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Timo Hotti
Principal Technology Strategist

Is Bitcoin blockchain a network?

... and should it be treated as the fundamental protocol layer of the massive network of trust and value called "economy"?

From a data and transaction management points of view, it isn't a network and therefore, cannot act as the foundational protocol of a network. That actually matters a lot in the grand scheme of things.

(There's actually about a joke about cryptocurrencies being a thing that combines everything you don't know about money to everything you don't know about computers. Not funny! Decentralized systems development, especially decentralized data and transaction management, is something that's not too well understood in the computer sciences.)

Technically speaking, most blockchains, including Bitcoin, are massively redundant inherently trusted databases, where both the data and transactions are managed in a redundant manner. That in itself is a huge innovation. An inherently trusted database with redundant transaction management capability did not exist before Bitcoin. As such, it probably has some significantly value. Just do yourself a service and don't pretend Bitcoin to be a network that is the foundation of everything. It is "just a database" capable of managing certain assets in a censorship resistant manner. If you add nodes to a blockchain system, you add neither the capacity nor the functionality of the network. You just increase the redundancy and censorship resitance level of the database system.

Can Bitcoin act as the foundation of a bigger digital network of trust and value? I don't think so. Any database engineer knows, that trying to build... (More)

Michael Epstein
Serial Entrepeneur / Investor / Trader

If real vision wants to be the best. They need to stop connecting to FB MESSENGER.

I’m 80% done with my profile.   I just need to connect a messenger app.   @Ash Bennington    —- so I’m trying to connect telegram!   
 

cant.  I didnt. Delete my entire Facebook or IG accounts entirely.   They exist in the cloud.  I did delete all their apps on my phone.  I don’t remember the passwords and the cookies have all been deleted. 
 

we need to grow up and move on from WEB 2.0 to the new era.   I believe in the younger generations to innovate on etherium and blockchain.  Build apps. Do what Tim Berners-Lee intended for the internet.  

I’m an early adopter.  Have you ever been early?   Sometimes the returns are 3000+% 

 

sometimes the returns are zero.    There’s no negative unless you’re leveraged.  We’re fiscally responsible.   I don’t need a Facebook to rule my life. 
 

I have telegram.   
 

anywey.  I wanted to talk about millenials.   And the need for us right now to stop feeling intimidated by boomers and gen x billionaires.   
 

it’s time for us to put innovate and make capital work for us.  Build strong alliances and reshape the future. 
love and peace. 
 

michael.    

If you're planning on taking a position in BTC and feel uncomfortable taking the position size you wish to take directly on a crypto exchange, then buying most of through GBTC is ok but you're paying a ridiculous premium over the actual value. BTC trades 24/7 so buying on an exchange means you can dispose of it whenever you want which actually makes it less risky.

Also if you're going to invest in crypto then I HIGHLY recommend at least going through the process on an exchange to purchase the underlying BTC asset and transfer it onto a wallet (preferably a hardware wallet).

That way you get a feel for the power of the technology and coming from an engineer there is no better way to understand how a technology works (even if you're developing it) than if you're ACTUALLY testing it out and using it.

Trust me.. it may seem intimidating at first but its nowhere near as hard as you think. Also always send a test transaction first before sending the full amount you wish to send to ensure you've got the addresses and process correct.

If you're on the fence about crypto then I at least recommend testing out a small amount of throw away money on an exchange and going through the same process I described because I really think it will help you better understand what the hype is about.