In this week’s CoinGeek Weekly Livestream, Kurt Wuckert Jr. served us with some of the best clips from previous episodes.
John “Jack” Pitts
In this episode, Jack talked about the BSV-powered crowd-sourced dictionary he is building and also shared his insights on some issues related to Bitcoin, blockchain technology, the future of the space, and more.
In this particular clip, Jack addresses comments made by Jimmy Wales, the founder of Wikipedia who, at the CoinGeek Conference in London, claimed that micropayments would ruin his platform.
Jack believes Wales uses Wikipedia to “project his world view as if it’s a newspaper.” While newspapers can be biased and partisan, encyclopedias shouldn’t. Wales allowing Wikipedia to be truly crowd-sourced and non-partisan would see him lose grasp of his platform, and so to him, Bitcoin is his kryptonite. It’s little wonder he doesn’t intend to integrate Bitcoin to Wikipedia, Jack notes.
“Jimmy doesn’t understand all the nuances of Bitcoin that make it great,” Jack says.
With SLictionary, users get rewarded for contributing their definitions of words. This, Jack noted, is a far better model than the one Wikipedia relies on. Wales equates “commercial” with bad, but according to the SLictionary founder, this is a false equivalence.
In the clip, Krawisz talked about the opportunity cost of holding fiat currency.
“The cost of holding money, or having savings, is that you could spend or invest it in something that earns interest like a stock or bond. The cost of holding cash is income or consumption.” In the blockchain world, it’s the tradeoff between holding the actual digital currency (like BSV) and investing in hash power, with the latter earning you income over time, just like investing in stocks would.
In this clip, Ty delved into what Babbage is, describing it simply as “a framework for building Bitcoin apps.”
This begs the question—why build on Bitcoin? As Ty broke it down, one of the key reasons is to bring an end to the existing data silo model. Internet users now have several dozen accounts on different platforms and passwords for each one.
The solution, according to Ty, is for “apps to log into people, instead of people having to log into all their apps. Then, the data can be owned by the individual and not all these platforms. When you incorporate micropayments as a better economic incentive around that, you can provide a significant reason for the apps to migrate to this [Bitcoin] model.”
Building apps on Bitcoin will restore the vision that early Internet users in the ’90s had-that of pay-per-use. This was before the payment giants stepped in and made it quite expensive to exchange value over the Internet, even as exchanging information became increasingly easier.
“There are so many things that can be solved by Bitcoin and its better economic properties,” Ty notes.
The last clip was from Bitcade Miami, the inaugural event that brought Bitcoin and gaming fans together for an evening of fun, games, networking, cocktails, and learning about Bitcoin gaming.
The clip was recorded minutes before the doors opened for the attendees, and as CoinGeek reported, the event was a huge success. Attendees got to test out some of the most fun games on BSV, including Jump and Lost from Haste Arcade and RuffRunner from Duro Dogs.
The event was open to every blockchain and gaming fan, and by the end, quite a number of previously-staunch Ethereum gamers were converted over to the only blockchain network that scales unbounded.
Check out the previous episodes of CoinGeek Weekly Livestream on YouTube.
Watch: CoinGeek Bitcade in Miami Beach highlights
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.