From Internet Money to 100x Casino: Bitcoin's Evolution

[00:00:00]Satoshi knew smart contract. What was the original Bitcoin?

[00:00:07]Original Bitcoin was created as an internet buddy only. The whole reason about Bitcoin was becoming an internet bully. That was the whole reason around it. But after the scale and everything like we figure out the Bitcoin network is becoming more slow, more congested like in the 2017 time when Bitcoin had more traffic, there was uh more congestion in the network and there were bitcoin become network become slow more transaction was sitting on mool. So there were more more backlogs. The whole process become so slow in that case. But then miners they thought key what we can do how to make the network more efficient.

[00:00:53]So the whole idea here was was here to reduce the block size from 8 MB to 2 MB and the whole discussion started and everything and it was one of the historical hard basically. So like then there were two lobbies basically it was uh there were two camp there was the guy called Roser.

[00:01:13]Roger is one of the most iconic figure in Bitcoin history. By the way, this is the guy who is responsible for for all the capitalism entering into the scene.

[00:01:23]So, initially Bitcoin was more like a socialist socialist or communism based ideologicaldriven kind of toll.

[00:01:31]Basically, initially a lot of people who were more socialist, who were more communalism communist, they like bitcoin more in the early days. That is why a lot of people from China Chinese mining scene was pretty pretty heavy and they also followed the ideology of communism.

[00:01:47]So it was more aligned with Bitcoin that time. Rosener initiate the whole thing Bitcoin cash bond split was there people got free money I was one of them and we've all witnessed that people who were in who were trading in 2017 they are aware about it. Then what happened? Then tap routt happened.

[00:02:09]Taproot upgrade happened and it create a kind of loophole or something which was exploited by audience developer Cassie Roadware and they found a way to put onchain data to Bitcoin block and then what happened then we have a whole new wave of ordinance ordinance descriptions but this was all about uh nothing solid happened by the way like it was more about euphoria Yeah, people were so much euphoric. This is possible and Bitcoin is becoming more like programmable right now. We have Bitcoin NFTs right now and Bitcoin communities were more like we don't really want to move the chains chain. We really want to make uh Bitcoin more diesel. So they made Bitcoin chain more diesel basically. Why Sola guy guys have all the fun? Why Ethereum guys have all the fun? We can also have the fun.

[00:03:05]we can also find the way where we can probably 100x our money because that was missing on a larger scale in the last cycle the recent cycle two years back because what used to happen in the early time like this is the whole ideology around staking sets basically the staking sets is ideology staking sets is a ideology or it's kind of mantra it's kind of the whole whole uh the whole vibe around bitcoin the whole vibe around bitcoin investing or trading like it was it was the main main mantra for a whole crypto market since a long long time and it is changed right now but yeah that was the main mantra for us so people really want to stick sets [snorts] and they really want to have an options to multiply sets they have one BTC they really want to make 10 BTC so 2017 you had option because all BTC market was the dominating market. So you had a lot of liquidity was there, market was due, pump and dump. You had a lot of opportunity to do that. Many people have done that in the recent time where you have clearly see key altcoin market was dominate dominated by USDT and not many volume was coming to BTC and like all those pairs are also going down. So what option you had? So in that case there's a whole new market was created like Bitcoin NFTs orital and people who were early they made money they made money amazing money people who were early to the ordinal scene they made 10x to 100x people also converted one BTC to 100 BTC I know these people so it created the whole market it created the whole decency around it and people had had an opportunity to multiply their Bitcoin holding by getting early to the scene and people made it basically and that was that was the user side on the mining side because we have seen this scenario when one point of time miners were lo miners was losing when bitcoin price went down to 40k below 40k and that is the whole time when ordinals also started or bcriptions come into the picture during the same timeline they that timeline miners were losing money their production cost of mining bitcoin was higher than their their uh their operational higher than the market price basically. So they were paying more and they are lessing that uh they are earning less in a way of production production producing the bitcoin bitcoin price was pretty less right at that time they also were looking for more mean and they were aware about that there would be bitcoin halving which was 224 they were aware about there would be bitcoin haling bitcoin block would be red bitcoin block reward would be reduced to 3.125 they were aware about it so they were looking for more and more channel to make revenue to make the whole operation more sustainable they everybody right to make the operation sustainable. It was a need need of of an hour that time.

[00:06:10]So miners also enjoyed the whole game.

[00:06:13]Miners love the whole game because they got more they first first time the first first time in the history of Bitcoin.

[00:06:20]Bitcoin actually got um Bitcoin actually made a decent amount of transaction fees for miners. So miners were happy.

[00:06:28]Basically miners were kind of pretty much happy about it.

[00:06:34]We're all in this [music and singing] together.