BitcoinOllie on Nostr: Gosh, seriously?! 🙄 ₿itcoin Ollie @BitcoinOllie This is a MUST read/listen. If ...

Gosh, seriously?! 🙄


₿itcoin Ollie
@BitcoinOllie

This is a MUST read/listen. If you do not understand the all powerful difference between crypto and the Bitcoin protocol, the content of this discussion will change that without debate. @BTC_Archive
w/ @Saylor
@saylordotorg 🤯🤯

🧵 1/25 I wanna make one more point, Archie...
3:24 am · 17 Nov 2022

₿itcoin Ollie
@BitcoinOllie


2/25 that I think is really important right now. You know, people keep asking, what backs Bitcoin and what's the difference between Bitcoin and FTX? And let's just take this example, the FTT token was backed literally by nothing. It was backed by a couple of $1,000,000 a day
₿itcoin Ollie
@BitcoinOllie

3/25 of wash trading with stolen money by one person. That's what backed FTT, like an air token. No security backed by securities fraud. And eventually it got to be $8 billion worth of collateral. Bitcoin on the other hand? Bitcoin's backed by nearly 300 exahash of hash power.
₿itcoin Ollie
@BitcoinOllie

4/25 And it’s backed by 10.6 gigawatts of energy. Now I say those words, but people don't even...it doesn't register with them what those words mean. So let me say to a different way. The United States Navy has 53 Virginia class attack submarines that have 30 megawatts each.
₿itcoin Ollie
@BitcoinOllie

5/25 It has 14 Ohio-class ballistic missile submarines that have about 45 megawatts of power each. It has 11 nuclear powered aircraft carriers with about 195 megawatts of power each from their nuclear reactors. It's got 17 cruisers that run about 60 megawatts each and 62
₿itcoin Ollie
@BitcoinOllie

6/25 destroyers. Something like 30 megawatts each when you add it all up. You know, the entire Navy, the nuclear Navy, it's running like 4 1/2 gigawatts. 4.3 gigawatts of power. Ok, so the Bitcoin network, you know, we used to say that the US dollar is backed by the strength
₿itcoin Ollie
@BitcoinOllie

7/25 of the US Navy. By the power of the Navy. Well, it is. And now you know what the Navy is. The Navy isn't 10 gigawatts. Bitcoin is 10.6 gigawatts. It's like double the energy that powers the entire U.S. Navy.

Another way to think of it as, as a full on nuclear power plant
₿itcoin Ollie
@BitcoinOllie

8/25 might generate a gigawatt, a massive one. It's like full on nuclear power plants running all out. But it's better because it's distributed everywhere in the grid and you can't identify where that energy is. It's more distributed than the Navy, it's more distributed than
₿itcoin Ollie
@BitcoinOllie

9/25 the nuclear power plant. You can't stop it. And when you combine that which is a wall of energy, with another idea, which is 300 exahash, and that's computing power. That exahash is driven by Silicon ASICs that have, when we last checked it, it's 2200 X the computational
₿itcoin Ollie
@BitcoinOllie

10/25 advantage of general purpose computers, so it's a 2200 2X machine or Silicon ratchet that's running. And what does that mean? Well, that means how much computing power do I need to catch up with the Bitcoin network? And the answer is. All of it.
₿itcoin Ollie
@BitcoinOllie

11/25 Like how much computer power? All of it, right? If you took all of the computing power of Microsoft and Azure and AWS and Google and Facebook and everything, all of it, you're still not catching up, right? So what we've established is...By the way, how much Navy do you need
₿itcoin Ollie
@BitcoinOllie

12/25 to catch up with Bitcoin? All of it. All the navies in the world maybe are starting to approach the power of Bitcoin. And then all of the computing power of the world isn't 10% of the power of Bitcoin, it wouldn't dent it. And then when you look at the cryptos, you know
₿itcoin Ollie
@BitcoinOllie

13/25 that attempt to compete, you've got a handful of proof of stake networks. And the last time we calculated, you know, we calculated and said, well, if Bitcoin is Mount Fuji, this next one is like a grain of rice. And the other one is like a house fly.
₿itcoin Ollie
@BitcoinOllie

14/25 Like, the biggest proof of work network other than Bitcoin, it might be a toaster compared to Mount Fuji. And and that's the good ones, right? That's the the few dozen that might actually have something backing them.
₿itcoin Ollie
@BitcoinOllie

15/25 And then when you go to the air tokens, the proof of stake tokens. What are they backed by? They're backed by three people, if you're lucky. Eight people, right? Two people. FTX was and Serum and SRM and FTT was backed by one person. One person's whim.
₿itcoin Ollie
@BitcoinOllie

16/25 And, and so this is going to be such a teachable moment, right? So vivid when people say, you know what is responsible? Well, I want all the computer power in the world and all of the energy that the US Navy could muster and I want it to be distributed across
₿itcoin Ollie
@BitcoinOllie

17/25 millions of nodes to defend my money. That's what Bitcoin is.

And what is the rest of crypto? The rest of crypto is what Sam Bankman-Fried was and what FTX was and what FTT is and you know, Satoshi said, don't trust third parties. Well, he's right. It's like if you have
₿itcoin Ollie
@BitcoinOllie

18/25 a bank in the Western world and there's an army of lawyers and an army of accountants and if there's an army of Sarbanes-Oxley controls, you still shouldn't trust them. The point really is, if you absolutely must trust a counterparty, you would, like for it to be the
₿itcoin Ollie
@BitcoinOllie

19/25 counterparty that's run by a bunch of people that are worried they're going to go to jail if they screw up with you. You know, when I signed that Sarbanes-Oxley statement, it's not just me signing. It's like there's a person behind a person behind a person behind a person