Bitcoin, The Greatest Money System with Darin Feinstein - WBD494

Darin Feinstein, an early investor in Bitcoin, co-founded Core
Scientific, one of the largest Bitcoin mining operations. In this
interview, we discuss the revolution of triple-entry accounting,
providing 8 billion people property rights and banking, combating
FUD, and rapid advances in mining chips.


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Bitcoin is causing tectonic shifts in global financial and
political systems that have companies, authorities, and nations
reeling. This creates a lot of noise. But, has this resulted in
the community easing off on extolling Bitcoin’s principal
revolutionary characteristic - the consensus protocol? And, does
that open it up to attack?


Triple entry accounting, the trustless verification of peer to
peer transactions, is an innovation that is arguably in the same
league as the wheel or printing press. For Bitcoiners, this
understanding is implicit; discussions have moved on to other
more immediate concerns. However, because we’re still so early
there is widespread ignorance of why Bitcoin has such
transformative power.


Has this created a space for those wanting to undermine Bitcoin?
The industry has had to contend with FUD since the early days.
The constant risk is that those in positions of great power don’t
have the necessary knowledge to separate fact from fiction. Is
this why there are serious considerations being given at the
highest levels to banning proof of work consensus?


The unavoidable issue is that challenging the status quo is hard.
And, the status quo will always exploit weakness. As such, is it
possible to have a decentralized community without a centralized
voice? Would we fail without the efforts of the likes of the
Bitcoin Mining Council and the Bitcoin Policy Institute?


These questions are becoming increasingly important: the greater
the scale of adoption, the more severe the response. China banned
Bitcoin because it was a great idea that threatened their
top-down ideology. The US benefited from this, but there are
still voices who would see a ban on this side of the Pacific. New
York is already considering its own ban on mining.


Our enduring advantage is that we have truth on our side -
Bitcoin is the greatest money system invented. Will that be
enough?