Henlo Fam… I'm Back!
Without further ado, those who read my articles here understand that we are all evolving in every way.
In this article, I want to talk about the transfer of technology, wealth, the transfer of thinking and lastly, the transfer of a new paradigm.
"Most people don't really understand Bitcoin or altcoins yet."
That's what I said on the trading forum, which is the oldest trading community in 2020.
I am willing to debate and debate with anyone, including the experienced admin team there. Ultimately, I did not get to discuss or learn from any forum member. I always respect the admin team and the brothers there for contributing to the community.
And even some DM told me that even the admins of some other large groups in Vietnam had to say that Crypto is just a bunch of shitcoins.
I understand what they say. I will explain why they say that.
We are moving towards the most significant technology transfer and thinking of all time.
Beyond Transactions: Unveiling Bitcoin's Network Power
I will explain below. And this is also why most people need help understanding the actual value behind Bitcoin.
They think Bitcoin is simply something that transacts at a fast speed, is secure, has limits, computer power, etc. bla bla bla.., But that's just the tip of the iceberg.
Today, I want to tell you about the iceberg. That is Network - Network power.
We first need to understand how the current world works to see why we need to evolve to a new model and system that brings true fairness and value to society—all network participants.
OLD NETWORK — WAT MEANS OLD NETWORK?
What is a Network? A network is "a group or system of interconnected people or things Network means "A group or system of people or things connected." Networking is an essential concept that we all are in but ignore.
The oldest network is the tribal system, which connects a group of people. This system is preserved but evolving to be more complex and advanced.
In the early days of humanity, in the tribal and tribal times, people always tried to expand the network, expand the scale of the network system by creating wars, robbing, suppressing... The more people join their tribal tribe, the more likely the influence and power of the network will increase. That's why there have always been wars of invasion to expand territory between tribes, kingdoms, and countries.
The network is not only a physical network system such as a tribe or clan system, a network of electricity lines, or road traffic... but also has a network of beliefs such as religion. Economic networks are corporations; monetary networks are like banking systems, and knowledge networks are like educational systems. The Internet is where computers and everything related to digitization (digital) are connected.
Networks are what help us humans cooperate. Otherwise, we are lonely creatures and work alone. And the network distributes the fruits of our cooperation.
The results will be shared equally among the members in the world of cooperation between herds to forage and hunt together.
Human networks need to be organized according to rules and laws. The system requires law enforcement to fight against those who cheat the system.
With all networks, they have "network effects". Adding new participants will increase the value of the web for all old members already in the network.
Ultimately, the network leader is the person with the highest power. The leader is the one who creates the network, makes the rules for the network, decides what is right and wrong for the remaining members in the system, and has the right to admit and exclude members.
We come to the three largest network systems in the modern world: Religion, the Internet and monetary system - banking.
I'll skip over the religious network.
And let's come to the monetary network — banking, specifically the USD. Indeed, those of you who have read my above articles understand that we were all deceived about its value after Nixon abolished the gold standard link with the USD in 1971.
So, what helps it remain strong until today? Why is the US always an influential country and has the right to intervene in the political systems of most countries in the world?
The network system uses the USD as a currency for trade transactions and reserves worldwide. The US always uses every means (war, force, assassination, threats...) to maintain the USD payment network.
After World War II, the USD became the reserve currency worldwide. That means every central bank in every country in the world has to hold dollars in their treasuries, and it also means that all other coins are protected and linked to the currency: Dollars. Thus, everyone in the world is related to the FED's monetary system.
There are still countries without a central banking system, such as North Korea, Iran, and Cuba. Until 2000, the list included Afghanistan, Iraq, and Libya. But look at what the US military does in the three countries above.
Expanding the network will always increase the power and influence of the leader.
As I said, the network boss is the one who makes decisions about the entire system.
The fact that the Fed is the head of the USD network when implementing monetary policies will affect the entire transaction, exchange and economic network through the banking system. The Fed is the decision-maker, and the participating members do not have much influence on the network; their only function is to bring strength and power to the head.
That's why we have China and Russia trying to fight De-dollarization.
At the G20 summit 2018, Mr Putin spoke about removing the influence of the US dollar. The world is realizing the problem and wants to find a new reserve currency, but Putin still needs to specify which one. What currency, but what exactly? Certainly not the Russian Ruble.
Ultimately, it is a battle over the level of influence on the currency network between countries when China is also preparing to launch a cryptocurrency to reform its payment system to compete with the USD.
But regardless of whether the war is still going on or who wins, it will always be the old network with the power to manage and decide on the system belonging to the network leader.
China is electrifying its currency system with a digitized yuan. And it is being tested in many major cities, including Beijing and Hong Kong. And that will be a significant threat to the dominance of the USD.
Why so?
That is the Internet network.
An example of the power of the Internet is social networks.
Let's imagine that the CEO of Facebook or YouTube is the most influential person on that network.
When participating in social networks, most of us do not get many benefits other than being connected, but the great value belongs to the leader; Facebook became a billion-dollar company thanks to advertising money, and They even have an influence on the US presidential election results, and a variety of sensitive information is suppressed and fake news floods social networks.
Inside that network, there will be groups, pages, forums, and a small network system with mods and admins at the top. And that's who gets the most benefit from the network.
They are the ones who have the right to decide on administration, selection or giving information to members. The more people join the network, the stronger the network the more influential the boss!
The level of influence on the Internet network is also critical, as it is a tool that helps connect billions of people worldwide.
And if you combine the monetary network and the Internet, when you control that system, your power will be unmatched.
Are we all moving towards electronic payment networks with dozens of applications on our phones?
When these two networks merge into one, the power of the small group at the top of the network will be inviolable.
A central brain will direct all administration, voting, operations, and decisions. That is the centralized operating system (Centralization).
Dictatorship and fake democracy are the most concrete examples of this centralized network system, where voting cheaters and even idiots take control.
THE NEW NETWORK!
Professor Milton's speech "Lessons from the Pencil Story — The Price Machine" discusses the free economy, which is not a zero-sum game. A game in which all participants system participants all benefit.
As the Naval says, it's about creating a prosperous world — Make Abundance for the World. A world where everyone can build wealth is a positive-sum game, and it must be a system free from corruption, monopoly, interference, and regulation.
When you see the old network system, benefits and power are concentrated in the hands of a few network leaders when they have the right to intervene and cheat to gain benefits for themselves. They even take away the dreams and ideas of the rest. Most large and small systems in the World operate based on a centralized mechanism and are easy to cheat. And it is a zero-sum game where the winners belong to the few in power, and of course, the losers are always the lower classes.
And now, blockchain is transitioning to a new model and network utterly opposed to the old system.
Blockchain creates a new revolution of the 21st century when what it makes is the combination of the Internet and currency!
Blockchain creates Market Networks
This is something that only some people understand about the value behind Bitcoin or altcoins.
Blockchain's market network is based on participant contributions and is open. It is an invention that helps participants in an available network govern without a leader.
Markets are one of the most efficient systems humans have ever created: credit markets, stock markets, commodity markets, labour markets, and currencies.
The market network is where we commit money. Otherwise, it is just a network of the crowd.
The market network is a place to exchange goods, currency, and credit and exchange and connect ideas. The market is where ideas can self-adjust, evolve better and get closer to the truth. And networks help us evaluate and refine those ideas fairly and transparently.
They are even donation-based, tamper-proof voting and governance systems.
When the network does not have a leader, it will be based on contributions and rewards that help strengthen the network, or in other words, those who help improve the network are the ones who deserve rewards.
Just like when you contribute and bring to society what you will receive (social IUOs owe you), which is money, blockchain will pay coins (rewards) for what you get to the network.
And importantly, each blockchain will pay according to that network's coin. Not in USD or other types of fiat money.
Contributors only pay coins when they prove the work has been completed.
With the old network, you could cheat on your work to get money or rewards (this is especially seen in government agencies, where officials need to do nothing but still get something called contribution — that is corruption).
That is the fundamental concept of proof of work — Proof of Work!
You must complete the work, prove it is done and contribute to the network; you will receive a worthy reward: coins.
The Bitcoin blockchain rewards miners for completing transaction confirmations and increases the security and transparency of the network.
The Ethereum blockchain rewards miners for executing, validating, and computing smart contracts.
Chainlink rewards network participants for providing accurate data from the outside world to the blockchain, such as data feed, price feed, etc.
Each blockchain will have its coin and reward contributors and the network with its coin.
Blockchain combines the openness of democracy with the Internet and the value of contribution to the market.
Democracy's openness to the Internet is anyone's network participation. When it is something without borders, regardless of age, young or old, big or small, religion, race, or nation can participate fairly to vote and administer the network. Anyone with an idea can create any blockchain — with implemented tokens. There will be thousands of ideas and thousands of different blockchains. It is going to be a prosperous world.
The value of the market's contribution is what the community and members bring. It could be security, computing, prediction, bandwidth, power, storage, data, distribution, content, or governance.
Combining both elements creates a market network where everything can be exchanged and traded without needing instructions from the centre. The network grows when the algorithm brings fairness and worthy rewards to contributors.
This will change the landscape of the entire current traditional system. Open and contribution-based networks will gradually replace networks ruled by aristocracy, kings, corporations, and mobs.
Values and ideas, labour and human contributions will pass through the blockchain, and they will be exchanged through the coins of the blockchains with each other.
It would be absurd to have a blockchain without coins. It's like having a market without a currency to exchange.
And it would also be unreasonable if a corporation, the authorities or a mob ran the blockchain. That will return to a centralized management system, not a decentralized one.
Blockchain gives us a new way to govern the network—data governance, trust governance, voting power, search, social networks, and energy mining.
So, back to the submerged part of the iceberg, as I said at the beginning of the article.
With Bitcoin, what helps or makes it valuable, besides factors such as scarcity, algorithmic power, and technology that we often mention, network strength is the decisive factor. The more people participate, the stronger the network becomes, making the Bitcoin network more valuable. Satoshi said the "51% problem"; when someone attacks and gets over 51% of the mining power, they can only change and cheat current transactions, not history or the past of the transaction. This is impossible because the more people participate, the more complex and impossible it becomes to gain 51%. When you join the network, you receive rewards based on fairness and mutual benefit. The 51% attack only helps you get a small part of the immediate benefit but will collapse the entire system. System, you will not get any more benefits.
Bitcoin is the one with the most vital network power at the moment, which is why it is always the KING. And Altcoins are like satellites orbiting Bitcoin. When Bitcoin solves the inflation problem of the monetary system, altcoins solve the problem of currency shortage. As I said, there will be thousands, even millions of Altcoins, so we can put ideas into them and exchange value through the market network — Market Networks. That is why Bitcoin cannot stand alone, and Altcoins will not be able to exist without Bitcoin.
And, of course, those millions of ideas will be evaluated and filtered through community voting. Among those millions of ideas, there will still be scams, shitcoins. But only ideas that bring real benefits. Newness can exist.
The above is a verbal theory; as for the reality, I will show you the evidence. Kyber Network blockchain platform is a decentralized exchange project that allows tokens on the ETH platform to trade with each other. Of course, many other examples of voting governance models with networks exist.
Recently, Kyber has allowed coin holders to participate in Staking. That is, when you hold Kyber's coin KNC, you have joined the network, helping the network to grow, then you will receive rewards and have the right to participate in voting related to the network's governance (such as the rate Burn coin rates, rewards...)
Voting and receiving rewards based on the number of coins you own: The more you hold, the more weight your vote will have.
Currently, the ETH 2.0 also allow staking coin holders to receive rewards. And a series of other projects are and will do the same.
We see a paradigm shift here; the new network is slowly replacing the old one. With one field and will follow the whole.
Finally, I want to convey to you.
I see Bitcoin as a form of protecting us from inflation, from the theft of time and labour, nothing more, nothing less.
I want them to see it as something other than an investment.
Because if it is an investment, it must be extremely serious work and requires much knowledge and practice time. What will they do, or how will they manage the money after they win the Bitcoin bet? Otherwise, it will be like the person winning the lottery jackpot and ending up empty-handed when they need to learn how to handle that money.
What I want to emphasize is that we are in the process of changing thinking and systems on a large and profound scale.
How you make money now or how you earn Bitcoin is the problem.
A new system where your value, talent, and dedication are recognized and paid fairly. If you are still in the old system, if you are still pursuing fraud in it, if you are still making money based on proof of work fraud, then you should reconsider because the game is not before eyes. Still, it is also a very long vision, even a lesson for our children and grandchildren. It's a fair, fair, and transparent value-based game for anyone.
Congratulations if you are still trying to practice and improve your self-worth every day! The new system will always have a way to reward you appropriately based on what you can contribute and donate to society and the network.
Bitcoin Blockchain not only gives me lessons about investing, but it also gives me lessons about intrinsic value. Only when you are precious to yourself you will always receive the reward you deserve.
Bitcoin will become the way to exchange value between us. The more value you have, the more you will create or earn. It is no longer a game of stupid, worthless people who still gain power, rule and wealth through fraud.
Let's create a positive-sum game and a world rich with your values!
Thank you for reading!
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**This is a translated article from Market Networks and What People Don't Know About Bitcoin **