The Bitcoin Standard Book Summary
Part I: A Personal Foreword
Part I: A Personal Intro
The Bitcoin Standard is the book I recommend to people when I try to get them 'Orange Pilled.' To be 'Orange Pilled' means that you have accepted that the paper money you use daily is fake and is only worth something because many agree on that value. And it also means to know that and take action on it.
Bitcoin changed my life and opened my eyes to a world always in front of me that I never knew existed. The Bitcoin Standard reminded me what it is to be a man because, being born in this Century, men don't need as many strong male characteristics as we used to to be successful. For example, to store Bitcoin properly, you can't keep it with a third party.
Our ancestors wouldn't have kept their camels and horses with a third party because "everyone was doing it," so why should we store our entire life's work with someone we don't even know? At an instinctual level, it makes no logical sense. They would want to protect their resources, family and friends themselves, and Bitcoin makes you buckle down and learn how to protect yourself, just like our ancestors had to protect their resources with no third parties.
Asking questions is the first step to Education.
Before fully understanding Bitcoin and being 'Orange-Pilled,' you will study philosophy and history. Both these things are unavoidable to learn about before being orange-pilled because to understand why Bitcoin is so needed, one must learn the past mistakes of using unsound money. We were very fortunate to be born at a time when the immediate need for Bitcoin hasn't been with us our entire lives, but I can assure you that time is coming soon.
I had to go through lots of self-reflection before I was 'Orange-Pilled' because when it hit me, it was very overwhelming. You will realize many things in the fiat world were a lie. And you weren't lied to maliciously by everyone. Most people older than you are genuinely confused and don't know what's happening to their money. They assume there is nothing they can do about inflation and that they are at the mercy of the government.
We are no longer at the mercy of the government because we have Bitcoin.
In late 2008 an anonymous programmer named Satoshi Nakamoto announced a new peer-to-peer electronic cash system. Another word for peer-to-peer is friend-to-friend, which means you can trade money with friends without needing a bank. And instead of the banks and governments dictating rates that make the value of paper money fluctuate, the supply distribution of Bitcoin is public knowledge for all to see on the blockchain. All Bitcoin gets distributed at a predetermined rate to reward members who spent time mining the Bitcoin.
It's why it's Proof of Work. Bitcoin rewards miners who spend the most processing power to mine it. So the people who do the most work for Bitcoin get the most reward. It's not like Proof of Stake systems like ETH or fiat, where you can gain credibility instantly by showing how much you have staked, and it doesn't matter how you got that amount.
To equate Bitcoin to a video game, I compare it to World of Warcraft. When you open a trading window with someone else, the video game knows how much gold you have in your backpack because it's verified in the game code. Like how real life knows how much bitcoin you have in your cold storage because it's verified on the blockchain.
The next part will go over my favourite part about Bitcoin and the most important to me, which is the history of money.
Before I get into this book, I also want to point out that the Foreword was written by Nassim Taleb (now a BSV supporter). Taleb openly advocates for BSV and is against BTC now, so having his Foreword in The Bitcoin Standard, praising it and the author before he turned to the Dark Side, will go down as a classic bitcoin moment, and it's where fate meets irony.