“The time is money,
Money is time,
But if you can’t print the time, how do you print the money? “
You and I are working for money. Money is intended to reflect the value of our time and energy, which becomes rarer and more valuable as we grow older. But our money is less likely to buy us every day. So as we get older, we have less money and less value.
Time and money are heading in the opposite direction. Why? Unlike time, our money can be manipulated by a small number of privileged people, disproportionately hurting other parts of society, especially non-asset holders during inflation.
Time is the most valuable resource as no one can create any more. It treats everyone the same and no one can fool time. Bitcoin brings these qualities to money by creating a unique sense of time.
“Time is a concept
It depends on the space,
So I need a new watch
To play my bass. “
Time depends on space. That is, the two running clocks can report different times due to time dilation. Think of an “interstellar” (fictional) planet. One hour is equivalent to seven years on earth. To allow for consistency and coordination throughout space, Bitcoin uses blocks instead of seconds to create its own sense of time. In Bitcoin reality, a timestamp is an action that permanently records a transaction at block height.
“Time is a process
In the real past
Through the present. “
The Bitcoin process is similar to the process of time. Time shifts the unknown future to the known past through the sense of “now.” Bitcoin moves unknown future transactions into the recorded past on the timechain through the action of the current timestamp. Once the transaction is confirmed and time stamped in Proof of Work, blocks of the transaction are broadcast to nodes throughout the space, added to the undisputed history record, and exist forever in Bitcoin’s reality. This is how Bitcoin creates and enhances its own self-contained reality.
The arrow of time shows that we can only move forward, not backward. That is, you cannot rewrite the history or change the past. This immutability is an important property of Bitcoin and time. No one can change the history of the timechain for the life of Bitcoin, unlike the Ethereum team canceling $ 60 million in 2016 and Fiat Bank tinkering with books. was. Whatever the reason, the act of rewriting the past sets a precedent that it can be done again, thereby compromising invariance. This is a particularly important issue to solve in the digital realm, as the value of digital requires verification of originality. That is, the first and oldest version of something is the original version and is therefore worth more than its digital copy. To establish something original, we need to know its place in history-what comes before and after.
Timestamps make digital things a lasting place in history. In the context of digital transactions, the first confirmed version is the original version, and once something is used, it cannot be used again. If the digital past can be changed, double payments of the same token can occur, undermining the verification process by distorting the sequence of events. This distortion undermines the rarity of digital and the value of digital works. If we can change the past, digital is not sacred and we will return to the square. This is why invariance is important.
“700K can’t catch up
For the largest, heaviest and strongest rock. “
“History was written by the victors and we brought receipts.”
We then take this notion of originality and digital value and apply it to the Bitcoin protocol itself. The original version of Bitcoin is still running. Those who tried to radically change Bitcoin could not fork an alternative version of Bitcoin and overtake the original Bitcoin by any means.
Some consider this lack of change to be a weakness, but in contrast, invariance is a breakthrough in a world where change is unavoidable. It’s easy to create newer, brighter forms of money with ever-changing governance in the hands of new rulers. This has been done throughout history. However, it is almost impossible to generate money with time immutability and fairness, which are the most valuable resources on the planet. This is what Bitcoin has achieved. Bitcoin has the longest track record to date and has done what it has set up so far. You cannot create a “new Bitcoin” unless you can go back in time and reproduce the results that depend on this path. Moreover, it is not possible to put in more work and count than it is in the achievements of Bitcoin with a height of 700,000 blocks or more. ..
“This is the meaning of a fair game-
Further work will add it to the main chain. “
“There is no profit to cheat,
Only the clown suffers a loss in an attempt to defeat it. “
The act of validating a transaction and writing history to the timechain requires work in the form of energy. Energy is the cost of discouraging malicious individuals from trying to operate the system. This is simply because the amount of energy required for double payments outweighs the benefits of doing so. Everyone faces the same obstacles. By protecting your network, everyone has the opportunity to earn the same rewards. Everyone needs to work to gain their share. Everyone plays with the same rules.
In contrast, our current system requires little effort from existing significant stakeholders to continue to benefit from it. Large asset holders are more creditworthy and gain privileged access to new capital to accumulate more inflation hedge assets. For some, this virtuous cycle is a vicious circle for others. People who are short of wealth often have difficulty accessing capital to accumulate wealth and are often struck by inflation without protection. They are forced to take on more risks than their existing wealth in order to increase the potential for their wealth to grow.
“Hard money, actual cost,
Change the paradigm. “
“When money comes to time, high quality dominates.”
When money is fiat, it’s melting ice that must be spent or invested, or you risk losing purchasing power over time. When money comes to time, it becomes a worthy store with real opportunity costs in every action. Anyone who has money in the form of Bitcoin by default has the most valuable assets in the world.
Individuals can better understand the trade-offs with money because of the common denominator of time measured across space and time, from hamburgers to housing, energy and salaries. This is exactly what time is what we are giving up to win something, so we choose high quality products and services that are more thoughtful to consume and can withstand the challenges of time. Means to be motivated. We move from the idea of growth to the idea of carefully considering opportunity cost. Bitcoin radically changes human incentives and the future of mankind by generating money from time.
“Check the next block.
The time chain doesn’t stop. “
We commend Gigi Der, Robert Breedlove and Saifedean Ammous for their wisdom on Bitcoin, fiat money and time. Special thanks to our partner James Viggiano for thinking about this article.
This is a guest post by TipPiumsomboon.The opinions expressed are completely unique and are not necessarily BTC Inc or Bitcoin magazine..