Hello Humble Bitcoiners! 

We hope you enjoyed your Halloween — now back to the daily signal!
đź“ť Today's Rundown
  • đź“ś The White Paper: An interview with one of the first people to recognize Bitcoin’s potential offers a unique perspective for Bitcoiners celebrating White Paper Day 2022.
  • ⚡A Decentralized Nature: All of the unique benefits and attributes that make bitcoin valuable are underpinned by the network’s decentralized consensus.
  • 🌎 Bitcoin Fixes This: The problems of today are constantly criticized under the label of capitalism, but fiat money has warped free market interactions.
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đź“ś The White Paper

Dustin Trammell: On The Original White Paper Day, Corresponding With Satoshi And The Growing Need For Bitcoin
By Peter Chawaga

14 years ago, On October 31, the pseudonymous Satoshi Nakamoto submitted their white paper outlining “Bitcoin: A Peer-To-Peer Electronic Cash System” for the world to see. A few months later, in January 2009, one of the first people on earth to be “orange-pilled” by Nakamoto’s document started asking questions, submitting bugs and contributing to the Bitcoin project. We are talking about Dustin Trammell, an information security research scientist, venture capitalist, avid cosplayer and one of the first Bitcoin miners.

For the commemoration of White Paper Day (as October 31 is now known in the Bitcoin community), Dustin Trammell shares his early experience with the white paper and Satoshi Nakamoto himself. He also comments about the importance of Bitcoin today and notes that, if anything, Nakamoto’s invention is even more desperately needed now than when it was first introduced in 2008. Even though Bitcoin was introduced during a worldwide economic crisis, today’s economic turmoil seems to be a lot worse and proof that the world’s financial system is destined to fail.  

Fortunately, Bitcoin was designed to thrive throughout this kind of economic environment.

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⚡A Decentralized Nature

Why Bitcoin's Most Important Quality Is Decentralization
By Neil Jacobs

“What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party.” — Satoshi Nakamoto

The main purpose of Bitcoin, is driven by its decentralization. Satoshi Nakamoto's first page of the white paper places a great emphasis on it, a novel way for people for transacting online without the need of a trusted third party.

Before bitcoin, a trustless payment system had not worked given the difficulty of removing the centralizing factor. Bitcoin's decentralization is what provided the network its credible scarcity for the first time.

Bitcoin opting for "slow transactions" in order to be a secure and decentralized network is a feature, not a bug.

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đź“° The Daily Bits

1. The United States government is likely to back the dollar with bitcoin in order to protect its status as issuer of the global reserve currency.

2. The leaders of the Bitcoin Charlotte meetup group put on the spooky HODLween event as a fun way to connect locals with the wider Bitcoin scene.

3. The Bitcoin white paper is far from a comprehensive definition of the Bitcoin network and too many have forgotten that.

4. Which one of these four monstrous archetypes describe how you view your investment in bitcoin?

5. Examining the various innovations that led to the Bitcoin white paper shows us that only Bitcoin continues the Cypherpunk ethos.

6. 14 years later, Bitcoin has shown its strengths — and that it still has a long way to go to achieve its original goals.

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🌎 Bitcoin Fixes This

Fiat Money Breaks Capitalism And Bitcoin Fixes It
By Hannah Wolfman Jones

Do you think that you're living under a capitalist system? Think again. For capitalism to work properly, sound money and a free market are essential. The current global financial system is rigged so that capitalism doesn’t function properly.

The currencies we use for daily transactions have supply and interest rates that are not market-determined, but rather calibrated by bureaucrats. This is not capitalism. If it was capitalism, no one could control it.

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MEME OF THE DAY 

By matata

Don't let yourselves be fooled by the fancy terminology of "central bank digital currencies." A CBDC is simply another form of fiat which will end up being massively over-printed, debasing its value.

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