Scarcity is lack When there is no longer lack, You're postcapital.

Food, shelter, and drink: All that we necessitate. What else do we want?

Freedom of movement. Freedom from wage-slavery. Freedom of conscience.

A perfect system, The Internet lacks nothing But it's just info.

How can we apply The lessons of Internet To our capital?

Equity is fair. But with crytoequity, Where is ownership?

A transcendental, Meta-economic thought: "What is currency?"

Currency measures Fairness, or the appearance Of fair transaction.

Cryptoequities: The appearance of value Determines value.

A fair transaction Transfers, transcendentally, Equity for cash.

Disrupt cash value Destroy faith in the system New systems emerge.

A novel system Is already rising up. We are pioneers.

What's the difference? Since a credit card can fail, Bitcoins act like cash.

More security: One humungous, shared ledger Of all transactions

Free society Has, at its core, privacy You must act in trust.

Don't use latest tech: Futureproof the encryption Test it over time.

Distributed trust No prime agency is key Permits greater speed

Permanent times stamps: To maintain security. Maintain the blockchain.

Deep security. A blockchain is more hack-proof Than a government.

Move forward in time It's difficult predictions. Move backward, it's not.

Complex to simple: Causation needs more power To process hashes.

A chain of hashes: Each an individual Movement of Money.

Own your own data Get paid if it's valuable End of Big Data.

Banks are post-paper But still use paper logic: It's horse and buggy.

Two billion people Cannot afford bank account. Stuck with microfees.

Banks aren't transparent. Instead of using smart cash, Take days to settle.

There's no incentive To improve banking product, Just to add in fees.

Pegged onto a hash, Sidechains borrow resources (Computing power).

It's with symmetry, Freely shared information, Banks make less profit.

Permissioned blockchains For existing financiers Wary of bitcoins.

Finish one, move on I write this like a blockchain Haiku to haiku

Increase time required By appending some zeroes To the start of hash.

Fully peer-to-peer Currency evolution. Trustless protocol.

Form philosophy, Necessary core beliefs To help understand.

How Satoshi thought Subterranean desires Is interesting.

The banks were bailed-out Due to stock market crashing Some change was needed.

Paypal stopped service For WikiLeaks donations. Spotlight on bitcoins.

Freeware banking apps With more portability Could soon replace banks

Bitcoins computate To eight decimal places Rather than hundredths.

Error-free ledger. Complete, searchable data In minutes, not days

Company secrets, Using permissioned access, Can be protected.

Robotic time stamps Threaten audit companies With obsolescence.

Limit government. The bitcoin enterprise is Libertarian.

Miners behave with Rational self-interest Verifying facts.

One select miner Adds next block to the block-chain Every ten minutes.

Only consensus Keeps the process running well. No reward for cheats.

Cryptographic hash Leads to seemingly random String of bit data.

Debit and credit: Double-entry accounting What about a third?

Ledger's third copy In bits of public blockchain Thus: triple-entry.

What's core software's aim? Really advanced bookkeeping. A perfect ledger.

In this modern age, We lose efficiency to Clumsy bookkeeping.

Moral dilemma: Should we centralize data Of many clients?

Charge card transactions Fraud and identity theft Become possible.

When we pay with cards, Some intermediaries Hold our stats in trust.

Trust our financiers Trust they won't wreck currency Trust the printing press

We don't need such trust We keep the complete records. Cost of lies too great.

Like a lottery, Find the nonce in ten minutes, Before new one formed.

If two solutions, Official one is based on The next block's value.

Open source software: One can freely alter it And look at the code.

Bitcoin programmers Conservative with changes To default settings.

Immigrant workers Can wire their money back home Without crippling fees.

Peer-to-peer network No intermediaries Like handling of cash.

Within the blockchain We all store the same ledger One hundred percent.

Unalterable, Frozen in time, forever, Once transaction made.

Solved problems such as: How do computers all sync Sans master ledger?

By mining bitcoin, Zombie farm makes more money Than double spending.

Peer-to-peer network Appears more resilient To government raid.

By printing money Instead of raising taxes Currencies inflate.

Changing mining ease Controls bitcoin inflation By faster hardware.

The longest blockchain Is automatically The official one.

Rare to a limit, We can guess bitcoin supply At a future date.

It is scarce like gold, But portable like e-mail. Measured improvement.

Where are bitcoins stored? In addresses on blockchain. Use with private keys.

How to get around The double-spending problem? Rehash full ledger.

Satoshi wrote code Before he wrote white paper To confirm it worked.

Public key decrypts To validate transaction. Private key encrypts.

Transaction request: Address of payer, payee; Amount of bitcoins.

A small change to block Forms completely different Cryptographic hash.

When trying to mine, Trial-and-error solution. Millions of attempts.

Traditionally, Vendors pull funds from account; Bitcoins are pushed out.

Push reduces fraud, Limiting vendor access, And preventing charge-backs.

Bitcoins in ledger. Keys authorize transactions So store keys safely.

Casual users Interact with their wallets. Manage cash and keys.

Protecting network, The more powerful machines Run the Bitcoin Core.

Miners sync ledger And validate transactions With shared protocol.

What do miners gain? They share computing power For chance at new coins.

Mining reward speed Is adjusted in real time To power input.

Orphaned transactions May take more than one cycle To be included.

Proof-of-work trumps trust The first entry that obtains Is legitimate.

Miner incentive When all twenty-one million Bitcoins have been mined?

The transaction fees Comes from pennies in all blocks. Nodes are paid from that.

Credit cards and cheques Can bounce days or weeks later. Bits done in an hour.

Microfinancing Currently pays middlemen Transfers should be free.

The smallest fraction One one-hundred millionth Is one satoshi.

Coins can be coloured. A satoshi represents A deed for a car.

When coloured bitcoin Is transfered, it is timestamped: Time owner changes.

Program real-world goods. Such as a temporary Digital car-key.

Company issues Programmable smart money To limit credit.

One key per address Is only the default mode. Can do multi-sig.

Two-of-three wallet Requires two sigs to open. Can be further scaled.

Over peer-to-peer: Sell internet connection With a fingerswipe.

For transparency Should voting be on block-chain? What are benefits?

Currency needs to be scarce; Easily divisible; One hopes, portable.

Solid currency: It needs to be durable; Valued over time.

Bitcoin is all this Except it's decentralized And programmable.

A genuine risk, Fifty-one percent attack, Could destabilize.

Is bitcoin a threat? How will governments respond To mathenomics?

Confirmation time: Speed versus security Is a real trade-off.

Like evolution Being an algorithm, So too is e-cash.

Test of a theory. Exchange without force or fraud: Nozick's self-owners.

With self-ownership, Nobody has rights to you, Or to your labour.

Just minimal state -- Protecting from force, fraud, theft -- Remains efficicent.

Success of Bitcoin Is a point for anarchy: Proof that it can work.

Everyone has rights That noone may infringe on. May? Or rather, can.

State monopoly Upon the usage of force Violates our rights

Is in the worst case A state superior to Best-case anarchy?

When building a state, The whole procedure must be Moral, in good faith.

Against the state's rights: What one may do to Other Is what state may do.

State in non-state terms Fundamentally explains Government theory.

Even wrong theory How state could have arisen Helps explanation.

The state of nature: Perfect freedom to do all But harm Other's rights.

The indignity: To agree to state control Is to be Measured.

Without punishment: Injustice on injustice. How to end a feud?

In state of nature One may not be strong enough To protect one's rights.

Association: Groups of individuals Can help enforce rights.

This is protection, Like number of honest nodes Working together.

In case of dispute, Third party can be summoned Even if not State.

Power to enforce, If third party is not State, Must be guaranteed.

Two parties may opt For represention by Two distinct agents.

In the above case, If two agencies differ, Third agent brought in.

The third agency, Up until now not needed, Is federal mode.

Of necessity: From anarchy arises A minimal state.

A requirement. Common protective systems To solve differences.

Scaled economies, The division of labour, And market pressures.

All, when combined with Rational self-interest, Is minimal state.

From state of nature, Rational self-interest Becomes rule of law.

A monopoly A state has on use of force, Not a state without.

For example, One: Outsider group have own laws. Punish by own rules.

For example, Two: One may pay for protection To distinct degrees.

Invisible hand: Adam Smith's economics. What's the opposite?

Hidden hand theory, Controlled from shadows above: A conspiracy.

A few generals, Some loyal; some traitorous, Surround a city.

For siege to succeed Armies must coodinate Through foot-messengers.

Loyal generals Must be able to agree On plan of attack.

Disloyal leaders Must not cause loyalists to Adopt a bad plan.

When a computer Gets conflicting messages It's like Generals.

Byzantine problem: Guarantee same messages To all generals.

Unanimity: Byzantine Fault Tolerance: Loyals all agree.

How to guarantee? A network in parallel Forms a proof-of-work.

Every general Receives hash data from each And computes the hash.

The majority Is the rule they all obey: "Traitor tolerance".

Wisdom of the crowd: The best plan is made by most. Traitors can't stop it.
𝐇𝗼𝐰𝐝𝐲 𝐝𝗼 ? 🀠 πŸ‘‹ Poetry format needs adjusting
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To see more of the author's work, or send him some sats, go to his blogspot site above. I'd prefer that you gave him the sats rather than me.
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