This is my first public statement on the new digital currency known as Bitcoin.
I have written a book on the topic of Bitcoin, that only addressed Bitcoins function to society as a whole, that being a new type of digital currency.
My work on Bitcoin is a look at its growth and value and is titled www.BitcoinAlgorithm.com
I also included in my book, a simple mathematical algorithm that successfully predicts the first five growth/value bubbles of Bitcoin that have already occurred and the Bitcoin Algorithm (a value/growth formula) also will predict its value/growth bubbles in the future, provided the ‘trust factor’ of bitcoin continues to grow.
I am now retired; the companies that I founded years ago now operate through a series of ‘trusts’.
I do still write books, but have no real active duty in any company other than I sit on some boards of International companies I founded with honorary seats and I have a wall full of honorary doctorates due to my earlier works that the top minds on this planet when exposed to my theories call so far beyond the modern human understanding of math and physics that my theories will in time revolutionize math and physics.
SOME BORING BACKGROUND ON WHO I AM TO BE PUBLICLY COMMENTING ON BITCOIN
At a young age I theorized a 6 dimensional operating system for computers that currently work on binary or two dimensional input, a 6 dimensional processor, if man could create one, would handle dice shaped bits of logic in various length data byte streams or units.
Current computer logic is one way, no matter the processors footprint of data entry, be it 8, 16, 32 or 64 bit streams, the data has one possible meaning. In a cubic structure of data, that stream would have 6 levels of bits streams, so 6 answers, compared to modern binary data streams that yield one solution to the bit/byte stream modern computers use.
Some can argue computers are really 1 dimensional, since their input/data can only have one meaning. But binary is built upon 2 answers on/off or yes/no or 1/0 as to the nature of data in modern computers. So I say binary computers think in two dimensions on and off, yet some could consider it 1 dimensional due to one interpretation of the data.
As a young boy still in my middle teens I THEORIZED a dice shaped bit of data that could be used in dimensional computer processors, and my theory was analyzed by think tank guys and their conclusion, I rewrote the whole concept of physics with my 6 dimensional computer theory since if man could ever create a processor to handle cubic or dice shaped data streams that system would literally be thinking in 6 dimensional space and the human mind exists only in three dimensional thought, since our energy/spirit is anchored to the illusion of past/present/future.
So when exposed in my early teens to computer languages including Assembly my response was computers could handle in theory platonic data streams so that was what I proposed to a few think tank guys that my father knew and whom he hired to computerize many major companies in the 60’s and 70’s since my father was one of the early pioneers in computers with IBM so I had access to mainframes and think tank level programmers my whole early life.
In the mid 70’s I was sitting in a refrigerator icebox mainframe NOC, INSIDE CHASE PLAZA in Manhattan, and in the NOC I was hanging out with think tank academics hired by my dad who were the team of programmers that were moving big business into the modern age of computers. So I asked some basic questions about assembly and bits/bytes and the shape of data and when I suggested a cube processor could better handle cube data streams the guys who all were in think tanks as students at the top schools such as Princeton and MIT all fell silent, a 15 year old kid was theorizing 6 dimensional computer systems in front of them, I was literally light years ahead of them in my own logic on how a computer should work and process data.
At that time I was more interested in sports and creative writing and running my first companies than computers, even though I was writing programs by then in Assembly, COBOL and other early computer languages.
I was into computers in the 70’s, since one of my first ventures was adapting accounting programs to be used on the old level of computers mid-sized companies were buying known as ‘mini-mainframes’, this was PRE PC era of computers.
My social life at that time was primarily related to sports and at 13 I was already the MENS CHAMPION at the Tennis Club I belonged to, since I had a 100+MPH serve at that age and none of the ‘men’ could even touch a tour level serve in a local tennis club back then.
At 15 I was the youngest player ever to make our areas American Legion Traveling All Star Baseball team. Usually a kid played a couple of years of Legion Ball and was then elevated to the Traveling All Star Squad to play against the Tri-State areas best Legion Players.
Being young and quick with a cannon for an arm, I played Shortstop or Centerfield and would pitch as well. Not many 15 year olds in that era had upper 80’s and low 90’s MPH arm strength. Then I injured my rotator and stopped playing baseball and my interests shifted to computers and business.
Sure I had been given invites at 15 to ‘tryouts’ with major league clubs since anyone making a Traveling Legion Squad in a major market was considered a first class prospect, but when the teams learned I was only 15 and not the usual 17 or 18 all the other kids were, they shook their head and said, “Why are you here, you are 15?”
So I just smiled took a ball and would trot out to the 300 foot sign in dead center and throw a strike to homeplate, so I was on the radar of many major league teams back then due to one thing, ARM STRENGHT. Tendonitis in my rotator ended that road though for me.
That was before they had micro surgery to remove garbage in joints that young athletes often have issues with due to over use of the joints used in high performance sports activities.
By the later 70’s I was already involved in several business and computer projects so Golf became the only sport I played and even with old technology I was one of the longer drivers in any event I played in, due to my earlier experience in sports and my ability to understand the leveraging a human body has to make to perform high speed sports moves such as hitting a ball or throwing it.
Learning the best techniques to create torque of the human body at release or impact is the key to all sports power moves, be it throwing a ball or hitting one. This same concept is also how you maximize ‘power’ in computers, the better the lower level handshakes with processors the more power the ‘program’ has.
That being said, my understanding of computers in how binary processing works, is the leaner and lower level the handshake with the processor the MORE POWER THE PROGRAM HAS.
In that era assembly handshakes or bridges between moving data through primitive processors usually meant ASSEMBLY was the only way to create low level processing power.
As processors ‘foot prints’ grew in size from early 8 bit gateways to 16, then 32 and even 64 bit processors, the use of higher hybrid languages such as Basic and early C and eventually C+ and C++ grew as the general language ‘scripts’ or ‘programs’ were written in since not many coders/programmers could really wrap their minds around Assembly.
Yet most if not all serious data computing had lean Assembly scripts at its ‘core’.
By 1995 when the era of the commercial Internet appeared, the more powerful servers of the early Net rarely used low level languages in their core, yet at some point a low level handshake with the processor must take place so interpretive languages often struggled to get large data streams to machine level code/data that a processor can use and understand.
(NOTE: This is written in ‘layman’s’ terms so non-geeks can grasp how a computer processor ultimately handles data.)
THE COMMERCIAL NET
For 20+ years the ‘Net’ has had two types of scripts/programs being used in data processing that all computers must do to make what modern computing now uses daily via programs that run our modern world. Compiled scripts are usually made by ‘profit’ companies to run modern internet systems, that means you can’t look at ‘core scripts’ since the creators compile their work/programs to protect the IP (Intellectual Property) rights of their work and they are monetized by commercial purchases by businesses that ‘trust’ the developers.
The other type of scripts/programs used to run modern computer systems including the ‘Net’ are called OSS (Open Source Software) and many well developed high level OSS projects have been created resulting in huge savings to consumers of many billions of dollars. OSS projects include projects such as WP (Word Press) used by most of the ‘content’ publishers around today such as news organizations.
Forums often use PHPbb which is another OSS project, and various shopping carts and other scripts/programs often use OSS platforms where many ‘programmers’ donate their time and energy to helping the Global community as a whole via their donation of time and energy in helping to create stable versions of their OSS ‘projects’.
I rarely look at the numerous snippets of programs/scripts used in most OSS projects, the reason primarily is that I consider most of the programming to be high level coding based upon slow languages that need interpreters to perform its work such as C++ programming.
Due to my involvement in Bitcoin as a possible solution to ‘internet transactions’, I have analyzed growth and value data and I am now involved in analyzing the code.
FIRST, I do congratulate the team or person (alleged to be a Satoshi Nakamoto alias) on the idea of transparent anonymous public ledger blockchain, that ‘idea’ is the heart of Bitcoin. And that idea was revolutionary in establishing a possible decentralized global currency unit now known as Bitcoin.
My own work analyzing the growth/value phenomena of Bitcoin confirms that if unchecked by things such as governmental regulation and the general public trust factor, Bitcoin will continue to grow into the first legitimate attempt at a global currency which could possible become the preferred method of digital goods transactions over the Net.
The low/no cost and no chargeback ‘ideas of Bitcoin’ as a digital currency for low cost digital transactions is well suited to digital transactions such as those performed for music files, ebooks files and even video files.
Old world currency masters (banking cartels) currently control the ultimate costs of inexpensive digital transactions by imposing a minimum cost fee to process financial transactions, that is why the 35 to 40 costs of old world banking on any visa/mc/amex transaction is currently passed onto to digital goods consumers and such institutions as old world banks do not fit well with the global nature of eCommerce since banks do not find developing nations as a legitimate pool of consumers, that is why credit card processors have reached ceilings in growth that mirror the way they view the world as ‘desirable’ regions to conduct business with.
In my opinion based upon my understanding of the market share major banks have with the population, between 80% to 85% of the world is in regions that old world banks just do not wish to transact business in. So a new digital based currency free of old world banking cartels is needed to have a truly GLOBAL eCommerce system that uses the Net as its distribution center to sell low cost digital goods such as music, ebooks, videos and even scripts/programs.
At the time of this screed on Bitcoin, I view Bitcoin as the first legitimate digital currency attempt to offer Global purchasing power to the world, not just the 15% to 20% of the world that old world banking cartels consider worthy of trade via bank controlled merchant accounts and consumer bank accounts.
Regional fiat currencies such as the USD (US Dollar) and other major developed nation fiat currencies are the blood or fuel of old world banking cartels that do completely influence old world political systems or governments.
A truly GLOBAL digital currency is a challenge to old world power structures such as the Global Banking system and the old world governments.
While Bitcoin is the first global contender in digital currencies, there are now others. But the trust factor of Bitcoin is the fuel of its growth/value curves.
While i see no major problems with Bitcoin as the idea expressed in the White Paper of Satoshi and now distributed via Bitcoin.org, I do see some issues with its CORE.
ISSUES WITH BITCOIN
FIRST ISSUE the core is OSS and the CORE PROJECT is pretty much controlled thus far by a few people. So the altruistic ideals of the White Paper may not be the ideals of the current CORE PROJECT leaders. Maybe they are real visionaries with no ill motives to harm anyone other than the natural harm they could do IF Bitcoin continues to grow unchecked similar to how a computer virus grows, it infects small areas of a ‘system’ (the system being world economy or GWP Gross World Product).
Having read the work of the CRS in their REPORT TO CONGRESS on Bitcoin, it is clear the current think tank minds involved in the macro-economic growth of Bitcoin are clueless to the actual CORE of Bitcoin as a script/program.
The CRS report is also CLUELESS as to properly analyzing the real value/growth of Bitcoin that are clear upon reading my work known as the Bitcoin Algorithm which is a financial analysis of Bitcoin as to its growth/value curves.
VALUE OF BITCOIN
The current value if Bitcoin is minor with a .01% value to the overall GWP (Gross World Product) however like a virus taking over a system (the system being world economy), a .01% infection is nothing to be alarmed at, that is until you understand the current growth/value bubble of bitcoin is now tenfold what it was just MONTHS AGO, so the velocity of the growth or to put in terms the CRS may comprehend is that the CURRENCY VELOCITY of Bitcoin is a TENFOLD Velocity meaning Bitcoin will soon be .1% of the GWP or 80 Billion in market cap a huge jump from its current cap of 8 Billion.
The previous growth/value bubble was also a simple tenfold valuation curve, that being .001% of GWP or 800 Million in market cap.
The previous bitcoin bubble of value/growth was also a tenfold percentage of .0001% or 80 Million market cap.
At .01% of GWP Bitcoin is legitimately valued on a sound financial analysis of having a floor value of support of $500.00 USD value to just one bitcoin.
We are now months away from a massive growth/value paradigm in Bitcoin, it is moving quickly to a .1% value of GWP and Bitcoin Floor Support value will be on simple economic valuation worth $5,000.00 USD as to its floor support value based on ONE THING, the trust factor of a global currency unit doing .1% of the GWP or 80 Billion in transactions.
Then Bitcoin enters 1% of GWP territory, and at 1% of the GWP the 21 Million potential Bitcoins in the Bitcoin system will be worth a staggering $50,000.00 USD per coin.
Just by Bitcoin matching the growth of credit cards to about 10% of the current GWP that Bitcoin value/growth bubble at 10% market share of the GWP means each Bitcoin will have to worth $500,000.00 USD to support a 10% market share of GWP.
Past growth of Bitcoin growth/value has been based on a TEN FOLD ALGORITHM as my work on Bitcoin PROVES.
Future growth/value bubbles of Bitcoin will continue to grow based on TEN FOLD BUBBLES.
Like a computer virus, Bitcoin is entrenched in an operational system (the GWP) and is quickly spreading like a computer virus in TEN FOLD INCREMENTS, the proof is undeniable and in my work known as the BITCOIN ALGORITHM.
Old worth governmental systems such as the US Government, the European Union and China can pass all the laws and regulations on Bitcoin it wants, they do not control the total world economy. Thusly, even severe actions by world governments will not stop Bitcoin or any digital currency that reaches a high level of trust factor with the world’s population as a whole.
Bitcoin even if not used by the citizens of the United States and Europe and China can easily reach 1% and 10% share of the GWP.
At 1% of the GWP just 1 of the 21 Million potential Bitcoins will be worth $50,000 USD, at 10% of GWP each BTC unit or potential coin will be worth $500,000 USD.
The next Bitcoin growth/value bubble is at .1% of the GWP and at that level of infection (to compare to a computer virus) it will be worth $5,000 USD per potential Bitcoin Unit/Coin.
The current growth/value bubble of Bitcoin was at .01% of the GWP and that happened around the end of 2013 when Bitcoin reached a growth/value spoke of slightly over 1K USD in value and then fell to the real value of support around $500 USD, we are now well into the next bubble of growth/value of Bitcoin which means when the currency reaches just 1% of the GWP or 80 Billion in value each of the potential bitcoins must be worth $5,000 USD and that bubble is predicted by me to occur towards the end of 2014 or by Mid 2015 if not sooner.
While I do see the ‘reason’ at this time in history for a truly global currency to emerge to allow the low-cost distribution of digital goods and even tangible products/services to the world marketplace which is handcuffed by existing banking cartels, I also realize that any such ‘global currency’ needs some control as to having checks and balances in place to ENSURE no evil intent is placed upon the world at large by having such a system ‘controlled’ by a small group of people with no real monitoring in place other than perhaps the type of overseeing such OSS projects face by being part of modern OSS developing teams on sites such as ‘GitHub’, which again is a group with no real control or checks or balances in place.
At this moment in time Bitcoin while entrenched as a potential Global Currency unit is not a major percentage of GWP.
A few more tenfold growth/value jumps and at 1% or 10% any financial mind can realize then BITCOIN IS A GLOBAL CURRENCY UNIT.
So now I will comment on the so-called ‘Bitcoin Core’. I have seen some of it and thus far I have major issues with how the ‘core’ is distributed.
I also think some major tech companies need to now step in and FUND the Bitcoin Core Developers as well as doing a major rewrite of the code so it is leaner and based on a low level language such as Assembly.
The original developers all need to be praised for bringing Bitcoin as far as it quickly has come, if one individual is Satoshi, congratulations on your genius not as a cryptographer nor a programmer but as the visionary to manifest the idea of a transparent anonymous blockchain proof of work public ledger. Well done my brother in vision.
Anyone can download the current version of the Bitcoin Core and see my ISSUES with the core package/release, they are many fold.
This is the link on GitHub for the Bitcoin Core
Download it in Zip which most people can then view the contents on computers using the dominant OS for the public that being Windows.
Once you have the small download on your computer you can then unzip the files and not install them, just VIEW THEM.
A WinZip viewer will allow anyone to sort the files by file type and size. Immediately you will see the biggest files are image and video related.
Image files are not really ‘readable’ they are compiled more or less as the term is used and such files have been used in the past to bootstrap VIRUSES, just do some search engine research on .jpg virus and you see how in the past VIRUSES have been attached to such files, so my first suggestion is to create two CORE FILES, one containing only viewable scripts and the other containing all none script image/video files that a trusted 3rd party can verify is VIRUS FREE.
POTENTIAL BITCOIN VIRUSES
At this point in time, it is most likely no viruses exist in the so-called Bitcoin Core, but the images/videos do not belong in a real CORE .tar or .zip IN MY OPINION. So fragmenting the core into scripts and then having the images/video files, the potential virus files, then being CERTIFIED by a trusted 3rd party as VIRUS FREE, this will make the so-called CORE less prone to potential hack bootstraps IN MY OPINION.
FUTURE BITCOIN CORE DEVOPMENT AND OVERSIGHT
While the original developers can take bows and get congratulations from the world at large for the remarkable job you all have done thus far, the issue is does the business world want to embrace Bitcoin as a potential new currency unit and as such no one company nor a small group of companies should control the development of the core IN MY OPINION.
Existing developers of course should remain in the development pool of programmers bringing Bitcoin TO THE WORLD, but if Bitcoin is to become a global currency then the best group to HELP DEVELOPE IT is a group of people INCLUDING the original developers now being funded by major companies around the world that understand the global currency potential of Bitcoin.
So proper corporate funding of the CORE TEAM should be put in place to just allow development of the CORE to progress and improve the CODE as a OSS project where no control of the core is given to anyone person nor small group of people nor any one company nor small group of companies.
The Bitcoin Core Team needs to become a PROPERLY FUNDED PUBLIC VENTURE in which large companies around the world DONATE FUNDS to ensure proper and secure development of the CORE.
With such funding TRUSTED 3rd parties that analyze coding for potential issues and hacks can then issue PUBLIC REPORTS making PUBLIC SUGGESTIONS upon any issues found within the REAL CORE which is not video and image files.
IF NEEDED a public opinion by many trusted programmers can decide publicly if the existing code is robust enough to handle global needs in the amount of transactions that a code written in a higher level language C++ has to be able to handle and process or if perhaps a major change in the language of the core needs to be done to say Assembly to ensure a core that can handle 10 Thousand Transactions a second which is over 800 Million transactions a day, compared to the only 40 Million transactions Bitcoin Core has processed in its history. This is the level of transactions now handled by credit card systems daily and it is done primarily on systems using Assembly, not C++.
It may be the existing C++ or C+++ language of the Bitcoin Core is robust enough to do mega-million transactions. Or, the consensus of a team of programmers may publicly state after review that the Bitcoin core needs to be leaner and written in a lower level language to be capable of handling the mega-millions of transactions a global currency core would need to be able to handle.
I am not suggesting the core be taken away from the group of individuals that created it in anyway, however at this time I suggest some PUBLIC OVER SIGHT by DONATIONS from public companies to form a TRUSTED group of PROGRAMMERS to suggest publicly any issues they see in the core which already has some major issues that are known such as the so-called 51% Dishonest Node issue, developing high speed network of higher transaction node network free of any one company or government, etc.
All in all the original GROUP of individuals that have brought Bitcoin this far need all be publicly CONGRATULATED and embraced for what they have created, and now is the time for public companies to fund a NEUTRAL OVER SITE group to publicly SUGGEST possible ways to IMPROVE THE CORE to meet the demands of being a potential GLOBAL CURRENCY NETWORK. It may be that such a NEUTRAL GROUP suggests no major changes to the core or network.
But such a group should have no power to change the core, and if such a group makes suggestions that the core developers don’t want to put in place then that OPEN SOURCE GROUP may perhaps make PUBLIC CHANGES to their own version of the core to join the Bitcoin Network and as long as that group produces OPEN SOURCE CODE to improve the Core which has already fragmented into versions of the core capable of working within the existing network of nodes, then such a new core may if the PUBLIC or USERS of the Network become the new OPEN SOURCE CORE if the original group of developers don’t help to grow the core to become the most stable core it can become.
The PUBLIC DISCOURSE of GitHub is a great idea IN MY OPINION for OSS projects to be placed to grow with PUBLIC SCRUTINY to ensure THE TRUST in such OSS projects that are now controlling a huge segment of interaction in the global community which the world is becoming.
The ideal of FREE ENTERPRISE and FREE MARKETS is an IDEAL I believe in, and all OSS projects that gain a large user base should have PUBLIC FUNDING by large public companies with no real power to influence such OSS projects.
Pioneers in OSS Projects are usually altruistic individuals fueled by an impulse to help humanity as a whole, as I BELIEVE the core group of Bitcoin developers are, altruistic brothers in visions not vetted to motives to harm people but liberate them from old world power structures that have enslaved many over the millennia.
PUBLIC FUNDING OF BITCOIN CORE DEVELOPMENT
So step up PUBLIC COMPANIES and properly FUND BITCOIN DEVELOPMENT with a PUBLIC DISCUSSION GROUP of well-respected and TRUSTED people who can report to the PUBLIC what they think of existing code in the Bitcoin Network and make PUBLIC COMMENTS on how to IMPROVE THE CODE IF NEED BE.
Bitcoin should now be viewed a WORLD GROUP COMMUNITY PROJECT to help develop the future GLOBAL CURRENCY that is needed to bring the least expensive goods and services to the world at large to help THE WORLD enjoy everything technology and progress in all areas of commerce offers to THE WORLD not just a small percentage of the world, but THE WORLD AS A WHOLE.
Again, my congratulations to the team that brought Bitcoin to its position in the world today, YOU NEED REAL FUNDING and it NEEDS TO BE PUBLIC FUNDING done by PUBLIC COMPANIES with no strings attached.
The only ‘string’ in this suggestion is that the future development of Bitcoin REMAIN OSS and that any major changes to the core be done with REAL PUBLIC DISCUSSION by a new trusted over sight group FREE OF ANY GOVERNMENTAL CONTROL.
If that group makes PUBLIC SUGGESTIONS the original group may of course PUBLICLY DEBATE why such suggestions are not valid to the core development or they may CHOOSE to implement such suggestions and of course THAT ORIGINAL CORE GROUP needs proper PUBLIC FUNDING by the PUBLIC COMPANIES that can benefit from a GLOBAL NEW CURRENCY that can bring the whole world into eCommerce not just the elite developed nations but the WHOLE HUMAN PROJECT into a global market and a global currency system.
While I believe IN FREEDOM OF SPEECH I also believe in humans RESPECTING OTHERS RIGHTS to their own beliefs especially in religious areas.
While I have no time or interest to participate in ‘public forums’ I have been made aware of PERSONAL ATTACKS upon me publicly already in various Bitcoin related public forums known to be supported by the founding individuals of Bitcoin, individuals that even REFER to these public forums in their core via addresses to Bitcoin Sites in the core scripts.
I also suggest the Bitcoin Community grow up and stop allowing a few people to control public opinion for or against any people or companies over things such as their religious beliefs, etc, by allowing their PUBLIC FORUMS to be used to attack people or companies based upon the HATE OF A FEW BAD EGGS in posting hate attacks upon anyone or any company due to their belief systems.
FINAL THOUGHTS ON BITCOIN
My final thoughts are ended with this phrase
It is the most ancient way to say SHALOM to anyone reading my pontifications upon Bitcoin; SILIM SUL is ancient Sumerian for HEALTH AND LIGHT. It is the phonetic origin of the phrases Shalom and Salaam still used today for ‘peace’ by Hebrews and Muslims.
HEALTH AND LIGHT my brothers and sisters on the planet that read my words on Bitcoin, it or another global currency will soon emerge as how global digital transactions are done outside the old world power structures of bank cartels and governments.