@insta
Short abundance. Long scarcity.
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Recent Notes
Bitcoin Cash is 8 blocks away from their halving and the network is behaving erratically.
They just went 4 hours without a block mined.
Their version of mempool dot space is down: https://bchmempool...
Perhaps miners are moving away from bcash, given it’s about to be worth a lot less to mine, leaving it with a far lower hash rate than its current difficulty would suggest.
I spoke at a big bitcoin-adjacent company this week and one of the best questions was from someone who asked what the downsides of bitcoin adoption might be.
I always do appreciate these steelman que...
I think it is naïve to think that the people of the world will control their bitcoin.
Currently it requires a high degree of technical competence to store and protect your funds. The problem with being your own bank is that you have to be a bank. The $5 wrench attack is very real, and robbery becomes much simpler if everyone self custodies.
It is logical to conclude that the majority will let other store and protect their bitcoin. And we are back with banks and governments that can take what they like from you.
So what’s bad about a bitcoin future? It might look exactly like the present.
Currently it requires a high degree of technical competence to store and protect your funds. The problem with being your own bank is that you have to be a bank. The $5 wrench attack is very real, and robbery becomes much simpler if everyone self custodies.
It is logical to conclude that the majority will let other store and protect their bitcoin. And we are back with banks and governments that can take what they like from you.
So what’s bad about a bitcoin future? It might look exactly like the present.
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