16-9 The Fifth Greatest Invention of the Chinese

Wu: Bitcoin is the fifth largest invention of the Chinese people. This statement is very new. Is it so awesome?

What is an invention? According to the characteristics of a patent, it should have novelty, creativity, and practicality.

What are the Four Great Inventions of China? Papermaking, the compass, gunpowder, and printing. Ancient China has many inventions; why are there only four great inventions? Because historians of Western science acknowledge only four.

Wu: Yes, this is called industry consensus. You can’t blow it by yourself.

What is a big invention? There are many differences between gizmos.

First, life expectancy is different.

The four great inventions were all before 1550, with a lifespan of at least 500 years.

The growth cycle designed by Bitcoin is 132 years. Considering the biological growth cycle, Satoshi Nakamoto is considering for the millennium.

The second is the primary invention.

It’s not a primary invention, Impossible last hundreds of years. How long will Bitcoin last as an alternative to gold and fiat currencies? Currency has gone through the era of physical, metal, and electronic cash. At present, it is the electronification of paper currency. It is currently an electronic version of paper money, which, like fiat money, does not have the attributes of physical or metallic currency. i.e., no value in itself.

For an electronic currency to have physical and metal currency attributes, it is necessary to solve the double payment problem. Human beings have used it for 30 years until the emergence of Satoshi Nakamoto, which created the era of asset currency in electronic currency. i.e., value in itself.

The third has three forms: product, technology, and thought

The specific form of the product will disappear, and the product forms of the four great inventions have all changed. The Bitcoin system is no exception.

But technology and discoveries have been preserved, and products have progressed differently.

The depth of thought is different, and the depth of thinking of the four great inventions is not as good as Bitcoin.

Wu: Look at it this way.

Right. Bitcoin is a great invention with a depth of thought. Europeans invented double-entry bookkeeping, and the company system is the invention of ideas and methods, so there is a saying that even if Bitcoin is productivity and production relations, it is an invention that spans two fields.

That is the basic condition for a great invention. But, unfortunately, what human beings can call a great invention is not made in China in modern times. Therefore, the invention of Bitcoin is precious and has great potential to promote social progress.

Wu: Can you introduce it?

Bitcoin has a ledger, technology, and ideas. Let me talk about my understanding. I definitely can’t stand at the height of Satoshi Nakamoto.

Bitcoin’s ledger is commonly known as a blockchain, which has been developed into the blockchain industry. Thousands of projects use blockchain ledgers, most of which are dead. Blockchain ledgers have many applications, and the total market value of blockchain is currently less than one trillion. If we consider the ledger value of the blockchain to be 1 unit, then the derived value of the Bitcoin blockchain technology is 10 units.

In Bitcoin’s blockchain technology, important projects have been born: stablecoin and Ethereum; innovative projects: DeFi, and NFT. In addition, web3 and Metaverse, which use blockchain technology, have broken away from the shackles of blockchain ledgers, entered a new level, and begun to integrate with the real economy. Each of the above is a vast market prospect.

Wu: This understanding. The idea of Bitcoin has not been introduced yet.

The idea of Bitcoin represents that the community civilization is more than 100 times the value of the blockchain ledger. The most significant evolution is the Bitcoin BIP proposal rules. It is a product of the natural evolution of the market.

In the fourth section, we talked about agricultural, industrial, and community civilizations. A Bitcoin project has evolved through these three stages of civilization. Project early days must have a leader, just like a pack of wolves must have a leader. But the project’s success means that the task has been completed, and the leader must hand over power, just like Washington’s handing over power. If Washington does it again, it will be a new task. Most Internet projects can be done as community projects. Without a community decision, it is not a community project. Ethereum has always had a controller, and community decision-making is incomplete and has not yet reached the maturity stage of the project.

Project development by one person or a team is the most efficienty. The way we see Ethereum in community development projects, ETH2.0 development has goals, but it is said that there are 9 teams. As a result, the development has been delayed again and again. Obviously, community development is not as efficienty as team development. But after the project is built, it is just minor repairs and minor changes. Such is the history of the United States.

The financial turmoil has highlighted the problems of modern finance. How to solve this problem, Satoshi Nakamoto provided a way to solve it using the community. Satoshi Nakamoto’s thoughts can be summarized as follows:

Data characteristics: Data sovereignty lies with the people, and data is transparent and credible.

Community characteristics: Everyone contributes resources, shares interests, and participates in governance.

Control characteristics: The trusted party has an automatic check and balance mechanism.

Negotiation Features: Code is the law. Modify the code according to the rules.

Machine trust characteristics: the longer the trust experience, the better; credit takes time to accumulate. The ledger is open and transparent and cannot be tampered with.

The above are several elements of our for inspection of a community project. No one way is perfect. The mainstream in today’s world is industrial civilization. Satoshi Nakamoto’s invention led to the rise of community civilization. It is the reason I propose that Satoshi Nakamoto’s invention can be called the fifth greatest invention. I am predicting, not realizing, and the four great inventions have been realized. What do you think?

Wu: It makes sense. There was no such reference in the past, and there is height, which counts as a unique statement. It reveals a macroscopic secret of Satoshi Nakamoto’s thoughts. So, still going back to the microcosm, how do you want to convince me?

My old way, deep thinking. The above analysis is to find unreasonable places from various angles. The method of deep thinking also needs to find similarities, and reasoning and restore the scene. It is the primary method of solving crimes, which exceeds the level of the current AI basic model.

The following section analyzes the similarities between Satoshi Nakamoto and Wei Dai.

in China link

Here is our article link: https://chainless.hk/

worldwide

Chinese link:

https://www.bitpush.news/articles/tag/%E8%AF%B7%E5%87%BA%E4%B8%AD%E6%9C%AC%E8%81%AA

English link: https://en.bitpush.news/?s=Weisha+Zhu

Sun TV’s link is as follows:

https://www.youtube.com/embed/5dTend6oJ-8?feature=oembedPost navigation

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