Bitcoin legend, the person voted most like Satoshi Nakamoto, Blockstream founder Adam Back gave a Bitcoin speech at the Taiwan National Chengchi University Public Enterprise Center on November 19th, Taiwan time. This article is the full text of the speech translated by 0xJigglypuff. (Preliminary summary: "Adam Back", the closest person to Satoshi Nakamoto, gave a speech on stage! Communicating with Taiwan's Ministry of Digital Development and National Development Council: Bitcoin is a universal value) (Background supplement: Bitcoin legend Adam Back is coming to Taiwan! He was once "Satoshi Nakamoto" is quoted in the Bitcoin white paper, the leader of the world's BTC development trend) Bitcoin legend, in the past on Polymarket, the person who was recognized by the world as the most similar to Satoshi Nakamoto, Adam Back, founder of Blockstream, on Taiwan time 11/ On the 19th, he attended the 9th Annual Conference of Blockchain Enthusiasts and delivered a speech on Bitcoin at the Taiwan National Chengchi University Public Enterprise Center. As a core figure in Bitcoin, what content he comes to Taiwan to communicate with government officials is also the focus of global attention. The following is the full text of the speech translated by 0xJigglypuff for the dynamic zone: Adam Back: Good morning everyone, Bitcoin is an investment, and Compare this to gold or other types of investments, and as people have noticed, Bitcoin prices have been rising, which is partly related to Bitcoin’s increased accessibility. By increased accessibility, I mean that it is easier for different types of investors to buy Bitcoin, for technical people they can buy on Bitcoin exchanges and save on software and hardware wallet costs; but for many It would be easier for people to interact with Bitcoin if they could interact with a brokerage firm, so if they could call a broker or use a platform like that, they would buy stocks that way so it would work for them It will be simpler. Bitcoin’s Asset Properties Adam Back: With the introduction of spot ETFs in the United States earlier this year, making Bitcoin accessible to more people, that’s why you’re seeing the U.S. spot ETF break records, so the fastest in ETF history One of the growth stories of ETFs, making billions of dollars in a short period of time. Actually before that, over the past 15 years of Bitcoin's history, when it started from zero, of course it's hard to calculate a starting value, but if you pick the beginning of any year, Bitcoin has outperformed any other asset, Whether it's stocks or even companies like Tesla, Nvidia, Amazon that are doing really well, Bitcoin is outperforming all of those assets. Bitcoin has been doubling in price every year for decades, so this is a thousand-fold increase over a period of time. (Pointing to the slide) This is comparing correlations. The chart is so small that you might not be able to see it, but what it says is the correlation between Bitcoin and other assets, whether it's a stock index, a bond, or a currency. Bitcoin has It is somewhat "uncorrelated" with other assets, making it an interesting asset to use as part of an investment portfolio. Sharpness, sharpness is the volatility-adjusted return, which means that even a small allocation to Bitcoin can improve the return of a portfolio. For those who don’t necessarily own a large amount of Bitcoin, the return characteristics can also be good. of. For a general portfolio, (as the slide says) like a 9.5% allocation is considered a good trade-off, and of course for some it's 100% and then we'll talk about some of the net Road attributes. Comparing the Properties of Bitcoin to Gold Adam Back: If you think about Bitcoin like physical gold, it’s a newer technology that improves the properties of gold, in the sense that if you think about why people Historically, gold has been used as a hard currency and a store of value because it has certain properties. The point is that it is scarce so that it retains value and increases the value of something that is not scarce. If the demand changes, of course I can't redraw (the lines on the slide) right now, but if the demand changes, then the mining ratio will also change, but (in reality) for something that is scarce, they can't really increase mining in a big way Mining speed. What Bitcoin adds to being separate from gold is that you can hold it more directly, so you can store Bitcoin in a wallet. Of course, you can do it with gold, but it's more complicated, it's physical, not only does it weigh a lot, you have to (hire security) to protect it, but Bitcoin doesn't have those problems, it's more digital, you can Store it cold. One thing that happens with gold is it gets rehypothecated, so people who have looked at gold ETFs, it's not uncommon for them to have it rehypothecated, which means that the people running the gold ETFs may have lent out some of the gold, or used the gold or whatever. Gold is replaced by gold relative to assets such as gold. Other benefits of Bitcoin over gold is that you can trade 24/7 and of course you can trade gold ETFs on your smartphone. Bitcoin’s Asset Protection Features Adam Back: There is a niche area in finance called asset protection, and in some countries some professions are subject to litigation, for example, medical professionals may be sued. Sometimes they obviously want to protect their assets and there are legal means to do that, just like life insurance policies fall back on remote areas, different countries have different rules about this, but there are generally ways to protect your assets. In a sense, Bitcoin provides this (asset protection) because it's more equitable, and if you're not holding it in trust for any custodian, it's harder for others to preemptively seize your property. But now, they won't let you legally protect it, which means, you know you still have escrow and title now, but you have to wait until there's a new outcome (legally). So we're going to talk about some of that, Bitcoin Layer 2, obviously a lot of people have heard of Layer 2, the Lightning Network and Blockstream is a Bitcoin infrastructure company that's been around since 2014 and one of the things that we've been looking at is the Lightning Network Road and Greenlight, these are ways to use Lightning Network, the bandwidth (cost and requirements) is lower for customers, for example, it makes a trade-off (utility and cost): Another aspect It's also true that many companies are working on Lightning-related products, and maybe four or five different Lightning networks can be interoperable with each other before they can be implemented. Blockstream has the core execution plan of the Lightning Network, Greenlight is a server-assisted interface to the network, and now Blockstream is more unique in developing network technology with Liquid Network, which is a different layer 2. Using Lightning, it's basically a way to extend the suite of Bitcoin transactions to make them cheaper, faster, and support more users. Liquid focuses on financial transactions, so investments, stock or bond transactions, other types of financial assets and actual transaction settlements directly support someone to place certain market orders on the Liquid network. A user may place a limit order. If Bitcoin drops to a certain price and they want to buy Bitcoin, then another person can accept the order and the merged transaction can be settled on the Liquid Network. Unlike Lightning, which simply accelerates Bitcoin transactions, Liquid Network introduces new types of transactions and native support for assets that can be issued by users, businesses, and financial institutions. Liquid Network...

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