“Bitcoin is the currency the internet deserves and needs”

George Gilder discusses the importance of Bitcoin in a very interesting interview:

To have a civilization you need more than just bits and bytes. You need contracts, transactions, provable facts, titles, notarization, identities etc. You need all these other factors that can’t be accommodated very well on the existing internet. So you have to banks and all these other outside channels to conduct transactions. You have this comedy of bogus contracts to you are supposed to sign to proceed – click the button to accept the contract etc.

The internet is full of junk. It pretends that a lot of that stuff is free which of course is a lie. So it’s full of lies. It’s a hustle. This is the result just having pure Shannon information. Shannon identifies information exclusively by its surprisal- the unexpected bits. That’s how you measure information and bandwidth across the internet. Shannon’s a great genius. He created to perfect theory for the network layer. But as you know you need more than three layers on the network. You need a whole apparatus on top of the network layer.

Bitcoin is a breakthrough in information theory that allows you – without reference to outside 3rd parties – to conduct provable, timestamped transactions that can’t be changed, can’t be faked, and can’t be duplicated. Bitcoin is the currency the internet deserves and needs.

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