Proof of Work

Intro

Cryptocurrencies are one of the most fascinating technological advancements in human history. Blockchain, Tangle, Hashgraph and other decentralized, distributed systems will revolutionize everything. Follow me on my journey exploring the marvels of this nascent technology.

I’ve had an interest in computers since the late 1980s. My father’s company Superscript, an early form of Side-Hustle for my Dad,  did Desktop Publishing. This was the term for Typesetting and Design at that time. I was fortunate to have access to newer computers almost every year. While the first I remember was a Commodore 64, we had successive 286, 386, 486, Pentiums, and beyond. I remember our first Sound Blaster combination Sound Card and CD-ROM bundle. I learned to code in QBASIC and LOGO and even won a science fair a French-language video game, Le Chevalier Du Roi, inspired by playing Legend of the Red Dragon (LORD) on Bulletin Board Systems BBS.

Presenting Bitcoin in Sarnia
Presenting Bitcoin in Sarnia

We first got online with Compuserve, and then shortly after, the full-blown World Wide Web. Each new system and network got better, and faster, and brighter.  The new tools for consensus algorithms, digital scarcity, and distributed systems, built on the shoulders of giants will result in a more equitable future for all.

MOOC at Nicosia, Cyprus

Awarded the MOOC Scholar award for high achievement at the University of Nicosia Massive Open Online Course,   DFIN-511: Introduction to Digital Currencies. Placed in the top 30 of over 7000 entrants to the course.

Tim Felsky Nicosia certificate
This Certificate is verifiable on the Bitcoin blockchain.

Chicago Mercantile Exchange CME Insitute

The first traditional market trading Bitcoin Futures. It’s hoped that this market will help control Beta price volatility of Bitcoin although this market settles to cash, not the underlying Bitcoin. Trades must be funded or covered by collateral with CME.

Introduction to Bitcoin

Presenting Bitcoin in Sarnia
Presenting Bitcoin in Sarnia

Tweets

Will someone please do a supercut of @aantonop drinking water immediately after finishing his talks as the crowd applauds enthusiastically?

— Timothy Felsky (@timfelsky) September 16, 2017

Getting into $btc when I did has been a real Gravy Train. But I will #HODL until it’s a Gravy Helicopter.

— Timothy Felsky (@timfelsky) October 10, 2017

They say that #Bitcoin and #Cryptocurrency is a scam, a Ponzi scheme, extremely risky, potentially destabilizing, only for fools, and there are also some downsides.

— Timothy Felsky (@timfelsky) December 10, 2017

Some people in the #cryptocurrency space are polymaths, some people are Polly Pockets.

— Timothy Felsky (@timfelsky) December 8, 2017

It’s time you spoke to your children about the dangers of ignoring Bitcoin.

— Timothy Felsky (@timfelsky) December 6, 2017

I want to connect with #blockchain freelancers, developers, rustlers, cut throats, bounty hunters, desperados, nitwits, and methodists.

— Timothy Felsky (@timfelsky) May 18, 2017

#bitcoin, #ethereum and #cryptocurrency are nice because like the Lotto649 slogan, if you want to be wealthy “Just Imagine”

— Timothy Felsky (@timfelsky) May 19, 2017

#bitcoin, #ethereum, and #cryptocurrency are nice because if you wanted to be a Rothschild in the 21st century there is no other way

— Timothy Felsky (@timfelsky) May 19, 2017

#bitcoin #Blockchain and #cryptocurrency skeptics should stop to give it the benefit of the doubt instead of the doubt of any benefit.

— Timothy Felsky (@timfelsky) June 21, 2017

Ask everywhere you shop if you can pay by #Bitcoin $BTC with the same confidence and assumptive tone that you would ask to pay for Visa or Debit.

— Timothy Felsky (@timfelsky) December 2, 2017

What was the name of the guy that invented @Bitcoin $btc again, Keyser Soze?

— Timothy Felsky (@timfelsky) December 1, 2017

If you think investing is risky, just wait ’til you get the bill for not investing.

— Timothy Felsky (@timfelsky) November 30, 2017

Getting into $btc when I did has been a real Gravy Train. But I will #HODL until it’s a Gravy Helicopter.

— Timothy Felsky (@timfelsky) October 10, 2017

Getting into $btc when I did has been a real Gravy Train. But I will #HODL until it’s a Gravy Helicopter.

— Timothy Felsky (@timfelsky) October 10, 2017

If #aliens were waiting for Earth to show signs of sufficient technological advancement, #bitcoin would be the signal they were waiting for.

— Timothy Felsky (@timfelsky) September 4, 2017

Loving the #segwitparty. This chicago deep dish pizza and drinks cost 20,000 bits not 20,000 bitcoin. pic.twitter.com/u8oui1P3HQ

— Timothy Felsky (@timfelsky) August 24, 2017

I’m setting up an #ICO exchange traded fund #ETF and it will trade under $BOD for Basket of Deplorables. #bitcoin #ethereum

— Timothy Felsky (@timfelsky) August 23, 2017

Bitcoin is owning the railroad, the cable, and the cell network. Bitcoin is the native file type of value on the internet like JPG for photos, mp3 for music, mp4 for video. Bitcoin is programmatic money. Bitcoin is the protocal layer for transfering value on the internet like TCP/IP, IMAP, or POP. Bitcoin is the Tradewind for commerce in the 21st century. Triple Entry Accounting will yield more for the world than the last 800 years of Double Entry.

Talking Points

Psychology of the Crypto market

FOMO – Fear of Missing Out

Market Cycles

FIAT

Gold

First Mover Status

Faith-based, Get Rich Quick, Best Kept Secret, Need for higher order, social justice,

Store of Value

Currency Crisis

I got my greatest exposure to the Federal Reserve and Central bank system not in Economics 101 or in Political Sciences courses, but from Mike Maloney’s GoldSilver.com video series on youtube, The Hidden Secrets of Money. A stockbroker had told me that we were in for a terrible time and that precious metals we re the only safe asset. While the information Mike Maloney presents is largely factual, I didn’t draw the same conclusions.

Adoption Curve

If you overlay the Bitcoin BTC price chart against all of the other traditional market bubbles, it appears Bitcoin is in a bubble. However, if you overlay the chart on top of a technological adoption chart, it seems to fit that better. I doubt we will ever go back to a world that is less reliant on the internet, or less financialized.

Risks

Satoshi’s Stake

I posed the question to Steemit; What will you do if Satoshi’s coins move? Crickets. One trader, I spoke to said he had a Sell Order ready to trigger if those coins move from that address. Will this signal that Satoshi is still alive? That he found the misplaced keys? That the network isn’t secure?

Myspace/Facebook

Many people ask about Bitcoin’s staying power, will it be the Myspace of cryptocurrency. With modern technology’s relatively short lifespan, its a great question. But we still use TCP/IP, and basic layers of internet protocol every day. This may not be the case forever, but there is significant staying power when you are the railway line of value.

Quantum Computing

One of my first doubts about Cryptocurrency was surrounding the risk from Quantum attacks. While Quantum computers are still very expensive and unwieldy, as the size and value of the network grow, the security bounty does as well. Assuming any progression in the technology of quantum computing, like Moore’s Law, it is conceivable that the SHA256 hashing function will one day be vulnerable to attack.  However, Quantum encryption could also save the day. Encryption schemes usually have a shelf life, and we may be closer to the end of SHA2 than we think, with work already underway on SHA3.

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