What Is Nakamoto-Gresham’s Law, And How Does It Pertain To Bitcoin?
We know the idea of Gresham's law — but it cannot be applied directly to bitcoin without some modification.Bitcoin is money. That means it’s openly competing with the incumbent fiat monetary regime. A co-circulation of two types of money isn’t unprecedented, and the economic principle that describes the outcome is known as Gresham's law. Applying Gresham’s insight to the bitcoin-fiat dynamic, we find that HODLing is economically rational under current conditions. “Good and bad coin cannot circulate together.” — Thomas Gresham, 1558The Hierarchy Of Monetary NeedsTo understand the....
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How do we define good and bad money, and how does that relate to the economics surrounding bitcoin?
Dorian Nakamoto, the California man who is Satoshi Nakamoto - but not the one the media is looking for - has appeared in a YouTube video thanking the bitcoin community for its support. Bitcoin entrepreneur Andreas Antonopoulos organized the fundraiser as partial compensation for Nakamoto's recent troubles, after a Newsweek cover story 'revealed' him to be bitcoin's mysterious originator. The appeal has raised over 47 BTC (roughly $23,000) and Nakamoto says he plans to keep his "bitcoin account" open and become a user. In the three-minute video, Nakamoto appears alongside Antonopoulos and....
"You've got the wrong man". Dorian Nakamoto, also known as Satoshi Nakamoto, says Newsweek misrepresented him as the creator of Bitcoin. He denied having any involvement with Bitcoin, which he repeatedly referred to as "Bitcom" during an AP interview yesterday, reports Reuters. Free Lunch. According to the LA Times, Mr. Dorian Nakamoto was roped in by Newsweek: "I never was involved," he said to a Times reporter, saying there was only one reason he had agreed to even talk to a reporter. "It was all for a free lunch." The media circus arrived at Dorian Nakamoto's home after Newsweek....
Dorian Satoshi Nakamoto received the surprise of a lifetime in March when Newsweek's Leah McGrath Goodman pegged him, a retiree, as the creator of the bitcoin digital currency. We soon learned after the story reveal that this man was not the Satoshi Nakamoto that invented bitcoin. A previous contractor for the FAA, Dorian is a lover of model train sets and lives quietly in Southern California. The bitcoin community came together when Andreas M. Antonopoulos, a well-known entity in the community, started a fundraiser for Nakamoto to help him financially as a collective way of saying "we're....
There's no doubt about the fact that the bitcoin community has voiced their opinions on a Newsweek exposé of the alleged Satoshi Nakamoto (long story short: outrage and disappointment) by Leah McGrath Goodman, but now the Bitcoin Foundation is chiming in. "Today we have seen heightened media speculation on the identity of Satoshi Nakamoto," the advocacy group writes in their response, entitled We Are All Bitcoin. "As of this writing, we have seen zero conclusive evidence that the identified person is the designer of Bitcoin. Those closest to the Bitcoin project, the informal team of core....