Bitcoin, was invented for a specific purpose which can be deduced by both the whitepaper and it's timing. It was released during the 2008 financial crises, as a solution to the practical problem caused over-complicated financial engineering that didn't solve any real problems. Bitcoin presented a new alternative to the financial crisis, store of value for hard working people that did not agree with the current monetary system. These problems still exist today, even with Bitcoin, and this alternative has helped millions around the world reduce the impact they would have otherwise felt without it.
So what global crisis does our world face today, that is on a similar disaster trajectory as our financial system 16 years ago? I believe this is our current Social Crisis, caused by an over-engineering of Social Networks, that create misinformation/disinformation and fake realities, whereas they need to be helping manage and better allocate our scarce resources on Earth. Bitcoin Staking is the first step to creating an alternative system for the Social Networks which are fundamentally responsible for the Social Crisis, and it is important to dive a bit deeper into why this is the case.
Incentives for the Internet
Todays media and information networks backed by the venture capitalism industry, incentivize dopamine-driven mechanics of likes and follows, whereas decentralized networks operate on principles of transparency, user control, and equitable distribution of value. These platforms are not governed by singular corporate entities with the primary aim of maximizing ad revenue, but rather by the collective decisions of their users, aiming to foster genuine connections and healthy interactions. In this environment, the incentives for sensationalism, misinformation, and the exploitation of user data are greatly diminished. Instead, the otherwise wasted attention is able to shift focus on real value by solving real problems, aligning the platform's success with the well-being of the global society.
In the same way the majority of Venture Capital backed cryptocurrencies have failed to do anything meaningful by replicating the traditional financial system, or engineering over-leveraged financial derivatives; the majority of attempts to decentralized social networks backed by cryptocurrencies have failed by trying to replicate old social networks, by replicating traditional media user interfaces, or even worse - financializing our personal social relationships. These interfaces were designed for a purpose, to extract as much value from you the human as possible. Instead, Social Network begins with self custodial Bitcoin Staking, because it is trying to achieve something fundamentally different, keeping your value in your hands.
The Social Network
At its core, the Social Network isn’t just about communication, it’s more about money and resources. It is about value. Every individual has intrinsic value, and when every person's contributions, needs, and desires are accounted for, true prosperity can be achieved. The same thing is true for our global society, or the Social Network. This term today however, has unfortunately marketing brainwashed society into thinking our Social Network is all about communication and photos. This is fundamentally wrong, and one of the reasons why we are witnessing a complete neglect of whats real around us, to focus our energy on a creating an artificial reality. The root cause is a fundamentally wrong definition of what the Social Network really is, which is the foundation of our new global economy.
A healthy global economy “has a set of processes that involves its culture, values, education, evolution, history, social organization, political structure, legal systems, and efficiently manages our scarce natural resources on Earth”. Before the internet, things like our community events, places of worship, schools, museums, financial markets, and even court systems and all formed the basis of a stable social network for Nations. Each with unique flavours, these have now merged into one, thanks to the world wide web. In 2024, the majority of these systems are now influenced and controlled by global, centralized social networks. Without redefining the purpose of our global Social Network, we will never solve any of our global problems, and our focus will continue to be misled and mismanaged by the incentives of heavily biased corporations.
Bitcoin Staking is the first piece of refocusing the Social Network to provide humanity with an alternative path, one which offers a fundamental shift in what our attention is used for - cooperation, not division. As we enter this new era of intelligence, we must avoid all urges to replicating the failing systems before us, and to create a fundamentally new global economy using the best technology we have available. Real invention, must solve a real problem, and that's the purpose of Bitcoin Staking - to provide new incentives for our global Social Networks, and create a healthier global economy for the future.