Thread by @bquittem

1/ Bitcoin is the Antivirus that prevents the spread of our destructive financial hegemony. Can Bitcoin survive long enough to reach its full potential? Let’s explore Bitcoin’s survivability through the lens of fungi.

Part 3: Mushroom Medicine

medium.com/@BrandonQuitte…

Thread 👇

2/ Bitcoin potential: sound money & social scalability.

This drama will take decades. What if Bitcoin doesn’t survive long enough to reach it’s potential?

Satoshi learned from failed attempts at private money. Bitcoin’s genetic code was engineered for maximum survivability.

3/ We’ve seen a 70% decline in Honey Bees since 2005. Mainly due to viruses spread by Varroa Mites.

Without Bees, say goodbye to almonds, avocados, etc.

If we lose the bees, there are countless downstream effects: lost jobs, destroyed ecosystems, and reduced food security.

4/ Luckily @PaulStamets discovered a mushroom medicine to stop the spread of these deadly viruses.

Feeding bees the mushroom medicine demonstrated an 80% decline in the deadly viruses killing the bees.

Mushroom medicine FTW!

wired.com/story/a-mushro…

5/ Current monetary regime is the Varroa Mite: attacking our financial markets.

-Varroa are hard to kill (Fiat has monopoly on violence)

-Spread viruses upon contact (market distortions, cronyism, etc)

-Neg Downstream effects (capital misallocation, increased time preference)

6/ Bitcoin is the antivirus (mushroom medicine) that “saves the bees.”

Bitcoin (mushroom medicine) prevents the spread of our destructive financial hegemony (Varroa Mites).

This will usher in a new era of human achievement.

7/ Humanity is heading into the great unknown.

-Soaring debt-to-GDP
-Central banks own 20% of govt debt
-Negative Interest Rates (NIRP)

Are we really going to let the hegemonic banking system to CHARGE depositors for storing our digital fiat in their insecure panopticon banks?

8/ US has $22T in debt. Default coming?

Unlikely… Former Fed chairman Alan Greenspan: “the United States can pay any debt because we can always print money to do that.”

Unlimited fiat to buy a strictly limited 21m BTC 🤔

9/ Speaking of easy money…

@EpsilonTheory explains how artificially suppressed interest rates (easy money) lead to decreased productivity and a zombification of our financial markets.

Same pattern foreshadowed the 08 financial collapse.

epsilontheory.com/this-is-water/

10/ Even social structures are showing cracks.

Young people don’t trust govt/banks. Mounting student loans. Surveillance states. The war on cash.

"Cash" is a fundamental tool for privacy and is required to maintain an open society.

Thanks @coincenter
coincenter.org/files/2019-02/…

11/ Someday we’ll look back on our “fiat experiment” with disgust.

How'd we live under an archaic regime for so long?

Like fungi transforms dead matter into new life, Bitcoin will transform our decrepit banking system into robust foundation upon which new growth can occur.

12a/ The Great Filter

A theory attempting to explain why we haven't found other life in the universe.

During life’s evolutionary path, there are some obstacles that are hard to overcome. That obstacle is “The Great Filter.”

Ex: invent nuclear bombs, soon after kill yourself.

12b/ Surviving nation-state level attacks is the “Great Filter for Cryptocurrencies”

So far, Bitcoin is the only monetary species that has a chance of surviving the great filter.

More about The Great Filter from @waitbutwhy (my favorite blog) waitbutwhy.com/2014/05/fermi-…

13/ Wait why would a nation-state attack competitive money?

Controlling the money provides the ability to inflate supply (shadow tax) and the Cantillon effect.

The Cantillon effect = uneven expansion of money supply. Results in wealth redistribution from the poor to the rich.

14/ Since complex life evolved on our planet, we’ve experienced 5 great extinctions (great filters). Each time 75-96% of all life perished.

During each cataclysm, fungi survived and slowly rebuilt the planet.

Bitcoin mimics effective evolutionary strategies observed by fungi.

15/ Can Bitcoin Survive the Great Filter?

Satoshi designed the Bitcoin super-organism to survive “The Great Filter” and to resist corruption.

Bitcoin is on an evolutionary path separate from all other cryptocurrencies.

Thread:

https://twitter.com/bquittem/status/1138217907148730368

16/ So far, we haven't seen any serious state-level attack on Bitcoin.

However, if Bitcoin continues absorbing value there is an incentive to attack it.

In the future, we'll call this period in Bitcoin's life "The Great Peace."

17a/ Bitcoin doesn't need to be invincible.

Simply convince a few super powers that the reward of adopting it outweighs the risk of attacking it.

Like displaying a sign: "dog lives here”

Doesn’t matter if you have a dog, the threat acts like a deterrent to would-be attackers.

17b/ Bitcoin has a sign in the front yard that says “Beware of Honey Badger.”

This sign reminds nation states that they cannot easily kill Bitcoin.

18/ Blockchainers, stable coiners, security tokenizers, and corporate chainers do NOT compete with Bitcoin.

They taxonomically branched off and are attempting to satisfy a separate niche.

19/ Does that mean we should shun the blockchainers?

No. They simply mistake Blockchain Hype (Mushroom) for Bitcoin (Mycelial Network).

First attempt to educate (most people were not born Bitcoiners).

That said, deliberate scammers deserve to be flamed 🔥🔥🔥.

20/ Banks like @jpmorgan will train hundreds of blockchain developers.

Eventually these devs will discover Bitcoin and say goodbye to boring bank coin. Welcome to the peaceful revolution.

Jamie Dimon funding his own demise? How poetic.

21/ While the blockchain zeitgeist chases their tail…

-Bitcoin grows resilient underground
-fusing with legacy finance “roots”
-preparing for “The Great Filter.”

If we’re lucky, Blockchainers will distract superpowers just long enough for Bitcoin to become “too big to fail.”

22/ Assuming Bitcoin fulfills its destiny as the global monetary base.

What are the effects of unleashing a globally accessible, technologically advanced, ideal money? Bitcoin enables humanity to reach the heavens.

In Part 4 (upcoming) we'll explore "Bitcoin as space money."

23/ Thanks for the feedback: @nic__carter @dergigi @Breedlove22 @DanielleDeanne

Mentioned: @coincenter @PaulStamets @Blockstream @wasabiwallet @SamouraiWallet @danheld @EpsilonTheory @leashless @waitbutwhy @nealstephenson