GM from beautiful Colombia. With all the chaos and nonsense going on in the world right now, I wanted to share something that I believe is critical as it relates to what is happening on #bitcoin (the first global free market that can’t be cheated) versus a system of corruption (trying to stop that system) Either 1) through willful intent or 2) lack of knowledge. (*the majority of people fall into the lack of knowledge group) According to game theory and playoff matrices: even when there are very high rewards and low punishment (they wouldn’t get caught) approximately 10% of people won’t cheat - no matter what!They place a higher internal value on integrity that overrides external rewards. I’ve seen this number as low as 2.5% and as high as 20%. Why is that important: Although everyone wants to see themselves as one of the honest, the math says that between 80 - 97.5% of people will cheat depending on the rewards. Now enter money - the ultimate pot of gold with high rewards and low punishment for cheating because people don’t understand it. Most people will cheat - a mirror of the world we see and have seen in Bitcoin since its inception. Need inflation, bad for environment, drug money, doesn’t scale, crypto, meme coins - the list will go on and on because if people can “get rich at someone else’s expense - most will. Those are simply the numbers and always have been. In fact, in prior periods of history, the honest were at a massive disadvantage because and would often be killed by the cheaters. Because the integrity was so rare, society would often celebrate these people after their deaths as lessons of what we wanted our higher selves to look like. #bitcoin has changed the equation. Giving those with integrity the power. Why: because 2.5 - 20% of people that won’t cheat is a massive number - especially if many of those people are decentralized and can’t be “found”. Those are the people who eventually run nodes, contribute their time and energy to keeping #bitcoin decentralized and secure, watch for attack vectors, build value on top of this protocol, call out the cheaters, teach and advocate to help others see it. Those people simply can’t be bought, and more are joining every day. That decentralized and secure protocol bounded by energy is repricing everyone and everything from the other system and it will continue to do so as that system tries to grapple with: the cheaters no longer make the rules. It will be chaotic, many more will try to cheat (don’t be afraid to slay your heroes) but in the end…..Satoshi unlocked a way to put the best of us into a protocol that was best for all of us. What a time to be alive. image

Replies (22)

My personal motto, as I'm highly Bitcoin drama avoidant: Mind Your Own #Bitcoin To engage in all the noise is deafening, which works well for a simpleton such as myself.
Damn Jeff. You do it again. Somehow when I think you've reached the bottom of a rabbit hole, you figure out a way to go a little bit deeper. GM sir 🤝🌄
I'm confused. What is it about bitcoin specifically that discourages cheating or gives honest people an advantage?
Well said. In nature there is no way to fake new energy. Either you are efficient and find positive collaboration strategies or you are left behind... Time is the inevitable judge...
By the way. I just re-listened to your 2020 interview with Preston. At that time it helped me put together a many things and gain a deeper understanding of what is really at the core of this change. Thanks for being so generous on sharing your ideas.
OgFOMK ArTS's avatar
OgFOMK ArTS 1 year ago
Good Morning. Thank you for sharing your thoughts.
Anon's avatar
Anon 1 year ago
To sum up everything: the money is broken.
Very relatable insights. I think that's also the reason why the Bitcoin community feels so HONEST.
Not necessarily Jesus. Any invisible transcendental being watching you all the time and giving you moral rules and Prize or Punishment in the afterlife definitely helps against cheating. There are many experiments and empirical evidences in psychology about it.
I cannot define myself a believer. Nor an atheist Let's say I'm still in search. However I definitely recognize the positive and moral role of religions for individuals and society as a whole if they aren't interpreted in a fanatical or intollerant way and they are separated from the State and its laws. I see many issues with monotheistic organized religions across history though.