The Internet of Money

"It’s a token that represents acceptance in a network, a network-centric form of money.”

Bitcoin is the first network-centric, protocol-based form of money. That means it exists without reference to an institutional or platform context.

The power of pushing intelligence to the edge, of not making decisions in the center, moves the innovation into the hands of its end users and gives those end users the ability to build applications that are so niche that only a handful of people around the world need them.

Then, there will be thousands of altcoins being created every day to organize local communities to express fads, to create popularity contests, to codify the latest internet meme.

We are restructuring society by rebuilding institutions. Traditionally, our institutions have been hierarchical in design. This was an invention of industrialization, an 18th-century concept to allow people to organize and communicate at a larger scale. It was very effective at breaking the monopolies of kings and feudal systems. It has now run its

So, we move from institutions to platforms.

That is the architecture of money we use in our civilization: an architecture of money where you have no control; an architecture of money where every interaction is mediated by a third party that has absolute control over that money.

But most of the problems with traditional concentration of power in money has nothing to do with the people being evil. It has to do with the fact that these institutions — through their shape, through their architecture — produce outcomes that are not good. They produce outcomes that are not egalitarian. They produce outcomes that are restrictive.

fees depend on the size of the transaction in kilobytes, not on the amount or content.