Thread by @PeterMcCormack

1/ The Crypto war is over, perhaps it is time to rethink our models.

#bitcoin has won the war for sound money v forks/protocols.

There are now two wars that remain:
- #bitcoin v central banking
- Crypto protocol v crypto protocol

2/ The war for money was won because of a fixed monetary policy, network effects and decentralisation.

#bitcoin forks failed to create a network effect and smart contract platforms failed on decentralisation.

This is good for everyone.

3/ Arguing #bitcoin v smart contract platform is like arguing tanks v boats.

The crypto war is over, everyone needs sound money and #bitcoin won this.

For #bitcoin v central banking, everyone has a vested interest in #bitcoin winning this war.

4/ Smart contract platforms may have technical or economic limitations but they are here to stay, certainly in the short-term.

@allenf32’s recent report highlights their limitations, technical, economic and resistance to state censorship.

5/ Fighting a war which has been won feels pointless, potentially a net negative.

People who need #bitcoin may avoid it due to this war. Allies against the central banks.

6/ The challenge for smart contract platforms is competition with other platforms.

Having failed to achieve state resistant decentralisation, there is likely more efficient designs which maintain a permissionless experience for the user.

7/ The only reasons I see left for a blockchain is the facade of decentralisation and the wallet infrastructure which allows for the transfer of assets.

Someone more technical may correct this.

8/ Solana is more centralised than Ethereum and likely more centralised protocols will come. Governance tokens are merely a tool for hedge funds to bootstrap projects and deliver huge returns.

9/ This is not an anti-smart contract platform thread, just a reality check.

Decentralisation has been achieved many times without tokens, the token is just the poker chip to incentivise investment.

10/ I still only hold #bitcoin and only cover #bitcoin. Occasionally I may cover alternative projects if it relates to #bitcoin like my interview with @lrettig comparing Ethereum and #bitcoin governance.

11/ Maximalism is alive, well and necessary for the protocol. Multinational companies, a nation state and millions of Bitcoiners worldwide rely on the protocol being protected from nefarious actors and centralisation.

12/ I’m tired of arguing against “crypto”, I’d rather spend my time educating crypto/non-#Bitcoin people regarding the benefits of sound money and why it should be something they hold.

13/ I understand many people think anything not #bitcoin is a scam.

I am entirely dedicated to #bitcoin.

14/ Apologies for any technical mistakes you think I may have made. This is just how I see things.

Happy to discuss.

Thanks for coming to my TedTalk.

PS I am going to try and work this into a blog post. Any feedback welcome, aware that some of this is subjective and some may just be incorrect.