Bitcoin Songsheet: Private Property And Covenants
Bitcoin stands out because it is a digital bearer asset that gives full private property rights to its users, and development must carefully protect this aspect.Audio recording of this article. Good fences make good neighbors.Clear boundaries separate responsibility and make clear who is due what. With good boundaries, we can act more decisively because we know what we own. Without it, nobody feels responsible so it gets plundered like an appetizer plate which inevitably comes down to that last piece which keeps getting split in half. We call what we own property and the rights of....
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Bitcoin improvements can be achieved by implementing covenants. This article explains covenants, how they work and the debate around them. Drawbacks of Bitcoin covenantsVarious prominent Bitcoin experts, including Adam Back, Jimmy Song and Andreas Antonopoulos, have raised some concerns over the implementation of restrictive covenants, in particular with the BIP119.In particular, Antonopoulos has voiced concerns over "recursive covenants" that the new update could convey, thereby deteriorating the network. A recursive covenant occurs when a programmer restricts a transaction, but he does....
Bitcoin protects private property for its users due to its theft-proof design, its use of decentralized nodes and an immutable public ledger.
For the first time in history, bitcoin offers us a property option that does not rely on a local authority or legal system to protect it.
The never-ending projects fantasized about by scientists promise much without actually delivering anything.
The structure of familial support has been replaced with the encouragement of rent seeking and reliance on government.