170831* Bitcoin Blog Intro

There’s a revolution taking place in the world of finance called cryptocurrency which changes everything. When finished, there will be enormous, tectonic shifts in the money world, making commerce a very different experience and making some people very rich in the process. If I had said the world of music was about to change, just before the iPod was introduced, it would have been just as profound a statement.

While no one could have known exactly what the changes would be, that music would no longer be sold on CDs, that the CD media format would begin to disappear all together, that recording artists would no longer be earning vast sums of money from the big recording labels, that Tower Records would disappear, or that you would just as soon carry your entire music collection with you at all times as listen to a single album or single song. For that matter, that any song ever recorded would be at your fingertips, that much of the music would be free, that you could recall your favorite piece of music simply by humming a few bars, we witnessed that revolution, the recording industry turned on its head, nevertheless. The world of finance is about to experience the same upheaval.

Just as the big record labels themselves were the biggest laggards in that chain of events that was happening all around them, unable to continue profiting in the way they had for so many decades, they did what they could to slow or stop the change but in the end were overwhelmed by the sea change. The banks are the biggest obstacles to change now and they aren’t going to go quietly into the night. They will fight tooth and nail to retard change but they are on the wrong side of history. So far as I can see, the changes are happening without any major bank seriously involved in what is happening, and, by the time one does the greatest waves of change will have drowned them all.

Just as the big record labels themselves were the biggest laggards in the chain of events happening all around them, unable to continue profiting in the way they had for so many decades, they did what they could to slow or stop the change but in the end were overwhelmed by the sea change. Banks are the biggest obstacles to change now and they aren’t going to go quietly into the night. They will fight tooth and nail to retard change but they are on the wrong side of history. So far as I can see, the changes are happening without any major bank being seriously involved, and, by the time one does the greatest waves of change will have drowned them all.

I am not an economist. I know enough about stocks and finance to make me dangerous, but I do know technology and something about the dissemination of innovation. I’m a student of invention. I have a dozen U.S. patents to my name and several more International patents. It would be interesting to take a layman’s approach to the changes that are taking place as bitcoin comes into its own, and try to make sense of it all. Strictly from the point of view of an innocent bystander who wishes to move with history instead of against it, I’m inviting you along for the ride. Let’s see what we can figure out about what’s going on. Perhaps we may even profit by our journey of discovery. I am going to begin by giving some history and background. I enjoy the occasional analogy to help explain different concepts. I will pick up whatever information I can through interviews, YouTube, Wikipedia, websites, and hopefully, feedback from you, the reader. I’m sure there will be those of you who know more than I do about various aspects of what we will discuss. Where appropriate comments and guest contributors will be a welcomed addition to the discussion. So let us begin.

*This is the creation date, in the form year-month-day (YYMMDD).  I started this practice years ago to insure files would be listed chronologically when listed by file name.