Chess Tournament Bitcoin Tech – Bitcoin Magazine: Bitcoin News, Articles, Charts and Guides

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    On Might 29th, the 16 finest chess gamers on this planet competed within the FTX Crypto Cup. A whole lot of hundreds of followers tuned in to Chess24.com, Twitch, Youtube and the Champions Chess Tour web site to see their favourite gamers compete towards one another in the course of the nine-day occasion. However not like earlier tournaments of this measurement, the place the prize pool is sort of at all times denominated and paid out in US {dollars}, the FTX Crypto Cup was totally different. Because of cryptocurrency derivatives change FTX and its CEO Sam Bankman-Fried, the event’s $ 220,000 prize was supplemented by 2.1825 BTC, which was break up among the many winners.

    Bitcoin fanatics have spent most of a decade advocating the currency. They argue that Bitcoin will change the world and democratize finance by weakening and decentralizing the facility at the moment wielded by Wall Road, politicians, and technocrats. Skeptics have known as Bitcoin a “rip-off”, a “Ponzi scheme” and a “speculative bubble”. Nonetheless, Bitcoin’s most ardent critics have slowly flipped their positions over time, institutional traders have purchased in, and “digital gold” continues to permeate our society. The FTX Crypto Cup is simply one other instance of Bitcoin’s rise into the mainstream. On the floor, that is all of the information there may be to report – a crypto firm sponsored a chess event with Bitcoin.

    However I believe there’s a deeper story right here. What else do bitcoin and chess have in widespread? What can chess gamers be taught from Bitcoin and what can Bitcoiners be taught from chess? Are there any overlaps between the 2 communities? Does Magnus Carlsen maintain Bitcoin? How good is Sam Bankman-Fried at chess? To reply these questions, I’ve world champion and # 1 rated gamer Magnus Carlsen, FTX founder and CEO Sam Bankman-Fried, movie star Youtuber GothamChess and BTCSessions, Vice President at BTC Inc. Flip Abagnale, and Bitcoin’s youngster prodigy Jack Mallers interviewed my chess sport myself.

    Laborious guidelines, arduous cash

    Greater than 1,600 years in the past, the Gupta Empire dominated a affluent India. Commerce with kingdoms in South and Southeast Asia flourished. For the primary time in human historical past, the quantity zero was constructed into quantity programs with decimal locations. Scientists hypothesized that the earth rotates by itself axis and that the moon displays mild from the solar. Nice poets, sculptors, and designers eternally modified the course of artwork. Important advances in science, tradition, and know-how laid the muse for the event of Indian civilization. And right here, someday when the Gupta empire was starting to wane, two folks sat in entrance of a board and performed the primary sport of what would later be known as chess.

    Initially generally known as Chaturanga, the early predecessor of chess bears a placing resemblance to its fashionable counterpart. Kings, generals (queens), chariots (crows), elephants (bishops) and horses (knights) spanned the again rows of an 8×8 board, screened by various foot troopers (peasants). The principles of the sport modified considerably when Chaturanga arrived in Europe. Round 1500 the fashionable chess sport took southern Europe by storm. This sport was the identical chess that’s performed at this time, aside from a number of rule adjustments made within the 18th and 19th centuries. How does a sport born within the sixth century and solidified a whole lot of years in the past keep its integrity over a whole lot of years? The reply is tough guidelines and tender forks, ideas that the Bitcoin world is aware of solely too effectively.

    As chess grew in recognition, mathematicians and theorists of the sport started the sluggish course of of creating, endorsing, and consolidating a algorithm that might all be agreed upon. Crucially, these adjustments have been extra additive tweaks than adjustments that modified the basics of chess in such a method that it grew to become a very totally different sport. This course of developed into the 19th century, after which the principles of chess have not actually modified. Now the core parts of chess, the 8×8 board, the location of the items and their authorized strikes, and the successful situations are unlikely to vary. The steadiness between inflexible adherence to a algorithm and on the identical time scope for optimization and minor adjustments has given chess its longevity and timelessness. In response to Flip Abagnale, VP at BTC Media, this transformation mannequin is fairly much like Bitcoin’s idea of sentimental forks. “The entire concept is backward compatibility,” Abagnale stated. “With tender forks, we’re not altering Bitcoin dramatically, we’re including optimizations. With out tender forks, we’d stand nonetheless. We might by no means be taught from advances in math and pc science. ”This course of is delicate as a result of the crucial component of Bitcoin is its immutability. The ledger of the decentralized community can’t be modified, solely 21 million bitcoins will ever exist, and so on. As with chess, the arduous guidelines of bitcoin won’t ever change, however tender forks present the required respiratory area for optimization. If the success of chess is any indication, then Bitcoin’s balancing act of arduous guidelines and tender forks provides it the distinctive capacity to final by means of the centuries.

    Pandemic-Pushed Progress

    When information of COVID-19 hit the headlines final March, the world as we knew it got here to a standstill. As massive components of the economic system have been successfully shut down, tens of millions of individuals all over the world have been at house, on-line, making an attempt to kill time. These elements in 2020 and the primary few months of 2021 are setting the stage for enormous booms in each the chess world and Bitcoin. Chessboard gross sales rose by greater than 1000%, prime grandmasters collected sponsorship by means of streams on Twitch and Youtube and the viewership of those streams broke earlier highs. Equally, the meteoric rise within the worth of Bitcoin led to elevated protection of the asset on the nationwide stage, and tens of millions of individuals first heard about and invested in Bitcoin. For the reason that on-line communities round chess and Bitcoin skilled a large inflow of first-time gamers and traders, distinguished content material creators relocated to draw these entry-level viewers. I sat down with two of them to speak about chess and bitcoin.

    Levy Rozman is a 25 12 months previous worldwide chess grasp from New York. Through the outbreak of the pandemic, he stopped giving personal chess classes and centered fully on his Youtube channel GothamChess. “I’ve put all my vitality into convincing 6-year-olds that chess is essential to convincing everybody ages 6 to 99 that chess is essential and funky,” stated Rozman. “The chess increase was loopy. I’ve grown from round 110,000 views each 48 hours to 1.eight million. ”Through the chess increase, Rozman’s channel had 300 million views in a month and his account now has over 1 million subscribers.

    Ben Perrin, recognized on Youtube as BTC Periods, is one among Bitcoin’s largest content material creators. Ben struggled to search out newbie content material about bitcoin in 2013 and 2014, and labored as a breakdance trainer earlier than deciding to work on a youtube channel aimed toward folks new to the world of bitcoin and cryptocurrencies are. “The transition from educating advanced dance strikes for youths to educating advanced know-how for adults was truly comparatively related,” Perrin stated. “I began making one video per week answering a basic introductory query about Bitcoin.” The BTCSessions account has grown quickly over time and now with practically 60,000 subscribers, Youtube is Ben’s full time job.

    Each Levy and Ben took full benefit of the spectacular progress of their respective communities over the previous 12 months or so. “I constructed across the novice viewers and wished to welcome them and make my channel their goal for all chess subjects,” stated Rozman. Equally, Perrin advised me, “I had content material for a 12 months earlier than the increase, and a variety of that evergreen content material helped get subscribers. When issues began I moved the content material to tutorials and re-shot a variety of my primary movies on issues like {hardware} wallets, charges, the Lightning Community, Liquid, and all the brand new elements of Bitcoin which might be related now. I would like new folks to come back in and have all the data they want in playlists for them. ”

    Whereas each communities have grown independently, the overlap between the chess world and Bitcoin has grown. Rozman, who years in the past “purchased Bitcoin for 750, bought it for 900 and felt like a genius on the time”, noticed the Bitcoin worth drop in early 2020 as a chance to “purchase at a reduction”. One other in style chess youtuber, Agadmator, has been accepting donations in Bitcoin and different cryptocurrencies from its 1 million subscribers for years. Magnus Carlsen, the world’s best chess participant, advised me, “My father and I’ve made some investments in cryptocurrencies prior to now seven months and it has been fascinating to observe their improvement.” Rozman famous, “I’m usually requested to purchase a bitcoin – Present an tackle to simply accept donations … I am engaged on it. ”

    A world community for everybody

    Each chess and Bitcoin share a dedication to arduous guidelines and tender forks. Each communities noticed large will increase in demand for newbie content material in the course of the pandemic. However now the 2 teams collide greater than ever. On his strategy to the Indy 500 to help the Bitcoin automobile he designed, Strike CEO Jack Mallers FaceTimed me to speak about chess and Bitcoin. “Each chess and Bitcoin are among the many most globalized issues,” Mallers stated. “They’ve the very best gamers everywhere in the world. Everybody can participate, everybody can be taught what they should be taught on-line without cost. ”Jack, who was rated round 2100 ELO in chess, is happy about future interfaces and potentialities between chess and Bitcoin.

    FTX CEO Sam Bankman-Fried was apparently “by no means so good at chess”. However that did not cease the 29-year-old billionaire from including $ 100,000 in Bitcoin to the prize pool of an elite chess event. When requested why he did this, Sam stated to me, “You’re writing this text for a similar cause. There’s a variety of overlap between the viewers involved in crypto and chess and this gave us an opportunity to assist carry the 2 worlds collectively. ”The FTX Crypto Cup could have been the primary main crossover between chess and Bitcoin, but it surely most likely won’t be the final. When requested about the way forward for bitcoin prizes chess tournaments, Magnus Carlsen stated, “The addition of an extra Bitcoin prize fund to this event is a brand new component that I hope will appeal to extra consideration to the FTX Crypto Cup event and tour is procured. Basically, I’m constructive about innovation and making an attempt out new potentialities within the components associated to chess. ”Whereas Bankman-Fried didn’t promise any additional prize sponsorship, he famous that“ crypto-based prizes for chess are easy and pure ”.

    It is a visitor put up by David Zell. The opinions expressed are solely their very own and don’t essentially mirror these of BTC Inc. or Bitcoin Journal.