TD₿: Gold, Coinage, and Bitcoin (a thread) by Giacomo Zucco
TL;DR If you don't run your own node then this is akin to how people historically trusted third parties to verify gold through coinage.
Hey Bitcoiners,
Bitcoin improves on the monetary properties of gold, most notably the ability to verify its authenticity.
Gold is costly and timely to verify if it was real which makes gold bullion impractical for everyday use
Gold merchants were not going to all have hydrostatic weighing apparatuses at their counters and perform experiments on every coin that came through their store.
That’s why they minted gold coins in standard weights and measures so that every merchant didn’t have to do it themselves. However, this opened up gold to manipulation and abuse by these trusted third parties.
Bitcoin fixes this recognizability problem in gold by making it easy for anyone to verify that the bitcoin they received is real by running their own node.
Giacomo Zucco wrote a good Twitter thread on this and talks about how running a Bitcoin node allows you to not trust anyone to verify if your Bitcoin is real or not (06/19/2018).
Run your own node so you know the bitcoin you receive is real bitcoin.
Tick tock next block,
Cory Klippsten
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Quote of the Day
“Bitcoin is the response to real suppression of monetary freedom. 100+ years of CB policies and 45 years into the fiat experiment we have few options. Gold has been co-opted and can no longer act as an economic brake.” - O₿iWan, Bitcoiner
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