To understand our perspective, let’s unpack the motivations behind civilisation’s most important financial technology: money.
Our time is limited, so we need a socially accepted system to value and allocate resources.
1) Stable policy -> Rules can’t change
2) Manipulation resistant -> Rules can’t be cheated.
This system is money.
This is the ultimate form of money.
Our best approximation to date is gold.
1) Stability -> The total supply of gold is relatively constant, inflating by a few % per year at most. Producers can’t easily ramp up supply to meet demand
2) Manipulation resistant -> We cannot "create" gold out of thin air. Prospecting & mining is a risky venture.
1) Costly & dangerous to transport
2) Difficult to store securely
3) Not practical as a medium of exchange
4) Susceptible to dilution and counterfeiting.
This was gold's "layer 2 scaling" solution, enabling its use as day to day cash.
What is Bitcoin?
Bitcoin is THE universal spreadsheet governed by an almighty deity, changing everyone's "number" according to a set of unalterable rules.
The deity is a distributed network of miners and $BTC's rules are hard-baked into software.
Why?
Why?
Because a hard fork invalidates the network's core value proposition: a GUARANTEE of lifelong, consistent monetary policy.
Even if $BTC's transaction limit never changes, Bitcoin will likely:
1) Outshine gold as a superior money & SoV
2) Scale through a 2nd layer, @lightning, like gold through convertible receipts.
And, perhaps, the world's next Store of Value.