Bitcoin crossed $90,000, and the texts started rolling in: “How’s it going in crypto?”
No idea. I don’t work in crypto. I work in bitcoin.
That distinction matters when your financial independence plan—and your savings—are on the line. Bitcoin and crypto share some surface features: cryptography, blockchains, and exchanges. But bitcoin addresses a real monetary problem. Its decentralized, permissionless network removes the need for a central authority to change the supply or decide who gets access.
Crypto projects mostly offer solutions to trivial problems, impossible problems, or no problem at all. Stablecoins are the useful exception for people who need access to synthetic dollars, but they retain centralized chokepoints and the dollar’s debasement. That makes them irrelevant as long-term FIRE savings.
Then there is the lottery pitch: turn $500 into $5 million with the right dog coin. You must choose one winner among tens of thousands, buy before the pump, sell before the crash, and escape thin liquidity without greed wrecking the exit. That is gambling, not the methodical, low-time-preference work of FIRE.
So why does bitcoin belong in a FIRE plan while the rest of crypto does not?
Read the full argument: https://firebtc.io/p/no-i-dont-mean-crypto
No idea. I don’t work in crypto. I work in bitcoin.
That distinction matters when your financial independence plan—and your savings—are on the line. Bitcoin and crypto share some surface features: cryptography, blockchains, and exchanges. But bitcoin addresses a real monetary problem. Its decentralized, permissionless network removes the need for a central authority to change the supply or decide who gets access.
Crypto projects mostly offer solutions to trivial problems, impossible problems, or no problem at all. Stablecoins are the useful exception for people who need access to synthetic dollars, but they retain centralized chokepoints and the dollar’s debasement. That makes them irrelevant as long-term FIRE savings.
Then there is the lottery pitch: turn $500 into $5 million with the right dog coin. You must choose one winner among tens of thousands, buy before the pump, sell before the crash, and escape thin liquidity without greed wrecking the exit. That is gambling, not the methodical, low-time-preference work of FIRE.
So why does bitcoin belong in a FIRE plan while the rest of crypto does not?
Read the full argument: https://firebtc.io/p/no-i-dont-mean-crypto
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