The Bitcoin Whitepaper: Scripture or Starting Point?

I am speaking the truth—I am not lying and my conscious bears me witness—I have great sorrow and unceasing anguish in my heart. For I could wish that I myself were accursed and cut off for the sake of my brothers, the supporters of Bitcoin Cash. They are followers of Satoshi, and to them belong the low fees, the peer-to-peer electronic cash, zero-conf transactions, the giving of the whitepaper, and an open financial system for all. To them belong Gavin Andreson, Roger Ver, and maybe even Satoshi himself.

But it is not as though blockchain has failed. For not all who were early supporters of Bitcoin belong to Bitcoin. It is not the purists who want all transactions on the blockchain who follow Satoshi, but those who, with faith, build the Lightning Network upon the blockchain. We have not come to abolish the blockchain, but to fulfill it. It is the solid foundation upon which all second-layer networks are built. And the hackers came, and the law came, and war came to destroy that network, but it did not fall, because it had been founded on the blockchain. As TCP builds upon IP, so does Lightning build upon the blockchain. And as those who use the internet have (even against their will) submitted to freedom of information, so those who use Bitcoin submit to monetary freedom.

Yes, the heirs of monetary freedom are not early supporters only but also latecomers to Bitcoin. As it is written,
“Those who were not Libertarians I will call Libertarians,
And where it was said to them, ‘You are Keynesians and statists,’
there they will be called Austrians and supporters of freedom.”

What shall we say, then? That bankers, CEOs, and even government (the worst of sinners), all these who did not pursue financial freedom have attained it, that is, a freedom from fiat money. But supporters of Bitcoin Cash, who pursued a whitepaper that would lead to freedom, did not succeed in reaching it. Why? Because they did not pursue it by faith in financial sovereignty, but as if it were based on cheap consumer payments. They have stumbled over their early Keynesian education in public schools, and are blind to the truth.

Brothers, my heart’s desire and prayer to God for them is that they may be saved from centralization. For I bear them witness that they have a zeal for peer-to-peer electronic cash, but not according to knowledge. For, being ignorant of sound programming practices and the basic laws of scale-free networks, they sought to establish their own. And though their blocks grew bigger, their network grew smaller, until only a few nodes remained. And with each node that dropped away, the pressure on the remainder to support lite-clients grew and grew.

And all the while, we, their brothers according to the non-aggression principle, invested time and money in a deep capital structure, building a technology with no transaction limit! Like the internet itself, its efficiency was beyond imagining. Within a few years it could support more, and cheaper, transactions than Visa, MasterCard, and PayPal combined. Just as the internet, another scale-free network, could stream video to millions, this Lightning network could literally “stream money.” And so the words of Menger, Mises, Spitznagel, and Ammous were fulfilled. We who patiently saved and invested in a deep capital structure could, in the long run, transact more than those who squandered their blockspace on coffee and consumer goods. For our production efficiency and transaction capacity outpaced theirs by orders of magnitude.

As has been written, “Seek ye first monetary sovereignty and sound money, and all the things that the Keynesians seek will be added to you.”


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