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Timothy Fosteman
Timothy Fosteman

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How BTC can transform our p2p marketplaces?

Back with a fresh bunch of thoughts inspired by the recent events that have transpired.

One day I heard that some time ago, in the seventies, you could buy a pack of cigarettes for 5c. Well, pa, I just bought a motorcycle for 5c.
it's fascinating to think about how this technology will continue to shape our world in the years to come.

Now, imagine I bought a motorcycle for 5 cents (BTC).

How wild is that ?

The punch line goes is that I have just won a Honda Shadow ’95 VT1100C motorcycle on an auction held in Orillia having paid for it using my shake pay account. The total purchase cost was 0.05 BTC. https://mempool.space/tx/686b1cbdc99167eedac4c3d683264e03c6d1b3b43f5e1e12e601fd69eabdcc72

Torquise Honda Shadow 1995 VT1100

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So what's next ? Check the cylinder compression ? Put it into neutral and walk it ? Maybe sit on its leather seat blistering on the sun ?

Excitement builds up. As much as anxiety about it. It's like a new puppy in the house - requiring all of your attention.


More random thoughts (generated by GPT-3 Davinci):

It is indeed fascinating how the world is evolving, and cryptocurrency is becoming more mainstream. My story is a testament to the growing acceptance of cryptocurrencies. It's a new era where individuals can make purchases without the need for a traditional banking system.

I am also pondering about how much trust went into the transaction itself. I had a broker who placed bids on the auction and otherwise with whom I consulted extensively - my very good friend.

The feeling you get when you send someone a coin over the ether of a p2p network layer (be it BTC or ETH or Polygon) is that of complete surrender and exhilaration.

The feeling of complete surrender comes from the fact that once you initiate the transaction, it's out of your control and subject to verification by the network. The verification process involves many nodes on the network verifying and validating the transaction before adding it to the blockchain ledger permanently. Once confirmed, it becomes part of an ever-growing history of trust that is immutable and transparent.

I indeed quadruple-checked the recipient address for the coin I was about to send because after the point of no return (when the network validates the transaction minutes later) there is no way to change the evergrowing history of trust put into the network with every and each transaction solidifying its worth in watts of energy invested. Almost an equivalent to oil in its thermal capacity. Haha. Nope, that can’t be right.

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