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Dan Hedl @danheld
, 26 tweets, 7 min read Read on Twitter
1/ Planting Bitcoin - “Development/community” (4/4)

Bitcoin’s perfect seed (genetic code) had been planted at the right and place. Now it was time for Satoshi to nurture Bitcoin’s development.

medium.com/@danhedl/plant…
(Music has been paired with the Medium article)

Thread 👇
2/ “The project needs to grow gradually so the software can be strengthened along the way.” — Satoshi Nakamoto

Satoshi chose to be anonymous, which fit the ethos of the Cypherpunks. People can project hopes and dreams on an anonymous individual, ensuring maximal narrative fit.
3/ Volunteers need to rely on trusting the objective reality of the code, rather than focusing on the merits of the project leader.

“It does not matter to the operation of the technology, in the same way that the identity of the inventor of the wheel no longer matters”@saifedean
4/ As a subtle jab to central banks, and as a nod to his admiration of the gold standard, he chose his birthday as the date the US made gold ownership illegal, April 5th. And he chose 1975 as his year of birth which is the year when the US citizens were allowed to own gold again.
5/ “We can win a major battle in the arms race and gain a new territory of freedom for several years.” — Satoshi

In his public statements, he focused on ordinary, mainstream users with his tone excited about the many ways bitcoin could be made more convenient or useful.
6/ Satoshi took steps to signal to the Cypherpunks, and future members, that Bitcoin wasn’t a scam: the conservative mining contributions, never spending his coins, nor using his influence. Unlike every other founder in history, Satoshi never cashed out.
7/ “Bitcoin benefited from an extremely rare set of circumstances. Because it launched in a world where digital cash had no established value, they circulated freely... Not only was it fair, but it was historically unique in its fairness. The immaculate conception.” @nic__carter
8/ Many of the early Cypherpunks became core developers in the Bitcoin protocol like Hal Finney and Adam Bach. The caliber of the early development team attracted talented (soon to be “core”) developers.
9/ Any further involvement might give away his identity which would endanger the long-term success of the project. Bitcoin now had enough support that he could walk away, and so he did.
10/ “Satoshi left because he didn’t want its influence to affect the protocol development creating a single point of failure. The very idea of “Satoshi Vision” itself is against Satoshi’s vision for Bitcoin” — @FedericoTenga
11/ Satoshi was able to walk away because Bitcoin had trust minimization baked into the protocol. This is what made it socially scalable.

“Power and scale breed conflict and corruption, that the purest part of any revolution is the beginning.” @dhruvbansal
12/ It is easy to start with good intentions, however as things scale that becomes harder and hard to maintain. Bitcoin was specially architected to be trust minimized. Satoshi set it up so that there is no one person or group whose power can be coveted, usurped, or broken.
13/ “Bitcoin is a distributed incentive structure we collectively and freely opt-into. It’s political technology, the first of its kind. This leaderless-ness is one part of what gives Bitcoin — in particular, beyond other cryptocurrencies today — such robustness.” @dhruvbansal
14/ HODLing, the Hero’s Journey

“In the beginning of a change the patriot is a scarce man, and brave, and hated and scorned. When his cause succeeds, the timid join him, for then it costs nothing to be a patriot.” — Mark Twain
15/ Satoshi built Bitcoin for the believers in a new financial system, the HODLers, the revolutionaries.

“Over and over again, the financial system was, in some narrow way, discredited….The rebellion by American youth against the money culture never happened.” — Big Short
16/ “Hodling bootstrapped Bitcoin into existence. Hodling increases value, which increases demand, hash rate, and network security, which, attracts new hodlers and devs. This self-reinforcing feedback loop drives Bitcoin’s network effects, security, and value.” — @TobiasAHuber
17/ Satoshi had encoded in #Bitcoin's DNA a mechanism to incentivize the participants - HODLing

“It has the potential for a positive feedback loop; as users increase, the value goes up, which could attract more users to take advantage of the increasing value.” — Satoshi
18/ In terms of the Hero’s Journey, “HODL!” is the mentor’s advice to the Hero in his Journey. Its roots are firmly based on the futility of trying to beat the market (EMH and Hayekian Distributed information both dictate that the market can’t be systematically outperformed).
19/ “Protocols die when they run out of believers.”  @naval

The faith in a new financial system is what binds everything together. #Bitcoin isn’t just a technological breakthrough, it’s also a social one. @CantHardyWait
20/ "Stories don’t win over everything. Eventually, raw utility supplants tradition. Bitcoin is a serious improvement over gold and starts to displace its role, the market will respond and re-price accordingly" @hosseeb
21/ HODL is a noble basis for a Journey. Through the sacrifice of current consumption, HODLing is a net benefit for everyone as it increases every coin’s purchasing power.
22/ “No Hero fights alone; All for one, one for all. Your call to HODL need not be the same as mine; indeed, they can be very different. Yet, in the end, they all redound to the benefit of each other.”  @goorha
23/ #Bitcoin promises an alternative for citizens across the world to keep their savings in a form of money that can't be confiscated or diluted. If Bitcoin grows much larger, it may force governments to become a voluntary organization. Through HODLing, we may finally be free
24/ ‘The secret to happiness is freedom; the secret to freedom is courage’ — Thucydides

Those who opt-in to Bitcoin, are trading something abundant for something scarce, trading the past for the future, trading financial dependence for financial sovereignty.
25/ If you enjoyed this tweet storm, please sign up for my e-mail newsletter which will include more thoughts like these docs.google.com/forms/d/e/1FAI…
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