Sirwin
Sirwin
genius

Bitcoin and genius

By Diomedes | Robert O'Reilly | 18 Sep 2023


 

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It seems like we've been chipping away at the side of a mountain with a pickax, making negligible progress in gaining its acceptance as a universal currency. At this rate I believe that in ten years I'll be reading the exact same articles as are printed today about its validity, trusted by a few and full of doubts and distrust by the vast majority.

My idea is to address this limbo from the center of our financial world, drill a deep hole into the mountain of our accepted beliefs about currency, beliefs that have been accepted since currency was first invented, in other words find the right country or backers to print bills, in one hundred, five hundred and one thousand denominations, the purchasing power of them fluctuating as bitcoin value fluctuates just as happens with our standard bills with inflation and deflation. The bills must have the latest proofs of validity with QR codes verifiable by machines and phone apps to inspire trust against forgery. I'm sure we have the technology to insure that. This would be like inserting explosives into the mountain and blowing it open, putting crypto currency on an even playing field with all other forms of coin. It would give it a tangible, palpable reality which most people need to believe something is real, not just figures on a screen.

The reason I say start in the middle with a bang and not let legislators nibble around the edges with constant squabbling over minuscule details as they always do (to validate their existence) is because vigorous action often produces remarkable and permanent results. I'll give you an example:

Carl Friedrich Gauss was one of the greatest mathematicians of all time. When a young boy of seven his schoolteacher being very angry with her class for their inattention decided to punish them by making each of them take out pen and paper and add up all the numbers between one and a hundred and not pause until the task was done. After a few seconds Gauss raised his hand and informed the teacher he had the answer. The dumbstruck teacher asked him how he could possibly have the answer so quickly without even writing anything down. He told her: 'It's simple. You add forty nine and fifty one and that makes a hundred. Then you add forty eight and fifty two and that makes another hundred. You continue pairing these down the line til you get to zero and one hundred and there are fifty of these pairs which make five thousand. Then there's the fifty in the middle so the correct answer is five thousand and fifty'.

The other children were relieved from their task and Gauss was the hero of the day, especially in the eyes of his teacher. I think applying this principle to other problems can be the quickest route to success. Some call it grabbing the bull by the horns. If some consortium just prints bitcoin notes and honors their value for trade, authenticates them on a par with other currency, then the problems would soon be ironed out and the worries over. I'm sure the banking system would find a way step in and profit from these changes.

If you are interested in my novel "Roland House" here is the link: https://kdp.amazon.com/en_US/title-setup/paperback/MB3XAC10B3G/author-orders?ref_=kdp_BS_D_ta_ao_main

 

It's a story about computer assisted brain augmentation, a story that I think is about to happen.

 

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Diomedes
Diomedes

B.A. in Latin and Greek from U.C. Berkley. Writer, Blogger and retired Electrician.


Robert O'Reilly
Robert O'Reilly

I am educated in the Western Classical Tradition, B.A. from U.C. Berkeley in Latin and Greek, English major, one year at U. of Toronto, studied under Alain Renoir and Northrop Frye, read most classics full time for many years after university in French, English, Latin and Greek to the modern day. I am interested in the near future of technology, what changes it imposes upon our heritage and character as humans. Short stories and Essays are my medium.

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