【Observation】"What is Bitcoin?" Cryptocurrency Muggle J.K. Rowling seeks answers, attracting a long list of celebrity explanations.

Harry Potter author J.K. Rowling asked on Twitter last night what Bitcoin is, prompting responses from Ethereum founder Vitalik, EOS founder Daniel Larimer, prominent venture capital firm a16z, and other celebrities. It's a great opportunity for some educational outreach, isn't it?

How Did the Muggle's Cryptocurrency Preaching Conference Begin?

It all started when Leigh Cuen, a reporter for the blockchain media CoinDesk, shared the happiest thing of her week on Twitter because a well-known author privately messaged her to ask about Bitcoin. Advocate for internet freedom, scholar Marvin Ammori, replied below: "I love J.K. Rowling!" And then, the globally renowned author, the creator of Harry Potter, appeared!

J.K. Rowling responded: "I don't understand Bitcoin. Who can explain it to me?" This attracted a bunch of celebrities from the crypto-magic world, all starting to explain Bitcoin to this crypto-Muggle.

I don’t understand bitcoin. Please explain it to me.

— J.K. Rowling (@jk_rowling) May 15, 2020

"What is Bitcoin?" Which House Scores

Youthful and genius, but speaking beyond the comprehension of ordinary people, Ethereum founder Vitalik replied: "It is a digital currency. Currently less than 18 million units. It has no backing, it's valuable simply because it is collectible. It has a computer network (anyone can join), maintaining a decentralized global Excel spreadsheet that records how much Bitcoin everyone owns."

Vitalik continued: "People find it interesting because there is no central authority controlling the network, so there isn't a group of people arbitrarily issuing new Bitcoins to their friends or manipulating the rules based on political reasons." Here, Vitalik seems to be subtly criticizing U.S. monetary policy.

Finally, he said: "Basically, it is a global digital payment, combined with the value storage of gold, all secured through 21st-century encryption technology to ensure secure transactions." Here, Vitalik once again subtly ridiculed the traditional finance's outdated technology in cross-border payments.

Known for its delegated proof-of-stake and corporate concepts, blockchain EOS founder Daniel Larimer responded: "Bitcoin is honest money, defined by its fixed and limited issuance policy. It enables us to escape uncontrollable and unsustainable government spending. The person who controls the money supply will own the world and can buy any asset on the market for free." Without a doubt, Daniel Larimer also once again subtly criticized government-backed but unreliable monetary policies.

Bitcoin Magazine, one of the oldest Bitcoin publications, used a metaphor from the Harry Potter story to describe Bitcoin as: "Imagine if Voldemort couldn't penetrate the Ministry of Magic, Harry couldn't break into Gringotts Wizarding Bank, and house elves could interact with the wizarding world economy solely through the internet."

In the cryptocurrency community, the marketing king who most resembles an antagonist, TRON blockchain founder Justin Sun, of course, jumped on the bandwagon and said: "You can imagine Dumbledore not understanding (like Buffett), but Harry Potter being deeply fascinated by magical coins."

The one most resembling Sirius Black, Elon Musk, also appeared, telling Rowling: "The money issued in large quantities by central banks in governments makes internet money - Bitcoin - more stable in comparison." However, he also mentioned that he still only has 0.25 Bitcoin.

Pretty much, although massive currency issuance by govt central banks is making Bitcoin Internet 👻 money look solid by comparison

— Elon Musk (@elonmusk) May 15, 2020

Does the Muggle J.K. Rowling Understand?

Aside from using many metaphorical descriptions, CoinDesk reporter Leigh Cuen also provided her written feature report to explain to Rowling, while scholar Marvin Ammori offered a video he believed provided the clearest explanation to her.

@jk_rowling I testified before the US Congress on the topic and I think I simplified it as much as possible in the first page: https://t.co/eBhHFMZohW my favorite explainer is actually this one, and I’ve seen them all: https://t.co/NYc3gXLDAp

— Marvin Ammori 🇺🇸 (@ammori) May 15, 2020

Well-known venture capital firm a16z also provided relevant educational information, and the long-standing U.S. exchange Gemini provided its own 5-minute Bitcoin introduction video.

All this vast information seemed a bit overwhelming for J.K. Rowling, she expressed that she believes cryptocurrency is great, but she needs more time to absorb all this information, emphasizing she has not bought any Bitcoin!

It turns out, J.K. Rowling was not satisfied with most of the explanations, but in the end, there were still a few simple descriptions that satisfied her:

Further Reading

• Wall Street Giant Enters! Paul Jones: If I have to choose a profit-maximizing strategy, I choose Bitcoin
• We Miss Him! Bitcoin Whale JOE007 Deletes Twitter Account, Completely Disappears from Rankings

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