P. 5



                                           Bitcoin Articles of Interest

                A trip to the moon requires a rocket with multiple stages or otherwise the rocket

                    equation will eat your lunch... packing everyone in clown-car style into a
                                     trebuchet and hoping for success is right out


                                                       Greg Maxwell

                     A lot of people on Reddit think of Bitcoin primarily as a competitor to card payment
                 networks. I think this is more than a little odd-- Bitcoin is a digital currency. Visa and the US
                  dollar are not usually considered competitors, Mastercard and gold coins are not usually
                  considered competitors. Bitcoin isn't a front end for something that provides credit, etc.

                Never the less, some are mostly interested in Bitcoin for payments (not a new phenomenon)-
                   - and are not so concerned about what are, in my view, Bitcoin's primary distinguishing
                 values-- monetary sovereignty, censorship resistance, trust cost minimization, international
                accessibility/borderless operation, etc. (Or other areas we need to improve, like personal and
                commercial privacy) Instead some are very concerned about Bitcoin's competitive properties
                 compared to legacy payment networks. ... And although consumer payments are only one
               small part of whole global space of money, ... money gains value from network effects, and so
                  I would want all the "payments only" fans to love Bitcoin too, even if I didn't care about

                   But what does it mean to be seriously competitive in that space? The existing payments
                solutions have huge deployed infrastructure and merchant adoption-- lets ignore that. What
                about capacity? Combined the major card networks are now doing something on the other of
                 5000 transactions per second on a year round average; and likely something on the order of
                                       120,000 transactions per second on peak days.
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