Bitcoin: The Story Explained
“Bitcoin is the foundation layer of all future digital technologies, secured & underpinned by economic principles.” — SirToshi
“If you want to know what the most valuable money will be, all you have to do is commoditise the most useful resource.” — SirToshi
The final draft of the Bitcoin white paper was written & created between 24th January 2008 — 21st August 2008 & published to the Social Science Research Network for peer review.
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3440802
It was later officially published to “The Cryptography Mailing List” on 31st October 2008, where a group of extremely competent individuals would discuss the information contained within it & how it could be put to practical, real world use.
https://www.metzdowd.com/pipermail/cryptography/2008-October/014810.html
The reason behind the author of the Bitcoin white paper releasing it on 31st October 2008 was to provide a common, reasonable & equal opportunity for anyone & everyone to start the network themselves & thus providing a “common” starting point, so that the network could be classified as a commoditised network & not a securitised one.
Next the Bitcoin network was started & came into being on 3rd January 2009 when Satoshi Nakamoto, the pseudonymous author of the Bitcoin white paper, started the network himself by creating the Bitcoin genesis block at height 0. Imbedded in the genesis block were the words from the Times Newspaper published on that day. The message read “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.” https://whatsonchain.com/block-height/0
On 23th April 2011, Satoshi Nakamoto sent his final message to the Bitcoin developers & disappeared, saying he’d “moved onto other things.” The purpose of this was to enable the network to grown organically without any central point of influence. This way the growth of Bitcoin’s distributed network could be categorised as “commoditised” since it was outside the hands of anyone’s central control or influence.
https://cointelegraph.com/news/satoshi-nakamoto-final-email-revisited-after-13-years
In order to be classified as a commoditised system the Bitcoin network had to be created with 5x fundamental, economic principles to ensure that no one could manipulate or control the system. These elements are…
Economic competition: Each distributed operation that contributes to sustaining the Bitcoin network must be economically competitive to one another. This is because without competition there is only collusion & centralisation. In a digital sense the only way to create economic competition is through a consensus mechanism called Proof Of Work (POW), initially create by Cynthia Dwork & Moni Naor in 1993.
A chain of digital signatures: Every transaction must carry with it a digital signature in order to validate, authorise & lay claim to the transaction. Without a digital signature there is no way to prove who sent or who received a transaction. Should a dispute arise regarding a transaction, the evidence lies within the digital signatures to prove what happened & who sent what & when to whom. A “chain of digital signatures” creates a private association of Bitcoin users, which moves accountability & responsibility for any & all utility on the network, away from its economically competitive foundation & onto the users of the network. This means that those operations who are sustaining the network are absolved of any responsibility for how it is used since each user accepts & takes responsibility themselves by having a cryptographic digital signature attached to everything transaction they make. The use of digital signatures, instead of biometrics, means only those involved in the transitions i.e. the sender & receiver, are known to one another, so all transactions on the network remain private.
Unbounded scale: This is essential so that limitation & restrictions cannot be artificially manufactured & the network therefore not centrally controlled via any form of manipulation.
A fixed token supply: This is essential so that the tokenised digital asset that the network operators compete for cannot be inflated or deflated & therefore have its economic value manipulated in anyway.
A locked protocol: This is the 5th element that applies to all 4 listed above. These elements must never be altered or changed in order for the Bitcoin network and the BitCoin’s extracted from it to be classified as commodities & therefore remain without any central point of authority or control.
This was Jeff Garzik’s response to discovering the Bitcoin protocol: “ When I first heard about Bitcoin, I thought it was impossible. How can you have a purely digital currency? Can’t I just copy your hard drive and have your Bitcoins? I didn’t understand how that could be done, and then I looked into it and it was brilliant.”
Because all chains of digital signatures lead back to the Bitcoin Genesis block, it is essential that the creator of the network, & the man behind the pseudonym Satoshi Nakamoto, eventually reveal his true identity. This is because ultimately all accountability lies at the start of the network with the creator of the Genesis block who can identity the living men & women that use the network. However, he could not reveal his identity at the start without undermining the networks classification as a commoditised network since it had to go through a period/phase of neutral, organic growth.
This neutral organic growth phase was scheduled to come to an end on 1st January 2020, when the Tulip Trust (containing the 1.1 million “Satoshi coin’s”) would be returned to the pseudonymous author of the Bitcoin white paper & creator of the Bitcoin network, Dr. Craig Wright.
The “Tulip Trust” was set up and created by David Kleiman on behalf of Craig Wright on 9th June 2011 and contain 1,100,111 Bitcoin to be precise. The purpose of these coin were two fold. First they would prove the identity of “Satoshi Nakamoto”, & second they would act as Bitcoin’s insurance policy should any bad actors attempts to change, alter or fork the Bitcoin protocol to securitise the network, bring it under any central form of control & remove all commodity value. Should this situation arise while the network was under going its neutral organic growth phase, the economic power of the 1.1m Satoshi coin’s could be used to move the market back onto the genuine Bitcoin protocol & the world run on a commoditised network with common value rather than being under any central form of control.
On 1st August 2017 a group of developers calling themselves Blockstream, with funding from the central banks & traditional financial services sector, created a completely different/alternative crypto protocol and colluded with the crypto exchanges (that many people purchase Bitcoin’s from) to get their new protocol & digital coins listed with the ticker symbol BTC, that was initially used to represent the original protocol & genuine Bitcoin. This caused a lot of controversy within the market because it meant the original protocol & genuine Bitcoin would now have to be listed under a new ticker. This new ticker was BCH. However, the genuine Bitcoin kept the №1 legacy address for all its transactions since it was still the original protocol. This was something the Blockstream developers could do nothing about. Their “SegWit” protocol used legacy wallet addresses beginning with letters ‘bc’ or the no.3.
Since Segregated Witness/SegWit breaks the chain of digital signatures it means that accountability is lost & the Blockstream developers can make changes to the network protocol without anyone knowing. This grants them central control of the network, but at the cost of removing all fundamental, economic, commodity value leaving it with nothing more than an over inflated, speculative, market price. However, when education catches up with speculation its speculative market price will soon match its fundamental value at $0.
SegWit fundamentally & irreversibly changed BTC from a commodity into an illegal, unregistered, economically worthless security offering.
On 15th November 2018 another group of developers, lead by a character called Roger Ver, proposed to create an alternative, securitised protocol and yet again collude with the crypto exchanges to list it with the ticker BCH. However, once again they could do nothing about not being able to use the no.1 for their Canonical Transaction Ordering (CTOR) protocol, wallet, legacy addresses. So, on 15th November 2018, BCH wallet legacy addresses started to begin with the letters either ‘p’ or ‘q’.
Not only did they implement Canonical Transaction Ordering (CTOR), meaning the transactions were no longer recorded in chronological order within a block, which effectively meant a 3rd part was tampering with transactions & therefore securitising the network, they also implemented Schorr signatures that obfuscated the digital signatures meaning the digital signatures could no longer be validated on the network allowing BCH developers to make changes to the network protocol code without anyone knowing, irreversibly removing all economic value from the network in exactly the same way Blockstream did to BTC.
This meant that the original protocol & genuine Bitcoin was listed with a new ticker symbol, yet again. This time it would be called Bitcoin Satoshi Vision, Bitcoin SV for short, and have the ticker symbol BSV. However, it still has, & uses to this very day the no.1 legacy addresses, indicating that it is the original protocol & genuine Bitcoin, and the only chain of digital signatures, still in tact, that leads back to the Bitcoin genesis block.
Craig Wright has attempted to prove his identity publicly by going to court, but the legacy media, controlled by the Central Banks, refuses to accept that he is the creator & inventor of Bitcoin & in possession of the Satoshi Coins.
Andrew O'Hagan admits that Craig Wright proved to him privately that he had access to the Satoshi encryption keys. "Craig having showed me privately... that he had access to the Satoshi encryption keys..."
Judge James Edward Miller declared on 24th May 2024 in his written statement that “Dr Wright” was not Satoshi Nakamoto & did not start the Bitcoin network, despite declaring on 23th August 2023 that Dr Wight “expended substantial skill and judgement in creating the Bitcoin File Format” & had “devised and created the Bitcoin File Format in the course of writing the code for the Bitcoin System.”
Judge Mellor's Statement 23,Aug,2023
The purpose of Bitcoin & its network is to create a commoditised digital internet, sustained by a distributed, world-wide, economically competitive server network, where all users can benefit from owning & controlling their own digital content since it cannot be censored, cracked, hacked, altered, changed or deleted. This is especially valuable for digital transactions representing financial value, such as those made by organisations like as VISA, Mastercard and any internet banking transfers etc.
The reason to purchase Bitcoin is to access its network since the only way to upload any content is to pay the Bitcoin operations, in Bitcoin (BSV), to do so.
The cost of a small data transfer, for example a transfer representing a financial transaction, is 1/10,000th of a cent, meaning it would be possible to send $Billion’s of dollars worth of value for a fraction of what it would cost a traditional financial institution with very burdensome overheads such as the upkeep & security of their own private servers, staff wages & premises etc. This means that all financial institution will be economically incentivised to start using the Bitcoin network to take advantage of its economic efficiencies & digital security.
Amazon makes more money from its web services (AWS) that it does from its traditional business, which indicates just how valuable the Bitcoin network could be, which will inevitably be reflected in the market price of the Bitcoin (BSV) coin.
There is an African proverb that says: “A lie has many variations, the truth none.”
This can be applied to a statement about Bitcoin & cryptocurrency: “Data can only be commoditised one way, which means there will only be one digital commodity, Bitcoin (BSV). However, data can be securitised an infinite number of ways, which means there can be an infinite number of economically worthless cryptocurrencies.”
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