Duplex Democracy

This article is featured in Bitcoin Magazine’s “The Primary Issue”. Click here to get your Annual Bitcoin Magazine Subscription. “Every election is a sort of advance auction sale of stolen goods.” ― H.L. Mencken Voting is sometimes fake, sometimes real. Elite coalitions gather behind the scenes and what you see in front of the camera is a complicated narrative dance measuring popular sentiment, which is sometimes aligned with reality and often isn’t. As the electoral engine of the United States purrs to life, many are questioning the point of it…

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JPMorgan CEO Jamie Dimon Tells Congress He’d “Close Down” Bitcoin And Crypto

Testifying before the U.S. Congress today, Jamie Dimon, the CEO of JPMorgan Chase, stirred controversy by expressing his negative opinions on the Bitcoin and crypto market. The renowned banking executive stated that if he held a position in the government, he would “close down” Bitcoin and cryptocurrencies. Dimon, who has been historically critical about Bitcoin and cryptocurrencies, reiterated his concerns regarding how the assets can be used. He emphasized that the government has the power to enforce strict regulations or even shut down the entire crypto space. “I’ve always been…

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Satoshi’s Mistake

Satoshi Nakamoto is God and Bitcoin’s design is perfect. Or is it? There’s one feature of the protocol that keeps bugging me: the Halvening (halving, whatever). I’m sure Naka thought this over. His first Bitcoin must have had an incremental reduction of the supply per block. But the final design, the one we know, cuts the block reward in half only after every 210,000 blocks (every four years). Obviously, this decision had a tremendous impact on price action, volatility, and adoption. Unfortunately, it’s not the best supply scheme. Let’s explore.…

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Bitcoin: The Gold Standard For A Digital Age

The nature of money is tragically one of the most unexamined and vital questions in modern society. Over the course of history, different monetary systems have risen and fallen as technology progressed and new forms of money emerged that were superior to what came before. To help us understand money, we must examine the question: “who controls the ledger?” As we explore the technological history of money and its various incarnations, from informal social credit to commodity-backed systems, we can gain insight into how control over the monetary ledger impacts…

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Texas Bitcoin Mining Operation Shutdown By Host’s Armed Security

Last Monday, November 27, Whinstone Inc.’s private security entered the Rockdale, TX-based premises of Rhodium Enterprises in order to remove employees to cease operation of their 125MW Bitcoin mining facility. The legal battle that culminated in this seizure started on May 2, 2023 when Whinstone US, Inc., a subsidiary of Riot Platforms, filed a lawsuit against certain Rhodium entities. The dispute centered around hosting and energy agreements between the two parties, with Whinstone seeking damages for alleged unpaid hosting fees and a declaratory judgment asserting its right to terminate these…

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