1/8 Phenomenal article! 👏

@dergigi dismantles the clock that is with the precision of an engineer & the flexibility of mind of a philosopher 🕰️

A timeless piece by a timely author; highly recommended! 🔥

Some quotes that I liked in this 🧵👇

2/8 "The Bitcoin network performs an intri­cate dance to decide which copies are useful and which aren’t, and it is this dance that brings scarcity into the digital realm. And like with every dance, a temporal measuring stick is required to dictate the rhythm."

3/8 "Put bluntly, there simply is no way to trust that data repre­sents reality, except if the reality in question is inherent in the data itself. The brilliant thing about Bitcoin’s diffi­culty-adjusted proof-of-work is that it creates its own reality, along with its own space and time"

4/8 "Time is the only thing we will never be able to make more of. It is The Ultimate Resource, as Julian Simon points out. This makes Bitcoin the ultimate form of money because its issuance is directly linked to the ultimate resource of our universe: time."

5/8 "As Gregory Trubet­skoy points out: “It doesn’t matter that this clock is impre­cise. What matters is that it is the same clock for everyone and that the state of the chain can be tied unambigu­ously to the ticks of this clock.”"

6/8 "Because of this proba­bilistic nature of Bitcoin’s clock, the present moment — what we call the chain tip — is always uncer­tain. The past — blocks buried below the chain tip — is ever more certain."

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