Global Truth, Local Value

August 27, 2021
Steven McCormack
1 min

After a few marathon research sessions, I thought I'd give my brain a little rest. Writing is a wonderful clarifying process. But with a topic so deep and varied, it takes time and real energy to join the dots. So whilst my neurons chill by the pool, here's a quick overview on what we have covered (so far) with All Things Bitcoin.

1) What's In a Name?

We kicked things off with a marketing relaunch. Cryptocurrency was thanked for its service and respectfully retired. We ushered in a new, more confident term; all hail the Digital Asset.

2) Under The Hood

We looked at the component parts that makeup the logos of Bitcoin. We dissected the blockchain, the underlying technology that makes the magic happen. We introduced the concept of money as value communication.

3) Incentive Structure

We established Bitcoin's value as distributed truth. We described the happy dynamic between legitimacy, growth and trust. We explored in depth the reward system that promotes network adoption.

4) Layer Cake

Finally, we took off our rose tinted spectacles and wondered how this thing can scale. We discovered promising answers in Lightning, Liquid and exchange platforms. What emerges is a Bitcoin enabled ecosystem, with truth at its core.

Zoom Out (Again)

At this point, it is worth wondering what all this research represents. We seemingly have an answer crying out for a question. To that end, there are a few good candidates. Is Bitcoin a response to monetary distortion? Government largesse, perhaps? Is Bitcoin a dry, technical update for the internet? I would contend that it does all those things. And excellently so. But there is also a more profound, universal quandary to address.

After 40+ years of software, network and gaming innovation, there is a growing risk that we slip too far into a sugary, artificial existence. Where dopamine distracts us from a bland, soulless reality. We already consume what we want, when we want, at the mere touch of a button. Soon we will be able to live, earn and play entirely online through metaverses, NFTs and wider Ethereum-based innovation. Incredible, exponential progress. But what of our agency, or connection to the real world?

Global Truth, Local Value

Y'see, I still find myself drawn to the immediate environment. The spaces I inhabit. The neighbourhood I live in. The people I spend time with. In short, I get my most memorable kicks from (physical) experience and (local) community. And what supports this best? The greatest game of all, of course. Commerce. This leads me to a wonderful conclusion; that Bitcoin is a real world upgrade to frictionless, permissionless enterprise.

In my earlier writing, I discussed the potential of browser based business to reinvigorate our insecure, post-industrial society. Bitcoin is the fuel for this fire. Free from government manipulation or legacy banking, we have a dependable conduit for transaction and a long term store of value. And it is an option available for all, from personal finances to corporate balance sheets.

Digital security for our real world agency. I like the sound of that.

Signing out, Steven.

Photo by Jamie Street on Unsplash.


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