Many Countries Will Ban Bitcoin

 Many Countries Will Ban Bitcoin And Other Cryptocurrencies In National Commerce

Except for small countries that do not issue their own currencies. Some countries choose to use the US dollar or Euro. These countries will use BTC or Crypto as a bridge towards issuing their own digital currency when this technology matures and scales for use as currency.

Over the last two days we saw the Crypto market tanked. About 600 billion in market capitalisation was wiped off the crypto board. Many attributed this bear stomp to first Elon Musk then to China banning cryptocurrencies. While they may hold a grain of truth it is just part of the gyrations of the market finding its way to relevance. 

Since it's inception in 2009, cryptocurrencies have evolved to the point where it is now mainstream, and since China launched the digital Yuan a year ago every country including the USA is rushing to launch their own. 

Launching a digital currency is not difficult. It is just another digital token, and anyone can create their own quite easily. The problem lies in control of the computer network safe guarding the security of the token. Every country will need to control the issuance, destruction and use of their digital currency within their own borders.

The digital Yuan is different from Alipay in that the digital Yuan is built on a computer network controlled by the Chinese Government. Alipay is just a Yuan clearing system run on Alibaba's own computers, essentially a bank. When the time comes Alipay will have to switch to the digital Yuan directly. In other works ditching their whole payment network setup.

The Chinese government computer network is the BSN ( Blockchain Services Network ) of which there are two versions. A internal Chinese BSN and an external International BSN. This means that the whole Chinese digital economy will be walled off from direct competition. It can only be access by a bridge between the International BSN and Chinese BSN. What form this bridge takes is still in development. 

Building a blockchain

Any country wanting to issue their own digital currency will face the same issues. Should they build their own BSN, Use the Chinese International BSN or Build it on a decentralised private or public network. Setting up a network of nodes to operate a blockchain is expensive. We are talking about the currency of a country which is a national security issue. Computer systems and network can be hacked. For most countries running their own BSN network will not be viable.

The Chinese international BSN can be used to run any blockchain applications including digital tokens but few will want to trust their currency on a "Chinese Network".

The only choice remaining will be to build their digital tokens on a private or public blockchain. The question then is which blockchain. The issue is one of scale. Bitcoin (BTC) does 7 transaction per second while Visa does 1700. This is still way too small. We need unlimited transactions.

The only blockchain that can scale to these proportions is the BSV blockchain. Governments like Tuvalu, Norway and Columbia are looking into this and Tuvalu will most probably be the test case to prove the viability of running a currency on the BSV blockchain.

Ban Bitcoin

When a country is ready to launch their own digital currency they must ban all other forms of payments within their borders. All forms of payments including cryptocurrency payments will be banned, and made illegal. Only one digital currency will be legal tender within their borders. Even the digital Yuan or any other country's digital currency cannot be used. It has to be converted through an exchange.  An instant currency swap system. China is possibly very close to officially rolling out their digital Yuan.

Any crypto currency that profess to be a payments system will be banned, made illegal or become redundant. A blockchain will need to find other uses other than "money". 

Some countries will choose to use the digital currency of another country but these will mainly be smaller countries or countries where the citizens trust in the country's currency is low or no existent. Countries such as Zimbabwe. Doing so will mean that the country will be adopting the monetary policies of the country's currency they choose. This is where the digital Yuan being first to market will have an advantage.

Only the BSV blockchain scales

We have all seen the fees for BTC and Ethereum go into tens of $dollars per transaction whenever the network gets congested. Any system that rations their limited network capacity through fees will not be able to scale to the extent required of a national currency. Even the EOS blockchain with "free" transactions became unusable for days on end. 

It comes down to blocksize. BSV is committed to unlimited blocksize. Fees paid per transaction are miniscule and can go even lower. If miners agree transactions can be processed without fees. Countries that tokenised their currency on the BSV blockchain can pay miners to include all their transactions directly by negotiations. Their users paying no fees. This is only possible if the blocksize is unlimited. 

In conclusion just one caution. Invest carefully.

Caught The Train But Missed The Station !

 Caught The Train But Missed The Station

Early Adopters Don't Necessarily Win

Crypto has gone mainstream. However, most people coming into this space for the first time think that they are late to the party. That is not true. Over the years the crypto space have moved from just Bitcoin to Alt coins to competing platforms to decentralised finance and Non Fungible Tokens, and yet this space is still changing and evolving.

Take crypto as a monetary unit. How many would have believed that BTC today will be worth $60K? Very few, and those that rode the train to this stop must have locked away and left their BTC untouched. Most would have traded out, reinvested in other competing tokens or invested in worthless schemes if not scams. 

Take Doge coin. The copper to Bitcoin Gold. I first wrote about it here and always believe that the support base was young, fanatical and crazy. I myself have owned, invested sand divested tens of millions Doge many times over and yet never rally made a profit. Something at the back of my mind can't get to grips with 10 billion issues a year. Still don't but look at it today. Again if you have 1 million doge you forgot about in a wallet somewhere....!!

Early adopters do not necessarily win. It was the wild wild west then and threats from regulators was always a drag on adoption. So what have I learned? Holding on to an asset waiting for it to rise in value is very hard to do. When do you get off?  Do you get on again? Price can swing as much as 50% in a very short time or it could lasta year or two. So many end up buying high selling low. What a Comedy but that's life. 

Hodle, but what coins? Remember the Dotcoms. Many failed but a few like Google and Facebook became world dominating mega corporations. The same will be true for Blockchain. The successful coins will have to be useful and widely accepted.

Many coins profess being a digital currency as a use case. This is not going to happen. Every country will want and need to have a local currency they alone control. This is a national security issue. The only legal digital currency for local commerce will be their own. Every external country's digital currency including cryptos will be outlawed . Can they control this? Yes. Movements of Digital currencies by it's nature is transparent. The IRD will require explanations for any unusual flow ratios. 

This means that Bitcoin, Bitcoin Cash, Litecoin, Dogecoin and many other similar coins that  are not platforms for building projects can't be used firstly because they will be made illegal and secondly because they can never scale far enough for this purpose.

Unless they can be used as money, they can't really be a store of value like art and precious metals. If countries were to accept Bitcoin or something similar as a reserve asset, then only countries must hold the vast majority of that asset. Fr Bitcoin and similar cryptos, this condition can never be met. 

Countries hold other country's currency as reserve assets because it is used in international trade between countries. By this reasoning, because Bitcoin is not a reserve currency it cannot be used for international trade settlement. You may say that some companies are doing this already and you will be right but it is in a transitory space. National digital currencies are not in used yet.

Platform coins like Ethereum, Cosmos, Polkadot, Cardano, Eos and other similar coins have a better chance to remain relevant and future proof. In this Ethereum holds the lead. It is quite possible that Ethereum can overtake Bitcoin in crypto dominance in the near future. This will certainly raise eyebrows about the viability of Bitcoin long term.

In terms of scaling Bitcoin SV is the clear winner. It has the largest blocksize. Voluntarily capped at 2GB, it can be raised in future without hard forks. In addition BSV base protocol layer is frozen. Developers can build applications without worrying about reworking every time a change to the protocol is made affecting their application. National currencies can be tokenised to operate on the BSV chain. Expect this to happen as we move towards micro payments and Internet Of Things.

For store of value Non Fungible Tokens will be the new asset class. Which NFTs and on what platform has yet to be played out and will continue to be an evolving landscape. NFTs that sell for thousands and millions today may be worth nothing in future.

Best way to Hodle

Thanks to Defi, we now have a new way to hodle and earn an income. If you are saving for a retirement a little put aside every month into a mutual fund will add up to a sizeable lump sum for your retirement. 

We can now do this with crypto. There are many platforms and methods. I will not go into the mechanics but the principle is that you deposit the coin that you want to hodle and earn an income stream for doing that. That income stream can be reinvested resulting in a system of compounding the weekly or even daily. 

With this system in 3 to 5 years your hodled coins could increase in value many times over and/or you get an investment model that generates a good income stream for your retirement.

Do your own research on which system to use. The Kava platform from the Cosmostation wallet is one..

The Creator - Satoshi Nakamoto - SOG Satoshicard

THE CREATOR
SATOSHI NAKAMOTO

The Satoshicard will be to NFTs what the Mona Lisa is to paintings.

SATOSHICARD - The Creator

Issued : Wedsnesday June 05 2015 , Legendary card.

In Circulation :  200   ( Click to see distribution of card holders ) 

Although 1000 cards were minted, 800 were burnt leaving only 200 in circualtion. This card is very widely distributed because it was given out to early investors who purchased distribution arrangements. with Everdream Soft. Even the issuer Everdream Soft own less than 20 cards.

Card Description :  The mysterious Satoshi who is at the origin of the Blockchain. No one has seen him but everyone knows about him.

Artist Impression : Spells Of Genesis artist, paints a picture of Satoshi as an unknown character under a hoodie without any facial features. Emphasising the fact that his identity is still unknown. 

This SOG Satoshicard NFT is the most important NFT card in the world because it is the earliest Satoshi NFT ever issued on any blockchain. Just looking at the image conjures up all the history, the controversy, all the good and bad experiences we all as individuals have had with Bitcoin and the Blockchain over the years. Without Satoshi the blockchain, and therefore NFTs as we know them will not exist.

Only 199 cards exist. This card is divisible, so even though 199 is the maximum number in existence. the true number will never be known as some may have lost passwords or keys, and we do not know how many cards are whole.

Legally Everdream Soft owns the copyright to the image, even though others may own copies of the card. The situation is similar to owning a limited edition copy of a book.

Satoshicard is a very rare card. A true collectors item. Like a limited edition copy of the "Mona Lisa" this NFT was issued by Everdream Soft on Wednesday June 05 2015.

The price of these sought after NFTs are basically decoupled from the price of Bitcoin. Serious crypto holders should hold some as hedge against their crypto holdings.

__________________________________________________________

The Marketplace  How Much Is An NFT Worth ? Short article   HERE

Open Sea :  Opensea  

Opensea is the largest peer to peer marketplace for trading digital assets.

Auction : @nftauctions  @RoaringAuctionHouse

An auction house is the best place for price discovery. Theo Goodman started his telegram site @nftauctions to do this. Sellers send their items to him on escrow and buyers register to bid. This is a trust based system.

Price and Value

The value of Satoshicard is that it represents the whole of the Blockchain ecosystem because without Satoshi Naamoto and his invention of Bitcoin, NFTs and everything beinging developed in the bitcoin space be it public or private would not exist.

As for the price ? Only 199 whole cards can exist. No doubt there will be fractions of this card floating around as well. 

Price - PRICELESS !!!!

                        __________________________________________________________

History

In the future Satoshi Nakamoto will be the name mentioned in every school curriculum that teaches blockchain technology. Every person from anywhere in the world that uses the blockchain will recognise the name Satoshi Nakamoto and will probably at some time be curious as to who Satoshi Nakamoto is?

Trying to put up an argument as to the identity of who Satoshi Nakamoto is would be pointless. Even proposing that the real Satoshi Nakamoto should use the early private keys to sign a message does not prove that he or she is Satoshi. Only proves that they have the keys!!! This argument is just a red herring to draw in the gullible and uninformed. 

To find out who Satoshi Nakamoto is we have to go back to the beginning. We have to go back to the creation of Bitcoin. There can be no denying that Satoshi Nakamoto or a group calling themselves Satoshi Nakamoto created the Genesis block and thus created Bitcoin. Therefore the person that can put forward a convincing and collaborated story and narrative on how the Genesis block and the Bitcoin blockchain was created can only be Satoshi Nakamoto himself.

 Let us concentrate our attention to the act of starting the Bitcoin blockchain. What do we have to do at a minimum to create and start the Bitcoin blockchain. ( Refer to The Genesis Block )

1) Was it one person or a group of individuals ?

This is in reference to starting the Bitcoin software. Had it been a group of people huddled around several computers with a countdown to the start, someone would have talked about it. There would have been chatter before and after the event. There were none. We can therefore be sure that Satoshi Nakamoto acted on his own in the beginning. It was after that that he invited others to join in the nodes and mining of Bitcoin.

2) What was each possible candidate doing before, on, and after 3 January 2019?

In all probability the Genesis block was launched by one person. So if someone claims to be Satoshi Nakamoto he should be asked what he was doing before, on, and after the launch of the Genesis block! Approach the problem like a murder mystery! Where where you and what were you doing around this period. There is so much that can be asked and answered about this period that nobody other than Satoshi Nakamoto himself could provide an coherent account. By the way only one person have come forward!

3) What was the cost in launching the Genesis block.

This was a massive investment and commitment for an individual. It would be very difficult for anybody to know all the minutiae of problems involved in setting it up. Again only one person have offered any account of this investment.

Bitcoin Satoshi Vision.

Whatever the argument the most important problems a blockchain have to solve is scaling. Scaling meaning taking on anything anyone wants to use it for. It needs to be the baseline protocol for the Blockchain like TCP/IP.

In order to be a baseline protocol, the protocol must also be frozen. No more upgrades on this layer that would require everyone building on it to update their codes everytime there is a change. All upgrades are on higher levels.

Bitcoin Satoshi Vision have met the above two criteria. The blocksize is already unlimited, limited only to miners moving the caps based on technology advancements and economics. 

Early on many of the script op-codes were deactivated by BTC developers for "security" reasons. All these op-codes have now been restored. We don't see any security issues as a result on BSV. Were BTC developers ignorant or just being untruthful. Restoring those op-codes just make the BSV protocol more powerful.

BSV protocol is now frozen. There will be no more developers argument on forking the chain. This is important as it takes the issue of governance off the table. Governance is basically passed to the miners who will act in their own economic interest.

My own opinion is that national digital currencies will be tokenised on the BSV blockchain. This will be the ratification that BSV have succeeded in becoming the base protocol. 

Who Is Satoshi Nakamoto

Why have Adam Beck or others not claim that title? It is precisely because they cannot account for the events around the birth of Bitcoin. Only one person have come up to claim this title! 

There has been critical examinations of the period before and after the release of the white paper and close scrutiny of the many discussions that Satoshi had with various people and groups. These are not relevant until we know who Satoshi is because all those "evidence" were made when he took pains to hide his identity. Quite oxymoronic.

Same may believe in the virgin birth but for Bitcoin there was a creator. The truth is out in the open. It is just that many cannot accept this reality, and like Covid 19 you deny reality to your own detriment.

Is Craig Wright Satoshi Nakamoto and does it Matter.

CNBC - Who is Satoshi Nakamoto - Not Him!

Best report and analysis on the identity of Satoshi Nakamoto

Good background on Bitcoin precursor and dvelopment

Related Articles

Non Fungible Tokens. NFTs. The Ultimate Store Of Value. 

How much is an NFT worth ? HERE

Bitcoin Origins - Genesis Card

The Stealing Of Mt Gox - GOXCARD

First Bitcoin Fork - Blocksizecd

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