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Ki Young Ju|Jan 18, 2025 03:09
People who have spent a significant amount of time in the internet world tend to have a better understanding of #Bitcoin and crypto. This is because understanding the internet world is essential to grasping the concepts of internet money and internet communities.
Bitcoin and stablecoins function as currencies in the internet world, while crypto represents forms of collaborative communities within it. Those who reside in the internet world engage in labor through the production, distribution, and acquisition of information. The framework that governs this labor—whether it could take the form of a corporation, a cooperative, or a public enterprise—is determined by smart contracts, or protocols.
People who say "Bitcoin, not crypto" are often those who have yet to fully understand the nature of informational labor in the internet world. The money and enterprises of the physical world are merely reflected as Bitcoin and crypto protocols in the digital world.
For example, consider the labor involved in training AI agents for a specific field. Experts in that domain would need to curate high-quality information and feed it to the agents for training. In such cases, rewarding these knowledgeable individuals for their contributions would encourage more people to participate in the collaborative efforts of that community. This type of informational labor on the internet is far more expansive than what those with an analog mindset might imagine.
The separation of Bitcoin and crypto exists because complex smart contracts cannot be implemented on Bitcoin network. Over the past 16 years, there have been numerous attempts to create advanced smart contracts on Bitcoin, but they have ultimately failed. If you consider yourself a Bitcoin maximalist, you must carefully consider how labor contracts in the internet world should be structured. If they can’t be established on the Bitcoin network, then crypto becomes a necessity.
Bitcoin and crypto will coexist.
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