Bitcoin is computer software which enables people to trade random numbers with each other, assigning value to each string
No matter how you try to rationalize it as something else (money, gold, cash), it’s just an interesting homo sapiens experiment
Proof of work mining has no inherent value unless we believe it does. If there was any concept of valuable hashes, every other proof of work network would be proportionally valuable too. If energy expenditure would matter in determining price, we would be living in a Marxist lala land where digging up holes only to cover them back is valuable labor.
The scarcity is not set in stone, as every parameter can be changed if there is consensus among participants. Maybe the fact that you can fork Bitcoin indefinitely to create a new competing currency is a form of monetary inflation.
All of this is well known, but widely ignored by people who desperately want to get rich by making others buy in. Bitcoin’s competitive advantage as an internet currency is that you can send some of the letters and numbers to anyone running the same software.
Bitcoin is faster than bank settlements, usually cheaper than Western Union, more difficult to censor than bank transfers, very hard to confiscate from your wallet.
Everyone who is ostracized and discriminated by the banking system will find Bitcoin useful. That’s the target audience for users, not North Americans hustling their way to buy a Lambo.
But in spite of its qualities, Bitcoin is old tech that doesn’t accomplish its intended purpose in the best way. Zcash (Bitcoin codebase fork with privacy improvements) is much closer to the original vision. Monero now dominates marketplaces where Bitcoin first proved its usefulness. Litecoin is also a popular middle ground between Bitcoin and Zcash (not as secure, not as private, but cheap to use and fast). Heck, even Bitcoin Cash did a better job improving the network with OP codes that enable vaults, covenants, and trust minimized layer 2s.
If Bitcoin loses its appeal on markets and doesn’t keep up at the technical level either, it’s gonna get replaced. Because technology is meant to be useful, not the subject of worship. The window of opportunity to fight back against CBDCs is very short and Bitcoin is hardly eligible to compete in this category. Believing that CBDC users will swap into bitcoin to hedge against inflation is borderline delusional.
Thankfully, we have the hard forks that can correct the trajectory in which we are headed. This summer we’re gonna get a technology-oriented version of Bitcoin thanks to Paul’s Ecash.com fork. Builders will finally be able to prove what they’ve been working on using a live network with real incentives. Smart and creative people will finally have a place to flourish, while the midwits and the 80 IQ cult members will get free coins to sell. Everybody wins, as software development gets mixed with market development. As it should be.
Anyway, long rant. But it’s hard to feel optimistic about Bitcoin when you notice how much the community IQ has declined and how far the project has strayed from its original mission. Mother of psyops, be my MILF!
No matter how you try to rationalize it as something else (money, gold, cash), it’s just an interesting homo sapiens experiment
Proof of work mining has no inherent value unless we believe it does. If there was any concept of valuable hashes, every other proof of work network would be proportionally valuable too. If energy expenditure would matter in determining price, we would be living in a Marxist lala land where digging up holes only to cover them back is valuable labor.
The scarcity is not set in stone, as every parameter can be changed if there is consensus among participants. Maybe the fact that you can fork Bitcoin indefinitely to create a new competing currency is a form of monetary inflation.
All of this is well known, but widely ignored by people who desperately want to get rich by making others buy in. Bitcoin’s competitive advantage as an internet currency is that you can send some of the letters and numbers to anyone running the same software.
Bitcoin is faster than bank settlements, usually cheaper than Western Union, more difficult to censor than bank transfers, very hard to confiscate from your wallet.
Everyone who is ostracized and discriminated by the banking system will find Bitcoin useful. That’s the target audience for users, not North Americans hustling their way to buy a Lambo.
But in spite of its qualities, Bitcoin is old tech that doesn’t accomplish its intended purpose in the best way. Zcash (Bitcoin codebase fork with privacy improvements) is much closer to the original vision. Monero now dominates marketplaces where Bitcoin first proved its usefulness. Litecoin is also a popular middle ground between Bitcoin and Zcash (not as secure, not as private, but cheap to use and fast). Heck, even Bitcoin Cash did a better job improving the network with OP codes that enable vaults, covenants, and trust minimized layer 2s.
If Bitcoin loses its appeal on markets and doesn’t keep up at the technical level either, it’s gonna get replaced. Because technology is meant to be useful, not the subject of worship. The window of opportunity to fight back against CBDCs is very short and Bitcoin is hardly eligible to compete in this category. Believing that CBDC users will swap into bitcoin to hedge against inflation is borderline delusional.
Thankfully, we have the hard forks that can correct the trajectory in which we are headed. This summer we’re gonna get a technology-oriented version of Bitcoin thanks to Paul’s Ecash.com fork. Builders will finally be able to prove what they’ve been working on using a live network with real incentives. Smart and creative people will finally have a place to flourish, while the midwits and the 80 IQ cult members will get free coins to sell. Everybody wins, as software development gets mixed with market development. As it should be.
Anyway, long rant. But it’s hard to feel optimistic about Bitcoin when you notice how much the community IQ has declined and how far the project has strayed from its original mission. Mother of psyops, be my MILF!
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