They will compete with Bitcoin in some respects, much as a AAA-rated bond or USD compete with Bitcoin now, but they will not compete with Bitcoin in others, as they will cater to different users who don’t use Bitcoin today and are unlikely to use it in the future. The total number of mined bitcoin that are currently circulating on the network. In general, the main commonality is that the validators are known via a legal identity. The next edition should change the wording because this comes across one-sided. It is a non sequitur and should be removed in the next edition. The average number of payments per block over the past 24 hours. The average time for a transaction with miner fees to be included in a mined block and added to the public ledger. The median time for a transaction with miner fees to be included in a mined block and added to the public ledger. Would a distributed ledger system that’s controlled by a consortium of the world’s biggest banking institutions be incentivized to act in the interest of the general public it serves? Since a community must spend significant resources to prove transactions on a blockchain, that type of record-keeping system is most valuable when a high degree of mutual mistrust means that managing agreements comes at a prohibitively high price.
The total estimated value in BTC of transactions on the blockchain. The total value of all transaction outputs per day. The total number of confirmed transactions per day. The total number of confirmed payments per day. The total number of unique addresses used on the blockchain. The total number of transactions excluding those involving the network’s 100 most popular addresses. The total USD value of bitcoin in circulation. The total BTC value of all transaction fees paid to miners. The total estimated value in USD of transactions on the blockchain. The estimated number of terahashes per second the bitcoin network is performing in the last 24 hours. The average number of transactions per block over the past 24 hours. The average block size over the past 24 hours in megabytes. AWS. This isn’t something like Summit over at Oak Ridge. Bankers might give lip service to reforming the inner workings of their system, but the thought of turning it over to something as uncontrollable as Bitcoin was beyond heresy. This speaks to our broader notion that tokens, by incentivizing the preservation of public goods, might help humanity solve the Tragedy of the Commons, a centuries-in-the-making shift in economic reality. I did not invent the concept of “settlement finality” nor did ‘Wall Street lawyers.’ The term dates back decades if not centuries and in its most recent incarnation is the product of international regulatory bodies such as BIS and IOSCO.
Simply belonging to or participating in organizations such as IOSCO does not mean something nefarious is afoot. It would be good to see some balance added to this section because many of the vocal promoters at lobbying organizations do not disclose their vested interests (e.g., coin positions). Multiple different groups were actively lobbying and petitioning various influential figures (such as exchange operators) during this time period, not just Jihan and Roger. Yet in this section of the book, they don’t really touch on how key participants within the tribes and factions, represented at the time. Even though the divorce is considered over, the tribes still fling mud at one another. This is one of the most honest statements in the book. The book also ignores that every cryptocurrency right now also charges some kind of fee to miners and/or stakers. They never really explain that yet repeat roughly the same type of explanation in other places in this book. At the same time, committed Bitcoin fans weren’t much interested in Wall Street, either. The total USD value of trading volume on major bitcoin exchanges.
The total USD value of all transaction fees paid to miners. Average transaction fees in USD per transaction. Total value in USD of coinbase block rewards and transaction fees paid to miners. This does not include coinbase block rewards. A relative measure of how difficult it is to mine a new block for the blockchain. Number of days in which holding bitcoin has been profitable, relative to current price. The current state of the mempool organized by bytes per fee level. The total number of unconfirmed transactions in the mempool. The total number of valid unspent transaction outputs. The number of transactions added to the mempool per second. The rate at which the mempool is growing in bytes per second. The aggregate size in bytes of transactions waiting to be confirmed. The total size of the blockchain minus database indexes in megabytes. The total number of transactions on the blockchain. A chart showing miners revenue divided by the number of transactions. A chart showing miners revenue as percentage of the transaction volume. That way, no authorizing entity could block, retract, or decide what gest entered into the ledger, making it censorship resistant.
