4/ ‘Bitcoin represents the explicit encoding of previously implicit values* of the tech community. It's not just software- it's a Schelling point and a symbol.’
-@balajis
*intrinsically internationalist, agents of hyper-deflation, quietly revolutionary
7/ 'It’s kind of like a land-grab phase where you know this is going to get big… and you know it’s very scarce, so, let’s just stake our claim and then see what’s going to be built on top of it, later.'
8/ 'Bitcoin’s PoW is the buyer of last resort for all electricity, creating a floor that incentivizes the building of new energy producing plants around disparate energy sources that would have otherwise been left untapped.'
10/ Bitcoin as the numeraire- the global base unit of account.
'It's a whole different discount rate trying to outpace a deflationary currency... few understand that today, but they will learn...either through experience or by following the right people.'
12/ ‘Skeptics will keep jeering about the ‘year of retail Bitcoin adoption’ while the underpinnings of the entire financial system get swapped out from beneath their feet.’
13/ "#Bitcoin is a fast growing country in cyberspace with a population of sovereign individuals who prefer to use BTC for storing wealth and doing transactions:
- population 3M (#134 largest of the world)
- monetary base $200B (#21 largest globally)"
17/ "Bitcoin will mature. It’s setting up to be digital gold.
As millennials and the generation under us become more significant market participants, from a purchasing power perspective and [as a] population, the use case becomes even better for bitcoin."
19/ “Bitcoin is the world's first risk-on save-haven. What this means is it goes up during traditional boom cycles, it also goes up when investors flock to safe-havens.
The former is due to its adoption curve, the latter due to its technical design.” -@woonomic
20/ "If you dismiss bitcoin mining, you don't understand how bitcoin works.
By the end of this decade, the economics of the bitcoin value chain will re-shape the world's physical infrastructure and as a result, its power structures - in every sense of the word power."
-@Melt_Dem
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When Ray Dalio uttered the words “cash is trash!" on CNBC in early 2020, he seemingly broke the fourth wall.
For someone of his stature and influence within the political machine to acknowledge the chronic and unavoidable debasement of fiat currency was a clear turning point.
While he did temporarily reverse his position, his general view remains unchanged.
The perverse incentives of the fiat system—siphoning value from savers to fund deficits—can only lead to more of the same.
20 years ago, Michael Crichton coined a term that has now become essential for navigating the incentives of today’s news media landscape:
The Gell-Mann Amnesia Effect.
🧵
Named after Nobel Prize-winning physicist Murray Gell-Mann, Crichton explains the pitfalls of observing errors in the reporting of a topic, yet trusting the same source in areas where you are less knowledgable/able to verify accuracy.
Bitcoin is multidisciplinary and multifaceted.
It represents a major paradigm shift in innovation and the communication of value. Thus it can take years to gain a basic fundamental understanding.