My Evolving Thoughts on Bitcoin
October 23, 2022I 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
Bitcoin vs Crypto
The year is 2025: “Crypto” is still waiting for its Netscape moment…
Meanwhile, boring old Bitcoin chugs along block by block, building an ever stronger global monetary network. — Adam Breckler (@adambreckler) June 30, 2022
This why many smart people are rightly skeptical of the “crypto space” and wrongly dismiss Bitcoin as a result.
The narratives shift by the week and cloud the actual innovation of a global non-sovereign store of value offers. https://t.co/RNnYuJvJkJ — Adam Breckler (@adambreckler) July 5, 2022
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)
Crypto-“currency” is a misnomer until it has replaced all three. https://t.co/OEyiDnNNtm — Adam Breckler (@adambreckler) May 20, 2021
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.
It needs to be bulletproof from day 1. https://t.co/IiE86TiKqh — Adam Breckler (@adambreckler) March 8, 2021
Bitcoin & Time
My first job out of school in 2007 was interning @longnow, at the time they were trying to build a 10,000 year clock, funded by @JeffBezoshttps://t.co/mGAT8Rm8Kn
15 years later, it’s becoming obvious the Bitcoin network will be that 10,000 year clock…https://t.co/6jEWhu4L2z — Adam Breckler (@adambreckler) May 28, 2022
Bitcoin is a speculative attack on high time preference societies. — Adam Breckler (@adambreckler) April 19, 2022
The Case for Investing in Bitcoin
Bitcoin is simply a call option on a non-sovereign store of value capturing at least 5% of the world’s 900trillion in assets.
If you assign a 10% or greater probability to this eventual outcome, it’s a screaming buy up until $210k per btc https://t.co/QOoyIVNxgR — Adam Breckler (@adambreckler) July 23, 2021
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”
Them: Yea, I guess I agree with that… — Adam Breckler (@adambreckler) July 18, 2022
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.
VC: 😦 — Adam Breckler (@adambreckler) July 18, 2022
The Bitcoin "Energy" Debate
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.
The Bitcoin energy "debate" is itself a waste of energy... — Adam Breckler (@adambreckler) July 19, 2022
Bitcoin Fungibility
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
Bitcoin Sceptics
Some of the smartest people i know own zero Bitcoin.
They think they need to “understand” bitcoin before they buy in.
Not understanding that the best thing they can do to understand it is to buy and hold it for a while. — Adam Breckler (@adambreckler) April 1, 2021