We've talked a lot about the beauty of Bitcoin's difficulty adjustment and why it is THE pivotal innovation that Satoshi brought to market. Bitcoin is the combination of a number of preexisting technologies with an added sprinkle of a 2,016 block difficulty adjustment for the proof of work mechanism to pull them all together to create the first workable implementation of a distributed digital ledger with a native bearer instrument. The difficulty adjustment ensures that the network is viable in the long-term by helping to maintain a roughly constant rate of block production over time; ten minutes. The difficulty adjustment allows Bitcoin to develop its own sense of time.
To date, I do not think I have read a piece that better describes the beauty of the difficulty adjustment, the fact that bitcoin is a distributed clock, and the way in which this clock molds the physical and digital worlds together in a way that was never achieved before its launch than this piece from our friend Gigi, Bitcoin is Time. If you are interested in understanding the fundamental breakthroughs that Bitcoin has brought to market, you must read through this article. The ability to convert energy and time spent expending that energy into a scarce digital bearer asset that cannot copied will be looked at as the most pivotal breakthrough in human history up to this point of our existence.
Bitcoin is a beautiful system and the more you come to understand about its nature, the more confident you will be as you continue to stack sats. Gigi has provided the world with an incredible piece of literature that dives at the core of what Bitcoin is doing; creating a way to produce digital scarcity via the conversion of energy to hashes that prove transfers on the ledger happened in sequential order. Ensuring the ledger's integrity in the process. Before Bitcoin, we had to choose between physical tokens and centrally controlled ledgers as our money systems. Bitcoin allows us to leverage a distributed ledger with a scarce digital bearer asset (token). I'm tearing up just thinking of its beauty.
Peep the piece. Grow your know. Be grateful that we have individuals as talented as Gigi roaming this rock to articulate this breakthrough in a digestible way.
I miss live music.