Episode #7 is with Bitcoin researcher and writer, Gigi. We had a great conversation about Gigi's new piece titled Bitcoin's Gravity. We talked about feedback loops in Bitcoin, what needs to happen for mass adoption, different Bitcoin interpretations, what drives people towards Bitcoin, Proof of Work and more. All in all, it was an insightful Bitcoin conversation. Follow us on Twitter @ContrarianCast. Follow @DerGigi.
Show notes courtesy of BlockchainSEO:
“People have ideas, but ideas have people.”
Episode 7’s guest ‘Gigi’ takes a deep look at everything Bitcoin, primarily centering around several concepts discussed in Gigi’s most recent and well-acclaimed Medium article ‘Bitcoin’s Gravity’. The article addresses some of the most egregious misunderstandings surrounding Bitcoin and underlying blockchain technology as a whole, outlining its primary goal (to reach consensus) and how it mirrors traditional games that have existed throughout history (one ripe with its own explicit and implicit rules).
Episode 7 begins with Gigi explaining his somewhat “tale as old as time” foray into Bitcoin and cryptocurrency, having come from a background in computer science, and only having been “swallowed whole” by Bitcoin post-Mt. Gox. He talks about his “eureka moment,” where he realized how it worked on the technical side of things and its novel idea of true immutability. Specifically, he cites three fundamental ideas driving Bitcoin which made things click; no inflation, no confiscation, and no central point of failure.
Gigi then expands upon the notion of four elements (addressed in Bitcoin’s Gravity) at the heart of the Bitcoin ecosystem and manifestation as a feedback loop: ideas, people, code, and nodes. Gigi’s ideal-value feedback loop goes something like this:
From Gigi’s understanding of Bitcoin as a feedback loop, he notes how it helped him learn how people are drawn into Bitcoin (and remain “married” to their own ideas and coins).
One quote that resonated with us at BlockchainSEO is when Gigi emphasized the already established nature of Bitcoin and its value, meaning that Bitcoin may ultimately change us more than we will change it. The gears are in motion. Supporting his argument, Gigi talks of the strengths of Proof-of-Work (PoW), and how as a true anchor to the real world, it ultimately solves core trust issues plaguing traditional systems and mechanisms. Host Matt and Gigi then discuss how while Proof-of-Stake has gained popularity over the years (while it, in fact, was not a new creation), it has yet to be “battle tested” in comparison to PoW.
Finally, host Matt and Gigi talk into where the crypto market is headed as a whole, to which Gigi asserts that we are likely in a relatively peaceful time at the moment – with potential for future high profile attacks and hash wars to follow.
We strongly recommend reading up on Gigi’s article titled ‘Bitcoin’s Gravity’ before (or after) listening to the podcast, which can be found ove