1/ #Blockchain is a very complex and controversial subject. Is it one of the rare technological paradigm shifts seen by mankind, or is it just some online gambling money?

The topic is masterfully explained by @aantonop, who inspired me to write this condensed summary thread 🧵

2/ When @aantonop first heard the term #bitcoin, he thought "Ha, NERD Money!" When he looked into it 6 months later and read Satoshi's Whitepaper, he was blown away:

https://bitcoin.org/bitcoin.pdf

➡️It isn't money of the internet, it is the internet of money

3/ The #blockchain is a system of trust. It isn't a company, a product, or a service. #cryptocurrency is just the protocol's first application: "The blockchain is the concept of decentralization applied to the human communication of values" - @aantonop

4/ #Money is one of our oldest technologies. History tells us about the rare changes of money:

1. From barter trade to abstract value (precious items)

2. From precious metals to paper money

3. From paper money to plastic/digital money

4. From Plastic Money to network money

5/ If you think people are freaking out about #bitcoin, think of what people thought back in the days when someone arrived & told them:

"Here is a paper that proves that I have a deposit of gold in a vault. I will pay with that instead of bringing you the gold itself."

6/ #Bitcoin is a #decentralized protocol that can be used as a currency, not controlled by a single entity. #BTC does to currencies what the internet did to communication: A #peer2peer network where everyone can participate and launch applications

7/ On the #blockchain applications can be built that weren't possible with the traditional form of money because it required permission & a large market segment. Now everyone with a device connected to the internet has the same powers that institutions of banking have today

8/ Everyone? That isn't specific enough. For the first time money doesn't require #personhood. #Blockchain can also be used by devices like your coffee machine or a self-driving car. Machines can pay each other, authenticate keys, or other security.

9/ You are missing the point if you are only considering it from a financial standpoint. The #blockchain can be used for a variety of purposes, including governance, brand loyalty, reward points, and ownership verification (for things like watches, homes, and access).

10/ There are only 5 moments in my life where I was completely obsessed with a technological invention:

1. My First Round of Super Mario on my Gameboy

2. Using Windows 3.1 for the first time

3. The 56k modem sound connecting to the internet

4. Peer-2-Peer Download

5. Blockchain

10/ The Technology is not yet mature. Most people find it difficult to use. I can still clearly recall how challenging it was to download a CD from #Napster to my portable MP3 player. Now on #Spotify, we can stream with just a click. Although it took years, the path was correct.

11/ The skeptics may say it's a Ponzi, it's fake, it's not needed but remember that most people made fun of the internet when it grew. Do not underestimate network money and the decentralized form of consensus that the #blockchain can deliver.

12/ #Bitcoin was just the start and can be a good store of value. Chains like @ethereum integrated so-called #smartcontracts which created ecosystems of #DeFi, #Governance, and Collectibles #NFT. We have only touched the surface of programmable money so far.

13/ The Gini is no longer in the bottle. Today's exponential growth & innovation in the #blockchain ecosystem compete with traditional banking. What is coming will be too powerful for fees traditional services and notary signatures to compete. When, not if, is the question for me

14/ I personally believe we see a similar development as with the internet itself: 30 years ago you sent postal mail & bought stuff in retail stores. Now we have social media, e-banking & order stuff with same-day delivery.

Will you use a traditional banking service in 30 years?

1/ #Blockchain is a very complex and controversial subject. Is it one of the rare technological paradigm shifts seen by mankind, or is it just some online gambling money?

The topic is masterfully explained by @aantonop, who inspired me to write this condensed summary thread 🧵

2/ When @aantonop first heard the term #bitcoin, he thought "Ha, NERD Money!" When he looked into it 6 months later and read Satoshi's Whitepaper, he was blown away:

https://bitcoin.org/bitcoin.pdf

➡️It isn't money of the internet, it is the internet of money

3/ The #blockchain is a system of trust. It isn't a company, a product, or a service. #cryptocurrency is just the protocol's first application: "The blockchain is the concept of decentralization applied to the human communication of values" - @aantonop

4/ #Money is one of our oldest technologies. History tells us about the rare changes of money:

1. From barter trade to abstract value (precious items)

2. From precious metals to paper money

3. From paper money to plastic/digital money

4. From Plastic Money to network money

5/ If you think people are freaking out about #bitcoin, think of what people thought back in the days when someone arrived & told them:

"Here is a paper that proves that I have a deposit of gold in a vault. I will pay with that instead of bringing you the gold itself."

6/ #Bitcoin is a #decentralized protocol that can be used as a currency, not controlled by a single entity. #BTC does to currencies what the internet did to communication: A #peer2peer network where everyone can participate and launch applications

7/ On the #blockchain applications can be built that weren't possible with the traditional form of money because it required permission & a large market segment. Now everyone with a device connected to the internet has the same powers that institutions of banking have today

8/ Everyone? That isn't specific enough. For the first time money doesn't require #personhood. #Blockchain can also be used by devices like your coffee machine or a self-driving car. Machines can pay each other, authenticate keys, or other security.

9/ You are missing the point if you are only considering it from a financial standpoint. The #blockchain can be used for a variety of purposes, including governance, brand loyalty, reward points, and ownership verification (for things like watches, homes, and access).

10/ There are only 5 moments in my life where I was completely obsessed with a technological invention:

1. My First Round of Super Mario on my Gameboy

2. Using Windows 3.1 for the first time

3. The 56k modem sound connecting to the internet

4. Peer-2-Peer Download

5. Blockchain

10/ The Technology is not yet mature. Most people find it difficult to use. I can still clearly recall how challenging it was to download a CD from #Napster to my portable MP3 player. Now on #Spotify, we can stream with just a click. Although it took years, the path was correct.

11/ The skeptics may say it's a Ponzi, it's fake, it's not needed but remember that most people made fun of the internet when it grew. Do not underestimate network money and the decentralized form of consensus that the #blockchain can deliver.

12/ #Bitcoin was just the start and can be a good store of value. Chains like @ethereum integrated so-called #smartcontracts which created ecosystems of #DeFi, #Governance, and Collectibles #NFT. We have only touched the surface of programmable money so far.

13/ The Gini is no longer in the bottle. Today's exponential growth & innovation in the #blockchain ecosystem compete with traditional banking. What is coming will be too powerful for fees traditional services and notary signatures to compete. When, not if, is the question for me

14/ I personally believe we see a similar development as with the internet itself: 30 years ago you sent postal mail & bought stuff in retail stores. Now we have social media, e-banking & order stuff with same-day delivery.

Will you use a traditional banking service in 30 years?