What gives bitcoin the characteristics of immutability? ​ ​What is it that makes it unchangeable? The first answer that comes to mind for most people is "the blockchain." The blockchain makes bitcoin immutable because every block depends on its predecessor, creating an unbreakable chain back to the genesis block, and if you change something it would be noticed. Therefore, it’s unchangeable. That is the wrong answer The characteristic that gives bitcoin its tamper-proof capability is not "the blockchain”; it’s proof-of-work.”
― Andreas M. Antonopoulos, The Internet of Money Volume Two


  • Bitcoin is the first blockchain bitcoin is the largest 
  • Blockchain is one of several components  that make bitcoin works
  • That doesn't mean that the blockchain is useless it s powerful and useful but it is like the ip and modem for the internet .
  • Without proof of work, is there anything really new about blockchain?
  • Bitcoin is fundamentally open borderless censorship resistant  transactional all of these characteristic they are both what it is and what makes it powerful and ironically  they are also the thing most critics of bitcoin point to as its greatest weaknesses 
  • In the early day of the internet they made firewalls intranets which demotivated innovator 

Bitcoin is the internet of money

what is special about bitcoin that it represent the open blockchain 

The open blockchain will change this world

the 5 pillars of an open blockchain

 open, public, borderless, neutral, and censorship resistant

  1. open : anyone can participate and access it without authotorization without any kind of kyc 
  2. borderless : cross borders it s everywhere so you are not transporting
  3. neutral : means that a system of money should not care who the sender or recipient is should not care the purpose  is  it should only care about getting the transaction through
  4. Censorship resistant : no one can stop a transaction
  5. Public is that everything you do is verifiable on the network by everybody else 

Private blockchain

This system requires a mechanism by which the network can be secured.
Without a cryptocurrency ?

This mechanism is at the heart of making the system secure. Without a currency you can't handle security, you need a central authority to decide if a transaction should be included or not. At that moment it's no longer open, borderless or censorship resistant. It becomes completely useless.

if you said u have a blockchain 

  • what is the consensus algorithm
  • what is the control and governance structure 
  • what is the model for  token generation
  • what is authority for issuance 
  • what are the characteristic for security


just because it s blockchain doesn't mean it doesn't have limitation


dapps platform comparison

  • It s not global and it s not a coin 
  • Is it open ? no -> participants need kyc 
  • Is it borderless : they must abide to sanctions and border control and currency regulations
  • Is it neutral ? it cannot be neutral source and destination are obligated by law not only verifying but preventing certain transaction under regulation 
  • Is it censorship resistant?  they cannot be censorship resistant (the must fulfill the law or they get shut down)
  • It s not public (as you need permission to build apps on the platform )

Libra Serve a different purpose of giving easier financial access  to those who are already banked 

to those who already have the means to participate  in global finance 

to those who have the privilege of financial inclusion 

They cannot offer banking to the allready excluded

Banks should be terrified 


We know that 99 % of them are scams now yet the possibility to take any  startup anywhere in the world that have a powerful idea execution and team exetera and connecting it to a pool of investor from anywhere in the world that is enormously powerful gonna revolutionise the funding of new technologies and new venture .

it's about economic inclusion and access  to investment opportunities .

ICO:  pyramid schemes 

Ponzi schemes happens in unregulated and regulated market 

How can you convince anyone who is making ton of money they are sitting on the upper level of the pyramid and that will shorty collapse leaving 90 % of the people with nothing .

People need to experiment to learn 

The stock market is a pyramid scheme, the car  market is a pyramid scheme, the student loan market is the biggest pyramid scheme and they all the same as icos and altcoins



Inspiring cryptocurrency projects

Privacy related coins :  like monero z cash


Resource sharing blockchain : where you can buy or rent [computer power], storage or network bandwidth


Lightning networks

The Lightning Network is a "Layer 2" payment protocol that operates on top of a blockchain-based cryptocurrency (like Bitcoin). It enables fast transactions between participating nodes and has been touted as a solution to the Bitcoin scalability problem


Atomic Swap 

An atomic swap is a smart contract technology that enables the exchange of one cryptocurrency for another without using centralized intermediaries, such as exchanges

Atomic swaps can take place directly between blockchains of different cryptocurrencies, or they can be conducted off-chain, away from the main blockchain

Atomic swaps 

Simon Tadros 



Human civilization flourished in times and places where sound money was widely adopted, while unsound money all too frequently coincided with civilizational decline and societal collapse

Saifedean AMMOUS.-The Bitcoin standard

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