My Evolving Thoughts on BitcoinOctober 23, 2022
I realized recently that i've been tweeting allot about Bitcoin, to the point where i should probably collect my thoughts in one place to reference, instead of having to search each time to find individual tweets to send people.
Last updated: 7/21/22
The year is 2025: “Crypto” is still waiting for its Netscape moment…
This why many smart people are rightly skeptical of the “crypto space” and wrongly dismiss Bitcoin as a result.
Similarly, the 'blockchains are just slower db's' crowd, misses the highly valuable (albeit costly) service that the bitcoin blockchain provides in powering a non-sovereign store of value — Adam Breckler (@adambreckler) July 12, 2022
Fiat currency ($USD) is simply a bundle of medium of exchange, unit of measure and SOV (a poor one).
Bitcoin will un-bundle SOV first, then medium of exchange, then finally unit of measure (satoshi)
1000% this...and also why most technologists fail to grasp the significance of bitcoin’s apparent simplicity vs other technologies.
MVP thinking and a move fast and break things approach are undesirable qualities for a new monetary system.
Bitcoin is simply a call option on a non-sovereign store of value capturing at least 5% of the world’s 900trillion in assets.
Me: How much do you agree with the statement… “Bitcoin will either be a 10+ trillion asset class or worthless in the next 5-7 years”
VC: What important truth do very few people agree with you on?
Me: 99% of venture investors would have higher returns by just buying and holding Bitcoin for 10yrs.
If you think Bitcoin is valueless, then you hope it goes to 0, and energy spent mining will also go to zero.
If the free market values Bitcoin, it will also supply energy via mining to support the value of the network.
Sadly, Bitcoin does not fix this today.
As long as Bitcoin is not perfectly fungible, it will still exist within the existing financial system and not as a credible replacement to it. https://t.co/MLdjlV2Orh — Adam Breckler (@adambreckler) February 23, 2022
Some of the smartest people i know own zero Bitcoin.
They think they need to “understand” bitcoin before they buy in.