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Bitcoin->Web3.0 Study

My thoughts

Going down the rabbit hole of my readings from Bitcoin → Web3.0, I found that there are 3 different perspectives.

Bitcoin Naysayers - Nicholas Nassim Taleb, who proclaim Bitcoin is worth Zero due to a) it can’t be hedged for tail risk b) can’t be considered store of value due to high volatility

Bitcoin Maximalists - maximalist is someone who just believes in Bitcoin and only holds Bitcoin. So they see it as the future. They’re Pro, Bitcoin and Bitcoin only, they don’t hold alternative coins or all coins such as etherium, or sort of other protocols. So they they’re very much a purist. Jack Dorsey is one among them, who proclaims that Bitcoin is the most important thing that happened in his life so far. For him, anything that deviates from the ethos of Bitcoin is untenable i.e.,

Bitcoin as the native layer
FOSS (Free and Open Source Software)


Extend Bitcoin to general purpose functions than just currency - Web 3.0 - Gavin Wood / Vitalik Buterin / VC firm a16z

When I first read about Bitcoin in 2011, I was largely uninterested, focusing too much on the currency aspect rather than the technology. However, when I revisited it in early 2013, I began to realise new possibilities opening up between the fields of ICT and game theory, and the inevitable social change to which this would lead.

Bitcoin technology in interdisciplinary in nature which deals with 3 different disciplines viz.,

Economics - Money Supply - By fixing the total number of Bitcoins that can be issued to be at only 21 Million, it models the monetary system to that of fixed peg as propounded by Austrian Economics Model rather than unlimited money supply proposed by Keynesian model, which is resulting in income inequalities and ever increasing asset prices.
Strategy - Game theory - It is believed to have solved the byzantine general’s problem which deals about how Co-operation can be modelled in a trustless environment by taking the help of Proof-of-work algorithm.
3. Mathematics - Cryptography - It takes the help of Public Key Cryptography to ensure message integrity
and non-repudiation issues between sender and. receiver via public network.

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