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Last active April 30, 2020 23:38

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  1. bitstein revised this gist Feb 11, 2015. 1 changed file with 2 additions and 1 deletion.
    3 changes: 2 additions & 1 deletion SNI-Mempool-Crash-Course.md
    Original file line number Diff line number Diff line change
    @@ -34,7 +34,8 @@ Indeed, Bitcoin has already positioned itself as the best store of value, unit o
    As it grows, it will not only displace competing crypto-currencies but also begin engaging in speculative attacks against weaker fiat currencies.
    * ["Speculative Attack"](http://nakamotoinstitute.org/mempool/speculative-attack/) by Pierre Rochard

    Attacks on the system are possible, but they require entrepreneurship, which takes time. Meanwhile Bitcoin's growth creates agency problems in coordinated attacks by instead incentivizing defection.
    Within the system, the protocol rules are bound by the investors. Attacks on the system are possible, but they require entrepreneurship, which takes time. Meanwhile Bitcoin's growth creates agency problems in coordinated attacks by instead incentivizing defection.
    * ["Who Controls Bitcoin?"](http://nakamotoinstitute.org/mempool/who-controls-bitcoin/) by Daniel Krawisz
    * ["Bitcoin's Rugged Individualism"](http://nakamotoinstitute.org/mempool/bitcoins-rugged-individualism/) by Daniel Krawisz
    * ["Bitcoin's Shroud of Subtlety and Allure"](http://nakamotoinstitute.org/mempool/bitcoins-shroud-of-subtlety-and-allure/) by Daniel Krawisz

  2. bitstein revised this gist Jan 22, 2015. 1 changed file with 3 additions and 0 deletions.
    3 changes: 3 additions & 0 deletions SNI-Mempool-Crash-Course.md
    Original file line number Diff line number Diff line change
    @@ -28,6 +28,9 @@ Despite people's worries, Bitcoin does not suffer an image problem because of po
    Those who are hoarding are already using Bitcoin as their unit of account, in order to calculate long-term opportunity costs.
    * ["Bitcoin is the Best Unit of Account"](http://nakamotoinstitute.org/mempool/bitcoin-is-the-best-unit-of-account/) by Daniel Krawisz

    Indeed, Bitcoin has already positioned itself as the best store of value, unit of account, and medium of exchange around.
    * ["Bitcoin as a Store of Value, Unit of Account, and Medium of Exchange"](http://nakamotoinstitute.org/mempool/bitcoin-as-a-store-of-value-unit-of-account-and-medium-of-exchange/) by Daniel Krawisz

    As it grows, it will not only displace competing crypto-currencies but also begin engaging in speculative attacks against weaker fiat currencies.
    * ["Speculative Attack"](http://nakamotoinstitute.org/mempool/speculative-attack/) by Pierre Rochard

  3. bitstein revised this gist Oct 15, 2014. 1 changed file with 4 additions and 4 deletions.
    8 changes: 4 additions & 4 deletions SNI-Mempool-Crash-Course.md
    Original file line number Diff line number Diff line change
    @@ -11,19 +11,19 @@ Unsurprisingly, Bitcoin has gained substantial popularity, and there is no reaso

    Given expected growth, people have reason to hoard bitcoins. This increases the value of the network, giving more reason to hoard. Hoarders can also increase the value of their holdings by investing in open-source development that makes the network more valuable as a whole.
    * ["I'm Hoarding Bitcoins, and No You Can't Have Any"](http://nakamotoinstitute.org/mempool/im-hoarding-bitcoins-and-no-you-cant-have-any/) by Daniel Krawisz
    * ["The Correct Strategy of Bitcoin Entrepreneurship"](http://nakamotoinstitute.org/mempool/the-correct-strategy-of-bitcoin-entrepreneurship/)
    * ["The Correct Strategy of Bitcoin Entrepreneurship"](http://nakamotoinstitute.org/mempool/the-correct-strategy-of-bitcoin-entrepreneurship/) by Daniel Krawisz

    As it grows, the network effects of its competitors shrink, and ultimately there can only be one currency.
    * ["The Problem With Altcoins"](http://nakamotoinstitute.org/mempool/the-problem-with-altcoins/) by Daniel Krawisz
    * ["The Coming Demise of the Altcoins (And What You Can Do to Hasten It)"](http://nakamotoinstitute.org/mempool/the-coming-demise-of-altcoins/) by Daniel Krawisz
    * ["Appcoins are Snake Oil"](http://nakamotoinstitute.org/mempool/appcoins-are-snake-oil/)
    * ["Appcoins are Snake Oil"](http://nakamotoinstitute.org/mempool/appcoins-are-snake-oil/) by Daniel Krawisz

    Volatility currently exists, but so what? If anything, that's a good thing. Hoarders are not swayed.
    * ["I Love Bitcoin's Volatility"](http://nakamotoinstitute.org/mempool/i-love-bitcoins-volatility/) by Daniel Krawisz

    Despite people's worries, Bitcoin does not suffer an image problem because of potential illicit usage. In fact, it's ability to bypass legal restrictions is one of its biggest selling points and should be celebrated.
    * ["Bitcoin Has No Image Problem"](http://nakamotoinstitute.org/mempool/bitcoin-has-no-image-problem/)
    * ["How to Market Bitcoin"](http://nakamotoinstitute.org/mempool/how-to-market-bitcoin/)
    * ["Bitcoin Has No Image Problem"](http://nakamotoinstitute.org/mempool/bitcoin-has-no-image-problem/) by Daniel Krawisz
    * ["How to Market Bitcoin"](http://nakamotoinstitute.org/mempool/how-to-market-bitcoin/) by Daniel Krawisz

    Those who are hoarding are already using Bitcoin as their unit of account, in order to calculate long-term opportunity costs.
    * ["Bitcoin is the Best Unit of Account"](http://nakamotoinstitute.org/mempool/bitcoin-is-the-best-unit-of-account/) by Daniel Krawisz
  4. bitstein revised this gist Oct 12, 2014. 1 changed file with 9 additions and 5 deletions.
    14 changes: 9 additions & 5 deletions SNI-Mempool-Crash-Course.md
    Original file line number Diff line number Diff line change
    @@ -5,22 +5,26 @@ In terms of monetary policy, Bitcoin is the greatest money the world has ever se
    * ["Fractional Reserve Banking is Obsolete"](http://nakamotoinstitute.org/mempool/fractional-reserve-banking-is-obsolete/) by Pierre Rochard
    * ["The Bitcoin Central Bank's Perfect Monetary Policy"](http://nakamotoinstitute.org/mempool/the-bitcoin-central-banks-perfect-monetary-policy/) by Pierre Rochard

    Unsurprisingly, it has gained substantial popularity, and there is no reason to believe it will not continue to grow.
    Unsurprisingly, Bitcoin has gained substantial popularity, and there is no reason to believe it will not continue to grow. This growth is not merely a bubble.
    * ["Why Bitcoin Will Continue to Grow"](http://nakamotoinstitute.org/mempool/why-bitcoin-will-continue-to-grow/) by Daniel Krawisz
    * ["How We Know Bitcoin is Not a Bubble"](http://nakamotoinstitute.org/mempool/how-we-know-bitcoin-is-not-a-bubble/) by Daniel Krawisz

    Given expected growth, people have reason to hoard. This increases the value of the network, giving more reason to hoard.
    Given expected growth, people have reason to hoard bitcoins. This increases the value of the network, giving more reason to hoard. Hoarders can also increase the value of their holdings by investing in open-source development that makes the network more valuable as a whole.
    * ["I'm Hoarding Bitcoins, and No You Can't Have Any"](http://nakamotoinstitute.org/mempool/im-hoarding-bitcoins-and-no-you-cant-have-any/) by Daniel Krawisz

    This growth is not merely a bubble.
    * ["How We Know Bitcoin is Not a Bubble"](http://nakamotoinstitute.org/mempool/how-we-know-bitcoin-is-not-a-bubble/) by Daniel Krawisz
    * ["The Correct Strategy of Bitcoin Entrepreneurship"](http://nakamotoinstitute.org/mempool/the-correct-strategy-of-bitcoin-entrepreneurship/)

    As it grows, the network effects of its competitors shrink, and ultimately there can only be one currency.
    * ["The Problem With Altcoins"](http://nakamotoinstitute.org/mempool/the-problem-with-altcoins/) by Daniel Krawisz
    * ["The Coming Demise of the Altcoins (And What You Can Do to Hasten It)"](http://nakamotoinstitute.org/mempool/the-coming-demise-of-altcoins/) by Daniel Krawisz
    * ["Appcoins are Snake Oil"](http://nakamotoinstitute.org/mempool/appcoins-are-snake-oil/)

    Volatility currently exists, but so what? If anything, that's a good thing. Hoarders are not swayed.
    * ["I Love Bitcoin's Volatility"](http://nakamotoinstitute.org/mempool/i-love-bitcoins-volatility/) by Daniel Krawisz

    Despite people's worries, Bitcoin does not suffer an image problem because of potential illicit usage. In fact, it's ability to bypass legal restrictions is one of its biggest selling points and should be celebrated.
    * ["Bitcoin Has No Image Problem"](http://nakamotoinstitute.org/mempool/bitcoin-has-no-image-problem/)
    * ["How to Market Bitcoin"](http://nakamotoinstitute.org/mempool/how-to-market-bitcoin/)

    Those who are hoarding are already using Bitcoin as their unit of account, in order to calculate long-term opportunity costs.
    * ["Bitcoin is the Best Unit of Account"](http://nakamotoinstitute.org/mempool/bitcoin-is-the-best-unit-of-account/) by Daniel Krawisz

  5. bitstein revised this gist Oct 8, 2014. 1 changed file with 6 additions and 1 deletion.
    7 changes: 6 additions & 1 deletion SNI-Mempool-Crash-Course.md
    Original file line number Diff line number Diff line change
    @@ -32,4 +32,9 @@ Attacks on the system are possible, but they require entrepreneurship, which tak
    * ["Bitcoin's Shroud of Subtlety and Allure"](http://nakamotoinstitute.org/mempool/bitcoins-shroud-of-subtlety-and-allure/) by Daniel Krawisz

    In the end, we can expect Bitcoin to displace all other currencies, rapidly, in a process of hyperbitcoinization.
    * ["Hyperbitcoinization"](http://nakamotoinstitute.org/mempool/hyperbitcoinization/) by Daniel Krawisz
    * ["Hyperbitcoinization"](http://nakamotoinstitute.org/mempool/hyperbitcoinization/) by Daniel Krawisz

    With hyperbitcoinization on the way, everyone becomes a scammer. Willpower is the hoarder's only defense.
    * ["Everyone's a Scammer"](http://nakamotoinstitute.org/mempool/everyones-a-scammer/) by Michael Goldstein

    Safe travels.
  6. bitstein revised this gist Oct 5, 2014. 1 changed file with 1 addition and 1 deletion.
    2 changes: 1 addition & 1 deletion SNI-Mempool-Crash-Course.md
    Original file line number Diff line number Diff line change
    @@ -8,7 +8,7 @@ In terms of monetary policy, Bitcoin is the greatest money the world has ever se
    Unsurprisingly, it has gained substantial popularity, and there is no reason to believe it will not continue to grow.
    * ["Why Bitcoin Will Continue to Grow"](http://nakamotoinstitute.org/mempool/why-bitcoin-will-continue-to-grow/) by Daniel Krawisz

    Given expected growth, people have reason to hoard. This increases the value, giving more reason to hoard.
    Given expected growth, people have reason to hoard. This increases the value of the network, giving more reason to hoard.
    * ["I'm Hoarding Bitcoins, and No You Can't Have Any"](http://nakamotoinstitute.org/mempool/im-hoarding-bitcoins-and-no-you-cant-have-any/) by Daniel Krawisz

    This growth is not merely a bubble.
  7. bitstein revised this gist Oct 5, 2014. 1 changed file with 1 addition and 1 deletion.
    2 changes: 1 addition & 1 deletion SNI-Mempool-Crash-Course.md
    Original file line number Diff line number Diff line change
    @@ -1,6 +1,6 @@
    The following is a partial annotated bibliography of SNI Mempool, building the case for why Bitcoin will displace all competing currencies, including altcoins, fiat money, and precious metals:

    In terms of monetary policy, Bitcoin is the great money the world has ever seen.
    In terms of monetary policy, Bitcoin is the greatest money the world has ever seen.
    * ["End the Fed: Hoard Bitcoins"](http://nakamotoinstitute.org/mempool/end-the-fed-hoard-bitcoins/) by Pierre Rochard
    * ["Fractional Reserve Banking is Obsolete"](http://nakamotoinstitute.org/mempool/fractional-reserve-banking-is-obsolete/) by Pierre Rochard
    * ["The Bitcoin Central Bank's Perfect Monetary Policy"](http://nakamotoinstitute.org/mempool/the-bitcoin-central-banks-perfect-monetary-policy/) by Pierre Rochard
  8. bitstein revised this gist Oct 5, 2014. 1 changed file with 16 additions and 15 deletions.
    31 changes: 16 additions & 15 deletions SNI-Mempool-Crash-Course.md
    Original file line number Diff line number Diff line change
    @@ -1,34 +1,35 @@
    The following is a partial annotated bibliography of SNI Mempool, building the case for why Bitcoin will displace all competing currencies, including altcoins, fiat money, and precious metals:

    In terms of monetary policy, Bitcoin is the great money the world has ever seen.
    * http://nakamotoinstitute.org/mempool/the-bitcoin-central-banks-perfect-monetary-policy/
    * http://nakamotoinstitute.org/mempool/end-the-fed-hoard-bitcoins/
    * http://nakamotoinstitute.org/mempool/fractional-reserve-banking-is-obsolete/
    * ["End the Fed: Hoard Bitcoins"](http://nakamotoinstitute.org/mempool/end-the-fed-hoard-bitcoins/) by Pierre Rochard
    * ["Fractional Reserve Banking is Obsolete"](http://nakamotoinstitute.org/mempool/fractional-reserve-banking-is-obsolete/) by Pierre Rochard
    * ["The Bitcoin Central Bank's Perfect Monetary Policy"](http://nakamotoinstitute.org/mempool/the-bitcoin-central-banks-perfect-monetary-policy/) by Pierre Rochard

    Unsurprisingly, it has gained substantial popularity, and there is no reason to believe it will not continue to grow.
    * http://nakamotoinstitute.org/mempool/why-bitcoin-will-continue-to-grow/
    * ["Why Bitcoin Will Continue to Grow"](http://nakamotoinstitute.org/mempool/why-bitcoin-will-continue-to-grow/) by Daniel Krawisz

    Given expected growth, people have reason to hoard. This increases the value, giving more reason to hoard.
    * http://nakamotoinstitute.org/mempool/im-hoarding-bitcoins-and-no-you-cant-have-any/
    * ["I'm Hoarding Bitcoins, and No You Can't Have Any"](http://nakamotoinstitute.org/mempool/im-hoarding-bitcoins-and-no-you-cant-have-any/) by Daniel Krawisz

    This growth is not merely a bubble.
    * http://nakamotoinstitute.org/mempool/how-we-know-bitcoin-is-not-a-bubble/
    * ["How We Know Bitcoin is Not a Bubble"](http://nakamotoinstitute.org/mempool/how-we-know-bitcoin-is-not-a-bubble/) by Daniel Krawisz

    As it grows, the network effects of its competitors shrink, and ultimately there can only be one.
    * http://nakamotoinstitute.org/mempool/the-coming-demise-of-altcoins/
    As it grows, the network effects of its competitors shrink, and ultimately there can only be one currency.
    * ["The Problem With Altcoins"](http://nakamotoinstitute.org/mempool/the-problem-with-altcoins/) by Daniel Krawisz
    * ["The Coming Demise of the Altcoins (And What You Can Do to Hasten It)"](http://nakamotoinstitute.org/mempool/the-coming-demise-of-altcoins/) by Daniel Krawisz

    Volatility currently exists, but so what? If anything, that's a good thing. Hoarders are not swayed.
    * http://nakamotoinstitute.org/mempool/i-love-bitcoins-volatility/
    * ["I Love Bitcoin's Volatility"](http://nakamotoinstitute.org/mempool/i-love-bitcoins-volatility/) by Daniel Krawisz

    Those who are hoarding are already using Bitcoin as their unit of account, in order to calculate long-term opportunity costs.
    * http://nakamotoinstitute.org/mempool/bitcoin-is-the-best-unit-of-account/
    * ["Bitcoin is the Best Unit of Account"](http://nakamotoinstitute.org/mempool/bitcoin-is-the-best-unit-of-account/) by Daniel Krawisz

    As it grows, it will not only displace competing crypto-currencies but also begin engaging in speculative attacks against weaker fiat currencies.
    * http://nakamotoinstitute.org/mempool/speculative-attack/
    * ["Speculative Attack"](http://nakamotoinstitute.org/mempool/speculative-attack/) by Pierre Rochard

    Attacks on the system are possible, but this requires entrepreneurship, which takes time. Meanwhile Bitcoin's growth hinders the agency of coordinated attacks, instead incentivizing defection.
    * http://nakamotoinstitute.org/mempool/bitcoins-shroud-of-subtlety-and-allure/
    * http://nakamotoinstitute.org/mempool/bitcoins-rugged-individualism/
    Attacks on the system are possible, but they require entrepreneurship, which takes time. Meanwhile Bitcoin's growth creates agency problems in coordinated attacks by instead incentivizing defection.
    * ["Bitcoin's Rugged Individualism"](http://nakamotoinstitute.org/mempool/bitcoins-rugged-individualism/) by Daniel Krawisz
    * ["Bitcoin's Shroud of Subtlety and Allure"](http://nakamotoinstitute.org/mempool/bitcoins-shroud-of-subtlety-and-allure/) by Daniel Krawisz

    In the end, we can expect Bitcoin to displace all other currencies, rapidly, in a process of hyperbitcoinization.
    * http://nakamotoinstitute.org/mempool/hyperbitcoinization/
    * ["Hyperbitcoinization"](http://nakamotoinstitute.org/mempool/hyperbitcoinization/) by Daniel Krawisz
  9. bitstein created this gist Oct 5, 2014.
    34 changes: 34 additions & 0 deletions SNI-Mempool-Crash-Course.md
    Original file line number Diff line number Diff line change
    @@ -0,0 +1,34 @@
    The following is a partial annotated bibliography of SNI Mempool, building the case for why Bitcoin will displace all competing currencies, including altcoins, fiat money, and precious metals:

    In terms of monetary policy, Bitcoin is the great money the world has ever seen.
    * http://nakamotoinstitute.org/mempool/the-bitcoin-central-banks-perfect-monetary-policy/
    * http://nakamotoinstitute.org/mempool/end-the-fed-hoard-bitcoins/
    * http://nakamotoinstitute.org/mempool/fractional-reserve-banking-is-obsolete/

    Unsurprisingly, it has gained substantial popularity, and there is no reason to believe it will not continue to grow.
    * http://nakamotoinstitute.org/mempool/why-bitcoin-will-continue-to-grow/

    Given expected growth, people have reason to hoard. This increases the value, giving more reason to hoard.
    * http://nakamotoinstitute.org/mempool/im-hoarding-bitcoins-and-no-you-cant-have-any/

    This growth is not merely a bubble.
    * http://nakamotoinstitute.org/mempool/how-we-know-bitcoin-is-not-a-bubble/

    As it grows, the network effects of its competitors shrink, and ultimately there can only be one.
    * http://nakamotoinstitute.org/mempool/the-coming-demise-of-altcoins/

    Volatility currently exists, but so what? If anything, that's a good thing. Hoarders are not swayed.
    * http://nakamotoinstitute.org/mempool/i-love-bitcoins-volatility/

    Those who are hoarding are already using Bitcoin as their unit of account, in order to calculate long-term opportunity costs.
    * http://nakamotoinstitute.org/mempool/bitcoin-is-the-best-unit-of-account/

    As it grows, it will not only displace competing crypto-currencies but also begin engaging in speculative attacks against weaker fiat currencies.
    * http://nakamotoinstitute.org/mempool/speculative-attack/

    Attacks on the system are possible, but this requires entrepreneurship, which takes time. Meanwhile Bitcoin's growth hinders the agency of coordinated attacks, instead incentivizing defection.
    * http://nakamotoinstitute.org/mempool/bitcoins-shroud-of-subtlety-and-allure/
    * http://nakamotoinstitute.org/mempool/bitcoins-rugged-individualism/

    In the end, we can expect Bitcoin to displace all other currencies, rapidly, in a process of hyperbitcoinization.
    * http://nakamotoinstitute.org/mempool/hyperbitcoinization/