Bitcoin

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One big difference between BTC and the internet: when the internet was 6 years old, the people that said it was the future used it every day.

Bitcoin transaction fees are quickly becoming too expensive for micro-transactions to remain feasible... Bitcoin (originally) wasn’t designed to work with micro-transactions. However, if Bitcoin is supposed to become the next big thing, it has to adapt to work with this. When the blockchain size can be drastically reduced (which is in dev), 'spammy’ transactions impact on the network can be decreased. If it is to deal with the internet’s exchange and transactions it will have to adapt to work around this.

Bitcoin: the largest real-life game of werewolf to date. And with central banks instead of villagers.

Network effects and competitive moats are generally misunderstood. Contrary to popular belief, there are no networks that exhibit n^2 network effects, and in fact many exhibit log(n) network effects, notably fungible asset exchanges. Bitcoin as digital gold will be subject to the perpetually sub-linear log(n) network effect, whereas Bitcoin as digital cash can achieve super-linear network effects as crypto adoption grows from <1% to 50% of the global population. The cryptocurrency that becomes the dominant store-of-value will by definition need to exhibit super-linear network effects as it grows.

Moreover, other types of competitive moats such as brand and broader ecosystem integrations do not exhibit increasing returns to scale, and can be easily overcome by a competitive network with super-linear network effects. We already have ample evidence that this is true.

The environment was fucked long before Bitcoin came around and would continue to be fucked if bitcoin spontaneously combusted.

A permissionless global free market for energy is a net benefit that leverages human greed to reduce waste and boost efficiency on a global scale.

Imagine being able to go anywhere in the world without needing to convert the $ to another currency.

This is the way it should be.

We live in an absurd time of currency barter on the global stage.

Stop the madness. Buy Bitcoin.

The killer app of Bitcoin is to be the universal unit of account. Store of value and medium of exchange is the roadmap.

Bitcoin is bigger than the Bitcoin blockchain.

Bitcoin (BTC) the asset is tracked on the Bitcoin blockchain and transferred over the Bitcoin network (usually). If this was the end of the story, it would be a problem, since the Bitcoin blockchain is first generation technology with limited throughput and features.

But BTC can be used on other protocols and networks. The Lightning Network is a layer 2 protocol that allows for numerous fast and cheap BTC transfers that settle to and are secured by the Bitcoin network. People may also use sidechains, drivechains, and other L2 or L3 solutions.

This is wonderful for BTC enthusiasts, since it means that BTC is unlikely to be rendered obsolete by competing protocols that offer incremental improvements. BTC users can access those features or greater bandwidth by using BTC on other protocols like LN.

Bitcoin is resilient. Bitcoin is principled. Bitcoin is native to internet ideals. And it’s a great brand.

In terms of fundamentals for Bitcoin, things have never been better.

Lightning Network is bringing back the low fee peer-to-peer use case while retaining the decentralized base layer, which is what gives a cryptocurrency its intrinsic value as government & censorship-resistant store of value.

The Schelling point is clear. Bitcoin's social consensus is to be the soundest money. In my opinion, on-chain transaction fees are going to more than make up for declining block subsidy. Within 50 years, Bitcoin mining will consume a sizable percentage of global electricity production.

Nothing about bitcoin needs to change for it to be successful.

Provable digital scarcity is one of the only working use cases for blockchain tech.

Bitcoin improves upon on the features that make gold valuable.

Gold is worth >$7 trillion.

Bitcoin, as is, will be worth more.

Before 2009, no one knew how to create decentralized digital tokens with scarcity. Bitcoin showed the how it can be done, and this innovation made digital monetary commodities possible.

Note the smooth curve that asymptotically approaches 21,000,000 coins. This curve will never change – it’s in the DNA of bitcoin. Even if miners centralize and change this 21M limit, the community would fork the code and restore “bitcoin classic” with the original supply. Interestingly, the message embedded in bitcoin’s genesis block reads “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks”, showing Bitcoin’s intent of making monetary policy algorithmic.

Many people see immense value in money that cannot be inflated or debased.