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Michael Saylor Keynote on Bitcoin & The US Dollar: MIT Bitcoin Expo Conference – April 4th 2021

Michael Saylor Keynote on Bitcoin & The US Dollar: MIT Bitcoin Expo Conference – April 4th 2021



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  1. This thread needs some comments so I’m going to make a long post for any newbies that want to learn about bitcoin. Bitcoin is scarce tokenized derivative of inflation and corruption that’s kept honest and secure by it’s own decentralized ledger of value that can’t be forged or hacked. Satoshi created bitcoin to allow online payments to be sent directly from one person to another without requiring trust or permission of anyone else.

    Gold is currently the #1 largest asset on earth by market cap because it’s used by humans as a store of value and it has been for centuries. Bitcoin is a better store of value than gold and it’s much easier send, protect, and hide and it’s also more scarce than gold. Gold mining and transporting gold are both far worse for the environment than mining bitcoin and transporting bitcoin. Gold mining emits more than three times the co2 emissions than bitcoin mining. Bitcoin is more scarce than gold and bitcoin can also be used for payments and as currency and the lightning network allows an unlimited amount of people to send and receive bitcoin instantly for extremely low fees, and it can handle hundreds of millions of transactions per second. [Click here to see a list of the top 100 assets by market cap.](https://8marketcap.com/) Gold is #1 with a market cap of $11 trillion and bitcoin is #8 with a market cap of $1 trillion. Almost all of that value sitting in gold being inefficiently stored and guarded in vaults can more easily and efficiently be stored on the bitcoin blockchain and more people will continue to realize this as bitcoin continues to remain at the second stage of the evolution of money which is a store of value.

    This isn’t the second millennium anymore and we have better technology now. Gold is just too inefficient and bad for the environment for people to be using as a store of value anymore and if we stopped doing that then the price would come down to it’s true value and it would be extremely cheap for the minuscule amount that we do use in electronics, thus lowering the price of electronics. Gold is shiny and makes pretty jewelry and also makes great corrosion resistant semiconductors. It’s difficult and expensive to transport and it requires equipment to reliably test it’s authenticity. It’s also difficult and expensive to adequately guard and protect. All of the value of gold could sit on the blockchain instead of sitting in a vault being guarded and it also wouldn’t need to be transported in a jet in order to transfer it to someone.

    Bitcoin’s blockchain is layer 1 and is used for large payments/settlements/transactions. Bitcoin will not sacrifice the security of it’s blockchain for any reason. The lightning network is one of bitcoin’s layer 2 solutions and it’s used for smaller instant payments/transactions. People are transferring $500M+ worth of bitcoin, often over a $billion worth of bitcoin, [in every single block](https://blockchair.com/bitcoin/blocks), all day, every day. The lightning network can handle an unlimited amount of users and hundreds of millions of transactions per second which is magnitudes more transactions than visa/mastercard can handle.

    Bitcoin is currently in the second stage of the evolution of money, which is a store of value. [Click here](https://www.reddit.com/r/Bitcoin/comments/ma1y9b/40_yr_old_new_to_crypto/grra6s5/) to see all four stages. Bitcoin is going through price discovery, and every asset is volatile during price discovery. Bitcoin will remain volatile until it’s true value is found, which I expect to be at 7 digits of US dollars. Over 99.9999% of people don’t understand bitcoin and most people don’t even really understand money. As time goes on, more smart people learn about and begin to understand bitcoin. More people will continue to adopt bitcoin because it’s a superior store of value.

    [Proof of work is efficient](https://www.danheld.com/blog/2019/1/5/pow-is-efficent) and PoW is secure when used in conjunction with bitcoin. This is why bitcoin is the most secure cryptocurrency that currently exists. This is why companies are okay storing billions of dollars worth of wealth in bitcoin. This is also why I feel safe storing most of my wealth in bitcoin.

    Here’s a video that explains [how bitcoin works.](https://www.youtube.com/watch?v=bBC-nXj3Ng4)

    Here’s a video where Michael Saylor gives [advice to people who don’t own any bitocin.](https://www.youtube.com/watch?v=xPVkCQAYBA0)

    Here’s a video where he explains [why bitcoin is so important.](https://www.youtube.com/watch?v=U4kVX1r9Nmo)

    Here’s a video where he explains [what is going on with bitcoin, the economy, and the stock market right now.](https://www.youtube.com/watch?v=cOPB_FhoK-Y)

    Here’s a video that explains [how bitcoin works.](https://www.youtube.com/watch?v=bBC-nXj3Ng4)

    Here’s an article explaining why [hoarding bitcoin is good.](https://nakamotoinstitute.org/mempool/im-hoarding-bitcoins-and-no-you-cant-have-any/)

    This long article about why [bitcoin is the mycelium of money is good too.](https://www.brandonquittem.com/bitcoin-is-the-mycelium-of-money/)

    Most importantly, here’s the [bitcoin whitepaper](https://fermatslibrary.com/s/bitcoin) and that website also explains each part of it.

    Over 99% of altcoins were created to enrich their founders and over 99% of them have no future. None of them are as secure, as decentralized, or launched as fairly as bitcoin. Satoshi created bitcoin to allow online payments to be sent directly from one person to another without requiring trust or permission of anyone else. Satoshi and bitcoin had no premine, no developer fund, no developer fund, no developer tax, never sold, no profit, no fame for his real identity, removed himself from the project, no leader, and he gave a two month heads up about before he launched bitcoin. Cryptocurrency is full of scammers/grifters, ignorance, and people that actually believe the lies because they’ve been sucked into shitcoin cults. Gamblers use altcoins for trading/gambling to increase their bitcoin stack or even their [ethereum stack if they don’t understand bitcoin and cryptocurrency](https://www.youtube.com/watch?v=T89gsJ2MsG8&feature=youtu.be). Gambling on altcoins can still be very profitable during a bull run, but you can also lose bitcoin. Bitcoin is also decentralized and trustless with the nodes in full control, and there’s no central leader.

    Satoshi took careful steps to make sure that the world would look back and observe that bitcoin was launched fairly:

    * No premine (Satoshi didn’t grant himself any coins)

    * Gave a 2 month heads up before launching the network (no sudden release and no mining before release)

    * Coins had no value for 1.5 years so they circulated freely (this cannot even be replicated)

    * Satoshi never cashed out (unlike every other founder in history and I bet it stays that way for eternity)

    It’s impossible for anyone to ever replicate the exact way that Satoshi launched bitcoin because the genie is out of the bottle and cryptocurrency now exists so it’s 100% impossible to ever have a cryptocurrency where the coins are circulating in the wild freely for 18 months before having any value like bitcoins were.

    [Bitfinex](https://www.bitfinex.com/) exchange, [okcoin](https://www.okcoin.com/) exchange, and [strike app](https://beta.strike.me/faq) have already integrated the lightning network so that you can deposit and withdraw bitcoin using it, and [kraken](https://www.kraken.com/) exchange will also be integrating it this year.

    You can use the lightning network to send instant bitcoin payments to other lightning users, you can [buy anything online where Visa debit cards are accepted](https://paywithmoon.com/) using the lightning network, or you can [buy gift cards](https://www.bitrefill.com/) for practicality any big store from [more than one reputable business.](https://foldapp.com/)

    Using the lightning network has a similar feeling to discovering bitcoin all over again, and I suggest every American reading this to try out the [Strike App](https://beta.strike.me/faq). Strike app has no fees, and you can deposit cash and buy bitcoin and it’ll be instantly sent anywhere using the lightning network, or you can send a lightning payment and receive cash in your bank. This means that you can also use Strike App to fund lightning integrated exchanges with bitcoin instantly, to fund your lightning channels with satoshis, or to make instant lightning payments, and all without any fees.

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