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Contents: the Core Bitcoin Becomes the Flag of Technology ( January 3, 2020 by Balaji S Introduction by Kevin Gao (Work in Progress) Contents: The Core Bitcoin becomes the Flag of Technology (https://nakamoto.com/) January 3, 2020 by Balaji S. Srinivasan Bitcoin: A Peer-to-Peer Electronic Cash System October 31, 2008 by Satoshi Nakamoto Bitcoin for the Open-Minded Skeptic (https://www.paradigm.xyz/) May 12, 2020 by Matt Huang User Thoughts Why Bitcoin (http://www.brianrast.com/) September 9, 2019 by Brian Rast How the Bitcoin protocol actually works (http://michaelnielsen.org/) December 6, 2013 by Michael Nielsen The case for a small allocation to Bitcoin (https://www.kanaandkatana.com/) March 1, 2019 by Wences Casares, CEO of Xapo If you think I’m missing any major essays/papers, shoot me an email at [email protected] or a dm on Twitter @kgao1412 with the subject: “Bitcoin Compilation.” Thanks! Investor Theses Why Bitcoin Matters (https://a16z.com/) January 22, 2014 by Marc Andreessen The Great Monetary Inflation May 7, 2020 by Paul Tudor Jones and Lorenzo Giorgianni An (Institutional) Investor’s Take on Cryptoassets December 24, 2017 by John Pfeffer General Talks BlockCon 2018: Nassim Taleb & Naval Ravikant (h/t http://www.mrsideproject.com/) October 11, 2018 Nassim Nicholas Taleb and Naval Ravikant Capitalizing on Tech-Enabled Transformations (Excerpt) July 20, 2018 Josh Wolfe and Michael Green If you think I’m missing any major essays/papers, shoot me an email at [email protected] or a dm on Twitter @kgao1412 with the subject: “Bitcoin Compilation.” Thanks! The Core Bitcoin becomes the Flag of Technology (https://nakamoto.com/) January 3, 2020 by Balaji S. Srinivasan Bitcoin: A Peer-to-Peer Electronic Cash System October 31, 2008 by Satoshi Nakamoto Bitcoin for the Open-Minded Skeptic (https://www.paradigm.xyz/) May 12, 2020 by Matt Huang If you think I’m missing any major essays/papers, shoot me an email at [email protected] or a dm on Twitter @kgao1412 with the subject: “Bitcoin Compilation.” Thanks! Bitcoin becomes the Flag of Technology (First published at https://nakamoto.com/) January 3, 2020 by Balaji S. Srinivasan Bitcoin represents the explicit encoding of previously implicit values of the tech community. It's not just software — it is a Schelling point and a symbol. As such, it will become widely recognized as the flag of technology over the course of the 2020s. To understand this claim, we need to define what "technology" is, what a "flag" would mean in this context, and why Bitcoin would be chosen as that flag. Let's proceed in turn. Technology: the values behind the valuations Technology is the culture that Silicon Valley built and exported. It is the global community of founders, investors, engineers, and designers. And it is the code, apps, products, and billion dollar companies. But most fundamentally, it's the values that underpin the valuations. These values are implicit in common terms like MVP, product-market fit, or the idea maze. And they are expressed in writing via popular books by the most accomplished people in tech. But they usually aren't articulated outright. If we were to enumerate them, we'd find that technology is internationalist, capitalist, decentralized, hyperdeflationary, networked, encrypted, digital, volatile, ambitious, and quietly revolutionary. These are the values of technology. Bitcoin (and crypto more generally) moves us beyond the implicit by expressing these values in a piece of code that doubles as an investment vehicle. The code speaks to the developers, the upside appeals to the investors, and the values encoded within speak to both. If you believe in these values, you tend to buy Bitcoin. Bitcoin: an ideological flag and a Schelling point Recall that not every flag represents a geographical entity. Some of them represent movements, like the Gadsen flag or the rainbow flag. Bitcoin becomes a flag in this sense, as the encoding of technology's aforementioned values. An ideological flag, rather than a geographic one. Bitcoin also becomes a flag in another sense: a rallying point, a Schelling point for an entrepreneurial community. Recall that a Schelling point occurs when a community coordinates without explicit coordination. The classic example is when two strangers know that they must meet in New York City on a given day, but are not told where or when. They need to guess what the other person will do without communicating with them. The equilibrium solution to this is usually "meet at 12 noon in front of the Grand Central Terminal information booth." Similarly, if we asked the question of what two random people in the global tech community would coordinate on, we start to find that American, Chinese, and Russian technologists who otherwise don't agree on much tend to agree that Bitcoin is valuable. For example, Jack Dorsey runs Twitter, Reid Hoffman founded LinkedIn, and Marc Andreessen and Peter Thiel are on the board of Facebook – but all of them are pro-Bitcoin. Similarly, Binance founder Changpeng Zhao and Telegram founder Pavel Durov are Chinese-Canadian and Russian expatriates respectively, and are also pro-Bitcoin. Different countries, different backgrounds, but a shared belief in digital currency. It's hard to get folks like this to all agree on something. If you think about it, the global tech community is not going to line up behind Google, or Facebook, or WeChat, or Yandex. Even if a founder respects the products these companies built, as a capitalist they are always aware that there may be economic disalignment at some point in the future. What is good for Google may not always be good for you. What technologists do tend to align around are (a) open source projects where alignment is less material and (b) investments where alignment is quantifiable. Bitcoin is both of these. With respect to open source, the closest analogy to Bitcoin may be Linux. Like Linux, all can profit from Bitcoin but none can corrupt it. For example, Google and Facebook are tough competitors – but they cooperate on Linux because it's a demilitarized zone where one party cannot deprive the other of their contributions. Microsoft may have its own OS, but even Microsoft has to respect Linux nowadays. Similarly, within the crypto community as well – which is overlapping with but not identical to the tech community – whatever project someone is starting, they are aware of Bitcoin, respect it, and likely hold some. Whatever exchange someone is running, they will have Bitcoin support. Whatever crypto tutorial someone is writing, they will assume the user knows something about Bitcoin. Bitcoin is thus many people's first choice and many people's second choice. This means it will become the community's first choice. That's why Bitcoin is also a flag in the sense of a Schelling Point – something to rally around. Bitcoin encodes the values of Technology But when the global tech community rallies around the flag of Bitcoin, what exactly is it getting behind? As noted above, we argue that Bitcoin encodes the following implicit values of technology: internationalist, capitalist, decentralized, hyperdeflationary, networked, encrypted, digital, volatile, ambitious, and quietly revolutionary. Let's go through each of these in turn. Internationalist Bitcoin and technology are both intrinsically internationalist. The tech industry may have begun in Silicon Valley, but it's a global phenomenon at this point. Within the US, more than 60% of the most valuable technology companies were founded by first and second generation immigrants. And with 51% of unicorns now outside the US, tech extends far beyond Silicon Valley to every country with an internet connection. The same is true for Bitcoin. Millions of crypto traders are distributed across the world, there are thousands of Bitcoin meetups happening in hundreds of cities, and every major nation state is aware of cryptocurrency. Capitalist Bitcoin and technology are both fundamentally capitalist. The tech industry proper revolves around entrepreneurs, angel investors, venture capitalists, M&As, and IPOs. The broader tech community also includes academic engineers and the open source community, neither of which are for-profit, but both of which are far more capitalism-friendly than their counterparts in academic humanities departments and traditional nonprofits. Bitcoin likewise is about capitalism. It is a ledger of transactions. It is a speculative investment. It is the digitization of money. It is a transnational form of property rights. It's delivered venture returns. And it encodes the history of an entire economy in its blockchain. As such it's intrinsically capitalist. Decentralized Bitcoin and technology are both highly decentralized. As Benedict Evans noted recently, the great thing about tech monopolies is how many there are to choose from! Any market map of a tech sector will show the same thing: a profusion of dozens or hundreds of companies in any industry, all vying for different pieces of the market. There are hundreds of millions of websites, almost five million startups on AngelList, thousands of angel investors, and hundreds of large VC firms. There is no single chokepoint in tech, no one financier or platform that you must deploy on to succeed. The same is true for Bitcoin, and crypto more generally. Satoshi famously designed Bitcoin such that no single miner could censor transactions on the network, and called it "completely decentralized with no server or central authority". While there's always more to be done in terms of quantifying and improving decentralization, the ecosystem has miners, nodes, exchanges, developers, and investors, each of whom have competing interests, and (ideally) none of whom has a veto over Bitcoin. Left: Mastering Bitcoin's diagram of the extended bitcoin network. Right: a random sample of coins. Finally, there's one more level of decentralization: decentralization across coins. There are now enough different approaches to consensus and privacy that it's highly unlikely that cryptocurrency as a phenomenon will ever vanish.
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