3 lessons from the Oslo Freedom Forum: BTC is different – Neigut, Alden, Feinstein

The Oslo Freedom Forum offers another perspective. Seen from the perspective of activists like these or thesetThe value of the bitcoin network becomes evident. This time, however, we pass the microphone to a developer, an economist and an entrepreneur, all Americans. They give us a one-minute lesson on what makes bitcoin special: an innovation like no other. The Oslo Freedom Forum was not a bitcoin event, but the topic was always present.

Alex Gladstein of the Human Rights Foundation took the time to cut videos of these short but powerful lessons, and Bitcoinist made a point of reflecting them. Let’s broaden the field and give perspective to what the bitcoin network brings to the world.

BTCUSD Price Chart for 02/07/2022 - TradingView

BTC price chart for 07/02/2022 on Bitstamp | Source: BTC/USD on TradingView.com

Oslo Freedom Forum: Lisa Neigut on Lack of Permission

Lightning engineer at Blockstream and educator at Base58, “a school of bitcoin protocol”, Lisa Neigut explains the fundamental difference between the bitcoin network and a CBDC system.

“That C in CBDC stands for centralized, right? This means that there is a central processor that will see every transaction that is made in this banking currency will have to go through a central processor, that that opportunity has the opportunity to decide whether or not it is a transaction or an exchange of value they want permission here we talk about permission. When using an authorization-less system like Bitcoin and the issue of privacy is a whole other spectrum in the realm of traceability, there is a difference between being able to be traced and being able to actually exchange value and that is the absence of authorization which is super fundamental for Bitcoin. “

There is a huge difference. Indeed, one is an innovation and the other is the same thing humanity has been doing for the past hundred years with disastrous results. A permissionless system is also a prerequisite for a trustless system.

Oslo Freedom Forum: Lyn Alden on proof of work innovation

A well-known figure in the bitcoin space, Lyn Alden has decided to dismantle the idea that Proof-Of-Stake is a replacement for Proof-Of-Work. The founder of Alden Investment Strategy and “macroeconomic analyst and investor” accomplished this by describing the “circular logic” that plagues Proof-Of-Stake systems:

“Proof-Of-Stake is essentially based on a circular logic where the largest coin holders determine the status of the ledger and the status of the ledger determines who the largest coin holders are. And so it’s kind of like this perpetual motion machine that only works while it’s running continuously. And for whatever reason, it encounters a bur or attack and stops, restarting that network is very difficult because it’s free to make an infinite number of copies of that ledger.

And underlining an unequivocal truth about Proof-Of-Work systems:

“While proof of work, you can’t just go out and make alternate copies of the ledger because it’s obvious based on how it’s coded and all the energy that’s been put into how it works. It is evident which is the correct previous register. I never argue that Proof-Of-Stake is useless, but whatever it is doing, it is a very different thing to what Bitcoin is doing. Basically, Bitcoin without the energy, without the work, is like airplanes with the flight removed. It is eliminating the key innovation of what makes it so useful. “

Oslo Freedom Forum: Darin Feinstein on property rights

In turn, Core Scientific founder Darin Feinstein points out the incorruptible nature of the bitcoin network. And yes, it all has to do with having Proof-of-Work as a consensus mechanism.

“A quick thing on the Proof-of-Stake Stablecoin and Bitcoin Proof-of-Work network. There is only one of those objects that is incorruptible. It’s an immutable ledger, and that’s Bitcoin. You can bribe from the administrative phase any other existing project that people put in the same Bitcoin bucket.

You cannot bribe Bitcoin. You can’t edit records. And this is all due to the Proof-of-Work consensus mechanism, which are tens or hundreds of thousands of nodes located globally around the world. To hack the Bitcoin network, you would have to hack all nodes at the same time, which is impossible. So we have the first unassailable network in human history. “

What is the implication here? Well, a hard to explain fact that bitcoiners have been claiming for a while.

“That means the government can’t hack it, hackers can’t hack it. And so if you have a bitcoin in your digital wallet and you keep the keys to it, no one can take it from you. And for human rights people, this is the first time in human history that we give private property to 8 billion people on the planet, despite what their government says. “

For the first time in history, everyone has the opportunity to own private property. It’s hard to get your head around the idea, but Feinstein’s explanation is good. Everyone has to understand the rest in their own head.

Featured Image: Lyn Alden screenshot from this video | Charts by TradingView

Oslo Freedom Forum, screenshot by Roya Mahboob

READ ALSO  Lambo Dealers Staying Hot Despite Crypto Winter

Tinggalkan komentar