What kind of bitcoiner are you?
As for me:
- Bitcoin is money.
- Bitcoin has no intrinsic value, because it has no cash flow and isn't valuable in itself. Rather, it has extrinsic value because it is a useful tool that can do things other monies cannot do.
- Fees, not filters, are the way to knock out spam.
- Lightning is good, especially as a privacy tool, but not what we'd hoped for, and not a complete scaling solution. Full blocks will drive the L2 tech stack forward.
- Ecash is very nifty, and we should experiment more with it. Privacy is good, and bitcoiners should use more privacy tools.
- Quantum risk is real.
- People will inevitably build financial games atop bitcoin. They're sort of good, in that they can increase demand for the base asset, benefiting earlier adopters. But they're sort of bad, because they are parasitic on bitcoin's core value proposition (being uniquely useful as resistance money), without actually enhancing or directly making use of that core value proposition.
- Hyperbitcoinization — as when bitcoin becomes the dominant global money — is unrealistic. Moreover, fantasies of this kind are totally unnecessary for either a positive moral evaluation of bitcoin or a bullish stance. Something can be good, and wise to acquire, without taking over the world.
- Bitcoin makes the world a better place — not always, not in every respect, not for everyone, but on net, a better place.
As for me:
- Bitcoin is money.
- Bitcoin has no intrinsic value, because it has no cash flow and isn't valuable in itself. Rather, it has extrinsic value because it is a useful tool that can do things other monies cannot do.
- Fees, not filters, are the way to knock out spam.
- Lightning is good, especially as a privacy tool, but not what we'd hoped for, and not a complete scaling solution. Full blocks will drive the L2 tech stack forward.
- Ecash is very nifty, and we should experiment more with it. Privacy is good, and bitcoiners should use more privacy tools.
- Quantum risk is real.
- People will inevitably build financial games atop bitcoin. They're sort of good, in that they can increase demand for the base asset, benefiting earlier adopters. But they're sort of bad, because they are parasitic on bitcoin's core value proposition (being uniquely useful as resistance money), without actually enhancing or directly making use of that core value proposition.
- Hyperbitcoinization — as when bitcoin becomes the dominant global money — is unrealistic. Moreover, fantasies of this kind are totally unnecessary for either a positive moral evaluation of bitcoin or a bullish stance. Something can be good, and wise to acquire, without taking over the world.
- Bitcoin makes the world a better place — not always, not in every respect, not for everyone, but on net, a better place.
71❤️3
