This newsletter is sponsored by PHEMEX, the world's best crypto exchange for both spot and leverage. Sign up with the link above and get some free Bitcoin - up to $3600 worth. IMPORTANT! If you are a paid member, PLEASE CANCEL YOUR MEMBERSHIP or you may be charged again. I am working with Revue to handle this, but it will require us to program a script, which will happen soon, but not soon enough for those of you renewing now. PLEASE CANCEL YOUR MEMBERSHIPS!There are many people who remain skeptical about Bitcoin, believing that it is a scam or Ponzi Scheme. Next time you encounter a doubter, talk to them about the Byzantine General Problem.The Byzantine Generals Problem is an age-old thought experiment rooted in the idea that cooperating generals and their armies surrounding an enemy city need to agree on when to attack. Separated by distance with no modern means of communication, they need consensus to stage a successful assault. Messages can be sent from general to general, but the messages could be intercepted, delayed, or tampered with by the enemy. To win the battle, trusted consensus on when to attack must be achieved amongst the generals.History has provided us with a number of clever ways to verify the truth, including but not limited to - signatures, official seals, blue social media checkmarks, security strips, trusted friends, secret handshakes, serial numbers, and background checks. These tactics have continued to evolve as bad actors within and outside a network have strived to undermine the system for their advantage. The recent development of Bitcoin and the blockchain is the theoretical solution for a group of skeptical generals to reliably send each other messages and coordinate a successful attack, even if they have never met before. For you and I, it’s an instant and verifiably honest way to send money.Satoshi’s decision to have the blockchain operate through Proof-of-Work solves this problem with math, encryption, and computing power, rather than outside third parties assigning blue checkmarks or secret handshakes. In the words of Satoshi from the original white paper, the transactions are “computationally impractical for an attacker to change if honest nodes control a majority of CPU power.”To rephrase, the more people involved in the system, the more trusted the network of transactions. The white paper fully explains this.Satoshi's incredible invention is the closest system to solving the Byzantine Generals Problem in the world of finance. It is nearly perfect.If you are curious, here is Bitcoin’s original white paper: https://bitcoin.org/bitcoin.pdfIn This Issue:Byzantine GeneralsBitcoin Thoughts And AnalysisAltcoin ChartsFTX Launches In AustraliaIndia To Tax Crypto Like The LotteryBurn Baby Burn, Ethereum InfernoCoinbase Pay LaunchTom Brady Is The GOATMy Recommended Platforms And ToolsIF YOU HAVE ANY ISSUE WITH THE NEWSLETTER OR YOUR SUBSCRIPTION, PLEASE CONTACT: PREMIUMSUPPORT@GETREVUE.CO
The Wolf Den #460 - Byzantine Generals
The Wolf Den #460 - Byzantine Generals
The Wolf Den #460 - Byzantine Generals
This newsletter is sponsored by PHEMEX, the world's best crypto exchange for both spot and leverage. Sign up with the link above and get some free Bitcoin - up to $3600 worth. IMPORTANT! If you are a paid member, PLEASE CANCEL YOUR MEMBERSHIP or you may be charged again. I am working with Revue to handle this, but it will require us to program a script, which will happen soon, but not soon enough for those of you renewing now. PLEASE CANCEL YOUR MEMBERSHIPS!There are many people who remain skeptical about Bitcoin, believing that it is a scam or Ponzi Scheme. Next time you encounter a doubter, talk to them about the Byzantine General Problem.The Byzantine Generals Problem is an age-old thought experiment rooted in the idea that cooperating generals and their armies surrounding an enemy city need to agree on when to attack. Separated by distance with no modern means of communication, they need consensus to stage a successful assault. Messages can be sent from general to general, but the messages could be intercepted, delayed, or tampered with by the enemy. To win the battle, trusted consensus on when to attack must be achieved amongst the generals.History has provided us with a number of clever ways to verify the truth, including but not limited to - signatures, official seals, blue social media checkmarks, security strips, trusted friends, secret handshakes, serial numbers, and background checks. These tactics have continued to evolve as bad actors within and outside a network have strived to undermine the system for their advantage. The recent development of Bitcoin and the blockchain is the theoretical solution for a group of skeptical generals to reliably send each other messages and coordinate a successful attack, even if they have never met before. For you and I, it’s an instant and verifiably honest way to send money.Satoshi’s decision to have the blockchain operate through Proof-of-Work solves this problem with math, encryption, and computing power, rather than outside third parties assigning blue checkmarks or secret handshakes. In the words of Satoshi from the original white paper, the transactions are “computationally impractical for an attacker to change if honest nodes control a majority of CPU power.”To rephrase, the more people involved in the system, the more trusted the network of transactions. The white paper fully explains this.Satoshi's incredible invention is the closest system to solving the Byzantine Generals Problem in the world of finance. It is nearly perfect.If you are curious, here is Bitcoin’s original white paper: https://bitcoin.org/bitcoin.pdfIn This Issue:Byzantine GeneralsBitcoin Thoughts And AnalysisAltcoin ChartsFTX Launches In AustraliaIndia To Tax Crypto Like The LotteryBurn Baby Burn, Ethereum InfernoCoinbase Pay LaunchTom Brady Is The GOATMy Recommended Platforms And ToolsIF YOU HAVE ANY ISSUE WITH THE NEWSLETTER OR YOUR SUBSCRIPTION, PLEASE CONTACT: PREMIUMSUPPORT@GETREVUE.CO