BWJ 023: Grasping The Technicalities; Product Market Fit; & Flag Of Technology.
This week: Why are ‘hash functions’ so important to Bitcoin? What typifies the growing use-case of Bitcoin? How is Bitcoin a schelling point for the tech community? And more...
Grasping The Technicalities
Why are ‘hash functions’ so important to Bitcoin?
I am not an engineer and never will be. This doesn’t mean I am not interested in how technology actually works, quite the contrary in fact, but it does mean I need it explained to me as simply as possible. For those of you out there like me, I highly recommend having a read of the latest article from my friend Parman, “How SHA256 and Mining Protect The Bitcoin Network”.
Quickly one gets into the details of how Bitcoin actually functions, which even to the untrained eye, is clearly a masterpiece in human ingenuity. Complexity abounds, however simplicity is paramount, with this article surely only scratching the surface of what technology lies beneath.
Never before flying down the proverbial Bitcoin rabbit hole, had I actually sat down and studied computer science, always farming that responsibility out to more technical friends. Now I have a use-case to focus on, I am intrigued, and look forward to learning more.
Product Market Fit
What typifies the growing use-case of Bitcoin?
As time goes by, I become not only more apolitical, but also less patriotic. This is in large part due to delving further into the con that is central banking, learning about manipulation of public opinion, which totally destabilises one’s beliefs in what they previously perceived to be true.
With this in mind, I don’t have an opinion on the current situation in Ukraine, but I do think it’s important you read “How Bitcoin Allowed A Ukrainian Refugee To Escape War And Start Fighting Back On His Own Terms” by Shinobi. This is a classic story of Bitcoin empowering the individual, at a time when their traditional financial tools had totally disintegrated, enabling them to protect their wealth.
This story adds further credence to the concept, Bitcoin product-market-fit lies on the fringes of our global financial system, in the places where financial products are most broken. My thoughts go out to all the innocent families effected by this situation, I hope it ends as soon as possible, with little damage to livelihoods.
Flag Of Technology
How is Bitcoin a schelling point for the tech community?
What is a flag? Why do we use them? Who creates them? Not questions I’ve often asked, but important to consider, on reading “Bitcoin becomes the Flag of Technology” by Balaji Srinivasan. A great article, that should be required reading for both experienced and inexperienced Bitcoiners, making the point that the technology market will ultimately align behind Bitcoin.
I found this helped to solidify my understanding of what Bitcoin is, whilst represents yet more credence that can be used, to help friends and family learn. After all, given enough time, anyone is capable of understanding the characteristics referenced: “internationalist, capitalist, decentralized, hyperdeflationary, networked, encrypted, digital, volatile, ambitious, and quietly revolutionary”.
This is just the type of character who’s opinion I like to search out, and take heed of, given their track record for building technology products to exit. Whilst this type of article is insightful, succinct, and suitably shareable.
We’re So Bloody Early
As a long-term listener to Bitcoin Rapid Fire, it was great to chat with John Vallis!