60":2678},[2668],[2671],{},"https://nypost.com/2022/04/12/bitcoin-fans-are-psychopaths-who-dont-care-about-anyone-study-shows/","En un mundo en el que, por estar Bitcoin relacionado con el dinero, hay gente que critica que somos individualistas, psicópatas y que queremos ver el mundo arder, yo les digo a esos críticos, que no pueden estar más equivocados. Es muy audaz su ignorancia. Mucho.",{"_37":2681,"_39":2682},[],{"_41":2632,"_43":2683,"_45":540,"_47":2684,"_49":2685,"_70":2686,"_60":2687},"71F-7Dx3",{"_115":116},[],"Captura del “artículo” https://nypost.com/2022/04/12/bitcoin-fans-are-psychopaths-who-dont-care-about-anyone-study-shows/","ipfs://bafkreicrpdwxabm6ydhzznwkh2dlrmgmq37umfybaywwst3trjmvebxq4e",{"_37":2689,"_39":2690},[],{"_41":42,"_43":2691,"_45":2568,"_47":2692,"_49":2693,"_70":2712,"_60":61},"CBHJhPaL",{},[2694,2700,2706],{"_41":2603,"_53":2695,"_56":2697,"_47":2699,"_60":61},[2696],50,[2698],67,{},{"_41":52,"_53":2701,"_56":2703,"_47":2705,"_60":61},[2702],88,[2704],153,{},{"_41":63,"_53":2707,"_56":2709,"_47":2710,"_60":2711},[2708],207,[2617],{},"https://nakamotoinstitute.org/library/bitcoin-and-me/","Aquí, en Bitcoin, se cumple al 100% la máxima de “el que da, recibe” pero a la inversa: posiblemente para que te den ayuda a ti, otros la habrán recibido. Hasta el mismo Satoshi recibió ayuda, empezando por Hal Finney que le ayudó a depurar el código inicial, y todos los que vinieron después.",{"_37":2714,"_39":2715},[],{"_41":2632,"_43":2716,"_45":540,"_47":2717,"_49":2718,"_70":2719,"_60":2720},"MOXj2DDQ",{"_115":116},[],"Captura de la “cadena de favores” que propone el protagonista en la película del mismo nombre","ipfs://bafybeib7rsd7p5e6kjdkis3pjbjhjkg5dv2vnve7esocysjrp44vjshzhu",{"_37":2722,"_39":2723},[],{"_41":42,"_43":2724,"_45":540,"_47":2725,"_49":2726,"_70":2733,"_60":61},"LMdIe5zC",{},[2727],{"_41":52,"_53":2728,"_56":2730,"_47":2732,"_60":61},[2729],174,[2731],189,{},"Es como esa cadena de favores que aparecía en aquella famosa película, y que complementa toda la experiencia de adentrarse en la madriguera. A diferencia de Alicia, nosotros no caemos solos.",{"_37":2735,"_39":2736},[],{"_41":42,"_43":2737,"_45":2568,"_47":2738,"_49":2739,"_70":2752,"_60":61},"ijyBa37N",{},[2740,2746],{"_41":2653,"_53":2741,"_56":2743,"_47":2745,"_60":61},[2742],139,[2744],192,{},{"_41":52,"_53":2747,"_56":2749,"_47":2751,"_60":61},[2748],199,[2750],205,{},"Hay otras personas cayendo al mismo tiempo y otras que van algo más abajo en la caída, pero todos al fin y al cabo vamos al mismo destino: a intentar ser más libres, independientes y soberanos. Pero unidos. ",{"_37":2754,"_39":2755},[],{"_41":2632,"_43":2756,"_45":2568,"_47":2757,"_49":2758,"_70":2759,"_60":2760},"yt9lVLUA",{"_115":116,"_2635":2636},[],"Cayendo por la madriguera. Otros van supervisando nuestro camino.","ipfs://bafybeif6cf3ckq4yn3prlgusnvos6na3er5owjbswkkm3iadbwodwngs3q",{"_37":2762,"_39":2763},[],{"_41":42,"_43":2764,"_45":2765,"_47":2766,"_49":2767,"_70":2786,"_60":61},"G91ysQJh","bafy2bzacedsrgysapzlg4ar7afle4cgkwmqvzhdnjxzcgqbfzkdboekcrissc",{},[2768,2773,2779],{"_41":52,"_53":2769,"_56":2770,"_47":2772,"_60":61},[2668],[2771],145,{},{"_41":63,"_53":2774,"_56":2775,"_47":2777,"_60":2778},[2708],[2776],224,{},"https://x.com/escuelitabtc",{"_41":63,"_53":2780,"_56":2782,"_47":2784,"_60":2785},[2781],437,[2783],527,{},"https://www.criptonoticias.com/comunidad/bitcoin-hogar-ninos-paraguay-fundacion-guadalupe/","Y todo esto de la Helpchain, no sólo se trata de ayudarnos los unos a los otros con temas técnicos. Gracias a las economías circulares de Bitcoin, la ayuda se lleva a los más desfavorecidos. Por ejemplo, la Escuelita Bitcoin se enfoca en ayudar a los niños a aprender del dinero y el ahorro, para intentar que ellos cambien sus vidas. Además junto con la Fundación Guadalupe intentan juntar fondos para reestructurar el Hogar Guadalupe: https://www.criptonoticias.com/comunidad/bitcoin-hogar-ninos-paraguay-fundacion-guadalupe/",{"_37":2788,"_39":2789},[],{"_41":2632,"_43":2790,"_45":2568,"_47":2791,"_49":2792,"_70":2793,"_60":2794},"D7btCuRO",{"_115":116},[],"Fundación Guadalupe + Bitcoin","ipfs://bafybeiet634j5hmdpal23toxgdzfcr2vthn25guh475gbjnpzah5zjjcqa",{"_37":2796,"_39":2797},[],{"_41":42,"_43":2798,"_45":2568,"_47":2799,"_49":2800,"_70":2812,"_60":61},"M7wo0kJo",{},[2801,2807],{"_41":2603,"_53":2802,"_56":2804,"_47":2806,"_60":61},[2803],125,[2805],228,{},{"_41":63,"_53":2808,"_56":2809,"_47":2810,"_60":2811},[2803],[2805],{},"https://www.amazon.es/Economias-Circulares-Bitcoin-Historias-construidas/dp/9915426909","En otros lugares del mundo, están surgiendo economías circulares utilizando a Bitcoin como mecanismo conductor. En el libro \"Economías Circulares de Bitcoin, Historias de Esperanza Construidas sobre el dinero soberano del futuro\", de Gabriel Kurman e Iván Kaleja, se mencionan bastantes ejemplos alrededor del globo (Costa Rica, Brasil, El Salvador, Sudáfrica, Guatemala...) donde Bitcoin es sólo la herramienta, no el fundamento, que está haciendo que estas comunidades lleven ayuda a sus conciudadanos, normalmente los más jóvenes, brindándoles oportunidades, recursos y educación.",{"_37":2814,"_39":2815},[],{"_41":42,"_43":2816,"_45":2765,"_47":2817,"_49":2818,"_70":61,"_60":61},"GTbh4037",{},[],{"_37":2820,"_39":2821},[],{"_41":42,"_43":2822,"_45":2823,"_47":2824,"_49":2825,"_70":2831,"_60":61},"_lcHjeRS","bafy2bzaceayjlpo4n44ekzdftybiz5cci6qsrnqejy5jac3ntz3k7gsz5jh7o",{},[2826],{"_41":52,"_53":2827,"_56":2828,"_47":2830,"_60":61},[265],[2829],54,{},"Somos individuos soberanos, pero no somos individuales. Pertenecemos a una comunidad. No seríamos nada sin la ayuda de otro peer. No podemos levantar nuestro nodo sin contar con la historia de los bloques que nos preceden. No podemos transaccionar si no hay otro al que enviar satoshis. No podemos hacer TXs colaborativas si no hay otro que persigue el mismo deseo de privacidad.",{"_37":2833,"_39":2834},[],{"_41":42,"_43":2835,"_45":540,"_47":2836,"_49":2837,"_70":2844,"_60":61},"TWJRfyRp",{},[2838],{"_41":2603,"_53":2839,"_56":2841,"_47":2843,"_60":61},[2840],25,[2842],60,{},"Parafraseando a César en El Origen del Planeta de los Simios:",{"_37":2846,"_39":2847},[],{"_41":2632,"_43":2848,"_45":2823,"_47":2849,"_49":2850,"_70":2851,"_60":2852},"mz8jfvzi",{"_115":116},[],"\"Bitcoiners together strong\"","ipfs://bafybeicmuhwy4qx4kllquqvnmhiage3xvpb523izt4edekod3tmaa4qie4",{"_37":2854,"_39":2855},[],{"_41":42,"_43":2856,"_45":540,"_47":2857,"_49":2858,"_70":2865,"_60":61},"7XeKZox3",{},[2859],{"_41":52,"_53":2860,"_56":2862,"_47":2864,"_60":61},[2861],162,[2863],237,{},"No sólo Bitcoin promueve por sí solo con sus características un mundo mejor, más libre y sin cerrar puertas a nadie. Gracias al amor que tenemos por este “ente”, también nosotros estamos participando a hacer un mundo mejor de esta manera, ayudando al otro peer, que ayudará al siguiente, y este al otro, en una cadena interminable de bondad, buenas acciones, sonrisas y gestos.",{"_37":2867,"_39":2868},[],{"_41":42,"_43":2869,"_45":540,"_47":2870,"_49":2871,"_70":2872,"_60":61},"C520MhxQ",{},[],"No nos cansemos de ir añadiendo ayudas a la cadena.",{"_37":2874,"_39":2875},[],{"_41":42,"_43":2876,"_45":540,"_47":2877,"_49":2878,"_70":2884,"_60":61},"_N5YeS3H",{},[2879],{"_41":52,"_53":2880,"_56":2881,"_47":2883,"_60":61},[265],[2882],87,{},"Hagamos de la Helpchain algo más resistente incluso que la propia blockchain de Bitcoin.",[532],"/community-articles/la-helpchain","2026-02-12T08:54:41.651Z",{"_131":549,"_550":551,"_133":552,"_135":553},{},{"_173":540,"_177":178},{"_43":526,"_185":98,"_99":2892,"_119":529,"_187":-5,"_188":-5,"_189":-5,"_190":-5,"_184":6},[348,528],1776429499244,[277,526,529,6],"[\"ENTITY\",\"hm://z6Mkusu8KBMXe52JC9fnEFzwdsAF2SXGvnxoAyVTXBhGfRDR/community-articles/la-helpchain\",\"bafy2bzaceb43rv7cdaspmegtu3r4r4nvjobtxgedxhlvxq5fdywhazea23dga\",true]",{"_199":2897,"_275":3089,"_278":3090},{"_201":2898,"_259":260,"_261":3088,"_263":-5,"_264":265,"_266":265,"_267":265,"_268":-5,"_269":-5,"_270":8,"_271":272,"_273":274},{"_41":32,"_32":2899,"_43":3086},{"_34":2900,"_119":560,"_121":98,"_122":3081,"_99":3082,"_125":566,"_127":566,"_129":3083,"_144":3084,"_173":560,"_175":3085,"_179":180},[2901],{"_37":2902,"_39":3077},[2903,2910,2972,3021],{"_37":2904,"_39":2905},[],{"_41":42,"_43":2906,"_45":560,"_47":2907,"_49":2908,"_70":2909,"_60":61},"2yN3oiT_",{},[],"Directo de ChatGPT:",{"_37":2911,"_39":2967},[2912,2960],{"_37":2913,"_39":2954},[2914,2921,2933,2940,2947],{"_37":2915,"_39":2916},[],{"_41":42,"_43":2917,"_45":560,"_47":2918,"_49":2919,"_70":2920,"_60":61},"vCB2OLJR",{},[],"Detectar y frenar la difusión de material de abuso sexual infantil (CSAM)",{"_37":2922,"_39":2923},[],{"_41":42,"_43":2924,"_45":560,"_47":2925,"_49":2926,"_70":2932,"_60":61},"qkMfMIw7",{},[2927],{"_41":2603,"_53":2928,"_56":2929,"_47":2931,"_60":61},[2586],[2930],32,{},"Identificar intentos de grooming contra menores",{"_37":2934,"_39":2935},[],{"_41":42,"_43":2936,"_45":560,"_47":2937,"_49":2938,"_70":2939,"_60":61},"Bc1cnsbI",{},[],"Obligar a las empresas tecnológicas a asumir mayor responsabilidad sobre contenido dañino",{"_37":2941,"_39":2942},[],{"_41":42,"_43":2943,"_45":560,"_47":2944,"_49":2945,"_70":2946,"_60":61},"uUoxxYUc",{},[],"Crear espacios digitales “más seguros”",{"_37":2948,"_39":2949},[],{"_41":42,"_43":2950,"_45":560,"_47":2951,"_49":2952,"_70":2953,"_60":61},"lAqWcIg0",{},[],"Responder a informes de las fuerzas de seguridad que afirman que el CSAM está aumentando en línea",{"_41":42,"_43":2955,"_45":560,"_47":2956,"_49":2958,"_70":2959,"_60":61},"QhUBV-jF",{"_115":2957},"Unordered",[],"La UE presenta Chat Control como una forma de:",{"_37":2961,"_39":2962},[],{"_41":42,"_43":2963,"_45":560,"_47":2964,"_49":2965,"_70":2966,"_60":61},"TBYeBG8X",{},[],"Esta es la justificación pública —y, comprensiblemente, es emocionalmente poderosa.",{"_41":111,"_43":2968,"_45":560,"_47":2969,"_49":2970,"_70":2971,"_60":61},"5hq9oHs1",{"_115":116},[],"1. La razón oficial: combatir el CSAM",{"_37":2973,"_39":3016},[2974,3009],{"_37":2975,"_39":3004},[2976,2983,2990,2997],{"_37":2977,"_39":2978},[],{"_41":42,"_43":2979,"_45":560,"_47":2980,"_49":2981,"_70":2982,"_60":61},"L4bxK-Lj",{},[],"El cifrado de extremo a extremo les impide acceder a los mensajes",{"_37":2984,"_39":2985},[],{"_41":42,"_43":2986,"_45":560,"_47":2987,"_49":2988,"_70":2989,"_60":61},"7SwX9Knd",{},[],"Cada vez más comunicación se traslada a aplicaciones cifradas",{"_37":2991,"_39":2992},[],{"_41":42,"_43":2993,"_45":560,"_47":2994,"_49":2995,"_70":2996,"_60":61},"6JqdJmbF",{},[],"Necesitan nuevas herramientas para inspeccionar comunicaciones, incluso si están cifradas",{"_37":2998,"_39":2999},[],{"_41":42,"_43":3000,"_45":560,"_47":3001,"_49":3002,"_70":3003,"_60":61},"yBZ_kvec",{},[],"Dicen que el escaneo es necesario para “restaurar visibilidad” en las comunicaciones digitales",{"_41":42,"_43":3005,"_45":560,"_47":3006,"_49":3007,"_70":3008,"_60":61},"cjuDpcrw",{"_115":2957},[],"La policía y las agencias de inteligencia argumentan que:",{"_37":3010,"_39":3011},[],{"_41":42,"_43":3012,"_45":560,"_47":3013,"_49":3014,"_70":3015,"_60":61},"3zni0Faa",{},[],"Esto es muy similar a los argumentos utilizados durante los últimos 25 años para justificar puertas traseras en el cifrado.",{"_41":111,"_43":3017,"_45":560,"_47":3018,"_49":3019,"_70":3020,"_60":61},"bn2E84Mo",{"_115":116},[],"2. La razón operativa: las fuerzas de seguridad afirman que están “quedando a oscuras”",{"_37":3022,"_39":3072},[3023,3051],{"_37":3024,"_39":3046},[3025,3032,3039],{"_37":3026,"_39":3027},[],{"_41":42,"_43":3028,"_45":560,"_47":3029,"_49":3030,"_70":3031,"_60":61},"bfIEb2pD",{},[],"Acceso a mensajes cifrados",{"_37":3033,"_39":3034},[],{"_41":42,"_43":3035,"_45":560,"_47":3036,"_49":3037,"_70":3038,"_60":61},"8qJWi9lT",{},[],"Una identificación más fácil de usuarios anónimos",{"_37":3040,"_39":3041},[],{"_41":42,"_43":3042,"_45":560,"_47":3043,"_49":3044,"_70":3045,"_60":61},"veKIvfVm",{},[],"Control centralizado de los canales de comunicación digital",{"_41":42,"_43":3047,"_45":560,"_47":3048,"_49":3049,"_70":3050,"_60":61},"my1maESv",{"_115":2957},[],"Muchos gobiernos —no solo en Europa— han buscado:",{"_37":3052,"_39":3067},[3053,3060],{"_37":3054,"_39":3055},[],{"_41":42,"_43":3056,"_45":560,"_47":3057,"_49":3058,"_70":3059,"_60":61},"swFgRF0j",{},[],"No prohibiendo explícitamente el cifrado",{"_37":3061,"_39":3062},[],{"_41":42,"_43":3063,"_45":560,"_47":3064,"_49":3065,"_70":3066,"_60":61},"6asIuYra",{},[],"Sino exigiendo el escaneo de contenido, la verificación de edad y la identificación del usuario, lo cual socava el cifrado y la anonimidad de manera indirecta.",{"_41":42,"_43":3068,"_45":560,"_47":3069,"_49":3070,"_70":3071,"_60":61},"e1D-r1Q1",{"_115":2957},[],"Chat Control ofrece una vía:",{"_41":111,"_43":3073,"_45":560,"_47":3074,"_49":3075,"_70":3076,"_60":61},"wymBqbdu",{"_115":116},[],"3. La razón política: un deseo histórico de acceder a las comunicaciones privadas",{"_41":42,"_43":3078,"_45":560,"_47":3079,"_49":3080,"_70":61,"_60":61},"k9cQ06fp",{"_115":116},[],[124],"/community-articles/chat-control-proposal-passed-eu-council-do-we-want-our-children-to-grow-up-in-a-1984-style-system-of-mass-surveillance/chatgpt-sobre-el-chat-control",{"_131":582},{},{"_173":560,"_177":580},{"_43":556,"_185":98,"_99":3087,"_119":560,"_187":-5,"_188":-5,"_189":-5,"_190":-5,"_184":6},[348,558,559],1776429499307,[277,556,560,6],"[\"ENTITY\",\"hm://z6Mkusu8KBMXe52JC9fnEFzwdsAF2SXGvnxoAyVTXBhGfRDR/community-articles/chat-control-proposal-passed-eu-council-do-we-want-our-children-to-grow-up-in-a-1984-style-system-of-mass-surveillance/chatgpt-sobre-el-chat-control\",\"bafy2bzacedk7rdozoxzgpobsuubxebatvkq2b5qvaktgjtwfvorozgh35e7vc\",true]",{"_199":3092,"_275":3168,"_278":3169},{"_201":3093,"_259":260,"_261":3167,"_263":-5,"_264":265,"_266":265,"_267":265,"_268":-5,"_269":-5,"_270":8,"_271":272,"_273":274},{"_41":32,"_32":3094,"_43":3165},{"_34":3095,"_119":587,"_121":98,"_122":3160,"_99":572,"_125":597,"_127":3161,"_129":3162,"_144":3163,"_173":598,"_175":3164,"_179":180},[3096,3109,3122,3132],{"_37":3097,"_39":3098},[],{"_41":42,"_43":3099,"_45":598,"_47":3100,"_49":3101,"_70":3108,"_60":61},"ayYY_cED",{},[3102],{"_41":63,"_53":3103,"_56":3104,"_47":3106,"_60":3107},[607],[3105],200,{},"https://www.patrick-breyer.de/en/reality-check-eu-council-chat-control-vote-is-not-a-retreat-but-a-green-light-for-indiscriminate-mass-surveillance-and-the-end-of-right-to-communicate-anonymously/","EN: https://www.patrick-breyer.de/en/reality-check-eu-council-chat-control-vote-is-not-a-retreat-but-a-green-light-for-indiscriminate-mass-surveillance-and-the-end-of-right-to-communicate-anonymously/",{"_37":3110,"_39":3111},[],{"_41":42,"_43":3112,"_45":598,"_47":3113,"_49":3114,"_70":3121,"_60":61},"UmaGmEDn",{},[3115],{"_41":63,"_53":3116,"_56":3117,"_47":3119,"_60":3120},[607],[3118],267,{},"https://www-patrick--breyer-de.translate.goog/en/reality-check-eu-council-chat-control-vote-is-not-a-retreat-but-a-green-light-for-indiscriminate-mass-surveillance-and-the-end-of-right-to-communicate-anonymously/?_x_tr_sl=en&_x_tr_tl=es&_x_tr_hl=en&_x_tr_pto=wapp","ES: https://www-patrick--breyer-de.translate.goog/en/reality-check-eu-council-chat-control-vote-is-not-a-retreat-but-a-green-light-for-indiscriminate-mass-surveillance-and-the-end-of-right-to-communicate-anonymously/?_x_tr_sl=en&_x_tr_tl=es&_x_tr_hl=en&_x_tr_pto=wapp",{"_37":3123,"_39":3124},[],{"_41":3125,"_43":3126,"_45":3127,"_47":3128,"_49":3131,"_70":61,"_60":585},"Embed","TyrtPvvT","bafy2bzaceb5rekqqjvq7zz4lg5qp64xgsn5gpmqm24zwej4hvsm65q34abe3y",{"_3129":3130},"view","Comments",[],{"_37":3133,"_39":3155},[3134,3149],{"_37":3135,"_39":3136},[],{"_41":85,"_43":3137,"_45":587,"_47":3138,"_49":3148,"_70":61,"_60":61},"64ZTd1IA",{"_89":649,"_90":3139,"_92":3140,"_108":8},"List",{"_94":3141,"_102":3143,"_3146":3147},[3142],{"_97":98,"_99":61,"_100":101},[3144],{"_105":8,"_106":3145},"UpdateTime","limit",10,[],{"_37":3150,"_39":3151},[],{"_41":42,"_43":3152,"_45":587,"_47":3153,"_49":3154,"_70":61,"_60":61},"6SNAZSwI",{},[],{"_41":111,"_43":3156,"_45":587,"_47":3157,"_49":3158,"_70":3159,"_60":61},"SDifphYN",{"_115":116},[],"Otros temas",[124,590],"2025-11-28T11:52:16.886Z",{"_131":571,"_550":611,"_135":612},{},{"_173":598,"_177":178},{"_43":585,"_185":98,"_99":3166,"_119":587,"_187":-5,"_188":-5,"_189":-5,"_190":-5,"_184":6},[348,558],1776429499272,[277,585,587,6],"[\"ENTITY\",\"hm://z6Mkusu8KBMXe52JC9fnEFzwdsAF2SXGvnxoAyVTXBhGfRDR/community-articles/chat-control-proposal-passed-eu-council-do-we-want-our-children-to-grow-up-in-a-1984-style-system-of-mass-surveillance\",\"bafy2bzacebaum5bbh6fyvkphvalknx4qu54kj4lqeypgsza5flckjesdw22fs\",true]",{"_199":3171,"_275":3368,"_278":3369},{"_201":3172,"_259":260,"_261":3367,"_263":-5,"_264":265,"_266":265,"_267":265,"_268":-5,"_269":-5,"_270":8,"_271":272,"_273":274},{"_41":32,"_32":3173,"_43":3365},{"_34":3174,"_119":632,"_121":98,"_122":3360,"_99":3361,"_125":640,"_127":640,"_129":3362,"_144":3363,"_173":632,"_175":3364,"_179":180},[3175,3182,3189,3196,3217,3224,3231,3238,3252,3268,3275,3282,3289,3296,3303,3310,3317,3324,3331,3338],{"_37":3176,"_39":3177},[],{"_41":42,"_43":3178,"_45":632,"_47":3179,"_49":3180,"_70":3181,"_60":61},"jZmB0Use",{},[],"No pretendo insultar a los libertarios; han tenido razón, o al menos se han acercado bastante a ella, en muchas cosas y durante décadas; eso no es poca cosa. Sin embargo, nunca han conseguido cambiar mucho el mundo, mientras que los bitcoiners, por usar una expresión antigua pero muy adecuada, lo están poniendo patas arriba.",{"_37":3183,"_39":3184},[],{"_41":42,"_43":3185,"_45":632,"_47":3186,"_49":3187,"_70":3188,"_60":61},"XUSA2q6w",{},[],"Creo que es importante entender por qué.",{"_37":3190,"_39":3191},[],{"_41":42,"_43":3192,"_45":632,"_47":3193,"_49":3194,"_70":3195,"_60":61},"fgmnHflU",{},[],"Decir y hacer ¿Puedes nombrar a algún mártir libertario? No estoy seguro de poder hacerlo, y llevo mucho tiempo involucrado en cuestiones libertarias. Ha habido algunos manifestantes contra los impuestos, pero no estoy seguro de poder llamarlos mártires libertarios, en gran parte porque el libertarismo los excluía.",{"_37":3197,"_39":3198},[],{"_41":42,"_43":3199,"_45":632,"_47":3200,"_49":3201,"_70":3216,"_60":61},"UVT_kwYq",{},[3202,3209],{"_41":63,"_53":3203,"_56":3205,"_47":3207,"_60":3208},[3204],76,[3206],86,{},"hm://z6MkvKysRSkwmuckcoY66f1hov4Nq5jn3pNLu3ngSvH3mBcC/post/cypherpunk-y-bitcoin-una-filosofia-hacia-la-libertad",{"_41":63,"_53":3210,"_56":3212,"_47":3214,"_60":3215},[3211],182,[3213],195,{},"https://www.criptonoticias.com/opinion/quiero-entienda-significa-perder-libertad-ross-ulbricht/","Ahora bien, ¿podemos nombrar mártires de la causa del Bitcoin y los ideales cypherpunk? La lista, como la mayoría de nosotros sabemos, es larga. Podemos empezar por Julian Assange y Ross Ulbricht, y de ahí pasar a Charlie Shrem y Roger Ver, a casos que estuvieron a punto de serlo, como Phil Zimmerman, y a al menos una docena de nombres menos conocidos.",{"_37":3218,"_39":3219},[],{"_41":42,"_43":3220,"_45":632,"_47":3221,"_49":3222,"_70":3223,"_60":61},"f_0o9SOV",{},[],"El martirio no prueba gran cosa, por supuesto — los intereses arraigados destruyen por muchas razones — , pero hay una pista, y es esta: los libertarios no suponían una gran amenaza. Los poderes fácticos nunca los han querido, por supuesto, pero publicar documentos políticos no ha trastocado ningún orden establecido.",{"_37":3225,"_39":3226},[],{"_41":42,"_43":3227,"_45":632,"_47":3228,"_49":3229,"_70":3230,"_60":61},"wkfg9NT_",{},[],"Ahora bien, para ser muy franco al respecto, y pido disculpas por ello, el libertarismo es en gran medida una filosofía de intelectuales que desean cambiar el mundo sin riesgos ni sufrimiento. Es decir, imaginaban que eran lo suficientemente inteligentes como para hacerlo solo con su intelecto.",{"_37":3232,"_39":3233},[],{"_41":42,"_43":3234,"_45":632,"_47":3235,"_49":3236,"_70":3237,"_60":61},"8lY3XZdc",{},[],"Vuelvo a pedir disculpas, pero la verdad es la que es, y en general, los libertarios nunca han estado dispuestos a sufrir. Según mi experiencia, consideran el sufrimiento como un fracaso y como una prueba de inferioridad intelectual. Los bitcoiners, por el contrario, ven el sufrimiento como mala suerte y como una prueba clara de que el statu quo es una bestia: que debe ser superado por el bien de la posteridad.",{"_37":3239,"_39":3240},[],{"_41":42,"_43":3241,"_45":632,"_47":3242,"_49":3243,"_70":3251,"_60":61},"lQvyr0u-",{},[3244],{"_41":63,"_53":3245,"_56":3247,"_47":3249,"_60":3250},[3246],69,[3248],75,{},"hm://z6MkvKysRSkwmuckcoY66f1hov4Nq5jn3pNLu3ngSvH3mBcC/post/por-que-hablo-de-bitcoin","En última instancia, esta diferencia se reduce a la diferencia entre hablar y hacer. Hablar puede tener su lugar, pero nunca puede sustituir al hacer. Actuar te cambia de una manera que hablar simplemente no puede… y cambia muy claramente el mundo de una manera que hablar no puede.",{"_37":3253,"_39":3254},[],{"_41":42,"_43":3255,"_45":632,"_47":3256,"_49":3257,"_70":3267,"_60":61},"bjBxgCbf",{},[3258,3262],{"_41":52,"_53":3259,"_56":3260,"_47":3261,"_60":61},[265],[2588],{},{"_41":63,"_53":3263,"_56":3264,"_47":3265,"_60":3266},[265],[2588],{},"hm://z6MkvKysRSkwmuckcoY66f1hov4Nq5jn3pNLu3ngSvH3mBcC/post/manifiesto-de-libertad-el-objetivismo-desafia-el-control-colectivista-de-la-izquierda","Los bitcoiners son personas de acción y están cambiando el mundo.",{"_37":3269,"_39":3270},[],{"_41":42,"_43":3271,"_45":632,"_47":3272,"_49":3273,"_70":3274,"_60":61},"OvMscr6e",{},[],"Es la voluntad activa la que cambia el mundo. Quienes persisten en la voluntad activa impulsarán el futuro, y nadie más lo hará. Consideremos, por favor, un pasaje del historiador Francious Guizot, mientras examinaba el colapso de Roma y el auge de la Europa cristiana:",{"_37":3276,"_39":3277},[],{"_41":42,"_43":3278,"_45":632,"_47":3279,"_49":3280,"_70":3281,"_60":61},"SiRnsj_r",{},[],"Solo el clero era fuerte y animado; se hizo poderoso en todas partes. Tal es la ley del universo.",{"_37":3283,"_39":3284},[],{"_41":42,"_43":3285,"_45":632,"_47":3286,"_49":3287,"_70":3288,"_60":61},"6WNKI9-f",{},[],"Y así es. Lo que es persistentemente fuerte y animado se sale con la suya. Lo que es apático flota en las corrientes creadas por otros… o a veces simplemente se hunde.",{"_37":3290,"_39":3291},[],{"_41":42,"_43":3292,"_45":632,"_47":3293,"_49":3294,"_70":3295,"_60":61},"mdd-s2yD",{},[],"Bitcoin es una droga de iniciación Solían advertir a los adolescentes que el cannabis era una droga de iniciación; que una vez que lo fumabas, comenzabas una oscura espiral hacia la adicción a la heroína. Por supuesto, eso era en gran parte falso, pero bitcoin sí es una especie de droga de iniciación. La gente tiende a venir por las subidas del tipo de cambio, pero si se quedan el tiempo suficiente para comprender lo que realmente es bitcoin, se vuelven radicales.",{"_37":3297,"_39":3298},[],{"_41":42,"_43":3299,"_45":632,"_47":3300,"_49":3301,"_70":3302,"_60":61},"aW-qFaX3",{},[],"Una vez que la gente entiende que Bitcoin genera confianza de forma descentralizada, sin una parte de confianza (léase un señor feudal), empieza a ver que la descentralización es válida y, luego, que es superior… muy superior.",{"_37":3304,"_39":3305},[],{"_41":42,"_43":3306,"_45":632,"_47":3307,"_49":3308,"_70":3309,"_60":61},"YWTYIIzp",{},[],"Después de eso, los bitcoiners caen en el entusiasmo. De hecho, busca a casi cualquier bitcoiner y hazle una o dos preguntas; se animará, te invitará a comer y te hablará durante una hora. Los bitcoinrs han persistido en esto, incluso cuando todos los poderes del mundo han intentado ahuyentar a la gente.",{"_37":3311,"_39":3312},[],{"_41":42,"_43":3313,"_45":632,"_47":3314,"_49":3315,"_70":3316,"_60":61},"mjP3gZDk",{},[],"Cuando los bitcoiners reciben una patada en el estómago por parte de los poderes mundiales mencionados (como ocurre de vez en cuando), se levantan y siguen delirando sobre el milagro de Bitcoin, y ahora hay millones de personas así.",{"_37":3318,"_39":3319},[],{"_41":42,"_43":3320,"_45":632,"_47":3321,"_49":3322,"_70":3323,"_60":61},"PR4kDzqo",{},[],"Para aquellos que han comprendido Bitcoin, es mucho más que dinero; es un nuevo y mejor modelo de vida humana. No quieren sufrir, por supuesto, pero la idea del sufrimiento no les detiene. Esta es su oportunidad milagrosa y están decididos a aprovecharla, sin importarles la posibilidad de sufrir.",{"_37":3325,"_39":3326},[],{"_41":42,"_43":3327,"_45":632,"_47":3328,"_49":3329,"_70":3330,"_60":61},"n8-BQd59",{},[],"Por eso los bitcoiners están poniendo el mundo patas arriba, y por eso otros, por muy inteligentes y acertados que hayan sido, no han podido hacerlo.",{"_37":3332,"_39":3333},[],{"_41":42,"_43":3334,"_45":632,"_47":3335,"_49":3336,"_70":3337,"_60":61},"98n6Rzcj",{},[],"**",{"_37":3339,"_39":3347},[3340],{"_37":3341,"_39":3342},[],{"_41":42,"_43":3343,"_45":632,"_47":3344,"_49":3345,"_70":3346,"_60":61},"4zIda5tA",{},[],"Si te gusto este contenido y crees que aporta valor, te invito a que me lo hagas saber. Puedes seguirme en X geralrock o invitarme un café en forma de sats a geralrock@blink.sv",{"_41":42,"_43":3348,"_45":632,"_47":3349,"_49":3351,"_70":3359,"_60":61},"tm9MDkU3",{"_115":3350},"Blockquote",[3352],{"_41":63,"_53":3353,"_56":3355,"_47":3357,"_60":3358},[3354],61,[3356],84,{},"https://freemansperspective.com/why-bitcoiners-are-doing-what-libertarians-never-could/","Traducción del texto original de Paul Rosenberg publicado en freemansperspective.com",[635],"/community-articles/por-que-los-bitcoiners-estan-haciendo-lo-que-los-libertarios-nunca-pudieron",{"_131":654,"_133":655,"_135":656},{},{"_173":632,"_177":652},{"_43":629,"_185":98,"_99":3366,"_119":632,"_187":-5,"_188":-5,"_189":-5,"_190":-5,"_184":6},[348,631],1776429499266,[277,629,632,6],"[\"ENTITY\",\"hm://z6Mkusu8KBMXe52JC9fnEFzwdsAF2SXGvnxoAyVTXBhGfRDR/community-articles/por-que-los-bitcoiners-estan-haciendo-lo-que-los-libertarios-nunca-pudieron\",\"bafy2bzacedecpd2icckvkpegi3fypvvefc3csja7z5ajla2ev2fv6fyk7x5se\",true]",{"_199":3371,"_275":3638,"_278":3639},{"_201":3372,"_259":260,"_261":3637,"_263":-5,"_264":265,"_266":265,"_267":265,"_268":-5,"_269":-5,"_270":8,"_271":272,"_273":274},{"_41":32,"_32":3373,"_43":3635},{"_34":3374,"_119":662,"_121":98,"_122":3629,"_99":3630,"_125":671,"_127":3631,"_129":3632,"_144":3633,"_173":672,"_175":3634,"_179":180},[3375,3492,3538],{"_37":3376,"_39":3483},[3377,3384,3398,3407,3427,3442,3449,3469,3476],{"_37":3378,"_39":3379},[],{"_41":42,"_43":3380,"_45":672,"_47":3381,"_49":3382,"_70":3383,"_60":61},"aOclv4WD",{},[],"Disclaimer: Al habla un novato ignorante. Se aceptan todas las correcciones posibles.",{"_37":3385,"_39":3386},[],{"_41":42,"_43":3387,"_45":672,"_47":3388,"_49":3389,"_70":3397,"_60":61},"BQmu1wnI",{},[3390],{"_41":2603,"_53":3391,"_56":3394,"_47":3396,"_60":61},[3392,3393],29,79,[3395,3206],38,{},"En mi corta experiencia como bitcoiner he tenido que aprender “a las bravas” a surfear Bitcoin.",{"_37":3399,"_39":3400},[],{"_41":2632,"_43":3401,"_45":672,"_47":3402,"_49":3404,"_70":3405,"_60":3406},"lVcLdZt9",{"_115":116,"_2635":3403},348,[],"Éste es mi jefe y \"me cae\" muy bien.","ipfs://bafybeihpjxfiipvy22z3ie2fbyicaiggcjwk5opudfxhh67d3dokwq4vhu",{"_37":3408,"_39":3409},[],{"_41":42,"_43":3410,"_45":672,"_47":3411,"_49":3412,"_70":3426,"_60":61},"mYk5ny0I",{},[3413,3420],{"_41":63,"_53":3414,"_56":3416,"_47":3418,"_60":3419},[3415],27,[3417],35,{},"https://hyper.media/hm/z6MksejEqC1ow7gmWaMr9deBoT2k59MxYCbhyi18F6T4cUcM/guides/title-2?v=bafy2bzacebx3b4umjj4gfqu2w27vtx725zqqnk6zh6kbd7p2w73rny62iq4gm&l",{"_41":63,"_53":3421,"_56":3422,"_47":3424,"_60":3425},[3211],[3423],197,{},"https://hyper.media/hm/z6MksejEqC1ow7gmWaMr9deBoT2k59MxYCbhyi18F6T4cUcM/desktop-revolution?v=bafy2bzacedy3xe2fmt6hzhmjvrr2yuxgbgt63rwqt2qwnvxwf5qf55pqgxlhw&l","Solo gracias a la ayuda de maestros experimentados he conseguido desentrañar algunos aspectos fundamentales en el “modus operandi” básico del ecosistema, que, digámoslo sin tapujos, intuitivo no es. Desde luego, lo poco que sé no se lo puedo agradecer a los “softwares” disponibles (salvo alguna excepción).",{"_37":3428,"_39":3429},[],{"_41":42,"_43":3430,"_45":672,"_47":3431,"_49":3432,"_70":3441,"_60":61},"JKINFh39",{},[3433],{"_41":2603,"_53":3434,"_56":3437,"_47":3440,"_60":61},[3435,3436],172,245,[3438,3439],179,252,{},"Saber diseñar una transacción es clave y desgraciadamente Electrum, uno de los “softwares” de referencia, no es precisamente un dechado de usabilidad; se ha quedado en ese estatus de “decano” sin actualizarse en ese aspecto, sobre todo para los newbies. Hay que rebuscar las ventanas que “sepas” que hay que buscar…",{"_37":3443,"_39":3444},[],{"_41":42,"_43":3445,"_45":672,"_47":3446,"_49":3447,"_70":3448,"_60":61},"G2kB94w2",{},[]," No voy a entrar en el diseño tipo consola pero vamos, que me parece un “cacharro”. Me explico:",{"_37":3450,"_39":3451},[],{"_41":42,"_43":3452,"_45":672,"_47":3453,"_49":3454,"_70":3468,"_60":61},"g9qUjHun",{},[3455,3462],{"_41":52,"_53":3456,"_56":3458,"_47":3461,"_60":61},[3457,2575],81,[3459,3460],107,178,{},{"_41":2603,"_53":3463,"_56":3465,"_47":3467,"_60":61},[3464],127,[3466],130,{},"Cómo ya he señalado, una de las bases fundamentales del ecosistema de Bitcoin es el diseño de transacciones. A mí me parece el ABC de Bitcoin. Electrum es inútil en este sentido. (Empezamos mal. Estaría encantado de que alguien me corrigiera)",{"_37":3470,"_39":3471},[],{"_41":42,"_43":3472,"_45":672,"_47":3473,"_49":3474,"_70":3475,"_60":61},"gDakixFG",{},[],"Con Electrum no diseñas una transacción. Hasta el momento no he sabido tener un control de monedas (UTXOS). Es decir, con Electrum simplemente “envías” o “recibes” bitcoin.",{"_37":3477,"_39":3478},[],{"_41":42,"_43":3479,"_45":662,"_47":3480,"_49":3481,"_70":3482,"_60":61},"9-wWfvlH",{},[],"Al localizar la librería de direcciones he podido inventariarlas “a posteriori” pero, para mi sorpresa, he comprobado que el software ha reutilizado algunas!… ",{"_41":42,"_43":3484,"_45":672,"_47":3485,"_49":3486,"_70":3491,"_60":61},"E2x1F44y",{"_115":116},[3487],{"_41":52,"_53":3488,"_56":3489,"_47":3490,"_60":61},[265],[510],{},"Tan cerca. Tan lejos.",{"_37":3493,"_39":3532},[3494,3503,3518,3525],{"_37":3495,"_39":3496},[],{"_41":2632,"_43":3497,"_45":662,"_47":3498,"_49":3500,"_70":3501,"_60":3502},"aFMN-e4h",{"_115":116,"_2635":3499},498,[],"En la columna de la derecha el número de Transacciones en las que una dirección ha intervenido.","ipfs://bafkreie5etw6rpa5ugd4r6cvthlc7ysiwvy37s6opou3s5amx3opaymczu",{"_37":3504,"_39":3505},[],{"_41":42,"_43":3506,"_45":662,"_47":3507,"_49":3508,"_70":3517,"_60":61},"QqeL_NC4",{},[3509],{"_41":2603,"_53":3510,"_56":3513,"_47":3516,"_60":61},[3511,3512],46,146,[3514,3515],51,155,{},"No voy a entrar en más aspectos de gestión de UTXOS y diseño de transacciones, (coinjoins, stonewalls..) en los que, en mi humilde opinión, otros softwares lo superan.",{"_37":3519,"_39":3520},[],{"_41":42,"_43":3521,"_45":662,"_47":3522,"_49":3523,"_70":3524,"_60":61},"bZqF6-cG",{},[],"Le voy a dar un pulgar arriba en el hecho de que tiene una app para el móvil…",{"_37":3526,"_39":3527},[],{"_41":42,"_43":3528,"_45":662,"_47":3529,"_49":3530,"_70":3531,"_60":61},"Aj1lvo7y",{},[],"medio pulgar…",{"_41":2632,"_43":3533,"_45":662,"_47":3534,"_49":3536,"_70":61,"_60":3537},"gQ7kRph_",{"_115":116,"_2635":3535},470,[],"ipfs://bafkreicfd44dpmjfehvyeh3rcwaw7ogkpwoixyussvehewzmue47h4znpy",{"_37":3539,"_39":3624},[3540,3556,3563,3570,3582,3610,3617],{"_37":3541,"_39":3542},[],{"_41":42,"_43":3543,"_45":672,"_47":3544,"_49":3545,"_70":3555,"_60":61},"GilJqVrt",{},[3546],{"_41":2603,"_53":3547,"_56":3551,"_47":3554,"_60":61},[3548,3549,3550],33,254,350,[3552,2672,3553],43,360,{},"He querido ampliar mi arsenal de hotwallets para hacer pagos instantáneos y me parecía muy práctico el hecho de que un billetera de escritorio se pudiera gestionar también desde el móvil, de manera que hubiese una conexión muy directa entre mis balances on-chain y los canales que pueda abrir en capa dos: Si estoy fuera de mi casa, sin acceso a mis hotwallets de escritorio (o, por ejemplo el Alby hub que me conecta billeteras LN) me podría quedar sin saldo y sin forma de ampliar la liquidez de los canales. Con la app se puede recurrir a los Swaps. Pero cuidado. Resulta que, si por algún motivo, has abierto un canal desde la aplicación de escritorio, ese canal no estará disponible en la app del móvil. Aparecera como “funded”. pero no “Abierto”. Lo verás pero no lo tocarás.",{"_37":3557,"_39":3558},[],{"_41":42,"_43":3559,"_45":672,"_47":3560,"_49":3561,"_70":3562,"_60":61},"sHXydm4H",{},[],"Electrum no sincroniza (o yo no sé sincronizar) los diferentes dispositivos en los que puedas tener tu clave privada ( para más inri, todavía usa los “zpub” para las llaves públicas extendidas…muy decano, sí)",{"_37":3564,"_39":3565},[],{"_41":42,"_43":3566,"_45":672,"_47":3567,"_49":3568,"_70":3569,"_60":61},"ivWXLrGY",{},[],"De manera que tendrás que abrir diferentes canales según el dispositivo que estés usando. En mi caso yo le encontré utilidad para mi móvil, que es lo que uso para gastar en cafés. (Para micropagos y contravalores en redes me resulta muy práctico todo el sistema de Alby que uso en ordenadores)",{"_37":3571,"_39":3572},[],{"_41":42,"_43":3573,"_45":672,"_47":3574,"_49":3575,"_70":3581,"_60":61},"2ne7_sgk",{},[3576],{"_41":2603,"_53":3577,"_56":3579,"_47":3580,"_60":61},[3578],340,[3403],{},"Pero el sistema de swaps para gestionar la liquidez de salida (sobre todo de salida, porque “todavía” no vivo de pagos en capa 2) me parece rudimentario, con un slider que, por alguna razón, te limita las cantidades. Yo, a mi billetera Phoenix la puedo cebar tanto como quiera. No entiendo que Electrum me limite la liquidez teniendo saldo on-chain.",{"_37":3583,"_39":3605},[3584,3591,3598],{"_37":3585,"_39":3586},[],{"_41":42,"_43":3587,"_45":672,"_47":3588,"_49":3589,"_70":3590,"_60":61},"0QCVvWdz",{},[]," Problemas de sincronización con los nodos. En la app del móvil no he sido capaz de usar un servidor de confianza (en el escritorio sí que pude al añadir el puerto y el sufijo“:t”, pero eso no me funcionó en el móvil)",{"_37":3592,"_39":3593},[],{"_41":42,"_43":3594,"_45":672,"_47":3595,"_49":3596,"_70":3597,"_60":61},"PWSRK9ya",{},[],"Ni se te ocurra cerrar la aplicación con un swap hasta que no tengas 6 confirmaciones",{"_37":3599,"_39":3600},[],{"_41":42,"_43":3601,"_45":672,"_47":3602,"_49":3603,"_70":3604,"_60":61},"W0Hr4tu_",{},[],"la exportación de etiquetas no me ha funcionado bien tampoco.",{"_41":42,"_43":3606,"_45":672,"_47":3607,"_49":3608,"_70":3609,"_60":61},"ybBYqInn",{"_115":116},[],"A lo dicho hay que añadir :",{"_37":3611,"_39":3612},[],{"_41":42,"_43":3613,"_45":672,"_47":3614,"_49":3615,"_70":3616,"_60":61},"FQxFtek8",{},[],"Reconozco que estas últimas objeciones (todas en general) se pueden deber a mi poca experiencia y conocimiento en aspectos técnicos (proxys? le pongo Tor?, no? ) pero es que con otras aplicaciones apenas me tengo que preocupar de las configuraciones. Phoenix va como un rayo (nunca mejor dicho). Y puedo tirar millas con el canal inicial que se dilata con facilidad.",{"_37":3618,"_39":3619},[],{"_41":42,"_43":3620,"_45":672,"_47":3621,"_49":3622,"_70":3623,"_60":61},"JzZkvsiX",{},[],"En fin. No soy la persona más indicada para hacer una crítica a una de las billeteras más prestigiosas del ecosistema Bitcoin (Antonopoulos la nombra sin pudor, mientras que jamás le he escuchado nombrar a Sparrow…a ver si alguien me explica eso) Pero cuento mi experiencia de novato y, lo siento, pero Electrum es un grano en el ojete del inexperto. Estoy deseando cambiar de opinión.",{"_41":111,"_43":3625,"_45":672,"_47":3626,"_49":3627,"_70":3628,"_60":61},"vFN-mQId",{"_115":116},[],"Lightnig network sin network",[29],"/community-articles/electrum","2025-05-27T11:13:29.630Z",{"_131":681,"_133":682,"_135":683},{},{"_173":672,"_177":679},{"_43":659,"_185":98,"_99":3636,"_119":662,"_187":-5,"_188":-5,"_189":-5,"_190":-5,"_184":6},[348,661],1776429499251,[277,659,662,6],"[\"ENTITY\",\"hm://z6Mkusu8KBMXe52JC9fnEFzwdsAF2SXGvnxoAyVTXBhGfRDR/community-articles/electrum\",\"bafy2bzacebx3qyq5nkxl2ckzw62ucdvc4sakicnwyopenlb3zimlj3p6vszlg\",true]",{"_199":3641,"_275":3855,"_278":3856},{"_201":3642,"_259":260,"_261":3854,"_263":-5,"_264":265,"_266":265,"_267":265,"_268":-5,"_269":-5,"_270":8,"_271":272,"_273":274},{"_41":32,"_32":3643,"_43":3852},{"_34":3644,"_119":733,"_121":98,"_122":3847,"_99":3848,"_125":740,"_127":740,"_129":3849,"_144":3850,"_173":733,"_175":3851,"_179":180},[3645,3658,3679,3687,3703,3714,3732,3747,3754,3766,3778,3791,3803,3810],{"_37":3646,"_39":3647},[],{"_41":42,"_43":3648,"_45":733,"_47":3649,"_49":3650,"_70":3657,"_60":61},"Qr0ugr8M",{},[3651],{"_41":52,"_53":3652,"_56":3654,"_47":3656,"_60":61},[2696,3653],129,[3655,3460],112,{},"En esta primera entrada del blog quiero hacer una recopilación de algunos de las publicaciones que he hecho en X y donde expreso mis ideas sobre Bitcoin, blockchain y el sistema.",{"_37":3659,"_39":3660},[],{"_41":42,"_43":3661,"_45":733,"_47":3662,"_49":3663,"_70":3678,"_60":61},"RrHUcdC2",{},[3664,3674],{"_41":52,"_53":3665,"_56":3669,"_47":3673,"_60":61},[3666,3667,3668],17,347,401,[3670,3671,3672],28,363,421,{},{"_41":2603,"_53":3675,"_56":3676,"_47":3677,"_60":61},[3666],[3670],{},"Casi a manera de disclaimer debo confesar que no siempre he tenido esta visión sobre Bitcoin. Cuando lo conocí, por allá en 2017, solo lo veía como una inversión. El problema, si es que se puede llamar así, es que suelo obsesionarme con las temáticas que me gustan, por ello, comencé a investigar (años más tarde) sobre blockchain y el invento de Satoshi Nakamoto para adentrarme así y de lleno en la “madriguera Bitcoin”.",{"_37":3680,"_39":3681},[],{"_41":3682,"_43":3683,"_45":733,"_47":3684,"_49":3685,"_70":61,"_60":3686},"WebEmbed","tPvmqdCk",{},[],"https://x.com/geralrock/status/1795386491809751226",{"_37":3688,"_39":3689},[],{"_41":42,"_43":3690,"_45":733,"_47":3691,"_49":3692,"_70":3702,"_60":61},"o456c7xE",{},[3693,3698],{"_41":52,"_53":3694,"_56":3695,"_47":3697,"_60":61},[2771],[3696],160,{},{"_41":2603,"_53":3699,"_56":3700,"_47":3701,"_60":61},[2771],[2671],{},"Vale la pena aclarar que de esas primeras inversiones de 2017 no queda nada. A lo pocos meses y por motivos personales tuve que vender los pocos satoshis (sats) para poner pausa a todo este mundo cripto.",{"_37":3704,"_39":3705},[],{"_41":111,"_43":3706,"_45":733,"_47":3707,"_49":3708,"_70":3713,"_60":61},"bOag2D7N",{},[3709],{"_41":52,"_53":3710,"_56":3711,"_47":3712,"_60":61},[265],[2930],{},"No todo lo que brilla es Bitcoin",{"_37":3715,"_39":3716},[],{"_41":42,"_43":3717,"_45":733,"_47":3718,"_49":3719,"_70":3731,"_60":61},"0kn5d37A",{},[3720,3726],{"_41":52,"_53":3721,"_56":3723,"_47":3725,"_60":61},[2648,3722],280,[2620,3724],315,{},{"_41":2603,"_53":3727,"_56":3728,"_47":3730,"_60":61},[2648],[3729],232,{},"Luego de un par de años volví a toparme con el mundillo cripto. Es obvio pensar que ese “segundo inicio” fue de mucho más que solo Bitcoin, sobre todo, exploré algunos NFTs y Play-to-Earn hasta que llegó el llamado “cripto invierno” y para finales de 2021/comienzos de 2022 tenía un motón de tokens sin mucho valor.",{"_37":3733,"_39":3734},[],{"_41":42,"_43":3735,"_45":733,"_47":3736,"_49":3737,"_70":3746,"_60":61},"yLSGNK_D",{},[3738],{"_41":52,"_53":3739,"_56":3742,"_47":3745,"_60":61},[3740,3741],7,154,[3743,3744],48,231,{},"Aunque no me considero un maximalista de Bitcoin y para hacer el cuento más corto, actualmente veo al ecosistema cripto con algo de desprecio. Siento que hay una saturación de proyectos y tokens sin ningún valor y caso de uso real.",{"_37":3748,"_39":3749},[],{"_41":3682,"_43":3750,"_45":733,"_47":3751,"_49":3752,"_70":61,"_60":3753},"O0tnsG-k",{},[],"https://x.com/geralrock/status/1800152523191558380",{"_37":3755,"_39":3756},[],{"_41":42,"_43":3757,"_45":733,"_47":3758,"_49":3759,"_70":3765,"_60":61},"u20wWhke",{},[3760],{"_41":52,"_53":3761,"_56":3763,"_47":3764,"_60":61},[3762],83,[2729],{},"Por otro lado, y como expreso en este hilo de X, veo que ahora a todo se le quiere aplicar la solución blockchain sin detenerse a preguntar si es lo que realmente se necesita. Creo que estamos cerca de que se rompa la burbuja y tal como pasó con las punto.com, solo sobrevivirán las que estén solucionando problemas reales.",{"_37":3767,"_39":3768},[],{"_41":111,"_43":3769,"_45":733,"_47":3770,"_49":3771,"_70":3777,"_60":61},"NQDr601K",{},[3772],{"_41":52,"_53":3773,"_56":3774,"_47":3776,"_60":61},[265],[3775],37,{},"Mis primeros pasos en la programación",{"_37":3779,"_39":3780},[],{"_41":42,"_43":3781,"_45":733,"_47":3782,"_49":3783,"_70":3790,"_60":61},"Fbu8aTs2",{},[3784],{"_41":52,"_53":3785,"_56":3787,"_47":3789,"_60":61},[3786],163,[3788],208,{},"Con este aparto quiero terminar esta primera publicación. Como comenté al comienzo, luego que descubrí Bitcoin, comencé a investigar sobre su tecnología lo que me despertó el interés por aprender a programar.",{"_37":3792,"_39":3793},[],{"_41":42,"_43":3794,"_45":733,"_47":3795,"_49":3796,"_70":3802,"_60":61},"2bCVj2IO",{},[3797],{"_41":52,"_53":3798,"_56":3800,"_47":3801,"_60":61},[3799],158,[3788],{},"Como la vida misma, no se puede correr sin aprender gatear. Luego de dar unos primeros y fracasados pasos en Solidity y los smart contracts también me puse a investigar sobre programación y me topé con Python (el lenguaje más recomendado para iniciar) donde estoy aprendiendo a escribir mis primeras líneas de código usando la lógica de programación.",{"_37":3804,"_39":3805},[],{"_41":3682,"_43":3806,"_45":733,"_47":3807,"_49":3808,"_70":61,"_60":3809},"oKMxIOoB",{},[],"https://x.com/geralrock/status/1840783126173225132",{"_37":3811,"_39":3834},[3812],{"_37":3813,"_39":3814},[],{"_41":42,"_43":3815,"_45":733,"_47":3816,"_49":3817,"_70":3833,"_60":61},"00Skk-GI",{},[3818,3824,3829],{"_41":52,"_53":3819,"_56":3821,"_47":3823,"_60":61},[3820],109,[3822],119,{},{"_41":63,"_53":3825,"_56":3826,"_47":3827,"_60":3828},[3820],[58],{},"https://x.com/geralrock",{"_41":2653,"_53":3830,"_56":3831,"_47":3832,"_60":61},[3820],[58],{},"Si te gusto este contenido y crees que aporta valor, te invito a que me lo hagas saber. Puedes seguirme en X geralrock o invitarme un café geralrock@blink.sv",{"_41":42,"_43":3835,"_45":733,"_47":3836,"_49":3837,"_70":3846,"_60":61},"7q2dqNt9",{"_115":3350},[3838],{"_41":52,"_53":3839,"_56":3842,"_47":3845,"_60":61},[3457,3840,3841],144,221,[3843,3844,3722],97,184,{},"Regresando a Bitcoin, no lo veo tanto como un medio de intercambio sino más como reserva de valor, pero no un valor netamente económico sino de soberanía, privacidad, descentralización y como reza el título de este post, un acto de rebeldía y protesta constante contra el sistema.",[635],"/community-articles/bitcoin-el-mayor-acto-de-rebeldia-contra-el-sistema",{"_131":749,"_133":655,"_135":750},{},{"_173":733,"_177":747},{"_43":730,"_185":98,"_99":3853,"_119":733,"_187":-5,"_188":-5,"_189":-5,"_190":-5,"_184":6},[348,732],1776429499259,[277,730,733,6],"[\"ENTITY\",\"hm://z6Mkusu8KBMXe52JC9fnEFzwdsAF2SXGvnxoAyVTXBhGfRDR/community-articles/bitcoin-el-mayor-acto-de-rebeldia-contra-el-sistema\",\"bafy2bzacebkjggh2it26aoul3b45eqwlxwte7djatos2wy2xkofsf7kbocedw\",true]",{"_199":3858,"_275":4096,"_278":4097},{"_201":3859,"_259":260,"_261":4095,"_263":-5,"_264":265,"_266":265,"_267":265,"_268":-5,"_269":-5,"_270":8,"_271":272,"_273":274},{"_41":32,"_32":3860,"_43":4093},{"_34":3861,"_119":689,"_121":98,"_122":4087,"_99":4088,"_125":698,"_127":4089,"_129":4090,"_144":4091,"_173":699,"_175":4092,"_179":180},[3862,3871,3883,3890,3902,3909,3921,3928,3935,3947,3962,3974,3981,4029,4043,4050,4062,4074],{"_37":3863,"_39":3864},[],{"_41":2632,"_43":3865,"_45":3866,"_47":3867,"_49":3868,"_70":3869,"_60":3870},"mf1jZNED","bafy2bzacebepuv5np6gzq7efj2cdtxckhpwayxfedcvafvevlfh25gzey7spg",{"_115":116},[],"The Moral Hazard from 2008-2009 shaped the way I see our current financial and democratic system","ipfs://bafybeihxojnlj2cdg3yy7yymiwlveb4vedqhhvzz53zwvmaz3mrpywjpue",{"_37":3872,"_39":3873},[],{"_41":42,"_43":3874,"_45":3875,"_47":3876,"_49":3877,"_70":3882,"_60":61},"rFdcSIOe","bafy2bzacecwwa6bnpcy62dzwapeckcblijmmmfnmzzq2o5mefso3nfn4kykh2",{},[3878],{"_41":52,"_53":3879,"_56":3880,"_47":3881,"_60":61},[265],[3147],{},"Early Days",{"_37":3884,"_39":3885},[],{"_41":42,"_43":3886,"_45":3875,"_47":3887,"_49":3888,"_70":3889,"_60":61},"rRthx01X",{},[],"I first encountered Bitcoin in 2013. At the time, my partner Jorge and I were immersed in building a carsharing company in Madrid. We saw Bitcoin as the ideal payment option for our hourly rentals but never got around to integrating it. Even today, in 2025, mainstream businesses still struggle to accept Bitcoin—so you can imagine the challenges we faced in 2013.",{"_37":3891,"_39":3892},[],{"_41":42,"_43":3893,"_45":3875,"_47":3894,"_49":3895,"_70":3901,"_60":61},"RAf0urir",{},[3896],{"_41":52,"_53":3897,"_56":3898,"_47":3900,"_60":61},[265],[3899],12,{},"Moral Hazard",{"_37":3903,"_39":3904},[],{"_41":42,"_43":3905,"_45":3875,"_47":3906,"_49":3907,"_70":3908,"_60":61},"-KdVvJ1H",{},[],"The 2008 financial crisis hit Spain especially hard. It took us ages to recover compared to other countries. With my background in finance, business, and entrepreneurship—and an interest in Austrian economics—I was deeply frustrated by the root causes: rampant leveraged speculation, real estate bubbles, political corruption, extreme consumerism, and a general lack of intellectual and cultural development—yeah I have a polyhedric mix of Austrian and leftism—Worst of all, Wall Street got bailed out by printing more money. The moral hazard was undeniable. Many, including Satoshi Nakamoto, realized 2008 wasn’t just another economic downturn—it was proof the system was rigged.",{"_37":3910,"_39":3911},[],{"_41":42,"_43":3912,"_45":3875,"_47":3913,"_49":3914,"_70":3920,"_60":61},"x7btB0l6",{},[3915],{"_41":52,"_53":3916,"_56":3917,"_47":3919,"_60":61},[265],[3918],23,{},"Entrepreneurial Process",{"_37":3922,"_39":3923},[],{"_41":42,"_43":3924,"_45":3875,"_47":3925,"_49":3926,"_70":3927,"_60":61},"1fjPdEO6",{},[],"I believe society must protect and nurture the entrepreneurial process. Some criticize capitalism, but I love how it challenges the status quo. It’s about creation and flourishing, about changing social structures for the better. However, our fiat system incentivizes speculation over genuine production. I hate seeing how easily the current fiat system destroys the entrepreneurial process and, in general, the Human Condition. After 2008, I concluded that the current system is fundamentally broken—an opinion shared by many Bitcoiners.",{"_37":3929,"_39":3930},[],{"_41":42,"_43":3931,"_45":3875,"_47":3932,"_49":3933,"_70":3934,"_60":61},"nRPpSCv-",{},[],"Around 2013, Bitcoin’s price spiked, and another bear market followed. I didn’t fully grasp the dynamics at the time, and after a while, I got consumed by building Bluemove Carsharing—renting hundreds of cars by the hour to thousands of people is as demanding as it sounds. Bitcoin faded into the background for me then.",{"_37":3936,"_39":3937},[],{"_41":42,"_43":3938,"_45":3875,"_47":3939,"_49":3940,"_70":3946,"_60":61},"P_hRV_8V",{},[3941],{"_41":52,"_53":3942,"_56":3943,"_47":3945,"_60":61},[265],[3944],14,{},"Elliptic Curve",{"_37":3948,"_39":3949},[],{"_41":42,"_43":3950,"_45":3951,"_47":3952,"_49":3953,"_70":3961,"_60":61},"qSnmLluI","bafy2bzacedyy2zxvzbbjy4rupmnpi4foj3kri2diogxev2ohhf5xjsb3pru5w",{},[3954],{"_41":2603,"_53":3955,"_56":3958,"_47":3960,"_60":61},[3956,3957],210,234,[3959,3439],229,{},"In 2016, we sold Bluemove to Europcar, and I spent three year helping them expand into new mobility services—great people, great team, incredible experience. I also renewed my interest in Bitcoin, digging into Programming Bitcoin and Mastering Bitcoin. This time, I was a stronger programmer, so the concepts around PKI, hash functions, and elliptic curves clicked into place. Once you understand discrete math and how Bitcoin’s cryptography works, it’s impossible to dismiss Bitcoin’s significance—or imagine a future where we just forget about it.",{"_37":3963,"_39":3964},[],{"_41":42,"_43":3965,"_45":3875,"_47":3966,"_49":3967,"_70":3973,"_60":61},"aal3tSeM",{},[3968],{"_41":52,"_53":3969,"_56":3970,"_47":3972,"_60":61},[265],[3971],16,{},"Magic Crypto NYC",{"_37":3975,"_39":3976},[],{"_41":42,"_43":3977,"_45":3875,"_47":3978,"_49":3979,"_70":3980,"_60":61},"EfGD3sLU",{},[],"By 2019, I had left Europcar and wanted to learn more about how Bitcoin really functioned and meet real people more than CryptoTwitter. I booked flights to major Bitcoin events in Amsterdam, London, NYC, Austin, Berlin, Barcelona, and El Salvador, seeking conversations with real Bitcoiners.",{"_37":3982,"_39":4024},[3983,3995,4007],{"_37":3984,"_39":3985},[],{"_41":42,"_43":3986,"_45":3875,"_47":3987,"_49":3988,"_70":3994,"_60":61},"a300Xsow",{},[3989],{"_41":52,"_53":3990,"_56":3991,"_47":3993,"_60":61},[265],[3992],18,{},"Magic Crypto (NYC): I met people like Matt Corallo and Alex Bosworth. They were brilliant—no hype, no-nonsense. I left convinced Bitcoin would make it.",{"_37":3996,"_39":3997},[],{"_41":42,"_43":3998,"_45":3875,"_47":3999,"_49":4000,"_70":4006,"_60":61},"ZgWKia8q",{},[4001],{"_41":52,"_53":4002,"_56":4003,"_47":4005,"_60":61},[265],[4004],13,{},"NYC Consensus: A huge conference dominated by corporate blockchain players—Ethereum, Zcash, and Bitcoin Cash were all front and center. It felt more like a place where big companies sold “blockchain services,” and I noticed very few true Bitcoiners. After asking questions about their tech, I rarely got clear answers. It highlighted how many people attend these events without a solid grasp of the underlying technology. And basically, I become a Bitcoin Maximalist.",{"_37":4008,"_39":4009},[],{"_41":42,"_43":4010,"_45":3875,"_47":4011,"_49":4012,"_70":4023,"_60":61},"2I40cKKg",{},[4013,4018],{"_41":52,"_53":4014,"_56":4015,"_47":4017,"_60":61},[265],[4016],30,{},{"_41":2603,"_53":4019,"_56":4020,"_47":4022,"_60":61},[2573],[4021],171,{},"Lightning Conference in Berlin: This was a game-changer. Lightning was mostly a collective dream back then, but it was clear to me that internet-native, programmable money would reshape the web from the ground up.",{"_41":42,"_43":4025,"_45":3875,"_47":4026,"_49":4027,"_70":4028,"_60":61},"8FuJcJ9t",{"_115":2957},[],"I especially recall three events in 2019:",{"_37":4030,"_39":4031},[],{"_41":42,"_43":4032,"_45":3951,"_47":4033,"_49":4034,"_70":4042,"_60":61},"DaRub3nu",{},[4035],{"_41":63,"_53":4036,"_56":4038,"_47":4040,"_60":4041},[4037],261,[4039],274,{},"hm://z6Mko5npVz4Bx9Rf4vkRUf2swvb568SDbhLwStaha3HzgrLS?l","From that point on, I decided to pursue Bitcoin wholeheartedly. It’s more than just technology; it’s a movement that challenges how we view money, finance, and trust. 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Y no solo eso, ¡también que quieran saber más!",{"_37":4190,"_39":4191},[],{"_41":42,"_43":4192,"_45":757,"_47":4193,"_49":4194,"_70":4195,"_60":61},"y0Px6oxi",{},[],"Es por ello que en el próximo MeetUp, no solo nos enseñará como poder replicar este éxito, sino también que compartirá su experiencia, las preguntas que le han hecho y sus aprendizajes.",{"_37":4197,"_39":4198},[],{"_41":42,"_43":4199,"_45":757,"_47":4200,"_49":4201,"_70":61,"_60":61},"BWG1Kkgb",{},[],{"_37":4203,"_39":4204},[],{"_41":42,"_43":4205,"_45":757,"_47":4206,"_49":4207,"_70":4208,"_60":61},"Tw2CuxaV",{},[],"¡No faltes, te esperamos a esta gran charla!",{"_37":4210,"_39":4211},[],{"_41":42,"_43":4212,"_45":757,"_47":4213,"_49":4214,"_70":61,"_60":61},"Gk7mT66P",{},[],{"_37":4216,"_39":4217},[],{"_41":42,"_43":4218,"_45":757,"_47":4219,"_49":4220,"_70":4221,"_60":61},"VDwDOMjz",{},[],"El evento es gratuito (es un restaurante que cede el espacio y hay pago por consumo pero no es obligatorio) y se hará en español. 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Michael Saylor https://www.michael.com/digital-assets-framework",{"_37":4872,"_39":4873},[],{"_41":111,"_43":4874,"_45":863,"_47":4875,"_49":4876,"_70":4877,"_60":61},"EWc4liyJ",{},[],"1. Taxonomy: Defining Digital Asset Classes",{"_37":4879,"_39":4908},[4880,4894,4901],{"_37":4881,"_39":4882},[],{"_41":42,"_43":4883,"_45":863,"_47":4884,"_49":4885,"_70":4893,"_60":61},"YWgMK57B",{},[4886],{"_41":63,"_53":4887,"_56":4889,"_47":4891,"_60":4892},[4888],77,[4890],89,{},"http://brands.Financial","Tokenized commodities, real estate, art, businesses, teams, collectibles, IP, and brands.",{"_37":4895,"_39":4896},[],{"_41":42,"_43":4897,"_45":863,"_47":4898,"_49":4899,"_70":4900,"_60":61},"TiLX2MKj",{},[],"Financial instruments like equity, debt, derivatives, and currencies.",{"_37":4902,"_39":4903},[],{"_41":42,"_43":4904,"_45":863,"_47":4905,"_49":4906,"_70":4907,"_60":61},"bds3-oSP",{},[],"Products, services, and projects that provide value to customers, investors, and fans.",{"_41":42,"_43":4909,"_45":863,"_47":4910,"_49":4911,"_70":4912,"_60":61},"eEQdJ_NZ",{"_115":2957},[],"Investor Opportunities: Enable access to thousands of digital assets, including: ",{"_37":4914,"_39":4915},[],{"_41":111,"_43":4916,"_45":863,"_47":4917,"_49":4918,"_70":4919,"_60":61},"4qJsN8Qb",{},[],"5. Opportunity: Establishing the United States as the Global Digital Leader",{"_37":4921,"_39":4961},[4922,4934,4947,4954],{"_37":4923,"_39":4924},[],{"_41":42,"_43":4925,"_45":863,"_47":4926,"_49":4927,"_70":4933,"_60":61},"7ZE01Mtm",{},[4928],{"_41":63,"_53":4929,"_56":4930,"_47":4931,"_60":4932},[3655],[3466],{},"http://Treasuries.Digital","USD as the Global Reserve Digital Currency: Grow digital currency markets from $25 billion to $10 trillion, creating massive demand for US Treasuries.",{"_37":4935,"_39":4936},[],{"_41":42,"_43":4937,"_45":863,"_47":4938,"_49":4939,"_70":4946,"_60":61},"9OjIao_2",{},[4940],{"_41":63,"_53":4941,"_56":4943,"_47":4944,"_60":4945},[4942],115,[3653],{},"http://wealth.Digital","Digital Capital Growth: Expand global digital capital markets from $2 trillion to $280 trillion, with US investors capturing the majority of this wealth.",{"_37":4948,"_39":4949},[],{"_41":42,"_43":4950,"_45":863,"_47":4951,"_49":4952,"_70":4953,"_60":61},"bdMTmfx-",{},[],"Digital Assets Leadership: Drive growth in digital assets (beyond Bitcoin) from $1 trillion to $590 trillion, with the United States dominating this industry.",{"_37":4955,"_39":4956},[],{"_41":42,"_43":4957,"_45":863,"_47":4958,"_49":4959,"_70":4960,"_60":61},"Eh8Ojj8H",{},[],"Strategic Bitcoin Reserve: Establish a Bitcoin reserve capable of creating $16–81 trillion in wealth for the US Treasury, providing a pathway to offset national debt. ",{"_41":42,"_43":4962,"_45":863,"_47":4963,"_49":4964,"_70":4965,"_60":61},"li5-i7D-",{"_115":2957},[],"A strategic digital asset policy can strengthen the US dollar, neutralize the national debt, and position America as the global leader in the 21st-century digital economy.",{"_37":4967,"_39":4968},[],{"_41":111,"_43":4969,"_45":863,"_47":4970,"_49":4971,"_70":4972,"_60":61},"jTlRC49e",{},[],"Conclusion: Seizing the Digital Assets Opportunity ",{"_37":4974,"_39":4975},[],{"_41":42,"_43":4976,"_45":863,"_47":4977,"_49":4978,"_70":4979,"_60":61},"GaB8v8K_",{},[],"By establishing a clear taxonomy, a legitimate rights-based framework, and practical compliance obligations, the United States can lead the global digital economy. A capital markets renaissance fueled by digital assets will unlock trillions in wealth, empower millions of businesses, and solidify the US dollar as the foundation of the 21st-century digital financial system.",{"_37":4981,"_39":5024},[4982,4989,4996,5003,5010,5017],{"_37":4983,"_39":4984},[],{"_41":42,"_43":4985,"_45":863,"_47":4986,"_49":4987,"_70":4988,"_60":61},"5wChXKk-",{},[],"Digital Commodity – An asset without an issuer, backed by digital power (e.g., Bitcoin).",{"_37":4990,"_39":4991},[],{"_41":42,"_43":4992,"_45":863,"_47":4993,"_49":4994,"_70":4995,"_60":61},"2ZPFvuMp",{},[],"Digital Security – An asset with an issuer, backed by a security (e.g., equity, debt, derivatives).",{"_37":4997,"_39":4998},[],{"_41":42,"_43":4999,"_45":863,"_47":5000,"_49":5001,"_70":5002,"_60":61},"9Y2l57Ct",{},[],"Digital Currency – An asset with an issuer, backed by fiat currency. ",{"_37":5004,"_39":5005},[],{"_41":42,"_43":5006,"_45":863,"_47":5007,"_49":5008,"_70":5009,"_60":61},"NxsBNSh5",{},[],"Digital Token – A fungible asset with an issuer, offering digital utility.",{"_37":5011,"_39":5012},[],{"_41":42,"_43":5013,"_45":863,"_47":5014,"_49":5015,"_70":5016,"_60":61},"DNH706aK",{},[],"Digital NFT – A non-fungible asset with an issuer, offering digital utility (NonFungible Token).",{"_37":5018,"_39":5019},[],{"_41":42,"_43":5020,"_45":863,"_47":5021,"_49":5022,"_70":5023,"_60":61},"UIJPgZMO",{},[],"Digital ABT – An asset with an issuer, backed by a physical asset (e.g., gold, oil, agricultural commodities).",{"_41":42,"_43":5025,"_45":872,"_47":5026,"_49":5027,"_70":5028,"_60":61},"iOjf-vlG",{"_115":2957},[],"Establishing a clear, universally understood taxonomy of digital assets is critical to advancing policy and fostering innovation.",{"_37":5030,"_39":5031},[],{"_41":111,"_43":5032,"_45":863,"_47":5033,"_49":5034,"_70":5035,"_60":61},"jxotc72e",{},[],"2. Legitimacy: Establishing Rights and Responsibilities",{"_37":5037,"_39":5115},[5038,5045,5066,5087,5108],{"_37":5039,"_39":5040},[],{"_41":42,"_43":5041,"_45":863,"_47":5042,"_49":5043,"_70":5044,"_60":61},"eW5d5B7L",{},[],"Path to Legitimacy: Establish a global, real-time, and uninterrupted process for issuing, trading, and owning digital assets by individuals, corporations, and machines.",{"_37":5046,"_39":5061},[5047,5054],{"_37":5048,"_39":5049},[],{"_41":42,"_43":5050,"_45":863,"_47":5051,"_49":5052,"_70":5053,"_60":61},"UATPynqO",{},[],"Rights: The right to create and issue digital assets.",{"_37":5055,"_39":5056},[],{"_41":42,"_43":5057,"_45":863,"_47":5058,"_49":5059,"_70":5060,"_60":61},"Y35lJOno",{},[],"Responsibilities: Ensure fair disclosure and ethical behavior.",{"_41":42,"_43":5062,"_45":872,"_47":5063,"_49":5064,"_70":5065,"_60":61},"N2lynQw-",{"_115":2957},[],"Issuers:",{"_37":5067,"_39":5082},[5068,5075],{"_37":5069,"_39":5070},[],{"_41":42,"_43":5071,"_45":863,"_47":5072,"_49":5073,"_70":5074,"_60":61},"l9OBKQ_e",{},[],"Rights: The right to custody, trade, and transfer assets between clients and other exchanges.",{"_37":5076,"_39":5077},[],{"_41":42,"_43":5078,"_45":863,"_47":5079,"_49":5080,"_70":5081,"_60":61},"8wPDnWf3",{},[],"Responsibilities: Publish asset disclosures, protect client assets, and avoid conflicts of interest.",{"_41":42,"_43":5083,"_45":872,"_47":5084,"_49":5085,"_70":5086,"_60":61},"BpXUeZk4",{"_115":2957},[],"Exchanges:",{"_37":5088,"_39":5103},[5089,5096],{"_37":5090,"_39":5091},[],{"_41":42,"_43":5092,"_45":863,"_47":5093,"_49":5094,"_70":5095,"_60":61},"fz0Feq9t",{},[],"Rights: Self-custody, trade, and transfer their assets.",{"_37":5097,"_39":5098},[],{"_41":42,"_43":5099,"_45":863,"_47":5100,"_49":5101,"_70":5102,"_60":61},"ugbfxJX4",{},[],"Responsibilities: Comply with applicable local laws.",{"_41":42,"_43":5104,"_45":872,"_47":5105,"_49":5106,"_70":5107,"_60":61},"ldnJFeOT",{"_115":2957},[],"Owners:",{"_37":5109,"_39":5110},[],{"_41":42,"_43":5111,"_45":863,"_47":5112,"_49":5113,"_70":5114,"_60":61},"5b0ZV4pO",{},[],"Foundational Principle: No one has the right to lie, cheat, or steal. All participants are civilly and criminally responsible for their actions.",{"_41":42,"_43":5116,"_45":872,"_47":5117,"_49":5118,"_70":5119,"_60":61},"GmUzHa8I",{"_115":2957},[],"Creating a robust framework of rights and responsibilities is essential for issuers, exchanges, and owners to engage in digital asset markets with confidence.",{"_37":5121,"_39":5122},[],{"_41":111,"_43":5123,"_45":863,"_47":5124,"_49":5125,"_70":5126,"_60":61},"G3hupzJM",{},[],"3. Practicality: Rational Compliance to Empower Innovation",{"_37":5128,"_39":5171},[5129,5136,5143,5164],{"_37":5130,"_39":5131},[],{"_41":42,"_43":5132,"_45":863,"_47":5133,"_49":5134,"_70":5135,"_60":61},"yDM7xvpy",{},[],"Standardized Disclosures: Define a data structure for each digital asset class to constitute fair public disclosure.",{"_37":5137,"_39":5138},[],{"_41":42,"_43":5139,"_45":863,"_47":5140,"_49":5141,"_70":5142,"_60":61},"fbICKjve",{},[],"Industry-Led Compliance: Allow exchanges to collect and publish asset data as a service to the industry and investors.",{"_37":5144,"_39":5159},[5145,5152],{"_37":5146,"_39":5147},[],{"_41":42,"_43":5148,"_45":863,"_47":5149,"_49":5150,"_70":5151,"_60":61},"zRadB-e5",{},[],"Issuance Compliance: Limit costs to no more than 1% of AUM to issue an asset.",{"_37":5153,"_39":5154},[],{"_41":42,"_43":5155,"_45":863,"_47":5156,"_49":5157,"_70":5158,"_60":61},"668EWH_e",{},[],"Maintenance Compliance: Limit costs to no more than 10 basis points annually to maintain an asset listing.",{"_41":42,"_43":5160,"_45":872,"_47":5161,"_49":5162,"_70":5163,"_60":61},"93IxMfOt",{"_115":2957},[],"Cost Limits:",{"_37":5165,"_39":5166},[],{"_41":42,"_43":5167,"_45":863,"_47":5168,"_49":5169,"_70":5170,"_60":61},"PMfvWyK_",{},[],"Streamlined Issuance: Remove regulators from the critical path of digital asset issuance. Empower exchanges to deliver integrated services to issuers, owners, and other exchanges.",{"_41":42,"_43":5172,"_45":872,"_47":5173,"_49":5174,"_70":5175,"_60":61},"-Pw_jz0T",{"_115":2957},[],"Digital asset regulation must prioritize efficiency and innovation over friction and bureaucracy.",{"_37":5177,"_39":5178},[],{"_41":42,"_43":5179,"_45":863,"_47":5180,"_49":5181,"_70":5182,"_60":61},"uRzxfiFi",{},[],"Goal: Enable exponential improvements in cost, speed, quality, and accessibility via freemarket competition and innovation.",{"_37":5184,"_39":5185},[],{"_41":111,"_43":5186,"_45":863,"_47":5187,"_49":5188,"_70":5189,"_60":61},"zifcoF8_",{},[],"4. Vision: A Capital Markets Renaissance",{"_37":5191,"_39":5220},[5192,5199,5206,5213],{"_37":5193,"_39":5194},[],{"_41":42,"_43":5195,"_45":863,"_47":5196,"_49":5197,"_70":5198,"_60":61},"y8Cdzb2k",{},[],"Rapid Issuance: Allow issuers to create and issue digital assets in hours or days instead of months or years.",{"_37":5200,"_39":5201},[],{"_41":42,"_43":5202,"_45":863,"_47":5203,"_49":5204,"_70":5205,"_60":61},"idGTYF-e",{},[],"Cost Reduction: Drive the cost of issuance from $10–100 million to $10–100 thousand.",{"_37":5207,"_39":5208},[],{"_41":42,"_43":5209,"_45":863,"_47":5210,"_49":5211,"_70":5212,"_60":61},"tkeCtMFy",{},[],"Access Expansion: Open capital markets to 40 million businesses (up from the current 4,000 public companies).",{"_37":5214,"_39":5215},[],{"_41":42,"_43":5216,"_45":863,"_47":5217,"_49":5218,"_70":5219,"_60":61},"kkCP6hGE",{},[],"Broader Participation: Empower small businesses, artists, celebrities, and mid-sized enterprises to raise capital through tokenized assets.",{"_41":42,"_43":5221,"_45":5222,"_47":5223,"_49":5224,"_70":5225,"_60":61},"qb5LLfnu","bafy2bzaceb64sq6y6622vcqmlzy63yhsoyiixixb463yp2ldol4yexoyse4kc",{"_115":2957},[],"The United States has an opportunity to catalyze a 21st-century capital markets renaissance, unleashing trillions of dollars in value creation.",[124],"/library/digital-assets-framework-principles-and-opportunity-for-the-united-states","2025-03-03T11:12:05.760Z",{"_131":881,"_135":882},{},{"_173":872,"_177":879},{"_43":860,"_185":98,"_99":5233,"_119":863,"_187":-5,"_188":-5,"_189":-5,"_190":-5,"_184":6},[459,862],1776429499320,[277,860,863,6],"[\"ENTITY\",\"hm://z6Mkusu8KBMXe52JC9fnEFzwdsAF2SXGvnxoAyVTXBhGfRDR/library/digital-assets-framework-principles-and-opportunity-for-the-united-states\",\"bafy2bzaced5torxpag65derrie5q2nztqnqxoxu3qwctzlbwinqhrblld6y3y\",true]",{"_199":5238,"_275":5263,"_278":5264},{"_201":5239,"_259":260,"_261":5262,"_263":-5,"_264":265,"_266":265,"_267":265,"_268":-5,"_269":-5,"_270":8,"_271":272,"_273":274},{"_41":32,"_32":5240,"_43":5260},{"_34":5241,"_119":887,"_121":98,"_122":5255,"_99":771,"_125":896,"_127":5256,"_129":5257,"_144":5258,"_173":897,"_175":5259,"_179":180},[5242],{"_37":5243,"_39":5244},[],{"_41":85,"_43":5245,"_45":887,"_47":5246,"_49":5254,"_70":61,"_60":61},"NkdbQ1gl",{"_89":649,"_90":91,"_92":5247,"_108":8},{"_94":5248,"_102":5251},[5249],{"_97":98,"_99":5250,"_100":502},"meetups/2025",[5252],{"_105":8,"_106":5253},"Title",[],[760,98],"2025-02-28T10:58:12.381Z",{"_131":755},{},{"_173":897,"_177":904},{"_43":885,"_185":98,"_99":5261,"_119":887,"_187":-5,"_188":-5,"_189":-5,"_190":-5,"_184":6},[412,755],1776429499310,[277,885,887,6],"[\"ENTITY\",\"hm://z6Mkusu8KBMXe52JC9fnEFzwdsAF2SXGvnxoAyVTXBhGfRDR/meetups/2025\",\"bafy2bzacebw2rw3eh5thd2kmgauvz5jj5da7cvsq4biiaclczuf4fp7rvrxye\",true]",{"_199":5266,"_275":7033,"_278":7034},{"_201":5267,"_259":260,"_261":7032,"_263":-5,"_264":265,"_266":265,"_267":265,"_268":-5,"_269":-5,"_270":8,"_271":272,"_273":274},{"_41":32,"_32":5268,"_43":7030},{"_34":5269,"_119":911,"_121":98,"_122":7024,"_99":7025,"_125":921,"_127":7026,"_129":7027,"_144":7028,"_173":922,"_175":7029,"_179":180},[5270,5289,5296,5410,5481,5488,5500,5506,5519,5531,5538,5544,5556,5568,5574,5586,5598,5611,5625,5638,5653,5660,5666,5677,5689,5702,5715,5722,5729,5740,5746,5758,5764,5771,5778,5802,5826,6020,6239,6360,6703,6733],{"_37":5271,"_39":5272},[],{"_41":42,"_43":5273,"_45":911,"_47":5274,"_49":5275,"_70":5288,"_60":61},"XnT2lQ9f",{},[5276,5281],{"_41":2603,"_53":5277,"_56":5278,"_47":5280,"_60":61},[260,3666],[3944,5279],213,{},{"_41":63,"_53":5282,"_56":5284,"_47":5286,"_60":5287},[5283],177,[5285],209,{},"https://cdn.mises.org/rae9_2_5_4.pdf","George Selgin and Lawrence H. White \nThe Review of Austrian Economics Vol. 9, No. 2 (1996): 83-107 ISSN 0889-3047\nSelgin and White: In Defense of Fiduciary Media\nOrigin Server: https://cdn.mises.org/rae9_2_5_4.pdf",{"_37":5290,"_39":5291},[],{"_41":42,"_43":5292,"_45":911,"_47":5293,"_49":5294,"_70":5295,"_60":61},"k8uiD-dT",{},[],"The Murray Rothbard both of us knew was committed to a frank and vigorous contest of ideas. He understood that an expression of disagreement was not an expression of disrespect - quite the contrary. Here we wish to honor Rothbard's memory by addressing a set of issues surrounding fractional-reserve banking, issues on which we disagree with some of Rothbard's conclusions despite beginning (we believe) from many of the same premises. Our main concern is to defend the freedoms to issue and use fiduciary media of exchange. The vehicle for our defense is a response to criticisms of our views by Hans-Herman Hoppe in his article \"How is Fiat Money Possible? - or, The Devolution of Money and Credit\" (1994). Subsequent to Hoppe's article, Jesus Huerta de Soto (1995) and Jörg Guido Hülsmann (1996) have also offered criticisms of our position in lengthy articles in this journal. We address at a few points in the text below what we take to be de Soto's main arguments. Hülsmann's article has appeared too recently for us to address it directly here, but its arguments closely parallel Hoppe's. In particular, Hülsmann, like Hoppe, fails to appreciate Mises's (fairly standard) explanation of why fractional-reserve banking is feasible. We therefore believe that our rebuttal to Hoppe serves to rebut Hülsmann's main arguments as well.",{"_37":5297,"_39":5401},[5298,5309,5316,5328,5340,5346,5353,5360,5366,5377,5388,5394],{"_37":5299,"_39":5300},[],{"_41":42,"_43":5301,"_45":911,"_47":5302,"_49":5303,"_70":5308,"_60":61},"6IOHiyHe",{},[5304],{"_41":2603,"_53":5305,"_56":5306,"_47":5307,"_60":61},[3799],[2671],{},"It should be understood at the outset that fiduciary media, i.e., demandable bank claims that are not 100 percent backed by bank reserves of basic money, are not a type of fiat money. We do not ",{"_37":5310,"_39":5311},[],{"_41":42,"_43":5312,"_45":911,"_47":5313,"_49":5314,"_70":5315,"_60":61},"yx5faFml",{},[],"——————————————————————————————————————",{"_37":5317,"_39":5318},[],{"_41":42,"_43":5319,"_45":911,"_47":5320,"_49":5321,"_70":5327,"_60":61},"gS2h2h2J",{},[5322],{"_41":2603,"_53":5323,"_56":5324,"_47":5326,"_60":61},[265],[5325],104,{},"*George Selgin and Lawrence H. White are associate professors of economics at the University of Georgia.",{"_37":5329,"_39":5330},[],{"_41":42,"_43":5331,"_45":911,"_47":5332,"_49":5333,"_70":5339,"_60":61},"CMRMwTJs",{},[5334],{"_41":2603,"_53":5335,"_56":5336,"_47":5338,"_60":61},[265],[5337],95,{},"1 With apologies to Devo, the '80s rock band who used the slogan \"Are We Not Men? We Are Devo!\"",{"_37":5341,"_39":5342},[],{"_41":42,"_43":5343,"_45":911,"_47":5344,"_49":5345,"_70":5315,"_60":61},"phIFtXjp",{},[],{"_37":5347,"_39":5348},[],{"_41":42,"_43":5349,"_45":911,"_47":5350,"_49":5351,"_70":5352,"_60":61},"xv6omOwM",{},[],"intend to defend fiat money here, and have not defended it in our previous writings. Professor Hoppe unfortunately suggests otherwise. In the course of arguing that \"no fiat money can ever arise 'innocently,' \" i.e., purely from free-market forces rather than from government intervention, Hoppe (1994, p. 49) criticizes at length what he calls \"various prominent counterarguments.\" He names us as authors of one supposed counterargument, as though we had argued for the possibility of an innocent fiat money. In fact we have explicitly argued the opposite. In discussing the institutional evolution of free markets in money and banking we concluded (Selgin and White 1987, pp. 453-4) that \"commodity-based money would persist in the absence of intervention, for the reason that the supreme salability of the particular money good is self-reinforcing,\" and that there is thus \"no basis for the spontaneous emergence of a multi-commodity standard or of any pure fiat standard.\"",{"_37":5354,"_39":5355},[],{"_41":42,"_43":5356,"_45":911,"_47":5357,"_49":5358,"_70":5359,"_60":61},"F4mP2y41",{},[],"How then do we think fiat money came to be? Our writings on the question have been plain enough. White (1989, pp. 59-61) has answered that \"government has suppressed commodity money in favor of fiat money\" and added: \"I do not know of a single historical case of fiat money supplanting commodity money through competition rather than compulsion. . . . Historically, the introduction of fiat money . . . has come about by the permanent suspension of redeemability of the central bank's liabilities, enriching only the government.\" Selgin (1994c, p. 811) has addressed the question at length (3), affirming the conclusion reached by Mises (and by Rothbard) that \"States have never established fiat monies through 'social compacts,'. ..but rather have had to create them at first by taking convertible commodity based monies that were already in circulation and 'depriving them of their essential characteristic of permanent convertibility.'\" (The first internal quotation is from Rothbard, the second from Mises.)",{"_37":5361,"_39":5362},[],{"_41":42,"_43":5363,"_45":911,"_47":5364,"_49":5365,"_70":5315,"_60":61},"9SgEO8J2",{},[],{"_37":5367,"_39":5368},[],{"_41":42,"_43":5369,"_45":911,"_47":5370,"_49":5371,"_70":5376,"_60":61},"QXRciQhY",{},[5372],{"_41":2603,"_53":5373,"_56":5374,"_47":5375,"_60":61},[265],[4396],{},"2 This essay is reprinted in White (1989), a book Hoppe cites.",{"_37":5378,"_39":5379},[],{"_41":42,"_43":5380,"_45":911,"_47":5381,"_49":5382,"_70":5387,"_60":61},"nHcs0e0g",{},[5383],{"_41":2603,"_53":5384,"_56":5385,"_47":5386,"_60":61},[265],[2573],{},"3 Selgin's paper was available at the time Hoppe wrote, having been presented at a Mises Institute confetence which he attended in 1992.",{"_37":5389,"_39":5390},[],{"_41":42,"_43":5391,"_45":911,"_47":5392,"_49":5393,"_70":5315,"_60":61},"8gxx0-h1",{},[],{"_37":5395,"_39":5396},[],{"_41":42,"_43":5397,"_45":911,"_47":5398,"_49":5399,"_70":5400,"_60":61},"6wpjebWM",{},[],"The factual origins of fiat money are thus not, in our view, to be found in the free market. But is fiat money nevertheless a desirable innovation? We have not said so, and we do not think so. We regard the dismantling of commodity standards by governments as a great tragedy, something accomplished by highly objectionable means and having economically destructive consequences. The central banks' devaluation and finally repudiation of their contractual obligations to redeem their notes and deposits in gold involved massive confiscations of private wealth, and paved the way for ruinous episodes of inflation and depression the likes of which would not have been experienced under an unmanaged commodity standard.",{"_41":111,"_43":5402,"_45":911,"_47":5403,"_49":5404,"_70":5409,"_60":61},"Z_NFOLCl",{"_115":116},[5405],{"_41":52,"_53":5406,"_56":5407,"_47":5408,"_60":61},[265],[2840],{},"The Origins of Fiat Money",{"_37":5411,"_39":5472},[5412,5419,5436,5442,5454,5466],{"_37":5413,"_39":5414},[],{"_41":42,"_43":5415,"_45":911,"_47":5416,"_49":5417,"_70":5418,"_60":61},"cEA4gprH",{},[],"Hoppe's grouping us with defenders of fiat money is therefore puzzling, especially given that he recognizes (pp. 69-70) that our monetary ideal \"is a universal commodity money such as an international gold standard.\" So how are we supposed to favor both fiat and commodity money? The answer lies in a verbal sleight-of-hand. Although beginning his article with what seems to be the conventional definition of fiat money (\"a medium of exchange which is neither a commercial commodity, a consumer, or a producer good, nor title to any such commodity; i.e., irredeemable paper money\"), Hoppe tacitly redefines the category of fiat money to include banknotes and deposits that are redeemable-on-demand claims to commodity money, so long as they are not backed 100 percent by reserves of commodity money.(4) It is true that we have offered both ethical and economic arguments in defense of the contractual practice of fractional-reserve banking.",{"_37":5420,"_39":5421},[],{"_41":42,"_43":5422,"_45":911,"_47":5423,"_49":5424,"_70":5435,"_60":61},"bnzQEM94",{},[5425],{"_41":2603,"_53":5426,"_56":5430,"_47":5434,"_60":61},[5427,5428,5429],433,787,1176,[5431,5432,5433],467,789,1184,{},"Any author is free to redefine terms as he pleases, but it is misleading for him to depart from an established usage without announcing plainly that he is doing so. Hoppe's expanded usage of \"fiat money\" is unorthodox, to say the least, even from an Austrian point of view. Mises (1966, p. 429, emphasis added), for one, defined fiat money as \"money consisting of mere tokens which can neither be employed for any industrial purpose nor convey a claim against anybody.\" He carefully distinguished the category of base money or \"money in the narrower sense,\" which includes gold coins (in a gold standard regime) and true fiat currency (in a fiat money regime), from the category of \"money substitutes,\" which includes fractionally-backed checking deposits and banknotes (which of course do convey a claim against banks). Finally, Mises (1966, p. 433; 1980, appendix B) referred to that portion of redeemable money substitutes backed by assets other than base money as \"fiduciary media,\" not as any kind of fiat money. Rothbard (1970a, p. 703) follows Mises's terminology in every particular. According to the Misesian terminology, then, a fractionally-backed banknote that is de facto redeemable, and is recognized by the public to be redeemable, is not an example of fiat money. Contrary to Hoppe's (pp. 49, 73) innovative phraseology, it is neither a \"fractional\" fiat money nor a \"partial\" fiat money.(5) It is instead a fractionally or partially fiduciary medium.",{"_37":5437,"_39":5438},[],{"_41":42,"_43":5439,"_45":911,"_47":5440,"_49":5441,"_70":5315,"_60":61},"BqyKIa5z",{},[],{"_37":5443,"_39":5444},[],{"_41":42,"_43":5445,"_45":911,"_47":5446,"_49":5447,"_70":5453,"_60":61},"2H1BVZQX",{},[5448],{"_41":2603,"_53":5449,"_56":5450,"_47":5452,"_60":61},[265],[5451],499,{},"4 Perhaps this view is that, even when in practice a fractional-reserve bank for years fulfills every redemption request that actually comes to it, nonetheless its notes should really be considered irredeemable because the bank would default if all its notes and demand deposits were presented for redemption simultaneously. And for the same reason Hoppe may view the title conveyed by a banknote's contractual pledge that the bank \"will pay to the bearer on demand\" as not genuinely a title at all.",{"_37":5455,"_39":5456},[],{"_41":42,"_43":5457,"_45":911,"_47":5458,"_49":5459,"_70":5465,"_60":61},"LpF9kAfV",{},[5460],{"_41":2603,"_53":5461,"_56":5462,"_47":5464,"_60":61},[2702],[5463],276,{},"5 Redeemable bank liabilities are not fiat money even if the (fractional) bank reserves themselves consist of fiat money. In Misesian terms, a bank-issued medium of exchange is a \"money substitute,\" i.e., a substitute for money proper (either for fiat or for commodity money).",{"_37":5467,"_39":5468},[],{"_41":42,"_43":5469,"_45":911,"_47":5470,"_49":5471,"_70":5315,"_60":61},"asytV9fa",{},[],{"_41":111,"_43":5473,"_45":911,"_47":5474,"_49":5475,"_70":5480,"_60":61},"sXd-NR-r",{"_115":116},[5476],{"_41":52,"_53":5477,"_56":5478,"_47":5479,"_60":61},[265],[2586],{},"\"Fiat\" Redefined by Fiat",{"_37":5482,"_39":5483},[],{"_41":42,"_43":5484,"_45":911,"_47":5485,"_49":5486,"_70":5487,"_60":61},"YU0MKatH",{},[],"Labels aside, Hoppe's lumping together of fiduciary media with fiat money is substantively misleading, because it blurs important theoretical differences between the two. The determinants of the quantity of fiduciary media in a fractional-reserve banking system are quite distinct from the determinants of the quantity of fiat money. Economic factors strictly limit the quantity of fiduciary media a banking system can issue, given its reserves of base money. The quantity of fiat money, by contrast, is not subject to any natural economic limit.(6) We have argued (Selgin and White 1994, pp. 1734-5) that a natural limit to the quantity of fiat-type (i.e., irredeemable, non-commodity) money would be lacking even if such money were issued by competing firms. Thus Hayek's (1978) proposal for private fiat-type money unfortunately fails to secure the quantity and value of money. A \"free banking\" regime with competing issuers of redeemable notes and deposits is quite distinct from a Hayekian regime of \"competing fiat monies.\"",{"_37":5489,"_39":5490},[],{"_41":42,"_43":5491,"_45":911,"_47":5492,"_49":5493,"_70":5499,"_60":61},"d21yEube",{},[5494],{"_41":2603,"_53":5495,"_56":5496,"_47":5498,"_60":61},[265],[5497],123,{},"6 To be precise, we mean the quantity measured in units of account, holding the definition of the unit of account constant.",{"_37":5501,"_39":5502},[],{"_41":42,"_43":5503,"_45":911,"_47":5504,"_49":5505,"_70":5315,"_60":61},"8z3BN06r",{},[],{"_37":5507,"_39":5508},[],{"_41":42,"_43":5509,"_45":911,"_47":5510,"_49":5511,"_70":5518,"_60":61},"YFY2_vj_",{},[5512],{"_41":2603,"_53":5513,"_56":5514,"_47":5517,"_60":61},[3206,2668],[5515,5516],96,111,{},"upon transfer of property.\"(7) Fractional-reserve banking arrangements cannot then be inherently or inescapably fraudulent. Whether a particular bank is committing a fraud by holding fractional reserves must depend on the terms of the title-transfer agreements between the bank and its customers.",{"_37":5520,"_39":5521},[],{"_41":42,"_43":5522,"_45":911,"_47":5523,"_49":5524,"_70":5530,"_60":61},"PhYUrhIH",{},[5525],{"_41":2603,"_53":5526,"_56":5527,"_47":5529,"_60":61},[3670],[5528],49,{},"Rothbard (1983a, p. 142) in The Ethics of Liberty gives two examples of fraud, both involving blatant misrepresentations (in one, \"A sells B a package which A says contains a radio, and it contains only a pile of scrap metal\"). He concludes that \"if the entity is not as the seller describes, then fraud and hence implicit theft has taken place.\" The consistent application of this view to banking would find that it is fraudulent for a bank to hold fractional reserves if and only if the bank misrepresents itself as holding 100 percent reserves, or if the contract expressly calls for the holding of 100 percent reserves.(8) If a bank does not represent or expressly oblige itself to hold 100 percent reserves, then fractional reserves do not violate the contractual agreement between the bank and its customer (White 1989, pp. 156-57). (Failure in practice to satisfy a redemption request that the bank is contractually obligated to satisfy does of course constitute a breach of contract.) Outlawing voluntary contractual arrangements that permit fractional reserve-holding is thus an intervention into the market, a restriction on the freedom of contract which is an essential aspect of private property rights.",{"_37":5532,"_39":5533},[],{"_41":42,"_43":5534,"_45":911,"_47":5535,"_49":5536,"_70":5537,"_60":61},"oBNjGWoV",{},[],"Hoppe declares our defense of the freedom to make fractional-reserve-compatible contracts to be \"silly\" because, he asserts, \"few if any\" depositors have ever realized that some of their deposits are being loaned out, even though (as he acknowledges) the payment of interest on deposits would otherwise be impossible. We doubt that most depositors are as naive as Hoppe believes. As Rothbard (1990, p. 47) has correctly observed, \"It is well-known that banks have rarely stayed on a '100 percent' basis very long.\" We thus find it hard to believe that most people who patronize fractional-reserve banks do so under the delusion that 100 percent of the money they deposit remains in the bank's vault until the moment they ask for it back. (We return to this issue below.)",{"_37":5539,"_39":5540},[],{"_41":42,"_43":5541,"_45":911,"_47":5542,"_49":5543,"_70":5315,"_60":61},"-rINvVej",{},[],{"_37":5545,"_39":5546},[],{"_41":42,"_43":5547,"_45":911,"_47":5548,"_49":5549,"_70":5555,"_60":61},"I8c_iYoi",{},[5550],{"_41":2603,"_53":5551,"_56":5552,"_47":5554,"_60":61},[265],[5553],341,{},"7 A more standard definition of fraud confines it to a willful or deliberate deception for purposes of gain. Thus an unintended failure to meet the terms of an agreed transfer due to unexpected circumstances beyond the party's control, would constitute a breach of contract, but not a fraud. Nothing herein turns on this distinction, though.",{"_37":5557,"_39":5558},[],{"_41":42,"_43":5559,"_45":911,"_47":5560,"_49":5561,"_70":5567,"_60":61},"zADAzrxr",{},[5562],{"_41":2603,"_53":5563,"_56":5564,"_47":5566,"_60":61},[265],[5565],797,{},"8 Whether it is fraudulent to hold fractional reserves against a bank liability does not depend per se on whether it is a demand or time liability, but only on whether the bank has misrepresented itself as holding 100 percent reserves. The demandability of a particular claim issued by a bank, i.e., the holder's contractual option to redeem it at any time, is not per se a representation that the bank is holding 100 percent reserves against the total of its demandable claims. Rothbard (1990, pp. 49-50) argues otherwise, based on the view that a bank's demand deposits and notes are necessarily \"warehouse receipts\" and not debts. We do not see why bank and customer cannot contractually agree to make them debts and not warehouse receipts, and we believe that historically they have so agreed.",{"_37":5569,"_39":5570},[],{"_41":42,"_43":5571,"_45":911,"_47":5572,"_49":5573,"_70":5315,"_60":61},"T5XBELDa",{},[],{"_37":5575,"_39":5576},[],{"_41":42,"_43":5577,"_45":911,"_47":5578,"_49":5579,"_70":5585,"_60":61},"7_GkVxCS",{},[5580],{"_41":2603,"_53":5581,"_56":5582,"_47":5584,"_60":61},[3840],[5583],147,{}," But whether the informed would-be customers of fractional-reserve banks be a majority or a minority, their freedom of contract is at stake. If any person knowingly prefers to put money into an (interest-bearing) fractional-reserve account, rather than into a (storage-fee-charging) 100 percent reserve account, then a blanket prohibition on fractional-reserve banking by force of law is a binding legal restriction on freedom of contract in the market for banking services.",{"_37":5587,"_39":5588},[],{"_41":42,"_43":5589,"_45":911,"_47":5590,"_49":5591,"_70":5597,"_60":61},"Bf2omZm4",{},[5592],{"_41":2603,"_53":5593,"_56":5594,"_47":5596,"_60":61},[3423],[5595],202,{},"Walter Block (1988, pp. 28-30), though he (following Rothbard) judges fractional-reserve banking \"as presently constituted\" to be \"a fraud and a sham,\" acknowledges that fractional-reserve banking could be non-deceptive and voluntary. To make it so, Block argues, the bank needs to affix an adequate disclaimer to banknotes and deposit contracts regarding the bank's fractional-reserve-holding and redemption policies. Hoppe (1994, p. 71), citing Block, similarly allows that fractional-reserve practices would be non-fraudulent if the bank explicitly informed depositors that it reserved the right to \"suspend or defer redemption\" at any time.",{"_37":5599,"_39":5600},[],{"_41":42,"_43":5601,"_45":911,"_47":5602,"_49":5603,"_70":5610,"_60":61},"elnBV0wT",{},[5604],{"_41":2603,"_53":5605,"_56":5607,"_47":5609,"_60":61},[5606],583,[5608],586,{},"If the proponents of the \"fraud\" objection to fractional-reserve banking thus concede that the objection vanishes when banks apply the equivalent of a \"warning sticker,\" then they concede that fractional-reserve banking is not inherently fraudulent. Fraud occurs only if a bank's customers are misled about its practices. The remaining normative debate boils down to the question of whether a warning sticker really is needed to avoid misleading customers (which in our view depends on whether the reasonable default assumption, absent a sticker, is really that 100 percent reserves are being held), and, if so, to the question of how explicit the sticker must be. There is also the positive question of whether fractional-reserve banknotes and deposits really could circulate among an informed public.",{"_37":5612,"_39":5613},[],{"_41":42,"_43":5614,"_45":911,"_47":5615,"_49":5616,"_70":5624,"_60":61},"oMBOl-md",{},[5617],{"_41":2603,"_53":5618,"_56":5620,"_47":5623,"_60":61},[3722,5619],634,[5621,5622],283,643,{},"Our view is that a mandatory \"warning sticker\" is certainly less objectionable than an outright ban on fractional-reserve banking, and would not impede the practice of fractional-reserve banking, but that it is not really needed to avoid misrepresentation, because a \"deposit\" is not commonly understood to be a 100-percent-reserve bailment unless otherwise specified. As Rothbard (1970b, p. 34) once described the libertarian approach to preventing product adulteration, \"if a man simply sells what he calls 'bread,' it must meet the common definition of bread held by consumers, and not some arbitrary specification. However, if he specifies the composition on the loaf [Rothbard does not suggest that this should be mandatory], he is liable for prosecution if he is lying.\" We maintain that the common definition or default meaning of a \"bank deposit\" is, as courts have recognized (Rothbard 1983b, pp. 93-94), that of a debt claim against the bank and not of a warehouse receipt.",{"_37":5626,"_39":5627},[],{"_41":42,"_43":5628,"_45":911,"_47":5629,"_49":5630,"_70":5637,"_60":61},"bUR49vfN",{},[5631],{"_41":2603,"_53":5632,"_56":5634,"_47":5636,"_60":61},[5633],418,[5635],423,{},"Block and Hoppe propose slightly different warnings as adequate to avoid fraud. It is not clear whether they are merely offering examples, or instead believe these to be the only sorts of adequate warnings. Block's warning would detail the bank's reserve ratio and its policy for meeting redemptions when they exceed its reserves (e.g., first-come first-served). His example seems to assume that the bank would hold a fixed reserve ratio (because it specifies the precise ratio on its notes). The bank and its customers might well both prefer, however, to allow the bank discretion to vary the ratio as prudence dictates. Under varying conditions, a varying ratio is necessary to maintain a constant default risk. Hoppe's warning would inform claim-holders that the bank reserves the right to suspend or defer redemption at any time.(9) But some banks and their customers might prefer a demandable debt contract that does not give the bank any such right to suspend. What then?",{"_37":5639,"_39":5640},[],{"_41":42,"_43":5641,"_45":911,"_47":5642,"_49":5643,"_70":5652,"_60":61},"ozMsni6B",{},[5644],{"_41":2603,"_53":5645,"_56":5648,"_47":5651,"_60":61},[5646,5647],281,763,[5649,5650],292,765,{},"Hoppe likens his warning to the \"option clauses\" historically placed on banknotes, but it should be noted that such clauses only allowed for the deferral, or temporary suspension, and never for the indefinite suspension of redemption (who, after all, would freely choose to take a permanently suspendable note?). The Scottish banks that issued option-clause notes explicitly reserved the right to defer redemption for a specified period, in which case the note would be repaid with a specified (and high) interest bonus.(10) In practice the banks went decades without invoking the option, and the clause-laden notes circulated easily at par, because the banks were not expected to invoke the option. Hoppe's prediction that option-clause notes \"would be uniquely unsuited to serve as a medium of exchange\" is false, to judge by the Scottish evidence.",{"_37":5654,"_39":5655},[],{"_41":42,"_43":5656,"_45":911,"_47":5657,"_49":5658,"_70":5659,"_60":61},"1iR_OOlV",{},[],"Equally without historical support is Block's (1988, pp. 30-31) suggestion that, because the holder of a note issued by a bank with a 20 percent reserve has only a 20 percent chance of ",{"_37":5661,"_39":5662},[],{"_41":42,"_43":5663,"_45":911,"_47":5664,"_49":5665,"_70":5315,"_60":61},"twC0ZeAd",{},[],{"_37":5667,"_39":5668},[],{"_41":42,"_43":5669,"_45":911,"_47":5670,"_49":5671,"_70":5676,"_60":61},"1GgQbSBU",{},[5672],{"_41":2603,"_53":5673,"_56":5674,"_47":5675,"_60":61},[265],[2771],{},"9 Hoppe would also have the bank inform its borrowers that their loans can be recalled at any time. On this odd suggestion see footnote 13 below.",{"_37":5678,"_39":5679},[],{"_41":42,"_43":5680,"_45":911,"_47":5681,"_49":5682,"_70":5688,"_60":61},"SE78cnUM",{},[5683],{"_41":2603,"_53":5684,"_56":5685,"_47":5687,"_60":61},[265],[5686],1151,{},"10 Checkland (1975, p. 67) provides a specimen of an optional note issued by the Royal Bank of Scotland. The face of the note reads, in fairly large print (occupying practically the entire face), \"The Royal Bank of Scotland . . . is hereby obliged to pay to [name] Or the Bearer, One Pound Sterling on demand Or, in the Option of the Directors, One pound Six pence Sterling at the End of Six Months after the day of the demand & for ascertaining the demand & Option of the Directors, the Accomptant & One of the Tellers of the Bank are hereby ordered to Mark & Sign this Note on the back of the same.\" The Bank of Scotland, also known as \"the Old Bank,\" introduced the option clause in 1730. Checkland (1975, p. 68) comments that 'The adoption of the clause does not seem to have impaired the Old Bank's note issue.\" The public presumably realized that the bank would try to avoid having to invoke the option to defer redemption, both for reputational reasons and because the bank would then, under the terms of the clause, have to pay interest on its notes. The bank did not in fact invoke the option until 1762. Option clauses were outlawed in 1765.——————————————————————————————————————",{"_37":5690,"_39":5691},[],{"_41":42,"_43":5692,"_45":911,"_47":5693,"_49":5694,"_70":5701,"_60":61},"dG4NqnXd",{},[5695],{"_41":2603,"_53":5696,"_56":5698,"_47":5700,"_60":61},[5697],945,[5699],958,{},"redeeming it in the event of a bank run, a note issued by a bank known to hold fractional reserves is indistinguishable from a lottery ticket, and would be valued below par if the public were to \"fully digest\" the implications of its issuer's fractional reserves. It is true that a particular bank's notes would be valued below par if market participants worried that they might not be able to redeem the notes ahead of an imminent run on that bank. But such notes, on which default was considered a non-negligible risk, would not continue circulating, even at a discount. They would immediately be presented for redemption, and thus removed from circulation. The surviving brands of notes would be only those for which all redemption demands made in practice were expected to be met (see Mises 1966, p. 445). Fractional-reserve notes issued by respected banks - and such banks were not historically rare - were in fact able to circulate widely at face value because other banks and the public rightly recognized that the practical likelihood of experiencing any difficulty in redeeming the notes was negligibly small.",{"_37":5703,"_39":5704},[],{"_41":42,"_43":5705,"_45":911,"_47":5706,"_49":5707,"_70":5714,"_60":61},"-z21yJPM",{},[5708],{"_41":2603,"_53":5709,"_56":5711,"_47":5713,"_60":61},[5710],164,[5712],175,{},"The notion that a fractionally-backed banknote is akin to a lottery ticket seems to rest on a failure to appreciate the simple fact that fractional-reserve banking is feasible, that is, that a fractional-reserve bank can in practice continually fulfill its contractual obligation to redeem on demand. A fractionally-backed claim to basic money, a banknote or checking deposit balance, can itself serve as a medium of exchange. Because it is thus useful even without being redeemed for basic money, there is no reason to expect all the claims issued by a bank (unlike claims to bread, or winning claims against a lottery) to be redeemed in a given period. As Mises (1980, pp. 299-300) put it, a banker \"is therefore in a position to undertake greater obligations than he would ever be able to fulfill; it is enough if he takes sufficient precaution to ensure his ability to satisfy promptly that proportion of claims that is actually enforced against him.\"",{"_37":5716,"_39":5717},[],{"_41":42,"_43":5718,"_45":911,"_47":5719,"_49":5720,"_70":5721,"_60":61},"k9M8L0AT",{},[],"A demand deposit is the limiting case of a short-term deposit. Hoppe's view that it is infeasible for a bank to hold a fractional reserve against its demand liabilities would seem to imply that it is generally infeasible for a bank to borrow short and lend long, or to practice anything less than perfect maturity matching of liabilities with assets. Rothbard (1983, p. 99) argues explicitly that any bank that practices maturity-mismatching, i.e., has time deposits coming due before loan payoffs arrive, is violating \"a crucial rule of sound financial management.\" The practice is feasible (does not inevitably doom a bank), however, if the bank can count on rolling over or replacing at least some of its time deposits as they come due. Maturity-mismatching clearly does involve risks: not only liquidity risk, but also interest-rate risk. But surely the rules of sound financial management do not say that risk should never, ever be taken. Rather, they call for risk to be balanced against the return for risk-taking. A risk can be worth taking if the risk is small enough relative to the reward for taking it. When long-term market interest rates are higher than short-term rates, banks do earn a reward for assuming the risks involved in intermediating short-term deposits (including demand deposits) into longer-term loans. The view that fractional-reserve banking and maturity mismatching in general are \"inherently unsound\" practices seems to suggest that no bank should ever knowingly engage in any risk-return tradeoff with regard to the maturity structure of its balance sheet.",{"_37":5723,"_39":5724},[],{"_41":42,"_43":5725,"_45":911,"_47":5726,"_49":5727,"_70":5728,"_60":61},"XQUj6jRs",{},[],"Jesus Huerta de Soto (1995, p. 30) rejects \"the trite argument that the 'law of large numbers' allows the banks to act safely with a fractional reserve,\" on the grounds that \"the degree of probability of an untypical withdrawal of deposits is not, in view of its own nature, an insurable risk.\" It is true that the atypical withdrawals known as bank runs are not random events. But it does not follow that a bank cannot survive with fractional reserves, because solvent banks are not inherently run-prone. Even in countries (e.g., Scotland, Sweden, Canada) where the legal system vigorously enforced the banks' contractual obligation to pay on demand (and even where legislatures outlawed the contractual escape hatch from runs provided by an option clause), well-known banks with fractional reserves did not experience runs and continually met all their redemption demands for decades (Dowd 1992; Selgin 1994a).",{"_37":5730,"_39":5731},[],{"_41":42,"_43":5732,"_45":911,"_47":5733,"_49":5734,"_70":5739,"_60":61},"CO6zGviZ",{},[5735],{"_41":2603,"_53":5736,"_56":5737,"_47":5738,"_60":61},[4059],[3899],{},"If runs were a problem even with solvent banks - that is, if depositors ran simply out of fear that others would run, thereby forcing any less-than-perfectly-liquid bank to default - an option clause would be an available contractual remedy.(11) An option clause in note and demand deposit contracts gives the bank the option to suspend payments in the event of a run, for a period long enough to allow the bank to liquidate its non-reserve assets in orderly fashion. To make the clause acceptable to customers, judging by the historical example of the Scottish optional notes, the bank would have to specify the period of suspension (or at least its maximum length), and obligate itself to make a compensatory interest payment (in addition to returning the note's face value in base money) at the end of any suspension period. ",{"_37":5741,"_39":5742},[],{"_41":42,"_43":5743,"_45":911,"_47":5744,"_49":5745,"_70":5315,"_60":61},"Ml8fh8ER",{},[],{"_37":5747,"_39":5748},[],{"_41":42,"_43":5749,"_45":911,"_47":5750,"_49":5751,"_70":5757,"_60":61},"Epy4r-Dd",{},[5752],{"_41":2603,"_53":5753,"_56":5754,"_47":5756,"_60":61},[265],[5755],453,{},"11 It is in this connection, and not in connection with the \"fraud\" issue, contrary to Hoppe's account of our argument (1994, p. 71), that we consider the option clause important. But we can see that from Hoppe's viewpoint the clause also eliminates the charge of fraud, since the bank is no longer promising unconditionally to redeem its claims on demand, and therefore the total of its unconditionally demandable claims no longer exceeds its reserves.",{"_37":5759,"_39":5760},[],{"_41":42,"_43":5761,"_45":911,"_47":5762,"_49":5763,"_70":5315,"_60":61},"EIPRNd9Z",{},[],{"_37":5765,"_39":5766},[],{"_41":42,"_43":5767,"_45":911,"_47":5768,"_49":5769,"_70":5770,"_60":61},"uAcsTWJP",{},[],"This payment would not only compensate the customer for the inconvenience and delay, but would also give the bank a visible incentive not to invoke the option except when necessary (in technical jargon, it would make the contract \"incentive-compatible\"; it avoids a potential moral hazard problem by penalizing a bank that skimps on reserves and thereby runs too great a risk of suspension). Historically, as discussed in the text, some banks did write such option-clause contracts, where their legislatures did not forbid them to do so.",{"_37":5772,"_39":5773},[],{"_41":42,"_43":5774,"_45":911,"_47":5775,"_49":5776,"_70":5777,"_60":61},"dA-AEY3z",{},[],"But how do we know that not everyone who accepted a fractional-reserve note at face value was in the dark about its fractional backing? At the very least we know that competing banks participated in clearing arrangements in which they agreed to accept one another's notes at par. Certainly the bankers were not in the dark. They did not expect - or find - defaults at the clearinghouse to be more than extremely rare.",{"_37":5779,"_39":5793},[5780],{"_37":5781,"_39":5782},[],{"_41":42,"_43":5783,"_45":911,"_47":5784,"_49":5785,"_70":5792,"_60":61},"9SXswX4o",{},[5786],{"_41":2603,"_53":5787,"_56":5789,"_47":5791,"_60":61},[5788],188,[5790],203,{},"Given the difference between fiduciary media and fiat money, as those terms are used by Mises and Rothbard, the questions arise whether it is ethically or economically defensible to allow fiduciary media to be issued. We side with Mises, and part company from Rothbard and Hoppe, by acknowledging the legitimacy and practical advantages of fiduciary media and fractional-reserve banking. We base the legitimacy argument on Rothbardian normative analysis, and the practical-advantages argument on Misesian economic analysis.",{"_41":111,"_43":5794,"_45":911,"_47":5795,"_49":5796,"_70":5801,"_60":61},"elZQnczu",{"_115":116},[5797],{"_41":52,"_53":5798,"_56":5799,"_47":5800,"_60":61},[265],[2930],{},"Normative and Positive Questions",{"_37":5803,"_39":5817},[5804,5811],{"_37":5805,"_39":5806},[],{"_41":42,"_43":5807,"_45":911,"_47":5808,"_49":5809,"_70":5810,"_60":61},"GV6qHnaD",{},[],"Rothbard (1962, 1983b, 1990, 1995) long argued that fractional-reserve banking is inherently fraudulent, and Hoppe follows Rothbard down this unfortunate blind alley. We find the inherent-fraud position impossible to reconcile with Rothbard's (1983a, pp. 133-48) own title-transfer theory of contract, which we accept, and which Rothbard otherwise uses to defend the freedom of mutually consenting individuals to engage in capitalist acts with their (justly owned) property. Rothbard (1983a, p. 142) defines fraud as \"failure to fulfill a voluntarily-agreed",{"_37":5812,"_39":5813},[],{"_41":42,"_43":5814,"_45":911,"_47":5815,"_49":5816,"_70":5315,"_60":61},"OwDD7lYz",{},[],{"_41":111,"_43":5818,"_45":911,"_47":5819,"_49":5820,"_70":5825,"_60":61},"KDl1X8hN",{"_115":116},[5821],{"_41":52,"_53":5822,"_56":5823,"_47":5824,"_60":61},[265],[3392],{},"Rebutting the Charge of Fraud",{"_37":5827,"_39":6011},[5828,5843,5850,5863,5869,5881,5892,5904,5915,5921,5933,5945,5957,5964,5970,5977,5984,5991,5997,6004],{"_37":5829,"_39":5837},[5830],{"_37":5831,"_39":5832},[],{"_41":42,"_43":5833,"_45":911,"_47":5834,"_49":5835,"_70":5836,"_60":61},"PpvapMOJ",{},[],"Whenever a bank loans its \"excess\" reserves to a borrower, such a bilateral contract affects the property of third parties in a threefold way. First, by thereby increasing the money supply, the purchasing power of all other money owners is reduced; second, all depositors are harmed because the likelihood of their successfully recovering their own possessions is lowered; and third, all other borrowers - borrowers of commodity credit - are harmed because the injection of fiduciary credit impairs the safety of the entire credit structure and increases the risk of a business failure for every investor of commodity credit.",{"_41":42,"_43":5838,"_45":5839,"_47":5840,"_49":5841,"_70":5842,"_60":61},"h4SscBaO","bafy2bzaceadhdoiymwliisaffdvfbsgvy7mvedbfo5hv5gmlqcj7ymwmutg2a",{"_115":116},[],"Apart from the fraud and feasibility questions, Hoppe (pp. 70-71) offers another (\"and more decisive\") set of reasons why fractional-reserve banking contracts should be banned: they have spill-over effects on others. His argument bears quoting:",{"_37":5844,"_39":5845},[],{"_41":42,"_43":5846,"_45":911,"_47":5847,"_49":5848,"_70":5849,"_60":61},"_eZ_QfeF",{},[],"Let us consider these three third-party effects in turn.",{"_37":5851,"_39":5852},[],{"_41":42,"_43":5853,"_45":911,"_47":5854,"_49":5855,"_70":5862,"_60":61},"t5Rhxojh",{},[5856],{"_41":2603,"_53":5857,"_56":5859,"_47":5861,"_60":61},[5858],246,[5860],251,{},"(1) The first effect, the reduction in the purchasing power of money, provides no justification for legally barring the bank's action. To think that it does is to commit the elementary mistake of confusing spill-overs from others' actions to the value of C's property, which are an inescapable free-market phenomenon and not a violation of C's property rights, with physical invasions of C's property, which are of course inconsistent with the protection of C's property rights.(12) It should be obvious that if A and B are to be barred from any transaction that merely affects the",{"_37":5864,"_39":5865},[],{"_41":42,"_43":5866,"_45":911,"_47":5867,"_49":5868,"_70":5315,"_60":61},"kxRinMmP",{},[],{"_37":5870,"_39":5871},[],{"_41":42,"_43":5872,"_45":911,"_47":5873,"_49":5874,"_70":5880,"_60":61},"XA1MlQRK",{},[5875],{"_41":2603,"_53":5876,"_56":5877,"_47":5879,"_60":61},[265],[5878],253,{},"12 Economists conventionally distinguish a \"pecuniary externality,\" an effect on someone's wealth transmitted via the price system, from a \"technological externality,\" a physical or otherwise direct interference with someone's consumption or production.",{"_37":5882,"_39":5883},[],{"_41":42,"_43":5884,"_45":911,"_47":5885,"_49":5886,"_70":5891,"_60":61},"mcdtxFKE",{},[5887],{"_41":2603,"_53":5888,"_56":5889,"_47":5890,"_60":61},[265],[2668],{},"The first is an interdependence through the market; the second is an interaction outside the market.",{"_37":5893,"_39":5894},[],{"_41":42,"_43":5895,"_45":911,"_47":5896,"_49":5897,"_70":5903,"_60":61},"PkRM2xfu",{},[5898],{"_41":2603,"_53":5899,"_56":5900,"_47":5902,"_60":61},[265],[5901],241,{},"De Soto (1995, p. 33) fails to grasp this distinction when he mischaracterizes the pecuniary externality from fiduciary media as a \"tragedy of the commons,\" a term that properly applies only to a particular sort of technological externality.",{"_37":5905,"_39":5906},[],{"_41":42,"_43":5907,"_45":911,"_47":5908,"_49":5909,"_70":5914,"_60":61},"IWvvVRXi",{},[5910],{"_41":2603,"_53":5911,"_56":5912,"_47":5913,"_60":61},[265],[3899],{},"market value of C's possessions, without any physical aggression or threat against C or C's rightful property, then the principles of private property, freedom of contract, and free-market competition are completely obliterated. Is B to be barred from offering to sell compact disc recordings to A, merely because doing so reduces the market value of C's inventory of vinyl records?",{"_37":5916,"_39":5917},[],{"_41":42,"_43":5918,"_45":911,"_47":5919,"_49":5920,"_70":5315,"_60":61},"a09LurAu",{},[],{"_37":5922,"_39":5923},[],{"_41":42,"_43":5924,"_45":911,"_47":5925,"_49":5926,"_70":5932,"_60":61},"hYHTOwqU",{},[5927],{"_41":2603,"_53":5928,"_56":5929,"_47":5931,"_60":61},[265],[5930],769,{},"13 In one passage Hoppe (p. 70) remarks that fractional-reserve banks did not \"inform that some or all of the credit granted to them had been created out of thin air and was subject to being recalled at any time,\" and he proposes that a non-fraudulent fractional-reserve bank would have to warn borrowers \"that their loans may be instantly recalled.\" Perhaps Hoppe believes that fractional-reserve banks typically have a secret right to recall their loans at any time, and perhaps this underlies his belief that their loans make the credit structure riskier. But we are baffled as to where he might have gotten such an unfounded idea. Fractional-reserve banks do not have the option to call in loans except where the option is explicitly specified in the loan contract.",{"_37":5934,"_39":5935},[],{"_41":42,"_43":5936,"_45":911,"_47":5937,"_49":5938,"_70":5944,"_60":61},"WzFu_ERw",{},[5939],{"_41":2603,"_53":5940,"_56":5941,"_47":5943,"_60":61},[265],[5942],150,{},"When a loan is callable the call provision is thus no secret to the borrower. Historically, call loans have been a very small share of all bank loans.",{"_37":5946,"_39":5947},[],{"_41":42,"_43":5948,"_45":911,"_47":5949,"_49":5950,"_70":5956,"_60":61},"2mSrwbSR",{},[5951],{"_41":2603,"_53":5952,"_56":5953,"_47":5955,"_60":61},[265],[5954],841,{},"We also reject the notion, expressed in the passage quoted above, that competitive banks issuing redeemable liabilities can create credit \"out of thin air.\" By the nature of the balance sheet, all bank loans must be funded by liabilities or equity. Neither source of funds can be conjured out of thin air. No one is forced to hold a competitive bank's redeemable liabilities or to buy its shares; anyone can hold claims on other banks instead, or on no bank. A competitive bank must therefore expend real resources to attract a clientele by the provision of interest and services. The notion that a bank can extend credit costlessly or gratuitously is valid only with respect to the inframarginal credits of a monopoly bank, or to an issuer of a forced tender; it does not apply to a bank in a competitive system (see Mises 1980, pp. 346-7).",{"_37":5958,"_39":5959},[],{"_41":42,"_43":5960,"_45":911,"_47":5961,"_49":5962,"_70":5963,"_60":61},"ElUHOWN4",{},[],"We imagine that Hoppe has in mind something like the notion Adam Smith (1981, p. 321) expressed by saying that \"The commerce and industry of the country . . . though they may be somewhat augmented [because less of the country's capital stock is being tied up in gold and silver], cannot be altogether so secure, when they are thus, as it were, suspended upon the Daedalian wings of [bank-issued] paper money, as when they travel about upon the solid ground of gold and silver.\" If so, we grant the point that a risk to a bank and its customers is involved in the bank's funding loans by issuing banknotes and demand deposits, rather than relying entirely on time deposits. There may even be spill-over effects upon the risks faced by third parties. Nonetheless we side with Smith in thinking that the risks are small in comparison with the benefits. Benefits accrue to bank depositors and noteholders, who receive interest and services paid for by the extra bank revenue generated from lending out a portion of its liabilities. Benefits accrue to bank borrowers who enjoy a more ample supply of intermediated credit, and to everyone who works with the economy's consequently larger stock of capital equipment. And benefits must accrue to bank shareholders, who could choose to have the bank not issue demand liabilities if they found the risks not worth bearing.",{"_37":5965,"_39":5966},[],{"_41":42,"_43":5967,"_45":911,"_47":5968,"_49":5969,"_70":5315,"_60":61},"T-tiLOhp",{},[],{"_37":5971,"_39":5972},[],{"_41":42,"_43":5973,"_45":911,"_47":5974,"_49":5975,"_70":5976,"_60":61},"M3HsMYPd",{},[],"To further illustrate the point, consider another non-banking example. Suppose that A, who owns but seldom uses a Florida condominium, contracts with B to time-share B's condominium. A then sells his own condominium, causing the value of neighbor C's condominium to fall. Does this mean that the contract between A and B should not be allowed? Has A robbed C? Not according to the Rothbardian view of property rights. If Rothbard's view of property rights is accepted, Hoppe's first effect is invalid as a ground for thinking that the principle of freedom of contract excludes fractional-reserve contracts.",{"_37":5978,"_39":5979},[],{"_41":42,"_43":5980,"_45":911,"_47":5981,"_49":5982,"_70":5983,"_60":61},"RBMC6Ahu",{},[],"(2) Hoppe's second supposed effect is that all depositors are \"harmed\" by the bank lending out any of its reserves, because the likelihood of their successfully redeeming their own deposits is lowered. But if those depositors have freely and knowingly agreed to fractional-reserve contracts, rather than choosing to store their money in a 100- percent-reserve institution, they have agreed to take the risk. Presumably they have agreed in order to get the deposit interest payments (or unpriced bank services) that the revenue from bank lending makes possible, and which competition for depositors compels the bank to provide to its customers. By the principle of demonstrated preference (Rothbard 1957) depositors must be presumed to benefit from the package they have agreed to accept, risk and all.",{"_37":5985,"_39":5986},[],{"_41":42,"_43":5987,"_45":911,"_47":5988,"_49":5989,"_70":5990,"_60":61},"_0NXJsc1",{},[],"(3) Finally, Hoppe's claim that \"fiduciary credit impairs the safety of the entire credit structure\" is difficult to evaluate, because Hoppe does not explain how this effect is supposed to work.(13) ",{"_37":5992,"_39":5993},[],{"_41":42,"_43":5994,"_45":911,"_47":5995,"_49":5996,"_70":5315,"_60":61},"eJlsPz1q",{},[],{"_37":5998,"_39":5999},[],{"_41":42,"_43":6000,"_45":911,"_47":6001,"_49":6002,"_70":6003,"_60":61},"fI0WlQAP",{},[],"We consider below the resource cost savings and \"inherent instability\" of a fractional-reserve system. With both factors considered, a higher standard of living is made possible by allowing those members of the public who so prefer to substitute fiduciary media for the holding of gold and silver coin (White 1992, pp. 520-21). As Mises (1980, p. 359) put it: \"Fiduciary media tap a lucrative source of revenue for their issuer; they enrich both the person that issues them and the community that employs them.\"",{"_37":6005,"_39":6006},[],{"_41":42,"_43":6007,"_45":911,"_47":6008,"_49":6009,"_70":6010,"_60":61},"DIbspSe6",{},[],"The entire credit structure can be made radically unsafe by central banking and other government intervention (Selgin 1989; Salsman 1990), but the effects of those measures should not be charged to fractional-reserve banking as such. As we discuss in more detail below, an unhampered fractional-reserve banking system is not inherently unstable or prone to cyclical over-expansion.",{"_41":111,"_43":6012,"_45":911,"_47":6013,"_49":6014,"_70":6019,"_60":61},"pFgLbbiL",{"_115":116},[6015],{"_41":52,"_53":6016,"_56":6017,"_47":6018,"_60":61},[265],[4421],{},"Third-Party Effects",{"_37":6021,"_39":6229},[6022,6035,6042,6055,6062,6068,6079,6091,6103,6110,6116,6128,6140,6147,6153,6165,6172,6178,6185,6192,6198,6209,6216,6222],{"_37":6023,"_39":6024},[],{"_41":42,"_43":6025,"_45":911,"_47":6026,"_49":6027,"_70":6034,"_60":61},"ZvBXVjwP",{},[6028],{"_41":2603,"_53":6029,"_56":6031,"_47":6033,"_60":61},[6030],387,[6032],397,{},"Let us return to the question of how large or small is the pool of voluntary fractional-reserve depositors. The group whose freedom of contract we are concerned with here is not a small eccentric bunch, but is the great mass of people who have demonstrated that they do prefer banks that operate on fractional reserves. To quote Rothbard (1990, p. 47) again, with emphasis added, \"It is well-known that banks have rarely stayed on a '100 percent' basis very long.\"(14) Yet depositors continue to patronize these banks, demonstrating their preference for them.",{"_37":6036,"_39":6037},[],{"_41":42,"_43":6038,"_45":911,"_47":6039,"_49":6040,"_70":6041,"_60":61},"cOLkAFt3",{},[],"There are several reasons why fractional-reserve practices are and have been well-known.",{"_37":6043,"_39":6044},[],{"_41":42,"_43":6045,"_45":911,"_47":6046,"_49":6047,"_70":6054,"_60":61},"YtwHcLxm",{},[6048],{"_41":2603,"_53":6049,"_56":6051,"_47":6053,"_60":61},[6050],99,[6052],105,{},"First, as Hoppe (p. 70) acknowledges, from the fact that banks pay interest on demand deposits \"it should have been clear that the bank must loan out deposits.\"(15) A bank that offers interest on its demand deposits, and does not charge warehousing fees, gives its depositors clear notice that some fraction of their funds will be put to work and not warehoused.",{"_37":6056,"_39":6057},[],{"_41":42,"_43":6058,"_45":911,"_47":6059,"_49":6060,"_70":6061,"_60":61},"wIdVooqr",{},[],"Second, if the vast majority of people thought that their banks held 100 percent reserves, bank runs would have occurred only when there was a suspicion that the banker was about to abscond with the reserve.(16) The history of banking before deposit insurance indicates that when bank runs have occurred, this has typically been for other reasons (Gorton 1988). Depositors' behavior has generally been consistent with their realizing all along that their banks held fractional reserves, and that they would pay them out on a first-come first-served basis. Generally depositors remained confident that the reserves were sufficient to meet all actual demands for cash. But occasionally, and more frequently in some systems than in others, they ",{"_37":6063,"_39":6064},[],{"_41":42,"_43":6065,"_45":911,"_47":6066,"_49":6067,"_70":5315,"_60":61},"V_FbjnFD",{},[],{"_37":6069,"_39":6070},[],{"_41":42,"_43":6071,"_45":911,"_47":6072,"_49":6073,"_70":6078,"_60":61},"kmZMmjr8",{},[6074],{"_41":2603,"_53":6075,"_56":6076,"_47":6077,"_60":61},[265],[3550],{},"14 Likewise de Soto (1995, p. 31), who regards the 100 percent reserve custodial deposit as a form consecrated by the Roman Law tradition, and who would (it seems) deny transactors the freedom to make alternative (non-traditional) demand deposit contracts, does at least recognize that modern banks have been \"open\" about holding fractional reserves.",{"_37":6080,"_39":6081},[],{"_41":42,"_43":6082,"_45":911,"_47":6083,"_49":6084,"_70":6090,"_60":61},"hwWxQK9r",{},[6085],{"_41":2603,"_53":6086,"_56":6087,"_47":6089,"_60":61},[265],[6088],342,{},"15 Given his recognition that competitive fractional-reserve banks pass loan reve- nues on to depositors in the form of interest on demand deposits, we are baflled as to how Hoppe (p. 66) can-in the immediately preceding sentence, no less-daim that fractional-reserve banking \"leads to a unilateral income redistribution in the bank's favor.\"",{"_37":6092,"_39":6093},[],{"_41":42,"_43":6094,"_45":911,"_47":6095,"_49":6096,"_70":6102,"_60":61},"OpNAY5-7",{},[6097],{"_41":2603,"_53":6098,"_56":6099,"_47":6101,"_60":61},[265],[6100],710,{},"16 It is true that a bank that mixes a time deposit business with its (100 percent reserve) demand-liability business might become insolvent, and might therefore be runnable even without any absconding. But depositors who really want 100 percent-reserve bailment contracts receive no apparent advantage from such a mixture, and they should learn over time to avoid riskier mixed institutions in favor of pure warehouse banks. If such depositors were common the market would enforce the \"strict functional separation of loan and deposit bankingn that Hoppe (p. 74) wishes to see. With such a separation, the mere fact that a bank offers loans is a clear tip-off that it is not a 100-percent-reserve institution.",{"_37":6104,"_39":6105},[],{"_41":42,"_43":6106,"_45":911,"_47":6107,"_49":6108,"_70":6109,"_60":61},"fOBMivCY",{},[],"lost their confidence, and staged runs. Runs were typically triggered by reasonable doubts about a bank's solvency. Heavier government intervention was a background condition explaining why some countries (like the United States) but not others (like Canada) had chronically weak or insolvency-prone banks (Selgin 1994a).",{"_37":6111,"_39":6112},[],{"_41":42,"_43":6113,"_45":911,"_47":6114,"_49":6115,"_70":5315,"_60":61},"dvsrOAOR",{},[],{"_37":6117,"_39":6118},[],{"_41":42,"_43":6119,"_45":911,"_47":6120,"_49":6121,"_70":6127,"_60":61},"rFBHFDcW",{},[6122],{"_41":2603,"_53":6123,"_56":6124,"_47":6126,"_60":61},[265],[6125],909,{},"17 Some writings suggest that this occurred with the Bank of Amsterdam (Hildreth 1968, p. 12, is a bit vague). But the details behind this story, as presented in Van Dillen (1934), are rather more complicated. First of all, the Bank of Amsterdam was not expressly forbidden to make loans until 1802, and, although it kept close to 100 percent reserves throughout much of its existence, there were long periods (e.g., 1723-1761) when its reserves fell substantially below its deposit balances, the difference consisting of loans made to the East India Company and to the Amsterdam Treasury. The decline in the Bank's reputation in the mid-1780s appeared to reflect not a sudden realization that it held less than 100 percent reserves, but an understandable concern that some exceptionally large loans it had made in the course of the fourth war between the Dutch Republic and England (1780-1784) had gone sour.",{"_37":6129,"_39":6130},[],{"_41":42,"_43":6131,"_45":911,"_47":6132,"_49":6133,"_70":6139,"_60":61},"fuhd99VV",{},[6134],{"_41":2603,"_53":6135,"_56":6136,"_47":6138,"_60":61},[265],[6137],294,{},"18 The notes of New York State \"free banks\" even announced on their faces that they were \"secured by the pledge of public stocks,\" a clear indication that the notes were backed by something other than 100 percent reserves. This inscription was, however, required by law (Hildreth 1968, p. 202).",{"_37":6141,"_39":6142},[],{"_41":42,"_43":6143,"_45":911,"_47":6144,"_49":6145,"_70":6146,"_60":61},"iZdMJGBr",{},[],"Fourth, fractional-reserve banking has never been compulsory. Depositors have always been free to insist on 100 percent reserves. They can do so even now, by hiring safety-deposit boxes and stuffing them with cash. (Some do, but mainly to hide their wealth rather than to secure it against bank failure.) Few people have taken the 100-percent-reserve option because - as Rothbard (1990, p. 47) forthrightly acknowledges - it means foregoing interest and paying warehousing fees instead. Most depositors would rather receive interest on their deposits, and consider it more than adequate compensation for the risk involved in fractional-reserve banking. (Here again, we are drawing on evidence from banking systems with relatively unhampered banks and no government deposit guarantees.)",{"_37":6148,"_39":6149},[],{"_41":42,"_43":6150,"_45":911,"_47":6151,"_49":6152,"_70":5315,"_60":61},"hzq_iuNG",{},[],{"_37":6154,"_39":6155},[],{"_41":42,"_43":6156,"_45":911,"_47":6157,"_49":6158,"_70":6164,"_60":61},"_0yurQCW",{},[6159],{"_41":2603,"_53":6160,"_56":6161,"_47":6163,"_60":61},[265],[6162],442,{},"19 Picture a television spot showing a gleaming vault filled with cash. An authoritative voice-over announces: \"Here at the Solid Gold Warehouse Bank, your deposit is backed with genuine 100 percent reserves. All your money stays here waiting for you all the time. We're not like those other banks [camera pulls back to show an adjacent vault which is empty, with moths flying about inside] that try to get by on (gasp!) fractional reserves.\"",{"_37":6166,"_39":6167},[],{"_41":42,"_43":6168,"_45":911,"_47":6169,"_49":6170,"_70":6171,"_60":61},"f190_L-8",{},[],"really would be preferred by the majority of informed depositors, and the only reason depositors continue to patronize existing banks is ignorance of their fractional practices, then there would be a huge profit to be had by being the first to inform depositors and to offer them the alternative practice.",{"_37":6173,"_39":6174},[],{"_41":42,"_43":6175,"_45":911,"_47":6176,"_49":6177,"_70":5315,"_60":61},"dC6MJE6i",{},[],{"_37":6179,"_39":6180},[],{"_41":42,"_43":6181,"_45":911,"_47":6182,"_49":6183,"_70":6184,"_60":61},"7FK6YJjP",{},[],"Early in the history of banking there may have been a case of a run being triggered by depositors' sudden realization that their bank held only fractional reserves.(17) But if such a realization had been the typical cause of runs in the nineteenth and twentieth centuries, it would be difficult to explain why runs usually affected only one particular bank or an associated set of banks, and not every single fractional-reserve bank simultaneously. Running depositors who successfully withdrew their money often transferred it to other fractional-reserve banks, thought to be safer, rather than hoarding cash as they would have done if they feared fractional-reserve banks generally (Kaufman 1994). It would be farfetched to account for such behavior by insisting that the depositors had run because they had learned to their horror that their own banks had been holding fractional reserves, but were so naive as to put their money into another set of banks without suspecting them of similar practices.",{"_37":6186,"_39":6187},[],{"_41":42,"_43":6188,"_45":911,"_47":6189,"_49":6190,"_70":6191,"_60":61},"-0OsnBMa",{},[],"Third, banks and banking legislation were widely debated in the popular press during the nineteenth century. All discussions we are aware of took it as common knowledge that banks operate on fractional reserves. It would be impossible to think that banks were holding 100 percent reserves after reading in the newspaper about such measures as, for example, the New York State Safety Fund (a deposit insurance scheme), or the so-called \"free banking\" acts that compelled state-chartered banks to hold specific sorts of interest-bearing assets as collateral against banknote liabilities.(18)",{"_37":6193,"_39":6194},[],{"_41":42,"_43":6195,"_45":911,"_47":6196,"_49":6197,"_70":5315,"_60":61},"_yX5--Di",{},[],{"_37":6199,"_39":6200},[],{"_41":42,"_43":6201,"_45":911,"_47":6202,"_49":6203,"_70":6208,"_60":61},"MOC_OMtK",{},[6204],{"_41":2603,"_53":6205,"_56":6206,"_47":6207,"_60":61},[2708],[2648],{},"We infer, in accordance with the Rothbardian notion of \"demonstrated preference\" (Rothbard 1957), that the vast majority of consumers have preferred fractional-reserve banking. Against this Hoppe offers his a priori conviction that most depositors could not, would not, and did not ever knowingly engage in such a risk-return tradeoff. For Hoppe the offer of interest on fractionally backed demand deposits is just a swindler's come-on, which millions of depositors have unwittingly fallen for, wholly innocent of the fact that banks can generate the revenues that go to pay the interest only by lending out some fraction of their deposits.",{"_37":6210,"_39":6211},[],{"_41":42,"_43":6212,"_45":911,"_47":6213,"_49":6214,"_70":6215,"_60":61},"EeWyOAWO",{},[],"The fact that banks compete for depositors poses a problem for Hoppe's position that cannot be so casually brushed aside. Rivalrous competition by fractional-reserve banks seeking depositors' funds will bid up deposit interest rates (and increase the level of services provided) to the point where banks have to pay such high interest (and provide so many services) to attract deposits that entry is no longer attractive. Thus competition will beat down the returns to capital invested in fractional-reserve banking until the marginal bank is earning only the normal rate of return. In this situation, were it really true that most depositors are willing to forego the interest they are receiving (and instead pay storage fees) in order to have the security of a 100-percent-reserve bank - but simply don't realize that their banks aren't holding 100 percent reserves - then any banker (who does know what the banks are up to, after all), possessing even an ounce of entrepreneurial insight, would see an easy way to grasp pure profit. All the banker has to do is to offer credible 100-percent-reserve accounts, while alerting the public to the other bankers' practices, and depositors will, come flocking in.(19) If 100-percent-reserve banks are legal and",{"_37":6217,"_39":6218},[],{"_41":42,"_43":6219,"_45":911,"_47":6220,"_49":6221,"_70":5315,"_60":61},"yNw4RHFU",{},[],{"_37":6223,"_39":6224},[],{"_41":42,"_43":6225,"_45":911,"_47":6226,"_49":6227,"_70":6228,"_60":61},"QYkZrpnn",{},[],"There have been historical banking systems where explicit 100-percent-reserve banks could have entered the market and where deposit insurance did not exist to slant the playing field in favor of fractional-reserve banks. Yet very few (if any) banks, after the earliest days of banking, have ever tried to attract depositors on that basis. Even if there were one or two such banks in the early days, clearly their approach never spread to dominate the banking market the way it would have if most depositors were truly ready to pay the fees necessary for 100-percent-reserve banking. Maybe entrepreneurship doesn't tend to sniff out profits as well as the Austrian theory of the market process usually suggests. We think it more likely that 100-percent-reserve banking is just not very widely demanded, because of its foregone-interest cost.(20)",{"_41":111,"_43":6230,"_45":911,"_47":6231,"_49":6232,"_70":6238,"_60":61},"6qE-R2xQ",{"_115":116},[6233],{"_41":52,"_53":6234,"_56":6235,"_47":6237,"_60":61},[265],[6236],44,{},"The Popularity of Fractional-Reserve Banking",{"_37":6240,"_39":6351},[6241,6254,6260,6271,6282,6289,6295,6307,6318,6324,6331,6338,6345],{"_37":6242,"_39":6243},[],{"_41":42,"_43":6244,"_45":911,"_47":6245,"_49":6246,"_70":6253,"_60":61},"G4ovHAND",{},[6247],{"_41":2603,"_53":6248,"_56":6250,"_47":6252,"_60":61},[6249],435,[6251],465,{},"Hoppe (pp. 56-58) considers but rejects a standard economic argument we accept concerning fractional-reserve banking: that it reduces the resource costs associated with indirect exchange, by partially substituting bank-issued exchange media for commodity money, thereby reducing (inframarginally) the resource costs of producing money. The resource-cost-saving view is expounded not only by Adam Smith but also by Ludwig von Mises. In The Theory of Money and Credit, Mises (1980, p. 333) observes that, thanks to the development of fiduciary media and clearing systems among their issuers, a \"tremendous increase in the exchange value of money, which otherwise would have occurred. . . has been avoided, together with its undesirable consequences.\" The \"undesirable consequences\" are the diversion of capital and labor \"from other branches of production to the production of the monetary metal.\" Had it not been for the development of fiduciary media, Mises points out, \"the welfare of the community would have suffered\" because \"a smaller quantity of economic goods would have been available for the direct satisfaction of human wants.\"(21)",{"_37":6255,"_39":6256},[],{"_41":42,"_43":6257,"_45":911,"_47":6258,"_49":6259,"_70":5315,"_60":61},"1Bjh4pI4",{},[],{"_37":6261,"_39":6262},[],{"_41":42,"_43":6263,"_45":911,"_47":6264,"_49":6265,"_70":6270,"_60":61},"xi_MFmFq",{},[6266],{"_41":2603,"_53":6267,"_56":6268,"_47":6269,"_60":61},[265],[2702],{},"20 It might be said that most people would rather \"put their money where the moths are.\"",{"_37":6272,"_39":6273},[],{"_41":42,"_43":6274,"_45":911,"_47":6275,"_49":6276,"_70":6281,"_60":61},"LnpBeKdU",{},[6277],{"_41":2603,"_53":6278,"_56":6279,"_47":6280,"_60":61},[265],[6052],{},"21 For an extended secondary account of Mises's defenses of fractional-reserve banking, see White (1992).",{"_37":6283,"_39":6284},[],{"_41":42,"_43":6285,"_45":911,"_47":6286,"_49":6287,"_70":6288,"_60":61},"LIn7TN_i",{},[],"We are puzzled that Rothbard (1990, pp. 33-34), while emphasizing the point that once an economy is fully monetized there is no benefit to money-users from producing more units of money, does not follow Mises in recognizing the consequent value of economizing on the resources used to produce more money.(22)",{"_37":6290,"_39":6291},[],{"_41":42,"_43":6292,"_45":911,"_47":6293,"_49":6294,"_70":5315,"_60":61},"TBcRR4Il",{},[],{"_37":6296,"_39":6297},[],{"_41":42,"_43":6298,"_45":911,"_47":6299,"_49":6300,"_70":6306,"_60":61},"WBCU4Mb-",{},[6301],{"_41":2603,"_53":6302,"_56":6303,"_47":6305,"_60":61},[265],[6304],588,{},"22 Rothbard (1990, p. 34) argues that gold mining is not socially wasteful, even though an increased supply of gold does not confer any monetary benefit, because gold is a useful commodity for making jewelry, filling teeth, and so on. But the question of social waste from imposing a binding 100-percent-gold-reserve requirement on banks does not concern the cost of mining gold for non-monetary uses. It concerns the cost of mining that portion of the gold supply destined for bank vaults, over and above the amount of gold banks would acquire if free to choose their own reserve ratios.",{"_37":6308,"_39":6309},[],{"_41":42,"_43":6310,"_45":911,"_47":6311,"_49":6312,"_70":6317,"_60":61},"sd0JVyC3",{},[6313],{"_41":2603,"_53":6314,"_56":6315,"_47":6316,"_60":61},[265],[2669],{},"23 In practice, the relative price of gold has risen since the scuttling of the gold standard, because few central banks have sold off their gold reserves and because the public has understandably accumulated gold as an inflation hedge. See Garrison (1985).",{"_37":6319,"_39":6320},[],{"_41":42,"_43":6321,"_45":911,"_47":6322,"_49":6323,"_70":5315,"_60":61},"0zSOzITG",{},[],{"_37":6325,"_39":6326},[],{"_41":42,"_43":6327,"_45":911,"_47":6328,"_49":6329,"_70":6330,"_60":61},"7jm8s3mN",{},[],"Although many mainstream economists believe that a fiat base money is less costly than a commodity base money, we do not share that view. Fiat money is different because its introduction is involuntary, so that it does not pass a demonstrated preference test, and because its quantity is subject to arbitrary expansion by its issuer, making a fiat system potentially very costly for the economy even if the monetary demand for gold and thus the costs of gold mining were reduced.(23) Our position is rather that, given a commodity standard, informed money-users benefit when those who want to are allowed to hold fractionally backed notes and demand deposits. Potential gains from voluntary trade are lost when the public is restricted to full-bodied coins and 100-percent-reserve deposits.",{"_37":6332,"_39":6333},[],{"_41":42,"_43":6334,"_45":911,"_47":6335,"_49":6336,"_70":6337,"_60":61},"ger_wHWD",{},[],"Hoppe (p. 58) denies that redeemable bank monies can save resources. The savings are illusory, he thinks, because \"the overwhelming bulk of the population would employ money proper for most of their purchase or sales.\" In a footnote (p. 58 n. 11) he adds, without citing a source of evidence: \"Indeed, historically this has been the case: Traditionally, notes have always been widely distrusted, and their acceptability - as compared to that of genuine money such as gold or silver coins - was severely limited.\"",{"_37":6339,"_39":6340},[],{"_41":42,"_43":6341,"_45":911,"_47":6342,"_49":6343,"_70":6344,"_60":61},"HIadCM-B",{},[],"The facts are otherwise. Throughout the silver and gold standard eras, consumers given a choice ordinarily demonstrated a marked preference for banknotes over full-bodied coins as a more convenient medium of exchange for all but the smallest transactions. The demonstration of preference was especially clear where banking was relatively unhampered by legal restrictions. In Scotland during the free banking era (1716-1844), according to Checkland (1975, p. 382), the first object of any recipient of a gold sovereign was \"to get quit of it in exchange for a bank note.\" Virtually all sizable payments were made with banknotes. Similar practices prevailed in Canada (National Monetary Commision 1910,p. 53).",{"_37":6346,"_39":6347},[],{"_41":42,"_43":6348,"_45":911,"_47":6349,"_49":6350,"_70":5315,"_60":61},"YwGowkV7",{},[],{"_41":111,"_43":6352,"_45":911,"_47":6353,"_49":6354,"_70":6359,"_60":61},"iMRH-6zK",{"_115":116},[6355],{"_41":52,"_53":6356,"_56":6357,"_47":6358,"_60":61},[265],[3511],{},"The Resource Cost Savings From Fiduciary Media",{"_37":6361,"_39":6694},[6362,6375,6382,6389,6395,6407,6419,6426,6432,6444,6457,6463,6474,6480,6491,6502,6508,6522,6537,6548,6570,6577,6599,6611,6617,6631,6638,6651,6665,6676,6688],{"_37":6363,"_39":6364},[],{"_41":42,"_43":6365,"_45":911,"_47":6366,"_49":6367,"_70":6374,"_60":61},"qbGS4WSh",{},[6368],{"_41":2603,"_53":6369,"_56":6371,"_47":6373,"_60":61},[6370],424,[6372],490,{},"Apart from the \"fraud\" issue and third-party wealth effects, Hoppe believes that fractional-reserve banking is a bad thing because it supposedly produces a monetary instability that contributes to credit cycles and banking crises. We share the view that monetary instability contributes to cycles and crises, but we attribute monetary instability to central banking and other government intervention in the monetary system, not to fractional reserves per se or to the practices of competing fractional-reserve commercial banks.(24)",{"_37":6376,"_39":6377},[],{"_41":42,"_43":6378,"_45":911,"_47":6379,"_49":6380,"_70":6381,"_60":61},"w5P6_v1B",{},[],"Hoppe views fractional-reserve banking as something that a proper legal code would ban, and instability as a problem inherent in fractional-reserve banking, and therefore does not distinguish the effects of free banking from the effects of government intervention. Nor does he offer any historical evidence that might test his view against our view. He does take issue with our theoretical argument that free banking tends to permit expansion of the stock of fiduciary media only to an extent consistent with the preservation of monetary equilibrium and the avoidance of the credit-expansion-induced business cycle.",{"_37":6383,"_39":6384},[],{"_41":42,"_43":6385,"_45":911,"_47":6386,"_49":6387,"_70":6388,"_60":61},"q7Txo-Pu",{},[],"In discussing the requirements for preserving \"monetary equilibrium\" (that is, equality between the nominal quantities supplied and demanded of money balances, or equivalently between the real stock and real quantity demanded) it is important to distinguish between short-run and long-run implications of changes in the demand schedule for money or in the stock of money. In the long run, nominal prices will adjust to equate supply and demand for money balances, whatever the nominal quantity of money.(25) It does not follow, however, that each and every change in the supply of or demand for money will lead at once to a new long-run equilibrium, because the required price adjustments take time. They take time because not all agents are instantly and ",{"_37":6390,"_39":6391},[],{"_41":42,"_43":6392,"_45":911,"_47":6393,"_49":6394,"_70":5315,"_60":61},"piUQDsnG",{},[],{"_37":6396,"_39":6397},[],{"_41":42,"_43":6398,"_45":911,"_47":6399,"_49":6400,"_70":6406,"_60":61},"d2rdTNlp",{},[6401],{"_41":2603,"_53":6402,"_56":6403,"_47":6405,"_60":61},[265],[6404],947,{},"24 Our writings on cycles and crises include Selgin (1989; 1992; 1993) and White (1984, pp. 18-19, 44-9, 53, 103-12; 1993). Hoppe's claim that White \"nowhere even mentions the problem of business cyclesn is easily shown to be false. Even a cursory glance at the index of the only work of White's that Hoppe cites reveals several mentions of the problem of business cycles (White 1989, pp. 6, 77, 81-4, 142, 159). White (1992, esp. pp. 524-26 and 532, n. 29) directly addresses Mises's view of banking and the business cycle, including the \"Austrian-Misesian claim that any injection of fiduciary credit must result in a boom-bust cyclen that is the jumping-off point for Hoppe's economic critique of free banking. It should be noted that Mises did not share Hayek's view (see White 1995) that fractional-reserve commercial banks, unprompted by central bank policy, can be expected to over-expand and thereby to generate business cycles repeatedly.",{"_37":6408,"_39":6409},[],{"_41":42,"_43":6410,"_45":911,"_47":6411,"_49":6412,"_70":6418,"_60":61},"N9-S5VdN",{},[6413],{"_41":2603,"_53":6414,"_56":6415,"_47":6417,"_60":61},[265],[6416],78,{},"25 Hoppe(p. 65 n. 19) appropriately refers to this as an \"old-Humean-insight.\"",{"_37":6420,"_39":6421},[],{"_41":42,"_43":6422,"_45":911,"_47":6423,"_49":6424,"_70":6425,"_60":61},"seJ5wMml",{},[],"perfectly aware of changes in the money stock or money demand, and because some prices are costly to adjust and therefore \"sticky.\" It follows that, in the short run (empirically, think \"for a number of months\"), less than fully anticipated changes to the supply of or demand for money can give rise to monetary disequilibrium. The quantity of money supplied may exceed the quantity demanded, in which case prices need generally to rise; or the quantity of money demand may exceed the quantity supplied, in which case prices need to fall (Yeager 1986).",{"_37":6427,"_39":6428},[],{"_41":42,"_43":6429,"_45":911,"_47":6430,"_49":6431,"_70":5315,"_60":61},"kw0Vrb1b",{},[],{"_37":6433,"_39":6434},[],{"_41":42,"_43":6435,"_45":911,"_47":6436,"_49":6437,"_70":6443,"_60":61},"QY_18lEt",{},[6438],{"_41":2603,"_53":6439,"_56":6440,"_47":6442,"_60":61},[265],[6441],113,{},"26 Thus Hoppe (p. 72) emphasizes that to hold money \"is to purchase neither consumer goods nor investment goods.\"",{"_37":6445,"_39":6446},[],{"_41":42,"_43":6447,"_45":911,"_47":6448,"_49":6449,"_70":6456,"_60":61},"c3lQKLnX",{},[6450],{"_41":2603,"_53":6451,"_56":6453,"_47":6455,"_60":61},[6452,4440],63,[6454,2748],74,{},"Austrian business cycle. The act of holding fractional-reserve bank-issued money not only (like holding base money) defers consumption for a longer or shorter period, but also temporarily lends funds to the bank of issue in so doing. The period of the loan is unspecified - a demand deposit or banknote can be redeemed at any time, though only a fraction are in fact redeemed on any day - but if the bank can estimate with a fair degree of accuracy the lengths of time for which its demand claims will remain in circulation (the statistical distribution of their times to actual redemption), it can safely make investments of corresponding length.(27) As Mises (1980, p. 362) wrote with respect to the related problem of estimating the volume of demand for a bank's fiduciary media, the banker here \"has to rely upon an uncertain empirical procedure which may easily lead to mistakes. Nevertheless, prudent and experienced bank directors - and most bank directors are prudent and experienced - usually manage pretty well with it.\"",{"_37":6458,"_39":6459},[],{"_41":42,"_43":6460,"_45":911,"_47":6461,"_49":6462,"_70":5315,"_60":61},"V6xIDqbq",{},[],{"_37":6464,"_39":6465},[],{"_41":42,"_43":6466,"_45":911,"_47":6467,"_49":6468,"_70":6473,"_60":61},"jHQDPR-z",{},[6469],{"_41":2603,"_53":6470,"_56":6471,"_47":6472,"_60":61},[265],[3457],{},"27 Thus interest-bearing demand deposits are not inconsistent with sound banking.",{"_37":6475,"_39":6476},[],{"_41":42,"_43":6477,"_45":911,"_47":6478,"_49":6479,"_70":5315,"_60":61},"ceKeGkNN",{},[],{"_37":6481,"_39":6482},[],{"_41":42,"_43":6483,"_45":911,"_47":6484,"_49":6485,"_70":6490,"_60":61},"piIdiTT5",{},[6486],{"_41":2603,"_53":6487,"_56":6488,"_47":6489,"_60":61},[265],[6370],{},"28 It may be that this ceteris paribus condition is seldom met in practice. It may be that a shift from bonds to money is usually joined to a change in time preference, i.e., is usually accompanied by a shift toward the present (or toward the future) in the planned time-profile of consumption. Nonetheless these shifts are conceptually distinct. The ceteris paribus assumption allows us to analyze their effects separately.",{"_37":6492,"_39":6493},[],{"_41":42,"_43":6494,"_45":911,"_47":6495,"_49":6496,"_70":6501,"_60":61},"GkclDWuk",{},[6497],{"_41":2603,"_53":6498,"_56":6499,"_47":6500,"_60":61},[5497,3841],[3464,2776],{},"We submit that it is no more dangerous, or disequilibrating, or cycle-inducing, to allow the banking system to accommodate this shift.(29) It would, instead, be disequilibrating and unfortunate if the banking system were not to respond. The velocity of bank-issued money (the ratio of dollars spent per year to dollars held) has fallen. If the banking system fails to increase the quantity of bank-issued money and the price level does not promptly drop, an excess demand for money arises (assuming also that the quantity of base money does not immediately increase). A corresponding excess supply of goods arises: unsold consumer goods pile up on sellers' shelves (this is of course what proximately puts downward pressure on prices, until at last goods prices have fallen sufficiently). Business is depressed until the purchasing power of money gets back to equilibrium. By failing to increase the quantity of deposits, the banking system also fails to bid down the interest rate on deposits and loans. The natural rate of interest has fallen, but market interest rates temporarily stay put. Investment does not increase to match the increased desire to save, and the structure of production does not adapt as it should to match the drop in time preference.",{"_37":6503,"_39":6504},[],{"_41":42,"_43":6505,"_45":911,"_47":6506,"_49":6507,"_70":5315,"_60":61},"_6FRYE8r",{},[],{"_37":6509,"_39":6510},[],{"_41":42,"_43":6511,"_45":911,"_47":6512,"_49":6513,"_70":6521,"_60":61},"vw9ZUsU7",{},[6514],{"_41":2603,"_53":6515,"_56":6517,"_47":6520,"_60":61},[5942,6516],263,[6518,6519],159,271,{},"Such states of monetary disequilibrium, although temporary, may involve serious misallocations of resources. In addition to involving prices that are generally \"too low\" or \"too high\" (for equilibrium in money holding), they also typically involve distortions of relative prices, most importantly (we learn from the Austrian business cycle theory) the rate of interest. Following Wicksell, the Austrian theory holds that an unanticipated injection of money (or rise in the \"velocity\" of money) can drive the interest rate in the short run below its equilibrium (\"natural\") level, and thereby encourage unwarranted investments. Correspondingly, an unanticipated destruction of money (or drop in \"velocity\") can drive the interest rate in the short run above its natural level, and thereby artificially curtail warranted investments.",{"_37":6523,"_39":6524},[],{"_41":42,"_43":6525,"_45":911,"_47":6526,"_49":6527,"_70":6536,"_60":61},"6Q-VSOed",{},[6528],{"_41":2603,"_53":6529,"_56":6532,"_47":6535,"_60":61},[6530,6531],332,485,[6533,6534],334,494,{},"Some economists deny the importance or even the conceptual coherence of short-run monetary disequilibrium as sketched above. New-Classical theorists do so, with a certain internal consistency, because they subscribe to a Walrasian model implying instantaneous and complete price adjustment. Some Austrians do so, with a regrettable inconsistency, when they recognize the destructive consequences of price inflation driven by monetary expansion, but nonetheless try to argue that price deflation is always okay, in any amount. It is inconsistent to apply short-run, Wicksellian, disequilibrium analysis when talking about increases in the stock of money and price inflation, and then switch exclusively to a long-run, Humean, equilibrium-always analysis when talking about increases in money demand and deflation.",{"_37":6538,"_39":6539},[],{"_41":42,"_43":6540,"_45":911,"_47":6541,"_49":6542,"_70":6547,"_60":61},"uyBk9rCD",{},[6543],{"_41":2603,"_53":6544,"_56":6545,"_47":6546,"_60":61},[4942],[6088],{},"We aspire to be consistent Wicksellians, and so regard both price inflation and deflation as regrettable processes insofar as they are brought about by arbitrary changes in the nominal quantity of money, or by uncompensated changes in its velocity, and not by changes in the real availability of final goods or the cost of production of money (Selgin 1990, 1995; White 1990). It is therefore an attractive feature of free banking with fractional reserves that the nominal quantity of bank-issued money tends to adjust so as to offset changes in the velocity of money (Selgin and White 1994, p. 1725). Free banking thus works against short-run monetary disequilibrium and its business cycle consequences.",{"_37":6549,"_39":6565},[6550],{"_37":6551,"_39":6552},[],{"_41":42,"_43":6553,"_45":911,"_47":6554,"_49":6555,"_70":6564,"_60":61},"LBB-xAnj",{},[6556],{"_41":2603,"_53":6557,"_56":6560,"_47":6563,"_60":61},[6558,6559],219,320,[6561,6562],222,322,{},"it is plainly false to say that the holding of money, i.e., the act of not spending it, is equivalent to saving. One might as well say - and this would be equally wrong - that the not-spending of money is equivalent to not-saving. In fact, saving is not-consuming, and the demand for money has nothing to do with saving or not-saving.",{"_41":42,"_43":6566,"_45":922,"_47":6567,"_49":6568,"_70":6569,"_60":61},"TVuR9rWV",{"_115":116},[],"The argument for the equilibrating properties of free banking rests in part on recognizing that an increased demand to hold claims on intermediaries, including claims in the form of banknotes and demand deposits, at the expense of holding additional consumer goods, is equivalent to an increase in desired saving. Hoppe (p. 72) disagrees, labeling this analysis a \"confusion.\" He declares that",{"_37":6571,"_39":6572},[],{"_41":42,"_43":6573,"_45":911,"_47":6574,"_49":6575,"_70":6576,"_60":61},"0zu0NKlh",{},[],"We submit that the confusion is Hoppe's, not ours. The above-quoted passage identifies saving as not-consuming, which taken literally means that saving is any disposition of wealth other than for present consumption. Elsewhere (p. 50) Hoppe correctly observes that money \"is demanded as a medium of exchange - rather than for consumption or production purposes,\" that is, that money-holding is a form of not-consuming. Together these statements contradict his claim that holding money is not a form of saving.",{"_37":6578,"_39":6579},[],{"_41":42,"_43":6580,"_45":911,"_47":6581,"_49":6582,"_70":6598,"_60":61},"D9OkcW8H",{},[6583],{"_41":2603,"_53":6584,"_56":6591,"_47":6597,"_60":61},[6585,6586,6587,6588,6589,6590],114,457,475,503,670,869,[3822,6592,6593,6594,6595,6596],459,480,517,673,875,{},"Hoppe's position is that saving is an expression of time preference, but money-holding is not. Thus to save is to defer consumption, and because the holding of money does not signal a definite decision to defer consumption (unlike the purchase of a bond or a capital good), it is not a form of saving.(26) We agree that time preference and money demand are distinct, and that a change in one does not imply a change in the other. Nonetheless, to hold money is to hold it for later spending, even though how much later is not signalled (and typically has not yet been decided by the money-holder). Holding money for later spending, rather than spending it on consumption now, does defer consumption to the future. As Hoppe (pp. 72-3) himself points out, the demand for cash stems from the convenience it allows one in purchasing \"consumer or producer goods at uncertain future dates\" (emphasis added). So perhaps our disagreement here is merely over words.",{"_37":6600,"_39":6601},[],{"_41":42,"_43":6602,"_45":911,"_47":6603,"_49":6604,"_70":6610,"_60":61},"yaSbSAh8",{},[6605],{"_41":2603,"_53":6606,"_56":6608,"_47":6609,"_60":61},[6607,3438],66,[3246,2620],{},"The substantive question Hoppe raises is whether, as he asserts, \"any injection of fiduciary credit must result in a boom-bust cycle.\" We deny that an increase in fiduciary media matched by an increased demand to hold fiduciary media is disequilibrating or sets in motion the",{"_37":6612,"_39":6613},[],{"_41":42,"_43":6614,"_45":911,"_47":6615,"_49":6616,"_70":5315,"_60":61},"bzd52fi8",{},[],{"_37":6618,"_39":6626},[6619],{"_37":6620,"_39":6621},[],{"_41":42,"_43":6622,"_45":911,"_47":6623,"_49":6624,"_70":6625,"_60":61},"9woiu8WV",{},[],"Free banking is the only method for the prevention of the dangers inherent in credit expansion. It would, it is true, not hinder a slow credit expansion, kept within very narrow limits, on the part of cautious banks which provide the public with all the information required about their financial status. But under free banking it would have been impossible for credit expansion with all its inevitable consequences to have developed into a regular-one is tempted to say normal-feature of the economic system. Only free banking would have rendered the market economy secure against crises and depressions.",{"_41":42,"_43":6627,"_45":922,"_47":6628,"_49":6629,"_70":6630,"_60":61},"pO47R7TC",{"_115":116},[],"De Soto (1995, p. 32) asserts that fractional-reserve free banking \"must inexorably, sooner or later, lead to uncontrolled expansion in the monetary supply,\" and claims Mises's authority for this view. Mises (1966, p. 443) actually, and we believe quite correctly, held a very different view:",{"_37":6632,"_39":6633},[],{"_41":42,"_43":6634,"_45":911,"_47":6635,"_49":6636,"_70":6637,"_60":61},"8RdIxZcV",{},[],"Hoppe misunderstands Selgin's argument when he characterizes it as jumping from the view that the holding of money represents savings to the conclusion that \"an increased demand for money [is] the same thing as increased saving.\" That holding money is one form of saving does not imply that an increase in the demand for money is identically an increase in total saving. An increased demand for money may accompany a reduced demand for holding other assets, and not a reduction in consumption; hence it may be part of a change in the manner of saving with no change in total savings. If, for example, the public's demand for bank deposits increases at the expense of the public's demand for bonds, holding constant the rate of time preference",{"_37":6639,"_39":6640},[],{"_41":42,"_43":6641,"_45":911,"_47":6642,"_49":6643,"_70":6650,"_60":61},"6QdTr-pZ",{},[6644],{"_41":2603,"_53":6645,"_56":6647,"_47":6649,"_60":61},[6646],863,[6648],873,{},"—————————————————————————————————————— (or, alternatively put, holding constant the planned and expected time-profile of consumption),(28) there will be no change in \"the\" natural rate of interest, viewed as a composite of interest rates on all financial assets. Expansion of the volume of deposits is nonetheless warranted in this case. Assuming rising marginal costs of intermediation, the equilibrium rate of interest on bank deposits will have fallen, while the rate on bonds will have increased. The increased demand for intermediation raises the \"price of intermediation\" represented by the spread between the deposit and bond rates. Banks are warranted in expanding their balance sheets to meet the increased demand for deposits, until the actual deposit rate falls to the new equilibrium deposit rate. (Meanwhile, the market value of existing bonds falls pari passu with the increase in the bond interest rate.)",{"_37":6652,"_39":6653},[],{"_41":42,"_43":6654,"_45":911,"_47":6655,"_49":6656,"_70":6664,"_60":61},"_X4hQ2Nh",{},[6657],{"_41":2603,"_53":6658,"_56":6661,"_47":6663,"_60":61},[2599,6659,6660],250,266,[4240,2672,6662],273,{},"An increase in savings is neither necessary nor sufficient to warrant an increase in fiduciary media. An increased demand for \"cash\" (Hoppe, p. 73) does not warrant an increase in fiduciary media or inside money, assuming that \"cash\" is used to mean high-powered or outside money such as gold coins (as opposed to low-powered, competitively-issued banknotes). It is specifically an increased demand to hold \"balances of inside money\" (Selgin's words, quoted by Hoppe) that warrants an increase in the quantity of inside (bank-issued) money. A banking system that accommodates an increased real demand to hold its demand liabilities by expanding their quantity does nothing to drive market interest rates away from their natural values, spur excessive investment, or set in motion a boom-bust cycle.",{"_37":6666,"_39":6667},[],{"_41":42,"_43":6668,"_45":911,"_47":6669,"_49":6670,"_70":6675,"_60":61},"T0LsTGwJ",{},[6671],{"_41":2603,"_53":6672,"_56":6673,"_47":6674,"_60":61},[2669],[4037],{},"We can put this point another way. Consider the case in which the public increases its desire to save, due to a drop in time preference, and people elect to forego some current consumption spending out of their income in order to build up their holdings of time deposits issued by banks. We imagine that no Austrian will object that it is dangerous to allow the banking system to accommodate this shift. The natural rate of interest has fallen. The public correspondingly bids down the interest rate on time deposits, and by lending their extra deposits banks bid down the interest rate on loans, so the market rates correctly track the natural rates.",{"_37":6677,"_39":6678},[],{"_41":42,"_43":6679,"_45":911,"_47":6680,"_49":6681,"_70":6687,"_60":61},"_McKetk4",{},[6682],{"_41":2603,"_53":6683,"_56":6685,"_47":6686,"_60":61},[6684],240,[5858],{},"Now consider the case where the public increases its desire to save, due to a drop in time preference, and people elect to forego some current consumption spending out of their income in order to build up their holdings of interest-bearing demand deposits issued by banks.",{"_37":6689,"_39":6690},[],{"_41":42,"_43":6691,"_45":911,"_47":6692,"_49":6693,"_70":5315,"_60":61},"xaFDqoj2",{},[],{"_41":111,"_43":6695,"_45":911,"_47":6696,"_49":6697,"_70":6702,"_60":61},"LhY2z5KG",{"_115":116},[6698],{"_41":52,"_53":6699,"_56":6700,"_47":6701,"_60":61},[265],[510],{},"Inherent Instability",{"_37":6704,"_39":6724},[6705,6712],{"_37":6706,"_39":6707},[],{"_41":42,"_43":6708,"_45":911,"_47":6709,"_49":6710,"_70":6711,"_60":61},"gjM17-jE",{},[],"Fiduciary media are not fiat money. A monetary system with a commodity standard, competitive banking, and the freedom to use fiduciary media among consenting transactors is consistent with justice, efficiency, and economic stability. It is preferable on these scores both to a system (like today's) where the law has forced money-users to give up gold and gold-redeemable fiduciary media in favor of fiat money, and to a system (like those proposed by 100-percent-reserve advocates) where the law restricts money-users from holding any or some types of fiduciary media.",{"_37":6713,"_39":6714},[],{"_41":42,"_43":6715,"_45":911,"_47":6716,"_49":6717,"_70":6723,"_60":61},"05b1apni",{},[6718],{"_41":2603,"_53":6719,"_56":6720,"_47":6722,"_60":61},[265],[6721],606,{},"29 But how can the banks manage to expand their demand deposits, if total bank reserves have not changed? The increased demand to hold demand deposits, relative to income, means that fewer checks are written per year per dollar of account balances. The marginal deposit dollar poses less of a threat to a bank's reserves. Thus a bank can safely increase its ratio of deposits to reserves, increasing the volume of its deposits to the point where the rising liquidity cost plus interest and other costs of the last dollar of deposits again equals the marginal revenue from a dollar of assets (Selgin 1994b).",{"_41":111,"_43":6725,"_45":911,"_47":6726,"_49":6727,"_70":6732,"_60":61},"gTqiAaOJ",{"_115":116},[6728],{"_41":52,"_53":6729,"_56":6730,"_47":6731,"_60":61},[265],[3147],{},"Conclusion",{"_37":6734,"_39":7015},[6735,6742,6749,6756,6763,6770,6777,6784,6791,6798,6805,6812,6819,6875,6882,6938,6952,6959,6966,7008],{"_37":6736,"_39":6737},[],{"_41":42,"_43":6738,"_45":911,"_47":6739,"_49":6740,"_70":6741,"_60":61},"3h1GhJan",{},[],"Block, Walter. 1988. \"Fractional Reserve Banking: An Interdisciplinary Perspective.\" In Walter Block and Llewellyn H. Rockwell, Jr., eds., Man, Economy, and Liberty: Essays in Honor of Murray N. Rothbard. Auburn, Ala.: Ludwig von Mises Institute.",{"_37":6743,"_39":6744},[],{"_41":42,"_43":6745,"_45":911,"_47":6746,"_49":6747,"_70":6748,"_60":61},"vY5UHJjM",{},[],"Checkland, S. G. 1975. Scottish Banking:A History, 1695-1973. Glasgow: Collins. de Soto, Jesus Huerta. 1995. \"A Critical Analysis of Central Banks and FractionalReserve Free Banking from the Austrian Perspective.\" Review of Austrian Economics 8 (2): 25-38.",{"_37":6750,"_39":6751},[],{"_41":42,"_43":6752,"_45":911,"_47":6753,"_49":6754,"_70":6755,"_60":61},"yjibUP42",{},[],"Dowd, Kevin, ed. 1992. The Experience of Free Banking. London: Routledge.",{"_37":6757,"_39":6758},[],{"_41":42,"_43":6759,"_45":911,"_47":6760,"_49":6761,"_70":6762,"_60":61},"ABpJaYnP",{},[],"Garrison, Roger W. 1985. \"The Cost of a Gold Standard.\" In Llewellyn H. Rockwell, Jr., ed., The Gold Standard: An Austrian Perspective. Lexington, Mass.: Lexington Books.",{"_37":6764,"_39":6765},[],{"_41":42,"_43":6766,"_45":911,"_47":6767,"_49":6768,"_70":6769,"_60":61},"wFA94Ola",{},[],"Gorton, Gary B. 1988. \"Banking Panics and Business Cycles.\" Oxford Economic Papers 40 (December): 751-81.",{"_37":6771,"_39":6772},[],{"_41":42,"_43":6773,"_45":911,"_47":6774,"_49":6775,"_70":6776,"_60":61},"STnGr-Pw",{},[],"Hayek, F. A. 1978. The Denationalisation of Money, 2nd ed. London: Institute of Economic Affairs.",{"_37":6778,"_39":6779},[],{"_41":42,"_43":6780,"_45":911,"_47":6781,"_49":6782,"_70":6783,"_60":61},"ss3pQZR_",{},[],"Hildreth, Richard. 1968. Banks, Banking, and Paper Currencies. 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Great Barrington, Mass.: American Institute for Economic Research.",{"_37":6883,"_39":6933},[6884,6891,6898,6905,6912,6919,6926],{"_37":6885,"_39":6886},[],{"_41":42,"_43":6887,"_45":911,"_47":6888,"_49":6889,"_70":6890,"_60":61},"Bc0oef5Q",{},[],"1990. \"Monetary Equilibrium and the 'Productivity Norm' of Price-Level Policy.\" In Richard M. Ebeling, ed., Austrian Economics: Perspectives on the Past and Prospects for the Future. Hillsdale, Mich.: Hillsdale College Press.",{"_37":6892,"_39":6893},[],{"_41":42,"_43":6894,"_45":911,"_47":6895,"_49":6896,"_70":6897,"_60":61},"cQaMiC3c",{},[],"1992. \"Bank Lending 'Manias'in Theory and History.\" Journal ofFinancia1 Services Research 6 (March):169-86.",{"_37":6899,"_39":6900},[],{"_41":42,"_43":6901,"_45":911,"_47":6902,"_49":6903,"_70":6904,"_60":61},"Iyaf914P",{},[],"1993. \"In Defense of Bank Suspension.\" Journal of Financial Services Research 7 (December):347-64.",{"_37":6906,"_39":6907},[],{"_41":42,"_43":6908,"_45":911,"_47":6909,"_49":6910,"_70":6911,"_60":61},"TIjqA6aB",{},[],"1994a. \"Are Banking Crises Free-Market Phenomena?\" Critical Review 8 (Fall):591-607.",{"_37":6913,"_39":6914},[],{"_41":42,"_43":6915,"_45":911,"_47":6916,"_49":6917,"_70":6918,"_60":61},"00ebskHY",{},[],"1994b. \"Free Banking and Monetary Control.\" The Economic Journal 104 (November):1449-59.",{"_37":6920,"_39":6921},[],{"_41":42,"_43":6922,"_45":911,"_47":6923,"_49":6924,"_70":6925,"_60":61},"kPo2GdVq",{},[],"1994c. \"On Ensuring the Acceptability of a New Fiat Money.\" Journal of Money, Credit, and Banking 26 (November):808-26.",{"_37":6927,"_39":6928},[],{"_41":42,"_43":6929,"_45":911,"_47":6930,"_49":6931,"_70":6932,"_60":61},"RBmGPmsn",{},[],"1995. \"The 'Productivity Norm' vs. Zero Inflation in the History of Economic Thought.\" History of Political Economy 27 (Winter):705-35.",{"_41":42,"_43":6934,"_45":922,"_47":6935,"_49":6936,"_70":6937,"_60":61},"G6YmkDyJ",{"_115":2957},[],"Selgin, George A. 1989. \"Legal Restrictions, Financial Weakening, and the Lender of Last Resort.\" Cato Journal 9 (Fall):429-59.",{"_37":6939,"_39":6947},[6940],{"_37":6941,"_39":6942},[],{"_41":42,"_43":6943,"_45":911,"_47":6944,"_49":6945,"_70":6946,"_60":61},"MvZSOph8",{},[],"1994. \"How Would the Invisible Hand Handle Money?\" Journal of Economic Literature 32 (December):1718-49.",{"_41":42,"_43":6948,"_45":922,"_47":6949,"_49":6950,"_70":6951,"_60":61},"BgXMQkfb",{"_115":2957},[],"Selgin, George A., and Lawrence H. White. 1987. \"The Evolution of a Free Banking System.\" Economic Inquiry 25 (July):439-57.",{"_37":6953,"_39":6954},[],{"_41":42,"_43":6955,"_45":911,"_47":6956,"_49":6957,"_70":6958,"_60":61},"FerpaGqn",{},[],"Smith, Adam. 1981.AnInquiry into the Nature and Causes of the Wealth ofNations. Indianapolis: Liberty Classics.",{"_37":6960,"_39":6961},[],{"_41":42,"_43":6962,"_45":911,"_47":6963,"_49":6964,"_70":6965,"_60":61},"urJ9tjxu",{},[],"Van Dillen, J. G. 1934. \"The Bank of Amsterdam.\" In Van Dillen, History of the -Principal Public Banks. The Hague: Martinus Nijhoff. Pp. 79-123.",{"_37":6967,"_39":7003},[6968,6975,6982,6989,6996],{"_37":6969,"_39":6970},[],{"_41":42,"_43":6971,"_45":911,"_47":6972,"_49":6973,"_70":6974,"_60":61},"tTXXx5ko",{},[],"1989. Competition and Currency: Essays on Free Banking and Money. New York: New York University Press.",{"_37":6976,"_39":6977},[],{"_41":42,"_43":6978,"_45":911,"_47":6979,"_49":6980,"_70":6981,"_60":61},"Kl26Wpwz",{},[],"1990. \"Commentary: Norms for Monetary Policy.\" In Richard M. Ebeling, ed., Austrian Economics: Perspectives on the Past and Prospects for the Future. Hillsdale, Mich.: Hillsdale College Press.",{"_37":6983,"_39":6984},[],{"_41":42,"_43":6985,"_45":911,"_47":6986,"_49":6987,"_70":6988,"_60":61},"SCFRFZzH",{},[],"1992. \"Mises on Free Banking and Fractional Reserves.\" In John W. Robbins and Mark Spangler, eds., A Man of Principle: Essays in Honor of Hans F: Sennholz. Grove City, Penn.: Grove City College Press.",{"_37":6990,"_39":6991},[],{"_41":42,"_43":6992,"_45":911,"_47":6993,"_49":6994,"_70":6995,"_60":61},"1HJj7BBD",{},[],"1993. \"Why is the U. S. Banking Industry in Trouble? Business Cycles, Loan Losses, and Deposit Insurance.\" In Lawrence H. White, ed., The Crisis in American Banking. New York: New York University Press.",{"_37":6997,"_39":6998},[],{"_41":42,"_43":6999,"_45":911,"_47":7000,"_49":7001,"_70":7002,"_60":61},"Kwu9hLoZ",{},[],"1995. \"The Evolution of Hayek's Monetary Economics.\" Unpublished ms. University of Georgia.",{"_41":42,"_43":7004,"_45":922,"_47":7005,"_49":7006,"_70":7007,"_60":61},"VX-xu6rm",{"_115":2957},[],"White, Lawrence H. 1984. Free Banking in Britain. Cambridge: Cambridge University Press.",{"_37":7009,"_39":7010},[],{"_41":42,"_43":7011,"_45":911,"_47":7012,"_49":7013,"_70":7014,"_60":61},"6QJSQ5eL",{},[],"Yeager, Leland B. 1986. \"The Significance of Monetary Disequlibrium.\" The Cato Journal 6 (Fall):369-99.",{"_41":111,"_43":7016,"_45":911,"_47":7017,"_49":7018,"_70":7023,"_60":61},"U57xily6",{"_115":2957},[7019],{"_41":52,"_53":7020,"_56":7021,"_47":7022,"_60":61},[265],[3147],{},"References",[914,124],"/library/in-defense-of-fiduciary-media","2025-02-16T15:54:35.714Z",{"_131":931},{},{"_173":922,"_177":929},{"_43":908,"_185":98,"_99":7031,"_119":911,"_187":-5,"_188":-5,"_189":-5,"_190":-5,"_184":6},[459,910],1776429500094,[277,908,911,6],"[\"ENTITY\",\"hm://z6Mkusu8KBMXe52JC9fnEFzwdsAF2SXGvnxoAyVTXBhGfRDR/library/in-defense-of-fiduciary-media\",\"bafy2bzaceag6jnsuwqjctankhea7nvx7ibq2ys3jgzvlq4r4zbwcl7riwhrsw\",true]",{"_199":7036,"_275":7508,"_278":7509},{"_201":7037,"_259":260,"_261":7507,"_263":-5,"_264":265,"_266":265,"_267":265,"_268":-5,"_269":-5,"_270":8,"_271":272,"_273":274},{"_41":32,"_32":7038,"_43":7505},{"_34":7039,"_119":937,"_121":98,"_122":7499,"_99":7500,"_125":946,"_127":7501,"_129":7502,"_144":7503,"_173":947,"_175":7504,"_179":180},[7040,7047,7060,7067,7080,7087,7184,7261,7303,7347,7404,7432],{"_37":7041,"_39":7042},[],{"_41":42,"_43":7043,"_45":937,"_47":7044,"_49":7045,"_70":7046,"_60":61},"z1kbIpOP",{},[],"En Bitcoin, normalmente bloqueas tus fondos de tal manera que solo pueden ser gastados si aportas una firma digital válida que se vincula a todas las partes de la transacción (te voy adelantando que mejor que sea así).",{"_37":7048,"_39":7049},[],{"_41":42,"_43":7050,"_45":937,"_47":7051,"_49":7052,"_70":7059,"_60":61},"O6RHLvME",{},[7053],{"_41":63,"_53":7054,"_56":7055,"_47":7057,"_60":7058},[4890],[7056],102,{},"https://salvazaraes.blog/maleabilidad-en-bitcoin","Sin embargo, en Bitcoin también puedes gastar tus fondos aportando una firma digital que no se vincula a todas las partes de la transacción o incluso puedes gastarlos sin utilizar firmas digitales si así fue definido en el script de bloqueo de los fondos.",{"_37":7061,"_39":7062},[],{"_41":42,"_43":7063,"_45":937,"_47":7064,"_49":7065,"_70":7066,"_60":61},"BB1vWA95",{},[],"En ambos casos, esto puede dar lugar a situaciones en las que tus bitcoin son como un billete de 50€ abandonado en plena calle y al alcance de cualquiera.",{"_37":7068,"_39":7069},[],{"_41":42,"_43":7070,"_45":937,"_47":7071,"_49":7072,"_70":7079,"_60":61},"KCczLXx-",{},[7073],{"_41":2603,"_53":7074,"_56":7076,"_47":7078,"_60":61},[7075],72,[7077],85,{},"Es decir, no es que te los estén robando, sino que nunca los protegiste correctamente.",{"_37":7081,"_39":7082},[],{"_41":42,"_43":7083,"_45":937,"_47":7084,"_49":7085,"_70":7086,"_60":61},"DFW0WW8j",{},[],"Para evitar que esto te ocurra, he listado posibles situaciones en las que tus fondos bitcoin se harían vulnerables:",{"_37":7088,"_39":7179},[7089,7102,7109,7121,7132,7140,7151,7158,7165,7172],{"_37":7090,"_39":7091},[],{"_41":42,"_43":7092,"_45":937,"_47":7093,"_49":7094,"_70":7101,"_60":61},"YesDqO5t",{},[7095],{"_41":7096,"_53":7097,"_56":7098,"_47":7100,"_60":61},"Code",[4442],[7099],40,{},"El indicador SigHash SINGLE|ANYONECANPAY es sin lugar a duda, uno de los más interesantes por su versatilidad y por las vulnerabilidades que puede provocar. Tanto, que aparece dos veces en esta lista. ",{"_37":7103,"_39":7104},[],{"_41":42,"_43":7105,"_45":937,"_47":7106,"_49":7107,"_70":7108,"_60":61},"qc8zMhr-",{},[],"Este indicador firmará el input en cuestión y el output con el mismo índice que el input; además permitirá que se puedan añadir otros inputs, lo que resulta en que tanto los outputs no firmados como los inputs no firmados sean modificables.",{"_37":7110,"_39":7111},[],{"_41":42,"_43":7112,"_45":937,"_47":7113,"_49":7114,"_70":7120,"_60":61},"N59RvRVm",{},[7115],{"_41":7096,"_53":7116,"_56":7118,"_47":7119,"_60":61},[7117],91,[4408],{},"En una transacción sin confirmar, si uno de los inputs es firmado con el indicador SigHash SINGLE|ANYONECANPAY y ese input desbloquea más fondos que el output al que está referenciado, es posible llevárselos a otra transacción quedándote con la diferencia entre la cantidad de fondos bitcoin del input y del output correspondiente.",{"_37":7122,"_39":7123},[],{"_41":42,"_43":7124,"_45":937,"_47":7125,"_49":7126,"_70":7131,"_60":61},"5j5MBty7",{},[7127],{"_41":7096,"_53":7128,"_56":7129,"_47":7130,"_60":61},[3743],[2698],{},"Esto es posible puesto que el indicador SigHash SINGLE|ANYONECANPAY brinda un alto grado de modularidad al input en cuestión, permitiendo que se modifique tanto el resto de inputs como el resto de outputs no firmados. (NOTA 1: Outputs dummies)",{"_37":7133,"_39":7134},[],{"_41":2632,"_43":7135,"_45":937,"_47":7136,"_49":7138,"_70":61,"_60":7139},"uIHLKN0R",{"_2635":7137},748,[],"ipfs://bafybeicabec6arrnczl5jinvovjncatdnnsic6kna7hcsko7qolwr4nr4a",{"_37":7141,"_39":7142},[],{"_41":42,"_43":7143,"_45":937,"_47":7144,"_49":7145,"_70":7150,"_60":61},"hYPdgU1g",{},[7146],{"_41":7096,"_53":7147,"_56":7148,"_47":7149,"_60":61},[3820],[4443],{},"En la imagen vemos una transacción vulnerable, en la que uno de los inputs se firma con el indicador SigHash SINGLE|ANYONECANPAY. Este input en cuestión (B) desbloquea 1,5BTC > 1BTC del output al que está referenciado (D).",{"_37":7152,"_39":7153},[],{"_41":42,"_43":7154,"_45":937,"_47":7155,"_49":7156,"_70":7157,"_60":61},"b46c31vf",{},[],"El atacante puede crear una transacción de ataque, en la que completando para el mismo número de inputs y outputs previos, se llevara al output F (una dirección que controla) la diferencia entre el input B y D. Es decir, el atacante pone un nuevo input (en el ejemplo el input E con 0,1BTC) y pone como output el F, al que se envían 0,6BTC (0,1BTC del input E + 0,5BTC del diferencial entre B y D)",{"_37":7159,"_39":7160},[],{"_41":42,"_43":7161,"_45":937,"_47":7162,"_49":7163,"_70":7164,"_60":61},"zNKRjVou",{},[],"A pesar de que esto es posible, la transacción de ataque sigue siendo vulnerable a otro ataque del mismo estilo. Solo se garantizaría el éxito del ataque cuando una de las transacciones fuera confirmada, lo que ocurrirá generalmente con aquella que pague una mayor fee.",{"_37":7166,"_39":7167},[],{"_41":42,"_43":7168,"_45":937,"_47":7169,"_49":7170,"_70":7171,"_60":61},"Y_ms5Wpk",{},[],"Quien hace este tipo de firma, si lo hace de manera consciente, tiene en mente algo como \"mientras que una parte de los fondos lleguen a esta dirección, haz lo que quieras con el resto de direcciones de llegadas y añade tantos inputs como quieras.\"",{"_37":7173,"_39":7174},[],{"_41":42,"_43":7175,"_45":937,"_47":7176,"_49":7177,"_70":7178,"_60":61},"GvrC0jz6",{},[],"Normalmente en la timechain (o blockchain) de Bitcoin, los inputs firmados con este indicador suelen desbloquear una cantidad de fondos igual o inferior a la del output con el mismo índice. Esto hace que, en la práctica, este tipo de ataque no sea económicamente viable, ya que el atacante tendría que aportar fondos adicionales con nuevos inputs, terminando por beneficiar al destinatario original en lugar de obtener ganancias.",{"_41":111,"_43":7180,"_45":947,"_47":7181,"_49":7182,"_70":7183,"_60":61},"px_6fLsr",{"_115":116},[],"1. SINGLE|ANYONECANPAY con Qty Input > Qty Output",{"_37":7185,"_39":7256},[7186,7193,7205,7217,7224,7236,7243],{"_37":7187,"_39":7188},[],{"_41":42,"_43":7189,"_45":937,"_47":7190,"_49":7191,"_70":7192,"_60":61},"xwsRsMR0",{},[],"En el apartado anterior establecía que para este tipo de indicador SigHash, se firma un solo input y el output con el mismo índice que el input a firmar.",{"_37":7194,"_39":7195},[],{"_41":42,"_43":7196,"_45":937,"_47":7197,"_49":7198,"_70":7204,"_60":61},"pr_czXCY",{},[7199],{"_41":7096,"_53":7200,"_56":7202,"_47":7203,"_60":61},[7201],194,[5279],{},"Si una transacción tiene un número de inputs que excede el número de outputs y se da el caso de que uno o varios de los inputs que exceden el número de outputs se firman con el indicador SigHashSINGLE|ANYONECANPAY, la firma digital de esos inputs no estará firmando ninguna parte de la transacción sino el número 1. (NOTA2: Número 1)",{"_37":7206,"_39":7207},[],{"_41":42,"_43":7208,"_45":937,"_47":7209,"_49":7210,"_70":7216,"_60":61},"le11WzMT",{},[7211],{"_41":7096,"_53":7212,"_56":7213,"_47":7215,"_60":61},[55],[7214],120,{},"Por ejemplo, si la transacción tiene dos inputs pero un solo output y el segundo input se firma como SINGLE|ANYONECANPAY, no tendrá un segundo output al que referenciarse. El código de Bitcoin establece en esta situación, que para ese segundo input para el que no hay un segundo output, el mensaje firmado será el número 1.",{"_37":7218,"_39":7219},[],{"_41":42,"_43":7220,"_45":937,"_47":7221,"_49":7222,"_70":7223,"_60":61},"kspLfe3C",{},[],"Este bug en el código de Bitcoin permite que una vez se ha retransmitido una transacción de estas características, si vuelven a llegar fondos al input o inputs que firmaban el número 1, se podrá volver a provocar la vulnerabilidad en una nueva transacción, reaprovechando la firma digital que ya se hizo sobre el número 1 y obteniendo esos fondos.",{"_37":7225,"_39":7226},[],{"_41":42,"_43":7227,"_45":937,"_47":7228,"_49":7229,"_70":7235,"_60":61},"HqWgys_m",{},[7230],{"_41":63,"_53":7231,"_56":7232,"_47":7233,"_60":7234},[3354],[3356],{},"https://salvazaraes.blog/maleabilidad-en-bitcoin?v=bafy2bzacedakihv2duszosufzcg32gqzyqz4jr362h7v4jxfeauw3f5osx6mk#u7MW7Zy0","Esta vulnerabilidad ya la explicaba en mi anterior artículo \"Maleabilidad en Bitcoin\"",{"_37":7237,"_39":7238},[],{"_41":42,"_43":7239,"_45":937,"_47":7240,"_49":7241,"_70":7242,"_60":61},"ICw847vC",{},[],"Un ejemplo real en la timechain de una dirección vulnerable a este ataque sería la siguiente:",{"_37":7244,"_39":7245},[],{"_41":42,"_43":7246,"_45":937,"_47":7247,"_49":7248,"_70":7255,"_60":61},"Vu7o5NVL",{},[7249],{"_41":63,"_53":7250,"_56":7252,"_47":7253,"_60":7254},[7251],42,[3511],{},"https://mempool.space/es/tx/1395dde8ec0152f4cb090f4d4e8dcb14cc0d8bbba780e686c44934370cd316ec","1CeBmgAuBj8WVhwpEVqPPMyV36uHZRfevy siendo ésta la transacción que la hizo vulnerable.",{"_41":111,"_43":7257,"_45":947,"_47":7258,"_49":7259,"_70":7260,"_60":61},"bEJ2MA2B",{"_115":116},[],"2. SINGLE|ANYONECANPAY con nInputs > nOutputs",{"_37":7262,"_39":7298},[7263,7274,7281],{"_37":7264,"_39":7265},[],{"_41":42,"_43":7266,"_45":937,"_47":7267,"_49":7268,"_70":7273,"_60":61},"gt9QVUXC",{},[7269],{"_41":7096,"_53":7270,"_56":7271,"_47":7272,"_60":61},[3356],[2702],{},"Una transacción con un solo input, y que haya sido firmada con el indicador SigHash NONE, no estará ligada a ningún otro input que sí pudiera firmar los outputs (dado que solo hay un input), permitiendo que los fondos se puedan encauzar hacia otra dirección si es detectada antes de ser confirmada.",{"_37":7275,"_39":7276},[],{"_41":2632,"_43":7277,"_45":937,"_47":7278,"_49":7279,"_70":61,"_60":7280},"5wtT1HMR",{},[],"ipfs://bafybeihylvtwgrbbbrlltdljh6skfm4lb677efz6nkouygtkxkp7qwoa6u",{"_37":7282,"_39":7283},[],{"_41":42,"_43":7284,"_45":937,"_47":7285,"_49":7286,"_70":7297,"_60":61},"WpiAsp0D",{},[7287,7292],{"_41":63,"_53":7288,"_56":7289,"_47":7290,"_60":7291},[265],[607],{},"https://salvazaraes.blog/maleabilidad-en-bitcoin?v=bafy2bzacedakihv2duszosufzcg32gqzyqz4jr362h7v4jxfeauw3f5osx6mk#zpLuOMsu",{"_41":7096,"_53":7293,"_56":7294,"_47":7296,"_60":61},[3415],[7295],31,{},"Aquí puedes leer más sobre NONE",{"_41":111,"_43":7299,"_45":947,"_47":7300,"_49":7301,"_70":7302,"_60":61},"uHHUiUZ1",{"_115":116},[],"3. NONE con un solo input",{"_37":7304,"_39":7342},[7305,7319,7326],{"_37":7306,"_39":7307},[],{"_41":42,"_43":7308,"_45":937,"_47":7309,"_49":7310,"_70":7318,"_60":61},"BV82yVy1",{},[7311],{"_41":7096,"_53":7312,"_56":7314,"_47":7317,"_60":61},[3395,7313],295,[7315,7316],55,307,{},"Igual ocurre con el indicador SigHash NONE|ANYONECANPAY, donde directamente solo se firma el input en cuestión y ninguna otra parte de la transacción. Esto permite antes de ser confirmada, no solo encauzar los fondos hacia otra dirección, sino también modificar el resto inputs al ser indicador ANYONECANPAY.",{"_37":7320,"_39":7321},[],{"_41":2632,"_43":7322,"_45":937,"_47":7323,"_49":7324,"_70":61,"_60":7325},"7PkfzB3K",{},[],"ipfs://bafybeifztz4myt3am425v2smqw3zeytlsgbsoh4gn2kb3llpjx2hx36jma",{"_37":7327,"_39":7328},[],{"_41":42,"_43":7329,"_45":937,"_47":7330,"_49":7331,"_70":7341,"_60":61},"Zl7p-VQR",{},[7332,7337],{"_41":63,"_53":7333,"_56":7334,"_47":7335,"_60":7336},[265],[607],{},"https://salvazaraes.blog/maleabilidad-en-bitcoin?v=bafy2bzacedakihv2duszosufzcg32gqzyqz4jr362h7v4jxfeauw3f5osx6mk#Sx99fBY4",{"_41":7096,"_53":7338,"_56":7339,"_47":7340,"_60":61},[3415],[6236],{},"Aquí puedes leer más sobre NONE|ANYONECANPAY",{"_41":111,"_43":7343,"_45":947,"_47":7344,"_49":7345,"_70":7346,"_60":61},"h5uroO0s",{"_115":116},[],"4. NONE|ANYONECANPAY",{"_37":7348,"_39":7399},[7349,7356,7363,7370],{"_37":7350,"_39":7351},[],{"_41":42,"_43":7352,"_45":937,"_47":7353,"_49":7354,"_70":7355,"_60":61},"XhUXOgEH",{},[],"La condición de gasto P2SH normalmente es empleada para crear direcciones donde se requiere más de una firma digital para poder mover los fondos, conocida como multisignature. Sin embargo, el verdadero potencial de P2SH es posibilitar la creación una condición de gasto con los operadores (OP_CODES) que nosotros deseemos, dentro de los habilitados hasta el día de hoy en Bitcoin.",{"_37":7357,"_39":7358},[],{"_41":42,"_43":7359,"_45":937,"_47":7360,"_49":7361,"_70":7362,"_60":61},"REGwsIV0",{},[],"Con estos operadores se pueden llegar a crearse puzzles matemáticos y retos que, una vez resueltos, sea esa solución la que desbloquee los fondos. Es decir, quién consiga la respuesta a ese puzzle matemático (por ejemplo, resolver una ecuación), podrá emitir una transacción gastando los fondos.",{"_37":7364,"_39":7365},[],{"_41":42,"_43":7366,"_45":937,"_47":7367,"_49":7368,"_70":7369,"_60":61},"SFds4OPc",{},[],"Lo que ocurre es, que una vez retransmitida la transacción, la solución es conocida por todo el mundo y por tanto, dado que esa solución no está ligada a la transacción (como ocurre con las firmas digitales), cualquiera puede modificar la transacción antes de ser confirmada o incluso, una vez confirmada, si vuelven a llegar fondos a la dirección con el puzzle o el reto, dado que ya tenemos la solución, será cosa de poco gastar esos fondos.",{"_37":7371,"_39":7372},[],{"_41":42,"_43":7373,"_45":937,"_47":7374,"_49":7375,"_70":7398,"_60":61},"2p7t0xzm",{},[7376,7381,7386,7392],{"_41":63,"_53":7377,"_56":7378,"_47":7379,"_60":7380},[3666],[4442],{},"https://bitcointalk.org/index.php?topic=293382.0",{"_41":63,"_53":7382,"_56":7383,"_47":7384,"_60":7385},[3459],[4942],{},"https://shattered.io/",{"_41":63,"_53":7387,"_56":7389,"_47":7390,"_60":7391},[7388],190,[67],{},"https://mempool.space/es/tx/8d31992805518fd62daa3bdd2a5c4fd2cd3054c9b3dca1d78055e9528cff6adc",{"_41":63,"_53":7393,"_56":7395,"_47":7396,"_60":7397},[7394],309,[2655],{},"https://mempool.space/es/address/37k7toV1Nv4DfmQbmZ8KuZDQCYK9x5KpzP","Un ejemplo es el reto que propuso Peter Todd para encontrar colisiones de las distintas funciones hash. Se encontró una colisión en el SHA1, y alguien empleó esa colisión como solución para resolver uno de los retos con premio que había propuesto Peter Todd. Posteriormente, han seguido llegando fondos a esa dirección, y dado que la solución es conocida, se puede seguir reutilizando para gastar los fondos que van llegando.",{"_41":111,"_43":7400,"_45":947,"_47":7401,"_49":7402,"_70":7403,"_60":61},"4ubvNfe4",{"_115":116},[],"5. P2SH con puzzles y retos como scripts",{"_37":7405,"_39":7427},[7406,7413,7420],{"_37":7407,"_39":7408},[],{"_41":42,"_43":7409,"_45":937,"_47":7410,"_49":7411,"_70":7412,"_60":61},"PTXTIHMY",{},[],"Te voy adelantando que dentro de poco habrá otra entrada al blog detallando el uso y la profundidad de los puzzles y retos como scripts de bloqueo. De forma cariñosa me gusta llamar a ese próximo artículo: \"No me da la gana utilizar firmas digitales (Estoy cansado, jefe)\".",{"_37":7414,"_39":7415},[],{"_41":42,"_43":7416,"_45":937,"_47":7417,"_49":7418,"_70":7419,"_60":61},"HJUF-AFR",{},[],"Conforme vaya descubriendo nuevas formas por las que se harían vulnerables tus bitcoin, iré actualizando esta entrada al blog. Si te sabes alguna que no haya citado y que guarde relación con las anteriores mencionadas, ¡ponla en los comentarios!",{"_37":7421,"_39":7422},[],{"_41":42,"_43":7423,"_45":937,"_47":7424,"_49":7425,"_70":7426,"_60":61},"eqtReh5V",{},[],"PD: si pones en práctica algo de lo que menciono, hazlo en testnet ;D",{"_41":111,"_43":7428,"_45":947,"_47":7429,"_49":7430,"_70":7431,"_60":61},"JUS4HnoR",{"_115":116},[],"Conclusión",{"_37":7433,"_39":7494},[7434,7441,7448,7455,7462,7473,7480,7487],{"_37":7435,"_39":7436},[],{"_41":42,"_43":7437,"_45":937,"_47":7438,"_49":7439,"_70":7440,"_60":61},"Qtp5ZUXs",{},[],"NOTA1: Outputs dummies",{"_37":7442,"_39":7443},[],{"_41":42,"_43":7444,"_45":937,"_47":7445,"_49":7446,"_70":7447,"_60":61},"6FMdqP89",{},[],"Para que el ataque sea fructífero, la transacción con la que se ataca debería tener tantos inputs y output previos como la transacción vulnerable. Esto es, si el input y el output que van a ser desplazados de una transacción a otra tenían originalmente un input y un output previos, en la transacción de ataque se deberá mantener esa estructura. Los inputs y outputs posteriores no son relevantes.",{"_37":7449,"_39":7450},[],{"_41":42,"_43":7451,"_45":937,"_47":7452,"_49":7453,"_70":7454,"_60":61},"Q4vDw8lR",{},[],"Esto es así puesto que a la hora de firmar ese input vulnerable, en el apartado de los outputs de la proto-transacción se incluyen tantos outputs dummies como outputs previos hubiera. Un output dummie es aquel que solo hace referencia a que, en efecto, hay un output pero sin que se determine su cantidad o la dirección a la que va.",{"_37":7456,"_39":7457},[],{"_41":42,"_43":7458,"_45":937,"_47":7459,"_49":7460,"_70":7461,"_60":61},"NiZqRm2w",{},[],"Además, dado que el input firma el output con el mismo índice, es necesario añadir tantos inputs como había en la transacción vulnerable, para que en la transacción de ataque coincidan también los índices y por tanto, la transacción de ataque sea válida.",{"_37":7463,"_39":7464},[],{"_41":42,"_43":7465,"_45":937,"_47":7466,"_49":7467,"_70":7472,"_60":61},"VSVQNieK",{},[7468],{"_41":7096,"_53":7469,"_56":7470,"_47":7471,"_60":61},[2648],[3957],{},"En definitiva, habrá que completar con el mismo número de inputs y outputs previos, siendo el ataque posible puesto que esos inputs y outputs previos serán modificables dada la versatilidad que el indicador SigHash SINGLE|ANYONECANPAY nos ofrece.",{"_37":7474,"_39":7475},[],{"_41":42,"_43":7476,"_45":937,"_47":7477,"_49":7478,"_70":7479,"_60":61},"yxBljFXG",{},[],"NOTA2: Número 1",{"_37":7481,"_39":7482},[],{"_41":42,"_43":7483,"_45":937,"_47":7484,"_49":7485,"_70":7486,"_60":61},"rUbDB1BT",{},[],"En realidad es el número 1 de 256bits en hexadecimal, con byte order \"Little Endian\": 0100000000000000000000000000000000000000000000000000000000000000",{"_37":7488,"_39":7489},[],{"_41":42,"_43":7490,"_45":937,"_47":7491,"_49":7492,"_70":7493,"_60":61},"z5StGNxk",{},[],"En decimal ese número es: 452312848583266388373324160190187140051835877600158453279131187530910662656",{"_41":111,"_43":7495,"_45":947,"_47":7496,"_49":7497,"_70":7498,"_60":61},"0Hxmyhb4",{"_115":116},[],"Notas",[940],"/community-articles/si-haces-vulnerables-tus-bitcoin-no-llores-cuando-alguien-se-los-lleve","2025-02-14T18:56:52.923Z",{"_131":956,"_135":957,"_383":958,"_141":6},{},{"_173":947,"_177":954},{"_43":934,"_185":98,"_99":7506,"_119":937,"_187":-5,"_188":-5,"_189":-5,"_190":-5,"_184":6},[348,936],1776429499645,[277,934,937,6],"[\"ENTITY\",\"hm://z6Mkusu8KBMXe52JC9fnEFzwdsAF2SXGvnxoAyVTXBhGfRDR/community-articles/si-haces-vulnerables-tus-bitcoin-no-llores-cuando-alguien-se-los-lleve\",\"bafy2bzaceac53lc56s23nhbxn7gnywq2zbokv74ohhswpni7loj5qmqqidtme\",true]",{"_199":7511,"_275":7547,"_278":7548},{"_201":7512,"_259":260,"_261":7546,"_263":-5,"_264":265,"_266":265,"_267":265,"_268":-5,"_269":-5,"_270":8,"_271":272,"_273":274},{"_41":32,"_32":7513,"_43":7544},{"_34":7514,"_119":964,"_121":98,"_122":7538,"_99":7539,"_125":973,"_127":7540,"_129":7541,"_144":7542,"_173":974,"_175":7543,"_179":180},[7515,7522,7529],{"_37":7516,"_39":7517},[],{"_41":111,"_43":7518,"_45":964,"_47":7519,"_49":7520,"_70":7521,"_60":61},"Cgm8pT07",{},[],"Smart contracts and the Third World",{"_37":7523,"_39":7524},[],{"_41":42,"_43":7525,"_45":964,"_47":7526,"_49":7527,"_70":7528,"_60":61},"7DHwLkZS",{},[],"Mark S. Miller and Marc Stiegler",{"_37":7530,"_39":7531},[],{"_41":4831,"_43":7532,"_45":964,"_47":7533,"_49":7536,"_70":61,"_60":7537},"C_gKtKt9",{"_4834":7534,"_131":7535},470560,"digital-path.pdf",[],"ipfs://bafybeigt5prwczj4756ygzirdkyhmmiaidvrnhwo6f3cscyc57d4cfcy7u",[760],"/library/the-digital-path","2025-02-08T07:32:55.804Z",{"_131":983},{},{"_173":974,"_177":981},{"_43":961,"_185":98,"_99":7545,"_119":964,"_187":-5,"_188":-5,"_189":-5,"_190":-5,"_184":6},[459,963],1776429500297,[277,961,964,6],"[\"ENTITY\",\"hm://z6Mkusu8KBMXe52JC9fnEFzwdsAF2SXGvnxoAyVTXBhGfRDR/library/the-digital-path\",\"bafy2bzacecvrqqadfkg6ri7c2e27xqe42xyecr2rn3dxono6wwwiqzayfzhum\",true]",{"_199":7550,"_275":8021,"_278":8022},{"_201":7551,"_259":260,"_261":8020,"_263":-5,"_264":265,"_266":265,"_267":265,"_268":-5,"_269":-5,"_270":8,"_271":272,"_273":274},{"_41":32,"_32":7552,"_43":8018},{"_34":7553,"_119":990,"_121":98,"_122":8012,"_99":8013,"_125":999,"_127":8014,"_129":8015,"_144":8016,"_173":1000,"_175":8017,"_179":180},[7554,7561,7568,7575,7582,7589,7596,7603,7610,7617,7624,7635,7642,7653,7660,7667,7674,7690,7702,7709,7716,7723,7730,7745,7756,7763,7770,7777,7788,7799,7806,7813,7820,7835,7842,7849,7856,7863,7874,7881,7888,7895,7902,7914,7921,7928,7935,7942,7949,7956,7963,7970,7977,7984,7991,7998,8005],{"_37":7555,"_39":7556},[],{"_41":111,"_43":7557,"_45":990,"_47":7558,"_49":7559,"_70":7560,"_60":61},"zYtW5pRU",{},[],"My Introduction",{"_37":7562,"_39":7563},[],{"_41":42,"_43":7564,"_45":990,"_47":7565,"_49":7566,"_70":7567,"_60":61},"1Af6CeeE",{},[],"The paper \"The distributional consequences of Bitcoin\", written by Ulrich Bindseil and Jurgen Schaaf, makes the following claims about Bitcoin: it has failed as a means of payment except for use by criminals; it has no utility to society; it makes an inefficient and excessive use of energy; in the event that it continues to rise in price, it will cause a transfer of wealth to early adopters, and the rest of society will suffer impoverishment.",{"_37":7569,"_39":7570},[],{"_41":42,"_43":7571,"_45":990,"_47":7572,"_49":7573,"_70":7574,"_60":61},"nthv-uVt",{},[],"Bindseil and Schaaf are employees of the European Central Bank. They wrote the paper independently of the ECB.",{"_37":7576,"_39":7577},[],{"_41":42,"_43":7578,"_45":990,"_47":7579,"_49":7580,"_70":7581,"_60":61},"Tpc5VTLZ",{},[],"We will analyse the claims they make and reveal their errors and biases. But before that, we should take a moment to consider the motivation behind the publication of this paper and whether it is part of a strategy to discredit Bitcoin and counteract its adoption.",{"_37":7583,"_39":7584},[],{"_41":42,"_43":7585,"_45":990,"_47":7586,"_49":7587,"_70":7588,"_60":61},"SG8TsBw6",{},[],"The current cycle in bitcoin's price is characterised by its acceptance and adoption by financial institutions. The creation of ETFs is the most signficant event, which has resulted in strong interest by small investors who may not appreciate the value of having custody of bitcoin, or who simply want to add it to their investment portfolio using an instrument that they are familiar with. Investment funds and pension funds are slowly allocating to bitcoin after performing the due diligence that is required of them. ESG funds are also slowly realising that bitcoin mining is not a threat to the environment, as they were led to believe by a biased and ignorant media. Companies are starting to add bitcoin to their balance sheets. These changes that are taking place will provide the main impetus behind the increase in price during this cycle.",{"_37":7590,"_39":7591},[],{"_41":42,"_43":7592,"_45":990,"_47":7593,"_49":7594,"_70":7595,"_60":61},"H-TP8DZN",{},[],"But a cloud hangs over the Bitcoin landscape: central banks see growing interest in bitcoin as a threat to their ability to control the money supply, and governments see it as a threat to their ability to issue debt and to tax the people. Governments and central banks will therefore work together (as they always have done) to counter this threat.",{"_37":7597,"_39":7598},[],{"_41":42,"_43":7599,"_45":990,"_47":7600,"_49":7601,"_70":7602,"_60":61},"5c1X7u1G",{},[],"That is where Bindseil and Schaaf's paper comes onto the scene. It is one of many publications by central banks and their proxies that aim to create the foundations that will justify the introduction of laws to restrict the people's ability to use bitcoin as a store of value.",{"_37":7604,"_39":7605},[],{"_41":42,"_43":7606,"_45":990,"_47":7607,"_49":7608,"_70":7609,"_60":61},"FBih5zvI",{},[],"This document comments on some of the claims made in this paper. It does so in the order that they appear in the paper. The section titles are those of the paper. Quotes from the paper are displayed in italics.",{"_37":7611,"_39":7612},[],{"_41":42,"_43":7613,"_45":990,"_47":7614,"_49":7615,"_70":7616,"_60":61},"my3asKKP",{},[],"The paper \"Challenging Bias in the ECB's Bitcoin Analysis\" (https://www.researchgate.net/publication/385134405_Challenging_Bias_in_the_ECB%27s_Bitcoin_Analysis) provides an excellent rebuttal of many of the claims made in Binseil and Schaaf's paper.",{"_37":7618,"_39":7619},[],{"_41":111,"_43":7620,"_45":990,"_47":7621,"_49":7622,"_70":7623,"_60":61},"vzbyMg14",{},[],"1. Introduction",{"_37":7625,"_39":7626},[],{"_41":42,"_43":7627,"_45":990,"_47":7628,"_49":7629,"_70":7634,"_60":61},"7S7L8idA",{},[7630],{"_41":2603,"_53":7631,"_56":7632,"_47":7633,"_60":61},[265],[6050],{},"\"... real Bitcoin payments, i.e. effectively “on chain”, are still cumbersome, slow and expensive.\"",{"_37":7636,"_39":7637},[],{"_41":42,"_43":7638,"_45":990,"_47":7639,"_49":7640,"_70":7641,"_60":61},"6tGMfDWZ",{},[],"The same can be said of fiat payments at L1, i.e. banks' settlements of central bank money. The fiat system has built multi-tier payment systems such as interbank transfers, credit and debit cards, PayPal etc. This paper deliberately ignores the equivalent payment systems in Bitcoin, such as Lightning and Liquid, to criticise a settlement time of ten minutes while ignoring the fact that interbank settlement times are usually one day.",{"_37":7643,"_39":7644},[],{"_41":42,"_43":7645,"_45":990,"_47":7646,"_49":7647,"_70":7652,"_60":61},"zmFOkKMF",{},[7648],{"_41":2603,"_53":7649,"_56":7650,"_47":7651,"_60":61},[265],[3840],{},"\"... its value is considered too volatile to fulfill the classic functions of money, i.e. unit of account, means of payment, and store of value\"",{"_37":7654,"_39":7655},[],{"_41":42,"_43":7656,"_45":990,"_47":7657,"_49":7658,"_70":7659,"_60":61},"SJHlMqkO",{},[],"Such volatility is to be expected of a new form of payment and store of value that is introduced into society. It is not an inherent feature of the protocol. Over time its volatility will reduce as more value is transferred to it from fiat and other assets such as gold.",{"_37":7661,"_39":7662},[],{"_41":111,"_43":7663,"_45":990,"_47":7664,"_49":7665,"_70":7666,"_60":61},"2MMm0SE3",{},[],"Section 2. The use case of Bitcoin and its valuation",{"_37":7668,"_39":7669},[],{"_41":111,"_43":7670,"_45":990,"_47":7671,"_49":7672,"_70":7673,"_60":61},"IjLhf4Ae",{},[],"2.1 Bitcoin offers payment services to society: Nakamoto’s original vision of 2008",{"_37":7675,"_39":7676},[],{"_41":42,"_43":7677,"_45":990,"_47":7678,"_49":7679,"_70":7689,"_60":61},"tc29lq32",{},[7680,7685],{"_41":2603,"_53":7681,"_56":7682,"_47":7684,"_60":61},[265],[7683],93,{},{"_41":63,"_53":7686,"_56":7687,"_47":7688,"_60":7689},[265],[7683],{},"https://bitcointuesdaymadrid.com/library/the-distributional-consequences-of-bitcoin#OazF0GFS+",{"_37":7691,"_39":7692},[],{"_41":42,"_43":7693,"_45":990,"_47":7694,"_49":7695,"_70":7701,"_60":61},"KrLkFETj",{},[7696],{"_41":2603,"_53":7697,"_56":7698,"_47":7700,"_60":61},[265],[7699],196,{},"\"In principle, financial institutions can avoid mediating disputes. Mediation is rather an optional service than a necessity. It is demanded by customers and charged by payment services providers\"",{"_37":7703,"_39":7704},[],{"_41":42,"_43":7705,"_45":990,"_47":7706,"_49":7707,"_70":7708,"_60":61},"QMqRJVZN",{},[],"This is factually incorrect. A bank has reversed the deposit transaction that paid for the purchase of bitcoin after the seller had sent the bitcoin to the buyer's address; all the buyer had to do was tell the bank that he had been the victim of a scam. The seller did not opt-in to dispute mediation. (From a Bisq2 discussion on Matrix.)",{"_37":7710,"_39":7711},[],{"_41":42,"_43":7712,"_45":990,"_47":7713,"_49":7714,"_70":7715,"_60":61},"ihvJP2_D",{},[],"The authors refute Nakamoto's claim that financial institutions mediate disputes using specific examples that do not disprove his claim; they merely show it to not be universal.",{"_37":7717,"_39":7718},[],{"_41":42,"_43":7719,"_45":990,"_47":7720,"_49":7721,"_70":7722,"_60":61},"RT4LCU3J",{},[],"The \"trusted third party\" that the Bitcoin protocol eliminates does more than mediate in the transaction; it decides whether the transaction should be initiated. The degree of interference in the transaction has grown significantly since Nakamoto published his paper. We are often subjected to the \"Spanish Inquisition\" when wanting to make a transfer. Who hasn't been asked \"What is the purpose of this transaction?\" when transferring fiat to another person or company? Who hasn't had a transaction blocked when the person making the transaction answers \"That's my business. Please respect my privacy.\"?",{"_37":7724,"_39":7725},[],{"_41":42,"_43":7726,"_45":990,"_47":7727,"_49":7728,"_70":7729,"_60":61},"wIrtbhGE",{},[],"The authors misinterpret Nakamoto's \"trusted third party\" as the party entrusted to provide the escrow service in the case of the purchase of a good. The \"trusted third party\" is in fact the financial institutions that execute the transaction on behalf of the buyer and seller. The Bitcoin protocol eliminates them and their associated costs and controls.",{"_37":7731,"_39":7732},[],{"_41":42,"_43":7733,"_45":990,"_47":7734,"_49":7735,"_70":7744,"_60":61},"2KMlYt-S",{},[7736,7740],{"_41":2603,"_53":7737,"_56":7738,"_47":7739,"_60":61},[265],[7683],{},{"_41":63,"_53":7741,"_56":7742,"_47":7743,"_60":7744},[265],[7683],{},"https://bitcointuesdaymadrid.com/library/the-distributional-consequences-of-bitcoin#6XOdffed+",{"_37":7746,"_39":7747},[],{"_41":42,"_43":7748,"_45":990,"_47":7749,"_49":7750,"_70":7755,"_60":61},"mirh2Zl9",{},[7751],{"_41":2603,"_53":7752,"_56":7753,"_47":7754,"_60":61},[265],[6162],{},"\"... it is unfortunately also true that proof-of-work is highly impractical itself as it is costly and inefficient compared to alternative ways to secure the safety and prevent double-spending of a payment instrument. The problem of double-spending is hardly an issue in payments (because it is generally solved without particular difficulties, and certainly with far less social cost than those incurred in the solution offered by Bitcoin).\"",{"_37":7757,"_39":7758},[],{"_41":42,"_43":7759,"_45":990,"_47":7760,"_49":7761,"_70":7762,"_60":61},"X8-OmNNj",{},[],"The authors consider POW to be inefficient compared to alternative ways to prevent double-spending. They blithely say it can be solved without particular difficulties, without mentioning them. One \"minor\" difficulty they probably refer to is the presence of a trusted middleman - the financial institution. This is not such a minor issue, as it reduces the privacy of the transaction and in oppressive countries can result in the counterparties being sanctioned or worse. Canada and Holland are examples of oppressive countries in so-called free societies.",{"_37":7764,"_39":7765},[],{"_41":42,"_43":7766,"_45":990,"_47":7767,"_49":7768,"_70":7769,"_60":61},"LtM-Kd_g",{},[],"The authors may also be alluding to POS as an alternative way to prevent double-spending, but they prefer to leave the possibilities to the reader to guess at, or to just blindly accept that they must exist. As we all know, POS cannot provide the same resilience against the double-spend problem; all it would take is a confederation of large holders of Bitcoin - e.g. ETF providers such as BlackRock, Fidelity, exchanges, governments and companies like Microstrategy - to control over 50% of the Bitcoin supply and collude to double-spend. POW on the other hand would require over 50% of all miners to collude. Given the ease with which new miners can go online and their geographic diversity, such a threat is greatly reduced to the point of being insignificant.",{"_37":7771,"_39":7772},[],{"_41":42,"_43":7773,"_45":990,"_47":7774,"_49":7775,"_70":7776,"_60":61},"8o462IHc",{},[],"The authors repeatedly state that POW is an inefficient use of energy resources. They do not mention the positive benefits it brings to energy producers: its on-demand consumption stabilises the grid, reducing prices for consumers; it makes otherwise unviable green enery production viable; it uses stranded energy that is located far from the grid; it reduces greenhouse gas by burning landfill methane gas emissions. They do not mention that about 56% of the energy consumed is renewable energy, which is higher than that consumed by any other industry.",{"_37":7778,"_39":7779},[],{"_41":42,"_43":7780,"_45":990,"_47":7781,"_49":7782,"_70":7787,"_60":61},"LQVgFcdP",{},[7783],{"_41":63,"_53":7784,"_56":7785,"_47":7786,"_60":7787},[265],[7683],{},"https://bitcointuesdaymadrid.com/library/the-distributional-consequences-of-bitcoin#2eQPLgBm+",{"_37":7789,"_39":7790},[],{"_41":42,"_43":7791,"_45":990,"_47":7792,"_49":7793,"_70":7798,"_60":61},"EufIZ9kc",{},[7794],{"_41":2603,"_53":7795,"_56":7796,"_47":7797,"_60":61},[265],[5649],{},"\"Overall, Nakamoto's (2008) understanding of retail payments was inaccurate. It is therefore doubtful whether his invention effectively addressed the problems he perceived in e-commerce and it is therefore also hardly surprising that Bitcoin was never significantly used in legal e-commerce.\"",{"_37":7800,"_39":7801},[],{"_41":42,"_43":7802,"_45":990,"_47":7803,"_49":7804,"_70":7805,"_60":61},"y-n3fFF2",{},[],"The authors attribute the lack of adoption of Bitcoin in e-commerce to Nakamoto's lack of understanding of payments. They deliberately ignore the fact that it is used widely in developing countries as a means of payment (see Gladstein). Many people use Bitcoin to transfer fiat money between different countries (e.g. Strike). The authors ignore this because they are targetting an audience of uninformed people in developed countries in order to dissuade their adoption of Bitcoin.",{"_37":7807,"_39":7808},[],{"_41":42,"_43":7809,"_45":990,"_47":7810,"_49":7811,"_70":7812,"_60":61},"DIFzJ7ko",{},[],"The authors ignore the real reasons that the adoption of Bitcoin as a means of payment in developed countries is not yet widespread. The existing electronic point-of-sale payment systems are convenient for users; most people have not had their accounts blocked by their bank or government for expressing their political views (as has happened to some in Canada and Holland), or do not know of those who have; the volatility of the price of Bitcoin is high enough that a subsequent transfer into fiat is necessary in order to spend the funds in the base currency of the holder.",{"_37":7814,"_39":7815},[],{"_41":42,"_43":7816,"_45":990,"_47":7817,"_49":7818,"_70":7819,"_60":61},"VtD2WrtQ",{},[],"The authors use the term \"legal e-commerce\" to imply that Bitcoin is widely used in illegal e-commerce. This is not true; only about 0.3% of illegal e-commerce is transacted using Bitcoin (Daniel Batten).",{"_37":7821,"_39":7822},[],{"_41":42,"_43":7823,"_45":990,"_47":7824,"_49":7825,"_70":7834,"_60":61},"IpRNye1J",{},[7826,7830],{"_41":2603,"_53":7827,"_56":7828,"_47":7829,"_60":61},[265],[7683],{},{"_41":63,"_53":7831,"_56":7832,"_47":7833,"_60":7834},[265],[7683],{},"https://bitcointuesdaymadrid.com/library/the-distributional-consequences-of-bitcoin#loFoau1R+",{"_37":7836,"_39":7837},[],{"_41":111,"_43":7838,"_45":990,"_47":7839,"_49":7840,"_70":7841,"_60":61},"P_9k4aX8",{},[],"2.2 The fair value of Bitcoin",{"_37":7843,"_39":7844},[],{"_41":42,"_43":7845,"_45":990,"_47":7846,"_49":7847,"_70":7848,"_60":61},"4CO-vb6k",{},[],"The authors seem unable to decide if Bitcoin is like an equity asset, a commodity or a digital version of gold (which is also considered to be a commodity, but whose properties are more akin to a store of value and means of payment). They therefore try and fail to assign a fair value to Bitcoin. They look for a relationship between its price and various market-related variables. They apply DCF as if it were the stock of a company providing goods or services. They discredit S2F as a price predictor, which, as they rightly say, is a regression on only one variable, but in fact has been a good predictor of the overall exponential growth trend in its price. They omit this observation, instead focussing on its failure to predict the recent price drop in 2022. They don't propose an analytical model that has predicted any price drop of the stock market, the bond market, the commodities market or the gold market.",{"_37":7850,"_39":7851},[],{"_41":42,"_43":7852,"_45":990,"_47":7853,"_49":7854,"_70":7855,"_60":61},"wWdTBwG1",{},[],"They also omit the discussion of the meaning of money and its relevance to bitcoin, which claims to be money, not an equity or a commodity or a bond. What is the fair value of money? This is a self-referencing question, as the fair value of money must be expressed as ... money.",{"_37":7857,"_39":7858},[],{"_41":42,"_43":7859,"_45":990,"_47":7860,"_49":7861,"_70":7862,"_60":61},"Az4swUAR",{},[],"Money and Bitcoin are discussed at great length in books such as The Bitcoin Layer (Nik Batia) and Broken Money (Lyn Alden) and need not be reproduced here. Bitcoin, like gold, fulfills the definition of money; however, in the modern age, gold has lost its appeal as a means of exchange for a number of reasons (its prohibition in the US in 1933, the imposition by governments of fiat money and consumer ignorance or acceptance of its shortcomings).",{"_37":7864,"_39":7865},[],{"_41":42,"_43":7866,"_45":990,"_47":7867,"_49":7868,"_70":7873,"_60":61},"HyjB-Esq",{},[7869],{"_41":63,"_53":7870,"_56":7871,"_47":7872,"_60":7873},[265],[7683],{},"https://bitcointuesdaymadrid.com/library/the-distributional-consequences-of-bitcoin#Hwrxz7qL+",{"_37":7875,"_39":7876},[],{"_41":111,"_43":7877,"_45":990,"_47":7878,"_49":7879,"_70":7880,"_60":61},"k1bNF50l",{},[],"2.3 Bitcoin as a pure investment detached from any use case",{"_37":7882,"_39":7883},[],{"_41":42,"_43":7884,"_45":990,"_47":7885,"_49":7886,"_70":7887,"_60":61},"-HgUkVGW",{},[],"The authors provide quotes by investment professionals and celebrities in an attempt to support their argument that Bitcoin's value is only dependent upon the perception that it will continue to increase. However, they ignore a use case that is mentioned in them. That use case is the \"store of value\". This store of value and its implicit protection against currency debasement is the reason that its price is predicted to grow over the coming years. The authors imply that investors in bitcoin believe that its price will grow indefinitely; the truth is that they believe it will grow to the point that it has captured the wealth that people want to store in this medium. This is what has happened with gold, and why its price in fiat changes in response to the debasement of fiat money and to geopolitical events.",{"_37":7889,"_39":7890},[],{"_41":42,"_43":7891,"_45":990,"_47":7892,"_49":7893,"_70":7894,"_60":61},"tMlTESes",{},[],"Investors who understand that Bitcoin is a store of value and that its price will increase as society comes to the same conclusion over the coming years will naturally take the opportunity to increase the value of their investment. They do not, as the authors write, believe it to be a \"virtuous cycle where its value continuously rises\". Early investors in gold, precious metals and successful tech companies such as Apple, Amazon, Microsoft, Google, Tesla and NVidia did not believe this either.",{"_37":7896,"_39":7897},[],{"_41":42,"_43":7898,"_45":990,"_47":7899,"_49":7900,"_70":7901,"_60":61},"IzNNF_Zy",{},[],"The authors correctly state that a good, or commodity, with no demand has a zero price:",{"_37":7903,"_39":7904},[],{"_41":42,"_43":7905,"_45":990,"_47":7906,"_49":7907,"_70":7913,"_60":61},"Xhv03ddN",{},[7908],{"_41":2603,"_53":7909,"_56":7910,"_47":7912,"_60":61},[265],[7911],247,{},"\"In the context of Bitcoin with its limited and fix supply the non-economic term “rarity” seems more appropriate. If supply is fixed, the price becomes exclusively dependent on demand. And if the demand were to disappear, the price would be zero.\"",{"_37":7915,"_39":7916},[],{"_41":42,"_43":7917,"_45":990,"_47":7918,"_49":7919,"_70":7920,"_60":61},"KP03ZhLo",{},[],"The same can be said of gold, with the caveat that its price would decrease to a level that reflected its demand for jewellery and manufacturing, and this level would be significantly lower that its current price. Gold's price largely reflects its use as a store of value, as does the price of bitcoin.",{"_37":7922,"_39":7923},[],{"_41":111,"_43":7924,"_45":990,"_47":7925,"_49":7926,"_70":7927,"_60":61},"uLQY_AV7",{},[],"2.4 The investment vision of Bitcoin in the political debate",{"_37":7929,"_39":7930},[],{"_41":42,"_43":7931,"_45":990,"_47":7932,"_49":7933,"_70":7934,"_60":61},"I0FRX9d_",{},[],"There is not much to comment on in this section; it summarises the political climate surrounding Bitcoin in the run-up to the US elections.",{"_37":7936,"_39":7937},[],{"_41":111,"_43":7938,"_45":990,"_47":7939,"_49":7940,"_70":7941,"_60":61},"EBrkjEgc",{},[],"3. The macro-economics of large asset price exuberance",{"_37":7943,"_39":7944},[],{"_41":42,"_43":7945,"_45":990,"_47":7946,"_49":7947,"_70":7948,"_60":61},"LujCghQQ",{},[],"TBD. This section is an economics class that may be too theoretical to comment on.",{"_37":7950,"_39":7951},[],{"_41":111,"_43":7952,"_45":990,"_47":7953,"_49":7954,"_70":7955,"_60":61},"AMeWCOP4",{},[],"4. The distributional effects of Bitcoin: an illustration",{"_37":7957,"_39":7958},[],{"_41":42,"_43":7959,"_45":990,"_47":7960,"_49":7961,"_70":7962,"_60":61},"Bi3_Pz7-",{},[],"The authors construct a model that shows a gradual transfer of wealth from one group of people to another group of people during forty years of an exponential growth in the price of bitcoin. These groups are labelled \"Early Birds\" and \"Latecomers\". The model concludes that the Early Birds' per capita comsumption grows from 50% to 70% over this period.",{"_37":7964,"_39":7965},[],{"_41":42,"_43":7966,"_45":990,"_47":7967,"_49":7968,"_70":7969,"_60":61},"qN1RnfvK",{},[],"The model makes the unrealistic assumption that Latecomers forgo consumption in order to buy bitcoin. They ignore the fact that many store their cash in bitcoin instead of fiat money, choosing to avoid its debasement.",{"_37":7971,"_39":7972},[],{"_41":42,"_43":7973,"_45":990,"_47":7974,"_49":7975,"_70":7976,"_60":61},"ji0_mGIt",{},[],"The authors argue that the transfer of wealth from Latecomers to Early Birds is socially unjust, ignoring the fact that it has been common practice in the stock market since its inception. Just ask Warren Buffett.",{"_37":7978,"_39":7979},[],{"_41":42,"_43":7980,"_45":990,"_47":7981,"_49":7982,"_70":7983,"_60":61},"Aw1ITmgN",{},[],"In past cycles, up to 2–4 million BTC changed hands (Bitcoin Magazine Pro email of 22/11). This is much higher than the w=2% in the authors' model, so the distribution of wealth should me more equal than they predict.(I have to check this statement.)",{"_37":7985,"_39":7986},[],{"_41":42,"_43":7987,"_45":990,"_47":7988,"_49":7989,"_70":7990,"_60":61},"rmWlmHIh",{},[],"In Europe and the USA, approximately 70% of the total wealth is owned by the top 10% of earners; the lowest 50% only owned 2.5% of the total wealth.",{"_37":7992,"_39":7993},[],{"_41":42,"_43":7994,"_45":990,"_47":7995,"_49":7996,"_70":7997,"_60":61},"PUihReTf",{},[],"The authors ignore the fact that the great majority of Early Adopters belong to the 90% of the earners that own 30% of the wealth. The wealth transfer that most concerns the authors is therefore a fraction of the 30% of the wealth. The net effect of such a transfer of wealth will increase the total wealth that 90% of the earners possess, resulting in a fairer distribution of wealth in society.",{"_37":7999,"_39":8000},[],{"_41":42,"_43":8001,"_45":990,"_47":8002,"_49":8003,"_70":8004,"_60":61},"perWPNU7",{},[],"Now consider the case where most of the Early Adopters belong to the bottom 50% of the earners. The redistribution of wealth from the higher to lower earners would be even greater - a Socialists' dream!",{"_37":8006,"_39":8007},[],{"_41":42,"_43":8008,"_45":990,"_47":8009,"_49":8010,"_70":8011,"_60":61},"GdY_vGTG",{},[],"One can only conclude that the authors' model is as simple as the one I have proposed and is not a strong argument to guide government policy relating to Bitcoin.",[914],"/library/the-distributional-consequences-of-bitcoin/toness-comments","2025-01-25T07:23:52.138Z",{"_131":1012},{},{"_173":1000,"_177":1010},{"_43":986,"_185":98,"_99":8019,"_119":990,"_187":-5,"_188":-5,"_189":-5,"_190":-5,"_184":6},[459,988,989],1776429499569,[277,986,990,6],"[\"ENTITY\",\"hm://z6Mkusu8KBMXe52JC9fnEFzwdsAF2SXGvnxoAyVTXBhGfRDR/library/the-distributional-consequences-of-bitcoin/toness-comments\",\"bafy2bzaceaco7guouwwcybdaknmauc4j4unonlfku2npixmvcswdggiag4pxe\",true]",{"_199":8024,"_275":8843,"_278":8844},{"_201":8025,"_259":260,"_261":8842,"_263":-5,"_264":265,"_266":265,"_267":265,"_268":-5,"_269":-5,"_270":8,"_271":272,"_273":274},{"_41":32,"_32":8026,"_43":8840},{"_34":8027,"_119":1018,"_121":98,"_122":8835,"_99":8836,"_125":1025,"_127":1025,"_129":8837,"_144":8838,"_173":1018,"_175":8839,"_179":180},[8028,8039,8050,8064,8088,8133,8163,8214,8289,8321,8368,8401,8433,8465,8618,8636],{"_37":8029,"_39":8030},[],{"_41":42,"_43":8031,"_45":1018,"_47":8032,"_49":8033,"_70":8038,"_60":61},"lPkIKYE5",{},[8034],{"_41":52,"_53":8035,"_56":8036,"_47":8037,"_60":61},[265],[3971],{},"Satoshi Nakamoto",{"_37":8040,"_39":8041},[],{"_41":42,"_43":8042,"_45":1018,"_47":8043,"_49":8044,"_70":8049,"_60":61},"7794ULIe",{},[8045],{"_41":52,"_53":8046,"_56":8047,"_47":8048,"_60":61},[265],[3971],{},"October 31, 2008",{"_37":8051,"_39":8059},[8052],{"_37":8053,"_39":8054},[],{"_41":42,"_43":8055,"_45":1018,"_47":8056,"_49":8057,"_70":8058,"_60":61},"TZGbVIpF",{},[],"A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to prevent double-spending. We propose a solution to the double-spending problem using a peer-to-peer network. The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work. The longest chain not only serves as proof of the sequence of events witnessed, but proof that it came from the largest pool of CPU power. As long as a majority of CPU power is controlled by nodes that are not cooperating to attack the network, they'll generate the longest chain and outpace attackers. The network itself requires minimal structure. Messages are broadcast on a best effort basis, and nodes can leave and rejoin the network at will, accepting the longest proof-of-work chain as proof of what happened while they were gone.",{"_41":111,"_43":8060,"_45":1018,"_47":8061,"_49":8062,"_70":8063,"_60":61},"u7E9LiUP",{"_115":116},[],"Abstract",{"_37":8065,"_39":8080},[8066,8073],{"_37":8067,"_39":8068},[],{"_41":42,"_43":8069,"_45":1018,"_47":8070,"_49":8071,"_70":8072,"_60":61},"fc18-v9o",{},[],"Commerce on the Internet has come to rely almost exclusively on financial institutions serving as trusted third parties to process electronic payments. While the system works well enough for most transactions, it still suffers from the inherent weaknesses of the trust based model. Completely non-reversible transactions are not really possible, since financial institutions cannot avoid mediating disputes. The cost of mediation increases transaction costs, limiting the minimum practical transaction size and cutting off the possibility for small casual transactions, and there is a broader cost in the loss of ability to make non-reversible payments for non-reversible services. With the possibility of reversal, the need for trust spreads. Merchants must be wary of their customers, hassling them for more information than they would otherwise need. A certain percentage of fraud is accepted as unavoidable. These costs and payment uncertainties can be avoided in person by using physical currency, but no mechanism exists to make payments over a communications channel without a trusted party.",{"_37":8074,"_39":8075},[],{"_41":42,"_43":8076,"_45":1018,"_47":8077,"_49":8078,"_70":8079,"_60":61},"RVs8HTCf",{},[],"What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party. Transactions that are computationally impractical to reverse would protect sellers from fraud, and routine escrow mechanisms could easily be implemented to protect buyers. In this paper, we propose a solution to the double-spending problem using a peer-to-peer distributed timestamp server to generate computational proof of the chronological order of transactions. The system is secure as long as honest nodes collectively control more CPU power than any cooperating group of attacker nodes.",{"_41":111,"_43":8081,"_45":1018,"_47":8082,"_49":8083,"_70":7623,"_60":61},"qjWr_g5g",{"_115":116},[8084],{"_41":52,"_53":8085,"_56":8086,"_47":8087,"_60":61},[265],[2599],{},{"_37":8089,"_39":8124},[8090,8097,8104,8111],{"_37":8091,"_39":8092},[],{"_41":42,"_43":8093,"_45":1018,"_47":8094,"_49":8095,"_70":8096,"_60":61},"JZiXX658",{},[],"We define an electronic coin as a chain of digital signatures. Each owner transfers the coin to the next by digitally signing a hash of the previous transaction and the public key of the next owner and adding these to the end of the coin. A payee can verify the signatures to verify the chain of ownership.",{"_37":8098,"_39":8099},[],{"_41":2632,"_43":8100,"_45":1018,"_47":8101,"_49":8102,"_70":61,"_60":8103},"AEqJhbe3",{},[],"ipfs://bafkreib4meyv5hau4dwqs7by22dezuv6bwkuostrcny67q6e2vgfxyyex4",{"_37":8105,"_39":8106},[],{"_41":42,"_43":8107,"_45":1018,"_47":8108,"_49":8109,"_70":8110,"_60":61},"y9vR7mI_",{},[],"The problem of course is the payee can't verify that one of the owners did not double-spend the coin. A common solution is to introduce a trusted central authority, or mint, that checks every transaction for double spending. After each transaction, the coin must be returned to the mint to issue a new coin, and only coins issued directly from the mint are trusted not to be double-spent. The problem with this solution is that the fate of the entire money system depends on the company running the mint, with every transaction having to go through them, just like a bank.",{"_37":8112,"_39":8113},[],{"_41":42,"_43":8114,"_45":1018,"_47":8115,"_49":8116,"_70":8123,"_60":61},"dRSFKRGw",{},[8117],{"_41":63,"_53":8118,"_56":8120,"_47":8121,"_60":8122},[8119],491,[6534],{},"https://nakamotoinstitute.org/bitcoin/#fn1","We need a way for the payee to know that the previous owners did not sign any earlier transactions. For our purposes, the earliest transaction is the one that counts, so we don't care about later attempts to double-spend. The only way to confirm the absence of a transaction is to be aware of all transactions. In the mint based model, the mint was aware of all transactions and decided which arrived first. To accomplish this without a trusted party, transactions must be publicly announced[1], and we need a system for participants to agree on a single history of the order in which they were received. The payee needs proof that at the time of each transaction, the majority of nodes agreed it was the first received.",{"_41":111,"_43":8125,"_45":1018,"_47":8126,"_49":8127,"_70":8132,"_60":61},"wLLBbk00",{"_115":116},[8128],{"_41":52,"_53":8129,"_56":8130,"_47":8131,"_60":61},[265],[2599],{},"2. Transactions",{"_37":8134,"_39":8154},[8135,8147],{"_37":8136,"_39":8137},[],{"_41":42,"_43":8138,"_45":1018,"_47":8139,"_49":8140,"_70":8146,"_60":61},"LN8ppAdM",{},[8141],{"_41":63,"_53":8142,"_56":8143,"_47":8144,"_60":8145},[2750],[3956],{},"https://nakamotoinstitute.org/bitcoin/#fn2","The solution we propose begins with a timestamp server. A timestamp server works by taking a hash of a block of items to be timestamped and widely publishing the hash, such as in a newspaper or Usenet post[2-5]. The timestamp proves that the data must have existed at the time, obviously, in order to get into the hash. Each timestamp includes the previous timestamp in its hash, forming a chain, with each additional timestamp reinforcing the ones before it.",{"_37":8148,"_39":8149},[],{"_41":2632,"_43":8150,"_45":1018,"_47":8151,"_49":8152,"_70":61,"_60":8153},"0TU5aGZs",{},[],"ipfs://bafkreic6cq4efid3zaurju5arjgt5lztptsf27x53aqsoipcg6irhuvom4",{"_41":111,"_43":8155,"_45":1018,"_47":8156,"_49":8157,"_70":8162,"_60":61},"TxvvVNAN",{"_115":116},[8158],{"_41":52,"_53":8159,"_56":8160,"_47":8161,"_60":61},[265],[4421],{},"3. Timestamp Server",{"_37":8164,"_39":8205},[8165,8177,8184,8191,8198],{"_37":8166,"_39":8167},[],{"_41":42,"_43":8168,"_45":1018,"_47":8169,"_49":8170,"_70":8176,"_60":61},"lSBXPUvM",{},[8171],{"_41":63,"_53":8172,"_56":8173,"_47":8174,"_60":8175},[2575],[3512],{},"https://nakamotoinstitute.org/bitcoin/#fn6","To implement a distributed timestamp server on a peer-to-peer basis, we will need to use a proof-of-work system similar to Adam Back's Hashcash[6], rather than newspaper or Usenet posts. The proof-of-work involves scanning for a value that when hashed, such as with SHA-256, the hash begins with a number of zero bits. The average work required is exponential in the number of zero bits required and can be verified by executing a single hash.",{"_37":8178,"_39":8179},[],{"_41":42,"_43":8180,"_45":1018,"_47":8181,"_49":8182,"_70":8183,"_60":61},"wOTZrFP5",{},[],"For our timestamp network, we implement the proof-of-work by incrementing a nonce in the block until a value is found that gives the block's hash the required zero bits. Once the CPU effort has been expended to make it satisfy the proof-of-work, the block cannot be changed without redoing the work. As later blocks are chained after it, the work to change the block would include redoing all the blocks after it.",{"_37":8185,"_39":8186},[],{"_41":2632,"_43":8187,"_45":1018,"_47":8188,"_49":8189,"_70":61,"_60":8190},"6U-CHtZR",{},[],"ipfs://bafkreiahzzkrdps5wi74hqffkz2fvebt4mvvgyavdhnogbudub4hfgxtpm",{"_37":8192,"_39":8193},[],{"_41":42,"_43":8194,"_45":1018,"_47":8195,"_49":8196,"_70":8197,"_60":61},"UlQOu5Pq",{},[],"The proof-of-work also solves the problem of determining representation in majority decision making. If the majority were based on one-IP-address-one-vote, it could be subverted by anyone able to allocate many IPs. Proof-of-work is essentially one-CPU-one-vote. The majority decision is represented by the longest chain, which has the greatest proof-of-work effort invested in it. If a majority of CPU power is controlled by honest nodes, the honest chain will grow the fastest and outpace any competing chains. To modify a past block, an attacker would have to redo the proof-of-work of the block and all blocks after it and then catch up with and surpass the work of the honest nodes. We will show later that the probability of a slower attacker catching up diminishes exponentially as subsequent blocks are added.",{"_37":8199,"_39":8200},[],{"_41":42,"_43":8201,"_45":1018,"_47":8202,"_49":8203,"_70":8204,"_60":61},"aROsL3on",{},[],"To compensate for increasing hardware speed and varying interest in running nodes over time, the proof-of-work difficulty is determined by a moving average targeting an average number of blocks per hour. If they're generated too fast, the difficulty increases.",{"_41":111,"_43":8206,"_45":1018,"_47":8207,"_49":8208,"_70":8213,"_60":61},"WkwH8dQ8",{"_115":116},[8209],{"_41":52,"_53":8210,"_56":8211,"_47":8212,"_60":61},[265],[3971],{},"4. Proof-of-Work",{"_37":8215,"_39":8280},[8216,8266,8273],{"_37":8217,"_39":8260},[8218,8225,8232,8239,8246,8253],{"_37":8219,"_39":8220},[],{"_41":42,"_43":8221,"_45":1018,"_47":8222,"_49":8223,"_70":8224,"_60":61},"XZKPeuK2",{},[],"New transactions are broadcast to all nodes.",{"_37":8226,"_39":8227},[],{"_41":42,"_43":8228,"_45":1018,"_47":8229,"_49":8230,"_70":8231,"_60":61},"0DNERTBM",{},[],"Each node collects new transactions into a block.",{"_37":8233,"_39":8234},[],{"_41":42,"_43":8235,"_45":1018,"_47":8236,"_49":8237,"_70":8238,"_60":61},"pY-hU6Kf",{},[],"Each node works on finding a difficult proof-of-work for its block.",{"_37":8240,"_39":8241},[],{"_41":42,"_43":8242,"_45":1018,"_47":8243,"_49":8244,"_70":8245,"_60":61},"hjMpyDQg",{},[],"When a node finds a proof-of-work, it broadcasts the block to all nodes.",{"_37":8247,"_39":8248},[],{"_41":42,"_43":8249,"_45":1018,"_47":8250,"_49":8251,"_70":8252,"_60":61},"d-glFQw1",{},[],"Nodes accept the block only if all transactions in it are valid and not already spent.",{"_37":8254,"_39":8255},[],{"_41":42,"_43":8256,"_45":1018,"_47":8257,"_49":8258,"_70":8259,"_60":61},"Yh4VSG2R",{},[],"Nodes express their acceptance of the block by working on creating the next block in the chain, using the hash of the accepted block as the previous hash.",{"_41":42,"_43":8261,"_45":1018,"_47":8262,"_49":8264,"_70":8265,"_60":61},"lKtcJMw4",{"_115":8263},"Ordered",[],"The steps to run the network are as follows:",{"_37":8267,"_39":8268},[],{"_41":42,"_43":8269,"_45":1018,"_47":8270,"_49":8271,"_70":8272,"_60":61},"3TUJ3aQc",{},[],"Nodes always consider the longest chain to be the correct one and will keep working on extending it. If two nodes broadcast different versions of the next block simultaneously, some nodes may receive one or the other first. In that case, they work on the first one they received, but save the other branch in case it becomes longer. The tie will be broken when the next proof-of-work is found and one branch becomes longer; the nodes that were working on the other branch will then switch to the longer one.",{"_37":8274,"_39":8275},[],{"_41":42,"_43":8276,"_45":1018,"_47":8277,"_49":8278,"_70":8279,"_60":61},"s_2iF49a",{},[],"New transaction broadcasts do not necessarily need to reach all nodes. As long as they reach many nodes, they will get into a block before long. Block broadcasts are also tolerant of dropped messages. If a node does not receive a block, it will request it when it receives the next block and realizes it missed one.",{"_41":111,"_43":8281,"_45":1018,"_47":8282,"_49":8283,"_70":8288,"_60":61},"D50fsj8Y",{"_115":116},[8284],{"_41":52,"_53":8285,"_56":8286,"_47":8287,"_60":61},[265],[3147],{},"5. Network",{"_37":8290,"_39":8312},[8291,8298,8305],{"_37":8292,"_39":8293},[],{"_41":42,"_43":8294,"_45":1018,"_47":8295,"_49":8296,"_70":8297,"_60":61},"ORORbH2a",{},[],"By convention, the first transaction in a block is a special transaction that starts a new coin owned by the creator of the block. This adds an incentive for nodes to support the network, and provides a way to initially distribute coins into circulation, since there is no central authority to issue them. The steady addition of a constant of amount of new coins is analogous to gold miners expending resources to add gold to circulation. In our case, it is CPU time and electricity that is expended.",{"_37":8299,"_39":8300},[],{"_41":42,"_43":8301,"_45":1018,"_47":8302,"_49":8303,"_70":8304,"_60":61},"wxItDkqK",{},[],"The incentive can also be funded with transaction fees. If the output value of a transaction is less than its input value, the difference is a transaction fee that is added to the incentive value of the block containing the transaction. Once a predetermined number of coins have entered circulation, the incentive can transition entirely to transaction fees and be completely inflation free.",{"_37":8306,"_39":8307},[],{"_41":42,"_43":8308,"_45":1018,"_47":8309,"_49":8310,"_70":8311,"_60":61},"g7zyjTJi",{},[],"The incentive may help encourage nodes to stay honest. If a greedy attacker is able to assemble more CPU power than all the honest nodes, he would have to choose between using it to defraud people by stealing back his payments, or using it to generate new coins. He ought to find it more profitable to play by the rules, such rules that favour him with more new coins than everyone else combined, than to undermine the system and the validity of his own wealth.",{"_41":111,"_43":8313,"_45":1018,"_47":8314,"_49":8315,"_70":8320,"_60":61},"heg1IvhW",{"_115":116},[8316],{"_41":52,"_53":8317,"_56":8318,"_47":8319,"_60":61},[265],[3899],{},"6. Incentive",{"_37":8322,"_39":8359},[8323,8345,8352],{"_37":8324,"_39":8325},[],{"_41":42,"_43":8326,"_45":1018,"_47":8327,"_49":8328,"_70":8344,"_60":61},"Wwg5MHfU",{},[8329,8334,8338],{"_41":63,"_53":8330,"_56":8331,"_47":8332,"_60":8333},[3957],[2863],{},"https://nakamotoinstitute.org/bitcoin/#fn7",{"_41":63,"_53":8335,"_56":8336,"_47":8337,"_60":8145},[2863],[6684],{},{"_41":63,"_53":8339,"_56":8340,"_47":8342,"_60":8343},[6684],[8341],243,{},"https://nakamotoinstitute.org/bitcoin/#fn5","Once the latest transaction in a coin is buried under enough blocks, the spent transactions before it can be discarded to save disk space. To facilitate this without breaking the block's hash, transactions are hashed in a Merkle Tree [7][2][5], with only the root included in the block's hash. Old blocks can then be compacted by stubbing off branches of the tree. The interior hashes do not need to be stored.",{"_37":8346,"_39":8347},[],{"_41":2632,"_43":8348,"_45":1018,"_47":8349,"_49":8350,"_70":61,"_60":8351},"8eBM9Ohl",{},[],"ipfs://bafkreifwfibgbkxosbamhxh2yb7lzlolgjmtuqivxmbcseuuucxuydbmem",{"_37":8353,"_39":8354},[],{"_41":42,"_43":8355,"_45":1018,"_47":8356,"_49":8357,"_70":8358,"_60":61},"opdN-0LP",{},[],"A block header with no transactions would be about 80 bytes. If we suppose blocks are generated every 10 minutes, 80 bytes *6 *24 * 365 = 4.2MB per year. With computer systems typically selling with 2GB of RAM as of 2008, and Moore's Law predicting current growth of 1.2GB per year, storage should not be a problem even if the block headers must be kept in memory.",{"_41":111,"_43":8360,"_45":1018,"_47":8361,"_49":8362,"_70":8367,"_60":61},"IanZfQcq",{"_115":116},[8363],{"_41":52,"_53":8364,"_56":8365,"_47":8366,"_60":61},[265],[2586],{},"7. Reclaiming Disk Space",{"_37":8369,"_39":8391},[8370,8377,8384],{"_37":8371,"_39":8372},[],{"_41":42,"_43":8373,"_45":1018,"_47":8374,"_49":8375,"_70":8376,"_60":61},"K0GYn0W9",{},[],"It is possible to verify payments without running a full network node. A user only needs to keep a copy of the block headers of the longest proof-of-work chain, which he can get by querying network nodes until he's convinced he has the longest chain, and obtain the Merkle branch linking the transaction to the block it's timestamped in. He can't check the transaction for himself, but by linking it to a place in the chain, he can see that a network node has accepted it, and blocks added after it further confirm the network has accepted it.",{"_37":8378,"_39":8379},[],{"_41":2632,"_43":8380,"_45":1018,"_47":8381,"_49":8382,"_70":61,"_60":8383},"PlX7hMZx",{},[],"ipfs://bafkreihe3ah73hf2oc2ma3x6acjfxqbk3ot2tuqxoy4siriiql52g33b74",{"_37":8385,"_39":8386},[],{"_41":42,"_43":8387,"_45":1018,"_47":8388,"_49":8389,"_70":8390,"_60":61},"T1e1jDVd",{},[],"As such, the verification is reliable as long as honest nodes control the network, but is more vulnerable if the network is overpowered by an attacker. While network nodes can verify transactions for themselves, the simplified method can be fooled by an attacker's fabricated transactions for as long as the attacker can continue to overpower the network. One strategy to protect against this would be to accept alerts from network nodes when they detect an invalid block, prompting the user's software to download the full block and alerted transactions to confirm the inconsistency. Businesses that receive frequent payments will probably still want to run their own nodes for more independent security and quicker verification.",{"_41":111,"_43":8392,"_45":1018,"_47":8393,"_49":8394,"_70":8400,"_60":61},"-0grmrBZ",{"_115":116},[8395],{"_41":52,"_53":8396,"_56":8397,"_47":8399,"_60":61},[265],[8398],34,{},"8. Simplified Payment Verification",{"_37":8402,"_39":8424},[8403,8410,8417],{"_37":8404,"_39":8405},[],{"_41":42,"_43":8406,"_45":1018,"_47":8407,"_49":8408,"_70":8409,"_60":61},"xXZB746d",{},[],"Although it would be possible to handle coins individually, it would be unwieldy to make a separate transaction for every cent in a transfer. To allow value to be split and combined, transactions contain multiple inputs and outputs. Normally there will be either a single input from a larger previous transaction or multiple inputs combining smaller amounts, and at most two outputs: one for the payment, and one returning the change, if any, back to the sender.",{"_37":8411,"_39":8412},[],{"_41":2632,"_43":8413,"_45":1018,"_47":8414,"_49":8415,"_70":61,"_60":8416},"Af7D1a9k",{},[],"ipfs://bafkreiexkeqida4d2ozl4ctpdlhbfnwqbashq6zobmxmoiijqgubdj5pra",{"_37":8418,"_39":8419},[],{"_41":42,"_43":8420,"_45":1018,"_47":8421,"_49":8422,"_70":8423,"_60":61},"UqLyPvUW",{},[],"It should be noted that fan-out, where a transaction depends on several transactions, and those transactions depend on many more, is not a problem here. There is never the need to extract a complete standalone copy of a transaction's history.",{"_41":111,"_43":8425,"_45":1018,"_47":8426,"_49":8427,"_70":8432,"_60":61},"I1NqGiyo",{"_115":116},[8428],{"_41":52,"_53":8429,"_56":8430,"_47":8431,"_60":61},[265],[2930],{},"9. Combining and Splitting Value",{"_37":8434,"_39":8456},[8435,8442,8449],{"_37":8436,"_39":8437},[],{"_41":42,"_43":8438,"_45":1018,"_47":8439,"_49":8440,"_70":8441,"_60":61},"9-tR2ZL7",{},[],"The traditional banking model achieves a level of privacy by limiting access to information to the parties involved and the trusted third party. The necessity to announce all transactions publicly precludes this method, but privacy can still be maintained by breaking the flow of information in another place: by keeping public keys anonymous. The public can see that someone is sending an amount to someone else, but without information linking the transaction to anyone. This is similar to the level of information released by stock exchanges, where the time and size of individual trades, the \"tape\", is made public, but without telling who the parties were.",{"_37":8443,"_39":8444},[],{"_41":2632,"_43":8445,"_45":1018,"_47":8446,"_49":8447,"_70":61,"_60":8448},"-Qc5-uWB",{},[],"ipfs://bafkreidcqqcx3tp4uzjuxrvytcxgrurtu4k27xvxqy65skctg2kbmd65xm",{"_37":8450,"_39":8451},[],{"_41":42,"_43":8452,"_45":1018,"_47":8453,"_49":8454,"_70":8455,"_60":61},"b5okJ4CS",{},[],"As an additional firewall, a new key pair should be used for each transaction to keep them from being linked to a common owner. Some linking is still unavoidable with multi-input transactions, which necessarily reveal that their inputs were owned by the same owner. The risk is that if the owner of a key is revealed, linking could reveal other transactions that belonged to the same owner.",{"_41":111,"_43":8457,"_45":1018,"_47":8458,"_49":8459,"_70":8464,"_60":61},"a4N7E4FF",{"_115":116},[8460],{"_41":52,"_53":8461,"_56":8462,"_47":8463,"_60":61},[265],[4238],{},"10. Privacy",{"_37":8466,"_39":8609},[8467,8474,8481,8495,8504,8511,8518,8525,8532,8539,8546,8553,8560,8567,8574,8581,8588,8595,8602],{"_37":8468,"_39":8469},[],{"_41":42,"_43":8470,"_45":1018,"_47":8471,"_49":8472,"_70":8473,"_60":61},"l6VnRduA",{},[],"We consider the scenario of an attacker trying to generate an alternate chain faster than the honest chain. Even if this is accomplished, it does not throw the system open to arbitrary changes, such as creating value out of thin air or taking money that never belonged to the attacker. Nodes are not going to accept an invalid transaction as payment, and honest nodes will never accept a block containing them. An attacker can only try to change one of his own transactions to take back money he recently spent.",{"_37":8475,"_39":8476},[],{"_41":42,"_43":8477,"_45":1018,"_47":8478,"_49":8479,"_70":8480,"_60":61},"mM3WSywV",{},[],"The race between the honest chain and an attacker chain can be characterized as a Binomial Random Walk. The success event is the honest chain being extended by one block, increasing its lead by +1, and the failure event is the attacker's chain being extended by one block, reducing the gap by -1.",{"_37":8482,"_39":8483},[],{"_41":42,"_43":8484,"_45":1018,"_47":8485,"_49":8486,"_70":8494,"_60":61},"7TyTkbnA",{},[8487],{"_41":63,"_53":8488,"_56":8490,"_47":8492,"_60":8493},[8489],373,[8491],376,{},"https://nakamotoinstitute.org/bitcoin/#fn8","The probability of an attacker catching up from a given deficit is analogous to a Gambler's Ruin problem. Suppose a gambler with unlimited credit starts at a deficit and plays potentially an infinite number of trials to try to reach breakeven. We can calculate the probability he ever reaches breakeven, or that an attacker ever catches up with the honest chain, as follows[8]:",{"_37":8496,"_39":8497},[],{"_41":7096,"_43":8498,"_45":1018,"_47":8499,"_49":8502,"_70":8503,"_60":61},"-Cm8kClY",{"_8500":8501},"language","plaintext",[],"p = probability an honest node finds the next block\nq = probability the attacker finds the next block\nqz = probability the attacker will ever catch up from z blocks behind\n qz = {1 if p ≤ q\n (q/p)^z if if p fp>q}\n",{"_37":8505,"_39":8506},[],{"_41":42,"_43":8507,"_45":1018,"_47":8508,"_49":8509,"_70":8510,"_60":61},"KXdIAXCY",{},[],"Given our assumption that p > q, the probability drops exponentially as the number of blocks the attacker has to catch up with increases. With the odds against him, if he doesn't make a lucky lunge forward early on, his chances become vanishingly small as he falls further behind.",{"_37":8512,"_39":8513},[],{"_41":42,"_43":8514,"_45":1018,"_47":8515,"_49":8516,"_70":8517,"_60":61},"AlAaosay",{},[],"We now consider how long the recipient of a new transaction needs to wait before being sufficiently certain the sender can't change the transaction. We assume the sender is an attacker who wants to make the recipient believe he paid him for a while, then switch it to pay back to himself after some time has passed. The receiver will be alerted when that happens, but the sender hopes it will be too late.",{"_37":8519,"_39":8520},[],{"_41":42,"_43":8521,"_45":1018,"_47":8522,"_49":8523,"_70":8524,"_60":61},"Nik3lMY4",{},[],"The receiver generates a new key pair and gives the public key to the sender shortly before signing. This prevents the sender from preparing a chain of blocks ahead of time by working on it continuously until he is lucky enough to get far enough ahead, then executing the transaction at that moment. Once the transaction is sent, the dishonest sender starts working in secret on a parallel chain containing an alternate version of his transaction.",{"_37":8526,"_39":8527},[],{"_41":42,"_43":8528,"_45":1018,"_47":8529,"_49":8530,"_70":8531,"_60":61},"NAaJZ9YH",{},[],"The recipient waits until the transaction has been added to a block and z� blocks have been linked after it. He doesn't know the exact amount of progress the attacker has made, but assuming the honest blocks took the average expected time per block, the attacker's potential progress will be a Poisson distribution with expected value:",{"_37":8533,"_39":8534},[],{"_41":2632,"_43":8535,"_45":1018,"_47":8536,"_49":8537,"_70":61,"_60":8538},"S-iakhq6",{},[],"ipfs://bafkreidc2z5tfsj6b3z4ie5hljgbv2fhodifacbwayyi6qrfwq46aq6y5u",{"_37":8540,"_39":8541},[],{"_41":42,"_43":8542,"_45":1018,"_47":8543,"_49":8544,"_70":8545,"_60":61},"uqMi-yZB",{},[],"To get the probability the attacker could still catch up now, we multiply the Poisson density for each amount of progress he could have made by the probability he could catch up from that point:",{"_37":8547,"_39":8548},[],{"_41":2632,"_43":8549,"_45":1018,"_47":8550,"_49":8551,"_70":61,"_60":8552},"lqx3BpUU",{},[],"ipfs://bafkreifmzf6lfegbwoe7dtdy2b52ges3octux543ggbu6qyrpkjyl5sqj4",{"_37":8554,"_39":8555},[],{"_41":42,"_43":8556,"_45":1018,"_47":8557,"_49":8558,"_70":8559,"_60":61},"SmQrtWoY",{},[],"Rearranging to avoid summing the infinite tail of the distribution...",{"_37":8561,"_39":8562},[],{"_41":2632,"_43":8563,"_45":1018,"_47":8564,"_49":8565,"_70":61,"_60":8566},"nugmuy97",{},[],"ipfs://bafkreifakkpyxatczdelxg7h3qb64ztcjambwtpecld74f6p6wvuwuyrnm",{"_37":8568,"_39":8569},[],{"_41":42,"_43":8570,"_45":1018,"_47":8571,"_49":8572,"_70":8573,"_60":61},"OvAaZ3XC",{},[],"Converting to C code...",{"_37":8575,"_39":8576},[],{"_41":7096,"_43":8577,"_45":1018,"_47":8578,"_49":8579,"_70":8580,"_60":61},"n2woEsOd",{"_8500":8501},[],"#include \ndouble AttackerSuccessProbability(double q, int z)\n{\n double p = 1.0 - q;\n double lambda = z * (q / p);\n double sum = 1.0;\n int i, k;\n for (k = 0; k <= z; k++)\n {\n double poisson = exp(-lambda);\n for (i = 1; i <= k; i++)\n poisson *= lambda / i;\n sum -= poisson * (1 - pow(q / p, z - k));\n }\n return sum;\n}\n",{"_37":8582,"_39":8583},[],{"_41":42,"_43":8584,"_45":1018,"_47":8585,"_49":8586,"_70":8587,"_60":61},"EYn_6M7A",{},[],"Running some results, we can see the probability drop off exponentially with z.",{"_37":8589,"_39":8590},[],{"_41":7096,"_43":8591,"_45":1018,"_47":8592,"_49":8593,"_70":8594,"_60":61},"KkPkOJhz",{"_8500":8501},[],"q=0.1\nz=0 P=1.0000000\nz=1 P=0.2045873\nz=2 P=0.0509779\nz=3 P=0.0131722\nz=4 P=0.0034552\nz=5 P=0.0009137\nz=6 P=0.0002428\nz=7 P=0.0000647\nz=8 P=0.0000173\nz=9 P=0.0000046\nz=10 P=0.0000012\n\nq=0.3\nz=0 P=1.0000000\nz=5 P=0.1773523\nz=10 P=0.0416605\nz=15 P=0.0101008\nz=20 P=0.0024804\nz=25 P=0.0006132\nz=30 P=0.0001522\nz=35 P=0.0000379\nz=40 P=0.0000095\nz=45 P=0.0000024\nz=50 P=0.0000006\n",{"_37":8596,"_39":8597},[],{"_41":42,"_43":8598,"_45":1018,"_47":8599,"_49":8600,"_70":8601,"_60":61},"T3LYh1FR",{},[],"Solving for P less than 0.1%...",{"_37":8603,"_39":8604},[],{"_41":7096,"_43":8605,"_45":1018,"_47":8606,"_49":8607,"_70":8608,"_60":61},"9h0dkfIM",{"_8500":8501},[],"P < 0.001\nq=0.10 z=5\nq=0.15 z=8\nq=0.20 z=11\nq=0.25 z=15\nq=0.30 z=24\nq=0.35 z=41\nq=0.40 z=89\nq=0.45 z=340\n",{"_41":111,"_43":8610,"_45":1018,"_47":8611,"_49":8612,"_70":8617,"_60":61},"kTzX5rdb",{"_115":116},[8613],{"_41":52,"_53":8614,"_56":8615,"_47":8616,"_60":61},[265],[3971],{},"11. Calculations",{"_37":8619,"_39":8627},[8620],{"_37":8621,"_39":8622},[],{"_41":42,"_43":8623,"_45":1018,"_47":8624,"_49":8625,"_70":8626,"_60":61},"sIXekswT",{},[],"We have proposed a system for electronic transactions without relying on trust. We started with the usual framework of coins made from digital signatures, which provides strong control of ownership, but is incomplete without a way to prevent double-spending. To solve this, we proposed a peer-to-peer network using proof-of-work to record a public history of transactions that quickly becomes computationally impractical for an attacker to change if honest nodes control a majority of CPU power. The network is robust in its unstructured simplicity. Nodes work all at once with little coordination. They do not need to be identified, since messages are not routed to any particular place and only need to be delivered on a best effort basis. Nodes can leave and rejoin the network at will, accepting the proof-of-work chain as proof of what happened while they were gone. They vote with their CPU power, expressing their acceptance of valid blocks by working on extending them and rejecting invalid blocks by refusing to work on them. Any needed rules and incentives can be enforced with this consensus mechanism.",{"_41":111,"_43":8628,"_45":1018,"_47":8629,"_49":8630,"_70":8635,"_60":61},"Mafklfwv",{"_115":116},[8631],{"_41":52,"_53":8632,"_56":8633,"_47":8634,"_60":61},[265],[3944],{},"12. Conclusion",{"_37":8637,"_39":8827},[8638,8660,8688,8712,8733,8764,8788,8809],{"_37":8639,"_39":8640},[],{"_41":42,"_43":8641,"_45":1018,"_47":8642,"_49":8643,"_70":8659,"_60":61},"zWihc1wh",{},[8644,8649,8654],{"_41":63,"_53":8645,"_56":8646,"_47":8647,"_60":8648},[4059],[3992],{},"https://nakamotoinstitute.org/b-money/",{"_41":63,"_53":8650,"_56":8651,"_47":8652,"_60":8653},[4421],[3514],{},"http://www.weidai.com/bmoney.txt",{"_41":63,"_53":8655,"_56":8656,"_47":8657,"_60":8658},[4174],[2842],{},"https://nakamotoinstitute.org/bitcoin/#ref1","W. Dai, \"b-money,\" http://www.weidai.com/bmoney.txt, 1998. ↩",{"_37":8661,"_39":8662},[],{"_41":42,"_43":8663,"_45":1018,"_47":8664,"_49":8665,"_70":8687,"_60":61},"0Mk68r3P",{},[8666,8671,8676,8682],{"_41":63,"_53":8667,"_56":8668,"_47":8669,"_60":8670},[3511],[7214],{},"https://nakamotoinstitute.org/static/docs/secure-timestamping-service.pdf",{"_41":2603,"_53":8672,"_56":8674,"_47":8675,"_60":61},[8673],124,[5712],{},{"_41":63,"_53":8677,"_56":8679,"_47":8680,"_60":8681},[8678],187,[5788],{},"https://nakamotoinstitute.org/bitcoin/#ref2",{"_41":63,"_53":8683,"_56":8684,"_47":8685,"_60":8686},[2731],[7388],{},"https://nakamotoinstitute.org/bitcoin/#ref2-2","H. Massias, X.S. Avila, and J.-J. Quisquater, \"Design of a secure timestamping service with minimal trust requirements,\" In 20th Symposium on Information Theory in the Benelux, May 1999. ↩ ↩",{"_37":8689,"_39":8690},[],{"_41":42,"_43":8691,"_45":1018,"_47":8692,"_49":8693,"_70":8711,"_60":61},"CNlO_CKU",{},[8694,8701,8706],{"_41":63,"_53":8695,"_56":8697,"_47":8699,"_60":8700},[8696],26,[8698],65,{},"https://nakamotoinstitute.org/literature/time-stamp-digital-document/",{"_41":2603,"_53":8702,"_56":8703,"_47":8705,"_60":61},[3246],[8704],90,{},{"_41":63,"_53":8707,"_56":8708,"_47":8710,"_60":8681},[2803],[8709],126,{},"S. Haber, W.S. Stornetta, \"How to time-stamp a digital document,\" In Journal of Cryptology, vol 3, no 2, pages 99-111, 1991. ↩",{"_37":8713,"_39":8714},[],{"_41":42,"_43":8715,"_45":1018,"_47":8716,"_49":8717,"_70":8732,"_60":61},"aaaLrdg1",{},[8718,8723,8728],{"_41":63,"_53":8719,"_56":8720,"_47":8721,"_60":8722},[4423],[5325],{},"https://nakamotoinstitute.org/literature/improving-time-stamping/",{"_41":2603,"_53":8724,"_56":8726,"_47":8727,"_60":61},[8725],108,[5283],{},{"_41":63,"_53":8729,"_56":8730,"_47":8731,"_60":8681},[3105],[4185],{},"D. Bayer, S. Haber, W.S. Stornetta, \"Improving the efficiency and reliability of digital time-stamping,\" In Sequences II: Methods in Communication, Security and Computer Science, pages 329-334, 1993. ↩",{"_37":8734,"_39":8735},[],{"_41":42,"_43":8736,"_45":1018,"_47":8737,"_49":8738,"_70":8763,"_60":61},"3hNsckBh",{},[8739,8745,8750,8756],{"_41":63,"_53":8740,"_56":8741,"_47":8743,"_60":8744},[8696],[8742],57,{},"https://nakamotoinstitute.org/static/docs/secure-names-bit-strings.pdf",{"_41":2603,"_53":8746,"_56":8747,"_47":8749,"_60":61},[3354],[8748],138,{},{"_41":63,"_53":8751,"_56":8753,"_47":8755,"_60":8681},[8752],165,[8754],166,{},{"_41":63,"_53":8757,"_56":8759,"_47":8761,"_60":8762},[8758],167,[8760],168,{},"https://nakamotoinstitute.org/bitcoin/#ref5","S. Haber, W.S. 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Madrid, 28004 (Metro Alonso Martinez) (https://maps.app.goo.gl/98ksU5myJWTww3oT9?g_st=ic)",{"_41":111,"_43":9591,"_45":1136,"_47":9592,"_49":9593,"_70":9594,"_60":61},"zpphem-w",{"_115":2957},[],"Venue",[124],"/meetups/2024/36-satlantis","2025-01-03T10:59:10.308Z",{"_131":1156,"_135":1157},{},{"_173":1146,"_177":1154},{"_43":1133,"_185":98,"_99":9602,"_119":1136,"_187":-5,"_188":-5,"_189":-5,"_190":-5,"_184":6},[412,1052,1135],1776429499590,[277,1133,1136,6],"[\"ENTITY\",\"hm://z6Mkusu8KBMXe52JC9fnEFzwdsAF2SXGvnxoAyVTXBhGfRDR/meetups/2024/36-satlantis\",\"bafy2bzacedb6bve4m3v23czx7aqcfkn5jbaxti2i2lbhi6xzqibieng5i3ayi\",true]",{"_199":9607,"_275":11627,"_278":11628},{"_201":9608,"_259":260,"_261":11626,"_263":-5,"_264":265,"_266":265,"_267":265,"_268":-5,"_269":-5,"_270":8,"_271":272,"_273":274},{"_41":32,"_32":9609,"_43":11624},{"_34":9610,"_119":1162,"_121":98,"_122":11619,"_99":1006,"_125":1171,"_127":11620,"_129":11621,"_144":11622,"_173":1172,"_175":11623,"_179":180},[9611,9618,9631,9642,9661,9717,10208,10465,10692,10706],{"_37":9612,"_39":9613},[],{"_41":42,"_43":9614,"_45":1162,"_47":9615,"_49":9616,"_70":9617,"_60":61},"ke_zMHnG",{},[],"The distributional consequences of Bitcoin.\nUlrich Bindseil\nJürgen Schaaf\nThis version: 1 November 2024 (first version: 12 October 2024)",{"_37":9619,"_39":9627},[9620],{"_37":9621,"_39":9622},[],{"_41":42,"_43":9623,"_45":1162,"_47":9624,"_49":9625,"_70":9626,"_60":61},"mi_x9wAg",{},[],"The original promise of Nakamoto (2008) to provide the world with a better global means of payment has not materialized. Instead, the focus has increasingly shifted to Bitcoin as an investment asset promising high capital gains. Promoters of this investment vision put little effort relating Bitcoin to an economic function which would justify its valuation. While most economists argue that the Bitcoin boom is a speculative bubble that will eventually burst, we analyse in this paper the impact of a Bitcoin-positive scenario in which its price continues to rise in the foreseeable future. What sounds intuitively promising or at least not harmful is problematic: Since Bitcoin does not increase the productive potential of the economy, the consequences of the assumed continued increase in value are essentially redistributive, i.e. the wealth effects on consumption of early Bitcoin holders can only come at the expense of consumption of the rest of society, which is impoverished. While previous discussions on the redistributive effects of Bitcoin assumed that badly timed trading was a necessary condition for losses, this paper shows that neither poor timing of trades nor holding Bitcoin at all are necessary for being negatively affected by a Bitcoin positive scenario. ",{"_41":111,"_43":9628,"_45":1162,"_47":9629,"_49":9630,"_70":8063,"_60":61},"u0cfwXso",{"_115":116},[],{"_37":9632,"_39":9633},[],{"_41":42,"_43":9634,"_45":1162,"_47":9635,"_49":9636,"_70":9641,"_60":61},"K-gMBw5Q",{},[9637],{"_41":52,"_53":9638,"_56":9639,"_47":9640,"_60":61},[265],[3992],{},"JEL classification: E21; E25; E53; G12",{"_37":9643,"_39":9651},[9644],{"_37":9645,"_39":9646},[],{"_41":42,"_43":9647,"_45":1162,"_47":9648,"_49":9649,"_70":9650,"_60":61},"_xkGJP2j",{},[],"[Footnote 1 Views expressed in this paper are the ones of the authors and not necessarily the ones of the ECB. We would like to thank Klaus Adam, Charles-Enguerrand Coste, Troy Cross, Kelvin Low, Omid Malekan, George Pantelopoulos, Dirk Schumacher, Bob Seeman, Oreste Tristani, Mika Tujula, Anton van der Kraaij, for useful comments. All remaining errors are ours. The version of 1 November differs from the one of 12 October as follows: (i) streamlining of text; (ii) more differentiated statements on how non-holders are affected; (iii) reference added to the response by Malekan (2024); Quotation of Michael Saylor on future Bitcoin price evolution.]",{"_41":42,"_43":9652,"_45":9653,"_47":9654,"_49":9655,"_70":9660,"_60":61},"YXuXCAi7","bafy2bzacecmxxwtuheljzf2ou6fn5andhppskfgsyubs7x2e62agfsptsg6m2",{"_115":116},[9656],{"_41":52,"_53":9657,"_56":9658,"_47":9659,"_60":61},[265],[4059],{},"Keywords: Bitcoin; asset price bubble; wealth effect on consumption; redistribution",{"_37":9662,"_39":9712},[9663,9670,9677,9684,9691,9698,9705],{"_37":9664,"_39":9665},[],{"_41":42,"_43":9666,"_45":1162,"_47":9667,"_49":9668,"_70":9669,"_60":61},"jXecyfHT",{},[],"The pseudonymous Satoshi Nakamoto published the whitepaper on Bitcoin in 2008, with the vision of a global digital currency by creating a structure for making payments without a trusted third party acting as intermediary. But Bitcoin's conceptual design and technology appear to have prevented this vision to materialise. Even 16 years after its inception, real Bitcoin payments, i.e. effectively “on chain”, are still cumbersome, slow and expensive. Moreover, its value is considered too volatile to fulfil the classic functions of money, i.e. unit of account, means of payment, and store of value (Bergsli et al., 2022; Chu et al. 2017; Segnon and Bekiros, 2020). ",{"_37":9671,"_39":9672},[],{"_41":42,"_43":9673,"_45":1162,"_47":9674,"_49":9675,"_70":9676,"_60":61},"RD2SHzGW",{},[],"Bitcoin has never been used to a significant extent for legal real-world transactions (Bindseil and Schaaf 2022). In El Salvador, the first country to declare Bitcoin as an official currency with legal tender status in 2021, Bitcoin is not extensively used and has remained “a failure” (Perez-Obregon 2023). Moreover, the El Salvadorian Chivo Wallet settles Bitcoin payments in its own central ledger and not on the Bitcoin blockchain, betraying the core proposition of the Bitcoin Whitepaper and of Decentralised Finance (DeFi). Many Bitcoin critiques deny a real use case within the boundaries of legality: Cryptocurrencies “remain the financial product of choice among financial predators, lawbreakers and criminals worldwide. The least harmful use would be speculation and gambling (as opposed to its other uses for tax evasion, fraud, ransomware, sanctions evasion, terrorist funding, narcotics trafficking, money laundering, etc.)” (Kelleher 2024). At the same time, and maybe for this reason, the Bitcoin narrative has changed gradually for some years away from the means of payment idea of the Whitepaper to Bitcoin as an attractive investment, the price of which would significantly increase over time (Paterson 2022). ",{"_37":9678,"_39":9679},[],{"_41":42,"_43":9680,"_45":1162,"_47":9681,"_49":9682,"_70":9683,"_60":61},"2ia4uLdB",{},[],"The Bitcoin price has been on an unprecedented rollercoaster ride, with interim price gains of 1,000 % (e.g. from spring 2020 to November 2021) but also losses of almost 80 % during the “crypto winter”: After the Bitcoin price had reached a record high of around USD 69,000 in November 2021, the price fell in the subsequent correction phase, which intensified over the course of 2022, to around USD 16,000 in November 2022. In this respect, those who got in at relatively low prices and / or sold at high prices have made high profits and those who bought and held bitcoins at low prices and did not sell them have high imputed profits. Opinions differ as to how sustainable the high valuation of Bitcoin is and where its fair value lies. Many economists consider the fair value of Bitcoin to be zero and therefore classify the Bitcoin market capitalisation as a bubble (e.g. Taleb 2021; Avoca 2021). In contrast, Bitcoin enthusiasts believe that the rally is far from having reached its ultimate peak, even though they generally find it difficult to justify or even calculate both a fair value and their price forecasts. ",{"_37":9685,"_39":9686},[],{"_41":42,"_43":9687,"_45":1162,"_47":9688,"_49":9689,"_70":9690,"_60":61},"iJh8hLr6",{},[],"Section 2 will review the question of uses cases and fair valuation of Bitcoin, and the emerging investment view of Bitcoin, which also gained prominence in the political debate. ",{"_37":9692,"_39":9693},[],{"_41":42,"_43":9694,"_45":1162,"_47":9695,"_49":9696,"_70":9697,"_60":61},"WBjuXqPS",{},[],"Section 3 analyses the macro-economic issues associated with speculative increases of asset prices and applies the findings from the literature to the Bitcoin-positive scenario in which Bitcoin prices increases significantly for a prolonged period. ",{"_37":9699,"_39":9700},[],{"_41":42,"_43":9701,"_45":1162,"_47":9702,"_49":9703,"_70":9704,"_60":61},"Oj7PqLYk",{},[],"Section 4 turns to the redistributive aspects of Bitcoin. A number of economists (e.g. Rogoff 2017, Roubini 2018, Avoca 2021, Bindseil and Schaaf 2022) have critically examined the social damage associated with the wealth redistribution resulting from high volatility of the Bitcoin price or an eventual burst of the assumed Bitcoin bubble: redistribution takes place that benefits those who time their trades well (e.g. bought Bitcoin at an early stage when the price was low, or in the crypto winter, and sold it when the price was much higher) at the expense of those with a poor timing (e.g. who 3 bought in November 2021 and sold during the crypto-winter, or who bought Bitcoin any time at a high price and would still hold it when the price would fall to an end state of zero). In this paper we go one step further and ignore the scenario of high price volatility or a bursting bubble: instead, section 4 focuses on a type of redistribution that occurs in particular in a Bitcoin positive scenario of continuously increasing prices in the foreseeable future. Even Bitcoin-critical economists may have assumed that this scenario does no harm anyone. Earlier discussions on the redistributive effects of Bitcoin assumed that trading Bitcoin in a badly timed manner was a necessary condition for welfare losses from Bitcoin, but this paper demonstratesthat neither poor timing of trades nor holding Bitcoin at all are necessary for impoverishment under a Bitcoin positive scenario. Moreover, the redistribution of wealth and consumption in this scenario at the expense of latecomers and non-holders of Bitcoin is not a relative one, but an absolute one. ",{"_37":9706,"_39":9707},[],{"_41":42,"_43":9708,"_45":1162,"_47":9709,"_49":9710,"_70":9711,"_60":61},"cXa_Cg0A",{},[],"Section 5 concludes accordingly that the consequences of the Bitcoin-as-an-investment vision with perpetually increasing Bitcoin prices imply a corresponding impoverishment of the rest of society, endangering cohesion, stability and ultimately democracy. ",{"_41":111,"_43":9713,"_45":9714,"_47":9715,"_49":9716,"_70":7623,"_60":61},"88ouDl2R","bafy2bzaceajk2urewpu3gpxntmoytvhjjvx45jv3tmb5dci6ojlbvqc2tfhys",{"_115":116},[],{"_37":9718,"_39":10203},[9719,9826,9902,10039],{"_37":9720,"_39":9820},[9721,9741,9762,9781,9788,9806,9813],{"_37":9722,"_39":9735},[9723],{"_37":9724,"_39":9725},[],{"_41":42,"_43":9726,"_45":1162,"_47":9727,"_49":9728,"_70":9734,"_60":61},"z_kjKAO3",{},[9729],{"_41":2603,"_53":9730,"_56":9731,"_47":9733,"_60":61},[265],[9732],1182,{},"“Commerce on the Internet has come to rely almost exclusively on financial institutions serving as trusted third parties to process electronic payments. While the system works well enough for most transactions, it still suffers from the inherent weaknesses of the trust-based model. Completely non-reversible transactions are not really possible, since financial institutions cannot avoid mediating disputes. The cost of mediation increases transaction costs, limiting the minimum practical transaction size and cutting off the possibility for small casual transactions, and there is a broader cost in the loss of ability to make non-reversible payments for non-reversible services this seems to be purely a contractual and legal problem, not a technological one. With the possibility of reversal, the need for trust spreads. Merchants must be wary of their customers, hassling them for more information than they would otherwise need. A certain percentage of fraud is accepted as unavoidable. These costs and payment uncertainties can be avoided in person by using physical currency, but no mechanism exists to make payments over a communications channel without a trusted party.” ",{"_41":42,"_43":9736,"_45":9737,"_47":9738,"_49":9739,"_70":9740,"_60":61},"4Nx0AYE5","bafy2bzacebyqfqg4lhdixklmoapip7nlpjm7myxlectmgjug6af5k4bgtwa2c",{"_115":116},[],"Nakamoto (2008) believed that Bitcoin would play a role in the future of payments, thereby also generating value for society that could justify a positive price. More specifically, he explained: ",{"_37":9742,"_39":9757},[9743],{"_37":9744,"_39":9745},[],{"_41":42,"_43":9746,"_45":1162,"_47":9747,"_49":9748,"_70":9756,"_60":61},"eH4tC5Zt",{},[9749],{"_41":63,"_53":9750,"_56":9752,"_47":9754,"_60":9755},[9751],556,[9753],652,{},"https://p2pfoundation.ning.com/forum/topics/bitcoin-open-source?id=2003008%3ATopic%3A9402&page=1","[3 Indeed, the redistribution in a zero-sum game over the time axis was already touched upon implicitly discussed in in the P2Pfoundation forum with Satoshi Nakamoto himself immediately after the publication of the original white paper. There, it was pointed out “that the early adopter finds the worm\" in this system. But it was more referring to the miners rather than investors: “This would mean that - the earlier someone gets in on the bitcoin system establishing a node, the more chance they have of becoming lucky and being able to generate coins.” https://p2pfoundation.ning.com/forum/topics/bitcoin-open-source?id=2003008%3ATopic%3A9402&page=1 3 We (Bindseil and Schaaf 2024; Bindseil et al. 2022) and many others (e.g. Kolbert 2021) have pointed out the energy consumption and implied ecological and social damage caused by Bitcoin mining. However, the focus of this paper is different, and we therefore do not recall the ecological issues in detail.]",{"_41":42,"_43":9758,"_45":9737,"_47":9759,"_49":9760,"_70":9761,"_60":61},"OazF0GFS",{"_115":116},[],"The problem that Nakamoto (2008) believes to have identified seems however to start from a misunderstanding. In principle, financial institutions can avoid mediating disputes. Mediation is rather an optional service than a necessity. It is demanded by customers and charged by payment services ",{"_37":9763,"_39":9776},[9764],{"_37":9765,"_39":9766},[],{"_41":42,"_43":9767,"_45":1162,"_47":9768,"_49":9769,"_70":9775,"_60":61},"RWfInDyD",{},[9770],{"_41":2603,"_53":9771,"_56":9772,"_47":9774,"_60":61},[265],[9773],576,{},"“What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party. Transactions that are computationally impractical to reverse would protect sellers from fraud, and routine escrow mechanisms could easily be implemented to protect buyers. In this paper, we propose a solution to the double-spending problem using a peer-to-peer distributed timestamp server to generate computational proof of the chronological order of transactions.” ",{"_41":42,"_43":9777,"_45":9737,"_47":9778,"_49":9779,"_70":9780,"_60":61},"4h0TklHt",{"_115":116},[],"providers. For example, PayPal does not offer any dispute mediation if payments are made in the “friend and family” mode; and these are free of charge. Likewise, credit transfers between bank accounts are not mediated, i.e. if an e-commerce delivery is paid in advance via credit transfer and the customer is unsatisfied with the good received, the bank will not mediate. Nakamoto seems to misinterpret the modus operandi of e-commerce by confounding it with a technical necessity. “Delivery-vs-payment” (or “atomic” settlement) to prevent principal settlement risk is difficult to achieve in e-commerce, and ex ante trust building mechanisms (e.g. assessment histories by users), escrow accounts, or ex post mediation mitigate this problem, but are not per se necessary. Nakamoto continues: ",{"_37":9782,"_39":9783},[],{"_41":42,"_43":9784,"_45":1162,"_47":9785,"_49":9786,"_70":9787,"_60":61},"9L-6bLOo",{},[],"Again, it can be argued that a normal credit transfer has also no trusted third party and does not promise a mediation mechanism either. Moreover, escrow accounts are also provided as add-on to credit transfers in some e-commerce market platforms. Also, Nakamoto’s perspective seems to be tilted towards the interest of the merchant, who according to his view, needs protection from fraudulent buyers. In this context the merchant’s key interest is to receive the funds instantaneously. The received money is fungible, i.e. homogeneous and standardized. The customer, however, might only approve of the purchase after having assessed the quality of the purchased product or service. Hence the customer has a higher interest in mediation and the option to reverse the purchase. The proposed escrow mechanism for buyers’ protection would need to be provided by a third party, i.e. a (trusted) intermediary. It is the nature of an escrow account that it should not be managed, controlled, or owned by one of the acting parties amid potential conflict of interest. ",{"_37":9789,"_39":9801},[9790],{"_37":9791,"_39":9792},[],{"_41":42,"_43":9793,"_45":1162,"_47":9794,"_49":9795,"_70":9800,"_60":61},"KYZ3L2Nx",{},[9796],{"_41":2603,"_53":9797,"_56":9798,"_47":9799,"_60":61},[265],[5633],{},"“We started with the usual framework of coins made from digital signatures, which provides strong control of ownership, but is incomplete without a way to prevent double-spending. To solve this, we proposed a peer-to-peer network using proof-of-work to record a public history of transactions that quickly becomes computationally impractical for an attacker to change if honest nodes control a majority of CPU power.” ",{"_41":42,"_43":9802,"_45":9737,"_47":9803,"_49":9804,"_70":9805,"_60":61},"8DglW3l2",{"_115":116},[],"A further point that Nakamoto (2008, 8) claimed to address with Bitcoin related to the perceived problem of double spending in peer-to-peer networks: ",{"_37":9807,"_39":9808},[],{"_41":42,"_43":9809,"_45":1162,"_47":9810,"_49":9811,"_70":9812,"_60":61},"6XOdffed",{},[],"While it is true that the history of transactions of the Bitcoin network is “impractical for an attacker to change”, it is unfortunately also true that proof-of-work is highly impractical itself as it is costly and inefficient compared to alternative ways to secure the safety and prevent double-spending of a payment instrument. The problem of double-spending is hardly an issue in payments (because it is generally solved without particular difficulties, and certainly with far less social cost than those incurred in the solution offered by Bitcoin). Cyber-crime and fraud are serious risks for payment systems including Bitcoin, but they are different from the problem of double-spending (see also Watts and Low, 2024, for a critique of Nakamoto’s treatment of the double-spending issue in the Bitcoin white paper). ",{"_37":9814,"_39":9815},[],{"_41":42,"_43":9816,"_45":1162,"_47":9817,"_49":9818,"_70":9819,"_60":61},"2eQPLgBm",{},[],"Overall, Nakamoto's (2008) understanding of retail payments was inaccurate. It is therefore doubtful whether his invention effectively addressed the problems he perceived in e-commerce and it is therefore also hardly surprising that Bitcoin was never significantly used in legal e-commerce.4",{"_41":111,"_43":9821,"_45":9822,"_47":9823,"_49":9824,"_70":9825,"_60":61},"1XqMv1Ad","bafy2bzacedmixvgjwn7evtbmkvu2xr5xurdajnqcixvwvzkjsn2jnmpwaujmc",{"_115":116},[],"2.1 Bitcoin offers payment services to society: Nakamoto’s original vision of 2008 ",{"_37":9827,"_39":9898},[9828,9877,9891],{"_37":9829,"_39":9872},[9830,9837,9844,9851,9858,9865],{"_37":9831,"_39":9832},[],{"_41":42,"_43":9833,"_45":1162,"_47":9834,"_49":9835,"_70":9836,"_60":61},"jmxCbdeZ",{},[],"The Discounted Cash Flow (DCF) is a valuation method that estimates the present value of an investment using its expected future cash flows. Applying the DCF model to Bitcoin is challenging because of Bitcoin’s lack of income streams, coupon or dividends. ",{"_37":9838,"_39":9839},[],{"_41":42,"_43":9840,"_45":1162,"_47":9841,"_49":9842,"_70":9843,"_60":61},"hr9krSV9",{},[],"Technical analysis is employed by traders to predict price movements by analysing historical price charts, patterns, and indicators. While sometimes useful for short-term and mediumterm predictions, this method is not typically suitable for long-term fair value estimation as it is detached from economic fundamentals. ",{"_37":9845,"_39":9846},[],{"_41":42,"_43":9847,"_45":1162,"_47":9848,"_49":9849,"_70":9850,"_60":61},"Ak75VXVg",{},[],"Relative valuation compares an asset to other assets. This method could allow investors to estimate Bitcoin's value by assessing its relative strengths and weaknesses. Some indeed compare Bitcoin's price to that of gold, adjusting for volatility differences to estimate Bitcoin's fair value. However, in the absence of a clear understanding or notion what the autonomous value of Bitcoin were, the calculation of a relative price (and exchange rate) remains doubtful. ",{"_37":9852,"_39":9853},[],{"_41":42,"_43":9854,"_45":1162,"_47":9855,"_49":9856,"_70":9857,"_60":61},"zaaaBmUt",{},[],"Fundamental analysis evaluates Bitcoin's utility, scarcity, security, and potential use cases, providing a qualitative perspective on its value based on its inherent characteristics and future applications – a method that might work for believers but lack analytical rigor amid the absence of legal use cases that are effectively beneficial to society. ",{"_37":9859,"_39":9860},[],{"_41":42,"_43":9861,"_45":1162,"_47":9862,"_49":9863,"_70":9864,"_60":61},"rK0qTk8V",{},[],"Regression analysis could seek more generally relationships between Bitcoin's price and various fundamental or market-related variables. This quantitative approach can offer insights based on historical data and identified correlations – but fails in the not too unlikely case of an inflated speculative bubble. ",{"_37":9866,"_39":9867},[],{"_41":42,"_43":9868,"_45":1162,"_47":9869,"_49":9870,"_70":9871,"_60":61},"S6rW_mdL",{},[],"The Stock-to-Flow (S2F) model compares the current supply of Bitcoin to the new supply (mined coins) over a specific period. It suggests that assets with a higher S2F ratio are scarcer and should therefore have higher value. While this model has gained popularity, critics argue that a basic linear regression with only one predictor (the stock-to-flow ratio) to forecast something as complex as Bitcoin's price is overly simplistic. Accordingly, the S2F model had failed to predict Bitcoin's price movements accurately in recent years, for example, it did not anticipate the significant price drop in 2022 (Rustgi 2023). ",{"_41":42,"_43":9873,"_45":9737,"_47":9874,"_49":9875,"_70":9876,"_60":61},"XGQx8Cdc",{"_115":2957},[],"Financial and real asset values are typically anchored in a future income or utility stream. Most assets generate regular cash flows, e.g. real estate yields a rent, shares pay dividends and bonds pay interest. Based on the present and expected future cash flow, the present value of such an asset can be calculated. Obviously, the future income stream is exposed to a high level of uncertainty and subject to expectation. As has been argued elsewhere (e.g. Bindseil and Schaaf 2022), Bitcoin lacks the traits of established financial assets. It does not generate any cash flow (like real estate), interest (like bonds) or dividends (like stocks), cannot be used productively (like commodities). By consequence, most established ways of calculating or estimating the fair value of an asset fail when applied to Bitcoin. ",{"_37":9878,"_39":9886},[9879],{"_37":9880,"_39":9881},[],{"_41":42,"_43":9882,"_45":1162,"_47":9883,"_49":9884,"_70":9885,"_60":61},"idbidpxr",{},[],"[4 We deliberately do not consider the use of bitcoins to pay for or conceal illegal activities, as we do not think that these widespread uses are socially or economically useful.]",{"_41":42,"_43":9887,"_45":9737,"_47":9888,"_49":9889,"_70":9890,"_60":61},"j4QXEfsc",{"_115":116},[],"Valuation is a challenging issue for other investments as well, and in particular for firms with perceived high growth potential. If a new technology is discovered and/or pioneered by one company, its market ",{"_37":9892,"_39":9893},[],{"_41":42,"_43":9894,"_45":1162,"_47":9895,"_49":9896,"_70":9897,"_60":61},"wKQw7TWj",{},[],"value can initially be very high relative to its net income stream over the first years (e.g. Tesla, Amazon, OpenAI, Nvidia in their early years). These companies will thus exhibit a high equity to earnings ratio, suggesting that investors expect a significant growth of future earnings. In some cases, it can even take years until such a company stops operating at a loss and eventually earns net profits, as was the case with Amazon. Some of these companies match expectations, some will disappoint, others will even exceed the high-growth scenarios that had justified their very high price-to-earnings ratio. Still, their valuation is typically based on fundamental analysis, and their expected capacity and risks to deliver products for society in a profitable way.",{"_41":111,"_43":9899,"_45":9737,"_47":9900,"_49":9901,"_70":7841,"_60":61},"loFoau1R",{"_115":116},[],{"_37":9903,"_39":10034},[9904,9911,9942,9956,9976,9994,10013,10020,10027],{"_37":9905,"_39":9906},[],{"_41":42,"_43":9907,"_45":1162,"_47":9908,"_49":9909,"_70":9910,"_60":61},"vZmLNd9X",{},[],"Many Bitcoin supporters nowadays view Bitcoin as an investment asset the value of which will increase for a long time regardless of the specific service it may have for society or the traditional traits which define a financial asset. They argue that a demand effect, combined with the limited supply, would fuel an eternal upwards valuation trend (despite occasional cyclical term setbacks). ",{"_37":9912,"_39":9937},[9913,9925],{"_37":9914,"_39":9915},[],{"_41":42,"_43":9916,"_45":1162,"_47":9917,"_49":9918,"_70":9924,"_60":61},"KoR1BquT",{},[9919],{"_41":2603,"_53":9920,"_56":9921,"_47":9923,"_60":61},[265],[9922],800,{},"In a notable statement, BlackRock CEO Larry Fink has expressed a positive perspective on Bitcoin during an interview today with CNBC, affirming that … \"I believe it goes up if the world is frightened, if the people have fearful geopolitical risks, they're fearful of their own risks,\" said Fink. \"It's no different than what gold represented over thousands of years. It is an asset class that protects you.\" … This endorsement from the head of the world's largest asset management firm is a significant milestone for Bitcoin's acceptance within mainstream financial circles. \"Unlike gold where we manufacture new gold, we're almost at the ceiling of the amount of Bitcoin that can be created,\" Fink continued. \"What we're trying to do is offer an instrument that can store wealth.\" (Nik Hoffman 2024)",{"_37":9926,"_39":9927},[],{"_41":42,"_43":9928,"_45":1162,"_47":9929,"_49":9930,"_70":9936,"_60":61},"8DWrlcWo",{},[9931],{"_41":2603,"_53":9932,"_56":9933,"_47":9935,"_60":61},[265],[9934],434,{},"\"I'm very bullish on the long term viability of Bitcoin,\" Fink stated… Fink's bullish stance on Bitcoin's long-term prospects aligns with the broader trend of institutional adoption and recognition of Bitcoin as a legitimate investment opportunity. As the CEO of the world's largest asset management firm, Fink's positive outlook on Bitcoin carries significant weight and may influence investor sentiment towards BTC. (Hoffman 2024a) ",{"_41":42,"_43":9938,"_45":9737,"_47":9939,"_49":9940,"_70":9941,"_60":61},"O4-ZPo8x",{"_115":116},[],"The list of prominent supporters of Bitcoin who seem to take this investment perspective is long and encompasses financial professionals, huge investors, campaigning politicians and other celebrities. For example, Larry Fink, CEO of BlackRock, the largest asset manager in the world, draws the analogy to gold, 5 and skips the attempt to explain why Bitcoin has value as means of payment (or through other specific use cases). As reported widely in the media (this excerpt from Bitcoin Magazine): ",{"_37":9943,"_39":9951},[9944],{"_37":9945,"_39":9946},[],{"_41":42,"_43":9947,"_45":1162,"_47":9948,"_49":9949,"_70":9950,"_60":61},"8tbhUYz3",{},[],"[5 A deeper analysis of the analogy with gold, is beyond the scope of this paper. Taleb (2021) dismisses the analogy, he argues, that gold is used industrially and has been appreciated as jewellery for centuries before it became a store of value, an investment asset, or a reserve currency. Moreover, he continues that gold it does not degenerate over time and retains its value even in chaotic or degenerative states of the world like natural catastrophes or in the case of a temporary or lasting failure of the electric or digital infrastructure. ",{"_41":42,"_43":9952,"_45":9737,"_47":9953,"_49":9954,"_70":9955,"_60":61},"kWHkLYQn",{"_115":116},[],"In a TV interview, Mike Novogratz, a former hedge fund manager and founder of Galaxy Digital, also compared Bitcoin to gold: “It will be larger than gold,” – although he admitted that Bitcoin’s then market cap wasn’t yet one-tenth of gold’s - USD 1.21 tr compared with USD 13.79 tr. (Rohe 2024). In a similar way Tyler Winklevoss, the co-founder of Gemini, formulates: “We believe Bitcoin disrupts gold. We think it's a better gold if you look at the properties of money. And what makes gold? Scarcity. Bitcoin is actually fixed in supply, so it's better than scarce. It's more portable, it's fungible, it's more durable. It sort of equals a better gold across the board.” Unsurprisingly, earlier Bitcoin owners also continue to have a positive view on the long-term viability of Bitcoin. For example, Hope (2024) reports ",{"_37":9957,"_39":9970},[9958],{"_37":9959,"_39":9960},[],{"_41":42,"_43":9961,"_45":1162,"_47":9962,"_49":9963,"_70":9969,"_60":61},"Tv0RxBLe",{},[9964],{"_41":2603,"_53":9965,"_56":9966,"_47":9968,"_60":61},[265],[9967],829,{},"“Cathie Wood, CEO of the investment firm ARK Invest, has significantly increased her bullish outlook on Bitcoin's price trajectory. In a recent interview, she revealed that ARK has \"brought forward\" its previous $1 million price target for Bitcoin by 2030. Wood attributes this shift to the recent approval of spot Bitcoin ETFs in the United States. The surge in interest and investment potential unlocked by these ETFs has prompted ARK to re-evaluate Bitcoin's future. \"That target...it was before the SEC gave us the green light,\" Wood explained, referring to the Securities and Exchange Commission's approval of spot Bitcoin ETFs. \"And I think that was a major milestone, and it has pulled forward the timeline.\" While Bitcoin has already seen significant price appreciation, Wood believes the party is just getting started.” ",{"_41":42,"_43":9971,"_45":9972,"_47":9973,"_49":9974,"_70":9975,"_60":61},"7KDGMlX3","bafy2bzacec65pbg2vdk2lcyvirxybxzc2t3bubx2km7x52e6edsmr3vsneyhe",{"_115":116},[],"that some Bitcoin investors expect the price of Bitcoin to go up significantly, notably to USD 1 million per coin: ",{"_37":9977,"_39":9989},[9978],{"_37":9979,"_39":9980},[],{"_41":42,"_43":9981,"_45":1162,"_47":9982,"_49":9983,"_70":9988,"_60":61},"Eh_cyVif",{},[9984],{"_41":2603,"_53":9985,"_56":9986,"_47":9987,"_60":61},[265],[5633],{},"“When you hear the Bank of Shanghai is rolling out a Bitcoin ETF, custody at the Bank of Shanghai, you would say this is great. That will give access to Bitcoin to 1.5 billion people in China, okay? They will buy a bunch of Bitcoin and the price of Bitcoin will go up to 10 million dollar a coin. So here is the question: do you want billion people in China to be rich? Or do you want the people in China to be poor?” ",{"_41":42,"_43":9990,"_45":9972,"_47":9991,"_49":9992,"_70":9993,"_60":61},"Drov4njp",{"_115":116},[],"Michael Saylor sees the Bitcoin price to go up to USD 10 million per coin (Ngari 2024 and video of the podcast interview available e.g. on Twitter and YouTube) due to investment inflows from new large groups, notably Chinese investors, and considers that this will make the new investors wealthy: ",{"_37":9995,"_39":10008},[9996],{"_37":9997,"_39":9998},[],{"_41":42,"_43":9999,"_45":1162,"_47":10000,"_49":10001,"_70":10007,"_60":61},"UtYUok_D",{},[10002],{"_41":2603,"_53":10003,"_56":10004,"_47":10006,"_60":61},[265],[10005],1237,{},"“Once you hit the end of the road and visualize the state of the American economy through a multigenerational lens you'll come to the conclusion that the American pensions are absolutely f[…]. … The only viable solution to this problem is to get off the hamster wheel of the fiat system. Bitcoin is the antidote to this problem. It is a verifiably finite asset running on a distributed system that cannot be controlled by any central authority and its demand will only increase from here on out as individuals around the world rabidly search for the antidote to the fiat poison they've been free basing for a decades. If pensions have any intention of closing the massive gaps between the money they've promised and the money they actually have, they better start allocating to bitcoin. In all seriousness though, the fact that a $1.2 Trillion pension fund out of Japan has begun the diligence process on bitcoin should be a sign to every other pension around the world that the tock is clicking. … . As more and more pensions follow the first domino a virtuous cycle the likes of which you have never seen before will begin to take hold and there will be many pension managers kicking themselves because they didn't move early enough.” ",{"_41":42,"_43":10009,"_45":9972,"_47":10010,"_49":10011,"_70":10012,"_60":61},"AcnhZ2Us",{"_115":116},[],"With a similarly optimistic mindset, Marty Bent believes that Bitcoin can play a key role in closing gaps in US pension fund solvency (Bent 2024): ",{"_37":10014,"_39":10015},[],{"_41":42,"_43":10016,"_45":1162,"_47":10017,"_49":10018,"_70":10019,"_60":61},"3q1vQ-c6",{},[],"Celebrities who are not expected to be particularly familiar with the subject of finance and economics also do not shy away from expressing their enthusiasm or loyalty for Bitcoin as an investment instrument. “I’m a big believer in the future of Bitcoin”, NFL quarterback Tom Brady revealed in an interview at Consensus 2021 (Coindesk 2021). Hollywood actress Gwyneth Paltrow stated on Twitter: “I think Bitcoin and cryptocurrency is here to stay.” Actor Ashton Kutcher told the TechCrunch Disrupt conference already in 2013 that “bitcoin revolution” is here, and it offers an investing opportunity. “I think bitcoins are obviously becoming more and more relevant,” said Kutcher, who is also founder of the A-Grade venture (CNBC 2013). ",{"_37":10021,"_39":10022},[],{"_41":42,"_43":10023,"_45":1162,"_47":10024,"_49":10025,"_70":10026,"_60":61},"lqX6L3vO",{},[],"Larry Fink, Cathy Wood, Michael Saylor, and many other prominent figures share a common view on Bitcoin as a pure investment asset and growing future valuations decoupled from economic services Bitcoin could potentially deliver to society. In their public statements, Bitcoin's future value does not rely on the Nakamoto narrative, which positions Bitcoin as an attractive means of payment. Instead, - at best - they draw parallels with gold as a pure investment, assuming that society can coordinate around any asset with a finite or limited supply as an investment vehicle, leading to a virtuous cycle where its value continuously rises. They do not present or explain the reasons, why society would choose Bitcoin for this purpose. While there may be volatility, they expect Bitcoin's valuation to follow a long-term upward trend, independent of any utility it provides to society – apart from making its holders wealthier. ",{"_37":10028,"_39":10029},[],{"_41":42,"_43":10030,"_45":1162,"_47":10031,"_49":10032,"_70":10033,"_60":61},"FOlND4qw",{},[],"That this vision could materialise for a significant period of time is not excluded, despite the fact that economists have argued that this investment perspective would be flawed (e.g. Roubini 2021): there are countless assets on earth with a limited or finite supply, and for none of them the notion that they can sustain an ever-increasing valuation over the long term, regardless of the services or benefits they provide to society, is particularly plausible. These scarce assets include tangible items like “German stamps from the 19th century” and any other set of collectibles, pieces or art, land (which however also has use for society), and virtual assets, such as various possible types of unbacked crypto-units, the value of which is supposedly guaranteed by computer code that limits the number of “coins” or non-fungible tokens that could be generated. Proponents of the Bitcoin investment perspective ignore the fact that “scarcity” describes the relationship between supply and demand. A limited, finite supply does not equate to scarcity. In the context of Bitcoin with its limited and fix supply the non-economic term “rarity” seems more appropriate. If supply is fixed, the price becomes exclusively dependent on demand. And if the demand were to disappear, the price would be zero.",{"_41":111,"_43":10035,"_45":9737,"_47":10036,"_49":10037,"_70":10038,"_60":61},"Hwrxz7qL",{"_115":116},[],"2.3 Bitcoin as a pure investment detached from a use case",{"_37":10040,"_39":10199},[10041,10048,10055,10062,10069,10082,10089,10096,10110,10129,10159,10166,10185,10192],{"_37":10042,"_39":10043},[],{"_41":42,"_43":10044,"_45":1162,"_47":10045,"_49":10046,"_70":10047,"_60":61},"33BAoM56",{},[],"The development of the Bitcoin price does not take place in a vacuum. As there is no intrinsic anchor of value and given the wide range of criticism that Bitcoin has faced, politics plays a major role for Bitcoins destiny, as the legal framework, including approval as investment product or possible restrictions or bans, affect price developments and market sentiment. There is a very heterogeneous regulatory landscape ranging from the ban of trading and mining in some jurisdiction, via the recognition in the US as an investment product (e.g. by licensing Bitcoin ETFs and Futures) to the legal tender status in El Salvador. In contradiction to the initial vision of Bitcoin as being independent from legal and governance interference, legislation and legal recognition are crucial for the prospects of Bitcoin.",{"_37":10049,"_39":10050},[],{"_41":42,"_43":10051,"_45":1162,"_47":10052,"_49":10053,"_70":10054,"_60":61},"C6wvMH7M",{},[],"It is therefore hardly surprising that the crypto industry and major investors are trying to influence legislation and politics in general to sustain positive price momentum. In fact, this phenomenon is not new anymore. In the US, the number of crypto lobbyists would have almost tripled from 115 in 2018 to 320 in 2021 (The Economist 2021). And the 2024 U.S. presidential election has brought cryptocurrency regulation to the forefront of political discourse, with the major parties and their potential candidates adopting distinct stances on Bitcoin and crypto (Bitfinex 2024). It fits into this picture, that the current election campaign is also being financed with funds from the Bitcoin industry. Public Citizen, a think-tank, reports that crypto companies have contributed USD 119 million to cryptofriendly super PAC (political action committee) already, representing nearly half of all corporate election spending in the current cycle (Claypool 2024). ",{"_37":10056,"_39":10057},[],{"_41":42,"_43":10058,"_45":1162,"_47":10059,"_49":10060,"_70":10061,"_60":61},"cV7j5xQW",{},[],"A significant portion of the funds donated by the crypto industry for the campaigns has not yet been spent, however (as of early September 2024). Of the approximately USD 25 million which have been utilized, more than USD 20 million have been allocated to supporting Republican candidates or opposing Democratic ones. Interestingly, many adverts placed by these crypto reserves refrain from even mentioning crypto, technology, or technology regulation. Rather, they aim to discredit alleged crypto-critical candidates (White 2024). Three crypto-funded super PACs spent $62 million on video ads in September 2024 that never mentioned crypto but that supported crypto-friendly candidates and/or went against more crypto-critical ones (Ge Huang and Ostroff, 2024). ",{"_37":10063,"_39":10064},[],{"_41":42,"_43":10065,"_45":1162,"_47":10066,"_49":10067,"_70":10068,"_60":61},"UYCxXtoZ",{},[],"Voters might also be concerned by the political stance on Bitcoin – but far less than the crypto lobby may want to make politicians think. The precise fraction of the US population holding Bitcoin is disputed. While there are findings surveyed by the crypto industry according to which, 16 % of US adults say they have invested in, traded, or used cryptocurrencies like Bitcoin or Ether (Perrin 2021), and other sources indicate that more than 15 % of US adults have engaged with cryptocurrencies in some form, the real figures are probably lower. A survey by the US Fed concludes that only about 7 % of US adults were holding or using cryptocurrency in 2023, down 3 percentage points from 2022 and down 5 percentage points from 2021 (Federal Reserve 2024). ",{"_37":10070,"_39":10071},[],{"_41":42,"_43":10072,"_45":1162,"_47":10073,"_49":10074,"_70":10081,"_60":61},"oD5WfSjp",{},[10075],{"_41":63,"_53":10076,"_56":10078,"_47":10079,"_60":10080},[10077],170,[65],{},"http://Crypto.com","To create more interest and revive capital inflows from retail customers, the cryptocurrency industry is exploring strategies to engage the broader public. Firms such as Crypto.com, Kraken, Bitpanda, and Arkham Intelligence have recently secured new sponsorship agreements with European football clubs, contributing to the sector’s record spending of USD 170 million on the sport this season. Football, as one of the most widely viewed sports globally, has emerged as a key avenue for mass-market outreach, offering a more cost-effective platform compared to previous industry practices. During the cryptocurrency boom in 2021, companies engaged in aggressive marketing and expansion efforts, pursuing high-profile deals exceeding USD 100 million, including Formula One team sponsorships and naming rights for major U.S. stadiums. At the time, cost considerations were secondary, as retail investors were eager to enter the cryptocurrency market at unprecedented rates (Nicolle 2024). ",{"_37":10083,"_39":10084},[],{"_41":42,"_43":10085,"_45":1162,"_47":10086,"_49":10087,"_70":10088,"_60":61},"nekTIamR",{},[],"Currently, within the relatively small group of owners, the Bitcoin related wealth is more concentrated than other wealth. Research found that the Bitcoin eco-system is dominated by large players, be it miners, Bitcoin holders or exchanges – despite the significant attention that Bitcoin has received over the last few years. The same study shows that individual investors collectively control 8.5 million Bitcoins, i.e. less than half the Bitcoins in circulation by the end of 2020, and within individual holdings, there is significant skewness in ownership; the rest of the Bitcoin is held by large miners or exchanges (Makarov and Schoar 2021). ",{"_37":10090,"_39":10091},[],{"_41":42,"_43":10092,"_45":1162,"_47":10093,"_49":10094,"_70":10095,"_60":61},"86quNENb",{},[],"While only a small fraction of US citizens seems to hold Bitcoin or crypto, the cryptocurrency industry pushes hard to urge political candidates on both sides of the aisle to embrace crypto (White 2024). Whether or not the respective candidates are convinced, there proclaimed political stances on Bitcoin - and crypto in general – will most likely have an impact on the future regulation.",{"_37":10097,"_39":10105},[10098],{"_37":10099,"_39":10100},[],{"_41":42,"_43":10101,"_45":1162,"_47":10102,"_49":10103,"_70":10104,"_60":61},"n6Ncjo0n",{},[],"[6 However, there are internal debates within the Democratic Party, exemplifying the divergence within the party. While some Democrats, like Senator Elizabeth Warren, continue to emphasize the risks associated with cryptocurrencies, others are advocating for a more open approach “to foster innovation”.]",{"_41":42,"_43":10106,"_45":9972,"_47":10107,"_49":10108,"_70":10109,"_60":61},"F0KkrstZ",{"_115":116},[],"Bitcoin and crypto do not play a major role in any of the party programs. They are not mentioned at all in the official 2024 Democratic Party Platform and only got a got a paragraph on the Republican agenda (Kharif 2024). Still, politicians have aimed at attracting voters invested in Bitcoin to support them, with mentioned US Presidential campaign generating unprecedented commitments of candidates. The Democratic Party, represented by Vice President Kamala Harris as nominee, has shown a nuanced approach to crypto regulation.6 Initially, the Biden administration took a cautious stance, focusing on consumer protection and financial stability (The conversation 2024). However, as the election approaches, there's been a moderate shift towards a more crypto-friendly view. The passage of the Financial Innovation and Technology for the 21st Century Act (FIT21) in May 2024, with significant Democratic support, signalled a growing recognition of the industry's importance. Harris,",{"_37":10111,"_39":10124},[10112],{"_37":10113,"_39":10114},[],{"_41":42,"_43":10115,"_45":1162,"_47":10116,"_49":10117,"_70":10123,"_60":61},"ZPNKrEHR",{},[10118],{"_41":2603,"_53":10119,"_56":10120,"_47":10122,"_60":61},[265],[10121],379,{},"“I will ensure that the future of Crypto and the future of Bitcoin will be made in the USA, not driven overseas; I will support the right to self-custody to the nation’s 50 million crypto-holders, I say this, with your vote; I will keep Elizabeth Warren and her goons away from your Bitcoin, and I will never allow the creation of a central bank digital currency.” (Gerard 2024) ",{"_41":42,"_43":10125,"_45":9972,"_47":10126,"_49":10127,"_70":10128,"_60":61},"Es0r4U1f",{"_115":116},[],"while not yet articulating a definitive position, has engaged with crypto representatives, indicating a willingness to consider the sector's perspectives (ibid). On the Republican side, former President Donald Trump has made a dramatic pivot in his approach to crypto assets (ibid). Once a critic, Trump now presents himself as a champion of digital assets, embracing the industry. For example, when Trump spoke at the Libertarian National Convention on 25 May 2024 and promised supporting Bitcoin if elected and emphasised that Bitcoin holders already represent 50 million voters in the US: ",{"_37":10130,"_39":10154},[10131,10142],{"_37":10132,"_39":10133},[],{"_41":42,"_43":10134,"_45":1162,"_47":10135,"_49":10136,"_70":10141,"_60":61},"341blYss",{},[10137],{"_41":2603,"_53":10138,"_56":10139,"_47":10140,"_60":61},[265],[5432],{},"“In just 15 years, Bitcoin has gone from merely an idea posted anonymously on an internet message board to being the ninth most valuable asset anywhere in the world. … It's already bigger than Exxon Mobil. Soon it will be surpassing the entire market cap of silver. … One day it probably will overtake gold… …bitcoin and crypto will skyrocket like never before, even beyond your expectations… Because when America is prospering, bitcoin is soaring, and it will go up with it…. During my four years in office, bitcoin surged by 3,900%, from $898 the day I took office to $35,900 the day I left… Now, compare that to just after three and a half years of Biden and Harris adjusted for inflation, bitcoin is up 50% now 50% sounds good, but not when you're comparing it to almost 4,000% right? ",{"_37":10143,"_39":10144},[],{"_41":42,"_43":10145,"_45":1162,"_47":10146,"_49":10147,"_70":10153,"_60":61},"V1sifUT1",{},[10148],{"_41":2603,"_53":10149,"_56":10150,"_47":10152,"_60":61},[265],[10151],590,{},"… if I am elected, it will be the policy of my administration, United States of America, to keep 100% of all the bitcoin the U.S. government currently holds or acquires into the future, we'll keep 100… This will serve, in effect, as the core of the strategic national bitcoin stockpile. … … I take steps to transform that vast wealth into a permanent national asset to benefit all Americans. … You are the modern-day Edisons and Wright brothers and Carnegies and Henry Fords, and what you do in your lifetime stands a chance to outlive us all and inspire humanity for generations to come.” ",{"_41":42,"_43":10155,"_45":9972,"_47":10156,"_49":10157,"_70":10158,"_60":61},"8tlWO2Iy",{"_115":116},[],"Trump continued to ramp up his support for Bitcoin over the course of the campaign. He appeared at the Bitcoin 2024 Conference in Nashville on 27 July and signalled to the Bitcoin industry: ",{"_37":10160,"_39":10161},[],{"_41":42,"_43":10162,"_45":1162,"_47":10163,"_49":10164,"_70":10165,"_60":61},"EfXjx1KN",{},[],"Trump does not explain in his speech what services of Bitcoin to society would justify its current and future ever higher valuation, even though he compares it to past innovations for which this was rather clear. This shift aligns with the broader Republican stance, which generally favors less regulation and more market-driven approaches to the crypto sector (Bitfinex 2024). The Republican stance, as embodied by Trump's recent statements, leans towards a more permissive regulatory environment for crypto assets (Seatter 2024). This approach aims to attract support from the crypto community and appeal to younger, tech-savvy voters who are increasingly engaged with digital assets (The conversation 2024). Overall, the crypto industry perceives Trump as significantly more favourable candidate. While the crypto industry has recently shown more willingness to engage with the Harris campaign, hoping for a more positive policy direction, analysts anticipate a significant disparity between the two political outcomes. They predict very different prices developments for Bitcoin depending on who wins the U.S. Presidential election: if Trump wins, Bitcoin could go up to USD 80- 90 000 – but if Harris wins the presidential race the price could drop to USD 30-40 000 (Hunt 2024). Consistent with this, the price for Bitcoin slid as investors reacted to the presidential debate on 11 September between Harris and Trump, when the market assessed Harris having won the debate – even though Bitcoin was not discussed at all. Indeed, Trump who has embraced the crypto sector was 11 often on the defensive; moreover, pop star Taylor Swift announced her endorsement of Harris right after the debate (Ghosh 2024). ",{"_37":10167,"_39":10180},[10168],{"_37":10169,"_39":10170},[],{"_41":42,"_43":10171,"_45":1162,"_47":10172,"_49":10173,"_70":10179,"_60":61},"9PRHXUPd",{},[10174],{"_41":2603,"_53":10175,"_56":10176,"_47":10178,"_60":61},[265],[10177],1013,{},"“I intend as President of the United States to sign an Executive Order on day 1… to transfer approximately 200,000 Bitcoin held by the US Government to the US Treasury where it will be held as a strategic asset. …. On day one as President, I will sign another Executive Order directing the US Treasury to purchase 550 Bitcoin daily until the US has a reserve of at least four million Bitcoin. … our nation holds approximately 19% of global gold reserves; this policy will give us around the same proportion of total Bitcoin. The cascading impact of these actions will eventually move Bitcoin to a valuation of hundreds of trillion of dollars. On day one as President, I will sign also an Executive Order directing the IRS to issue public guidance that all transactions between BTC and the USD are unreportable transactions, and by extension untaxable. … Bitcoin is a technology for freedom, for optimism, for independence, for democracy, for transparency, it is the currency of hope, it is the perfect currency.” ",{"_41":42,"_43":10181,"_45":9972,"_47":10182,"_49":10183,"_70":10184,"_60":61},"TqyW_cd_",{"_115":116},[],"The then independent presidential candidate Robert F. Kennedy Jr. has gained traction as a prominent pro-crypto candidate, resonating strongly with independent voters and those dissatisfied with the policies of Trump and Biden. Kennedy has consistently emphasized his support for Bitcoin and blockchain technology, distinguishing himself as a unique advocate for digital assets in the presidential race. Among his campaign promises are ambitious initiatives, such as placing the entire U.S. budget on the blockchain to enhance transparency and accountability in government spending. He envisions a system where every American can review budget items at any time, aiming to promote greater public oversight and trust (Bitfinex 2024). Kennedy promised in the 2024 Nashville Bitcoin convention on 27 July 2024 that he would order massive purchases of Bitcoin by the US Treasury if he would be elected and in addition that Bitcoin would effectively be exempt from capital gains taxation and from controls against illicit payments: ",{"_37":10186,"_39":10187},[],{"_41":42,"_43":10188,"_45":1162,"_47":10189,"_49":10190,"_70":10191,"_60":61},"4F4P5zYd",{},[],"Kennedy did not elaborate further on why he believes Bitcoin to be the perfect currency, and what would justify making Bitcoin transactions against USD unreportable and untaxable. In any case, a total valuation of “hundreds of trillion” of USD of Bitcoin would imply a valuation of one Bitcoin of at least 10 million USD. Kennedy suspended his campaign on 23 August 2024. He has since the endorsed Trump (CNN 2024). ",{"_37":10193,"_39":10194},[],{"_41":42,"_43":10195,"_45":1162,"_47":10196,"_49":10197,"_70":10198,"_60":61},"Mzqez9lG",{},[],"As the election draws closer, both Democrats and Republicans are recognizing the growing importance of crypto policy to voters. A recent survey indicates that a significant portion of voters in swing states consider crypto policies important enough to influence their voting decisions (Seatter 2024). This has led to increased efforts from both sides to court the “crypto vote”, with initiatives like Crypto4Harris emerging to enhance the Democratic candidate's appeal on cryptocurrency issues (The conversation 2024). The outcome of the 2024 election could have far-reaching implications for the future of cryptocurrency regulation in the United States. While the Democratic approach under Harris may seek a middle ground, a Republican victory led by Trump could potentially usher in a more crypto-friendly regulatory environment (Seatter 2024).",{"_41":111,"_43":10200,"_45":9972,"_47":10201,"_49":10202,"_70":7927,"_60":61},"eg8B00LJ",{"_115":116},[],{"_41":111,"_43":10204,"_45":9822,"_47":10205,"_49":10206,"_70":10207,"_60":61},"NBXbBVxD",{"_115":116},[],"2. The use case of Bitcoin and its valuation",{"_37":10209,"_39":10461},[10210,10217,10224,10231,10238,10249,10264,10271,10282,10290,10297,10308,10316,10323,10335,10343,10350,10361,10369,10376,10384,10391,10398,10405,10412,10419,10426,10433,10440,10447,10454],{"_37":10211,"_39":10212},[],{"_41":42,"_43":10213,"_45":1162,"_47":10214,"_49":10215,"_70":10216,"_60":61},"0EtGJoX9",{},[],"In this section we briefly review the literature on the macro-economic effects of speculative asset price increases and how the central bank may react to neutralise their impact on inflation or that they trigger short term fluctuations in economic activity. We focus on the period of asset price increases, as we are less interested in a possible burst of a bubble, consistent with our interest in a Bitcoin- 12 positive scenario. While in section 4 we will assume for simplicity reasons that the central bank is perfectly able to neutralise the effects of significant Bitcoin price increases on inflation and avoid economic volatility, we briefly review in section 3 the economic literature on how the central bank can achieve this result. ",{"_37":10218,"_39":10219},[],{"_41":42,"_43":10220,"_45":1162,"_47":10221,"_49":10222,"_70":10223,"_60":61},"LjVxiPJY",{},[],"New technologies are pivotal to growth and the increase of welfare of societies. By increasing the overall economic production potential, technological progress facilitates the inflation-free expansion of the consumption potential. Innovations based on technological progress increase total factor productivity (TFP), which leads to a more efficient utilisation of existing production factors (Grimm, Kroeger, Ochsner 2024). The increase in production potential through new technologies manifests itself in various forms. Investments in machines, automation systems and intangible capital can increase productivity. More recently, new technologies such as artificial intelligence and robotics could replace missing labour and thus counteract demographic change (Sachverständigenrat 2024). ",{"_37":10225,"_39":10226},[],{"_41":42,"_43":10227,"_45":1162,"_47":10228,"_49":10229,"_70":10230,"_60":61},"qVI3rGdX",{},[],"For Tech companies and their market cap (Google, Tesla, Amazon, Apple or Nvidia) sudden market cap explosions are assumed to match the increase of the future production potential of the economy, taking also assumptions on the specific profitability path of the companies. In general, the comovement of equity wealth and of the production potential enables a higher supply of goods and services without leading to inflation. The increased consumption triggered by wealth effects match the improved and augmented supply of goods and services, as a rise in assets’ valuation is generally believed to stimulate people’s consumption. “In cases where wealth is gained and the additional value is spent within the economy, there is a wealth effect […]” (WEF 2022), e.g., soaring stock markets can increase the marginal propensity to consume through wealth effects even before the actual increase in productivity have materialised in anticipation of future real wealth increases. [7] However, the market valuations of new technologies or products as well as their producers and providers can obviously be based on a misjudgement by investors. The wealth effect on consumption of a significant increase in asset prices and its implied macroeconomic consequences in year T are probably independent of whether in T+10, the valuation of year T appears in retrospect justified or not. The more the asset price increases anticipate a future increase of the production potential (in contrast to an immediate one), the more the implied wealth effect will likely be inflationary and risk a boom-bust cycle, and therefore raise questions of the right monetary policy reaction. ",{"_37":10232,"_39":10233},[],{"_41":42,"_43":10234,"_45":1162,"_47":10235,"_49":10236,"_70":10237,"_60":61},"awUSgG5e",{},[],"Several cases can be distinguished in terms of timing and uncertainty of asset price increases vs. increases of the production potential of the economy. Consider the following five examples. ",{"_37":10239,"_39":10240},[],{"_41":42,"_43":10241,"_45":1162,"_47":10242,"_49":10243,"_70":10248,"_60":61},"1txGTC15",{},[10244],{"_41":52,"_53":10245,"_56":10246,"_47":10247,"_60":61},[265],[3354],{},"(A) Productivity increase without (marketable) wealth effect ",{"_37":10250,"_39":10258},[10251],{"_37":10252,"_39":10253},[],{"_41":42,"_43":10254,"_45":1162,"_47":10255,"_49":10256,"_70":10257,"_60":61},"EeI148ol",{},[],"[7 For simplicity reasons don’t take explicitly account of the differences in the wealth effect type of financial and non-financial assets between the US and the euro area. Indeed, the wealth effects are generally lower in the euro area than in the US (de Bondt et al. 2019; Sousa 2009; Cooper and Dynan 2016).]",{"_41":42,"_43":10259,"_45":10260,"_47":10261,"_49":10262,"_70":10263,"_60":61},"IvDX3_C4","bafy2bzacedp7vy37hxfm6vnrmpkz5jyjcjl75o3dqsndlccmk3wtihhuhmupc",{"_115":116},[],"Some increases of the production potential (say through the invention and deployment of a new technology) may come along without a directly related visible increase in asset values, for example if the growth of the production potential relates to a sector which is not incorporated in the form of stock-traded companies (e.g. the government sector). In this case there is no directly visible positive asset valuation shock and if some assets gain value, these may be illiquid (e.g. human capital). The absence or illiquidity of increases in asset values will reduce the effects of the positive productivity shock on consumption, even if the anticipation of higher future incomes will likely still have a positive effect on consumption. In the following figures, we show productivity increases in light green boxes ",{"_37":10265,"_39":10266},[],{"_41":42,"_43":10267,"_45":1162,"_47":10268,"_49":10269,"_70":10270,"_60":61},"OE-jBVPM",{},[],"and related asset price increases - if any - in dark red. We show case (A) in its extreme form in which a positive productivity shock would have no direct wealth effect at all. From the perspective of monetary policy, this would likely be largely a positive supply shock with price-dampening effects being predominant. ",{"_37":10272,"_39":10273},[],{"_41":42,"_43":10274,"_45":1162,"_47":10275,"_49":10276,"_70":10281,"_60":61},"jViAatvQ",{},[10277],{"_41":52,"_53":10278,"_56":10279,"_47":10280,"_60":61},[265],[2829],{},"Figure 1: Productivity increase without wealth effect ",{"_37":10283,"_39":10284},[],{"_41":2632,"_43":10285,"_45":1162,"_47":10286,"_49":10287,"_70":10288,"_60":10289},"neA072Ch",{},[],"(B) Simultaneous wealth and productivity effects. ","ipfs://bafkreiaea25hnkurf3oje7j2lo25pnohf2tpfurcvo5r4hxwxycy4btp5e",{"_37":10291,"_39":10292},[],{"_41":42,"_43":10293,"_45":1162,"_47":10294,"_49":10295,"_70":10296,"_60":61},"fGBrfv0D",{},[],"In case a new technology (the news about it) appears more or less simultaneously to its deployment and the start of the realisation of a steady flow of additional production, while the future productivity is captured by widely held stock company, then the wealth effects on consumption and the increase of the production potential may be considered to match, so that we obtain a sort of neutrality from the perspective of the macroeconomic equilibrium and price pressures in the economy. ",{"_37":10298,"_39":10299},[],{"_41":42,"_43":10300,"_45":1162,"_47":10301,"_49":10302,"_70":10307,"_60":61},"mJOlIcms",{},[10303],{"_41":52,"_53":10304,"_56":10305,"_47":10306,"_60":61},[265],[6454],{},"Figure 2: Productivity effect and wealth effect occurring simultaneously. ",{"_37":10309,"_39":10310},[],{"_41":2632,"_43":10311,"_45":1162,"_47":10312,"_49":10313,"_70":10314,"_60":10315},"-8HqUIpS",{},[],"(C) Lagged productivity effects relative to wealth effects ","ipfs://bafkreiaqlxpqc5erfamnl6mlrkecdpfr6hyejboa7kjrvmsofyqtcdyhd4",{"_37":10317,"_39":10318},[],{"_41":42,"_43":10319,"_45":1162,"_47":10320,"_49":10321,"_70":10322,"_60":61},"AZPqsTgD",{},[],"It might be that a new technology is invented but will take years before being usable. Still investors may believe in its future deployment are such that the stock company that invented the technology (or the related industrial sector) has immediate large valuation gains. In this case, in between the increase of wealth and the productivity gains, the wealth effects are likely inflationary, and monetary policy may have to be tightened for a while to prevent inflation or unwarranted economic fluctuations. ",{"_37":10324,"_39":10325},[],{"_41":42,"_43":10326,"_45":1162,"_47":10327,"_49":10328,"_70":10334,"_60":61},"a5tzLtAY",{},[10329],{"_41":52,"_53":10330,"_56":10331,"_47":10333,"_60":61},[265],[10332],98,{},"Figure 3: Productivity effect appearing after a significant time lag relative to the wealth effect",{"_37":10336,"_39":10337},[],{"_41":2632,"_43":10338,"_45":1162,"_47":10339,"_49":10340,"_70":10341,"_60":10342},"e0EQzB1m",{},[],"(D) Wealth effect without productivity effect: Bitcoin-positive scenario ","ipfs://bafkreic73a7lcctodyvzdhyopi2n6ig7ou3oy35jsyo7teigfd4s3pabqu",{"_37":10344,"_39":10345},[],{"_41":42,"_43":10346,"_45":1162,"_47":10347,"_49":10348,"_70":10349,"_60":61},"tb3uxuYC",{},[],"The case of Bitcoin as investment detached from any use case can be understood as an increase of wealth without any increase of the production potential, whereby the wealth increase is gradual over years as Bitcoin prices increase and increase. This case is likely similar for the initial years as the previous one, i.e. a tightening of monetary policy is likely warranted. However, the phase in which the productivity gains kick in and may allow for an opposite adjustment of policies does not materialise.",{"_37":10351,"_39":10352},[],{"_41":42,"_43":10353,"_45":1162,"_47":10354,"_49":10355,"_70":10360,"_60":61},"B9QXrTMa",{},[10356],{"_41":52,"_53":10357,"_56":10358,"_47":10359,"_60":61},[265],[4394],{},"Figure 4: wealth effect without productivity effect ",{"_37":10362,"_39":10363},[],{"_41":2632,"_43":10364,"_45":1162,"_47":10365,"_49":10366,"_70":10367,"_60":10368},"jvcwHkIg",{},[],"(E) Asset price bubble that bursts without any productivity effect ","ipfs://bafkreigs6lgexyoipfuwdktr5fzz4dprt5ptgtpcyu2bhxd2h2moy3w2ay",{"_37":10370,"_39":10371},[],{"_41":42,"_43":10372,"_45":1162,"_47":10373,"_49":10374,"_70":10375,"_60":61},"-w92RBv9",{},[],"Finally, the classic asset price bubble would mean that there is a temporary wealth effect which is later reversed when the bubble burst, and that there are no productivity gains that match the asset price bubble. ",{"_37":10377,"_39":10378},[],{"_41":2632,"_43":10379,"_45":1162,"_47":10380,"_49":10381,"_70":10382,"_60":10383},"Awv2DV4T",{},[],"Figure 5: wealth effects and burst of a bubble (without productivity effect) ","ipfs://bafkreiex3zxxl44cswhkapxudysz5yqwbpyjlz75yys4hneob3qncjh6vq",{"_37":10385,"_39":10386},[],{"_41":42,"_43":10387,"_45":1162,"_47":10388,"_49":10389,"_70":10390,"_60":61},"O3NewBbv",{},[],"In the literature and the numerous analyses of exuberant asset price increases, economists mostly focus on financial stability risks and the consequences of the bubble bursting. For instance, in Minsky's groundbreaking theory (1993), investors initially engage in save financing at the beginning of a cycle: the income that follows the investments is sufficient to repay the loans, including principal. Speculative financing initially appears profitable. In the next phase, the cash flow is then only sufficient to service the interest on the loans taken out; the repayments of the principle, on the other hand, are replaced by new loans. Finally, the investors switch to a “Ponzi scheme”: loans are even taken out to finance the interest burden, as investors still trust that at the very end the income from the investment will be sufficient to meet all accumulated obligations. The economic system becomes increasingly unstable until the speculative bubble bursts. ",{"_37":10392,"_39":10393},[],{"_41":42,"_43":10394,"_45":1162,"_47":10395,"_49":10396,"_70":10397,"_60":61},"1_0shxwT",{},[],"We are less interested here in the scenario of an asset bubble burst, as we assume a Bitcoin positive scenario in which the value of Bitcoin continues to increase in the period covered by the analysis. The literature is relevant in our context in the sense that if the wealth effects relate to an unjustified asset price “bubble” they would also not be associated with proportionate growth of productivity, and T (in years) 1 2 3 10 T (in years) 1 2 3 10 15 therefore would initially require a similar monetary policy reaction like the case of the Bitcoin positive scenario. ",{"_37":10399,"_39":10400},[],{"_41":42,"_43":10401,"_45":1162,"_47":10402,"_49":10403,"_70":10404,"_60":61},"BhxHbVwo",{},[],"Our Bitcoin-positive scenario comes closest to the Rational Bubbles approach in economics, where asset prices deviate from their fundamental values but persist due to the collective belief that prices will continue to rise. Tirole (1985) argues that overpriced assets (relative to their fundamentals) emerge in environments where no alternative, fundamentally-driven asset has a better yield than the bubble asset. Blanchard and Watson (1982) show how bubbles can persist under rational expectations as long as agents believe that they can sell the asset to someone else at a higher price in the future (the “greater fool theory”). Abreu and Brunnermeier (2003) show how rational traders do recognize that an asset is overvalued but are uncertain about the timing of the inevitable crash. Within their concept of “synchronized beliefs” such bubbles can grow even though rational investors are aware that they are in a bubble.",{"_37":10406,"_39":10407},[],{"_41":42,"_43":10408,"_45":1162,"_47":10409,"_49":10410,"_70":10411,"_60":61},"Q4-3MSFW",{},[],"Regardless of the origins of a bubble, as the bubble grows, unsophisticated investors are drawn into the market. (Mishkin, 2008, Borio and Lowe 2002; Kindleberger and Aliber 2011). These latecomers are often retail participants. Their interest is triggered by the success stories of early adopters and the belief that prices will continue rising indefinitely. Lacking economic, financial and investment knowledge, they contribute to the bubble by pouring new capital into already exuberantly priced assets, accelerating the market frenzy (Barber and Odean, 2000; Greenwood and Nagel, 2009; Welch, 2000). ",{"_37":10413,"_39":10414},[],{"_41":42,"_43":10415,"_45":1162,"_47":10416,"_49":10417,"_70":10418,"_60":61},"leIDxSp7",{},[],"Some argue that asset price exuberance could have also positive macroeconomic effects under certain circumstance. According to this view, under certain conditions, asset bubbles can crowd in productive investment and lead to an expansion in total employment, and the bursting of these bubbles can have an immediate negative impact on these variables (Shi et al. 2014). Similarly, bubbles could also promote innovation and technological progress by channelling capital into new sectorsin the presence of endogenous credit constraints. Credit-driven stock price bubbles could the relax credit constraints and reallocate capital more efficiently among firms (Miao and Wang 2012). ",{"_37":10420,"_39":10421},[],{"_41":42,"_43":10422,"_45":1162,"_47":10423,"_49":10424,"_70":10425,"_60":61},"pOxKCCLK",{},[],"Central banks ask themselves how to respond to price pressures arising from wealth effects due to the soaring valuations (either relative to a “bubble” or to tech companies without corresponding immediate productivity gains). Despite the abundant literature, there is no consensus on the policies a central bank should adopt to address price pressures stemming from soaring asset prices to enhance macroeconomic stabilisation (Myftari and Rossi 2007). The problem starts with the fact that central banks will normally not know in advance when the anticipated enhancement of the production potential will materialise – if at all. To identify speculative asset bubbles has been one of the major challenges for macroeconomists and central banks alike over the last decades (Bernanke 2002). ",{"_37":10427,"_39":10428},[],{"_41":42,"_43":10429,"_45":1162,"_47":10430,"_49":10431,"_70":10432,"_60":61},"v5FDDG6a",{},[],"Since identifying asset price bubbles (or more generally significant asset price increases which are not matched by a timely increase of the production potential) is already an analytical challenge, it is little surprising that there is neither a clear consensus on how central banks or other macroeconomic authorities should address supposed speculative bubbles. Indeed, various approaches exist to tackle these challenges. For example, Bernanke and Gertler 2001 recognize the effect asset prices (including bubbles) have on aggregate demand, like many other phenomena impacting economic developments and argue that these effects should be included in the central bank’s projections for output and inflation, and be addressed in that general context, implying that no special treatment of asset price explosions is required. A related eclectic approach is the “flexible inflation targeting,” which involves considering asset prices within the framework of inflation targeting rather than targeting them 16 directly. This method allows central banks to account for the broader economic implications of asset price movements without making them the primary focus of monetary policy (Cecchetti et al. 2002). ",{"_37":10434,"_39":10435},[],{"_41":42,"_43":10436,"_45":1162,"_47":10437,"_49":10438,"_70":10439,"_60":61},"AqgsdhBS",{},[],"In contrast, the “leaning against the wind” approach advocates that central banks tighten monetary policy to counteract the formation of asset price bubbles. This approach assumes that pre-emptive action can avoid excessive risk-taking and the buildup of financial imbalances (Lukonga 2023). Hennequin and Hommes (2024) even find that a strong interest rate response is successful in preventing or deflating large price bubbles, while a weak response is not. ",{"_37":10441,"_39":10442},[],{"_41":42,"_43":10443,"_45":1162,"_47":10444,"_49":10445,"_70":10446,"_60":61},"nioqcmys",{},[],"However, Gali (2014) warns that central bank interventions targeting asset price bubbles might backfire: If interest rates are raised in the presence of an identified bubble, the bubble must grow at a higher rate to survive, potentially worsening the threat. Conversely, Adam et al. (2017) challenge the rational expectation assumption and show that “Leaning Against Bubbles” can be optimal for monetary policy. ",{"_37":10448,"_39":10449},[],{"_41":42,"_43":10450,"_45":1162,"_47":10451,"_49":10452,"_70":10453,"_60":61},"5ctaEOIG",{},[],"The use of macroprudential tools has been proposed to address financial imbalances without resorting to broad monetary tightening (Fernandez-Gallardo 2024). These tools, such as capital requirements and countercyclical buffers, allow for targeted interventions that can help maintain financial stability while minimizing the impact on overall economic growth. ",{"_37":10455,"_39":10456},[],{"_41":42,"_43":10457,"_45":1162,"_47":10458,"_49":10459,"_70":10460,"_60":61},"BEhtNDrd",{},[],"Currently, most central banks apply a pragmatic approach that prioritizes price stability and inflation targets while incorporating financial stability considerations into their policy decisions, including the monitoring and analysis of asset prices. In this context, macroprudential tools are often seen as the first line of defence against financial imbalances, allowing for more targeted responses to specific risks. Additionally, maintaining flexibility in policy decisions is crucial for central banks to adapt to rapidly changing economic conditions. In general, one could conclude, that central banks avoid targeting asset prices directly, but monitor and analyse the respective phenomena and consider the broader economic impacts of these prices within their existing mandates and policy frameworks. In the case of Bitcoin, they would presumably also avoid a specific judgement but simply take into account the positive aggregate demand effects of a significant Bitcoin price increase8 by tightening policies further, i.e. imposing higher policy interest rates to bring back aggregate demand to a noninflationary level. If they do not fully identify the consumption effect of Bitcoin wealth, then they might tighten insufficiently and a temporary effect on inflation may materialise.",{"_41":111,"_43":10462,"_45":9822,"_47":10463,"_49":10464,"_70":7941,"_60":61},"cgWwX1A-",{"_115":116},[],{"_37":10466,"_39":10688},[10467,10481,10488,10495,10502,10516,10523,10542,10549,10567,10574,10593,10608,10631,10646,10653,10660,10681],{"_37":10468,"_39":10476},[10469],{"_37":10470,"_39":10471},[],{"_41":42,"_43":10472,"_45":1162,"_47":10473,"_49":10474,"_70":10475,"_60":61},"5IpAyRq2",{},[],"[8 To refrain from an explicit judgement that Bitcoin is a speculative bubble (which would inevitably burst) we replace the term “bubble” in the remainders of this paper by “price exuberance” when we discuss Bitcoin, as we assume here that the valuation of Bitcoin “rises exuberantly” while this is not matched by an increase in the production potential, Still, we would keep open if the prices ever were to “implode” again. ]",{"_41":42,"_43":10477,"_45":10260,"_47":10478,"_49":10479,"_70":10480,"_60":61},"4nrAWrGT",{"_115":116},[],"The payment services view of Bitcoin by Nakamoto has not materialised (but for illicit payments) and has largely been replaced by a pure investment vision for Bitcoin. We therefore assume now that Bitcoin takes its value only from a collective self-fulfilling belief of an increasing valuation, also supported by steady fresh investment inflows (van Oordt 2024). While economists may not like this scenario because it relies on the random choice of one equilibrium amongst many possible ones, it needs to be acknowledged that societies can sustain such belief-equilibria for a long time. For example, very diverse and mutually exclusive spiritual beliefs have existed simultaneously for",{"_37":10482,"_39":10483},[],{"_41":42,"_43":10484,"_45":1162,"_47":10485,"_49":10486,"_70":10487,"_60":61},"H-47wutm",{},[],"centuries or even millennia, illustrating the lasting power of beliefs beyond a purely scientific logic9 . Moreover, we assume that Bitcoin has no impact on the economy's production potential. This assumption seems reasonable, or slightly biased to the positive side. Most economists view Bitcoin negatively due to its in their view missing use case, high energy use and association with illicit payments. On the other side, some supporters still believe in Nakamoto’s vision of it as an efficient payment tool, even though this has still not materialised, and most holders now focus on Bitcoin as an investment. Malekan (2024) in a response to our paper explains why in his view Bitcoin is positive for society (and its production potential) even if Nakamoto’s vision of Bitcoin is no longer necessarily relevant.",{"_37":10489,"_39":10490},[],{"_41":42,"_43":10491,"_45":1162,"_47":10492,"_49":10493,"_70":10494,"_60":61},"L6I2xOBM",{},[],"A price of one million USD per Bitcoin (as insinuated by Cathy Wood) would mean a market capitalisation of close to USD 20 trillion, while Robert Kennedy refers to a future market capitalisation of “several hundreds of trillions” implying a Bitcoin valuation of at least USD 10 million, which is consistent with Michael Saylor’s prediction of June 2024. To put this in perspective: Total global equity valuation was USD 111 trillion in end 2023. As of August 2024, the total market value of gold was around USD 12.2 trillion. This estimation takes account of gold held in central banks as reserves (one quarter) and by private investors in various forms such as jewellery, coins, and bullion (Gold Council 2024). Against this backdrop, Kennedy’s vision acclaimed at the Nashville Bitcoin Conversion would imply a Bitcoin market cap way beyond equity and gold taken together (the size of the global bond market is estimated around EUR 130 billion according to the International Capital Market Association, but debt does not represent a net value, it rather cancels out between creditors and debtors). While the current market value of a Bitcoin is around USD 70,000, it could be argued that any price for Bitcoin is equally plausible, including 10 million or more – as none of these prices has any particular economic justification or imputed basis.",{"_37":10496,"_39":10497},[],{"_41":42,"_43":10498,"_45":1162,"_47":10499,"_49":10500,"_70":10501,"_60":61},"SJT7mhk3",{},[],"Bitcoin wealth has, as any wealth, positive consumption effects for Bitcoin owners. At the same time, since Bitcoin does not impact on the production potential of the economy, these positive consumption effects must be at the expense of some other usage of GDP, so either the consumption of the rest of society, or investments, or the current account (“GDP = Consumption + Investment + external balance\"). As we are not interested in the effects of Bitcoin in a specific country, but in principle for society as a whole, we can ignore the possible Bitcoin wealth effect on the external balance (since the external balance cancels out globally). Effects on investment vs. effects on consumption of others depend on interest rate elasticities: when the central bank tightens monetary policy to address the additional consumption of Bitcoin owners, it will normally impact on both, with elasticities determining the relative decline of the two.",{"_37":10503,"_39":10511},[10504],{"_37":10505,"_39":10506},[],{"_41":42,"_43":10507,"_45":1162,"_47":10508,"_49":10509,"_70":10510,"_60":61},"CmNhFp7z",{},[],"[9 Even the Crypto-critical Zeke Faux (2023, 237) concludes that “The one coin I especially would never bet against is Bitcoin. It’s not that it is useful – if anything, it’s more unwieldy than the others. But Bitcoin’s true believers are so convinced that it’s hard to imagine anything will change their minds. To them, whatever the question, the answer is ‘buy Bitcoin.’ Everything they see is evidence Bitcoin will rise, like the members of a cult certain that the apocalypse – and their salvation – is just around the corner.”]",{"_41":42,"_43":10512,"_45":10260,"_47":10513,"_49":10514,"_70":10515,"_60":61},"5nzxs9Ir",{"_115":116},[],"In the example below, we assume for the sake of simplicity that the crowding out goes exclusively at the expense of other consumers. A scenario in which also investments are impacted requires more comprehensive modelling to be meaningful. In any case, it is not a scenario that seems more attractive than the one examined below in which total consumption and investments each stay the same: lower investments mean lower growth which also eventually impacts negatively on the welfare of the nonBitcoin owners and latecomers (in addition to the direct crowding out of the consumption). A further simplifying assumption in the illustration below is to only have two subsets of the population each of which is internally homogeneous with regards to their Bitcoin holdings: Early Birds (who have Bitcoin",{"_37":10517,"_39":10518},[],{"_41":42,"_43":10519,"_45":1162,"_47":10520,"_49":10521,"_70":10522,"_60":61},"TqSpUXrE",{},[],"from the beginning) and Latecomers (who gradually buy Bitcoin from the Early Birds). We do not foresee a category of people who never hold any Bitcoin, although the simulation could be adopted to include those (the people never holding Bitcoin would be even worse off compared to the Latecomers). For simplicity reasons we further assume that the marginal propensity to consume out of wealth/income is the same for “Early Birds” and “Latecomers”. Moreover, we ignore possible anticipation effects of future wealth on consumption. Last but not least, we abstract from Bitcoin mining and assume the amount of Bitcoin held by society remains unchanged across time.",{"_37":10524,"_39":10537},[10525],{"_37":10526,"_39":10527},[],{"_41":42,"_43":10528,"_45":1162,"_47":10529,"_49":10530,"_70":10536,"_60":61},"gPAR5Rp1",{},[10531],{"_41":2603,"_53":10532,"_56":10533,"_47":10535,"_60":61},[265],[10534],850,{},"“Household crypto investors appear to treat crypto as one piece of an investment portfolio, some households chasing crypto gains and other households rebalancing a portion of crypto gains into traditional brokerage investments. Households also use crypto wealth to increase their discretionary consumption. The MPC [marginal propensity to consume] out of crypto wealth is substantially higher than the MPC out of equity wealth, but lower than the MPC out of lottery winnings. Households also withdraw crypto gains to purchase housing—both to enter the market as new buyers and to upgrade their existing housing. This increased spending on housing puts upward pressure on local house prices, particularly in areas that are heavily exposed to crypto assets. In the aggregate, growth in county-level crypto wealth causes county house prices to increase.",{"_41":42,"_43":10538,"_45":1172,"_47":10539,"_49":10540,"_70":10541,"_60":61},"Bgl-LQF3",{"_115":116},[],"We assume, again to be able to formulate a simple example, that the over-proportional Bitcoin owners sell every period some of their Bitcoins to the under-proportional Bitcoin owner, and that the latter finances this partially by reducing consumption, and partially by liquidating real assets (which are bought by the early Bitcoin owners). The Bitcoin sales flow is specified such that a fixed percentage of the Bitcoin holding difference between the two subsets of society is sold from Early Birds to Latecomers. In other words, the flow of Bitcoin from the over-proportional to the under-proportional consumer is matched by both a reverse effect on consumption and a reverse flow of standard investment assets (summing up to the Bitcoin transfer). Aiello et al. (2024) provide empirical evidence on the impact of Bitcoin valuation gains on consumption, although they do not cover the crowding out effects on the non-Bitcoin holders and how the latter finance their gradual way into higher Bitcoin holdings:",{"_37":10543,"_39":10544},[],{"_41":42,"_43":10545,"_45":1162,"_47":10546,"_49":10547,"_70":10548,"_60":61},"DTqPVC98",{},[],"As mentioned, the Early Birds’ wealth effect on consumption is financed through gradually selling some Bitcoin to the Latecomers. We assume that the amount of Bitcoin sold corresponds to w % per annum of the difference of Bitcoin holdings between the initial holders and the non-initial holders. In the figures below w=2%. Therefore, over time there is (at least for a range of parameter values) a convergence of the exposure to Bitcoin of the two groups. The Latecomers finance their Bitcoin purchase by either selling other assets or reducing consumption with shares being q and (1-q), respectively. The initial Bitcoin holders will accordingly consume more and accumulate other assets, mirroring the shares q and (1-q). In the figures below we assume that q=0.5, i.e. the Latecomers finance their Bitcoin acquisition half by liquidating their real asset holdings and half by reducing consumption. Initial Bitcoin owners will consume more for two reasons: first, they consume a part of the Bitcoin they sell (1-q) and second over time they accumulate more and more real assets which yield a financial return. We assume that real assets generate a real net annual return of z % in net terms that the owners of the assets consume. In the figures below z=2 %. We also assume annual labour income of v (homogeneously across the two groups; set to 2 in the figures below such as to obtain an equal stream). Early birds and Latecomers are assumed to have labour income of same size. Total capital and labour income do not change in our economy over time (we assume a constant production potential). We assume an initial Bitcoin endowment of the Early Bird of BE0, e.g. BE0 = 10. The initial endowment of Latecomers with Bitcoin is 0: BL0 = 0. The real wealth of society of 100 19 (consisting ultimately in real assets). We also assume a Bitcoin value growth rate of y (e.g. y = 10 %), consistent with the Bitcoin-positive scenario we are focusing on. Table 1 summarises again the key parameters and their definitions. ",{"_37":10550,"_39":10558},[10551],{"_37":10552,"_39":10553},[],{"_41":2632,"_43":10554,"_45":1162,"_47":10555,"_49":10556,"_70":61,"_60":10557},"6Kn2XV8a",{},[],"ipfs://bafybeidiq4qzkdmngkucy47pmqii6ijse66i2nn6fnl7fvregmkxnqba3m",{"_41":42,"_43":10559,"_45":9714,"_47":10560,"_49":10561,"_70":10566,"_60":61},"718DVeGQ",{"_115":116},[10562],{"_41":52,"_53":10563,"_56":10564,"_47":10565,"_60":61},[265],[3457],{},"Table 1: Key parameters of the example for the distributional effects of Bitcoin ",{"_37":10568,"_39":10569},[],{"_41":42,"_43":10570,"_45":1162,"_47":10571,"_49":10572,"_70":10573,"_60":61},"n2AvNbSF",{},[],"We are interested in the evolution of the six key variables summarised in table 2. ",{"_37":10575,"_39":10584},[10576],{"_37":10577,"_39":10578},[],{"_41":2632,"_43":10579,"_45":1162,"_47":10580,"_49":10581,"_70":10582,"_60":10583},"kW0Si1jv",{},[],"Remarkk: RLt and CLt cannot get negative. If any of the two hits zero, the evolution comes to an end. (We are more interested in the parameter value combinations in which this does not occur).","ipfs://bafybeih3dmzzlvqd37poplhacgma4rprr36433mzf3o5sev24o5ohzwzwu",{"_41":42,"_43":10585,"_45":9714,"_47":10586,"_49":10587,"_70":10592,"_60":61},"YSuC29tr",{"_115":116},[10588],{"_41":52,"_53":10589,"_56":10590,"_47":10591,"_60":61},[265],[3548],{},"Table 2: Key variables simulated ",{"_37":10594,"_39":10603},[10595],{"_37":10596,"_39":10597},[],{"_41":2632,"_43":10598,"_45":1162,"_47":10599,"_49":10600,"_70":10601,"_60":10602},"w4s8lj9W",{},[],"Figure 6: Sharing of real wealth (total real wealth stays constant at 100) ","ipfs://bafkreidizg7xsnfpnqebbgupgn6w6dccub4uga2pv7anee4n76hg7galoe",{"_41":42,"_43":10604,"_45":9714,"_47":10605,"_49":10606,"_70":10607,"_60":61},"A5kADhEW",{"_115":116},[],"On this basis, we can simulate for any set of parameters and horizons the evolution of the 6 variables of Table 2. Figures 6 to 9 show such a simulation for w=2 %; q=0.5; v=2; y=10 %; BE0 = 10; RE0=RL0 = 50 and a time horizon of 35 years: specific set of parameters, as an illustration, the evolution of the shares of Early birds and Latecomers in real wealth (figure 6), Bitcoin wealth (Figures 7 and 8), and consumption (Figure 9). Figure 6 shows that Early Birds gradually take over a larger share of real assets since we assumed that a part of the Bitcoin transfers to Latecomers are effectively paid through a transfer of real assets. Cumulating real assets implies to have a larger share per capita of capital income that can be consumed. ",{"_37":10609,"_39":10626},[10610,10618],{"_37":10611,"_39":10612},[],{"_41":2632,"_43":10613,"_45":1162,"_47":10614,"_49":10615,"_70":10616,"_60":10617},"2eBD4Kfr",{},[],"Figure 7: Total Bitcoin wealth 21 ","ipfs://bafybeibpyd6gilx5crds2ldodjkcirmeuvix43tljjhq5whmwclh4fgtpe",{"_37":10619,"_39":10620},[],{"_41":2632,"_43":10621,"_45":1162,"_47":10622,"_49":10623,"_70":10624,"_60":10625},"EraG6UuA",{},[],"Figure 8: Sharing of Bitcoin holdings","ipfs://bafkreica66qyvmuwz2xg36mh6rjjjfnuw2raljkdho5zbnhyvkfrrzrqzm",{"_41":42,"_43":10627,"_45":9714,"_47":10628,"_49":10629,"_70":10630,"_60":61},"BJ42N8fd",{"_115":116},[],"Figures 7 and 8 show that the Latecomers have a growing share of Bitcoin and ultimately the Bitcoin distribution converges to equality across the entire population. When equality is close, Bitcoin will no longer trigger any material fresh distributional consequences, i.e. it will have become neutral. However, when this stage is reached, (i) the Early Birds had benefitted for years from higher consumption levels; (ii) they will continue enjoying higher consumption as a result of their higher share in the capital stock. ",{"_37":10632,"_39":10641},[10633],{"_37":10634,"_39":10635},[],{"_41":2632,"_43":10636,"_45":1162,"_47":10637,"_49":10638,"_70":10639,"_60":10640},"B-JL6zI_",{},[],"Figure 9: Per capita consumption","ipfs://bafkreigqw3bzyntqxigeavbc7jyfvdju2y7xuwnqirwlzlbwcvdntabyhu",{"_41":42,"_43":10642,"_45":9714,"_47":10643,"_49":10644,"_70":10645,"_60":61},"kvZxXFX5",{"_115":116},[],"Finally, Figure 9 illustrates the Early Birds increasing share in consumption, necessarily at the expense of the Latecomers. ",{"_37":10647,"_39":10648},[],{"_41":42,"_43":10649,"_45":1162,"_47":10650,"_49":10651,"_70":10652,"_60":61},"2-_6h6WT",{},[],"In line with the shift of the Bitcoin community to emphasise less and less the role of Bitcoin as means of payment, but as investment vehicle, we assumed that Bitcoin does not change the production potential of the economy (which may be criticized as being a Bitcoin-benevolent in view of the high energy consumption of Bitcoin and its facilitation of illicit payments). This implies that the wealth effects associated with it would be viewed as a zero-sum game. In absolute terms, early adopters exactly increase their real wealth and consumption at the expense of the real wealth and consumption of those who do not hold Bitcoin or who invest in it only at a later stage. At some stage the Bitcoin holdings are equally spread amongst the two subsets of the population we assume in section 4 (or have largely converged to this state), such that subsequent valuation increases of Bitcoin will be neutral (and have no effects at all on relative consumption, and none on total consumption unless consumption crowds out investments and therefore undermines growth). However, the sharing of real wealth has shifted from the Latecomers to the Early Birds and will remain as legacy of the initial disparity in Bitcoin holdings. These redistributive effects can be significant in a long-term scenario characterized by ever-increasing Bitcoin prices. The new Lamborghini, Rolex, villa, and equity portfolios by early Bitcoin investors do not stem from an increase in the economy’s production potential; rather, they are financed by diminishing consumption and wealth of those who initially do not hold Bitcoin. It’s like filling one bucket by draining water from another — the latecomers have to give up for the benefit of the early holders. This redistribution of wealth and purchasing power is unlikely to occur without detrimental consequences for society. Even if the Latecomers cannot 23 attribute their loss of purchasing power, they will feel a malaise and frustration, that will contribute further to an ever more split society. ",{"_37":10654,"_39":10655},[],{"_41":42,"_43":10656,"_45":1162,"_47":10657,"_49":10658,"_70":10659,"_60":61},"uLCj5VJ5",{},[],"The evolution of Bitcoin's price, lacking a stable intrinsic anchor, is heavily influenced by government attitudes and actions, including regulatory measures, legislation, and the potential establishment of a Bitcoin reserve – although this reliance on government obviously undermines the original concept of Bitcoin's independence from public policies and government intervention. In a democratic context, where politicians are accountable to voters, this dependency implies that attitudes toward Bitcoin could sway election outcomes. The ongoing U.S. presidential election campaigns illustrate strong efforts of some candidates to win over crypto voters. Early adopters have a vested interest in promoting Bitcoin values to redistribute wealth and consumption from Latecomers to themselves, maybe without being conscious of the redistributive nature of their vision. In any case current nonholders should realise that they have reasons to worry about Bitcoin and legislation favouring it. Latecomers and non-holders and their political representatives should emphasize that the idea of Bitcoin as an investment relies on redistribution at their expense. Failing to do so could skew election results in favour of politicians who advocate pro-Bitcoin policies, fuelling the division of society.",{"_37":10661,"_39":10676},[10662,10669],{"_37":10663,"_39":10664},[],{"_41":42,"_43":10665,"_45":1162,"_47":10666,"_49":10667,"_70":10668,"_60":61},"ZPXvbmC9",{},[],"The more the Latecomers finance their Bitcoin purchases through reduced consumption, the less there is a consumption demand overhang. In the extreme case that the Latecomers finance all their Bitcoin purchases through consumption reduction, then the model above predicts that non-Bitcoin holders are not affected negatively at all.",{"_37":10670,"_39":10671},[],{"_41":42,"_43":10672,"_45":1162,"_47":10673,"_49":10674,"_70":10675,"_60":61},"2vRrHjte",{},[],"The central bank reaction matters: if the central bank tolerates that the consumption demand overhang leads to inflation, and the non-Bitcoin holder is invested in long term fixed-coupon bonds, then these households will lose real wealth as result of the inflation shock. In the alternative case that the central bank increases interest rates in time and perfectly prevents 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 Latecomer share consumption Early Bird share consumption 22 inflation, and/or the household is invested only in equity, then the non-Bitcoin holder wealth is protected. Higher central bank interest rates may incentivise everyone to save more, which would scale down the consumption demand overhang, and lead to some sort of forced saving of the non-Bitcoin holding household, meaning that the foregone consumption would at least result in higher savings and non-Bitcoin wealth accumulation.",{"_41":42,"_43":10677,"_45":10260,"_47":10678,"_49":10679,"_70":10680,"_60":61},"i-l0M_L6",{"_115":2957},[],"The model above distinguished only Early Birds and Latecomers. But what about those who never hold any Bitcoin? It appears plausible that the demand overhang of consumption created by Bitcoin wealth relative to the production potential will also make it difficult for the non-Bitcoin holders to maintain their previous consumption level. The effects will however depend on some factors:",{"_37":10682,"_39":10683},[],{"_41":42,"_43":10684,"_45":1162,"_47":10685,"_49":10686,"_70":10687,"_60":61},"eF5IKnYF",{},[],"In sum: the case of the non-Bitcoin holding household is more complex and effects are less straightforward. This could be one reason why early Bitcoin holders insist on the narrative that prices will go up through structural investment inflows from new investors (pension funds, Chinese investors, as suggested in some of the quotations above), and not just from speculative trading flows within the established Bitcoin community.",{"_41":111,"_43":10689,"_45":9714,"_47":10690,"_49":10691,"_70":7955,"_60":61},"bFvyYizI",{"_115":116},[],{"_37":10693,"_39":10701},[10694],{"_37":10695,"_39":10696},[],{"_41":42,"_43":10697,"_45":1162,"_47":10698,"_49":10699,"_70":10700,"_60":61},"eEkjQQxJ",{},[],"The debate about the benefits, utility and sustainability of Bitcoin goes back to Nakamoto’s original work from 2008. Most economists argue that Bitcoin is a speculative bubble that will burst at some point and will then have accumulated substantial social cost (such as the energy costs of mining, and the costs of having facilitated illicit payments). Bitcoin supporters deny this and assume that the Bitcoin value will continue rising, that Bitcoin is a great investment asset, and that even a – relatively – late jump on this bandwagon is still worthwhile. In this paper, we show that even a Bitcoin-positive s, and sustainability of Bitcoin goes back to Nakamoto’s original work from 2008. Most economists argue that Bitcoin is a speculative bubble that will burst at some point and will then have accumulated substantial social costs (such as the energy costs of mining and the costs of having facilitated illicit payments). Bitcoin supporters deny this and assume that the Bitcoin value will continue rising, that Bitcoin is a great investment asset, and that even a – relatively – late jump on this bandwagon is still worthwhile. In this paper, we show that even a Bitcoin-positive scenario, in which the Bitcoin price continues to rise (and the “bubble” diagnosed by critics does not burst) is problematic from a social perspective, as all the wealth effects enjoyed by the early adopters through the rising prices would be at the expense of the latecomers (and possibly non-holders), who are impoverished. Therefore, Bitcoin’s redistribution effects and the related social damage go beyond the implications of good or bad timing of purchases and sales by investors amid a volatile price or the fact that some may lose all their money in case the Bitcoin bubble eventually bursts,cenario, in which the Bitcoin price continues to rise (and the “bubble” diagnosed by critics does not burst) is problematic from a social perspective, as all the wealth-effects enjoyed by the early adopters through the rising prices would be at the expense of the latecomers (and possibly non-holders), who are impoverished. Therefore, Bitcoin’s redistribution effects and the related social damage go beyond the implications of good or bad timing of purchases and sales by investors amid a volatile price, or the fact that some may lose all their money in case the Bitcoin bubble would eventually burst as predicted by many economists. ",{"_41":111,"_43":10702,"_45":9714,"_47":10703,"_49":10704,"_70":10705,"_60":61},"6to_1NJb",{"_115":116},[],"5. Conclusion",{"_37":10707,"_39":11615},[10708,10715,10728,10741,10754,10761,10773,10786,10793,10800,10813,10826,10838,10851,10858,10865,10883,10895,10902,10915,10927,10947,10954,10967,10979,10986,10998,11011,11018,11032,11044,11057,11069,11081,11088,11101,11114,11127,11140,11152,11164,11176,11188,11195,11207,11220,11232,11245,11257,11264,11271,11284,11297,11304,11317,11329,11341,11353,11365,11378,11390,11397,11409,11421,11434,11447,11459,11469,11481,11494,11507,11519,11532,11544,11551,11558,11570,11584,11591,11603],{"_37":10709,"_39":10710},[],{"_41":42,"_43":10711,"_45":1162,"_47":10712,"_49":10713,"_70":10714,"_60":61},"62c_8QHK",{},[],"Abreu, Dilip and Markus K. Brunnermeier (2003): Bubbles and Crashes, Econometrica, 71:1, pp. 173- 204. ",{"_37":10716,"_39":10717},[],{"_41":42,"_43":10718,"_45":1162,"_47":10719,"_49":10720,"_70":10727,"_60":61},"ZW_8W9A8",{},[10721],{"_41":63,"_53":10722,"_56":10723,"_47":10725,"_60":10726},[5583],[10724],183,{},"https://doi.org/10.1257/aer.20140205","Adam, Klaus, Albert Marcet, and Johannes Beutel (2017): Stock Price Booms and Expected Capital Gains, American Economic Review, 107(8), 2352–2408, https://doi.org/10.1257/aer.20140205 ",{"_37":10729,"_39":10730},[],{"_41":42,"_43":10731,"_45":1162,"_47":10732,"_49":10733,"_70":10740,"_60":61},"Hi2ZttX8",{},[10734],{"_41":63,"_53":10735,"_56":10736,"_47":10738,"_60":10739},[3956],[10737],244,{},"https://www.nber.org/papers/w31445","Aiello, Darren, Scott R. Baker, Tetyana Balyuk, Marco Di Maggio, Mark J. Johnson and Jason Kotter (2024): The Effects of Cryptocurrency Wealth on Household Consumption and Investment, NBER Working Paper 31445, https://www.nber.org/papers/w31445 ",{"_37":10742,"_39":10743},[],{"_41":42,"_43":10744,"_45":1162,"_47":10745,"_49":10746,"_70":10753,"_60":61},"DCgbn9u_",{},[10747],{"_41":63,"_53":10748,"_56":10749,"_47":10751,"_60":10752},[4888],[10750],141,{},"https://www.linkedin.com/posts/activity-6854411140617818112-NpKx","Avoca Global Advisors (2021), Bitcoin: a trojan horse, wcg avoca 14 October, https://www.linkedin.com/posts/activity-6854411140617818112-NpKx ",{"_37":10755,"_39":10756},[],{"_41":42,"_43":10757,"_45":1162,"_47":10758,"_49":10759,"_70":10760,"_60":61},"c9Gk9l4j",{},[],"Barber, Brad. M. and Terrance Odean (2000): Trading is hazardous to your wealth: The common stock investment performance of individual investors, in: Journal of Finance, 55: 2, April. ",{"_37":10762,"_39":10763},[],{"_41":42,"_43":10764,"_45":1162,"_47":10765,"_49":10766,"_70":10772,"_60":61},"L-ldGdDj",{},[10767],{"_41":63,"_53":10768,"_56":10769,"_47":10770,"_60":10771},[3457],[2803],{},"https://www.tftc.io/pensions-buying-bitcoin/","Bent, Marty (2024): Pensions are doomed without Bitcoin, 19 March, Marty’s Bent, https://www.tftc.io/pensions-buying-bitcoin/ ",{"_37":10774,"_39":10775},[],{"_41":42,"_43":10776,"_45":1162,"_47":10777,"_49":10778,"_70":10785,"_60":61},"N0rksJp2",{},[10779],{"_41":63,"_53":10780,"_56":10781,"_47":10783,"_60":10784},[2744],[10782],270,{},"https://www.sciencedirect.com/science/article/pii/S0275531921001616?via%3Dihub","Bergsli, Lykke Øverland, Andrea Falk Lind, Peter Molnár, Michal Polasik (2022): Forecasting volatility of Bitcoin, in: Research in International Business and Finance, vol. 59, Article 101540, https://www.sciencedirect.com/science/article/pii/S0275531921001616?via%3Dihub ",{"_37":10787,"_39":10788},[],{"_41":42,"_43":10789,"_45":1162,"_47":10790,"_49":10791,"_70":10792,"_60":61},"htQBjToN",{},[],"Bernanke, Ben S. (2002): Asset-Price “Bubbles” and Monetary Policy, Remarks by Governor Ben S. Before the New York Chapter of the National Association for Business Economics, New York, 15 October. ",{"_37":10794,"_39":10795},[],{"_41":42,"_43":10796,"_45":1162,"_47":10797,"_49":10798,"_70":10799,"_60":61},"WGRzjA-p",{},[],"Bernanke, Ben S. and Mark Gertler (2001): How should central bankers respond to asset prices, American Economic Review, 91: 2, May, pp. 253–257. ",{"_37":10801,"_39":10802},[],{"_41":42,"_43":10803,"_45":1162,"_47":10804,"_49":10805,"_70":10812,"_60":61},"ezldqJ4o",{},[10806],{"_41":63,"_53":10807,"_56":10808,"_47":10810,"_60":10811},[5515],[10809],181,{},"https://www.ecb.europa.eu/press/blog/date/2022/html/ecb.blog221130~5301eecd19.en.html","Bindseil, Ulrich and Jürgen Schaaf (2022): Bitcoin’s last stand, in: The ECB Blog, 30 November, https://www.ecb.europa.eu/press/blog/date/2022/html/ecb.blog221130~5301eecd19.en.html ",{"_37":10814,"_39":10815},[],{"_41":42,"_43":10816,"_45":1162,"_47":10817,"_49":10818,"_70":10825,"_60":61},"c-61j4wJ",{},[10819],{"_41":63,"_53":10820,"_56":10822,"_47":10823,"_60":10824},[10821],134,[3841],{},"https://www.ecb.europa.eu/press/blog/date/2024/html/ecb.blog20240222~0929f86e23.en.html","Bindseil, Ulrich and Jürgen Schaaf (2024): ETF approval for bitcoin – the naked emperor’s new clothes, in: The ECB Blog, 22 February, https://www.ecb.europa.eu/press/blog/date/2024/html/ecb.blog20240222~0929f86e23.en.html ",{"_37":10827,"_39":10828},[],{"_41":42,"_43":10829,"_45":1162,"_47":10830,"_49":10831,"_70":10837,"_60":61},"-SWe6W5M",{},[10832],{"_41":63,"_53":10833,"_56":10834,"_47":10835,"_60":10836},[3512],[6558],{},"https://cepr.org/voxeu/columns/bitcoin-challengehow-tame-digital-predator","Bindseil, Ulrich, Patrick Papsdorf and Jürgen Schaaf (2022): The Bitcoin challenge: How to tame a digital predator, in: Voxeu columns, 7 January, https://cepr.org/voxeu/columns/bitcoin-challengehow-tame-digital-predator ",{"_37":10839,"_39":10840},[],{"_41":42,"_43":10841,"_45":1162,"_47":10842,"_49":10843,"_70":10850,"_60":61},"Fj_d17zo",{},[10844],{"_41":63,"_53":10845,"_56":10846,"_47":10848,"_60":10849},[6416],[10847],173,{},"https://blog.bitfinex.com/education/where-do-us-presidential-candidates-stand-on-crypto-policy/","Bitfinex (2024): Where do US Presidential Candidates Stand on Crypto Policy?; https://blog.bitfinex.com/education/where-do-us-presidential-candidates-stand-on-crypto-policy/ ",{"_37":10852,"_39":10853},[],{"_41":42,"_43":10854,"_45":1162,"_47":10855,"_49":10856,"_70":10857,"_60":61},"vWnJ1jtZ",{},[],"Blanchard, Olivier J. and Marc W. Watson, (1982): Bubbles, Rational Expectations, and Financial Markets, in: P. Wachtel (Ed.): Crises in the Economic and Financial Structure. ",{"_37":10859,"_39":10860},[],{"_41":42,"_43":10861,"_45":1162,"_47":10862,"_49":10863,"_70":10864,"_60":61},"pODe6yi-",{},[],"Borio, Claudio and Philip Lowe (2002): Asset prices, financial and monetary stability: exploring the nexus, in: BIS Working Papers 114, 02 July. 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A trio of crypto-funded super political-action committees spent $62 million on video ads last month that never mentioned digital currencies, in: Wall Street Journal, 12 October. https://www.wsj.com/finance/currencies/crypto-ads-super-political-action-committees-5ea618d3 ",{"_37":11033,"_39":11034},[],{"_41":42,"_43":11035,"_45":1162,"_47":11036,"_49":11037,"_70":11043,"_60":61},"cGp7YHS0",{},[11038],{"_41":63,"_53":11039,"_56":11040,"_47":11041,"_60":11042},[3741],[2863],{},"https://foreignpolicy.com/2024/07/30/trump-crypto-2024-election-economic-nightmare/","Gerard, David (2024): Trump’s Crypto Turnaround Heralds an Economic Nightmare- The former president is pitching a new grift, in: Foreign Policy, 30 July, https://foreignpolicy.com/2024/07/30/trump-crypto-2024-election-economic-nightmare/ 26 ",{"_37":11045,"_39":11046},[],{"_41":42,"_43":11047,"_45":1162,"_47":11048,"_49":11049,"_70":11056,"_60":61},"KfGpNpv_",{},[11050],{"_41":63,"_53":11051,"_56":11052,"_47":11054,"_60":11055},[5788],[11053],230,{},"https://doi.org/10.1007/s10368-023-00580-x","Glawe, Linda, and Helmut Wagner (2024): Inflation and inequality: new evidence from a dynamic panel threshold analysis, in: International Economics and Economic Policy, 21:2, pp. 297–309, https://doi.org/10.1007/s10368-023-00580-x ",{"_37":11058,"_39":11059},[],{"_41":42,"_43":11060,"_45":1162,"_47":11061,"_49":11062,"_70":11068,"_60":61},"dZVvBEWd",{},[11063],{"_41":63,"_53":11064,"_56":11065,"_47":11066,"_60":11067},[2696],[3762],{},"https://www.gold.org/goldhub/data","Gold Council (2024): Goldhub; 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",{"_37":11196,"_39":11197},[],{"_41":42,"_43":11198,"_45":1162,"_47":11199,"_49":11200,"_70":11206,"_60":61},"f5MpW6nW",{},[11201],{"_41":63,"_53":11202,"_56":11203,"_47":11204,"_60":11205},[3459],[7388],{},"https://www.newyorker.com/news/daily-comment/why-bitcoin-is-bad-for-the-environment","Kolbert, Elizabeth (2021): Why Bitcoin Is Bad for the Environment, in: The New Yorker, published 22 April, https://www.newyorker.com/news/daily-comment/why-bitcoin-is-bad-for-the-environment. 27 ",{"_37":11208,"_39":11209},[],{"_41":42,"_43":11210,"_45":1162,"_47":11211,"_49":11212,"_70":11219,"_60":61},"r_s5bDKJ",{},[11213],{"_41":63,"_53":11214,"_56":11215,"_47":11217,"_60":11218},[2776],[11216],293,{},"https://www.elibrary.imf.org/view/journals/001/2023/060/article-A001-","Lukonga, Inutu (2023): Monetary Policy Implications of Central Bank Digital Currencies: Perspectives on Jurisdictions with Conventional and Islamic Banking Systems, International Monetary Fund, IMF Working Papers 2023: 060, https://www.elibrary.imf.org/view/journals/001/2023/060/article-A001- en.xml ",{"_37":11221,"_39":11222},[],{"_41":42,"_43":11223,"_45":1162,"_47":11224,"_49":11225,"_70":11231,"_60":61},"Bo-yNQBD",{},[11226],{"_41":63,"_53":11227,"_56":11228,"_47":11229,"_60":11230},[6050],[9503],{},"https://ssrn.com/abstract=3942181","Makarov, Igor and Antoinette Schoar (2021): Blockchain Analysis of the Bitcoin Market, 13 October, https://ssrn.com/abstract=3942181 ",{"_37":11233,"_39":11234},[],{"_41":42,"_43":11235,"_45":1162,"_47":11236,"_49":11237,"_70":11244,"_60":61},"J0SPTmJh",{},[11238],{"_41":63,"_53":11239,"_56":11241,"_47":11242,"_60":11243},[11240],133,[10782],{},"https://omid-malekan.medium.com/bitcoin-has-plenty-of-utility-arebuttal-to-the-the-distributional-consequences-of-bitcoin-by-42b9672c7fa1","Malekan, Omid (2024): Bitcoin Has Plenty of Utility: A Rebuttal to “The distributional consequences of Bitcoin” by Bindseil & Schaaf https://omid-malekan.medium.com/bitcoin-has-plenty-of-utility-arebuttal-to-the-the-distributional-consequences-of-bitcoin-by-42b9672c7fa1 ",{"_37":11246,"_39":11247},[],{"_41":42,"_43":11248,"_45":1162,"_47":11249,"_49":11250,"_70":11256,"_60":61},"3qA4iSsF",{},[11251],{"_41":63,"_53":11252,"_56":11253,"_47":11254,"_60":11255},[9503],[5788],{},"https://pubs.aeaweb.org/doi/pdfplus/10.1257/aer.102.3.82","Miao, Jianjun and Pengfei Wang (2012): Bubbles and Total Factor Productivity, in: American Economic Review, 102: 3, May, pp. 82–87, https://pubs.aeaweb.org/doi/pdfplus/10.1257/aer.102.3.82 ",{"_37":11258,"_39":11259},[],{"_41":42,"_43":11260,"_45":1162,"_47":11261,"_49":11262,"_70":11263,"_60":61},"suIuze_W",{},[],"Minsky, Hyman P. 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",{"_37":11272,"_39":11273},[],{"_41":42,"_43":11274,"_45":1162,"_47":11275,"_49":11276,"_70":11283,"_60":61},"_LCvwhN8",{},[11277],{"_41":63,"_53":11278,"_56":11280,"_47":11281,"_60":11282},[11279],343,[3668],{},"https://www.boeckler.de/pdf/v_2007_10_26_Rossi-Myftari.pdf","Myftari, Entela and Sergio Rossi (2007): Asset prices and monetary policy: should central banks adopt asset-based reserve requirements?, Paper for the Eleventh Berlin Conference of the Research Network Macroeconomic Policies on “Finance-Led Capitalism? Macroeconomic Effects of Changes in the Financial Sector” Berlin, Germany, 26–27 October, https://www.boeckler.de/pdf/v_2007_10_26_Rossi-Myftari.pdf ",{"_37":11285,"_39":11286},[],{"_41":42,"_43":11287,"_45":1162,"_47":11288,"_49":11289,"_70":11296,"_60":61},"hx5thYN4",{},[11290],{"_41":63,"_53":11291,"_56":11293,"_47":11294,"_60":11295},[11292],117,[3653],{},"http://ZyCrypto.com","Ngari, Brenda (2024), “Bitcoin is ‘Economic Immortality’, BTC price will hit $10 million a coin, Michael Saylor”, in ZyCrypto.com news, 24 June 2024. ",{"_37":11298,"_39":11299},[],{"_41":42,"_43":11300,"_45":1162,"_47":11301,"_49":11302,"_70":11303,"_60":61},"TqmQYazx",{},[],"Nicolle, Emily (2024): Crypto and football, in: Bloomberg Crypto newsletter, 8 October. ",{"_37":11305,"_39":11306},[],{"_41":42,"_43":11307,"_45":1162,"_47":11308,"_49":11309,"_70":11316,"_60":61},"9Effbpbb",{},[11310],{"_41":63,"_53":11311,"_56":11312,"_47":11314,"_60":11315},[3393],[11313],157,{},"https://elsevierssrn-document-store-prod.s3.amazonaws.com/2024/8/7/4913885.pdf","Oordt, Maarten R.C. van (2024): On Bubbles in Cryptocurrency Prices, 1 August, https://elsevierssrn-document-store-prod.s3.amazonaws.com/2024/8/7/4913885.pdf ",{"_37":11318,"_39":11319},[],{"_41":42,"_43":11320,"_45":1162,"_47":11321,"_49":11322,"_70":11328,"_60":61},"ZMcTADGx",{},[11323],{"_41":63,"_53":11324,"_56":11325,"_47":11326,"_60":11327},[3820],[8341],{},"https://www.politico.com/newsletters/politico-influence/2024/07/31/crypto-interests-drop13m-on-lobbying-in-first-half-of-2024-00172177","Oprysko, Caitlin (2024): Crypto interests drop $13M on lobbying in first half of 2024, in Politico, 31 July, https://www.politico.com/newsletters/politico-influence/2024/07/31/crypto-interests-drop13m-on-lobbying-in-first-half-of-2024-00172177 ",{"_37":11330,"_39":11331},[],{"_41":42,"_43":11332,"_45":1162,"_47":11333,"_49":11334,"_70":11340,"_60":61},"GwwwFHD8",{},[11335],{"_41":63,"_53":11336,"_56":11337,"_47":11338,"_60":11339},[3248],[6585],{},"https://calpaterson.com/blockchain.html","Paterson, Cal (2022): There aren't that many uses for blockchains, August, https://calpaterson.com/blockchain.html ",{"_37":11342,"_39":11343},[],{"_41":42,"_43":11344,"_45":1162,"_47":11345,"_49":11346,"_70":11352,"_60":61},"YYk5t9F2",{},[11347],{"_41":63,"_53":11348,"_56":11349,"_47":11350,"_60":11351},[10962],[3956],{},"https://cointelegraph.com/news/coinbase-leads-crypto-lobbysurge-with-since-2017","Pereira, Ana Paula (2024): Coinbase leads crypto lobby surge with 3,475% spending jump since 2017, in: Cointelegraph, 5 September, https://cointelegraph.com/news/coinbase-leads-crypto-lobbysurge-with-since-2017 ",{"_37":11354,"_39":11355},[],{"_41":42,"_43":11356,"_45":1162,"_47":11357,"_49":11358,"_70":11364,"_60":61},"CpTR-ZN7",{},[11359],{"_41":63,"_53":11360,"_56":11361,"_47":11362,"_60":11363},[2648],[2621],{},"https://www.merit.unu.edu/el-salvador-bitcoin-policy/","Perez-Obregon, Leopoldo (2023): El Salvador’s Bitcoin policy: Regret or reward?, in: United Nations University – Maastricht Economic and Social Research Institute on Innovation and Technology (UNUMERIT), 21 August, https://www.merit.unu.edu/el-salvador-bitcoin-policy/ ",{"_37":11366,"_39":11367},[],{"_41":42,"_43":11368,"_45":1162,"_47":11369,"_49":11370,"_70":11377,"_60":61},"4owWBE04",{},[11371],{"_41":63,"_53":11372,"_56":11374,"_47":11375,"_60":11376},[11373],156,[5621],{},"https://www.pewresearch.org/short-reads/2021/11/11/16-of-americans-say-they-have-everinvested-in-traded-or-used-cryptocurrency/","Perrin, Andrew (2021): 16% of Americans say they have ever invested in, traded or used cryptocurrency, in Pew Research Center, Short Reads, 11 November, 28 https://www.pewresearch.org/short-reads/2021/11/11/16-of-americans-say-they-have-everinvested-in-traded-or-used-cryptocurrency/ ",{"_37":11379,"_39":11380},[],{"_41":42,"_43":11381,"_45":1162,"_47":11382,"_49":11383,"_70":11389,"_60":61},"XxIg0TOT",{},[11384],{"_41":63,"_53":11385,"_56":11386,"_47":11387,"_60":11388},[3393],[10809],{},"https://www.projectsyndicate.org/commentary/bitcoin-long-term-price-collapse-by-kenneth-rogoff-2017-10","Rogoff, Kenneth (2017): Crypto-Fool’s Gold?, in: Project Syndicate, 9 October, https://www.projectsyndicate.org/commentary/bitcoin-long-term-price-collapse-by-kenneth-rogoff-2017-10 ",{"_37":11391,"_39":11392},[],{"_41":42,"_43":11393,"_45":1162,"_47":11394,"_49":11395,"_70":11396,"_60":61},"0LyniimH",{},[],"Roubini, Nouriel (2018): Crypto is the Mother of All Scams and (Now Busted) Bubbles; Testimony for the Hearing of the US Senate Committee on Banking, Housing and Community Affairs On “Exploring the Cryptocurrency and Blockchain Ecosystem”; October. ",{"_37":11398,"_39":11399},[],{"_41":42,"_43":11400,"_45":1162,"_47":11401,"_49":11402,"_70":11408,"_60":61},"als56vZX",{},[11403],{"_41":63,"_53":11404,"_56":11405,"_47":11406,"_60":11407},[3820],[3211],{},"https://en.cryptonomist.ch/2021/02/18/roubini-bitcoin-speculative-bubble/","Roubini, Nouriel (2021): Bitcoin is a self-fulfilling speculative bubble, in: the cryptonomist, 18 February, https://en.cryptonomist.ch/2021/02/18/roubini-bitcoin-speculative-bubble/ ",{"_37":11410,"_39":11411},[],{"_41":42,"_43":11412,"_45":1162,"_47":11413,"_49":11414,"_70":11420,"_60":61},"tZ1f1IPI",{},[11415],{"_41":63,"_53":11416,"_56":11417,"_47":11418,"_60":11419},[3515],[6684],{},"https://fortune.com/crypto/2024/02/29/bitcoin-etf-galaxy-mike-novogratz-gold-digital/","Rowe, Niamh (2024): Bitcoin will be ‘larger than gold’ thanks to baby boomers’ trillions, Galaxy CEO Mike Novogratz says, in: Fortune Crypto, 29 February, https://fortune.com/crypto/2024/02/29/bitcoin-etf-galaxy-mike-novogratz-gold-digital/ ",{"_37":11422,"_39":11423},[],{"_41":42,"_43":11424,"_45":1162,"_47":11425,"_49":11426,"_70":11433,"_60":61},"lQ_JosCc",{},[11427],{"_41":63,"_53":11428,"_56":11429,"_47":11431,"_60":11432},[11053],[11430],351,{},"https://cointelegraph.com/news/bitcoin-s-bullish-hype-fadesbut-analyst-says-planb-s-stock-to-flow-model-is-still-relevant","Rustgi, Nivesh (2023): Bitcoin’s bullish hype fades, but analyst says PlanB’s stock-to-flow model is still relevant - A popular Bitcoin price model returns to center stage as BTC’s next halving approaches, Cointelegraph, 19 July, https://cointelegraph.com/news/bitcoin-s-bullish-hype-fadesbut-analyst-says-planb-s-stock-to-flow-model-is-still-relevant ",{"_37":11435,"_39":11436},[],{"_41":42,"_43":11437,"_45":1162,"_47":11438,"_49":11439,"_70":11446,"_60":61},"x31OJFyb",{},[11440],{"_41":63,"_53":11441,"_56":11442,"_47":11444,"_60":11445},[10121],[11443],440,{},"https://www.econstor.eu/bitstream/10419/75370/1/682962503.pdf","Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung (Ed.); Conseil d'Analyse Économique (Ed.) (2010): Wirtschaftsleistung, Lebensqualität und Nachhaltigkeit: Ein umfassendes Indikatorensystem. Expertise im Auftrag des Deutsch-Französischen Ministerrates, Expertisen, Sachverständigenrat zur Begutachtung der Gesamtwirtschaftlichen Entwicklung, Wiesbaden, https://www.econstor.eu/bitstream/10419/75370/1/682962503.pdf ",{"_37":11448,"_39":11449},[],{"_41":42,"_43":11450,"_45":1162,"_47":11451,"_49":11452,"_70":11458,"_60":61},"p_F2nBXm",{},[11453],{"_41":63,"_53":11454,"_56":11455,"_47":11456,"_60":11457},[7214],[11053],{},"https://www.sachverstaendigenratwirtschaft.de/fileadmin/dateiablage/gutachten/jg202324/JG202324_Kapitel_2.pdf/","Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung (2024): Jahresgutachten 2023/24, Chapter 2, https://www.sachverstaendigenratwirtschaft.de/fileadmin/dateiablage/gutachten/jg202324/JG202324_Kapitel_2.pdf/ ",{"_37":11460,"_39":11461},[],{"_41":42,"_43":11462,"_45":1162,"_47":11463,"_49":11464,"_70":11446,"_60":61},"urLEIqlY",{},[11465],{"_41":63,"_53":11466,"_56":11467,"_47":11468,"_60":11445},[10121],[11443],{},{"_37":11470,"_39":11471},[],{"_41":42,"_43":11472,"_45":1162,"_47":11473,"_49":11474,"_70":11480,"_60":61},"McUh7MVw",{},[11475],{"_41":63,"_53":11476,"_56":11477,"_47":11478,"_60":11479},[10962],[8760],{},"http://investingnews.com/us-election-crypto/","Seater, Meagan (2024): How Will the US Election Affect the Crypto Industry? (Updated 2024), in Investing News Network, 20 August //investingnews.com/us-election-crypto/ ",{"_37":11482,"_39":11483},[],{"_41":42,"_43":11484,"_45":1162,"_47":11485,"_49":11486,"_70":11493,"_60":61},"WR8e92CZ",{},[11487],{"_41":63,"_53":11488,"_56":11489,"_47":11491,"_60":11492},[10962],[11490],191,{},"https://link.springer.com/article/10.1007/s10436-020-00368-y","Segnon, Mawuli and Stelios. D. Bekiros (2020): Forecasting volatility in bitcoin market, in: Annals of Finance, 16:3, pp. 435-462, https://link.springer.com/article/10.1007/s10436-020-00368-y ",{"_37":11495,"_39":11496},[],{"_41":42,"_43":11497,"_45":1162,"_47":11498,"_49":11499,"_70":11506,"_60":61},"KoXrWMgf",{},[11500],{"_41":63,"_53":11501,"_56":11502,"_47":11504,"_60":11505},[3118],[11503],321,{},"https://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1050.pdf","Shi, Lisi and Suen and Richard M. H. (2014): The Macroeconomic Consequences of Asset Bubbles and Crashes, MPRA Paper No. 57045, posted 01 July. Sousa, Ricardo (2009): Wealth effects on consumption - evidence from the euro area, ECB Working paper series No 1050, May, https://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1050.pdf ",{"_37":11508,"_39":11509},[],{"_41":42,"_43":11510,"_45":1162,"_47":11511,"_49":11512,"_70":11518,"_60":61},"Aht77rUw",{},[11513],{"_41":63,"_53":11514,"_56":11515,"_47":11516,"_60":11517},[2702],[3438],{},"https://www.tandfonline.com/doi/full/10.1080/14697688.2021.1952702?scroll=top&needAccess=tr","Taleb, Nassim N. (2021): Bitcoin, currencies, and fragility, published online: 22 July: https://www.tandfonline.com/doi/full/10.1080/14697688.2021.1952702?scroll=top&needAccess=true 29 ",{"_37":11520,"_39":11521},[],{"_41":42,"_43":11522,"_45":1162,"_47":11523,"_49":11524,"_70":11531,"_60":61},"EFcsnvK_",{},[11525],{"_41":63,"_53":11526,"_56":11527,"_47":11529,"_60":11530},[10962],[11528],256,{},"https://theconversation.com/where-harris-and-trump-stand-oncryptocurrencies-and-how-it-could-sway-some-american-voters-236186","The conversation (2024): Where Harris and Trump stand on cryptocurrencies — and how it could sway some American voters, 15 August, https://theconversation.com/where-harris-and-trump-stand-oncryptocurrencies-and-how-it-could-sway-some-american-voters-236186 ",{"_37":11533,"_39":11534},[],{"_41":42,"_43":11535,"_45":1162,"_47":11536,"_49":11537,"_70":11543,"_60":61},"Z5Q9zBW5",{},[11538],{"_41":63,"_53":11539,"_56":11540,"_47":11541,"_60":11542},[5942],[6684],{},"https://www.economist.com/finance-andeconomics/crypto-lobbying-is-going-ballistic/21806674","The Economist (2021): Crypto lobbying is going ballistic – As regulators toughen up, companies hope to influence where the rules end up, 12 December; https://www.economist.com/finance-andeconomics/crypto-lobbying-is-going-ballistic/21806674",{"_37":11545,"_39":11546},[],{"_41":42,"_43":11547,"_45":1162,"_47":11548,"_49":11549,"_70":11550,"_60":61},"FfVKv37y",{},[],"Tirole, Jean (1985): Asset Bubbles and Overlapping Generations, in: Econometrica, 53:5, pp. 1071- 1100.",{"_37":11552,"_39":11553},[],{"_41":42,"_43":11554,"_45":1162,"_47":11555,"_49":11556,"_70":11557,"_60":61},"lOaScDqz",{},[],"Watts, Peter, and Kelvin Low (2024): The case for cryptoassets as property, in: Sinéad Agnew and Marcus Smith (eds), Law at the Cutting Edge: Essays in Honour of Sarah Worthington, Hart Publishing.",{"_37":11559,"_39":11560},[],{"_41":42,"_43":11561,"_45":1162,"_47":11562,"_49":11563,"_70":11569,"_60":61},"JgFV-OmR",{},[11564],{"_41":63,"_53":11565,"_56":11566,"_47":11567,"_60":11568},[4440],[3956],{},"https://www.nber.org/papers/w31284","Weber, Michael, Bernardo Candia, Olivier Coibion, and Yuriy Gorodnichenko (2023): Do You Even Crypto, Bro? Cryptocurrencies in Household Finance, NBER working paper No. 31284. https://www.nber.org/papers/w31284",{"_37":11571,"_39":11572},[],{"_41":42,"_43":11573,"_45":1162,"_47":11574,"_49":11575,"_70":11583,"_60":61},"5saxHT-o",{},[11576],{"_41":63,"_53":11577,"_56":11579,"_47":11581,"_60":11582},[11578],149,[11580],216,{},"https://www.sciencedirect.com/science/article/pii/S1059056024000510","Wegner, Danilo L.B. (2024): Central bank intervention and financial bubbles, in: International Review of Economics & Finance, Vol., April, pp. 1-19; https://www.sciencedirect.com/science/article/pii/S1059056024000510 ",{"_37":11585,"_39":11586},[],{"_41":42,"_43":11587,"_45":1162,"_47":11588,"_49":11589,"_70":11590,"_60":61},"uEXvezND",{},[],"Welch, Ivo (2000): Herding among security analysts, in: Journal of Financial Economics, vol. 58, pp. 369-396.",{"_37":11592,"_39":11593},[],{"_41":42,"_43":11594,"_45":1162,"_47":11595,"_49":11596,"_70":11602,"_60":61},"8dseKUhi",{},[11597],{"_41":63,"_53":11598,"_56":11599,"_47":11600,"_60":11601},[11490],[6662],{},"https://www.citationneeded.news/2024-cryptocurrency-election-spending/#reference-3","White, Molly (2024): Cryptocurrency companies have raised over $135 million to influence US elections this cycle, and they’re just getting started, in: “Citation Needed”, Newsletter, 30 May, https://www.citationneeded.news/2024-cryptocurrency-election-spending/#reference-3",{"_37":11604,"_39":11605},[],{"_41":42,"_43":11606,"_45":1162,"_47":11607,"_49":11608,"_70":11614,"_60":61},"wV2C0Qlf",{},[11609],{"_41":63,"_53":11610,"_56":11611,"_47":11612,"_60":11613},[6441],[2748],{},"https://www3.weforum.org/docs/WEF_The_Macroeconomic_Impact_of_Cryptocurrency_and_Stabl","World Economic Forum (2024): The Macroeconomic Impact of Cryptocurrency and Stablecoins, White Paper, July 2022, https://www3.weforum.org/docs/WEF_The_Macroeconomic_Impact_of_Cryptocurrency_and_Stabl ecoins_2022.pdf",{"_41":111,"_43":11616,"_45":9714,"_47":11617,"_49":11618,"_70":7023,"_60":61},"M2cCTBI5",{"_115":116},[],[124,98],"2024-12-18T14:28:03.705Z",{"_131":1005},{},{"_173":1172,"_177":1179},{"_43":1160,"_185":98,"_99":11625,"_119":1162,"_187":-5,"_188":-5,"_189":-5,"_190":-5,"_184":6},[459,988],1776429500527,[277,1160,1162,6],"[\"ENTITY\",\"hm://z6Mkusu8KBMXe52JC9fnEFzwdsAF2SXGvnxoAyVTXBhGfRDR/library/the-distributional-consequences-of-bitcoin\",\"bafy2bzaceat6pts2bgn7pe3ltwmgsbqbq5t3zbhxl4xuwyyvbhvpz5s5pn7x6\",true]",{"_199":11630,"_275":11793,"_278":11794},{"_201":11631,"_259":260,"_261":11792,"_263":-5,"_264":265,"_266":265,"_267":265,"_268":-5,"_269":-5,"_270":8,"_271":272,"_273":274},{"_41":32,"_32":11632,"_43":11790},{"_34":11633,"_119":1187,"_121":98,"_122":11784,"_99":11785,"_125":1195,"_127":11786,"_129":11787,"_144":11788,"_173":1196,"_175":11789,"_179":180},[11634,11646,11653,11669,11676,11687,11694,11705,11721,11727],{"_37":11635,"_39":11636},[],{"_41":42,"_43":11637,"_45":1187,"_47":11638,"_49":11639,"_70":11645,"_60":61},"xfLK5p36",{},[11640],{"_41":63,"_53":11641,"_56":11642,"_47":11643,"_60":11644},[11313],[2861],{},"https://bitcointuesdaymadrid.com/library/the-distributional-consequences-of-bitcoin?v=bafy2bzacedxjvaq6g3w6ihk2dmsy4yeyrob4qvzipjfpzwqczu7tbtrj7tizy&l","Están los burócratas construyendo una narrativa en contra de los bitcoiners que llevan años holdeando? Cuáles son sus objetivos y sus estratégias? Repaso el Paper de los empleados del BCE para entender su discurso.",{"_37":11647,"_39":11648},[],{"_41":42,"_43":11649,"_45":1187,"_47":11650,"_49":11651,"_70":11652,"_60":61},"Rj4Ppzu_",{},[],"El Abstract empieza fuerte colocando al Bitcoin como un fracaso, cuando es exactamente el componente de valor lo que necesitaban los cryptoanarquistas para hacer p2p cash",{"_37":11654,"_39":11655},[],{"_41":42,"_43":11656,"_45":1187,"_47":11657,"_49":11658,"_70":11668,"_60":61},"llfBvyur",{},[11659,11663],{"_41":2603,"_53":11660,"_56":11661,"_47":11662,"_60":61},[265],[7214],{},{"_41":63,"_53":11664,"_56":11665,"_47":11666,"_60":11667},[265],[7214],{},"https://bitcointuesdaymadrid.com/library/the-distributional-consequences-of-bitcoin?v=bafy2bzacedxjvaq6g3w6ihk2dmsy4yeyrob4qvzipjfpzwqczu7tbtrj7tizy#mi_x9wAg+","The original promise of Nakamoto (2008) to provide the world with a better global means of payment has not materialized.",{"_37":11670,"_39":11671},[],{"_41":42,"_43":11672,"_45":1187,"_47":11673,"_49":11674,"_70":11675,"_60":61},"aVNkCUXX",{},[],"Para crear un nuevo activo de valor, Satoshi creó este maravilloso sistema de subidas y bajadas de precio que nos marca en la cabeza el valor de Bitcoin. Bitcoin está en fase de distribución de monedas. Bitcoin es una nueva tecnología, y como cualquier otra nueva tecnología está en fase adopción. Bitcoin no promete ganancia de capitales. Los Bitcoiners terminan entiendo su valor intrínseco sin su carácter especulativo. No aceptar y promover nuevas tecnologías me recuerda a la época oscura de la caza de brujas. Por favor, cambiemos Europa. No podemos permitir que mentes cerradas y oscuras nos gobiernen.",{"_37":11677,"_39":11678},[],{"_41":42,"_43":11679,"_45":1187,"_47":11680,"_49":11681,"_70":11686,"_60":61},"2UdJOuci",{},[11682],{"_41":63,"_53":11683,"_56":11684,"_47":11685,"_60":11667},[260],[2863],{},"Instead, the focus has increasingly shifted to Bitcoin as an investment asset promising high capital gains. Promoters of this investment vision put little effort relating Bitcoin to an economic function which would justify its valuation.",{"_37":11688,"_39":11689},[],{"_41":42,"_43":11690,"_45":1187,"_47":11691,"_49":11692,"_70":11693,"_60":61},"9Vy0-Hul",{},[],"Aquí viene la clave de la narrativa. Los Bitcoiners somos culpables. Aquí es cuando nos meten en la hoguera.",{"_37":11695,"_39":11696},[],{"_41":42,"_43":11697,"_45":1187,"_47":11698,"_49":11699,"_70":11704,"_60":61},"rkBCNHuX",{},[11700],{"_41":63,"_53":11701,"_56":11702,"_47":11703,"_60":11667},[265],[11578],{},"The wealth effects on consumption of early Bitcoin holders can only come at the expense of consumption of the rest of society, which is impoverished.",{"_37":11706,"_39":11707},[],{"_41":42,"_43":11708,"_45":1187,"_47":11709,"_49":11710,"_70":11720,"_60":61},"feOWPoMe",{},[11711,11716],{"_41":63,"_53":11712,"_56":11713,"_47":11714,"_60":11715},[7295],[3552],{},"https://bitcointuesdaymadrid.com/library/the-distributional-consequences-of-bitcoin?v=bafy2bzacedxjvaq6g3w6ihk2dmsy4yeyrob4qvzipjfpzwqczu7tbtrj7tizy#88ouDl2R+",{"_41":2603,"_53":11717,"_56":11718,"_47":11719,"_60":61},[3246],[3356],{},"En los primeros párrafos de la Introducción se disparán todo tipo de hechos probados repletos de medias verdades.",{"_37":11722,"_39":11723},[],{"_41":42,"_43":11724,"_45":1187,"_47":11725,"_49":11726,"_70":61,"_60":61},"tWaDtBSW",{},[],{"_37":11728,"_39":11779},[11729,11758,11765,11772],{"_37":11730,"_39":11752},[11731,11738,11745],{"_37":11732,"_39":11733},[],{"_41":42,"_43":11734,"_45":1187,"_47":11735,"_49":11736,"_70":11737,"_60":61},"cBsRA9t9",{},[],"Las reglas de la simulación.",{"_37":11739,"_39":11740},[],{"_41":42,"_43":11741,"_45":1187,"_47":11742,"_49":11743,"_70":11744,"_60":61},"IwMR64yx",{},[],"Los personajes que participan en la simulación.",{"_37":11746,"_39":11747},[],{"_41":42,"_43":11748,"_45":1187,"_47":11749,"_49":11750,"_70":11751,"_60":61},"_waJVb0s",{},[],"Cuáles serían los espacios de combate.",{"_41":42,"_43":11753,"_45":11754,"_47":11755,"_49":11756,"_70":11757,"_60":61},"xyAYKg6q","bafy2bzaced5v5cjo6hpq4mxqagh4axinnkdchtvmfcwhq46ovp373mkeu6nlo",{"_115":2957},[],"Para plantear una estrategia de Juego de Guerra primero tenemos que identificar:",{"_37":11759,"_39":11760},[],{"_41":42,"_43":11761,"_45":1187,"_47":11762,"_49":11763,"_70":11764,"_60":61},"Z9FAvxLu",{},[],"Una vez definido el tablero de juego entonces podemos identificar las mejores tácticas.",{"_37":11766,"_39":11767},[],{"_41":42,"_43":11768,"_45":1187,"_47":11769,"_49":11770,"_70":11771,"_60":61},"MS8NrHEG",{},[],"La Comunidad tiene que identificar y dar a conocer a todos los académicos desarrollando literatura en el campo del Bitcoin. Se está creando un cuerpo pseudo académico encontra del Bitcoin que hay que rebatir referencia a referencia.",{"_37":11773,"_39":11774},[],{"_41":42,"_43":11775,"_45":1187,"_47":11776,"_49":11777,"_70":11778,"_60":61},"nyYJj8xH",{},[],"En qué mandato del ECB aparece que sus empleados pueden orquestrar ataques contra un sistema abierto como Bitcoin. Este posible ataque orquestrado se encuentra dentro del marco constitucional de la Unión Europea?",{"_41":111,"_43":11780,"_45":11754,"_47":11781,"_49":11782,"_70":11783,"_60":61},"TVp6GnQb",{"_115":8263},[],"Conclusiones",[124],"/meetups/2024/las-consecuencias-de-la-distribucion-del-bitcoin/estelas-de-informacion","2024-12-17T16:51:26.498Z",{"_131":1209},{},{"_173":1196,"_177":1207},{"_43":1183,"_185":98,"_99":11791,"_119":1187,"_187":-5,"_188":-5,"_189":-5,"_190":-5,"_184":6},[412,1052,1185,1186],1776429499596,[277,1183,1187,6],"[\"ENTITY\",\"hm://z6Mkusu8KBMXe52JC9fnEFzwdsAF2SXGvnxoAyVTXBhGfRDR/meetups/2024/las-consecuencias-de-la-distribucion-del-bitcoin/estelas-de-informacion\",\"bafy2bzacebfa5fihsm4x367tramluuebodx6gcyjvxuck5pubc4ycmwid37xm\",true]",{"_199":11796,"_275":12049,"_278":12050},{"_201":11797,"_259":260,"_261":12048,"_263":-5,"_264":265,"_266":265,"_267":265,"_268":-5,"_269":-5,"_270":8,"_271":272,"_273":274},{"_41":32,"_32":11798,"_43":12046},{"_34":11799,"_119":1214,"_121":98,"_122":12041,"_99":1203,"_125":1222,"_127":12042,"_129":12043,"_144":12044,"_173":1223,"_175":12045,"_179":180},[11800,11807,11883,11976,11997],{"_37":11801,"_39":11802},[],{"_41":42,"_43":11803,"_45":1214,"_47":11804,"_49":11805,"_70":11806,"_60":61},"iFjlNMpo",{},[],"Martes, 17 de diciembre a las 19h.",{"_37":11808,"_39":11878},[11809,11815,11826,11842,11849,11856,11863],{"_37":11810,"_39":11811},[],{"_41":2632,"_43":11812,"_45":1214,"_47":11813,"_49":11814,"_70":61,"_60":1233},"OoLBYxW0",{},[],{"_37":11816,"_39":11817},[],{"_41":42,"_43":11818,"_45":1214,"_47":11819,"_49":11820,"_70":11825,"_60":61},"gocVA84K",{},[11821],{"_41":52,"_53":11822,"_56":11823,"_47":11824,"_60":61},[2702],[3840],{},"Cambiamos el formato del meetup y damos paso al formato debate. El título del debate es Juegos de Guerra con los burócratas de la Unión Europea.",{"_37":11827,"_39":11828},[],{"_41":42,"_43":11829,"_45":1214,"_47":11830,"_49":11831,"_70":11841,"_60":61},"LNnlyQp1",{},[11832,11836],{"_41":2603,"_53":11833,"_56":11834,"_47":11835,"_60":61},[3466],[3435],{},{"_41":63,"_53":11837,"_56":11838,"_47":11839,"_60":11840},[3466],[3435],{},"https://bitcointuesdaymadrid.com/library/the-distributional-consequences-of-bitcoin","El 12 de octubre de 2024 los empleados del Banco Central Europeo Bitcoin, Ulrich Bindseil y Jürgen Schaaf, publicaron el artículo The distributional consequences of Bitcoin donde argumentan que Bitcoin ha fracasado como medio de pago, carece de utilidad social, consume energía de manera eficiente y, de aumentar su precio, transferiría riqueza a los primeros adoptantes, empobreciendo al resto de la sociedad.",{"_37":11843,"_39":11844},[],{"_41":42,"_43":11845,"_45":1214,"_47":11846,"_49":11847,"_70":11848,"_60":61},"8F8koyQ5",{},[],"Nos preguntamos cuáles son las motivaciones de escribir este artículo y si los burócratas de la Unión Europea están construyendo una estrategia para desacreditar a Bitcoin, frenar su adopción, e incluso su confiscación. Cómo podemos ganarles la narrativa y qué papel activo podemos desarrollar para acelerar la adopción del Bitcoin.",{"_37":11850,"_39":11851},[],{"_41":42,"_43":11852,"_45":1214,"_47":11853,"_49":11854,"_70":11855,"_60":61},"eQEHtuhi",{},[],"Para deliberar sobre estos temas utilizaremos la metodología del Fishbowl dando la oportunidad a todos los participantes del meetup a compartir vuestras posiciones y argumentaciones.",{"_37":11857,"_39":11858},[],{"_41":42,"_43":11859,"_45":1214,"_47":11860,"_49":11861,"_70":11862,"_60":61},"qunR-Tf6",{},[],"Finalmente, y como es habitual, quienes lo deseen pueden prolongar el debate con los demás asistentes mientras disfrutan de una hamburguesa, una cerveza o una copa de vino.",{"_37":11864,"_39":11865},[],{"_41":42,"_43":11866,"_45":1214,"_47":11867,"_49":11868,"_70":11877,"_60":61},"nXzOkx3G",{},[11869,11873],{"_41":2603,"_53":11870,"_56":11871,"_47":11872,"_60":61},[265],[4440],{},{"_41":52,"_53":11874,"_56":11875,"_47":11876,"_60":61},[4004,4439],[4442,4443],{},"El evento es gratuito (es un restaurante que cede el espacio y hay pago por consumo pero no es obligatorio) y se hará en español. Además la mayoría de asistentes habla también *inglés.",{"_41":111,"_43":11879,"_45":11880,"_47":11881,"_49":11882,"_70":4158,"_60":61},"a_6gq02G","bafy2bzaceaulvpfpvebzwjgh4udxf6muvuvgiilruqxibfzt6xxlwl7snbq6k",{"_115":116},[],{"_37":11884,"_39":11971},[11885,11897,11907,11917,11928,11940,11960],{"_37":11886,"_39":11887},[],{"_41":42,"_43":11888,"_45":1214,"_47":11889,"_49":11890,"_70":11896,"_60":61},"vfLEPbVY",{},[11891],{"_41":63,"_53":11892,"_56":11893,"_47":11894,"_60":11895},[265],[3971],{},"https://es.wikipedia.org/wiki/Juego_de_guerra","Juegos de Guerra",{"_37":11898,"_39":11899},[],{"_41":42,"_43":11900,"_45":1214,"_47":11901,"_49":11902,"_70":4086,"_60":61},"pO0q3CJd",{},[11903],{"_41":3125,"_53":11904,"_56":11905,"_47":11906,"_60":1160},[265],[260],{},{"_37":11908,"_39":11909},[],{"_41":42,"_43":11910,"_45":1214,"_47":11911,"_49":11912,"_70":4086,"_60":61},"XuaeExFW",{},[11913],{"_41":3125,"_53":11914,"_56":11915,"_47":11916,"_60":986},[265],[260],{},{"_37":11918,"_39":11919},[],{"_41":42,"_43":11920,"_45":1214,"_47":11921,"_49":11922,"_70":4073,"_60":61},"rtsKbkZe",{},[11923],{"_41":3125,"_53":11924,"_56":11925,"_47":11926,"_60":11927},[265],[260],{},"hm://z6Mkusu8KBMXe52JC9fnEFzwdsAF2SXGvnxoAyVTXBhGfRDR/library/the-distributional-consequences-of-bitcoin/comentarios-de-tones?v=bafy2bzaceaqihb7zqoot4ljcwcahkm76owrwle3lw2prfad7hsgif4osl7ppm",{"_37":11929,"_39":11930},[],{"_41":42,"_43":11931,"_45":1214,"_47":11932,"_49":11933,"_70":11939,"_60":61},"V5ezPwXb",{},[11934],{"_41":63,"_53":11935,"_56":11936,"_47":11937,"_60":11938},[2840],[3820],{},"https://primal.net/e/note1vpsh8gmym5qz9mncluvzc9s2a6vxwr7ah7qwlf6t6eyenh2te9ts0ftnsy","Notas de Javier Maestre: https://primal.net/e/note1vpsh8gmym5qz9mncluvzc9s2a6vxwr7ah7qwlf6t6eyenh2te9ts0ftnsy",{"_37":11941,"_39":11954},[11942],{"_37":11943,"_39":11944},[],{"_41":42,"_43":11945,"_45":1214,"_47":11946,"_49":11947,"_70":11953,"_60":61},"OYHyazRp",{},[11948],{"_41":63,"_53":11949,"_56":11950,"_47":11952,"_60":11953},[265],[11951],53,{},"https://en.wikipedia.org/wiki/Fishbowl_(conversation)",{"_41":42,"_43":11955,"_45":11956,"_47":11957,"_49":11958,"_70":11959,"_60":61},"FWBmB1DM","bafy2bzacebi4lzzhyf4gbx4o6yhj22segd2usbsqv6vnyhi4shrza2uj23otc",{"_115":116},[],"Fishbowl",{"_37":11961,"_39":11962},[],{"_41":42,"_43":11963,"_45":1214,"_47":11964,"_49":11965,"_70":11970,"_60":61},"7Uy6nJJ6",{},[11966],{"_41":63,"_53":11967,"_56":11968,"_47":11969,"_60":11970},[265],[4394],{},"https://x.com/BTC_Archive/status/1868956802974728263",{"_41":111,"_43":11972,"_45":11880,"_47":11973,"_49":11974,"_70":11975,"_60":61},"eokAh9gf",{"_115":116},[],"Materiales de Referencia",{"_37":11977,"_39":11992},[11978],{"_37":11979,"_39":11980},[],{"_41":42,"_43":11981,"_45":1214,"_47":11982,"_49":11983,"_70":4457,"_60":61},"s1DpqF-q",{},[11984,11988],{"_41":63,"_53":11985,"_56":11986,"_47":11987,"_60":9112},[4238],[4240],{},{"_41":2603,"_53":11989,"_56":11990,"_47":11991,"_60":61},[3511],[4394],{},{"_41":111,"_43":11993,"_45":11880,"_47":11994,"_49":11995,"_70":11996,"_60":61},"j74JCkn8",{"_115":116},[],"Dónde",{"_37":11998,"_39":12037},[11999,12009,12027],{"_37":12000,"_39":12001},[],{"_41":42,"_43":12002,"_45":1214,"_47":12003,"_49":12004,"_70":4283,"_60":61},"po6XuCU9",{},[12005],{"_41":63,"_53":12006,"_56":12007,"_47":12008,"_60":4282},[2840],[3548],{},{"_37":12010,"_39":12011},[],{"_41":42,"_43":12012,"_45":1214,"_47":12013,"_49":12014,"_70":4305,"_60":61},"ril2pRqw",{},[12015,12019,12023],{"_41":63,"_53":12016,"_56":12017,"_47":12018,"_60":4294},[3899],[2599],{},{"_41":63,"_53":12020,"_56":12021,"_47":12022,"_60":4299},[3666],[2586],{},{"_41":63,"_53":12024,"_56":12025,"_47":12026,"_60":4304},[3415],[2930],{},{"_37":12028,"_39":12029},[],{"_41":42,"_43":12030,"_45":1214,"_47":12031,"_49":12032,"_70":4317,"_60":61},"AtAPLrQf",{},[12033],{"_41":63,"_53":12034,"_56":12035,"_47":12036,"_60":4316},[4016],[3775],{},{"_41":111,"_43":12038,"_45":11880,"_47":12039,"_49":12040,"_70":4326,"_60":61},"0zq2s_xR",{"_115":2957},[],[124,98],"2024-12-17T16:00:40.308Z",{"_131":1202,"_135":1233},{},{"_173":1223,"_177":1231},{"_43":1212,"_185":98,"_99":12047,"_119":1214,"_187":-5,"_188":-5,"_189":-5,"_190":-5,"_184":6},[412,1052,1185],1776429499701,[277,1212,1214,6],"[\"ENTITY\",\"hm://z6Mkusu8KBMXe52JC9fnEFzwdsAF2SXGvnxoAyVTXBhGfRDR/meetups/2024/las-consecuencias-de-la-distribucion-del-bitcoin\",\"bafy2bzaceb2ctnj67yfuxg7jexzhhpsfnezagga7fm57jrckxxpwfmkhn2cwu\",true]",{"_199":12052,"_275":12468,"_278":12469},{"_201":12053,"_259":260,"_261":12467,"_263":-5,"_264":265,"_266":265,"_267":265,"_268":-5,"_269":-5,"_270":8,"_271":272,"_273":274},{"_41":32,"_32":12054,"_43":12465},{"_34":12055,"_119":1239,"_121":98,"_122":12459,"_99":12460,"_125":1248,"_127":12461,"_129":12462,"_144":12463,"_173":1249,"_175":12464,"_179":180},[12056,12063,12070,12077,12084,12091,12098,12105,12112,12119,12126,12137,12144,12155,12162,12169,12176,12187,12194,12201,12208,12215,12226,12233,12240,12247,12259,12266,12273,12280,12287,12294,12301,12308,12315,12322,12329,12336,12347,12354,12361,12368,12375,12382,12389,12396,12403,12410,12417,12424,12431,12438,12445,12452],{"_37":12057,"_39":12058},[],{"_41":111,"_43":12059,"_45":1239,"_47":12060,"_49":12061,"_70":12062,"_60":61},"BlVn0pk3",{},[],"Mi introducción",{"_37":12064,"_39":12065},[],{"_41":42,"_43":12066,"_45":1239,"_47":12067,"_49":12068,"_70":12069,"_60":61},"XcM4wVtO",{},[],"El artículo «Las consecuencias distributivas de Bitcoin», escrito por Ulrich Bindseil y Jurgen Schaaf, hace las siguientes afirmaciones sobre Bitcoin: ha fracasado como medio de pago excepto para su uso por delincuentes; no tiene ninguna utilidad para la sociedad; hace un uso ineficiente y excesivo de la energía; en caso de que siga subiendo de precio, provocará una transferencia de riqueza a los primeros en adoptarlo, y el resto de la sociedad sufrirá un empobrecimiento.",{"_37":12071,"_39":12072},[],{"_41":42,"_43":12073,"_45":1239,"_47":12074,"_49":12075,"_70":12076,"_60":61},"aMCOvobW",{},[],"Bindseil y Schaaf son empleados del Banco Central Europeo. Redactaron el documento independientemente del BCE.",{"_37":12078,"_39":12079},[],{"_41":42,"_43":12080,"_45":1239,"_47":12081,"_49":12082,"_70":12083,"_60":61},"qNjF5ZPj",{},[],"Analizaremos las afirmaciones que hacen y revelaremos sus errores y sesgos. Pero antes de eso, debemos tomarnos un momento para considerar la motivación detrás de la publicación de este documento y si es parte de una estrategia para desacreditar Bitcoin y contrarrestar su adopción.",{"_37":12085,"_39":12086},[],{"_41":42,"_43":12087,"_45":1239,"_47":12088,"_49":12089,"_70":12090,"_60":61},"uNeANddE",{},[],"El ciclo actual de la cotización del bitcoin se caracteriza por su aceptación y adopción por parte de las instituciones financieras. La creación de ETFs es el hecho más significativo, lo que ha provocado un fuerte interés por parte de pequeños inversores que pueden no apreciar el valor de tener la custodia del bitcoin, o que simplemente quieren añadirlo a su cartera de inversión utilizando un instrumento con el que están familiarizados. Los fondos de inversión y los fondos de pensiones están apostando poco a poco por el bitcoin tras realizar las diligencias debidas que se les exigen. Los fondos ESG también se están dando cuenta poco a poco de que la minería de bitcoin no es una amenaza para el medio ambiente, como les hicieron creer unos medios de comunicación sesgados e ignorantes. Las empresas están empezando a incorporar bitcoin a sus balances. Estos cambios que se están produciendo darán el principal impulso detrás del aumento del precio durante este ciclo.",{"_37":12092,"_39":12093},[],{"_41":42,"_43":12094,"_45":1239,"_47":12095,"_49":12096,"_70":12097,"_60":61},"vBbchSZh",{},[],"Pero una nube se cierne sobre el panorama de Bitcoin: los bancos centrales ven el creciente interés en bitcoin como una amenaza a su capacidad para controlar la masa monetaria, y los gobiernos lo ven como una amenaza a su capacidad para emitir deuda y gravar a la población. Por tanto, gobiernos y bancos centrales trabajarán juntos (como siempre han hecho) para contrarrestar esta amenaza.",{"_37":12099,"_39":12100},[],{"_41":42,"_43":12101,"_45":1239,"_47":12102,"_49":12103,"_70":12104,"_60":61},"WJEpF5lx",{},[],"Ahí es donde entra en escena el documento de Bindseil y Schaaf. Es una de las muchas publicaciones de los bancos centrales y sus apoderados que pretenden crear las bases que justifiquen la introducción de leyes para restringir la capacidad de la gente de utilizar bitcoin como depósito de valor.",{"_37":12106,"_39":12107},[],{"_41":42,"_43":12108,"_45":1239,"_47":12109,"_49":12110,"_70":12111,"_60":61},"FfQJff7z",{},[],"Este documento comenta algunas de las afirmaciones que se hacen en él. Lo hace en el orden en que aparecen en el documento. Los títulos de las secciones son los del documento. Las citas del documento aparecen en cursiva.",{"_37":12113,"_39":12114},[],{"_41":42,"_43":12115,"_45":1239,"_47":12116,"_49":12117,"_70":12118,"_60":61},"Qg7xwpaE",{},[],"El documento «Challenging Bias in the ECB's Bitcoin Analysis» (https://www.researchgate.net/publication/385134405_Challenging_Bias_in_the_ECB%27s_Bitcoin_Analysis) ofrece una excelente refutación de muchas de las afirmaciones realizadas en el documento de Binseil y Schaaf.",{"_37":12120,"_39":12121},[],{"_41":111,"_43":12122,"_45":1239,"_47":12123,"_49":12124,"_70":12125,"_60":61},"AmxcDi3c",{},[],"Introducción",{"_37":12127,"_39":12128},[],{"_41":42,"_43":12129,"_45":1239,"_47":12130,"_49":12131,"_70":12136,"_60":61},"soAFF6XA",{},[12132],{"_41":2603,"_53":12133,"_56":12134,"_47":12135,"_60":61},[265],[6441],{},"«... los pagos reales en Bitcoin, es decir, efectivamente «en cadena», siguen siendo engorrosos, lentos y caros».",{"_37":12138,"_39":12139},[],{"_41":42,"_43":12140,"_45":1239,"_47":12141,"_49":12142,"_70":12143,"_60":61},"fyV7N-PG",{},[],"Lo mismo puede decirse de los pagos fiat en L1, es decir, las liquidaciones bancarias de dinero del banco central. El sistema fiduciario ha creado sistemas de pago de varios niveles, como las transferencias interbancarias, las tarjetas de crédito y débito, PayPal, etc. Este documento ignora deliberadamente los sistemas de pago equivalentes en Bitcoin, como Lightning y Liquid, para criticar un tiempo de liquidación de diez minutos ignorando el hecho de que los tiempos de liquidación interbancaria suelen ser de un día.",{"_37":12145,"_39":12146},[],{"_41":42,"_43":12147,"_45":1239,"_47":12148,"_49":12149,"_70":12154,"_60":61},"sf36zc3m",{},[12150],{"_41":2603,"_53":12151,"_56":12152,"_47":12153,"_60":61},[265],[3515],{},"«... su valor se considera demasiado volátil para cumplir las funciones clásicas del dinero, es decir, unidad de cuenta, medio de pago y depósito de valor»",{"_37":12156,"_39":12157},[],{"_41":42,"_43":12158,"_45":1239,"_47":12159,"_49":12160,"_70":12161,"_60":61},"fzinK1UL",{},[],"Esta volatilidad es de esperar de una nueva forma de pago y depósito de valor que se introduce en la sociedad. No es una característica inherente al protocolo. Con el tiempo, su volatilidad se reducirá a medida que se le transfiera más valor desde el dinero fiduciario y otros activos como el oro.",{"_37":12163,"_39":12164},[],{"_41":111,"_43":12165,"_45":1239,"_47":12166,"_49":12167,"_70":12168,"_60":61},"8g6ysF4J",{},[],"Sección 2. El caso de uso de Bitcoin y su valoración",{"_37":12170,"_39":12171},[],{"_41":111,"_43":12172,"_45":1239,"_47":12173,"_49":12174,"_70":12175,"_60":61},"RCd6Wy9k",{},[],"2.1 Bitcoin ofrece servicios de pago a la sociedad: La visión original de Nakamoto de 2008",{"_37":12177,"_39":12178},[],{"_41":42,"_43":12179,"_45":1239,"_47":12180,"_49":12181,"_70":12186,"_60":61},"ilIdFBxO",{},[12182],{"_41":2603,"_53":12183,"_56":12184,"_47":12185,"_60":61},[265],[11135],{},"«En principio, las instituciones financieras pueden evitar mediar en disputas. La mediación es más un servicio opcional que una necesidad. Es demandado por los clientes y cobrado por los proveedores de servicios de pago»",{"_37":12188,"_39":12189},[],{"_41":42,"_43":12190,"_45":1239,"_47":12191,"_49":12192,"_70":12193,"_60":61},"LYFD6Ff-",{},[],"Esto es incorrecto. Un banco ha anulado la transacción de depósito que pagó la compra de bitcoin después de que el vendedor hubiera enviado el bitcoin a la dirección del comprador; todo lo que el comprador tuvo que hacer fue decir al banco que había sido víctima de una estafa. El vendedor no optó por la mediación. (De un debate en Matrix sobre Bisq2)",{"_37":12195,"_39":12196},[],{"_41":42,"_43":12197,"_45":1239,"_47":12198,"_49":12199,"_70":12200,"_60":61},"kR1dVzX8",{},[],"Los autores refutan la afirmación de Nakamoto de que las instituciones financieras median en las disputas utilizando ejemplos concretos que no desmienten su afirmación; simplemente demuestran que no es universal.",{"_37":12202,"_39":12203},[],{"_41":42,"_43":12204,"_45":1239,"_47":12205,"_49":12206,"_70":12207,"_60":61},"QrObgatm",{},[],"El «tercero de confianza» que el protocolo Bitcoin elimina hace más que mediar en la transacción; decide si la transacción debe iniciarse. El grado de interferencia en la transacción ha crecido significativamente desde que Nakamoto publicó su artículo. A menudo se nos somete a la «Inquisición española» cuando queremos hacer una transferencia. ¿A quién no le han preguntado «¿Cuál es el propósito de esta transacción?» al transferir fiat a otra persona o empresa? ¿A quién no le han bloqueado una transacción cuando la persona que la realiza responde «Eso es asunto mío. Por favor, respete mi privacidad»?",{"_37":12209,"_39":12210},[],{"_41":42,"_43":12211,"_45":1239,"_47":12212,"_49":12213,"_70":12214,"_60":61},"0PDU4XWv",{},[],"Los autores interpretan erróneamente el «tercero de confianza» de Nakamoto como la parte encargada de prestar el servicio de custodia en el caso de la compra de un bien. El «tercero de confianza» son en realidad las instituciones financieras que ejecutan la transacción en nombre del comprador y el seller. El protocolo Bitcoin las elimina, así como sus costes y controles asociados.",{"_37":12216,"_39":12217},[],{"_41":42,"_43":12218,"_45":1239,"_47":12219,"_49":12220,"_70":12225,"_60":61},"duw0BS5e",{},[12221],{"_41":2603,"_53":12222,"_56":12223,"_47":12224,"_60":61},[265],[6587],{},"«... por desgracia también es cierto que la prueba de trabajo es muy poco práctica en sí misma, ya que es costosa e ineficiente en comparación con otras formas alternativas de garantizar la seguridad y evitar el doble gasto de un instrumento de pago. El problema del doble gasto apenas es un problema en los pagos (porque generalmente se resuelve sin especiales dificultades, y desde luego con un coste social mucho menor que el que supone la solución ofrecida por Bitcoin).»",{"_37":12227,"_39":12228},[],{"_41":42,"_43":12229,"_45":1239,"_47":12230,"_49":12231,"_70":12232,"_60":61},"5sHVq1C9",{},[],"Los autores consideran que POW es ineficiente en comparación con otras formas alternativas de evitar el doble gasto. Dicen alegremente que puede resolverse sin dificultades particulares, sin mencionarlas. Una dificultad «menor» a la que probablemente se refieren es la presencia de un intermediario de confianza: la entidad financiera. No se trata de un problema menor, ya que reduce la privacidad de la transacción y en los países opresores puede dar lugar a que las contrapartes sean sancionadas o algo peor. Canadá y Holanda son ejemplos de países opresivos en supuestas sociedades libres.",{"_37":12234,"_39":12235},[],{"_41":42,"_43":12236,"_45":1239,"_47":12237,"_49":12238,"_70":12239,"_60":61},"qk0z_Dez",{},[],"Los autores también pueden estar aludiendo a POS como forma alternativa de evitar el doble gasto, pero prefieren dejar las posibilidades al lector para que las adivine, o simplemente acepte ciegamente que deben existir. Como todos sabemos, POS no puede proporcionar la misma resistencia contra el problema del doble gasto; todo lo que se necesitaría es una confederación de grandes tenedores de Bitcoin - por ejemplo, proveedores de ETF como BlackRock, Fidelity, bolsas, gobiernos y empresas como Microstrategy - para controlar más del 50% de la oferta de Bitcoin y confabularse para hacer doble gasto. POW, por otro lado, requeriría que más del 50% de todos los mineros se coludieran. Dada la facilidad con la que los nuevos mineros pueden entrar en línea y su diversidad geográfica, tal amenaza se reduce en gran medida hasta el punto de ser insignificante.",{"_37":12241,"_39":12242},[],{"_41":42,"_43":12243,"_45":1239,"_47":12244,"_49":12245,"_70":12246,"_60":61},"FIm69Fj5",{},[],"Los autores afirman repetidamente que el POW es un uso ineficiente de los recursos energéticos. No mencionan los beneficios positivos que aporta a los productores de energía: su consumo a demanda estabiliza la red, reduciendo los precios para los consumidores; hace viable la producción de energía verde, que de otro modo sería inviable; utiliza energía varada que se encuentra lejos de la red; reduce los gases de efecto invernadero al quemar las emisiones de gas metano de los vertederos. No mencionan que cerca del 56% de la energía consumida es renovable, porcentaje superior al de cualquier otra industria.",{"_37":12248,"_39":12249},[],{"_41":42,"_43":12250,"_45":1239,"_47":12251,"_49":12252,"_70":12258,"_60":61},"--akAJvh",{},[12253],{"_41":2603,"_53":12254,"_56":12255,"_47":12257,"_60":61},[265],[12256],333,{},"«En general, la comprensión de Nakamoto (2008) de los pagos al por menor era inexacta. Por tanto, es dudoso que su invento abordara eficazmente los problemas que él percibía en el comercio electrónico y, en consecuencia, tampoco es sorprendente que Bitcoin nunca se utilizara de forma significativa en el comercio electrónico legal.»",{"_37":12260,"_39":12261},[],{"_41":42,"_43":12262,"_45":1239,"_47":12263,"_49":12264,"_70":12265,"_60":61},"z-7QETKk",{},[],"Los autores atribuyen la falta de adopción de Bitcoin en el comercio electrónico a la falta de comprensión de los pagos por parte de Nakamoto. Ignoran deliberadamente el hecho de que se utiliza ampliamente en los países en desarrollo como medio de pago (véase Gladstein). Muchas personas utilizan Bitcoin para transferir dinero fiduciario entre distintos países (por ejemplo, Strike). Los autores ignoran esto porque se dirigen a un público de personas desinformadas en países desarrollados para disuadirles de que adopten Bitcoin.",{"_37":12267,"_39":12268},[],{"_41":42,"_43":12269,"_45":1239,"_47":12270,"_49":12271,"_70":12272,"_60":61},"Evq58SMC",{},[],"Los autores ignoran las verdaderas razones por las que la adopción de Bitcoin como medio de pago en los países desarrollados aún no está generalizada. Los sistemas de pago electrónicos existentes en los puntos de venta son cómodos para los usuarios; la mayoría de la gente no ha visto sus cuentas bloqueadas por su banco o gobierno por expresar sus opiniones políticas (como les ha ocurrido a algunos en Canadá y Holanda), o no conoce a quienes sí lo han hecho; la volatilidad del precio de Bitcoin es lo suficientemente alta como para que sea necesaria una transferencia posterior a fiat para poder gastar los fondos en la moneda base del titular.",{"_37":12274,"_39":12275},[],{"_41":42,"_43":12276,"_45":1239,"_47":12277,"_49":12278,"_70":12279,"_60":61},"vqa21hIT",{},[],"Los autores utilizan el término «comercio electrónico legal» para dar a entender que Bitcoin se utiliza ampliamente en el comercio electrónico ilegal. Esto no es cierto; sólo alrededor del 0,3% del comercio electrónico ilegal se realiza con Bitcoin (Daniel Batten).",{"_37":12281,"_39":12282},[],{"_41":111,"_43":12283,"_45":1239,"_47":12284,"_49":12285,"_70":12286,"_60":61},"sDpZ6502",{},[],"2.2 El justo valor de Bitcoin",{"_37":12288,"_39":12289},[],{"_41":42,"_43":12290,"_45":1239,"_47":12291,"_49":12292,"_70":12293,"_60":61},"nqwq3Bzy",{},[],"Los autores parecen incapaces de decidir si Bitcoin es como un activo de renta variable, una mercancía o una versión digital del oro (que también se considera una mercancía, pero cuyas propiedades se asemejan más a las de un depósito de valor y medio de pago). Por lo tanto, intentan y no consiguen asignar un valor justo a Bitcoin. Buscan una relación entre su precio y diversas variables relacionadas con el mercado. Aplican el DCF como si se tratara de las acciones de una empresa proveedora de bienes o servicios. Desacreditan el S2F como predictor del precio, que, como bien dicen, es una regresión sobre una sola variable, pero de hecho ha sido un buen predictor de la tendencia general de crecimiento exponencial de su precio. Omiten esta observación y se centran en su incapacidad para predecir la reciente caída del precio en 2022. No proponen un modelo analítico que haya predicho ninguna caída de precios del mercado bursátil, el mercado de bonos, el mercado de materias primas o el mercado del oro.",{"_37":12295,"_39":12296},[],{"_41":42,"_43":12297,"_45":1239,"_47":12298,"_49":12299,"_70":12300,"_60":61},"lKiktV-_",{},[],"También omiten el debate sobre el significado del dinero y su relevancia para el bitcoin, que pretende ser dinero, no una acción ni una mercancía ni un bono. ¿Cuál es el valor justo del dinero? Se trata de una pregunta autorreferente, ya que el valor justo del dinero debe expresarse como... dinero.",{"_37":12302,"_39":12303},[],{"_41":42,"_43":12304,"_45":1239,"_47":12305,"_49":12306,"_70":12307,"_60":61},"4UNHJ4On",{},[],"El dinero y Bitcoin se discuten ampliamente en libros como The Bitcoin Layer (Nik Batia) y Broken Money (Lyn Alden) y no es necesario reproducirlos aquí. Bitcoin, como el oro, cumple la definición de dinero; sin embargo, en la era moderna, el oro ha perdido su atractivo como medio de intercambio por varias razones (su prohibición en EEUU en 1933, la imposición por parte de los gobiernos del dinero fiduciario y la ignorancia o aceptación por parte de los consumidores de sus defectos).",{"_37":12309,"_39":12310},[],{"_41":111,"_43":12311,"_45":1239,"_47":12312,"_49":12313,"_70":12314,"_60":61},"bqJueJSa",{},[],"2.3 Bitcoin como pura inversión desligada de cualquier caso de uso",{"_37":12316,"_39":12317},[],{"_41":42,"_43":12318,"_45":1239,"_47":12319,"_49":12320,"_70":12321,"_60":61},"llItmzj4",{},[],"Los autores proporcionan citas de profesionales de la inversión y celebridades en un intento de apoyar su argumento de que el valor de Bitcoin sólo depende de la percepción de que seguirá aumentando. Sin embargo, ignoran un caso de uso que se menciona en ellas. Ese caso de uso es el «depósito de valor». Este depósito de valor y su protección implícita contra la devaluación de la moneda es la razón por la que se prevé que su precio aumente en los próximos años. Los autores dan a entender que los inversores en bitcoin creen que su precio crecerá indefinidamente; la verdad es que creen que crecerá hasta el punto en que haya captado la riqueza que la gente quiere almacenar en este medio. Esto es lo que ha ocurrido con el oro, y por qué su precio en fiat cambia en respuesta a la debasemente del dinero fiat y a los acontecimientos geopolíticos.",{"_37":12323,"_39":12324},[],{"_41":42,"_43":12325,"_45":1239,"_47":12326,"_49":12327,"_70":12328,"_60":61},"9Bhun1Ah",{},[],"Los inversores que entienden que Bitcoin es un depósito de valor y que su precio aumentará a medida que la sociedad llegue a la misma conclusión en los próximos años, aprovecharán naturalmente la oportunidad de aumentar el valor de su inversión. No creen, como escriben los autores, que se trate de un «círculo virtuoso en el que su valor aumenta continuamente». Los primeros inversores en oro, metales preciosos y empresas tecnológicas de éxito como Apple, Amazon, Microsoft, Google, Tesla y NVidia tampoco creían esto.",{"_37":12330,"_39":12331},[],{"_41":42,"_43":12332,"_45":1239,"_47":12333,"_49":12334,"_70":12335,"_60":61},"43E8whgZ",{},[],"Los autores afirman correctamente que un bien, o mercancía, sin demanda tiene un precio cero:",{"_37":12337,"_39":12338},[],{"_41":42,"_43":12339,"_45":1239,"_47":12340,"_49":12341,"_70":12346,"_60":61},"7Z8pYmNO",{},[12342],{"_41":2603,"_53":12343,"_56":12344,"_47":12345,"_60":61},[265],[3436],{},"«En el contexto de Bitcoin, con su oferta limitada y fija, el término no económico «rareza» parece más apropiado. Si la oferta es fija, el precio pasa a depender exclusivamente de la demanda. Y si la demanda desapareciera, el precio sería cero».",{"_37":12348,"_39":12349},[],{"_41":42,"_43":12350,"_45":1239,"_47":12351,"_49":12352,"_70":12353,"_60":61},"uxPp5iXy",{},[],"Lo mismo puede decirse del oro, con la salvedad de que su precio disminuiría hasta un nivel que reflejara su demanda para joyería y manufactura, y este nivel sería significativamente inferior a su precio actual. El precio del oro refleja en gran medida su uso como depósito de valor, al igual que el precio del bitcoin.",{"_37":12355,"_39":12356},[],{"_41":111,"_43":12357,"_45":1239,"_47":12358,"_49":12359,"_70":12360,"_60":61},"qTsXLtnA",{},[],"2.4 La visión inversora de Bitcoin en el debate político",{"_37":12362,"_39":12363},[],{"_41":42,"_43":12364,"_45":1239,"_47":12365,"_49":12366,"_70":12367,"_60":61},"T2N-mxlX",{},[],"No hay mucho que comentar en esta sección; resume el clima político que rodea a Bitcoin en el periodo previo a las elecciones estadounidenses.",{"_37":12369,"_39":12370},[],{"_41":111,"_43":12371,"_45":1239,"_47":12372,"_49":12373,"_70":12374,"_60":61},"qoxqXM4P",{},[],"3. La macroeconomía de la exuberancia de los precios de los grandes activos",{"_37":12376,"_39":12377},[],{"_41":42,"_43":12378,"_45":1239,"_47":12379,"_49":12380,"_70":12381,"_60":61},"_CiNdNtj",{},[],"TBD. Esta sección es una clase de economía que puede ser demasiado teórica para comentarla.",{"_37":12383,"_39":12384},[],{"_41":111,"_43":12385,"_45":1239,"_47":12386,"_49":12387,"_70":12388,"_60":61},"mBuLuJXO",{},[],"4. Los efectos distributivos de Bitcoin: una ilustración",{"_37":12390,"_39":12391},[],{"_41":42,"_43":12392,"_45":1239,"_47":12393,"_49":12394,"_70":12395,"_60":61},"Ku8Lrgch",{},[],"Los autores construyen un modelo que muestra una transferencia gradual de riqueza de un grupo de personas a otro durante cuarenta años de crecimiento exponencial del precio del bitcoin. Estos grupos se denominan «Madrugadores» y «Tardones». El modelo concluye que el consumo per cápita de los Madrugadores crece del 50% al 70% durante este periodo.",{"_37":12397,"_39":12398},[],{"_41":42,"_43":12399,"_45":1239,"_47":12400,"_49":12401,"_70":12402,"_60":61},"IGVyyINf",{},[],"El modelo parte de la suposición poco realista de que los Tardones renuncian al consumo para comprar bitcoin. Ignoran el hecho de que muchos almacenan su efectivo en bitcoin en lugar de en dinero fiduciario, optando por evitar su devaluación.",{"_37":12404,"_39":12405},[],{"_41":42,"_43":12406,"_45":1239,"_47":12407,"_49":12408,"_70":12409,"_60":61},"uY41mawB",{},[],"Los autores argumentan que la transferencia de riqueza de los Tardones a los Madrugadores es socialmente injusta, ignorando el hecho de que ha sido una práctica común en el mercado de valores desde su creación. Basta con preguntar a Warren Buffett.",{"_37":12411,"_39":12412},[],{"_41":42,"_43":12413,"_45":1239,"_47":12414,"_49":12415,"_70":12416,"_60":61},"e7-l6JjM",{},[],"En ciclos pasados, hasta 2-4 millones de BTC cambiaron de manos (email de Bitcoin Magazine Pro del 22/11). Esto es mucho mayor que el w=2% del modelo de los autores, por lo que la distribución de la riqueza debería ser más equitativa de lo que ellos predicen (tengo que comprobar esta afirmación).",{"_37":12418,"_39":12419},[],{"_41":42,"_43":12420,"_45":1239,"_47":12421,"_49":12422,"_70":12423,"_60":61},"jOYRWEBD",{},[],"En Europa y EE.UU., aproximadamente el 70% de la riqueza total pertenece al 10% de los que más ganan; el 50% más pobre sólo posee el 2,5% de la riqueza total.",{"_37":12425,"_39":12426},[],{"_41":42,"_43":12427,"_45":1239,"_47":12428,"_49":12429,"_70":12430,"_60":61},"LhKBaI69",{},[],"Los autores ignoran el hecho de que la gran mayoría de los Madrugadores pertenecen al 90% de los asalariados que poseen el 30% de la riqueza. La transferencia de riqueza que más preocupa a los autores es, por tanto, una fracción del 30% de la riqueza. El efecto neto de tal transferencia de riqueza aumentará la riqueza total que posee el 90% de los asalariados, lo que dará lugar a una distribución más justa de la riqueza en la sociedad.",{"_37":12432,"_39":12433},[],{"_41":42,"_43":12434,"_45":1239,"_47":12435,"_49":12436,"_70":12437,"_60":61},"XMPF3e-F",{},[],"Consideremos ahora el caso en el que la mayoría de los Madrugadores pertenecen al 50% de los asalariados con menos ingresos. La redistribución de la riqueza de los que ganan más a los que ganan menos sería aún mayor: ¡el sueño de los socialistas!",{"_37":12439,"_39":12440},[],{"_41":42,"_43":12441,"_45":1239,"_47":12442,"_49":12443,"_70":12444,"_60":61},"hnBcGJGG",{},[],"Uno sólo puede concluir que el modelo de los autores es tan simple como el que yo he propuesto y no es un argumento sólido para guiar la política gubernamental relacionada con Bitcoin.",{"_37":12446,"_39":12447},[],{"_41":42,"_43":12448,"_45":1239,"_47":12449,"_49":12450,"_70":12451,"_60":61},"4kvCRb-O",{},[],"Los autores tampoco han tenido en cuenta la monetización del bitcoin que se está produciendo ahora que las empresas están emitiendo bonos para comprar bitcoin. Esta actividad no transfiere riqueza de los tardíos a los madrugadores. Nik Bhatia (el autor de The Bitcoin Layer) publicó un vídeo sobre esto el pasado sábado 13 de diciembre. Describe cómo los bancos privados están creando dinero al financiar la inversión en bonos a través del mercado de repos de bonos. Nik define «monetización» como el proceso de crear dinero para comprar un activo. Lo mismo se hace cuando las empresas emiten bonos para comprar sus propias acciones. Así que este dinero de nueva creación que se utiliza para comprar bitcoin no sale del monedero de lo que los autores llaman los Latecomers, y por tanto no se les está empobreciendo.",{"_37":12453,"_39":12454},[],{"_41":42,"_43":12455,"_45":1239,"_47":12456,"_49":12457,"_70":12458,"_60":61},"gWmCoAho",{},[],"Parece bastante seguro que la administración Trump va a crear una Reserva Estratégica de Bitcoin, por lo que también emitirán bonos para financiar la compra. Y una vez más, nadie saldrá perjudicado en el proceso.",[914],"/library/the-distributional-consequences-of-bitcoin/comentarios-de-tones","2024-12-17T08:49:29.335Z",{"_131":1259},{},{"_173":1249,"_177":1257},{"_43":1236,"_185":98,"_99":12466,"_119":1239,"_187":-5,"_188":-5,"_189":-5,"_190":-5,"_184":6},[459,988,1238],1776429499634,[277,1236,1239,6],"[\"ENTITY\",\"hm://z6Mkusu8KBMXe52JC9fnEFzwdsAF2SXGvnxoAyVTXBhGfRDR/library/the-distributional-consequences-of-bitcoin/comentarios-de-tones\",\"bafy2bzaceb7eilr7ht2dtz57t7xsvy3nrbe5phbqaiesxbvvk7m2qrwtzgcoy\",true]",{"_199":12471,"_275":12495,"_278":12496},{"_201":12472,"_259":260,"_261":12494,"_263":-5,"_264":265,"_266":265,"_267":265,"_268":-5,"_269":-5,"_270":8,"_271":272,"_273":274},{"_41":32,"_32":12473,"_43":12492},{"_34":12474,"_119":1265,"_121":98,"_122":12487,"_99":1374,"_125":1274,"_127":12488,"_129":12489,"_144":12490,"_173":1275,"_175":12491,"_179":180},[12475],{"_37":12476,"_39":12477},[],{"_41":85,"_43":12478,"_45":12479,"_47":12480,"_49":12486,"_70":61,"_60":61},"Efn3DU_e","bafy2bzaced33omi5tec4vg2e4rsccnhkcdum5efuosrd43zzfojcf66p2qluy",{"_89":649,"_90":91,"_92":12481,"_108":8},{"_94":12482,"_102":12484},[12483],{"_97":98,"_99":8946,"_100":502},[12485],{"_105":8,"_106":3145},[],[124,98],"2024-12-12T11:05:14.674Z",{"_131":1264},{},{"_173":1275,"_177":1282},{"_43":1262,"_185":98,"_99":12493,"_119":1265,"_187":-5,"_188":-5,"_189":-5,"_190":-5,"_184":6},[412,1264],1776429499649,[277,1262,1265,6],"[\"ENTITY\",\"hm://z6Mkusu8KBMXe52JC9fnEFzwdsAF2SXGvnxoAyVTXBhGfRDR/meetups/2021\",\"bafy2bzacebjnwjzx4ssaw7zdlwkg5ortpyxo4qbbivdjjzmznfsnrxoatmarc\",true]",{"_199":12498,"_275":12522,"_278":12523},{"_201":12499,"_259":260,"_261":12521,"_263":-5,"_264":265,"_266":265,"_267":265,"_268":-5,"_269":-5,"_270":8,"_271":272,"_273":274},{"_41":32,"_32":12500,"_43":12519},{"_34":12501,"_119":1289,"_121":98,"_122":12514,"_99":1615,"_125":1298,"_127":12515,"_129":12516,"_144":12517,"_173":1299,"_175":12518,"_179":180},[12502],{"_37":12503,"_39":12504},[],{"_41":85,"_43":12505,"_45":12506,"_47":12507,"_49":12513,"_70":61,"_60":61},"1GZHiAu9","bafy2bzaceblmbkvspnr3wbowwkgkw6ounptlfpkbzdemao6mbmtca4233gjcc",{"_89":649,"_90":91,"_92":12508,"_108":8},{"_94":12509,"_102":12511},[12510],{"_97":98,"_99":8926,"_100":502},[12512],{"_105":8,"_106":3145},[],[124,98],"2024-12-12T11:05:04.697Z",{"_131":1288},{},{"_173":1299,"_177":1306},{"_43":1286,"_185":98,"_99":12520,"_119":1289,"_187":-5,"_188":-5,"_189":-5,"_190":-5,"_184":6},[412,1288],1776429499661,[277,1286,1289,6],"[\"ENTITY\",\"hm://z6Mkusu8KBMXe52JC9fnEFzwdsAF2SXGvnxoAyVTXBhGfRDR/meetups/2022\",\"bafy2bzacecbcbi5efdmt2gf2rfg4jiyrg3iuow5qdgetflcvq2ma4w35saqxg\",true]",{"_199":12525,"_275":12549,"_278":12550},{"_201":12526,"_259":260,"_261":12548,"_263":-5,"_264":265,"_266":265,"_267":265,"_268":-5,"_269":-5,"_270":8,"_271":272,"_273":274},{"_41":32,"_32":12527,"_43":12546},{"_34":12528,"_119":1312,"_121":98,"_122":12541,"_99":1069,"_125":1321,"_127":12542,"_129":12543,"_144":12544,"_173":1322,"_175":12545,"_179":180},[12529],{"_37":12530,"_39":12531},[],{"_41":85,"_43":12532,"_45":12533,"_47":12534,"_49":12540,"_70":61,"_60":61},"Prr8RiYB","bafy2bzacede2linsqvsmuus5k2fsj4dv2wlaoj6hevotz723xqi75pthsxq4w",{"_89":649,"_90":91,"_92":12535,"_108":8},{"_94":12536,"_102":12538},[12537],{"_97":98,"_99":8888,"_100":502},[12539],{"_105":8,"_106":5253},[],[124,98],"2024-12-12T11:04:54.761Z",{"_131":1052},{},{"_173":1322,"_177":1329},{"_43":1310,"_185":98,"_99":12547,"_119":1312,"_187":-5,"_188":-5,"_189":-5,"_190":-5,"_184":6},[412,1052],1776429499689,[277,1310,1312,6],"[\"ENTITY\",\"hm://z6Mkusu8KBMXe52JC9fnEFzwdsAF2SXGvnxoAyVTXBhGfRDR/meetups/2024\",\"bafy2bzacedqbgvh7duau5thpaeqt7woiulack5fsmyhkybs6krfffghe6dgyo\",true]",{"_199":12552,"_275":12577,"_278":12578},{"_201":12553,"_259":260,"_261":12576,"_263":-5,"_264":265,"_266":265,"_267":265,"_268":-5,"_269":-5,"_270":8,"_271":272,"_273":274},{"_41":32,"_32":12554,"_43":12574},{"_34":12555,"_119":1336,"_121":98,"_122":12569,"_99":1981,"_125":1345,"_127":12570,"_129":12571,"_144":12572,"_173":1346,"_175":12573,"_179":180},[12556],{"_37":12557,"_39":12558},[],{"_41":85,"_43":12559,"_45":12560,"_47":12561,"_49":12568,"_70":61,"_60":61},"f6au5PZJ","bafy2bzaceae5tvb2yibvxcffwqc7qqogutuhg6tdnf2jzo2kin6bxszwnpqgm",{"_89":649,"_90":91,"_92":12562,"_108":8},{"_94":12563,"_102":12565},[12564],{"_97":98,"_99":8907,"_100":502},[12566],{"_105":8,"_106":12567},"CreateTime",[],[124,98],"2024-12-12T11:04:45.560Z",{"_131":1335},{},{"_173":1346,"_177":1353},{"_43":1333,"_185":98,"_99":12575,"_119":1336,"_187":-5,"_188":-5,"_189":-5,"_190":-5,"_184":6},[412,1335],1776429499694,[277,1333,1336,6],"[\"ENTITY\",\"hm://z6Mkusu8KBMXe52JC9fnEFzwdsAF2SXGvnxoAyVTXBhGfRDR/meetups/2023\",\"bafy2bzaceba3zlmhmdpg6j4fbesoth6id4p2aaponhsiecuriyqlhrtibggnk\",true]",{"_199":12580,"_275":12622,"_278":12623},{"_201":12581,"_259":260,"_261":12621,"_263":-5,"_264":265,"_266":265,"_267":265,"_268":-5,"_269":-5,"_270":8,"_271":272,"_273":274},{"_41":32,"_32":12582,"_43"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September 2021, Olya created a tweet summoning all Bitcoiners in Madrid.",{"_37":12600,"_39":12608},[12601],{"_37":12602,"_39":12603},[],{"_41":3682,"_43":12604,"_45":1360,"_47":12605,"_49":12606,"_70":61,"_60":12607},"VVzCgC0P",{},[],"https://x.com/olya_borderless/status/1456380452143513622",{"_41":42,"_43":12609,"_45":1360,"_47":12610,"_49":12611,"_70":12612,"_60":61},"PEFzLRMB",{"_115":116},[],"And in November 2021, we had our first meetup.",[124,98],"/meetups/2021/olyas-tweet","2024-12-11T16:24:43.652Z",{"_131":1380,"_135":1381},{},{"_173":1369,"_177":1378},{"_43":1357,"_185":98,"_99":12620,"_119":1360,"_187":-5,"_188":-5,"_189":-5,"_190":-5,"_184":6},[412,1264,1359],1776429499760,[277,1357,1360,6],"[\"ENTITY\",\"hm://z6Mkusu8KBMXe52JC9fnEFzwdsAF2SXGvnxoAyVTXBhGfRDR/meetups/2021/olyas-tweet\",\"bafy2bzacedar4jwd4kk43y7ngqonlxg4sx2lkemgoow675ygjdaj2q6v43dre\",true]",{"_199":12625,"_275":12805,"_278":12806},{"_201":12626,"_259":260,"_261":12804,"_263":-5,"_264":265,"_266":265,"_267":265,"_268":-5,"_269":-5,"_270":8,"_271":272,"_273":274},{"_41":32,"_32":12627,"_43":12802},{"_34":12628,"_119":1387,"_121":98,"_122":12797,"_99":12798,"_125":1394,"_127":1394,"_129":12799,"_144":12800,"_173":1387,"_175":12801,"_179":180},[12629,12704,12728,12743,12783],{"_37":12630,"_39":12695},[12631,12638,12649,12665,12677,12684],{"_37":12632,"_39":12633},[],{"_41":42,"_43":12634,"_45":1387,"_47":12635,"_49":12636,"_70":12637,"_60":61},"tEoBDArp",{},[],"Tuesday, June 25, 2024 7:00 PM to 9:00 PM CEST",{"_37":12639,"_39":12640},[],{"_41":42,"_43":12641,"_45":1387,"_47":12642,"_49":12643,"_70":12648,"_60":61},"0Ofu0BSd",{},[12644],{"_41":52,"_53":12645,"_56":12646,"_47":12647,"_60":61},[265],[10935],{},"¿Cansado de depender de terceros que te espían y venden tus datos al mejor postor?",{"_37":12650,"_39":12651},[],{"_41":42,"_43":12652,"_45":1387,"_47":12653,"_49":12654,"_70":12664,"_60":61},"BdWsGkn9",{},[12655,12659],{"_41":52,"_53":12656,"_56":12657,"_47":12658,"_60":61},[3992],[3392],{},{"_41":63,"_53":12660,"_56":12661,"_47":12662,"_60":12663},[7295],[2842],{},"https://x.com/The_Cryptosquid","El próximo martes Cryptosquid (https://x.com/The_Cryptosquid) nos hablará de una opción para poder ser soberano, dueño de tus propios datos y gozar de total privacidad. Y todo de una forma muy sencilla, sin necesidad de grandes conocimientos técnicos.",{"_37":12666,"_39":12667},[],{"_41":42,"_43":12668,"_45":1387,"_47":12669,"_49":12670,"_70":12676,"_60":61},"3jp0FoQF",{},[12671],{"_41":52,"_53":12672,"_56":12674,"_47":12675,"_60":61},[12673],68,[6454],{},"Durante este meetup nos presentará el software de código abierto de Start9 y nos explicará todo lo que podemos hacer con él.\nDesde usarlo como tu propia nube hasta tener tu propio nodo de bitcoin y lightning, entre muchas otras cosas.",{"_37":12678,"_39":12679},[],{"_41":42,"_43":12680,"_45":1387,"_47":12681,"_49":12682,"_70":12683,"_60":61},"2-utNpwK",{},[],"¡No te pierdas esta oportunidad de salir de la matrix!",{"_37":12685,"_39":12686},[],{"_41":42,"_43":12687,"_45":1387,"_47":12688,"_49":12689,"_70":12694,"_60":61},"0JsY2Tjh",{},[12690],{"_41":52,"_53":12691,"_56":12692,"_47":12693,"_60":61},[4442,55],[3670,3459],{},"El evento se hará en español con algunos bitcoiners presentes que puedan ayudar con la traducción al inglés.",{"_41":111,"_43":12696,"_45":1387,"_47":12697,"_49":12698,"_70":12703,"_60":61},"c9cgtQhP",{"_115":116},[12699],{"_41":52,"_53":12700,"_56":12701,"_47":12702,"_60":61},[265],[3740],{},"Details",{"_37":12705,"_39":12723},[12706],{"_37":12707,"_39":12708},[],{"_41":42,"_43":12709,"_45":1387,"_47":12710,"_49":12711,"_70":12722,"_60":61},"N-aFmoNr",{},[12712,12717],{"_41":63,"_53":12713,"_56":12714,"_47":12715,"_60":12716},[265],[510],{},"https://start9.com/",{"_41":63,"_53":12718,"_56":12719,"_47":12720,"_60":12721},[510],[3552],{},"https://start9.com/faq/","https://start9.com/\nhttps://start9.com/faq/",{"_41":111,"_43":12724,"_45":1387,"_47":12725,"_49":12726,"_70":12727,"_60":61},"VcTmpQlw",{"_115":116},[],"Materiales de referencia:",{"_37":12729,"_39":12730},[],{"_41":42,"_43":12731,"_45":1387,"_47":12732,"_49":12733,"_70":12742,"_60":61},"tEJ6ZFBe",{},[12734,12738],{"_41":2603,"_53":12735,"_56":12736,"_47":12737,"_60":61},[265],[55],{},{"_41":63,"_53":12739,"_56":12740,"_47":12741,"_60":9001},[2588],[3248],{},"¡Nos hemos mudado! Ahora estaremos celebrando nuestro meetup en Meat Madrid. 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Explicaremos técnicas de procesamiento de lenguaje natural (NLP) para analizar e interpretar documentos relacionados con Bitcoin.",{"_37":13038,"_39":13039},[],{"_41":42,"_43":13040,"_45":1448,"_47":13041,"_49":13042,"_70":13043,"_60":61},"hF4wOEak",{},[],"Consulta a Bases de Datos: Utilizaremos una BBDD de Bitcoin que contiene históricos de transacciones. Mediante consultas en lenguaje natural, extraeremos información de dicha BBDD",{"_37":13045,"_39":13046},[],{"_41":42,"_43":13047,"_45":1448,"_47":13048,"_49":13049,"_70":13050,"_60":61},"sOlHL466",{},[],"Consulta a APIs de terceros: Mostraremos cómo la IA puede mejorar la interacción con APIs de terceros para obtener datos en tiempo real.",{"_41":42,"_43":13052,"_45":1448,"_47":13053,"_49":13054,"_70":13055,"_60":61},"cDnW8Ta0",{"_115":8263},[],"Durante el evento, cubriremos tres aplicaciones de la IA aplicadas al mundo Bitcoin:",{"_37":13057,"_39":13065},[13058],{"_37":13059,"_39":13060},[],{"_41":42,"_43":13061,"_45":1448,"_47":13062,"_49":13063,"_70":13064,"_60":61},"z_OFM74X",{},[],"Además de explorar estas aplicaciones, propondremos la colaboración entre los asistentes para avanzar en el desarrollo de nuevas herramientas de IA aplicadas a Bitcoin. Si tienes ideas o estás trabajando en proyectos relacionados, este será el lugar perfecto para compartir y obtener retroalimentación y ayuda de una comunidad activa y entusiasta de Bitcoin.",{"_41":42,"_43":13066,"_45":1448,"_47":13067,"_49":13068,"_70":13069,"_60":61},"06eYw65F",{"_115":116},[],"¿Quieres contribuir al futuro de la IA aplicada a Bitcoin?",{"_37":13071,"_39":13072},[],{"_41":42,"_43":13073,"_45":1448,"_47":13074,"_49":13075,"_70":12694,"_60":61},"3RHRVtGx",{},[13076],{"_41":52,"_53":13077,"_56":13078,"_47":13079,"_60":61},[4442,55],[3670,3459],{},{"_37":13081,"_39":13116},[13082,13092,13106],{"_37":13083,"_39":13084},[],{"_41":42,"_43":13085,"_45":1448,"_47":13086,"_49":13087,"_70":4283,"_60":61},"v6_h4V67",{},[13088],{"_41":63,"_53":13089,"_56":13090,"_47":13091,"_60":4282},[2840],[3548],{},{"_37":13093,"_39":13094},[],{"_41":42,"_43":13095,"_45":1448,"_47":13096,"_49":13097,"_70":9084,"_60":61},"unmke6Y3",{},[13098,13102],{"_41":63,"_53":13099,"_56":13100,"_47":13101,"_60":4299},[3899],[4421],{},{"_41":63,"_53":13103,"_56":13104,"_47":13105,"_60":4304},[4240],[3415],{},{"_37":13107,"_39":13108},[],{"_41":42,"_43":13109,"_45":1448,"_47":13110,"_49":13111,"_70":4317,"_60":61},"Cpcrw5vo",{},[13112],{"_41":63,"_53":13113,"_56":13114,"_47":13115,"_60":4316},[4016],[3775],{},{"_41":42,"_43":13117,"_45":1448,"_47":13118,"_49":13119,"_70":13120,"_60":61},"dDW3So1D",{"_115":2957},[],"Únete a la Comunidad de Bitcoin Tuesdays Madrid:",{"_37":13122,"_39":13123},[],{"_41":42,"_43":13124,"_45":1448,"_47":13125,"_49":13126,"_70":4457,"_60":61},"9vyTqoAU",{},[13127,13131],{"_41":63,"_53":13128,"_56":13129,"_47":13130,"_60":9112},[4238],[4240],{},{"_41":2603,"_53":13132,"_56":13133,"_47":13134,"_60":61},[3511],[4394],{},[98],"/meetups/2024/33-ia-para-bitcoin-ia-para-todos",{"_131":1465,"_135":1466},{},{"_173":1448,"_177":1463},{"_43":1445,"_185":98,"_99":13141,"_119":1448,"_187":-5,"_188":-5,"_189":-5,"_190":-5,"_184":6},[412,1052,1447],1776429499751,[277,1445,1448,6],"[\"ENTITY\",\"hm://z6Mkusu8KBMXe52JC9fnEFzwdsAF2SXGvnxoAyVTXBhGfRDR/meetups/2024/33-ia-para-bitcoin-ia-para-todos\",\"bafy2bzacecwmujse2gei362gey4jpcg2cohblszqxucjrmbwvywelooc34wpa\",true]",{"_199":13146,"_275":13269,"_278":13270},{"_201":13147,"_259":260,"_261":13268,"_263":-5,"_264":265,"_266":265,"_267":265,"_268":-5,"_269":-5,"_270":8,"_271":272,"_273":274},{"_41":32,"_32":13148,"_43":13266},{"_34":13149,"_119":1472,"_121":98,"_122":13261,"_99":13262,"_125":1479,"_127":1479,"_129":13263,"_144":13264,"_173":1472,"_175":13265,"_179":180},[13150,13157,13168,13175,13186,13201,13207,13218,13237,13247],{"_37":13151,"_39":13152},[],{"_41":2632,"_43":13153,"_45":1472,"_47":13154,"_49":13155,"_70":61,"_60":13156},"Y-8P8WsE",{},[],"ipfs://bafybeicbsgoazmkryybouwfcq6op2v263ba3m26df6res7vqwrwzsio2ey",{"_37":13158,"_39":13159},[],{"_41":42,"_43":13160,"_45":1472,"_47":13161,"_49":13162,"_70":13167,"_60":61},"ph7_7Gxi",{},[13163],{"_41":52,"_53":13164,"_56":13165,"_47":13166,"_60":61},[7388],[4185],{},"Ven y descubre por qué Bitcoin supone una nueva era para la humanidad y cómo debemos proteger la riqueza que producimos en esta era para evitar la pobreza generacional.\n¡Descubre la era del BITCOINISMO!\nCharlaremos sobre las ideas detrás del libro de Adrián Bernabéu y conoceremos el por qué de su tesis.",{"_37":13169,"_39":13170},[],{"_41":42,"_43":13171,"_45":1472,"_47":13172,"_49":13173,"_70":13174,"_60":61},"D2KZ8lVf",{},[],"Se hará un sorteo de 3 libros de \"Bitcoinismo: La era de la riqueza inconfiscable\" firmados y dedicados por Adrián.",{"_37":13176,"_39":13177},[],{"_41":42,"_43":13178,"_45":1472,"_47":13179,"_49":13180,"_70":13185,"_60":61},"sZPN_AgM",{},[13181],{"_41":52,"_53":13182,"_56":13183,"_47":13184,"_60":61},[4942],[4443],{},"Además, todos los que consigan un ejemplar del libro, tendrán acceso incluido al preestreno privado del documental INCONFISCABLE el 3 de enero 2025, del cual veremos el Trailer en el propio meetup.",{"_37":13187,"_39":13188},[],{"_41":42,"_43":13189,"_45":1472,"_47":13190,"_49":13191,"_70":13200,"_60":61},"3epPRTS0",{},[13192,13196],{"_41":2603,"_53":13193,"_56":13194,"_47":13195,"_60":61},[265],[2805],{},{"_41":52,"_53":13197,"_56":13198,"_47":13199,"_60":61},[4004,4439,4440],[4442,4443,10724],{},"El evento es gratuito (es un restaurante que cede el espacio y hay pago por consumo pero no es obligatorio) y se hará en español. Además la mayoría de asistentes habla también inglés. 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próximo martes tenemos prevista la proyección del corto STRANDED creado por Alana Mediavilla como adelanto del documental DIRTY COIN cuyo estreno final está previsto para 2025. (Duración 17minutos, V.O. Inglés con subtítulos en español) (+INFO del corto)",{"_37":14336,"_39":14337},[],{"_41":42,"_43":14338,"_45":1628,"_47":14339,"_49":14340,"_70":14346,"_60":61},"eFUlnbOn",{},[14341],{"_41":52,"_53":14342,"_56":14344,"_47":14345,"_60":61},[14343],56,[4410],{},"A continuación de la proyección tendremos una sesión de OPEN MIC sobre \"PREGUNTAS GENERALES DE BITCOIN\" donde todo el mundo puede participar con sus dudas o preguntas generales y aportar valor sobre las cuestiones planteadas.",{"_37":14348,"_39":14349},[],{"_41":42,"_43":14350,"_45":1628,"_47":14351,"_49":14352,"_70":12694,"_60":61},"oKF8CrWb",{},[14353],{"_41":52,"_53":14354,"_56":14355,"_47":14356,"_60":61},[4442,55],[3670,3459],{},{"_37":14358,"_39":14359},[],{"_41":42,"_43":14360,"_45":1628,"_47":14361,"_49":14362,"_70":13399,"_60":61},"QwuezvFZ",{},[14363,14367,14371,14375,14379,14383],{"_41":63,"_53":14364,"_56":14365,"_47":14366,"_60":4282},[2840],[3548],{},{"_41":63,"_53":14368,"_56":14369,"_47":14370,"_60":4299},[9042],[2829],{},{"_41":63,"_53":14372,"_56":14373,"_47":14374,"_60":4304},[8742],[4396],{},{"_41":63,"_53":14376,"_56":14377,"_47":14378,"_60":4316},[4407],[55],{},{"_41":63,"_53":14380,"_56":14381,"_47":14382,"_60":9112},[6585],[2803],{},{"_41":2603,"_53":14384,"_56":14385,"_47":14386,"_60":61},[11578],[3515],{},{"_41":111,"_43":14388,"_45":1628,"_47":14389,"_49":14390,"_70":12703,"_60":61},"aYt-mcE-",{"_115":116},[14391],{"_41":52,"_53":14392,"_56":14393,"_47":14394,"_60":61},[265],[3740],{},[124],"/meetups/2024/30-bitcoin-tuesday-proyeccion-corto-stranded--open-mic",{"_131":1645,"_135":1646},{},{"_173":1628,"_177":1643},{"_43":1625,"_185":98,"_99":14401,"_119":1628,"_187":-5,"_188":-5,"_189":-5,"_190":-5,"_184":6},[412,1052,1627],1776429499825,[277,1625,1628,6],"[\"ENTITY\",\"hm://z6Mkusu8KBMXe52JC9fnEFzwdsAF2SXGvnxoAyVTXBhGfRDR/meetups/2024/30-bitcoin-tuesday-proyeccion-corto-stranded--open-mic\",\"bafy2bzacedz3pa23flnnr7itkunw7ayqf6u6gtpcgdyjwf37vcpzpay2lmgru\",true]",{"_199":14406,"_275":14524,"_278":14525},{"_201":14407,"_259":260,"_261":14523,"_263":-5,"_264":265,"_266":265,"_267":265,"_268":-5,"_269":-5,"_270":8,"_271":272,"_273":274},{"_41":32,"_32":14408,"_43":14521},{"_34":14409,"_119":1652,"_121":98,"_122":14516,"_99":14517,"_125":1659,"_127":1659,"_129":14518,"_144":14519,"_173":1652,"_175":14520,"_179":180},[14410,14420,14427,14446,14457,14467,14489,14500],{"_37":14411,"_39":14412},[],{"_41":111,"_43":14413,"_45":1652,"_47":14414,"_49":14415,"_70":12703,"_60":61},"8Iat8L0S",{},[14416],{"_41":52,"_53":14417,"_56":14418,"_47":14419,"_60":61},[265],[3740],{},{"_37":14421,"_39":14422},[],{"_41":42,"_43":14423,"_45":1652,"_47":14424,"_49":14425,"_70":14426,"_60":61},"ebKdZVmI",{},[],"Tuesday, March 26, 2024\n7:00 PM to 9:00 PM CET",{"_37":14428,"_39":14429},[],{"_41":42,"_43":14430,"_45":1652,"_47":14431,"_49":14432,"_70":14445,"_60":61},"ZcCrZIZu",{},[14433,14437,14441],{"_41":52,"_53":14434,"_56":14435,"_47":14436,"_60":61},[265],[6585],{},{"_41":2603,"_53":14438,"_56":14439,"_47":14440,"_60":61},[265],[6585],{},{"_41":63,"_53":14442,"_56":14443,"_47":14444,"_60":9112},[3204],[2882],{},"NOTA IMPORTANTE: ¡Nos mudamos! Ahora estaremos celebrando nuestro meetup en Meat Madrid. Gracias por acogernos!!!,",{"_37":14447,"_39":14448},[],{"_41":42,"_43":14449,"_45":1652,"_47":14450,"_49":14451,"_70":14456,"_60":61},"L2FJveli",{},[14452],{"_41":52,"_53":14453,"_56":14454,"_47":14455,"_60":61},[14160],[14343],{},"En esta ocasión tendremos con nosotros a Álvaro D. María, quién no requiere mucha presentación, y nos estará hablando de por qué los ciudadanos podrían recuperar la soberanía, y el poder ante los Estados.\nHablaremos de las tesis que fundamentan la filosofía de Bitcoin, el cómo los Estados deberían preocuparse y prepararse y de cómo las Micropolis se podrían convertir en refugios soberanos. Todo ello ante Bitcoin.",{"_37":14458,"_39":14459},[],{"_41":42,"_43":14460,"_45":1652,"_47":14461,"_49":14462,"_70":12694,"_60":61},"3JhHgWcL",{},[14463],{"_41":52,"_53":14464,"_56":14465,"_47":14466,"_60":61},[4442,55],[3670,3459],{},{"_37":14468,"_39":14469},[],{"_41":42,"_43":14470,"_45":1652,"_47":14471,"_49":14472,"_70":13529,"_60":61},"BxK0w88M",{},[14473,14477,14481,14485],{"_41":63,"_53":14474,"_56":14475,"_47":14476,"_60":4282},[2840],[3548],{},{"_41":63,"_53":14478,"_56":14479,"_47":14480,"_60":4299},[9042],[2829],{},{"_41":63,"_53":14482,"_56":14483,"_47":14484,"_60":4304},[8742],[4396],{},{"_41":63,"_53":14486,"_56":14487,"_47":14488,"_60":4316},[4407],[55],{},{"_37":14490,"_39":14491},[],{"_41":42,"_43":14492,"_45":1652,"_47":14493,"_49":14494,"_70":14499,"_60":61},"-iWXiecB",{},[14495],{"_41":52,"_53":14496,"_56":14497,"_47":14498,"_60":61},[4423],[9042],{},"Damos la bienvenida y las gracias a Meat Madrid por recibirnos tan generosamente en sus instalaciones!",{"_37":14501,"_39":14502},[],{"_41":42,"_43":14503,"_45":1652,"_47":14504,"_49":14505,"_70":14515,"_60":61},"2LV3xyP1",{},[14506,14511],{"_41":63,"_53":14507,"_56":14508,"_47":14510,"_60":9001},[4442],[14509],39,{},{"_41":63,"_53":14512,"_56":14513,"_47":14514,"_60":9112},[7251],[5337],{},"Más información en 👉 www.meatmadrid.com 👈\nCalle de Sta. Teresa, 4, Centro, 28004 Madrid, España",[124],"/meetups/2024/29-filosofia-estados-micropolis-y-ante-todo-ello-bitcoin",{"_131":1669,"_135":1670},{},{"_173":1652,"_177":1667},{"_43":1649,"_185":98,"_99":14522,"_119":1652,"_187":-5,"_188":-5,"_189":-5,"_190":-5,"_184":6},[412,1052,1651],1776429499807,[277,1649,1652,6],"[\"ENTITY\",\"hm://z6Mkusu8KBMXe52JC9fnEFzwdsAF2SXGvnxoAyVTXBhGfRDR/meetups/2024/29-filosofia-estados-micropolis-y-ante-todo-ello-bitcoin\",\"bafy2bzacece4a3cwdkkraqftzoqjeodtn7stv4f2dzzdglqjs24uic2mgb472\",true]",{"_199":14527,"_275":14726,"_278":14727},{"_201":14528,"_259":260,"_261":14725,"_263":-5,"_264":265,"_266":265,"_267":265,"_268":-5,"_269":-5,"_270":8,"_271":272,"_273":274},{"_41":32,"_32":14529,"_43":14723},{"_34":14530,"_119":1676,"_121":98,"_122":14718,"_99":14719,"_125":1683,"_127":1683,"_129":14720,"_144":14721,"_173":1676,"_175":14722,"_179":180},[14531,14563,14602,14613,14624,14635,14674,14684,14706],{"_37":14532,"_39":14555},[14533,14540],{"_37":14534,"_39":14535},[],{"_41":42,"_43":14536,"_45":1676,"_47":14537,"_49":14538,"_70":14539,"_60":61},"33NypL1a",{},[],"Tuesday, March 12, 2024 6:30 PM to 8:30 PM CET",{"_37":14541,"_39":14542},[],{"_41":42,"_43":14543,"_45":1676,"_47":14544,"_49":14545,"_70":14554,"_60":61},"vFfDNiTc",{},[14546,14550],{"_41":52,"_53":14547,"_56":14548,"_47":14549,"_60":61},[265],[3655],{},{"_41":2603,"_53":14551,"_56":14552,"_47":14553,"_60":61},[265],[3655],{},"NOTA IMPORTANTE: ¡Cambio de hora! 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April 5, 2022\n7:00 PM to 9:00 PM CEST",{"_37":15111,"_39":15112},[],{"_41":42,"_43":15113,"_45":1751,"_47":15114,"_49":15115,"_70":15121,"_60":61},"vo_MXJtJ",{},[15116],{"_41":63,"_53":15117,"_56":15118,"_47":15119,"_60":15120},[265],[8398],{},"https://www.google.com/maps/search/?api=1&query=40.392456%2C%20-3.69844","Ironhack: Tech Bootcamps en Madrid",{"_37":15123,"_39":15124},[],{"_41":42,"_43":15125,"_45":1751,"_47":15126,"_49":15127,"_70":15133,"_60":61},"3IMqKnqc",{},[15128],{"_41":63,"_53":15129,"_56":15130,"_47":15131,"_60":15132},[5497],[9503],{},"https://www.bleskomat.com/","#4 de nuestra reunión mensual trata sobre los cajeros automáticos de Bitcoin y estamos emocionados de tener a karliatto de Bleskomat con nosotros, explicando como funciona un cajero automático de Bitcoin de bajo costo, con ⚡ y que puedes construir tú mismo!",{"_37":15135,"_39":15136},[],{"_41":42,"_43":15137,"_45":1751,"_47":15138,"_49":15139,"_70":15145,"_60":61},"t8mq7RV3",{},[15140],{"_41":63,"_53":15141,"_56":15142,"_47":15144,"_60":4282},[7117],[15143],116,{},"Presentador: karliatto\nEl evento sera en español e ingles.\nHabla con nosotros en Telegram: https://t.me/madridmeetup",{"_37":15147,"_39":15148},[],{"_41":42,"_43":15149,"_45":1751,"_47":15150,"_49":15151,"_70":15156,"_60":61},"kD1sksEs",{},[15152],{"_41":63,"_53":15153,"_56":15154,"_47":15155,"_60":15132},[7683],[7056],{},"#4 of our monthly meetup is all about Bitcoin ATMs and we are excited to have karliatto from Bleskomat with us, explaining the in's and out's of a low-cost, ⚡-enabled Bitcoin ATM that you can even build yourself!",{"_37":15158,"_39":15159},[],{"_41":42,"_43":15160,"_45":1751,"_47":15161,"_49":15162,"_70":15171,"_60":61},"qCKiio5p",{},[15163,15167],{"_41":63,"_53":15164,"_56":15165,"_47":15166,"_60":15066},[11951],[6607],{},{"_41":63,"_53":15168,"_56":15169,"_47":15170,"_60":4282},[9567],[11292],{},"Speaker: karliatto\nThe event will be held in Spanish and English.\nChat with us on Telegram: https://t.me/madridmeetup",{"_41":111,"_43":15173,"_45":15174,"_47":15175,"_49":15176,"_70":12703,"_60":61},"OGfv8VUl","bafy2bzaceco5kaflk3mbmwujisbxzbqomqelbowpfzcz3isvyimps4q3ye3li",{"_115":116},[15177],{"_41":52,"_53":15178,"_56":15179,"_47":15180,"_60":61},[265],[3740],{},[124],"/meetups/2022/bitcoin-tuesday-4","2024-12-03T15:35:50.045Z",{"_131":1771,"_135":1772},{},{"_173":1761,"_177":1769},{"_43":1748,"_185":98,"_99":15188,"_119":1751,"_187":-5,"_188":-5,"_189":-5,"_190":-5,"_184":6},[412,1288,1750],1776429499881,[277,1748,1751,6],"[\"ENTITY\",\"hm://z6Mkusu8KBMXe52JC9fnEFzwdsAF2SXGvnxoAyVTXBhGfRDR/meetups/2022/bitcoin-tuesday-4\",\"bafy2bzacebxl6nxd5vcoef6delrxuoeuxbi4swl3mcx4eehjbw5pywzdvhbng\",true]",{"_199":15193,"_275":15299,"_278":15300},{"_201":15194,"_259":260,"_261":15298,"_263":-5,"_264":265,"_266":265,"_267":265,"_268":-5,"_269":-5,"_270":8,"_271":272,"_273":274},{"_41":32,"_32":15195,"_43":15296},{"_34":15196,"_119":1778,"_121":98,"_122":15290,"_99":15291,"_125":1787,"_127":15292,"_129":15293,"_144":15294,"_173":1788,"_175":15295,"_179":180},[15197],{"_37":15198,"_39":15282},[15199,15206,15216,15248,15267],{"_37":15200,"_39":15201},[],{"_41":42,"_43":15202,"_45":1778,"_47":15203,"_49":15204,"_70":15205,"_60":61},"_VAUVxZO",{},[],"Tuesday, May 10, 2022\n7:00 PM to 9:00 PM CEST",{"_37":15207,"_39":15208},[],{"_41":42,"_43":15209,"_45":1778,"_47":15210,"_49":15211,"_70":15121,"_60":61},"5c6Um4X_",{},[15212],{"_41":63,"_53":15213,"_56":15214,"_47":15215,"_60":15120},[265],[8398],{},{"_37":15217,"_39":15234},[15218],{"_37":15219,"_39":15220},[],{"_41":42,"_43":15221,"_45":1778,"_47":15222,"_49":15223,"_70":15233,"_60":61},"EM5nM4u8",{},[15224,15229],{"_41":63,"_53":15225,"_56":15226,"_47":15227,"_60":15228},[4004],[3415],{},"https://www.amazon.es/Knut-Svanholm/e/B087WQ4H28",{"_41":63,"_53":15230,"_56":15231,"_47":15232,"_60":4282},[8704],[4942],{},"Presentador: Knut Svanholm\nEl evento sera en español e ingles.\nNuestro grupo de Telegram: https://t.me/madridmeetup",{"_41":42,"_43":15235,"_45":15236,"_47":15237,"_49":15238,"_70":15247,"_60":61},"-eVxsHhy","bafy2bzaceatvjey4pqgdw7k6nndwd7taqtd5yr2yqlhgbspvfsrirqdtqi7tk",{"_115":116},[15239,15243],{"_41":52,"_53":15240,"_56":15241,"_47":15242,"_60":61},[2882],[2668],{},{"_41":63,"_53":15244,"_56":15245,"_47":15246,"_60":15228},[2882],[2668],{},"#5 de nuestro meetup mensual va a ser 🔥: estamos entusiasmados de tener con nosotros a Knut Svanholm, ex marinero de embarcaciones históricas y cantante de música rock convertido en autor en serie de libros de Bitcoin. Nos contará su viaje en la profundidades de la madriguera del conejo de Bitcoin a través de su último libro \"Bitcoin: todo dividido por 21 millones\". Como siempre, tendremos una sesión informal de preguntas y respuestas y cerveza después de la parte oficial. No te lo pierdas!",{"_37":15249,"_39":15250},[],{"_41":42,"_43":15251,"_45":1778,"_47":15252,"_49":15253,"_70":15266,"_60":61},"H0WS7pXk",{},[15254,15258,15262],{"_41":2603,"_53":15255,"_56":15256,"_47":15257,"_60":61},[6607],[9006],{},{"_41":52,"_53":15259,"_56":15260,"_47":15261,"_60":61},[10750],[3741],{},{"_41":63,"_53":15263,"_56":15264,"_47":15265,"_60":15228},[10750],[3741],{},"#5 of our monthly meetup is going to be 🔥: we are excited to have former tall ship sailor and rock music singer turned Bitcoin serial author Knut Svanholm with us telling us about his journey into the Bitcoin rabbit hole leading to his latest book \"Bitcoin: Everything divided by 21 million\". As usual we'll have a casual Q&A & beer session after the official part. Don't miss this one!",{"_37":15268,"_39":15269},[],{"_41":42,"_43":15270,"_45":1778,"_47":15271,"_49":15272,"_70":15281,"_60":61},"gb4UN5yv",{},[15273,15277],{"_41":63,"_53":15274,"_56":15275,"_47":15276,"_60":15228},[8772],[3918],{},{"_41":63,"_53":15278,"_56":15279,"_47":15280,"_60":4282},[5337],[7214],{},"Speaker: Knut Svanholm\nThe event will be held in English and Spanish.\nJoin our Telegram group: https://t.me/madridmeetup",{"_41":111,"_43":15283,"_45":1788,"_47":15284,"_49":15285,"_70":12703,"_60":61},"P3KNxyv6",{"_115":116},[15286],{"_41":52,"_53":15287,"_56":15288,"_47":15289,"_60":61},[265],[3740],{},[124],"/meetups/2022/bitcoin-tuesday-5","2024-12-03T15:35:30.791Z",{"_131":1798,"_135":1799},{},{"_173":1788,"_177":1796},{"_43":1775,"_185":98,"_99":15297,"_119":1778,"_187":-5,"_188":-5,"_189":-5,"_190":-5,"_184":6},[412,1288,1777],1776429499890,[277,1775,1778,6],"[\"ENTITY\",\"hm://z6Mkusu8KBMXe52JC9fnEFzwdsAF2SXGvnxoAyVTXBhGfRDR/meetups/2022/bitcoin-tuesday-5\",\"bafy2bzacea2dhgajn4rkkzf44uhzjqnd6w2i2os76je5nqzs3jwg54guelpyg\",true]",{"_199":15302,"_275":15450,"_278":15451},{"_201":15303,"_259":260,"_261":15449,"_263":-5,"_264":265,"_266":265,"_267":265,"_268":-5,"_269":-5,"_270":8,"_271":272,"_273":274},{"_41":32,"_32":15304,"_43":15447},{"_34":15305,"_119":1805,"_121":98,"_122":15441,"_99":15442,"_125":1814,"_127":15443,"_129":15444,"_144":15445,"_173":1815,"_175":15446,"_179":180},[15306],{"_37":15307,"_39":15433},[15308,15315,15325,15332,15347,15374,15381,15395],{"_37":15309,"_39":15310},[],{"_41":42,"_43":15311,"_45":1805,"_47":15312,"_49":15313,"_70":15314,"_60":61},"IxwUsmhp",{},[],"Tuesday, June 14, 2022\n7:00 PM to 9:00 PM CEST",{"_37":15316,"_39":15317},[],{"_41":42,"_43":15318,"_45":1805,"_47":15319,"_49":15320,"_70":15121,"_60":61},"wlEOjPwD",{},[15321],{"_41":63,"_53":15322,"_56":15323,"_47":15324,"_60":15120},[265],[8398],{},{"_37":15326,"_39":15327},[],{"_41":42,"_43":15328,"_45":1805,"_47":15329,"_49":15330,"_70":15331,"_60":61},"2L1Oq5kL",{},[],"#6 You just cannot miss our next monthly meetup, because it is going to be 🔥🔥🔥.",{"_37":15333,"_39":15341},[15334],{"_37":15335,"_39":15336},[],{"_41":42,"_43":15337,"_45":1805,"_47":15338,"_49":15339,"_70":15340,"_60":61},"c4b1bKZ8",{},[],"- Why would you want to run a node?\n- What options are available for running a node and what are the tradeoffs (cloud-hosted vs self-hosted, etc)\n- What is the difference between Bitcoin only nodes vs Lightning only nodes vs BTC+LN nodes?",{"_41":42,"_43":15342,"_45":15343,"_47":15344,"_49":15345,"_70":15346,"_60":61},"Mu-W5Mtf","bafy2bzaceb4rgwqzjzeozhkx7t3bwvgt5h2rpe2njwhyxyjeut4haxzfabglu",{"_115":116},[],"Our speaker will be Oscar Lafarga. Oscar is a software solutions engineer, information theorist and bitcoin early adopter. Oscar will speak about the fundamental #bitcoin topics:",{"_37":15348,"_39":15369},[15349],{"_37":15350,"_39":15351},[],{"_41":42,"_43":15352,"_45":1805,"_47":15353,"_49":15354,"_70":15368,"_60":61},"HijpbcNu",{},[15355,15359,15364],{"_41":52,"_53":15356,"_56":15357,"_47":15358,"_60":61},[265,5528],[4059,9586],{},{"_41":63,"_53":15360,"_56":15361,"_47":15362,"_60":15363},[8772],[3918],{},"https://twitter.com/oscarlafarga",{"_41":63,"_53":15365,"_56":15366,"_47":15367,"_60":4282},[5337],[7214],{},"Speaker: Oscar Lafarga\nThe event will be held in English and Spanish.\nJoin our Telegram group: https://t.me/madridmeetup",{"_41":42,"_43":15370,"_45":15343,"_47":15371,"_49":15372,"_70":15373,"_60":61},"QNVBIhvh",{"_115":116},[],"As usual we'll have a casual Q&A & beer session after the official part. You just cannot miss this one! Bring your pre-coiner friend with you, we will orange-pill him too.",{"_37":15375,"_39":15376},[],{"_41":42,"_43":15377,"_45":1805,"_47":15378,"_49":15379,"_70":15380,"_60":61},"4GTRmvco",{},[],"***",{"_37":15382,"_39":15390},[15383],{"_37":15384,"_39":15385},[],{"_41":42,"_43":15386,"_45":1805,"_47":15387,"_49":15388,"_70":15389,"_60":61},"YjsyN2V0",{},[],"- ¿Por qué querrías ejecutar un nodo?\n- Qué opciones están disponibles para ejecutar un nodo y cuáles son las ventajas y desventajas (alojamiento en la nube frente a alojamiento propio, etc.)\n- ¿Cuál es la diferencia entre los nodos solo de Bitcoin, los nodos solo Lightning y los nodos BTC+LN?",{"_41":42,"_43":15391,"_45":15343,"_47":15392,"_49":15393,"_70":15394,"_60":61},"wrLeLMvO",{"_115":116},[],"#6 No te puedes perder nuestra próxima reunión mensual, porque será 🔥🔥🔥.\nNuestro ponente será Oscar Lafarga. Oscar es ingeniero de soluciones de software, teórico de la información y pionero en la adopción de bitcoin. Oscar hablará sobre los temas fundamentales de #bitcoin:",{"_37":15396,"_39":15428},[15397,15412],{"_37":15398,"_39":15399},[],{"_41":42,"_43":15400,"_45":1805,"_47":15401,"_49":15402,"_70":15411,"_60":61},"yC_eUrhH",{},[15403,15407],{"_41":52,"_53":15404,"_56":15405,"_47":15406,"_60":61},[265],[4059],{},{"_41":63,"_53":15408,"_56":15409,"_47":15410,"_60":15363},[8772],[4240],{},"Ponente: Oscar Lafarga",{"_37":15413,"_39":15414},[],{"_41":42,"_43":15415,"_45":1805,"_47":15416,"_49":15417,"_70":15427,"_60":61},"nTkp4wwl",{},[15418,15422],{"_41":52,"_53":15419,"_56":15420,"_47":15421,"_60":61},[2586],[7251],{},{"_41":63,"_53":15423,"_56":15425,"_47":15426,"_60":4282},[15424],73,[10332],{},"El evento se llevará en inglés y español.\nÚnete a nuestro grupo de Telegram: https://t.me/madridmeetup",{"_41":42,"_43":15429,"_45":15343,"_47":15430,"_49":15431,"_70":15432,"_60":61},"ALKwCZ5R",{"_115":116},[],"Como de costumbre, tendremos una sesión informal de preguntas y respuestas y cerveza después de la parte oficial. ¡Simplemente no te puedes perder este! Trae a tu amigo pre-monedero contigo, también le daremos una pastilla naranja.",{"_41":111,"_43":15434,"_45":15343,"_47":15435,"_49":15436,"_70":12703,"_60":61},"6pFtfMiL",{"_115":116},[15437],{"_41":52,"_53":15438,"_56":15439,"_47":15440,"_60":61},[265],[3740],{},[124,98],"/meetups/2022/bitcoin-tuesday-6","2024-12-03T15:35:21.307Z",{"_131":1825,"_135":1826},{},{"_173":1815,"_177":1823},{"_43":1802,"_185":98,"_99":15448,"_119":1805,"_187":-5,"_188":-5,"_189":-5,"_190":-5,"_184":6},[412,1288,1804],1776429499895,[277,1802,1805,6],"[\"ENTITY\",\"hm://z6Mkusu8KBMXe52JC9fnEFzwdsAF2SXGvnxoAyVTXBhGfRDR/meetups/2022/bitcoin-tuesday-6\",\"bafy2bzaceczxjx4bgtpjzdnkwntbh6wzhqcq36qxrla57p5rg2r23tvmx5t62\",true]",{"_199":15453,"_275":15518,"_278":15519},{"_201":15454,"_259":260,"_261":15517,"_263":-5,"_264":265,"_266":265,"_267":265,"_268":-5,"_269":-5,"_270":8,"_271":272,"_273":274},{"_41":32,"_32":15455,"_43":15515},{"_34":15456,"_119":1832,"_121":98,"_122":15509,"_99":15510,"_125":1841,"_127":15511,"_129":15512,"_144":15513,"_173":1842,"_175":15514,"_179":180},[15457],{"_37":15458,"_39":15501},[15459,15466,15478,15490],{"_37":15460,"_39":15461},[],{"_41":42,"_43":15462,"_45":1832,"_47":15463,"_49":15464,"_70":15465,"_60":61},"5nylj9yN",{},[],"Tuesday, July 12, 2022\n8:00 PM to 11:30 PM CEST",{"_37":15467,"_39":15468},[],{"_41":42,"_43":15469,"_45":1832,"_47":15470,"_49":15471,"_70":15477,"_60":61},"QN_i-ZG-",{},[15472],{"_41":63,"_53":15473,"_56":15474,"_47":15475,"_60":15476},[265],[4396],{},"https://www.google.com/maps/search/?api=1&query=40.408897%2C%20-3.709562","Cryptocafé by EthicHub - Cafetería de especialidad y coworking C. del Bastero, 13 · Madrid, MD",{"_37":15479,"_39":15480},[],{"_41":42,"_43":15481,"_45":1832,"_47":15482,"_49":15483,"_70":15489,"_60":61},"OUSGvMEN",{},[15484],{"_41":63,"_53":15485,"_56":15486,"_47":15487,"_60":15488},[2668],[3655],{},"https://pagodelaboticaria.com/vinasatoshi/","La edición de julio de Bitcoin Tuesday será algo especial: no habrá ponente pero sí unas copas (hay Viña Satoshi!) y picoteo que podrás pagar con... Bitcoin, incluso mediante LN.",{"_37":15491,"_39":15492},[],{"_41":42,"_43":15493,"_45":1832,"_47":15494,"_49":15495,"_70":15500,"_60":61},"55YGcByb",{},[15496],{"_41":63,"_53":15497,"_56":15498,"_47":15499,"_60":15488},[9554],[3786],{},"The July edition of Bitcoin Tuesday will be a special one: no formal speaking part, but casual social gathering with fellow bitcoiners (accompanied by Viña Satoshi!) and some snacks that you'll be able to pay in ... Bitcoin, even with ⚡",{"_41":111,"_43":15502,"_45":1842,"_47":15503,"_49":15504,"_70":12703,"_60":61},"-zclyDvG",{"_115":116},[15505],{"_41":52,"_53":15506,"_56":15507,"_47":15508,"_60":61},[265],[3740],{},[124,98],"/meetups/2022/bitcoin-tuesday-7-copas-edition","2024-12-03T15:35:09.326Z",{"_131":1852,"_135":1853},{},{"_173":1842,"_177":1850},{"_43":1829,"_185":98,"_99":15516,"_119":1832,"_187":-5,"_188":-5,"_189":-5,"_190":-5,"_184":6},[412,1288,1831],1776429499912,[277,1829,1832,6],"[\"ENTITY\",\"hm://z6Mkusu8KBMXe52JC9fnEFzwdsAF2SXGvnxoAyVTXBhGfRDR/meetups/2022/bitcoin-tuesday-7-copas-edition\",\"bafy2bzaced7zubvj2r5ppakfg5qjk2gsjcvhzpuh2hlggl43zaeanv7wasmcm\",true]",{"_199":15521,"_275":15663,"_278":15664},{"_201":15522,"_259":260,"_261":15662,"_263":-5,"_264":265,"_266":265,"_267":265,"_268":-5,"_269":-5,"_270":8,"_271":272,"_273":274},{"_41":32,"_32":15523,"_43":15660},{"_34":15524,"_119":1859,"_121":98,"_122":15654,"_99":15655,"_125":1868,"_127":15656,"_129":15657,"_144":15658,"_173":1869,"_175":15659,"_179":180},[15525,15607,15614,15628],{"_37":15526,"_39":15599},[15527,15534,15544,15551,15565,15592],{"_37":15528,"_39":15529},[],{"_41":42,"_43":15530,"_45":1859,"_47":15531,"_49":15532,"_70":15533,"_60":61},"lRU90Hyb",{},[],"Tuesday, September 13, 2022\n7:00 PM to 9:00 PM CEST",{"_37":15535,"_39":15536},[],{"_41":42,"_43":15537,"_45":1859,"_47":15538,"_49":15539,"_70":15121,"_60":61},"3l2h9oc0",{},[15540],{"_41":63,"_53":15541,"_56":15542,"_47":15543,"_60":15120},[265],[8398],{},{"_37":15545,"_39":15546},[],{"_41":42,"_43":15547,"_45":1859,"_47":15548,"_49":15549,"_70":15550,"_60":61},"ntFtVkOc",{},[],"#8 Se acabó el verano y estamos de vuelta con nuestros meetups mensuales! No puedes perderte el siguiente porque va a ser 🔥🔥🔥",{"_37":15552,"_39":15560},[15553],{"_37":15554,"_39":15555},[],{"_41":42,"_43":15556,"_45":1859,"_47":15557,"_49":15558,"_70":15559,"_60":61},"gEv_MsVa",{},[],"- Nodos\n- La importancia de la privacidad en Bitcoin\n- Sesión de \"Ask me anything\", donde podrás preguntar todas las dudas que tengas sobre estos temas u otros!",{"_41":42,"_43":15561,"_45":1869,"_47":15562,"_49":15563,"_70":15564,"_60":61},"krABpP2j",{"_115":116},[],"Esta vez, nuestro ponente será Decentralized, divulgador y educador sobre Bitcoin y pionero en su adopción. Nos hablará de los siguientes temas:",{"_37":15566,"_39":15587},[15567],{"_37":15568,"_39":15569},[],{"_41":42,"_43":15570,"_45":1859,"_47":15571,"_49":15572,"_70":15586,"_60":61},"61VbnL4B",{},[15573,15577,15582],{"_41":52,"_53":15574,"_56":15575,"_47":15576,"_60":61},[265,6236],[4059,11951],{},{"_41":63,"_53":15578,"_56":15579,"_47":15580,"_60":15581},[8772],[3918],{},"https://twitter.com/decentralized_b",{"_41":63,"_53":15583,"_56":15584,"_47":15585,"_60":4282},[2702],[6441],{},"Ponente: Decentralized\nEl evento se hará en español.\nÚnete a nuestro grupo de Telegram: https://t.me/madridmeetup",{"_41":42,"_43":15588,"_45":1869,"_47":15589,"_49":15590,"_70":15591,"_60":61},"h4JRCPO7",{"_115":116},[],"Luego, como de costumbre, tendremos una sesión de networking con cervezas después de la parte oficial. ¡Simplemente no te puedes perder este! Trae a tu amigo pre-coiner contigo, también le \"orangepillearemos\"!",{"_37":15593,"_39":15594},[],{"_41":42,"_43":15595,"_45":1859,"_47":15596,"_49":15597,"_70":15598,"_60":61},"yuzQNj8T",{},[],"\n____________________________________________________",{"_41":111,"_43":15600,"_45":1869,"_47":15601,"_49":15602,"_70":12703,"_60":61},"QxXIkEC0",{"_115":116},[15603],{"_41":52,"_53":15604,"_56":15605,"_47":15606,"_60":61},[265],[3740],{},{"_37":15608,"_39":15609},[],{"_41":42,"_43":15610,"_45":1859,"_47":15611,"_49":15612,"_70":15613,"_60":61},"_Oy2k89N",{},[],"#8 Summer is over and we are back with our monthly meetups! You just cannot miss the next one because it is going to be 🔥🔥🔥.",{"_37":15615,"_39":15623},[15616],{"_37":15617,"_39":15618},[],{"_41":42,"_43":15619,"_45":1859,"_47":15620,"_49":15621,"_70":15622,"_60":61},"YCELFFHJ",{},[],"- Nodes\n- The importance of privacy in Bitcoin\n- \"Ask me anything\" session, so make sure you bring all the questions you may have around these topics or others!",{"_41":42,"_43":15624,"_45":1869,"_47":15625,"_49":15626,"_70":15627,"_60":61},"8xTTItG9",{"_115":116},[],"This time, our speaker will be Decentralized, Bitcoin educator and early adopter and he will talk about the following topics:",{"_37":15629,"_39":15649},[15630],{"_37":15631,"_39":15632},[],{"_41":42,"_43":15633,"_45":1859,"_47":15634,"_49":15635,"_70":15648,"_60":61},"SBB7Zx3R",{},[15636,15640,15644],{"_41":52,"_53":15637,"_56":15638,"_47":15639,"_60":61},[265,5528],[4059,8774],{},{"_41":63,"_53":15641,"_56":15642,"_47":15643,"_60":15581},[8772],[3918],{},{"_41":63,"_53":15645,"_56":15646,"_47":15647,"_60":4282},[3762],[8725],{},"Speaker: Decentralized\nThe event will be held in Spanish.\nJoin our Telegram group: https://t.me/madridmeetup",{"_41":42,"_43":15650,"_45":1869,"_47":15651,"_49":15652,"_70":15653,"_60":61},"hYFqdELD",{"_115":116},[],"After that, as usual, we´ll have a networking & beer session after the official part. You just cannot miss this one! Bring your pre-coiner friend with you, we will orange-pill him too.",[124,98],"/meetups/2022/bitcoin-tuesday-8","2024-12-03T15:34:56.772Z",{"_131":1879,"_135":1880},{},{"_173":1869,"_177":1877},{"_43":1856,"_185":98,"_99":15661,"_119":1859,"_187":-5,"_188":-5,"_189":-5,"_190":-5,"_184":6},[412,1288,1858],1776429499943,[277,1856,1859,6],"[\"ENTITY\",\"hm://z6Mkusu8KBMXe52JC9fnEFzwdsAF2SXGvnxoAyVTXBhGfRDR/meetups/2022/bitcoin-tuesday-8\",\"bafy2bzacecq7y6ax3qjqlhada2vdw343tb4xi6wog72tq2y6fbgeqrdycyjcq\",true]",{"_199":15666,"_275":15934,"_278":15935},{"_201":15667,"_259":260,"_261":15933,"_263":-5,"_264":265,"_266":265,"_267":265,"_268":-5,"_269":-5,"_270":8,"_271":272,"_273":274},{"_41":32,"_32":15668,"_43":15931},{"_34":15669,"_119":1886,"_121":98,"_122":15925,"_99":15926,"_125":1895,"_127":15927,"_129":15928,"_144":15929,"_173":1896,"_175":15930,"_179":180},[15670],{"_37":15671,"_39":15917},[15672,15679,15691,15703,15795,15802,15813,15881,15888,15899],{"_37":15673,"_39":15674},[],{"_41":42,"_43":15675,"_45":1886,"_47":15676,"_49":15677,"_70":15678,"_60":61},"GS044mCx",{},[],"Tuesday, October 11, 2022\n7:00 PM to 9:00 PM CEST",{"_37":15680,"_39":15681},[],{"_41":42,"_43":15682,"_45":1886,"_47":15683,"_49":15684,"_70":15690,"_60":61},"hwAOMFV2",{},[15685],{"_41":63,"_53":15686,"_56":15687,"_47":15688,"_60":15689},[265],[14509],{},"https://www.google.com/maps/search/?api=1&query=40.42151%2C%20-3.692671","The Bridge | Digital Talent Accelerator P.º de Recoletos, 15 · Madrid, MD",{"_37":15692,"_39":15693},[],{"_41":42,"_43":15694,"_45":1886,"_47":15695,"_49":15696,"_70":15702,"_60":61},"JRidnB0D",{},[15697],{"_41":63,"_53":15698,"_56":15699,"_47":15700,"_60":15701},[3775],[9042],{},"https://goo.gl/maps/jYYifNvh1shQ2yeu8","IMPORTANTE: Cambio de localización a The Bridge - Paseo de Recoletos, 15, 28004 Madrid. Agredecemos a nuestros amigos de The Bridge por acoger nuestro Meetup.",{"_37":15704,"_39":15786},[15705,15717,15729,15764,15771],{"_37":15706,"_39":15707},[],{"_41":42,"_43":15708,"_45":1886,"_47":15709,"_49":15710,"_70":15716,"_60":61},"XeLiiClB",{},[15711],{"_41":63,"_53":15712,"_56":15713,"_47":15714,"_60":15715},[7075],[7077],{},"https://twitter.com/sr_gi","Para el noveno Bitcoin Tuesday, tenemos la suerte de contar con el gran Sergi Delgado, especializado en la seguridad y privacidad de Lightning Network.",{"_37":15718,"_39":15719},[],{"_41":42,"_43":15720,"_45":1886,"_47":15721,"_49":15722,"_70":15728,"_60":61},"NMXQ8xtk",{},[15723],{"_41":63,"_53":15724,"_56":15725,"_47":15726,"_60":15727},[9586],[3762],{},"https://twitter.com/eyeofsatoshi","Programador de Lightning, Sergi desarrolla el proyecto Eye of Satoshi @eyeofsatoshi, el proyecto de software libre de Watchtowers más conocido de Lightning, sponsorizado entre otros por la compañía americana Spiral.",{"_37":15730,"_39":15759},[15731,15738,15745,15752],{"_37":15732,"_39":15733},[],{"_41":42,"_43":15734,"_45":1886,"_47":15735,"_49":15736,"_70":15737,"_60":61},"Ol9_6LKh",{},[],"Estructura de una transacción en el timechain.",{"_37":15739,"_39":15740},[],{"_41":42,"_43":15741,"_45":1886,"_47":15742,"_49":15743,"_70":15744,"_60":61},"yRuxVGOR",{},[],"Transacciones multisig y smartcontracts.",{"_37":15746,"_39":15747},[],{"_41":42,"_43":15748,"_45":1886,"_47":15749,"_49":15750,"_70":15751,"_60":61},"9atjmrII",{},[],"Lightning y Routing.",{"_37":15753,"_39":15754},[],{"_41":42,"_43":15755,"_45":1886,"_47":15756,"_49":15757,"_70":15758,"_60":61},"gkFSYo3Y",{},[],"Qué son Watchtower y porque son fundamentales en Lightning.",{"_41":42,"_43":15760,"_45":1896,"_47":15761,"_49":15762,"_70":15763,"_60":61},"b3SjX2Gw",{"_115":2957},[],"Con idea de atrapar la atención tanto de los asistentes que se acaban de iniciar en Bitcoin, como de los desarrolladores mas avanzados, Sergi hará un interesantísimo paseo desde Bitcoin, pasando por Lightning, hasta llegar al concepto de Watchtowers:",{"_37":15765,"_39":15766},[],{"_41":42,"_43":15767,"_45":1886,"_47":15768,"_49":15769,"_70":15770,"_60":61},"MmzWED14",{},[],"Como siempre en Bitcoin Tuesday la charla sera interactiva con la audiencia, permitiendo preguntas y facilitando la conversación, el debate y el intercambio de ideas. Y por supuesto terminaremos el evento con unas birras.",{"_37":15772,"_39":15773},[],{"_41":42,"_43":15774,"_45":1886,"_47":15775,"_49":15776,"_70":15785,"_60":61},"4FU6Xao2",{},[15777,15781],{"_41":52,"_53":15778,"_56":15779,"_47":15780,"_60":61},[4442],[7099],{},{"_41":63,"_53":15782,"_56":15783,"_47":15784,"_60":4282},[8725],[11240],{},"El evento se hará en español o en inglés en función de la audiencia**.** Únete a nuestro grupo de Telegram: https://t.me/madridmeetup",{"_41":111,"_43":15787,"_45":1896,"_47":15788,"_49":15789,"_70":15794,"_60":61},"SV6Iqjv9",{"_115":116},[15790],{"_41":52,"_53":15791,"_56":15792,"_47":15793,"_60":61},[265],[2586],{},"Bitcoin: de cero a heroe",{"_37":15796,"_39":15797},[],{"_41":42,"_43":15798,"_45":1886,"_47":15799,"_49":15800,"_70":15801,"_60":61},"NyyA4zb5",{},[],"--------------------------------------------------------------------",{"_37":15803,"_39":15804},[],{"_41":42,"_43":15805,"_45":1886,"_47":15806,"_49":15807,"_70":15812,"_60":61},"h-b1vDgr",{},[15808],{"_41":63,"_53":15809,"_56":15810,"_47":15811,"_60":15701},[4016],[7099],{},"IMPORTANT: Change of venue to The Bridge Paseo de Recoletos, 15, 28004 Madrid. We are grateful to our The Bridge friends for hosting our Meetup.",{"_37":15814,"_39":15872},[15815,15826,15837],{"_37":15816,"_39":15817},[],{"_41":42,"_43":15818,"_45":1886,"_47":15819,"_49":15820,"_70":15825,"_60":61},"TjI1LiNp",{},[15821],{"_41":63,"_53":15822,"_56":15823,"_47":15824,"_60":15727},[4396],[3248],{},"For the ninth Bitcoin Tuesday, we are lucky to have the great Sergi Delgado, one of the world's leading experts on the security and privacy of the Lightning Network.",{"_37":15827,"_39":15828},[],{"_41":42,"_43":15829,"_45":1886,"_47":15830,"_49":15831,"_70":15836,"_60":61},"-GtfHnvr",{},[15832],{"_41":63,"_53":15833,"_56":15834,"_47":15835,"_60":15727},[7099],[2829],{},"Lightning programmer Sergi develops the Eye of Satoshi project, the best-known free software project of Lightning Watchtowers, sponsored among others by the American company Spiral.",{"_37":15838,"_39":15867},[15839,15846,15853,15860],{"_37":15840,"_39":15841},[],{"_41":42,"_43":15842,"_45":1886,"_47":15843,"_49":15844,"_70":15845,"_60":61},"Reli1per",{},[],"Structure of a transaction.",{"_37":15847,"_39":15848},[],{"_41":42,"_43":15849,"_45":1886,"_47":15850,"_49":15851,"_70":15852,"_60":61},"Os5TTffQ",{},[],"Multisig transactions and smart contracts.",{"_37":15854,"_39":15855},[],{"_41":42,"_43":15856,"_45":1886,"_47":15857,"_49":15858,"_70":15859,"_60":61},"WzOMPLlF",{},[],"Lightning and Routing.",{"_37":15861,"_39":15862},[],{"_41":42,"_43":15863,"_45":1886,"_47":15864,"_49":15865,"_70":15866,"_60":61},"hMvOUuaH",{},[],"What are Watchtowers, and why are they fundamental in Lightning.",{"_41":42,"_43":15868,"_45":1896,"_47":15869,"_49":15870,"_70":15871,"_60":61},"AvfAWjlK",{"_115":2957},[],"With the idea of capturing the attention of both the audience that has just started in Bitcoin and the most advanced developers, Sergi will make an exciting walk from Bitcoin, through Lightning, to the concept of Watchtowers:",{"_41":111,"_43":15873,"_45":1896,"_47":15874,"_49":15875,"_70":15880,"_60":61},"oXU6OY-X",{"_115":116},[15876],{"_41":52,"_53":15877,"_56":15878,"_47":15879,"_60":61},[265],[8696],{},"Bitcoin: From Zero to Hero",{"_37":15882,"_39":15883},[],{"_41":42,"_43":15884,"_45":1886,"_47":15885,"_49":15886,"_70":15887,"_60":61},"Jk4xhKCn",{},[],"As always on Bitcoin Tuesday, the talk will be interactive with the audience, allowing questions and facilitating conversation, debate, and the exchange of ideas. And, of course, we will end the event with beers.",{"_37":15889,"_39":15890},[],{"_41":42,"_43":15891,"_45":1886,"_47":15892,"_49":15893,"_70":15898,"_60":61},"bdM5DOMw",{},[15894],{"_41":63,"_53":15895,"_56":15896,"_47":15897,"_60":4282},[10332],[5497],{},"The event will be held in Spanish or English, depending on the audience.\nJoin our Telegram group: https://t.me/madridmeetup",{"_37":15900,"_39":15901},[],{"_41":42,"_43":15902,"_45":1886,"_47":15903,"_49":15904,"_70":15916,"_60":61},"O0tVYl3y",{},[15905,15909],{"_41":52,"_53":15906,"_56":15907,"_47":15908,"_60":61},[8696],[9042],{},{"_41":63,"_53":15910,"_56":15912,"_47":15914,"_60":15915},[15911],645,[15913],655,{},"https://www.thebridge.tech/","-------------------------\nMás sobre The Bridge\nThe Bridge es la primera Aceleradora de Talento Digital de España. Fue fundada en 2019 para facilitar el acceso a una carrera profesional en el ámbito digital al mayor número de personas.\nAhora que todos los trabajos son tecnológicos, el mundo necesita nueva mano de obra. Nosotros tenemos las herramientas, la formación y la red para construirla.\nNuestros estudiantes están preparados para el éxito con el aprendizaje práctico tanto online como presencial, las tutorías individualizadas, las becas y ayudas, la orientación profesional y el acceso a una gran red de empleadores de la industria.\nEn THE BRIDGE, apostamos por acercar al público nuestros programas educativos inmersivos de estilo bootcamp, especializados en las habilidades digitales más solicitadas, ayudando a lograr los mejores resultados de nuestros estudiantes.",{"_41":111,"_43":15918,"_45":1896,"_47":15919,"_49":15920,"_70":12703,"_60":61},"b8HFuRIw",{"_115":116},[15921],{"_41":52,"_53":15922,"_56":15923,"_47":15924,"_60":61},[265],[3740],{},[124],"/meetups/2022/bitcoin-tuesday-9","2024-12-03T15:31:50.741Z",{"_131":1906,"_135":1907},{},{"_173":1896,"_177":1904},{"_43":1883,"_185":98,"_99":15932,"_119":1886,"_187":-5,"_188":-5,"_189":-5,"_190":-5,"_184":6},[412,1288,1885],1776429500166,[277,1883,1886,6],"[\"ENTITY\",\"hm://z6Mkusu8KBMXe52JC9fnEFzwdsAF2SXGvnxoAyVTXBhGfRDR/meetups/2022/bitcoin-tuesday-9\",\"bafy2bzacebaie2ovrd4rgpzim726ghoeg7knhzpg3tjp7b4dvbvcnaroy5coc\",true]",{"_199":15937,"_275":16139,"_278":16140},{"_201":15938,"_259":260,"_261":16138,"_263":-5,"_264":265,"_266":265,"_267":265,"_268":-5,"_269":-5,"_270":8,"_271":272,"_273":274},{"_41":32,"_32":15939,"_43":16136},{"_34":15940,"_119":1913,"_121":98,"_122":16130,"_99":16131,"_125":1921,"_127":16132,"_129":16133,"_144":16134,"_173":1922,"_175":16135,"_179":180},[15941,15969],{"_37":15942,"_39":15960},[15943,15950],{"_37":15944,"_39":15945},[],{"_41":42,"_43":15946,"_45":1913,"_47":15947,"_49":15948,"_70":15949,"_60":61},"fz2xHVtT",{},[],"Tuesday, November 8, 2022\n7:00 PM to 9:00 PM CET",{"_37":15951,"_39":15952},[],{"_41":42,"_43":15953,"_45":1913,"_47":15954,"_49":15955,"_70":15690,"_60":61},"ahMYb7aJ",{},[15956],{"_41":63,"_53":15957,"_56":15958,"_47":15959,"_60":15689},[265],[14509],{},{"_41":111,"_43":15961,"_45":15962,"_47":15963,"_49":15964,"_70":12703,"_60":61},"pNPENCjA","bafy2bzacebkumbq7bh3mbq554slvrwufmsxdd6hw43b5wcedrwfpr44eo4tzy",{"_115":116},[15965],{"_41":52,"_53":15966,"_56":15967,"_47":15968,"_60":61},[265],[3740],{},{"_37":15970,"_39":16121},[15971,15982,16014,16020,16035,16052,16063,16090,16097,16107],{"_37":15972,"_39":15973},[],{"_41":111,"_43":15974,"_45":1913,"_47":15975,"_49":15976,"_70":15981,"_60":61},"D_pf6p_r",{},[15977],{"_41":52,"_53":15978,"_56":15979,"_47":15980,"_60":61},[265],[7295],{},"Bitcoin: Ataques de los mineros",{"_37":15983,"_39":15998},[15984,15991],{"_37":15985,"_39":15986},[],{"_41":42,"_43":15987,"_45":1913,"_47":15988,"_49":15989,"_70":15990,"_60":61},"q8Ayy24W",{},[],"Double Spending",{"_37":15992,"_39":15993},[],{"_41":42,"_43":15994,"_45":1913,"_47":15995,"_49":15996,"_70":15997,"_60":61},"BIPYXqtG",{},[],"Selfish Mining",{"_41":42,"_43":15999,"_45":1922,"_47":16000,"_49":16001,"_70":16013,"_60":61},"94agQ44x",{"_115":2957},[16002,16007],{"_41":63,"_53":16003,"_56":16004,"_47":16005,"_60":16006},[7075],[7117],{},"https://twitter.com/rperezmarco",{"_41":63,"_53":16008,"_56":16009,"_47":16011,"_60":16012},[2731],[16010],223,{},"https://webusers.imj-prg.fr/~ricardo.perez-marco/","Para el décimo Bitcoin Tuesday, tenemos la suerte de contar con el gran Ricardo Pérez-Marco, especializado en la investigación de los conceptos matemáticos que componen Bitcoin. Tras haber publicado una amplia investigación sobre la intersección de las matemáticas y el bitcoin, Ricardo se centrará en dos vectores de ataque clave relacionados con la minería de Bitcoin:",{"_37":16015,"_39":16016},[],{"_41":42,"_43":16017,"_45":1913,"_47":16018,"_49":16019,"_70":15770,"_60":61},"QslbkIVz",{},[],{"_37":16021,"_39":16022},[],{"_41":42,"_43":16023,"_45":1913,"_47":16024,"_49":16025,"_70":16034,"_60":61},"Rr-sR7uW",{},[16026,16030],{"_41":52,"_53":16027,"_56":16028,"_47":16029,"_60":61},[4442,4407],[7099,7056],{},{"_41":63,"_53":16031,"_56":16032,"_47":16033,"_60":4282},[5325],[3653],{},"El evento se hará en español o en inglés en función de la audiencia. Únete a nuestro grupo de Telegram: https://t.me/madridmeetup",{"_37":16036,"_39":16048},[16037],{"_37":16038,"_39":16039},[],{"_41":42,"_43":16040,"_45":1913,"_47":16041,"_49":16042,"_70":16047,"_60":61},"nNwKDBgq",{},[16043],{"_41":63,"_53":16044,"_56":16045,"_47":16046,"_60":15701},[2840],[3417],{},"IMPORTANT! New location: The Bridge - Paseo de Recoletos, 15, 28004 Madrid. Shout out to our friends from The Bridge friends for hosting our Meetup! More about The Bridge below 👇",{"_41":42,"_43":16049,"_45":1922,"_47":16050,"_49":16051,"_70":15801,"_60":61},"dOHI6dUa",{"_115":116},[],{"_37":16053,"_39":16054},[],{"_41":111,"_43":16055,"_45":1913,"_47":16056,"_49":16057,"_70":16062,"_60":61},"ftcjQrTY",{},[16058],{"_41":52,"_53":16059,"_56":16060,"_47":16061,"_60":61},[265],[3918],{},"Bitcoin: Mining Attacks",{"_37":16064,"_39":16077},[16065,16071],{"_37":16066,"_39":16067},[],{"_41":42,"_43":16068,"_45":1913,"_47":16069,"_49":16070,"_70":15990,"_60":61},"XGC35jcr",{},[],{"_37":16072,"_39":16073},[],{"_41":42,"_43":16074,"_45":1913,"_47":16075,"_49":16076,"_70":15997,"_60":61},"1fqrf_SW",{},[],{"_41":42,"_43":16078,"_45":1922,"_47":16079,"_49":16080,"_70":16089,"_60":61},"hPXZjzzf",{"_115":2957},[16081,16085],{"_41":63,"_53":16082,"_56":16083,"_47":16084,"_60":16006},[15424],[9567],{},{"_41":63,"_53":16086,"_56":16087,"_47":16088,"_60":16012},[2708],[10941],{},"For the tenth edition of Bitcoin Tuesday, we are excited to have secured Ricardo Perez-Marco as speaker, who specializes (among others) in researching the mathematical concepts that underpin Bitcoin. Having published extensive research on the intersection of mathematics and bitcoin, Ricardo will focus on two key attack vectors related to Bitcoin mining:",{"_37":16091,"_39":16092},[],{"_41":42,"_43":16093,"_45":1913,"_47":16094,"_49":16095,"_70":16096,"_60":61},"_Iktyd-a",{},[],"As always at Bitcoin Tuesday, the talk will be interactive, encouraging questions by the audience and facilitating conversation, debate, and the exchange of ideas. And, of course, we will end the event with some beers.",{"_37":16098,"_39":16099},[],{"_41":42,"_43":16100,"_45":1913,"_47":16101,"_49":16102,"_70":15898,"_60":61},"sEmUByw1",{},[16103],{"_41":63,"_53":16104,"_56":16105,"_47":16106,"_60":4282},[10332],[5497],{},{"_37":16108,"_39":16109},[],{"_41":42,"_43":16110,"_45":1913,"_47":16111,"_49":16112,"_70":15916,"_60":61},"QP15g3jW",{},[16113,16117],{"_41":52,"_53":16114,"_56":16115,"_47":16116,"_60":61},[8696],[9042],{},{"_41":63,"_53":16118,"_56":16119,"_47":16120,"_60":15915},[15911],[15913],{},{"_41":42,"_43":16122,"_45":1922,"_47":16123,"_49":16124,"_70":16129,"_60":61},"HDuJsiJq",{"_115":116},[16125],{"_41":63,"_53":16126,"_56":16127,"_47":16128,"_60":15701},[2930],[7251],{},"IMPORTANTE! Nueva localización: The Bridge - Paseo de Recoletos, 15, 28004 Madrid. Agredecemos a nuestros amigos de The Bridge por acoger nuestro Meetup! Más información sobre The Bridge a continuación 👇",[124],"/meetups/2022/bitcoin-tuesday-10","2024-12-03T15:26:11.590Z",{"_131":1932,"_135":1933},{},{"_173":1922,"_177":1930},{"_43":1910,"_185":98,"_99":16137,"_119":1913,"_187":-5,"_188":-5,"_189":-5,"_190":-5,"_184":6},[412,1288,1912],1776429500183,[277,1910,1913,6],"[\"ENTITY\",\"hm://z6Mkusu8KBMXe52JC9fnEFzwdsAF2SXGvnxoAyVTXBhGfRDR/meetups/2022/bitcoin-tuesday-10\",\"bafy2bzacebj7hna3qew7bknbavh63rn5mlm4depew7nwl3yht4sly6nnoqo2o\",true]",{"_199":16142,"_275":16389,"_278":16390},{"_201":16143,"_259":260,"_261":16388,"_263":-5,"_264":265,"_266":265,"_267":265,"_268":-5,"_269":-5,"_270":8,"_271":272,"_273":274},{"_41":32,"_32":16144,"_43":16386},{"_34":16145,"_119":1939,"_121":98,"_122":16380,"_99":16381,"_125":1948,"_127":16382,"_129":16383,"_144":16384,"_173":1949,"_175":16385,"_179":180},[16146,16183,16285],{"_37":16147,"_39":16175},[16148,16155,16165],{"_37":16149,"_39":16150},[],{"_41":42,"_43":16151,"_45":1939,"_47":16152,"_49":16153,"_70":16154,"_60":61},"MTDCgsBG",{},[],"Tuesday, December 13, 2022\n7:00 PM to 9:00 PM CET",{"_37":16156,"_39":16157},[],{"_41":42,"_43":16158,"_45":1939,"_47":16159,"_49":16160,"_70":15690,"_60":61},"cI2zfe2l",{},[16161],{"_41":63,"_53":16162,"_56":16163,"_47":16164,"_60":15689},[265],[14509],{},{"_37":16166,"_39":16167},[],{"_41":42,"_43":16168,"_45":1939,"_47":16169,"_49":16170,"_70":16129,"_60":61},"Ha9yxURI",{},[16171],{"_41":63,"_53":16172,"_56":16173,"_47":16174,"_60":15701},[2930],[7251],{},{"_41":111,"_43":16176,"_45":1949,"_47":16177,"_49":16178,"_70":12703,"_60":61},"wnFgJ7w_",{"_115":116},[16179],{"_41":52,"_53":16180,"_56":16181,"_47":16182,"_60":61},[265],[3740],{},{"_37":16184,"_39":16276},[16185,16197,16204,16239,16245,16260],{"_37":16186,"_39":16187},[],{"_41":42,"_43":16188,"_45":1939,"_47":16189,"_49":16190,"_70":16196,"_60":61},"l5ILteRd",{},[16191],{"_41":63,"_53":16192,"_56":16193,"_47":16194,"_60":16195},[8823],[4407],{},"https://twitter.com/javieramaestre","Para este Bitcoin Tuesday pre-navideño, tenemos el placer de contar con el gran Javier Maestre, abogado enfocado en el estudio de Bitcoin, incluyendo su componente legal, desde el año 2013.",{"_37":16198,"_39":16199},[],{"_41":42,"_43":16200,"_45":1939,"_47":16201,"_49":16202,"_70":16203,"_60":61},"A0JZqJVO",{},[],"Al igual que el sistema de nombres de dominio de Internet creó una nueva institución en materia identificativa, Bitcoin está llamado también a introducir cambios en nuestras instituciones jurídicas y ello al margen de que Satoshi tuviera o no en mente esos cambios.",{"_37":16205,"_39":16234},[16206,16213,16220,16227],{"_37":16207,"_39":16208},[],{"_41":42,"_43":16209,"_45":1939,"_47":16210,"_49":16211,"_70":16212,"_60":61},"9367kiP8",{},[],"El derecho de propiedad (Bitcoin como la primera propiedad absoluta que conoce el hombre).",{"_37":16214,"_39":16215},[],{"_41":42,"_43":16216,"_45":1939,"_47":16217,"_49":16218,"_70":16219,"_60":61},"Lg_L5tVQ",{},[],"La libertad de empresa (Bitcoin como la primera DAO).",{"_37":16221,"_39":16222},[],{"_41":42,"_43":16223,"_45":1939,"_47":16224,"_49":16225,"_70":16226,"_60":61},"3bTyRg1t",{},[],"La protección de los \"activos\" de bitcoin (software, logotipos...).",{"_37":16228,"_39":16229},[],{"_41":42,"_43":16230,"_45":1939,"_47":16231,"_49":16232,"_70":16233,"_60":61},"u9f14YBT",{},[],"Neuroderechos (Derecho a la intimidad de la mente y su trascendencia para Bitcoin, la protección de un secreto).",{"_41":42,"_43":16235,"_45":1949,"_47":16236,"_49":16237,"_70":16238,"_60":61},"GIK0B5t5",{"_115":2957},[],"En esta charla Javier nos hablará de los siguientes temas:",{"_37":16240,"_39":16241},[],{"_41":42,"_43":16242,"_45":1939,"_47":16243,"_49":16244,"_70":15770,"_60":61},"kvYYV7wZ",{},[],{"_37":16246,"_39":16247},[],{"_41":42,"_43":16248,"_45":1939,"_47":16249,"_49":16250,"_70":16259,"_60":61},"7nw0CI3j",{},[16251,16255],{"_41":52,"_53":16252,"_56":16253,"_47":16254,"_60":61},[4442,7315],[4016,6452],{},{"_41":63,"_53":16256,"_56":16257,"_47":16258,"_60":4282},[8698],[8704],{},"El evento se hará en español.\nÚnete a nuestro grupo de Telegram: https://t.me/madridmeetup",{"_37":16261,"_39":16272},[16262],{"_37":16263,"_39":16264},[],{"_41":42,"_43":16265,"_45":1939,"_47":16266,"_49":16267,"_70":16047,"_60":61},"n1m82G7m",{},[16268],{"_41":63,"_53":16269,"_56":16270,"_47":16271,"_60":15701},[2840],[3417],{},{"_41":42,"_43":16273,"_45":1949,"_47":16274,"_49":16275,"_70":15801,"_60":61},"zbK2z1rC",{"_115":116},[],{"_41":111,"_43":16277,"_45":1949,"_47":16278,"_49":16279,"_70":16284,"_60":61},"UBKD1D3X",{"_115":116},[16280],{"_41":52,"_53":16281,"_56":16282,"_47":16283,"_60":61},[265],[9567],{},"Bitcoin: Las implicaciones de bitcoin en las actuales estructuras e instituciones jurídicas.",{"_37":16286,"_39":16371},[16287,16298,16305,16340,16346,16357],{"_37":16288,"_39":16289},[],{"_41":42,"_43":16290,"_45":1939,"_47":16291,"_49":16292,"_70":16297,"_60":61},"n6p-WeQv",{},[16293],{"_41":63,"_53":16294,"_56":16295,"_47":16296,"_60":16195},[9586],[3356],{},"For this pre-Christmas Bitcoin Tuesday we are excited to have secured Javier Maestre as speaker, lawyer focused on Bitcoin legal aspects since 2013.",{"_37":16299,"_39":16300},[],{"_41":42,"_43":16301,"_45":1939,"_47":16302,"_49":16303,"_70":16304,"_60":61},"w-sY6mls",{},[],"Just as the Internet domain name system created a new institution in terms of identification, Bitcoin is also called to introduce changes in our legal institutions regardless whether Satoshi had those changes in mind or not.",{"_37":16306,"_39":16335},[16307,16314,16321,16328],{"_37":16308,"_39":16309},[],{"_41":42,"_43":16310,"_45":1939,"_47":16311,"_49":16312,"_70":16313,"_60":61},"PeKDrhDE",{},[],"The right to property (Bitcoin as the first absolute property known).",{"_37":16315,"_39":16316},[],{"_41":42,"_43":16317,"_45":1939,"_47":16318,"_49":16319,"_70":16320,"_60":61},"Tb5HXvYm",{},[],"The freedom of enterprise (Bitcoin as the first DAO).",{"_37":16322,"_39":16323},[],{"_41":42,"_43":16324,"_45":1939,"_47":16325,"_49":16326,"_70":16327,"_60":61},"bUjW-hlB",{},[],"Protection of bitcoin \"assets\" (software, trademarks...).",{"_37":16329,"_39":16330},[],{"_41":42,"_43":16331,"_45":1939,"_47":16332,"_49":16333,"_70":16334,"_60":61},"1AQioaNE",{},[],"Neurorights (right to privacy of the mind and its significance for Bitcoin, the protection of a secret).",{"_41":42,"_43":16336,"_45":1949,"_47":16337,"_49":16338,"_70":16339,"_60":61},"yKq0NOmp",{"_115":2957},[],"In this talk, Javier will cover the following topics:",{"_37":16341,"_39":16342},[],{"_41":42,"_43":16343,"_45":1939,"_47":16344,"_49":16345,"_70":16096,"_60":61},"gb5T5f8U",{},[],{"_37":16347,"_39":16348},[],{"_41":42,"_43":16349,"_45":1939,"_47":16350,"_49":16351,"_70":16356,"_60":61},"D3m6xWro",{},[16352],{"_41":63,"_53":16353,"_56":16354,"_47":16355,"_60":4282},[2842],[7077],{},"The event will be held in Spanish.\nJoin our Telegram group: https://t.me/madridmeetup",{"_37":16358,"_39":16359},[],{"_41":42,"_43":16360,"_45":1939,"_47":16361,"_49":16362,"_70":15916,"_60":61},"iZL7yl_D",{},[16363,16367],{"_41":52,"_53":16364,"_56":16365,"_47":16366,"_60":61},[8696],[9042],{},{"_41":63,"_53":16368,"_56":16369,"_47":16370,"_60":15915},[15911],[15913],{},{"_41":111,"_43":16372,"_45":1949,"_47":16373,"_49":16374,"_70":16379,"_60":61},"qZ5pAhgs",{"_115":116},[16375],{"_41":52,"_53":16376,"_56":16377,"_47":16378,"_60":61},[265],[3246],{},"Bitcoin: Bitcoin's implications on legal structures and institutions.",[124],"/meetups/2022/bitcoin-tuesday-11-","2024-12-03T15:25:12.404Z",{"_131":1959,"_135":1960},{},{"_173":1949,"_177":1957},{"_43":1936,"_185":98,"_99":16387,"_119":1939,"_187":-5,"_188":-5,"_189":-5,"_190":-5,"_184":6},[412,1288,1938],1776429500232,[277,1936,1939,6],"[\"ENTITY\",\"hm://z6Mkusu8KBMXe52JC9fnEFzwdsAF2SXGvnxoAyVTXBhGfRDR/meetups/2022/bitcoin-tuesday-11-\",\"bafy2bzaceapcfemic3ic3ailzncjyn3x6krfqawfumj553xc5rxw2sgyf3jvk\",true]",{"_199":16392,"_275":16673,"_278":16674},{"_201":16393,"_259":260,"_261":16672,"_263":-5,"_264":265,"_266":265,"_267":265,"_268":-5,"_269":-5,"_270":8,"_271":272,"_273":274},{"_41":32,"_32":16394,"_43":16670},{"_34":16395,"_119":1966,"_121":98,"_122":16664,"_99":16665,"_125":1975,"_127":16666,"_129":16667,"_144":16668,"_173":1976,"_175":16669,"_179":180},[16396],{"_37":16397,"_39":16656},[16398,16405,16415,16435,16458,16465,16500,16545,16574,16609,16616,16642],{"_37":16399,"_39":16400},[],{"_41":42,"_43":16401,"_45":1966,"_47":16402,"_49":16403,"_70":16404,"_60":61},"BN9r0vl4",{},[],"Tuesday, January 10, 2023\n7:00 PM to 9:00 PM CET",{"_37":16406,"_39":16407},[],{"_41":42,"_43":16408,"_45":1966,"_47":16409,"_49":16410,"_70":15690,"_60":61},"-nDeWslH",{},[16411],{"_41":63,"_53":16412,"_56":16413,"_47":16414,"_60":15689},[265],[14509],{},{"_37":16416,"_39":16417},[],{"_41":42,"_43":16418,"_45":1966,"_47":16419,"_49":16420,"_70":16434,"_60":61},"-YcUWKDE",{},[16421,16425,16429],{"_41":52,"_53":16422,"_56":16423,"_47":16424,"_60":61},[265],[4238],{},{"_41":63,"_53":16426,"_56":16427,"_47":16428,"_60":15701},[8696],[4423],{},{"_41":63,"_53":16430,"_56":16431,"_47":16433,"_60":15915},[8758],[16432],185,{},"IMPORTANTE! Localización: The Bridge - Paseo de Recoletos, 15, 28004 Madrid. Agredecemos a nuestros amigos de The Bridge por acoger nuestro Meetup! Más información en www.thebridge.tech y a continuación 👇",{"_37":16436,"_39":16449},[16437],{"_37":16438,"_39":16439},[],{"_41":42,"_43":16440,"_45":1966,"_47":16441,"_49":16442,"_70":16448,"_60":61},"Ku99f2tY",{},[16443],{"_41":63,"_53":16444,"_56":16445,"_47":16446,"_60":16447},[8823],[7077],{},"https://github.com/nostr-protocol/nostr","Esta edición de Bitcoin Tuesday será 🔥: vamos a echar un vistazo más de cerca a nostr, un nuevo protocolo de comunicación iniciado por algunos Bitcoiners con el objetivo de crear una alternativa resistente a la censura a Twitter, Telegram y otros.",{"_41":111,"_43":16450,"_45":1976,"_47":16451,"_49":16452,"_70":16457,"_60":61},"auI0ZC75",{"_115":116},[16453],{"_41":52,"_53":16454,"_56":16455,"_47":16456,"_60":61},[265],[3206],{},"NOSTR: una red resistente a la censura para sustituir a Twitter, Telegram y mucho más.",{"_37":16459,"_39":16460},[],{"_41":42,"_43":16461,"_45":1966,"_47":16462,"_49":16463,"_70":16464,"_60":61},"JnM3Pb2_",{},[],"Es pronto para nostr, pero como estaba en la lista de prohibidos de Twitter, Jack Dorsey estableció una donación recurrente de 1 millón de dólares y bueno, todo el mundo parece que esta en nostr! No sucede muy a menudo que un proyecto tan pequeño y ambicioso gane tanta tracción, así que hablemos de él!",{"_37":16466,"_39":16495},[16467,16474,16481,16488],{"_37":16468,"_39":16469},[],{"_41":42,"_43":16470,"_45":1966,"_47":16471,"_49":16472,"_70":16473,"_60":61},"GY8StdOG",{},[],"Fundamentos técnicos, el protocolo",{"_37":16475,"_39":16476},[],{"_41":42,"_43":16477,"_45":1966,"_47":16478,"_49":16479,"_70":16480,"_60":61},"e0KNu3mO",{},[],"Clientes e implementaciones",{"_37":16482,"_39":16483},[],{"_41":42,"_43":16484,"_45":1966,"_47":16485,"_49":16486,"_70":16487,"_60":61},"Qf3WmVYX",{},[],"Comparación con Twitter, Telegram, Mastodon, IRC etc",{"_37":16489,"_39":16490},[],{"_41":42,"_43":16491,"_45":1966,"_47":16492,"_49":16493,"_70":16494,"_60":61},"ajJglr3m",{},[],"Lo bueno, lo malo.",{"_41":42,"_43":16496,"_45":1976,"_47":16497,"_49":16498,"_70":16499,"_60":61},"CezTFysK",{"_115":2957},[],"Dado que nostr es nuevo, es difícil encontrar verdaderos expertos, así que lo haremos en forma de introducción seguida de un debate abierto y preguntas y respuestas con algunos compañeros Bitcoiners de nuestra comunidad, siempre incluyendo a la audiencia. Cubriremos:",{"_37":16501,"_39":16523},[16502,16508],{"_37":16503,"_39":16504},[],{"_41":42,"_43":16505,"_45":1966,"_47":16506,"_49":16507,"_70":15801,"_60":61},"vdlFJ3eU",{},[],{"_37":16509,"_39":16510},[],{"_41":42,"_43":16511,"_45":1966,"_47":16512,"_49":16513,"_70":16522,"_60":61},"UVSvPBc9",{},[16514,16518],{"_41":63,"_53":16515,"_56":16516,"_47":16517,"_60":15701},[4442],[7295],{},{"_41":63,"_53":16519,"_56":16520,"_47":16521,"_60":15915},[2861],[65],{},"IMPORTANT! Location: The Bridge - Paseo de Recoletos, 15, 28004 Madrid. Shout out to our friends from The Bridge for hosting our meetup! More about the bridge on www.thebridge.tech and below 👇",{"_41":42,"_43":16524,"_45":1976,"_47":16525,"_49":16526,"_70":16544,"_60":61},"c_g0PvR4",{"_115":116},[16527,16531,16535,16539],{"_41":52,"_53":16528,"_56":16529,"_47":16530,"_60":61},[4442,55,11240,3515,5595],[3670,8725,2575,2861,5285],{},{"_41":63,"_53":16532,"_56":16533,"_47":16534,"_60":4282},[8673],[10750],{},{"_41":63,"_53":16536,"_56":16537,"_47":16538,"_60":4299},[3515],[2861],{},{"_41":63,"_53":16540,"_56":16542,"_47":16543,"_60":4316},[16541],193,[5285],{},"El evento se hará en español con algunos bitcoiners presentes que puedan ayudar con la traducción al inglés\nÚnete a nuestro grupo de Telegram!\nSiguenos en Twitter & nostr!\nSuscríbete a nuestro canal de Youtube!",{"_37":16546,"_39":16565},[16547,16558],{"_37":16548,"_39":16549},[],{"_41":42,"_43":16550,"_45":1966,"_47":16551,"_49":16552,"_70":16557,"_60":61},"CBnivSV8",{},[16553],{"_41":63,"_53":16554,"_56":16555,"_47":16556,"_60":16447},[6454],[3393],{},"This edition of Bitcoin Tuesday will be 🔥: we are having a closer look at nostr, a new communication protocol started by some Bitcoiners with the goal to create a censorship-resistant alternative to Twitter, Telegram and others.",{"_37":16559,"_39":16560},[],{"_41":42,"_43":16561,"_45":1966,"_47":16562,"_49":16563,"_70":16564,"_60":61},"IEVfqT27",{},[],"It's early days for nostr, but hell it was on Twitter's forbidden-to-talk about list, Jack Dorsey set up a recurring 1 million dollar donation and well everyone and their mother seems to be on it! It doesn't happen very often that such a small and ambitious project gains that much traction - so let's talk about it!",{"_41":111,"_43":16566,"_45":1976,"_47":16567,"_49":16568,"_70":16573,"_60":61},"4hGwwVy3",{"_115":116},[16569],{"_41":52,"_53":16570,"_56":16571,"_47":16572,"_60":61},[265],[3356],{},"NOSTR: a censorship-resistant network to replace Twitter, Telegram, and other things",{"_37":16575,"_39":16604},[16576,16583,16590,16597],{"_37":16577,"_39":16578},[],{"_41":42,"_43":16579,"_45":1966,"_47":16580,"_49":16581,"_70":16582,"_60":61},"X4qA95Zm",{},[],"Tech basics, the protocol",{"_37":16584,"_39":16585},[],{"_41":42,"_43":16586,"_45":1966,"_47":16587,"_49":16588,"_70":16589,"_60":61},"4gNXKybf",{},[],"Clients & implementations",{"_37":16591,"_39":16592},[],{"_41":42,"_43":16593,"_45":1966,"_47":16594,"_49":16595,"_70":16596,"_60":61},"y13ytx2j",{},[],"Comparison with Twitter, Telegram, Mastodon, IRC etc",{"_37":16598,"_39":16599},[],{"_41":42,"_43":16600,"_45":1966,"_47":16601,"_49":16602,"_70":16603,"_60":61},"kC6SCp3c",{},[],"The good, the bad",{"_41":42,"_43":16605,"_45":1976,"_47":16606,"_49":16607,"_70":16608,"_60":61},"uRbwyXHq",{"_115":2957},[],"Since nostr is new true experts are hard to find so we'll do this in the form of an introduction followed by an open debate & Q&A with some fellow Bitcoiners of our community including the audience. We'll cover:",{"_37":16610,"_39":16611},[],{"_41":42,"_43":16612,"_45":1966,"_47":16613,"_49":16614,"_70":16615,"_60":61},"XGsR25CH",{},[],"As always at Bitcoin Tuesday, this session will be highly interactive, encouraging questions by the audience and facilitating conversation, debate, and the exchange of ideas. And, as always, we will end the event with some beers.",{"_37":16617,"_39":16637},[16618],{"_37":16619,"_39":16620},[],{"_41":42,"_43":16621,"_45":1966,"_47":16622,"_49":16623,"_70":16636,"_60":61},"gzhPa6IE",{},[16624,16628,16632],{"_41":63,"_53":16625,"_56":16626,"_47":16627,"_60":4282},[8772],[3918],{},{"_41":63,"_53":16629,"_56":16630,"_47":16631,"_60":4299},[3395],[14827],{},{"_41":63,"_53":16633,"_56":16634,"_47":16635,"_60":4316},[7075],[2882],{},"Join our Telegram group!\nFollow us on Twitter & nostr!\nSubscribe to our Youtube channel!",{"_41":42,"_43":16638,"_45":1976,"_47":16639,"_49":16640,"_70":16641,"_60":61},"lqw4yi5_",{"_115":116},[],"The event will be held in Spanish with some Bitcoiners present who can help English speakers to follow the meetup",{"_37":16643,"_39":16644},[],{"_41":42,"_43":16645,"_45":1966,"_47":16646,"_49":16647,"_70":15916,"_60":61},"odw9U44D",{},[16648,16652],{"_41":52,"_53":16649,"_56":16650,"_47":16651,"_60":61},[8696],[9042],{},{"_41":63,"_53":16653,"_56":16654,"_47":16655,"_60":15915},[15911],[15913],{},{"_41":111,"_43":16657,"_45":1976,"_47":16658,"_49":16659,"_70":12703,"_60":61},"2h-TF7an",{"_115":116},[16660],{"_41":52,"_53":16661,"_56":16662,"_47":16663,"_60":61},[265],[3740],{},[124],"/meetups/2023/bitcoin-tuesday-12","2024-12-03T15:24:48.746Z",{"_131":1987,"_135":1988},{},{"_173":1976,"_177":1985},{"_43":1963,"_185":98,"_99":16671,"_119":1966,"_187":-5,"_188":-5,"_189":-5,"_190":-5,"_184":6},[412,1335,1965],1776429499932,[277,1963,1966,6],"[\"ENTITY\",\"hm://z6Mkusu8KBMXe52JC9fnEFzwdsAF2SXGvnxoAyVTXBhGfRDR/meetups/2023/bitcoin-tuesday-12\",\"bafy2bzaceb5j7ktna4abnbff6u3z32hauptxf3yvy2besrlqfxqgqh3rmm4n4\",true]",{"_199":16676,"_275":16700,"_278":16701},{"_201":16677,"_259":260,"_261":16699,"_263":-5,"_264":265,"_266":265,"_267":265,"_268":-5,"_269":-5,"_270":8,"_271":272,"_273":274},{"_41":32,"_32":16678,"_43":16697},{"_34":16679,"_119":1994,"_121":98,"_122":16691,"_99":16692,"_125":2003,"_127":16693,"_129":16694,"_144":16695,"_173":2004,"_175":16696,"_179":180},[16680],{"_37":16681,"_39":16682},[],{"_41":85,"_43":16683,"_45":1994,"_47":16684,"_49":16690,"_70":61,"_60":61},"DIyoG0TD",{"_89":649,"_90":3139,"_92":16685,"_108":8},{"_94":16686,"_102":16688},[16687],{"_97":98,"_99":412,"_100":101},[16689],{"_105":8,"_106":5253},[],[124,98],"/foro/2-eventos-y-reuniones","2024-12-03T15:19:25.706Z",{"_131":2013},{},{"_173":2004,"_177":2011},{"_43":1991,"_185":98,"_99":16698,"_119":1994,"_187":-5,"_188":-5,"_189":-5,"_190":-5,"_184":6},[436,1993],1776429499950,[277,1991,1994,6],"[\"ENTITY\",\"hm://z6Mkusu8KBMXe52JC9fnEFzwdsAF2SXGvnxoAyVTXBhGfRDR/foro/2-eventos-y-reuniones\",\"bafy2bzacea4lr4hha2dwuvkgvjzfbtp3burjofaie4655ailo737ldszrbflu\",true]",{"_199":16703,"_275":16909,"_278":16910},{"_201":16704,"_259":260,"_261":16908,"_263":-5,"_264":265,"_266":265,"_267":265,"_268":-5,"_269":-5,"_270":8,"_271":272,"_273":274},{"_41":32,"_32":16705,"_43":16906},{"_34":16706,"_119":2019,"_121":98,"_122":16900,"_99":16901,"_125":2027,"_127":16902,"_129":16903,"_144":16904,"_173":2028,"_175":16905,"_179":180},[16707,16746,16808,16861],{"_37":16708,"_39":16738},[16709,16716,16727],{"_37":16710,"_39":16711},[],{"_41":42,"_43":16712,"_45":2019,"_47":16713,"_49":16714,"_70":16715,"_60":61},"ZZUmGBkN",{},[],"Tuesday, February 13, 2024\n7:00 PM to 9:00 PM CET",{"_37":16717,"_39":16718},[],{"_41":42,"_43":16719,"_45":2019,"_47":16720,"_49":16721,"_70":16726,"_60":61},"bfrt9QDO",{},[16722],{"_41":52,"_53":16723,"_56":16724,"_47":16725,"_60":61},[3743],[3514],{},"This time, we'll run our meetup in both Spanish and English! English description further below.",{"_37":16728,"_39":16729},[],{"_41":42,"_43":16730,"_45":2019,"_47":16731,"_49":16732,"_70":16737,"_60":61},"gnh3WY2c",{},[16733],{"_41":52,"_53":16734,"_56":16735,"_47":16736,"_60":61},[3392],[4016],{},"El evento se hará en español e inglés!",{"_41":111,"_43":16739,"_45":2028,"_47":16740,"_49":16741,"_70":12703,"_60":61},"2BxlmwRE",{"_115":116},[16742],{"_41":52,"_53":16743,"_56":16744,"_47":16745,"_60":61},[265],[3740],{},{"_37":16747,"_39":16799},[16748,16760,16781,16792],{"_37":16749,"_39":16750},[],{"_41":42,"_43":16751,"_45":2019,"_47":16752,"_49":16753,"_70":16759,"_60":61},"WlOReUbD",{},[16754],{"_41":63,"_53":16755,"_56":16756,"_47":16757,"_60":16758},[3118],[6662],{},"https://liquid.net/","Todos los Bitcoineros deberían haber oído hablar ya de la Lightning Network y estar familiarizados con el concepto de \"Capa 2\". Pero aparte de Lightning Network: ¿qué otras soluciones de Capa 2 existen en Bitcoin? Una de las soluciones más estudiadas y versátiles es Liquid.",{"_37":16761,"_39":16762},[],{"_41":42,"_43":16763,"_45":2019,"_47":16764,"_49":16765,"_70":16780,"_60":61},"cK3PTlDU",{},[16766,16771,16776],{"_41":63,"_53":16767,"_56":16768,"_47":16769,"_60":16770},[4423],[9042],{},"https://blockstream.com/",{"_41":63,"_53":16772,"_56":16773,"_47":16774,"_60":16775},[3438],[16432],{},"https://twitter.com/kilrau",{"_41":63,"_53":16777,"_56":16778,"_47":16779,"_60":14779},[2731],[7201],{},"En este meetup, Adolfo Contreras de Blockstream nos dará una introducción a Liquid, su arquitectura, y profundizará en sus avanzadas capacidades financieras. En la segunda parte, Kilian de Boltz hablará sobre el ahorro de comisiones, las funciones avanzadas de privacidad, el ecosistema y las limitaciones de Liquid. Por último, veremos una demostración práctica de algunas cosas que se pueden hacer con Liquid a día de hoy.",{"_37":16782,"_39":16783},[],{"_41":42,"_43":16784,"_45":2019,"_47":16785,"_49":16786,"_70":16791,"_60":61},"DGwnzjVT",{},[16787],{"_41":63,"_53":16788,"_56":16789,"_47":16790,"_60":14798},[9567],[3820],{},"Como siempre, a la conclusión del meetup iremos a tomar unas cervezas y algo de picar en el Mercado San Antón.",{"_37":16793,"_39":16794},[],{"_41":42,"_43":16795,"_45":2019,"_47":16796,"_49":16797,"_70":16798,"_60":61},"uiswJHjz",{},[],"Te esperamos!!!",{"_41":111,"_43":16800,"_45":2028,"_47":16801,"_49":16802,"_70":16807,"_60":61},"PJnL_eEk",{"_115":116},[16803],{"_41":52,"_53":16804,"_56":16805,"_47":16806,"_60":61},[265],[2840],{},"Guía práctica de Liquid 🌊",{"_37":16809,"_39":16852},[16810,16822,16841],{"_37":16811,"_39":16812},[],{"_41":42,"_43":16813,"_45":2019,"_47":16814,"_49":16815,"_70":16821,"_60":61},"LlCA7MzI",{},[16816],{"_41":63,"_53":16817,"_56":16818,"_47":16820,"_60":16758},[10782],[16819],284,{},"Every Bitcoiner should have heard of the Lightning Network by now and many are even familiar with the concept of \"Layer 2\". But apart from the Lightning Network, which other Layer 2 solutions exist on Bitcoin today? One of the most mature and versatile solutions is the Liquid Network.",{"_37":16823,"_39":16824},[],{"_41":42,"_43":16825,"_45":2019,"_47":16826,"_49":16827,"_70":16840,"_60":61},"Kp7k_WYb",{},[16828,16832,16836],{"_41":63,"_53":16829,"_56":16830,"_47":16831,"_60":16770},[4394],[6452],{},{"_41":63,"_53":16833,"_56":16834,"_47":16835,"_60":16775},[16541],[2748],{},{"_41":63,"_53":16837,"_56":16838,"_47":16839,"_60":14779},[2750],[3956],{},"In today's meetup, we'll have Adolfo Contreras from Blockstream giving us an introduction to Liquid and it's architecture, expanding on its advanced financial capabilities. In the second part, Kilian from Boltz will touch on fee savings, advanced privacy features, the ecosystem and the limitations of Liquid. Finally, we'll see a hands-on demo of some things that you can do with Liquid today.",{"_37":16842,"_39":16843},[],{"_41":42,"_43":16844,"_45":2019,"_47":16845,"_49":16846,"_70":16851,"_60":61},"P8BYPYg8",{},[16847],{"_41":63,"_53":16848,"_56":16849,"_47":16850,"_60":14798},[4396],[8823],{},"As always, we'll go for some beers n bites after the meetup in Mercado San Anton.",{"_41":111,"_43":16853,"_45":2028,"_47":16854,"_49":16855,"_70":16860,"_60":61},"otleoLFl",{"_115":116},[16856],{"_41":52,"_53":16857,"_56":16858,"_47":16859,"_60":61},[265],[3392],{},"A practical guide to Liquid 🌊",{"_37":16862,"_39":16895},[16863,16885],{"_37":16864,"_39":16865},[],{"_41":42,"_43":16866,"_45":2019,"_47":16867,"_49":16868,"_70":13529,"_60":61},"bEzxsQbv",{},[16869,16873,16877,16881],{"_41":63,"_53":16870,"_56":16871,"_47":16872,"_60":4282},[2840],[3548],{},{"_41":63,"_53":16874,"_56":16875,"_47":16876,"_60":4299},[9042],[2829],{},{"_41":63,"_53":16878,"_56":16879,"_47":16880,"_60":4304},[8742],[4396],{},{"_41":63,"_53":16882,"_56":16883,"_47":16884,"_60":4316},[4407],[55],{},{"_37":16886,"_39":16887},[],{"_41":42,"_43":16888,"_45":2019,"_47":16889,"_49":16890,"_70":14717,"_60":61},"1RlOwAym",{},[16891],{"_41":63,"_53":16892,"_56":16893,"_47":16894,"_60":14716},[9567],[4408],{},{"_41":42,"_43":16896,"_45":2028,"_47":16897,"_49":16898,"_70":16899,"_60":61},"4zJ1JBuq",{"_115":116},[],"See you around!",[124],"/meetups/2024/26-bitcoin-capa-2-guia-practica-de-liquid-con-blockstream--boltz-","2024-12-03T10:55:05.390Z",{"_131":2038,"_135":2039},{},{"_173":2028,"_177":2036},{"_43":2016,"_185":98,"_99":16907,"_119":2019,"_187":-5,"_188":-5,"_189":-5,"_190":-5,"_184":6},[412,1052,2018],1776429500281,[277,2016,2019,6],"[\"ENTITY\",\"hm://z6Mkusu8KBMXe52JC9fnEFzwdsAF2SXGvnxoAyVTXBhGfRDR/meetups/2024/26-bitcoin-capa-2-guia-practica-de-liquid-con-blockstream--boltz-\",\"bafy2bzacec72tfqolaclu4bs6u62ob2p7l7u2uhxhzuir2cc74rjsoomqdrb6\",true]",{"_199":16912,"_275":17203,"_278":17204},{"_201":16913,"_259":260,"_261":17202,"_263":-5,"_264":265,"_266":265,"_267":265,"_268":-5,"_269":-5,"_270":8,"_271":272,"_273":274},{"_41":32,"_32":16914,"_43":17200},{"_34":16915,"_119":2045,"_121":98,"_122":17195,"_99":17196,"_125":2052,"_127":2052,"_129":17197,"_144":17198,"_173":2045,"_175":17199,"_179":180},[16916,16956,16967,17002],{"_37":16917,"_39":16948},[16918,16925,16936],{"_37":16919,"_39":16920},[],{"_41":42,"_43":16921,"_45":2045,"_47":16922,"_49":16923,"_70":16924,"_60":61},"BeAOBBkj",{},[],"Tuesday, January 30, 2024\n7:00 PM to 9:00 PM CET\n",{"_37":16926,"_39":16927},[],{"_41":42,"_43":16928,"_45":2045,"_47":16929,"_49":16930,"_70":16935,"_60":61},"d7nZuzbc",{},[16931],{"_41":52,"_53":16932,"_56":16933,"_47":16934,"_60":61},[11951],[2842],{},"We go back to our origins and we will hold a talk in English after many months!",{"_37":16937,"_39":16938},[],{"_41":42,"_43":16939,"_45":2045,"_47":16940,"_49":16941,"_70":16947,"_60":61},"-kt2X0ju",{},[16942],{"_41":63,"_53":16943,"_56":16944,"_47":16945,"_60":16946},[7117],[3820],{},"https://2140meetups.com/meetup/7127/%E2%80%9D//www.thebridge.tech%E2%80%9D%E2%80%9D","(Agradecemos a nuestros amigos de The Bridge por acoger nuestro Meetup! Más información en www.thebridge.tech)",{"_41":111,"_43":16949,"_45":2045,"_47":16950,"_49":16951,"_70":12703,"_60":61},"bZ_x3DAy",{"_115":116},[16952],{"_41":52,"_53":16953,"_56":16954,"_47":16955,"_60":61},[265],[3740],{},{"_37":16957,"_39":16958},[],{"_41":111,"_43":16959,"_45":2045,"_47":16960,"_49":16961,"_70":16966,"_60":61},"o_gYdblr",{},[16962],{"_41":52,"_53":16963,"_56":16964,"_47":16965,"_60":61},[265],[3511],{},"Samourai / Ronin Dojo / Sentinel presentation:",{"_37":16968,"_39":16997},[16969,16976,16983,16990],{"_37":16970,"_39":16971},[],{"_41":42,"_43":16972,"_45":2045,"_47":16973,"_49":16974,"_70":16975,"_60":61},"7-U3VGg-",{},[],"Samourai Wallet presentation",{"_37":16977,"_39":16978},[],{"_41":42,"_43":16979,"_45":2045,"_47":16980,"_49":16981,"_70":16982,"_60":61},"_-6cY6H8",{},[],"RoninDojo presentation",{"_37":16984,"_39":16985},[],{"_41":42,"_43":16986,"_45":2045,"_47":16987,"_49":16988,"_70":16989,"_60":61},"jvMKPA9Q",{},[],"Sentinel presentation",{"_37":16991,"_39":16992},[],{"_41":42,"_43":16993,"_45":2045,"_47":16994,"_49":16995,"_70":16996,"_60":61},"dotJMolr",{},[],"Atomic Swaps",{"_41":42,"_43":16998,"_45":2045,"_47":16999,"_49":17000,"_70":17001,"_60":61},"o4TrBm2q",{"_115":2957},[],"We will introduce several tools and information to encourage privacy and be able to operate on the Bitcoin network accordingly with the help of several collaborators of the presented projects. The topics to be discussed will be:",{"_37":17003,"_39":17182},[17004,17082,17097,17104,17115,17126,17137,17148,17155],{"_37":17005,"_39":17069},[17006,17013,17025,17036,17047,17058],{"_37":17007,"_39":17008},[],{"_41":42,"_43":17009,"_45":2045,"_47":17010,"_49":17011,"_70":17012,"_60":61},"Tno841uE",{},[],"Dear Bitcoineros:",{"_37":17014,"_39":17015},[],{"_41":42,"_43":17016,"_45":2045,"_47":17017,"_49":17018,"_70":17024,"_60":61},"M36oGB-K",{},[17019],{"_41":52,"_53":17020,"_56":17021,"_47":17023,"_60":61},[6441],[17022],142,{},"We inform you that the next meetup is loaded with information and since our time at the meetup venue is limited, we will start at 19:00 sharp! Feel free to come in earlier, some of us will be around starting from 18:30.",{"_37":17026,"_39":17027},[],{"_41":42,"_43":17028,"_45":2045,"_47":17029,"_49":17030,"_70":17035,"_60":61},"srOXAQmt",{},[17031],{"_41":52,"_53":17032,"_56":17033,"_47":17034,"_60":61},[3743,8673],[7315,10962],{},"Also, be advised that the first part will be in English (Ronin Dojo presentation, approximately 30 minutes) and the part in Spanish (Samourai Swaps, approximately 1 hour).",{"_37":17037,"_39":17038},[],{"_41":42,"_43":17039,"_45":2045,"_47":17040,"_49":17041,"_70":17046,"_60":61},"0k_xflot",{},[17042],{"_41":52,"_53":17043,"_56":17044,"_47":17045,"_60":61},[3670],[9586],{},"In the remaining time until 21:00, when we will leave the meetup venue, we will have time for a chat among peers with a beer. We will continue the beers and have dinner nearby at San Antón Market.",{"_37":17048,"_39":17049},[],{"_41":42,"_43":17050,"_45":2045,"_47":17051,"_49":17052,"_70":17057,"_60":61},"tBldtsHT",{},[17053],{"_41":52,"_53":17054,"_56":17055,"_47":17056,"_60":61},[2842],[5583],{},"Finally, remember that privacy is very important to us and it is not permitted to take photos or videos of event attendees without their permission and especially not share them on social networks.",{"_37":17059,"_39":17060},[],{"_41":42,"_43":17061,"_45":2045,"_47":17062,"_49":17063,"_70":17068,"_60":61},"Bp0dy2HC",{},[17064],{"_41":52,"_53":17065,"_56":17066,"_47":17067,"_60":61},[265],[4059],{},"See you!",{"_41":111,"_43":17070,"_45":2045,"_47":17071,"_49":17072,"_70":17081,"_60":61},"-bYB_u68",{"_115":116},[17073,17077],{"_41":52,"_53":17074,"_56":17075,"_47":17076,"_60":61},[265],[8772],{},{"_41":2603,"_53":17078,"_56":17079,"_47":17080,"_60":61},[265],[8772],{},"[ENGLISH]",{"_37":17083,"_39":17084},[],{"_41":111,"_43":17085,"_45":2045,"_47":17086,"_49":17087,"_70":17096,"_60":61},"uboQGwJH",{},[17088,17092],{"_41":52,"_53":17089,"_56":17090,"_47":17091,"_60":61},[265],[8772],{},{"_41":2603,"_53":17093,"_56":17094,"_47":17095,"_60":61},[265],[8772],{},"[ESPAÑOL]",{"_37":17098,"_39":17099},[],{"_41":42,"_43":17100,"_45":2045,"_47":17101,"_49":17102,"_70":17103,"_60":61},"naJ0Bk_H",{},[],"Queridos Bitcoineros:",{"_37":17105,"_39":17106},[],{"_41":42,"_43":17107,"_45":2045,"_47":17108,"_49":17109,"_70":17114,"_60":61},"AwyjPC1q",{},[17110],{"_41":52,"_53":17111,"_56":17112,"_47":17113,"_60":61},[4439],[4021],{},"Os informamos que el próximo meetup viene cargado de información y es por ese motivo y a que tenemos tiempo limitado que la presentación comenzará a las 19:00 puntualmente. Podéis venir antes como de costumbre.",{"_37":17116,"_39":17117},[],{"_41":42,"_43":17118,"_45":2045,"_47":17119,"_49":17120,"_70":17125,"_60":61},"0os3sUFJ",{},[17121],{"_41":52,"_53":17122,"_56":17123,"_47":17124,"_60":61},[15424,5942],[3393,11313],{},"También debemos informar que la presentación tendrá una primera parte en Inglés (Ronin Dojo presentation, 30 minutos aproximadamente) y otra parte en Español (Samourai Swaps, 1 hora aproximadamente).",{"_37":17127,"_39":17128},[],{"_41":42,"_43":17129,"_45":2045,"_47":17130,"_49":17131,"_70":17136,"_60":61},"2UaPtjqU",{},[17132],{"_41":52,"_53":17133,"_56":17134,"_47":17135,"_60":61},[4016],[3246],{},"Los últimos minutos hasta las 21:00, que debemos abandonar el recinto donde se celebrará el evento, compartiremos tiempo para charla entre pares con una cerveza. Una vez abandonado el recinto continuaremos las cervezas y cenaremos en el Mercado de San Antón para los que quieran extender la charla.",{"_37":17138,"_39":17139},[],{"_41":42,"_43":17140,"_45":2045,"_47":17141,"_49":17142,"_70":17147,"_60":61},"VxXRsdOM",{},[17143],{"_41":52,"_53":17144,"_56":17145,"_47":17146,"_60":61},[15424],[2861],{},"Por último, recordar que la privacidad es muy importante para nosotros y no está permitido tomar fotos o videos que aparezcan asistentes del evento sin su permiso y mucho menos compartirlas por redes sociales.",{"_37":17149,"_39":17150},[],{"_41":42,"_43":17151,"_45":2045,"_47":17152,"_49":17153,"_70":17154,"_60":61},"ia21yB2V",{},[],"¡Nos vemos!",{"_37":17156,"_39":17157},[],{"_41":42,"_43":17158,"_45":2045,"_47":17159,"_49":17160,"_70":17181,"_60":61},"YoiStao9",{},[17161,17166,17171,17176],{"_41":63,"_53":17162,"_56":17163,"_47":17164,"_60":17165},[4238],[4421],{},"https://2140meetups.com/meetup/7127/%E2%80%9D%E2%80%9D%E2%80%9D//t.me/madridmeetup%E2%80%9D%E2%80%9D%E2%80%9D%E2%80%9D",{"_41":63,"_53":17167,"_56":17168,"_47":17169,"_60":17170},[3417],[7251],{},"https://2140meetups.com/meetup/7127/%E2%80%9D%E2%80%9D%E2%80%9D//twitter.com/BitcoinTuesday_/%E2%80%9D%E2%80%9D%E2%80%9D%E2%80%9D",{"_41":63,"_53":17172,"_56":17173,"_47":17174,"_60":17175},[14827],[2696],{},"https://2140meetups.com/meetup/7127/%E2%80%9D%E2%80%9D%E2%80%9D//nostr.com/npub1p2lhsafh8cdygax6dfznxua4ufx3r5cdxgqtaexqrtvx4g4ccujq2vl4ue%E2%80%9D%E2%80%9D%E2%80%9D%E2%80%9D",{"_41":63,"_53":17177,"_56":17178,"_47":17179,"_60":17180},[8823],[2882],{},"https://2140meetups.com/meetup/7127/%E2%80%9D%E2%80%9D%E2%80%9D//www.youtube.com/channel/UCgObphD0z1VEMPRuOKElU0g%E2%80%9D%E2%80%9D%E2%80%9D%E2%80%9D","Join us in Telegram!\nFollow us in \nTwitter & nostr!\nSuscribe to our channel at \nYoutube",{"_41":111,"_43":17183,"_45":2045,"_47":17184,"_49":17185,"_70":17194,"_60":61},"1F_MeG-0",{"_115":116},[17186,17190],{"_41":52,"_53":17187,"_56":17188,"_47":17189,"_60":61},[265],[3971],{},{"_41":2603,"_53":17191,"_56":17192,"_47":17193,"_60":61},[265],[3971],{},"IMPORTANT NOTES:",[124],"/meetups/2024/25-bitcoin-tuesday-madrid-privacy-defenders",{"_131":2062,"_135":2063},{},{"_173":2045,"_177":2060},{"_43":2042,"_185":98,"_99":17201,"_119":2045,"_187":-5,"_188":-5,"_189":-5,"_190":-5,"_184":6},[412,1052,2044],1776429500104,[277,2042,2045,6],"[\"ENTITY\",\"hm://z6Mkusu8KBMXe52JC9fnEFzwdsAF2SXGvnxoAyVTXBhGfRDR/meetups/2024/25-bitcoin-tuesday-madrid-privacy-defenders\",\"bafy2bzaceaczhjmuwdq7gohyizimqsr33pbijui4hhdqogdontjmap74vdezq\",true]",{"_199":17206,"_275":17312,"_278":17313},{"_201":17207,"_259":260,"_261":17311,"_263":-5,"_264":265,"_266":265,"_267":265,"_268":-5,"_269":-5,"_270":8,"_271":272,"_273":274},{"_41":32,"_32":17208,"_43":17309},{"_34":17209,"_119":2069,"_121":98,"_122":17304,"_99":17305,"_125":2076,"_127":2076,"_129":17306,"_144":17307,"_173":2069,"_175":17308,"_179":180},[17210,17238],{"_37":17211,"_39":17230},[17212,17219],{"_37":17213,"_39":17214},[],{"_41":42,"_43":17215,"_45":2069,"_47":17216,"_49":17217,"_70":17218,"_60":61},"AsbweuVI",{},[],"Tuesday, January 16, 2024\n7:00 PM to 9:00 PM CET",{"_37":17220,"_39":17221},[],{"_41":42,"_43":17222,"_45":2069,"_47":17223,"_49":17224,"_70":17229,"_60":61},"L-jlsMTz",{},[17225],{"_41":63,"_53":17226,"_56":17227,"_47":17228,"_60":14716},[8704],[8725],{},"Agradecemos a nuestros amigos de The Bridge por acoger nuestro Meetup! 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We are exploring how Bitcoin works from an economic and technical perspective and how it increasingly shapes our world. These are some of the questions we are exploring in the meetup:",{"_37":17795,"_39":17838},[17796,17810,17824],{"_37":17797,"_39":17805},[17798],{"_37":17799,"_39":17800},[],{"_41":42,"_43":17801,"_45":400,"_47":17802,"_49":17803,"_70":17804,"_60":61},"O6ypxMga",{},[],"At every Bitcoin Tuesday Meetup, we will invite knowledgeable experts to talk about an exciting Bitcoin topic.",{"_41":111,"_43":17806,"_45":400,"_47":17807,"_49":17808,"_70":17809,"_60":61},"yr260loC",{"_115":116},[],"Be inspired and learn",{"_37":17811,"_39":17819},[17812],{"_37":17813,"_39":17814},[],{"_41":42,"_43":17815,"_45":400,"_47":17816,"_49":17817,"_70":17818,"_60":61},"i2D1Pv1L",{},[],"We want to have interesting talks about Bitcoin topics to discuss and learn together. 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Our audience includes experts and beginners, software and hardware engineers, investors, miners, and Bitcoiners with a product, design, business, and legal backgrounds.",{"_41":111,"_43":17834,"_45":400,"_47":17835,"_49":17836,"_70":17837,"_60":61},"WK8KlaT5",{"_115":116},[],"Beers and Networking",{"_41":42,"_43":17839,"_45":400,"_47":17840,"_49":17841,"_70":17842,"_60":61},"j4Fi-efz",{"_115":116},[],"Whether you are a Bitcoin Expert or just starting, if you are into Bitcoin, Bitcoin Tuesday is for you. We won't discuss \"Blockchain\" as a general-purpose technology, altcoins, NFTs or ICOs. However, we accept criticism and encourage open debate.",{"_37":17844,"_39":17845},[],{"_41":42,"_43":17846,"_45":400,"_47":17847,"_49":17848,"_70":17849,"_60":61},"2ctfFEmF",{},[],"The First Bitcoin Tuesday Meetup took place on December 14th, 2021, organised by Olya. All the participants had the same question: Why isn't there a Bitcoin-dedicated Meetup in Madrid? 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Onwards!",[124],"/about","2025-05-26T20:35:51.464Z",{"_131":171,"_383":408},{},{"_173":400,"_177":406},{"_43":169,"_185":98,"_99":17857,"_119":390,"_187":-5,"_188":-5,"_189":-5,"_190":-5,"_184":6},[389],1776429500207,[277,169,390,6],"[\"ENTITY\",\"hm://z6Mkusu8KBMXe52JC9fnEFzwdsAF2SXGvnxoAyVTXBhGfRDR/about\",\"bafy2bzaceappanjofvlmtbvjpkndddj33s56mlnvpckrtmejayj3ldvecshaa\",true]",{"_199":17862,"_275":18058,"_278":18059},{"_201":17863,"_259":260,"_261":18057,"_263":-5,"_264":265,"_266":265,"_267":265,"_268":-5,"_269":-5,"_270":8,"_271":272,"_273":274},{"_41":32,"_32":17864,"_43":18055},{"_34":17865,"_119":2141,"_121":98,"_122":18049,"_99":18050,"_125":2149,"_127":18051,"_129":18052,"_144":18053,"_173":2150,"_175":18054,"_179":180},[17866],{"_37":17867,"_39":18041},[17868,17887,17894],{"_37":17869,"_39":17870},[],{"_41":42,"_43":17871,"_45":2141,"_47":17872,"_49":17873,"_70":17886,"_60":61},"_wmA1Beq",{},[17874,17878,17882],{"_41":52,"_53":17875,"_56":17876,"_47":17877,"_60":61},[265],[4238],{},{"_41":63,"_53":17879,"_56":17880,"_47":17881,"_60":15701},[8696],[4423],{},{"_41":63,"_53":17883,"_56":17884,"_47":17885,"_60":15915},[8758],[16432],{},"IMPORTANTE! Localización: The Bridge - Paseo de Recoletos, 15, 28004 Madrid.\nAgradecemos a nuestros amigos de The Bridge por acoger nuestro Meetup! Más información en www.thebridge.tech y a continuación 👇",{"_37":17888,"_39":17889},[],{"_41":42,"_43":17890,"_45":2141,"_47":17891,"_49":17892,"_70":17893,"_60":61},"11ZU4knQ",{},[],"Tuesday, July 11, 2023\n7:00 PM to 9:00 PM CEST",{"_37":17895,"_39":18033},[17896],{"_37":17897,"_39":18024},[17898,17905,17912,17968,17975,17982,17988],{"_37":17899,"_39":17900},[],{"_41":42,"_43":17901,"_45":2141,"_47":17902,"_49":17903,"_70":17904,"_60":61},"goxn3vj0",{},[],"Para este Meetup contaremos con @Guerrilla_BTC, creador y editor de contenidos y apasionado del mundo de los memes.",{"_37":17906,"_39":17907},[],{"_41":42,"_43":17908,"_45":2141,"_47":17909,"_49":17910,"_70":17911,"_60":61},"gDWMOQs0",{},[],"Los memes son una importante herramienta a la hora de cambiar nuestra cultura y difundir ideas nuevas. Haremos un viaje para poner en valor “conceptos inocentes” que vemos expresados en forma de imagen o video (generalmente en clave de humor) y las consecuencias que tiene su replicación y propagación como vector de la evolución de la sociedad humana.",{"_37":17913,"_39":17963},[17914,17921,17928,17935,17942,17949,17956],{"_37":17915,"_39":17916},[],{"_41":42,"_43":17917,"_45":2141,"_47":17918,"_49":17919,"_70":17920,"_60":61},"QT8cfkAN",{},[],"- Richard Dawnkings y el origen de a Memética",{"_37":17922,"_39":17923},[],{"_41":42,"_43":17924,"_45":2141,"_47":17925,"_49":17926,"_70":17927,"_60":61},"364UJgJj",{},[],"- Meme vs Genes",{"_37":17929,"_39":17930},[],{"_41":42,"_43":17931,"_45":2141,"_47":17932,"_49":17933,"_70":17934,"_60":61},"3ESVi5Qr",{},[],"- Journal of Memetics",{"_37":17936,"_39":17937},[],{"_41":42,"_43":17938,"_45":2141,"_47":17939,"_49":17940,"_70":17941,"_60":61},"XK1qOOu7",{},[],"- Marketing de 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haremos un taller en directo e intentaremos hacer algún meme entre todos los presentes.",{"_37":17976,"_39":17977},[],{"_41":42,"_43":17978,"_45":2141,"_47":17979,"_49":17980,"_70":17981,"_60":61},"vvyfSrNF",{},[],"Este Meetup en clave de humor, está recomendado para todos los públicos y más especialmente para los amantes de los memes y aquellos que quieran aprender y conocer más sobre esta potente herramienta que pretende explicar el surgimiento y propagación de nuevas ideas y conceptos que formen parte de la evolución 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edición de julio de Bitcoin Tuesday será algo especial: no habrá ponente pero sí birras y grandes conversaciones alrededor del Bitcoin.",{"_37":18083,"_39":18084},[],{"_41":42,"_43":18085,"_45":2167,"_47":18086,"_49":18087,"_70":18088,"_60":61},"vLHC3d-r",{},[],"Tuesday, August 8, 2023\n7:00 PM to 11:30 PM 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Bienvenid@ al encuentro de Bitcoiners en Madrid. La fecha indicativa para el próximo encuentro es el dos de septiembre. Las fechas serán definitivas una vez que se publiquen en la sección de meetups.

Publicaciones y Debates

Comparte tus reflexiones con Bitcoin Tuesday y conversa con el resto de la comunidad. Queremos entender mejor Bitcoin y acelerar su adopción en el mundo:

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